Investor Presentaiton

Beverages business BEVERAGE BUSINESS INCOME STATEMENT INCOME STATEMENT CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 '18-20 Revenue 54,267 68,742 26.7% 76,214 124,705 138,532 34.8% COGS (36,162) (41,743) 15.4% (46,960) (80,349) (85,772) 35.1% Gross Profit 18,105 26,999 49.1% 29,254 44,356 52,760 34.3% Gross Profit Margin 33.4% 39.3% 5.9 ppts 38.4% 35.6% 38.1% -0.4% Salaries and other employee benefits (8,665) (11,732) 35.4% (14,195) (21,598) (20,688) 20.7% Sales and marketing expenses (963) (960) -0.3% (6,426) (4,178) (1,909) 45.5% General and administrative expenses (3,267) (2,916) -10.7% (7,913) (8,268) (7,132) -5.1% Distribution expenses (2,633) (2,790) 6.0% (4,883) (6,749) (5,578) 6.9% Other operating expenses (301) (825) NMF (2,278) (1,141) (1,069) 31.5% EBITDA 2,276 7,776 242% (6,441) 2,422 16,384 NMF EBITDA margin 4% 11% 7 ppts -8% 2% 12% 20 ppts Depreciation and amortization (7,732) (6,905) -10.7% (11,882) (16,327) (14,838) 11.7% Net interest income/expense (6,646) (7,192) 8.2% (7,085) (12,856) (15,267) 46.8% Net foreign currency gain (loss) (7,881) 10,590 NMF (1,879) (3,418) (25,221) NMF Net non-recurring items 437 NMF (1,886) (25,717) (6) -94.4% Net profit/(loss) before income tax (19,983) 4,706 NMF (29,173) (55,896) Net profit/(loss) (19,983) 4,706 NMF (29,173) (55,896) (38,948) (38,948) 15.5% 15.5% GEORGIA CAPITAL 124

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