Investor Presentaiton
Business model with cost and synergy advantages
Only integrated player in the region with significant cost advantage in scale and synergies
Financial metrics (GEL m)
1Q17
4Q17
1Q18
Number of hospitals
35
37
37
Number of beds
2,731
3,014
3,320
Number of polyclinics
13
16
17
Number of pharmacies
245
255
256
Bed occupancy rate, referral hospitals
68.1%
60.4%
65.7%
* FY16 includes only May-Dec GPC's results
Annual
Quarterly
Revenue
EBITDA
2015
246
2016
2017
1017
1Q18
450.00
426
748
186
208
400.00
56
78
108
25
31
GBP 1.70
350.00
Profit before tax
24
40
46
13
16
IPO price
300.00
Healthcare EBITDA margin
27.4%
30.2%
26.4%
25.3%
25.2%
250.00
Pharma EBITDA margin
N/A
4.3%*
8.6%
7.8%
10.0%
200.00
Selected operating metrics
150.00
100.00
Healthcare and pharmacy business (GHG) overview
Market Leader
26.4% market share by number of beds (3,320)
■ 30% market share by Pharma sales.
Key facts
The widest population coverage: over 3/4 of Georgia's 3.7mln population
Long-term high-growth opportunities
GEORGIA
HEALTHCARE
GROUP
Market opportunity
Total healthcare market (including healthcare services and pharmacy)
GEL million
GEORGIA
CAPITAL
6,000
5,000
Very low base: healthcare services spending per capita only US$ 325
4,000
Growing market: healthcare spending growing at 11.5% CAGR 2000-2014
3,000
■ Implying long-term, high-growth expansion driven by potential to develop medical tourism and Polyclinics
(outpatient clinics)
2,000
Total Market CAGR 2011-2016 of 16%
1,552 1,716 2,034
3,062 3,218
Total Market CAGR 2017-2021 of 8%
3,760 4,062 4,397
3,488
4,765
2,464
1,000
0
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Exit Strategy - Sell downs/Block trades
In May 2017 Georgia Capital sold 9.5 million shares of GHG (7.2%) for US$ 40 million
Georgia Capital's stake in GHG is currently at 57%
2011 2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F 2021F
Source: Frost & Sullivan analysis 2017
Stock price performance
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
GBP 2.65
as of 10-May-2018
Jan-18
Mar-18
May-18
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