Georgia Capital Shareholder and Market Opportunity Overview
Private investment
stage portfolio
companies
INTERNALLY VALUED
EDUCATION BUSINESS OVERVIEW (CONT'D)
1Q21 Operating highlights
90.9%
-0.6ppts y-o-y
Capacity utilization
2,554
PRIVATE K-12 MARKET IN GEORGIA
Market growing at c.2x nominal GDP growth rate
Private K-12 market size in Georgia
Private K-12 learners in Georgia
63.2
60.8
61.9
-0.6% y-o-y
53.9
55.4
56.1
57.6
51.6
11%
Number of learners
10%
10%
10%
10%
10%
10%
9.5
9%
2.0
+4.9% y-o-y
Learner to teacher ratio
GEL 9,530
+11.5%¹
y-o-y
2013
2014
2015
2016
2017
2018
2019
Average tuition revenue per learner
1Q21 Financial highlights
GEL 2.7m
-8.4% y-o-y
EBITDA
37.0%
-2.0ppts y-o-y
EBITDA MARGIN
GEL 1.6m
NMF y-o-y
Cash flow from operations
GEL 17.3m
Net debt -6.6% y-o-y
GEORGIA
CAPITAL
8% CAGR '20-25
16% CAGR '13-19
4.6
3.6
3.7
3.7
3.2
2.9
2.6
2.7
400
...
280
275
257
217
192
177
158
115
I Number of private learners
% of total number of learners
2020
2013
2014
2015
2016
2017
2018
2019
Total revenue, GELmln
2020E
2025E
Revenue per leamer, GEL '000
Lower average annual spending per K-12 learner in Georgia indicating room for further growth
Source: G&T, GCAP estimates
4.5%
4.4%
13.9
3.9%
3.7%
10.9
3.1%
11.0
3.3%
3.3%
3.2%
3.0%
3.0%
3.1%
4.0%
3.9%
3.6%
3.1%
9.9
9.3
2.9%
3.0%
2.9%
2.6%
9.0
8.5
2.4%
8.4
8.2
2.7%
2.2%
7.1
6.8 6.7 6.7 6.7
5.9
5.3
5.0
3.7
3.0
3.0
1.5
0.7
Austria
UK
Germany
France
New Zealand
Italy
Portugal
Slovenia
Spain
Czech
Latvia
Slovakia
Poland
Total spending per learner
Total spending as % of GDP
Georgia Capital PLC | 1. For like-for-like comparison, 1Q21 tuition revenue is adjusted for the modification of the academic calendar.
Estonia
Hungary
Lithuania
Chile
Turkey
>
Mexico
Colombia
Indonesia
Georgia
Georgia has lower spending on education
compared to other countries:
.
Total spending per learner is USD 650
vs. USD 9,000 OECD average
Total spending as % of GDP stands at
2.2% versus 3.1% OECD average
Source: OECD, Ministry of Finance of Georgia
64
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