Georgia Capital 3Q23 & 9M23 Performance Overview
Private investment
stage portfolio
companies
EXTERNALLY VALUED
EDUCATION BUSINESS OVERVIEW (CONT'D)
GEORGIA
CAPITAL
Operating
highlights
As of 30-Sep-23
PRIVATE K-12 MARKET IN GEORGIA
Number of learners in private K-12 market
Turnover of private K-12 market
Capacity utilization,
81.2%
3.4% CAGR '13-19
COVID impact
-2.0%
COVID impact
0.5%
6.1%
12.2%
-2.6% 5.2%
Change (y-o-y)
+8.3ppts
9.3%
9.7%
10.0%
9.9% 10.1%
10.4%
10.7%
10.2%
9.7%
10.0%
Number of learners
5,900
3.6
16
4.2
4.4
3.7
3.8
3.2
2.6
2.7
2.9
335
Change (y-o-y)
+43.3%
51.6
53.9
55.4
56.1
57.6
60.8
63.2
61.9
60.3
63.5
2.0
298
280
281
257
217
192
177
Learner to teacher
158
8.4
115
ratio
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022E
Change (y-o-y)
-3.6%
Number of private learners, '000
% in total number of learners
Total revenue, GELmln
Revenue per learner', GEL '000
Source: Ministry of Education of Georgia, G&T, GCAP estimates
Financial
3Q23
9M23
Total spending on K-12 education, latest
highlights
EBITDA
GEL (1.9m)
GEL 8.0m
3.6%
3.9% 4.4% 4.3%
3.5% 3.7%
4.2%
4.4%
3.8% 3.7%
4.1%
3.6%
3.7%
3.3%
3.6%
2.9%
Change (y-o-y)
NMF
-6.4%
2.1%
EBITDA margin
-24.2%
22.2%
Change (y-o-y)
-21.Oppts
-7.5ppts
US$ '000
Cash flow from
GEL 6.2m
GEL 17.5m
operations
14.8
13.4 12.5
11.3
10.5
10.2
9.9
9.7
9.4
9.2
8.6
7.9
7.6
7.5
7.0
4.5
0.8
Change (y-o-y)
+25.8%
+.13.4%
Net debt
GEL 16.9m
GEL 16.9m
Austria Germany UK
France
Change (y-o-y)
+43.8%
+43.8%
Italy Portugal Slovenia Czech Spain
Total spending per learner
Estonia Poland Hungary Slovakia Lithuania Latvia Turkey Georgia,
Total spending as % of GDP
Demand on private education
is trending globally, growth
attributable to regions with
lower spending on Education
Source: OECD, Ministry of Finance of Georgia
2022
Georgia Capital PLC | 1. Excluding kindergarten learners.
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