As being Turkey’s leading private healthcare provider, MLP Care were established in 1993. We grew steadily with the right steps and became the most widespread hospital group in Turkey.
We have the largest number of city- wide hospital networks, with our brands targeting three different price segments, with sustainable, exceptional healthcare quality. 38% of our beds are in the attractive Istanbul market. We also have the highest number of bed capacity in almost all the cities in which we operate.
We continue to take steady growth steps with our expert and professional staff and our understanding of superior service, and to offer health assurance to the future from today.
We are proceeding with healthy growth steps
We move forward with the strategy of unique and strong growth since we founded. We focus on increasing our operations with the capacity utilization of big hospitals and also growth in metropolitans with large and medium scale hospitals. We continue to get positive results with brand power, operational know-how, expert doctors and management team. We successfully decreased our debt ratios despite the new investments.
TL 5.7
billion
Total Revenue
We earn world’s trust
We are the shining star of the foreign medical tourism. With our services organization, we had a big breakout before the pandemic. As the vaccination rates increased both in Turkey and other countries and the normalization process started, our revenues in this field increased significantly. We aim to increase our effectiveness internationally with international branding and advertisement activities with the support of Turquality program.
109.2%
Growth in Foreign
Medical Tourism
Revenue
We continue to invest in the future
Our Liv Hospital brand, which aim to use advanced diagnosis and treatment methods simultaneously with the world, is getting stronger. Vadistanbul, the 6th hospital of Liv Hospital brand, started its operations in May 2021. Liv Hospital Vadistanbul, which has approximately 35 thousand square meter area, with its expert doctors who carry out academic studies became the new center of healthy life, and also will increase significantly the foreign medical tourism revenues.
125
Bed Capacity
76
Policlinic Rooms
7
Operating Rooms
MLPCARE IN BRIEF
Strong brand recognition and a broad portfolio of services aimed at diversified customer segments, MLP Care is Turkey’s most widespread multidisciplinary hospital group.
Originally founded in 1993 as Medical Park, MLP Sağlık Hizmetleri A.Ş. (MLP Care) continues to extend its reach with the Liv Hospital brand and the VM Medical Park concept for a quarter of a century. As the most widespread healthcare group in the industry, MLP Care currently operates 30 hospitals in 15 cities across the country – from Bursa and Elazığ to Trabzon and Antalya. MLP Care operates in the Turkish healthcare sector with its hospital facilities, affiliates and more than 20 thousand employees.
MLP Care is Turkey’s most widespread multidisciplinary hospital group. Our Company’s highly centralized business model supports hospital field operations and central management. MLP Care has a nationwide network that spans the most populated cities in Turkey.
Maintaining strong and profitable growth, as MLP Care our business model is supported by a balanced payer profile. Our Company’s executive management team consists of senior professionals who have extensive industry knowledge and experience gained at Turkey’s leading healthcare institutions and enterprises.
Premium
Premium Mass
Middle-Upper Mass
MLP Care provides services under 2 brands and 1 concept, featuring 3 pricing strategies in Turkey.
Balanced Revenue Sources
MLP Care has a unique approach that allows our Company to target diverse segments in the population. Our Company provides services in Turkey under two brands and one concept, featuring three pricing strategies: These are the Medical Park and Liv Hospital brands, and the VM Medical Park concept, respectively.
Our Strengths
- Operates in the attractive Turkish healthcare market
- Leader in private hospital provision
- Strong brand recognition and unique business model addressing all price points
- Clinical excellence and world-class service offering
- Superior operational and financial performance
- Outstanding platform for further growth
- Visionary leadership supported by an exceptional management team
Vision, Mission and Values
Our Vision
We aim to become a reference institution abroad and the most preferred private healthcare service provider in Turkey.
We are going to reach our vision by;
- Keeping our patients as the top priority,
- Achieving measurable and high-quality clinical results,
- Investing in human, infrastructure, and technology,
- Being the most attractive institution in which physicians and other medical personnel are willing to work.
Our Mission
We work to ensure that all people live healthy lives.
Our Values
- We value people – reliability is our core indispensable principle.
- We make a difference with our services.
- We are committed to scientific methods and continuous improvement.
- We are an agile, goal- and success-oriented team.
- We serve as a model institution with our ethical principles and professional ethics.
Certifications and Awards
- JCI (Joint Commission International) Accreditation Standards
- Ministry of Health Quality Standards
- SRC Center of Excellence Certification
- Runner-up Award in the Healthcare Services Category in the 2019 Service Export Champions Survey conducted by the Service Exporters Association (HİB)
- MLP Care’s Investor Relations practices ranked at the top of the list both in EMEA and in Turkey for all sectors according to a survey by Institutional Investor.
2021 HIGHLIGHTS
We expanded our hospital network with the opening of Liv Hospital Vadistanbul in May 2021.
As MLP Care we continued our strong growth trend in 2021, increasing revenue and EBITDA to TL 5.7 billion up by 44.4%, and to TL 1.5 billion up by 47.4%, respectively.
As MLP Care we expanded our hospital network with the opening of Liv Hospital Vadistanbul in May 2021.
Despite the worldwide pandemic, MLP Care completed the year with operational success due to effective cost management. On February 8, 2021, we strengthened our balance sheet against possible macroeconomic headwinds by converting foreign currency syndicated loans for the years 2022-2024 into TL.
February 2021
The Conversion of The FX Denominated Loans into TL
We converted all of the principal payments of EUR 46.5 million of syndicated loans for the years 2022-2024 into TL at the CBRT buying rate on February 8, 2021. As a result of this transaction
we closed our FX Net Debt open position.
May 2021
Liv Hospital Vadistanbul opening
6th hospitals of Liv Hospital brand, Vadistanbul started its operations in line with our strategy of focusing on growth in metropolitans with large-and medium-scale hospitals. On the other hand we closed Fatih Hospital.
Liv Hospital Vadistanbul has started accepting patients on May 24, 2021 in Istanbul, Sarıyer with a capacity of 125 beds, 35,000 square meter area and 70 doctors. In addition to domestic patients, this hospital will serve foreign patients from European and Balkan countries, the Middle East and Arab countries.
... May 2021
Liv Hospital Vadistanbul especially serve all robotic surgery applications, adult and children pediatric cancer surgeries, expert hearth health clinic, spine clinic and athlete health clinic, rehabilitation clinic with innovative treatments, advanced endoscopy clinic, stem cell, and regenerative medical center, and many other clinics and treatments.
September 2021
Institutional Investor 2021
As MLP Care, we were awarded by Institutional Investor for our successful investor relations practices in 2021 like 2020.
Our Company, ranked at the top of the list EMEA Healthcare and Medicine category Best Investor Relations Program, MLP Care’s Chairman of the Board of Directors and CEO Muharrem Usta awarded Best CEO, our CFO Burcu Öztürk awarded Best CFO and our Strategy and Investor Relations Director Deniz Can Yücel awarded Best Investor Relations Professional.
In the BIST All category Best Investor Relations Program of the same research, our CFO Burcu Öztürk Best CFO and Strategy and Investor Relations Director Deniz Can Yücel Best Investor Relations Professional awarded.
December 2021
The Issuance of Lease Certificate
Within the framework of the Capital Markets Board (CMB) Lease Certificates Communiqué (III-61.1) (Communiqué), MLP Care will take place as a fund user, with various maturities within one year. Based on the management agreement stipulated in the Communiqué, our application to the CMB for the purpose of issuing lease certificates domestically and obtaining the necessary permissions in order to be sold to qualified investors with an issue ceiling of TL 750,000,000- (seven hundred and fifty million Turkish Liras) without being offered to the public, has been approved.
KEY INDICATORS
MLP Care continued to provide high quality healthcare services in 2021, with strong financial and operational strength.
Main Income Statement Items |
|||
|
2020 |
2021 |
Change |
Revenue (TL million) |
4,015 |
5,796 |
44.4% |
Operating Income (TL million) |
870 |
1,062 |
22.1% |
Operating Income Margin |
21.7% |
18.3% |
(334 bps) |
Net Profit/(Loss) (TL million) |
123 |
355 |
188.8% |
Adjusted EBITDA* (TL million) |
1,049 |
1,546 |
47.4% |
Adjusted EBITDA* Margin |
26.1% |
26.7% |
55 bps |
Adjusted EBITDA** (TL million) |
958 |
1,477 |
54.1% |
Adjusted EBITDA Margin** |
23.9% |
25.5% |
161 bps |
Free Cash Flow (TL million) |
733 |
1,160 |
58.1% |
Main Balance Sheet Items |
|||
|
2020 |
2021 |
Change |
Cash and Cash Equivalents (TL million) |
375 |
680 |
81.4% |
Total Assets (TL million) |
4,572 |
5,748 |
25.7% |
Equity Attributable to the Owner of the Company (TL million) |
282 |
539 |
90.7% |
Net Financial Debt (TL million) |
2,117 |
2,069 |
(2.3%) |
Net Financial Debt/Adjusted EBITDA |
2.0 |
1.3 |
|
*Adj. EBITDA is based on Reported EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) adjusted for one-time (income) / expenses, net and non-cash GAAP provision expenses.
**Adjusted (excluding FX effect of other income/expenses from operating activities)
Message from the Chairman
and CEO
We believe that Liv Hospital Vadistanbul, which we started accepting patients during the pandemic with the aim of serving humanity and creating value for our country, will become one of Turkey’s reference hospitals.
World healthcare authorities have maximized their contribution to improve life by primarily treating those affected by the pandemic and focusing on developing vaccines, drugs, treatments, and investigating the unknown effects of the virus for more than two years. We are proud to be a part of this community.
Dr. Muharrem Usta
Chairman of the Board of Directors and CEO
Esteemed Shareholders, Business Partners, and Employees,
We are passing through times when we deepen our search for meaning, both individually and institutionally, as our efforts to heal proceed
in every section of our lives that effected by the global pandemic. The search to make sense of things is characteristic of human; It is one of our most basic features that distinguishes us from other living things. This search; It is also the reason why humanity develops with science, is motivated to do better by pushing its capacity, is motivated to maximize its contribution to the world, and is able to overcome the greatest challenges.
World healthcare authorities have maximized their contribution to improve life by primarily treating those affected by the pandemic and focusing on developing vaccines, drugs, treatments, and investigating the unknown effects of the virus for more than two years. We are proud to be a part of this community.
From the very beginning, we have been actively involved in our country’s fight against the pandemic with all our hospitals and healthcare personnel. Last year, we also increased our contribution by being involved in the vaccination process. Although it is a very tiring period for us, we have been able to serve our country properly and we continue
to do so thanks to the dedication and self-sacrificing approach of our employees from all levels in different positions. The effect of vaccination as expected turns our tiredness into a feeling of gratitude.
As vaccination increases in the society, the burden of the pandemic on the healthcare sector decreases. We think that this easing, which started last year, will become more and more noticeable.
TL 5.7
billion
Total Assets
MLP Care increased total assets to TL 5.7 billion in 2021.
At the end of 2020, we shared with you our expectation that the Turquality program supports will contribute to the rapid recovery
of medical tourism, which was adversely affected by the global pandemic. When the global vaccination efforts and these supports are combined; In 2021, we managed to increase the total medical tourism revenue of our Medical Park and Liv Hospital brands by 109%.
Medical tourism, which provides foreign exchange inflow to our country, will be one of our focus areas in 2022. Because many patients with serious health problems in different parts of the world go out of their countries
to receive their treatment. As
a healthcare group that can successfully perform extremely complex treatments with our experience, up-to-date technology, scientific depth and expert staff, we want to be instrumental in making our country preferred by more and more foreign patients every year.
We continued our investments
in 2021 in parallel with these targets. We believe that Liv Hospital Vadistanbul, which we started accepting patients during the pandemic period with the aim of serving humanity and creating value for our country, will become one
of Turkey’s reference hospitals. To open Liv Hospital Vadistanbul during the pandemic, we are proud to be able to follow our strategy to focus on mid-large scale hospitals in any circumstances.
In 2021 we also focused on the pursuit of sustainable efficiency for our Company. We have succeeded in increasing our operational and financial efficiency in a way that will contribute to profitability in our balance sheet. The fact that we were able to reduce our net debt by converting our foreign currency debts to TL was effective in our financial efficiency.
I can say that the driving force
of our operational efficiency was our digitalization efforts, which
we intensified together with the pandemic and which cover all our business units. We defined our digital transformation studies as
11 main and 30 sub-processes
and made our plans. We have completed our work in 20 processes so far. Our work in 10 different processes continues. We implement it to improve our digitalization processes in a wide range of areas, from human resources to billing and even data management that enables us to monitor the delivery of healthcare services in real time.
Increasing digitalization efforts with the pandemic and the effective contribution of companies to their activities have clearly begun to be reflected in their results. Digitalization has become one of the critical issues of the business world in terms of sustainability studies as well as efficiency.
109%
Total medical tourism revenue growth of Medical Park and Liv Hospital brands was 109%.
As MLP Care, our aim is to ensure that all people live healthier lives. We know that, the delivery of healthcare services is essential in terms of making the world a better place and sustainability of well being. However, it is also obvious that our world needs more attention from all of us... While our natural resources are rapidly depleting, we believe that in this period when we are starting to feel the negative effects of climate change on public health worldwide, we should reconsider our habits and put sustainability at the center of our lives and the way we do business, both as individuals and as institutions.
For this reason, for the first time
this year, we have presented our report, in which we describe our sustainability efforts in detail, to
the public. We are proud of being the first hospital group to publish a sustainability report in Turkey. Due to our leading position among Turkey’s private hospitals, we consider
it among our responsibilities to implement projects that will inspire and guide sustainability studies in the field of healthcare.
I hope you will gladly review both our sustainability and annual reports. The success of our Company is the result of the efforts of our employees and their contributions by embracing all these processes. I would like
take this opportunity to express my gratitude to all our employees once again. I would also like to express my gratitude to all our stakeholders who support us in our work to add meaning to life.
Respectfully yours,
Dr. Muharrem USTA
Chairman of the Board of Directors and CEO
MLP Care continues its operations with 30 hospitals in Turkey
Liv Hospital Vadistanbul
Opening: May 2021
Location: Istanbul
TL 5.7 Billion
Revenue
TL 1.5 Billion
EBITDA*
*Adj. EBITDA is based on Reported EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) adjusted for one-time (income) / expenses, net and non-cash GAAP provision expenses.20 Thousand +
Employees