OPEX Ratio Alignment & Portfolio Valuation Overview
Private large
portfolio companies
EXTERNALLY VALUED
HOSPITALS BUSINESS OVERVIEW
State healthcare spending, GEL millions
Market share by number of beds¹
GEORGIA
CAPITAL
13%
11%
GHG
2,524
18%
10%
9%
9%
9%
9%
Aversi
714
10%
5%
2,480
1,805
800
1,863
• Since 2020 Government spending
increased to manage the COVID
19 in the country
Vienna Insurance Group
615
4%
-
Ghudushauri-Chachava
485
3%
1,025
1,014
1,089
1,178
820
964
855
681
710
760
829
1,680
Country's expenditure on
healthcare - 3.7% of GDP in 2020
(from 2.4% in 2019)
Inova 209
2%
PSP 145
574
1,043
1%
841
281
343
305
329
349
2015
2016
2017
2018
2019
2020
2021E
2022B
• Government spending on
healthcare accounts c.13% of total
budget in 2021
Other
9,468
67%
State Healthcare Spending - UHC
State Healthcare Spending - Other
The largest healthcare service provider in Georgia: c.18% market
share by number of hospital beds.
Covering 3/4 of Georgia's population.
Next 5-year targets
Healthcare spending as a % of total state spending
Key focus areas in medium and long-term
1
Adding new services and strategic projects
2
Quality projects
3
Improved key operational data
4
Digitalisation of clinical processes
Ambulance, oncology centre, transplantology center, radiology
hub, medical tourism clinical trials, post COVID programmes
Nursing reform/CRM development/Quality education programmes
Automatisation of clinical processes in hospitals/Digitalisation of
clinical KPIs/Use of statistical methods
Inpatient/Outpatient/Clinical/Employee and customer satisfaction
EBITDA CAGR 10%+
EBITDA TO OPERATING CASH C.85%+
(51.2% in 1H22)
ROIC: C.13%+
(9.2% in 2021)
Georgia Capital PLC | 1. Source: NCDC, data as of December 2018, excluding specialty beds.
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