HSBC GEMs Investor Forum 2018, New York 4 5 June 2018

Transcription

1 HSBC GEMs Investor Forum 208, New York 4 5 June 208

2 Disclaimer 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 available data. Actual results are subject to future events and uncertainties, which could materially impact the MLP Care s actual performance. 2

3 Overview of MLP Care 3

4 MLP Care: The # Private Hospital Group in Turkey 3 Hospitals; More than the #2 and #3 Competitors Combined Beds; 2x the size of 2 nd Largest Competitor 7 Cities Staff Doctors Addresses All Price Segments in the Turkish Market 3 JCI Accredited Hospitals 3 Centers of Excellence Revenues: 2.6 billion TL EBITDA: 409 million TL Revenues Adjusted EBITDA figure 4

5 Attractive double-digit historical growth Net Sales (TLm) %9 CAGR EBITDA¹ (TLm) %25 CAGR EBITDAR¹ (TLm) %26 CAGR Acquisition of 6 hospitals (2 of which are in Istanbul) 2 greenfield hospitals in Ankara 2 brand new hospitals in Istanbul and Kocaeli Opening of a University Hospital in Istanbul Opening of a University Hospital in Istanbul and a greenfield hospital in Samsun Openings of VM Medical Park Pendik Hospital and VM Medical Park Mersin Hospital Adjusted figures 5

6 MLP Care is the Leading Private Hospital Group in Turkey Operates in the Attractive Turkish Healthcare Market 2 Clear Leader in Private Hospital Provision 3 Strong Brand Recognition and Unique Business Model Addressing All Price Points 4 Clinical Excellence and World Class Service Offering 5 Superior Operational and Financial Performance 6 Outstanding Platform for Further Growth 7 Visionary Leadership Supported by Outstanding Management Team 6

7 Operates in the Attractive Turkish Healthcare Market Turkey is an attractive healthcare market with a growing elderly population and level of affluence, with significant scope for expansion compared to OECD players Turkish Healthcare Spending to Providers (TLbn) Growth in Aging Turkish Population (millions) Growing Levels of Affluence in Turkey CAGR % 4% 2% 0% 0% 0% Income Bracket Distribution (%) High (>$50k) Upper Mid ($25-50k) Mid ($5-25k) Lower Mid ($0-5k) Low (<$0k) 9% 5% 24% 3% 27% 24% 7% 3% 24% 7% CAGR 9% 5% 0% (3)% (4)% Significant Scope For Expansion Compared to OECD 2 Peers Healthcare Spending Per Capita ($ 000) Healthcare Spending % of GDP Hospital Beds Per Capita ( 000) % 9.2% 2.7 MoH Goal: Turkey OECD Median² Turkey OECD Median² Turkey OECD Median² Source: IMS Health, Euromonitor International, OECD, Espicom Business Intelligence, MoH Statistics 205 (published in Dec-206), Turkish Statistical Institute, TOBB Report Denotes hospitals only excluding pharmaceutical, medical equipment, dental and other. 2 Denotes the Organization for Economic Cooperation and Development including 35 member countries: USA, Sweden, Switzerland, France, Germany, Austria, New Zealand, Netherlands, Denmark, Belgium, Canada, Japan, Norway, Finland, Portugal, Australia, Italy, Slovenia, UK, Spain, Iceland, Greece, Slovakia, Israel, Chile, Ireland, Czech Republic, Hungary, Luxembourg, Lithuania, Estonia, Poland, Mexico, Latvia and Turkey : 27,77 beds in Turkey. 7

8 Operates in the Attractive Turkish Healthcare Market Private operators have increased their market share, by increasing capacity and by focusing on procedures with higher complexity. Private players now account for 2% of beds, but provide 53% of complex surgeries. Number of Inpatient Visits (m) Number of Hospital Beds ( 000) CAGR 5% CAGR 2% 0 75% 69% 4% % % 0% 25% 3% 9% 3% 2% Private Public¹ Private Public¹ 0% Provision of Healthcare Services (205) 82% 69% 66% 47% 8% 3% 34% 53% Doctors' Consultations Inpatient Stays All Surgeries Complex Surgeries² Private Source: Ministry of Health, Health Statistics Yearbook 203, 205, TOBB report; Public includes Ministry of Health and University hospitals; 2 A type surgeries e.g., organ transplants, 204 numbers due to data availability Public¹ 8

9 Operates in the Attractive Turkish Healthcare Market Supportive government policies have underpinned the expansion of private hospital groups Healthcare system and key participants Universal Healthcare Coverage with Patient Choice Regulation Funding Service Patients Government MoH Treasury SSI Private Insurance Self-Pay MoH University Hospitals Private Healthcare Institutions Universal healthcare coverage (UHI) Healthcare reforms initiated in 2004 Primary care free of charge for all citizens 98% population coverage by UHI Regulator Monitors quality at all public and private hospitals System favours patient choice Ministry of Health (MoH) Payor Social Security Institute (SSI) Owns and operates public hospitals Controls the number of licences in the sector Main provider of financing to the healthcare sector Monitors usage statistics across private and public hospitals Services provided by both public and contracted private hospitals with SSI being the key payor Private hospitals are able to charge higher rates than public hospitals, with some payment required from SSI patients SSI reimburses private hospitals using SUT prices 2 (stable since 2008) Private hospitals have the right to charge +200% 3 over and above SUT prices 2 Patients choice Partial SSI reimbursements Co-pay up to 200% above SUT prices 2 Healthcare expenditure in private providers by payor type (TLbn) Private Public (SSI + MoH) 0 57% 43% 2009A 58% Source: OECD reviews of health systems, Turkey 2008, Turkstat, TOBB report 9 42% 205A CAGR TOBB report; 2 SUT prices = SSI tariffs; 3 200%+ on all services (except a few specified services); 4 Based on number of policies sold 3% 7% 9% Top-up insurance (since 204) Cheaper form of PMI to cover SSI patients copay costs Can only be used at hospitals that signed a contract with SSI Top-up PMI is the fastest growing segment of the health insurance market with CAGR of >9% 4 Attractive funding structures increasing accessibility 9

10 <mm mm- 2mm 2mm 5mm >5mm Pop.¹ 2 Clear Leader in Private Hospital Provision MLP Care is the largest multi-specialty hospital group in Turkey and the only private player with a truly nationwide network National and local leader with a network covering the greatest number of cities 40% of beds located in the attractive Istanbul market MLP Care has the highest number of beds in nearly every city in which they are present MLP Care network (# of hospitals and locations) 2 Kocaeli Bursa Çanakkale İstanbul 0 İzmir Uşak Antalya Ereğli 2 Ankara 2 2 Samsun Mersin Tokat Ordu Trabzon 2 Elazığ Gaziantep Batman Bed concentration in İstanbul: MLP: 40% Acibadem: 67% Memorial: 34% Medicana: 42% Location (in order of population) 2 İstanbul 0 2,532 9, Ankara İzmir Bursa Mersin Antalya Adana Konya Gaziantep Kocaeli Diyarbakır Kayseri Samsun Bodrum (Muğla) Eskişehir Trabzon Ordu Sivas Tokat Ereğli (Zonguldak) Elazığ Batman Çanakkale Uşak Total 3 5, ,27,796,680 Source: Source: Latest information from company websites, Company Analysis, Turkstat (population estimates 206) Turkstat, 206 population; 2 Latest information from company websites 0

11 Premium 2 Clear Leader in Private Hospital Provision MoH is investing in the PPP program, but large private players do not expect to see an impact in the near / mid term Highly illustrative schematic of the Turkish Healthcare Sector PPP success factors Top end of the Private Hospital market City hospitals are mega health complexes requiring operational excellence to ensure financial sustainability and top quality PPP will likely attract patients from public hospitals and less competitive, smaller private hospital operators Private Hospital market Public and Private Hospital market Public Hospital market Operational excellence Healthcare personnel Right governance system needs to be in place MoH needs to staff city hospitals with the right quantity and quality of medical staff Some public hospitals may need to be closed and staff re-located Re-location of medical staff may pose some risk due to remote location of city hospitals Private hospital s target population is significantly different from what the PPP hospitals are expected to attract Emergence of large PPP hospitals can accelerate consolidation in the industry, resulting in smaller hospitals having just license value As such, MLP Care is expected to be minimally impacted by the MoH s PPP initiative High service quality MoH needs to ensure patient demand through high quality service Significant increase in travel time, especially for outpatient or unplanned visits may hinder demand ¹ Ministry of Health, Health statistics yearbook 205, as of 205

12 Premium 3 Strong Brand Recognition and Unique Business Model Addressing Multiple Price Points Three concepts targeting three different price points with consistently outstanding medical service quality Concept Overview and Positioning 3 Total Hospitals in Portfolio Relative Average Price per Payor Type 3 Premium segment 5 Premium mass segment 22 Upper mass segment Number of hospitals including a particular concept Note: Three acquired hospitals (Ereğli, Avcılar and Çanakkale) are operated under the name of Anadolu Hastanesi, instead of Medical Park 2

13 3 Strong Brand Recognition and Unique Business Model Addressing Multiple Price Points Business model results in a balanced portfolio covering multiple payor types Q208 Revenue Breakup by Payor Type 67% 4% Medical Tourism 8% Other 7% % SSI Insurance provides access to the majority of Turkey s population 37% PMI, Top-up & Contracted Institutions 20% SSI 3% Revenue from PMI grew by 6x in the last five years Revenue from Top-up Insurance grew by more than 2x in 207 Self-Pay 34% Medical Tourism growing from a small and sustainable base 20% Source: Turkish Reinsurers and Insurers Association. Calculated as MLP Care s revenue from private medical insurance (excluding contracted institutions revenue) divided by the total payment made by insurers to healthcare providers. Denotes growth in Q207 over Q208 3

14 4 Clinical Excellence and World Class Service Offering MLP Care benefits from a Virtuous Circle of best-in-class service, infrastructure and academic affiliations JCI accreditation The Gold Standard in Healthcare Globally SRC The Global standard for quality surgical care University affiliations Bahçelievler Göztepe İzmir Colorectal Surgery Robotic Surgery World s st st outside the US Metabolic and Bariatric Surgery 00% success rate Enable us to maintain flexibility in our doctor portfolio Attract Turkey s most skilled and experienced doctors 603 academicians working as physicians at MLP Care hospitals 3,000 scientific activities and publications in the last two years Highly diversified full service offering (No medical department comprises >9% of total sales) Da Vinci Robotic Surgery Gamma Knife Denotes Surgical Review Corporation. 4

15 Bone Marrow Transplant Chemotherapy Radiotherapy Stent By-Pass Invasive Procedures Angio A-type surgeries 4 Clinical Excellence and World Class Service Offering Top tier talent and patients are attracted to MLP Care s unrivalled reputation, resulting in a steadily growing market share Key points of attraction Top tier physicians choose MLP Care for: Strong and reliable brand Leading market share State-of-the-art infrastructure University affiliations Vast exposure to complex cases Ability to attract and retain top-tier physicians Proven track record of physicians recruitment Eyl # Share of academicians CAGR % 99% and drive patient in-flows to grow market share in Turkey MLP Care share in beds MLP Care share in inpatients MLP Care share in complex surgeries % 2 5% 48% 36% 9% 7% Complex surgeries in private sector 6% 5% 4% 4% 2% 2 4% MLP share in private beds MLP share in total beds MLP share in inpatients in the private sector MLP share in total inpatients Source: Turkish Ministry of Health. Data as of Assumes growth in beds based on 7.2% private beds CAGR and.9% total beds CAGR applied to 205 MoH figures. 5

16 Financial Performance 6

17 5 Superior Operational and Financial Performance Strong results in Q 208 Double digit revenue growth accross all segments Expansion in EBITDA margin Significant decline in leverage ratio Bottomline turned into positive Two new greenfield hospitals: Pendik and Mersin 7

18 5 Superior Operational and Financial Performance Strong results in Q 208 Net Sales (TLm) Adj. EBITDAR¹ (TLm) Adj. EBITDA¹ (TLm) %8.2 %25.5 %29.7 Net Sales grew by 8.2%, contributed by double digit revenue growth across all segments Both EBITDA & EBITDAR margins improved, driven by improved operating profitability as well as successful cost savings, despite additional costs associated with the new hospital openings ¹ EBITDA and EBITDAR figures have been adjusted for TFRS adjustments that have no cash impact on relevant period and one-off income/expense figures 8

19 5 Superior Operational and Financial Performance B A C Domestic Patient Revenues TL 636 m 5.4% growth y-o-y Medical Tourism Revenues TL 59 m 67.3% growth y-o-y Ancillary Business TL 54 m 4.4% growth y-o-y Growth Continued in Q Continued to attract Foreign Patients Generating higher revenues Inpatient revenues grew.7% Share of patients from Europe in total Medical Higher laboratory revenues in line with Outpatient revenues grew 2.% Tourism: 39% Middle East & Africa: 32% increased number of hospitals Higher revenues from Former CIS and the managed hospitals rest: 29% 99

20 5 Superior Operational and Financial Performance Outpatient Revenues (TLm) 600 Inpatient Revenues (TLm) Q207 Q208 0 Q207 Q208 TL45m (2.%) Outpatient Revenue Growth Contributed by; Volume: (TL3m) (0.6%) Price: TL76m 35.5% TL40m (.7%) Inpatient Revenue Growth Contributed by; Volume: TL27m 7.8% Price: TL3m 3.7% ARPV: TL227 - up 35.5% - ARPP: TL2,090 - up 3.7% - Denotes growth in Q208 over Q207 20

21 5 Superior Operational and Financial Performance Mature Hospitals Revenue (TLm) Developing Hospitals Revenue (TLm) Q207 Q208 Q207 Q208 TL97m (7.9%) Growth in Mature Hospitals Revenue Contributed by; Volume: (TL3m) (9.%) Price: TL00m 8.4% TL66m (.4%) Growth in Developing Hospitals Revenue Contributed by; Volume: TL43m 37.6% Price: TL23m 38.8% ¹ Analysis based on domestic revenues and medical tourism. Q207 and Q208 figures of developing hospitals also include managed university hospitals in order to make the comparison meaningful. Denotes growth in Q208 over Q207 2

22 5 Superior Operational and Financial Performance Cost Savings and Smart Cost Management Adj. EBITDA Margin Cost of Service and G&A Expenses as a % of Revenues 7.0% 8.7% 7.0% 6.9% 4.% 4.5% 7.3% 7.% 9.0% 8.7% 22.% 22.3% Material costs as a % of revenue declined, helped by the patient mix impact and decline in share of laboratory services business revenues (with higher material costs) Doctor costs as a % of revenue were slightly higher due to new hospital openings Personnel costs decreased due to operational leverage 23.5% 2.8% Q207 Q208 Material Doctor Personnel Rent Outsourced Other Rent expenses as a % of revenue slightly decreased despite new hospital openings 22

23 5 Superior Operational and Financial Performance Leverage Ratio Significantly Declined , December 3,207 March 3, 208 4,0 3,5 3,0 2,5 2,0,5,0 0,5 0,0 Net Debt Currency Breakdown December 3, 207 March 3, 208 EUR + USD 67% 46% TL 33% 54% Net Debt (TLm) Net Debt/Adj. EBITDA (x) TL600m cash injection from IPO was used to lower the net debt, primarily FX debt Net Debt/Adj. EBITDA(*) declined significantly to 2.x as of March 3, 208 compared to 3.4x at December 3, 207 (*) Last Twelve Months ( LTM ) Adj. EBITDA 23

24 5 Superior Operational and Financial Performance Investments Continued in the First Quarter of 208 Maintenance Capex (TL Million) Capex of New Hospitals (TL Million) 3.6 % 3.6 % Q207 Q208 Q207 Q208 % of Sales 24

25 Outstanding Platform for Growth 25

26 6 Outstanding Platform for Further Growth Quick and successful ramp up in greenfields as well as acquisitions with typical range of 2-8 months to EBITDA-neutral hospitals Example of Greenfield Batıkent (Oct-204) Total Investment TL50m Total Beds at Opening 0 Covered Area (sqm) 22,500 Example of Acquisition Yıldızlı (Sep-204) Total Investment Cost TL23m Total Capex TL8m Total Costs TL3m Total Beds 07 Covered Area (sqm) 2,000 Sales TL 000s 3,252 44,408 6,863 8,332 35,024 42,987 Contribution Margin (%) (63)% ()% 7% (0)% 5% 9% 0,780 8,348 Hospital Contribution per year in TL 000s,90 (2,057) 204 (359) 205 (807) Period open for: 3 Months 5 Months 27 Months 4 Months 6 Months 28 Months 26

27 M&A Greenfield 6 Outstanding Platform for Further Growth Proven track record of greenfield expansions and M&A Total Hospitals At Year End MLP Care has added on average c.400 beds p.a. through greenfield projects since 204 Multiple opportunities identified for expanding bed capacity in the near term Acquired 6 hospitals (of which 2 in İstanbul) Opened one managed university hospital in İstanbul 2 New Hospitals being opened in Mersin and İstanbul Bed expansion in Goztepe Two potential hospital openings / acquisitions MLP Care actively seeks out new opportunities in acquiring existing private hospitals E 209E 2020E 0 of 3 hospitals acquired Multiple targets identified and in consideration Remaining private hospitals 492 Vast amount of potential targets 88% 2% Top 5 private players 70 Total Beds Added to Portfolio Opened 2 greenfield hospitals in Ankara Opened 2 greenfield hospitals in İstanbul and Kocaeli Opened one managed university hospital in İstanbul and one greenfield hospital in Samsun Two greenfield hospital developments under construction E 209E 2020E Total private hospitals = 562 Cumulative Total Beds 3,380 4,054 4,622 5,330 5,900+ 6,330 6,830 Note: Bed counts based on licensed capacity average. Acquisitions Greenfields Expansions Pipeline 27

28 Medical tourism Self-Pay 6 Outstanding Platform for Further Growth MLP Care has several avenues to continue its growth trajectory Top line growth via the favourable insurance scheme 2 Growth through revenue diversification MLP Care has increased its market share in PMI over the years, growing its revenue from private medical insurance by c.52% p.a. from 202 to 207 Top-up insurance is the fastest growing portion of the PMI market MLP Care has been a pioneer in Top-up insurance High Growth of MLP Care in the PMI market MLP Care market share in the PMI market 2% 3% 4% 5% 7% High Growth in Top-up Insurance Segment Total # of policies sold ( 000s) 2,678 2,24 2, ,703 0% X Expand premium service offering (e.g. Liv,VM) Increase elective procedure offering (e.g. Aesthetics) Self-Pay share of total pay in MLP Care revenues has risen from c. 25% in 202 to c. 33% in 207 Outstanding medical quality in line with OECD countries Comparatively affordable with c % in estimated savings compared to US treatment costs Visitors to Turkey with health / medical related purpose ( 000s) MLP Care Medical Tourism Revenue (TLm) PMI Top-up Insurance Source: TOBB Report; Insurance Association of Turkey; Medical tourism association; TURKSTAT, Departing Visitors by Purpose of Visit, Calculated as: MLP revenue from private medical insurance (excluding contracted institutions revenue) divided by the total payment made by insurers to healthcare providers 28

29 Appendix 29

30 Superior Operational and Financial Performance Robust growth and financial performance seen across Mature and Developing hospitals General Overview Breakdown of Beds Mature Hospitals Revenue 2 (milliontl) / Growth (%) Developing Hospitals Revenue 2 (milliontl) / Growth (%) 4% 8% 7% 76% 78% 22% 8 Mature Hospitals 9 Developing Hospitals 2 Managed Hospital Revenue Breakdown Contribution 2 (million TL) / Margin (%) Contribution 2 (million TL) / Margin (%) 8.4% 7.5% 8.8% 9.7% 4.8% 0.2% 5.5% 6.6% Total: TL2.576 million Note: Revenue and Contribution from Managed Hospitals is not consolidated in Hospital Revenues and included as part of Other Ancillary Business. Mature refers to hospitals opened, or acquired as well as integrated in the MLP IT system, prior to 205, and Developing refers to hospitals opened / acquired / integrated after 205. Hospital counts by Estate as part of current MLP portfolio as at Dec Excludes headquarters costs and contribution from Other Ancillary Business. 30

31 Superior Operational and Financial Performance Hospital Cost Comparison as % of Sales Smart Cost Management Adjusted EBITDA Margin 4,5% 5,9% 8,7% 8,% 4,3% 4,2% 7,0% 7,3% 20,2% 8,6% 23,% 22,9% Material: Slight increase due to change in the revenue mix Doctor: Flat as doctor cost is ca. 95% variable Personnel: Decline on the back of operational leverage Rent: New hospital openings and FX impact 22,4% 22,9% Material Doctor Personnel Rent Outsourced Medical Service Purch. Other 3

32 Superior Operational and Financial Performance Strong cash flow generation Maintenance Capex (TLm) Capex of New Hospitals (TLm) Free Cash Flow (TLm) % % 2.6% %2.6 63% 73% % of Sales Remained flat as a percentage of revenues at 2.6% Continued new hospital investments Strong free cash flow generation maintained x% FCF / EBITDA Includes expenditure on assets acquired through finance lease. 32

33 Historical P&L Statements TLm Q207 Q208 FY FY Revenue 2,60 2, Cost of service (-) (,854) (2,7) (534) (6) Gross Profit General administration expenses (-) (27) (25) (43) (60) Other income from operations Other expenses from operations (-) (69) (358) (8) (49) Operating Income Finance expenses (-) (27) (383) (80) (27) Net profit / (loss) before tax (62) (7) (26) (3) Tax income / (expense) from operations Net profit / (loss) (49) (33) (7) 2 33

34 Historical Balance Sheet TLm Dec 3 Dec 3 Mar 3 Cash and cash equivalents Trade receivables Inventory Short term other assets Current assets,06,6,268 Fixed assets,73,220,275 Deferred tax assets Long term other assets Non-current assets,420,560,659 Total Assets 2,435 2,72 2,927 Trade payables Short term other liabilities Short term financial liabilities (incl. leases) Current liabilities,03,26,27 Long term other liabilities Deferred tax liabilities Long term financial liabilities (incl. leases) 962, Non-current liabilities,39,355,06 Shareholders' equity Non-controlling interest Total liabilities & equity 2,435 2,72 2,927 34

35 Reconciliation from Reported EBITDA to Adjusted EBITDA TLm Q207 Q208 Net Profit / (Loss) (49) (33) (7) 2 Tax Income from Operations (4) (38) (9) (32) Depreciation and Amortization of Tangible and Intangible Fixed Assets Total Interest Expenses, Net of Interest Income and Gain on Financial Derivatives Net (Gains) / Losses from the Disposal of Tangible and Intangible Assets and Income from Negative Goodwill 0 (0) (0) Reported EBITDA Net One-off (Gains) / Losses (47) Non-cash GAAP Provision Expenses Adjusted EBITDA

36 Mature Hospitals Cost Comparison as a % of Sales Developing Hospitals 8% 80% 94% 94% 30% 30% 6% 7% 9% 8% 20% 2% 3% 3% 23% 2% 24% 24% 29% 28% 2% 2% Material Doctor Personnel Rent Other 5% 7% Material Doctor Personnel Rent Other 36

37 Reconciliation from Contribution to Adjusted EBITDA TLm Hospital Contribution Mature Developing 8 27 A Total Hospital Contribution Other Ancillary Business Contribution¹ Other Ancillary Business Revenues Other Ancillary Business Costs (4) (49) B Total Other Ancillary Business Contribution 8 36 C HQ Expenses (43) (46) Adjusted EBITDA A B C Note: Revenue and Contribution from Managed Hospitals is not consolidated in Hospital Revenues and included as part of Other Ancillary Business ¹ Other Ancillary business includes Laboratory, Imaging and Management service income from university hospital management operations 37

38 Capital, Shareholder Structure* & Subsidiaries *Shareholding structure after public offering Lightyear Healthcare B.V. (Amsterdam, Holland) Hujori Financieringen B.V. (Amsterdam, Holland) Sancak İnşaat Turizm Nakliyat ve Dış. Tic. A.Ş (Istanbul, Turkey) Usta Group Elbaşı Group (Founders) Muharrem Usta İzzet Usta Saliha Usta Adem Elbaşı Nurgül Dürüstkan Elbaşı Free Float 32.24% 4.8% 6.3% 5.72% 3.73% MLP Sağlık Hizmetleri A.Ş. Tarsus Bursa VM Istanbul Fatih Ankara MP Ordu Trabzon Yıldızlı Antalya Trabzon Karadeniz Istanbul Bahçelievler Elazığ İstanbul Göztepe Uşak Istanbul Ulus Mersin Istanbul Pendik 57% 56.04% 58.84% 75% Arkaz Sağlık İşletmeleri A.Ş. Özel Silivri Arkaz Sağlık Hizmetleri Ltd. Şti. Silivri Avcılar Ereğli Çanakkale Özel Samsun Medikal Tıp Merkezi ve Sağlık Hizmetleri Ticaret Ltd. Şti. Sentez Sağlık Hizmetleri A.Ş. Batman Gaziantep İzmir Samsun Medikal Grup Özel Sağlık Hizmetleri A.Ş. Samsun Samsun Liv Temar Tokat Manyetik Rezonans Sağlık Hizmetleri ve Turizm A.Ş. Tokat 57% 80% 75% MS Sağlık Hizmetleri Ticaret A.Ş. Ankara Liv Mediplaza Sağlık Hizmetleri Ticaret A.Ş. İzmit Gebze 00% 00% Artımed Medikal Sanayi ve Ticaret Ltd. Şti. Kuzey Medikal Pazarlama İnşaat Taşımacılık San. Tic. Ltd. Şti. Ankara İstanbul 00% BTN Asistans Sağlık Hizmetleri A.Ş. 2st Century Anatolian 00% of voting rights Foundation 00% of voting rights BTN Sigorta Aracılık Hizmetleri A.Ş. 80% 99.90% Allied Sigorta Aracılık Hizmetleri A.Ş. 00% 00% BTR Sağlık Hizmetleri A.Ş. 00% İstanbul Meditime Sağlık Hizmetleri Ticaret Ltd. Şti. Endmed Endüstri Medikal Malz. Cih. San. Tic. Ltd. Şti. and Kuzey Medikal Paz. İnş. Taş. San.ve Tic. Ltd. Şti. Partnership 99.99% Sotte Temizlik Yemek Medikal Turizm İnşaat San. ve Tic. A.Ş. 5% MA Group Sağlık ve Danışmanlık Hizmetleri Ticaret A.Ş. Catering Service Hospital Operators Laboratory Services Other Dormant Company Insurance Services Share Ownership Control Authority Hospital 38

39 IR Contact Dr. Deniz Can Yücel Head of Investor Relations T (Ext: 48) E deniz.yucel@mlpcare.com 39