P&C Insurance and Beverages Business Financial Overview
Listed
portfolio
Georgia Healthcare Group (GHG) overview (cont'd)
http://ghg.com.ge/
Stock price performance
4.50
GBP 1.70
4.00
IPO price
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
Nov-15
Feb-16
May-16
Aug-16
Nov-16
Feb-17
May-17
Aug-17
Nov-17
Feb-18
May-18
Aug-18
Nov-18
Selected operating metrics
GEORGIA
HEALTHCARE
GROUP
GEORGIA
CAPITAL
Financial metrics (GEL millions)
2015
20161
2017
2018
Healthcare services EBITDA, excl. IFRS 16
Pharmacy and distribution EBITDA, excl. IFRS 16
54
74
70
76
2019
844
Change
9.9%
N/A
39
52
65
25.1%
GBP 1.22
as of 26-Feb-2020
Healthcare services EBITDA margin, excl. IFRS 16
Pharmacy and distribution EBITDA margin, excl. IFRS 16
Net profit, excl. IFRS 16
27.4%
30.2%
26.4%
24.9%
24.6%4 -0.3ppts
N/A
4.3%
8.6%
10.1%
10.6% 0.5ppts
24
375
46
53
69
29.8%
EPS (GEL)
0.15
0.24
0.23
0.27
0.36
33.4%
Dividend payout ratio
N/A
N/A
N/A
20%
25%
5.Oppts
Feb-19
May-19
Aug-19
Nov-19
Feb-20
Performance track record
Capex evolution
ROIC
Declared 3-year investment
20.0%
111
programme at IPO in 2015
14.9%
13.9%
12.8%
90
15.0%
GEL millions
71
10
64
9.0%
12.7%
11
42
10.0%
102
10.8%
11.0%
80
13
64
53
7.9%
29
5.0%
2016
2017
2018
2019
2015
2016
2017
Development capex
2018
Maintanance capex
2019
⚫ROIC adjusted³
ROIC
2018
2019
Change
Number of hospitals & clinics
53
52
-1
Number of hospital beds
2,967
2,967
NMF
Hospital bed occupancy rate²
54.7%
57.1%
+2.4ppts
Number of community clinic beds
353
353
NMF
Number of pharmacies
270
296
+26
Number of bills issued (millions)
27.1
28.8
+1.7
Number of individuals insured
c. 157,000
c. 236,000
50.3%
Insurance claims retention rates
within Group
39.4%
42.5%
+3.1 ppts
(1)
(2)
FY16 includes only May-Dec pharmacy and distribution results.
Excluding emergency beds.
(3)
Adjusted to exclude newly launched hospitals and polyclinics that are in roll-out phase.
(4)
(5)
Calculated based on aggregation of Hospitals, Clinics and Diagnostic segment results.
Excluding deferred tax adjustment of GEL 24 million.
GEL millions
EBITDA & Operating cash flow (excluding IFRS16)
Revenue
81%
81%
54%
54%
75%
EBITDA CAGR 28.9%
154
132
125
108
100
78
56 45
42
58
2015
EBITDA
2016
Operating cash flow
GEL millions
426
246
CAGR 40.7%
748
850
963
2017
2018
2019
2015
2016
2017
2018
2019
EBITDA to cash conversion ratio
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