Georgia Capital - Financial Overview and Investment Opportunities
Investment company basis management accounts
Net Asset Value Overview
Number of
Shares
Ownership %
Management
Adjusted Value
GEL thousand unless otherwise noted
30-Jun-18
Management
Adjusted Value
31-Dec-17
Change
Change %
Listed Equity Investments
GHG (75,118,503 shares at market)
75,118,503
57.0%
608,502
933,481
(324,979)
-34.8%
BOG (9,784,716 shares at market)
9,784,716
19.9%
594,069
594,069
NMF
Private Investments
Water Utility (at book)
100.0%
282,319
267,923
14,396
5.4%
Renewable energy (at book)²
65.0%
53,572
51,511
2,061
4.0%
Housing Development (at book)
100.0%
68,530
75,609
(7,079)
-9.4%
Commercial and Hospitality (at book)
Beverages (at book)²
P&C Insurance (at book)
Education (at cost)
Other (at cost)
100.0%
78,700
78,142
558
0.7%
80.0%¹
84,960
63,637
21,323
33.5%
100.0%
48,869
51,193
(2,324)
-4.5%
100.0%
6,177
6,177
NMF
100.0%
82
82
NMF
Total Portfolio Value
Net Debt
Of which, cash and liquid funds
Of which, loans issued
Of which, gross Debt
Net other assets/ (liabilities)
Net Asset Value
1,825,780
1,521,496
304,285
20.0%
(128,771)
352,002
(7,733)
264,546
(121,038)
NMF
87,456
33.1%
252,488
252,488
NMF
(733,261)
(272,279)
(460,982)
NMF
(9,839)
1,687,170
(2,687)
1,511,076
(7,153)
NMF
176,094
11.7%
GEORGIA
CAPITAL
Shares outstanding³
Net Asset Value per share (GEL)
Net Asset Value per share (GBP)
36,912,664
45.71
14.06
39,384,712
38.37
10.96
(2,472,048)
7.34
3.10
-6.3%
19.1%
28.3%
(1)
€23
(2)
Aggregate ownership stake, as Georgia Capital holds the beverages business through multiple companies with different ownership stakes
Management adjusted value of renewable energy business and the beverages business at 30 June 2018 includes mezzanine loans issued of GEL 33.9 million (31 December 2017: GEL 34.2 million) and GEL 13 million (31 December 2017: zero) respectively
(3) Number of outstanding shares at the end of the period under IFRS, i.e. issued shares less treasury shares
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