Investor Presentaiton
Private early
stage portfolio
Beer business overview
Investment rationale
Georgia falls behind beer consumption per capita against EU
Georgia's favorable trade regimes (free trade agreements with EU and China)
provide potential for export growth for beverages
Value creation potential
Best-in-class distribution network platform
10-year exclusivity (from 2015) from Heineken to produce and sell beer in
Georgia
One of the strongest brand equity across Georgian beer market
Strong export market for carbonated soft drinks (CSD)
Growing market
。 Export value of US$ 27.5m (43.2m litres) in 2019.
GEORGIA
CAPITAL
33%+ CAGR in 2016-2019 years; greater organic demand from CIS countries.
Export to more than 25 countries
。 Recently more countries have been importing Georgian CSD, showing its
growing popularity.
Annual beer consumption (liter per capita) in 2019²
Per capita beer consumption implies room for growth
Georgia falls behind beer
consumption per capita against EU
66
99
12%
83
84
49
49
34
35
8
5
15
Azerbaijan Armenia
Turkey
China
Georgia
Ukraine
Russia
USA
EU
Source: TBC Capital
(1)
Management estimate at the end of 1Q20.
(2)
Georgia 2019, other countries 2016.
20%
9%
Domestic market share¹ | 31-Mar-20
27%
32%
Improved product mix allowed the
business to increase beer market
share from 12% to 20% in 1Q20
■ Efes Georgia
■Zedazeni
GBG
■Castel
■ Other
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