Mlp Saglik Hizmetleri As Class B · BIST:MPARK
Mlp Saglik Hizmetleri As Class B — MLP Care — H1 2023 Earnings Presentation
23 slides from Mlp Saglik Hizmetleri As Class B's earnings presentation, Aug 9, 2023
Slide 1: MLPCARE H1 2023 Presentation
MLPCARE H1 2023 PRESENTATION A u g u s t 9 th, 2 0 2 3
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation may contain certain forward-looking statements concerning MLP Care’s future performance and should be considered as good faith estimates made by the Company. These forward-looking statements reflect management expectations and are based upon currently ava
Slide 3: Muharrem Usta, Chairman & CEO
MUHARREM USTA CHAIRMAN & CEO
Slide 4: At a Glance: MLP Care Q2 2023 Financial Highlights
At a Glance: MLP Care Q2 2023 Financial Highlights Revenue growth exceeding inflation due to domestic growth driven by average prices and inpatient growth Revenue high growth of private medical insurance EBITDA TL 3,693 m TL 896 m EBITDA margin improved mainly due to 66% Growth 66% Growth
Slide 5: # of People Top-up Insurance Users Reach 3.5 m
# of People Top-up Insurance Users Reach 3.5 m # of People with Insurance in Turkey (in thousand) 2,508 3,515 6,023 2,571 2,899 5,469 Growth (Q2 2023 – Q2 2022) (2.4%) 21.3% 10.1% PMI Top-up PMI+Top-up # of People with Top-up Insurance in Turkey (in thousand) 6.2023; 3,515 6.2022; 2,899 Average LTM
Slide 6: FMT Revenue Increases in USD Terms
FMT Revenue Increases in USD Terms Medical Tourism Revenue (USD m) TOP 10 FMT Revenue % by Department in Q2 2023 6.4% 52 12% 12% 49 10% 0.3% 7% 6% 5% 3% 3% 3% 3% Gynecology and Hematology Urology Brain and Neuro General Surgery Cardiology Orthopedics Check Up Medical Oncology Pediatric Hematology an
Slide 7: Our Growth Strategy Is Intact
Our Growth Strategy Is Intact MLP Care continues its asset light growth strategy both in Turkey and abroad Expand in Turkey Increase FMT revenue Expand in Foreign Countries Expanding in metropolitans New hospital management Using digital marketing through mid-large scale hospitals contracts using th
Slide 8: Slide 8
Slide 9: Revenue Grows Above Inflation
Revenue Grows Above Inflation Revenue (TLm) 77.4% 62.3% 7,167 72.9% 65.6% 4,417 3,693 2,230 Q2 2022 Q2 2023 H1 2022 H1 2023 Denotes growth of Revenue vs. the same period of the last year 9 Denotes growth of Revenue vs. the same period of the last year excluding Sentez
Slide 10: All Payer Types Continue to Grow
All Payer Types Continue to Grow H1 2023 20% 15% 42% 3% 14% Revenue from SSI was up by 15% (SSI 14% Insurance allows for a wide addressable market, which is c.98% of the total population) Self pay was up by 76% Revenue from PMI, Top-up & Contracted Institutions was up by 96% 30% Medical Tour
Slide 11: All Revenue Segments Continue to Grow
All Revenue Segments Continue to Grow Domestic Patient Medical Tourism Ancillary Business Revenue Revenue 68.3% 19.9% 42.2% 73.5% 5,944 55.4% 192 32.5% 1,030 3,056 108 529 Q2 2023 H1 2023 Q2 2023 H1 2023 Q2 2023 H1 2023 Domestic Revenue Grew Above Growth of Foreign Medical Managed Hospitals’ Revenue
Slide 12: Continued Improvement in Average Prices
Continued Improvement in Average Prices Outpatient Revenues (TLm) Inpatient Revenues (TLm) 77.4% 61.5% 84.3% 42.8% (6.9%) 18.7% 867 1,271 104 378 2,676 3,269 1,509 2,024 H1 2022 Volume & Mix Price H1 2023 H1 2022 Volume & Mix Price H1 2023 Average Revenue Per Visit (ARPV) Average Revenue Per Protoco
Slide 13: EBITDA Is Up By 64%
EBITDA Is Up By 64% EBITDA (TLm)1 79.2% 1,710 64.5% 72.3% 66.1% 1,040 896 539 Q2 2022 Q2 2023 H1 2022 H1 2023 1 EBITDA calculated by deducting general administrative expenses from gross profit and adding depreciation and amortization expenses Denotes growth of EBITDA vs. the same period of the last
Slide 14: Prudent Cost Management
Prudent Cost Management Cost of Service and G&A Expenses as a % of Revenues Cost Saving Measures enables us to reach the favourable EBITDA Margin EBITDA Margin 23.5% 23.9% Material costs as a % of revenue decreased in Q2 2023 due to the lagging effect of increased costs on the back 1.2% 0.8% of ef
Slide 15: Bottom Line Improves on The Back of Strong Operations
Bottom Line Improves on The Back of Strong Operations Net Profit (TLm) Net Profit (TLm) Allocated to Equity Holders of the Parent 135.5% 61.6% 175.7% 62.6% 932 983 68.9% 79.2% 687 725 604 577 407 404 Q2 2022 Q2 2023 H1 2022 H1 2023 Q2 2022 Q2 2023 H1 2022 H1 2023 Denotes growth of Net Profit and Net
Slide 16: Leverage Ratio is Flat
Leverage Ratio is Flat 3,000 Net Debt (TLm) 2,500 2,570 2,000 2,069 2,053 5.0 1,500 1,000 1,176 Reduction 389mTL 787 790 500 1.5x Increase 3mTL 0.9x 0.9x - 0.0 2021 2022 H1 2023 Net Debt (exc. IFRS 16) IFRS 16 Net Debt/EBITDA FX risk of balance sheet completely mitigated in 2021. 16
Slide 17: Strong Cash Generation
Strong Cash Generation Maintenance Capex (TLm) Total Capex (TLm) OCF/ EBITDA FCF/ EBITDA 6.8% 58.9% 52.5% 6.6% 36.8% 4.5% 29.8% 3.7% 898 629 199 298 245 612 138 310 H1 2022 H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 % of Revenue % of Revenue % of EBITDA % of EBITDA 17
Slide 18: Q&A
Q&A
Slide 19: Closing Remarks
Closing Remarks MUHARREM USTA CHAIRMAN & CEO
Slide 20: Thank You!
Thank You! MLP Care Investor Relations Deniz Can Yücel +90 212 227 5555 (Ext: 1148) deniz.yucel@mlpcare.com http://investor.mlpcare.com/en/
Slide 21: Historical Balance Sheet
Historical Balance Sheet Reviewed Reviewed Audited TLm June 30, 2023 June 30, 2022 December 31, 2022 Cash and cash equivalents 788 1,158 766 Financial investments 99 186 214 Trade receivables 2,063 1,083 1,455 Inventory 676 436 661 Short term other assets 842 539 701 Current assets 4,469 3,403 3,798
Slide 22: Historical P&L Statements
Historical P&L Statements Reviewed Reviewed Change (%) Q2 2023 Q2 2022 Change (%) TLm H1 2023 H1 2022 Revenues 7,167 4,417 62.3% 3,693 2,230 65.6% Cost of service (-) (5,121) (3,189) 60.6% (2,631) (1,593) 65.2% Gross profit 2,046 1,228 66.6% 1,062 637 66.7% General administration expenses (-) (701)
Slide 23: EBITDA Reconciliation
EBITDA Reconciliation TLm H1 2023 H1 2022 Change(%) Q2 2023 Q2 2022 Change(%) Revenue 7,167 4,417 62.3% 3,693 2,230 65.6% Cost of service (5,121) (3,189) 60.6% (2,631) (1,593) 65.2% Gross profit 2,046 1,228 66.6% 1,062 637 66.7% General administrative expenses (-) (701) (399) 75.7% (352) (201) 75.2%