OPEX Ratio Alignment & Portfolio Valuation Overview
NAV PER SHARE (GEL) MOVEMENT IN 1H22
GEORGIA
CAPITAL
NAV PER SHARE (GEL)
DOWN 16.4% IN 1H22
-5.6%
-4.0%
-6.6%
+3.0%
-0.7%
-2.5%
-16.4%
+4.4%
-12.7%
63.03
■ The decrease in NAV per share
(GEL) reflects the impact of
adverse market movements on
portfolio valuations:
GEL 276.2 million value
reduction in private portfolio
assets (-9.6 ppts impact);
GEL 202.7 million value
reduction in BoG stake value,
as share price decreased by
21.7% (-7.0 ppts impact).
■ NAV per share (GBP) down 2.1%
in 1H22, reflecting a 17.0%
appreciation of GEL against GBP
In GBP:
15.10
PRIVATE PORTFOLIO
-2.1%
52.71
In GBP:
14.78
+13.7%
NAV per share
31-Dec-21
Operating
performance and
Greenfields
Multiple and FX
change
Listed & observable
portfolio companies
Buybacks
Operating expenses Liquidity manag./
FX/Other
NAV per share
30-Jun-22
55.02
In GBP:
16.80
BGEO share price
and FX impact
NAV per share
11-Aug-22
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