OPEX Ratio Alignment & Portfolio Valuation Overview
NCC DEVELOPMENT OVERVIEW
OUR TARGET IS TO BRING
DOWN THE NCC RATIO
BELOW 15% BY DEC-2025
NCC/ Total portfolio value ("NCC ratio")¹
42.5%
39.8%
31.9%
US$ MILLION
28.2%
27.0%
23.5%
GEORGIA
CAPITAL
OVER THE CYCLE
TARGET
15.0%
385.8
365.9
345.7
50.0
50.0
50.0
45.6
48.0
75.6
250.4
249.0
290.2
242.1
267.9
50.0
50.0
50.0
220.2
59.8
58.5
58.5
~1402
140.6
140.5
133.6
31-Dec-19
31-Dec-20
31-Dec-21
31-Mar-22
30-Jun-22
Pro-forma
30-Jun-22
I Net debt and guarantees issued
| Planned investments and announced buybacks
Contingency/liquidity buffer
Georgia Capital PLC | 1. Reflects the retrospective conversion of the loans issued to our real estate and beverages businesses
into equity. 2. Assuming the application of the 15% NCC ratio target to the total portfolio value as at 30 June 2022.
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