Georgia Capital Financial Highlights

Water utility business financial highlights Income statement GEORGIA CAPITAL Statement of cash flow Balance sheet GEL thousands, unless otherwise noted FY19 FY18 Change GEL thousands, unless otherwise noted FY19 FY18 Change GEL thousands, unless otherwise noted FY19 FY18 Change Revenue from water supply to legal entities Revenue from water supply to individuals Revenue from electric power sales 93,556 92,229 39,728 39,585 20,216 9,052 1.4% 0.4% Cash received from customers 159,598 Cash paid to suppliers NMF Cash paid to employees 144,468 (37,452) (38,906) (18,694) (17,627) 10.5% -3.7% Inventories Trade and other receivables 6.1% Prepayments 3,703 1,647 3,799 3,913 -2.9% 22,357 19,657 13.7% NMF Revenue from technical support Other income Revenue Salaries and benefits Electricity and transmission costs Other operating expenses Operating expenses Provisions for doubtful trade receivables EBITDA EBITDA Margin Depreciation and amortization. EBIT EBIT Margin Net interest expense Net non-recurring income/ (expenses) Foreign exchange (loss) gain EBT Profit 3,562 2,741 6,392 5,520 163,454 149,127 (20,249) (18,616) (16,810) (18,695) -10.1% (23,995) (23,407) 2.5% (61,054) (60,718) 0.6% (7,325) (5,033) 45.5% 95,075 83,376 14.0% 58.2% 55.9% 2.3ppts (31,188) (23,681) 31.7% 63,887 59,695 7.0% 39.1% 40.0% -0.9ppts (24,184) (14,086) 71.7% 1,104 (6,121) NMF (7,586) (4,970) 52.6% 33,221 34,518 -3.8% 33,221 34,518 -3.8% Interest paid Dividend paid Total cash flow from financing activities Effect of exchange rates changes on cash Total cash (outflow)/inflow Cash, beginning balance Cash, ending balance 30.0% Interest received 2,035 15.8% Taxes paid (6,514) 480 (6,829) -4.6% NMF Other current assets 57 1,901 -97.0% Cash and cash equivalents 26,581 13,713 93.8% 9.6% Cash flow from operating activities before 98,973 81,586 21.3% Total current assets 56,497 40,831 38.4% maintenance capex 8.8% Maintenance capex (22,580) (22,541) 0.2% Property, plant and equipment Investment Property 522,702 461,385 13.3% 8,641 9,865 -12.4% Operating cash flow 76,393 59,045 29.4% Intangible assets 1,954 1,271 53.7% Purchase of PPE and intangible assets (76,234) (148,453) -48.6% Proceeds from PPE and investment property sale CAPEX VAT 7,454 2,028 8,324 14,801 NMF -43.8% Restricted cash in Bank 897 6,533 Total cash used in investing activities Proceeds from borrowings (59,559) 137,252 Repayment of borrowings (88,593) (25,472) -86.3% (125,091) -52.4% 71,628 91.6% (738) NMF (20,440) 24.6% (22,000) Contributions under share-based payment plan (4,501) (3,314) (652) 12,868 13,713 26,581 (28,840) -23.7% (2,307) 95.1% 19,303 NMF (1,507) -56.7% (48,250) NMF 61,963 -77.9% 13,713 93.8% Other non-current liabilities Total non-current liabilities Total liabilities Total equity Other non-current assets Total non-current assets Total assets Current borrowings Trade and other payables Other current liabilities Total current liabilities Long term borrowings Deferred income Total liabilities and equity 12.9% 14.9% 25,954 20,170 28.7% 20,868 24,287 -14.1% 3,463 1,356 NMF 50,285 45,813 9.8% 353,021 300,076 17.6% 29,333 22,869 102 382,456 322,968 432,741 368,781 17.3% 158,295 145,637 8.7% 591,036 514,418 14.9% 1,242 1,066 16.5% 534,539 473,587 591,036 514,418 28.3% 22 NMF 18.4% Page 87

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