OPEX Ratio Alignment & Portfolio Valuation Overview
EDUCATION BUSINESS
OPERATING PERFORMANCE OVERVIEW
REVENUE DEVELOPMENT
EDUCATION
KEY DRIVERS
2Q22 and 1H22 revenue and EBITDA
growth reflects higher total enrolments,
increase in average fee per learner and
shift in academic days.
Capacity utilisation, excluding the
capacity expansion' in the affordable
segment, was up by 5.3 ppts y-o-y to
96.5% in 1H22.
Utilisation of the newly added capacity of
2,250 learners in 3Q21, was 23.0% as of
30-Jun-22.
GEL MILLION
+81.3%
28.9%
11
6
9
14
14
+58.8%
+36.4%
16
22
22
2
EBITDA DEVELOPMENT
+108.1%
+19.9%
5
GEORGIA
CAPITAL
+70.8%
+35.7%
6
9
2Q20
2Q21
2Q22
1H20
1H21
1H22
2Q20
2Q21
2Q22
1H20
1H21
1H22
KEY OPERATING HIGHLIGHTS
2Q21
VS.
■ 2Q22
Number of learners
Capacity utilisation¹
(excluding expansion)
2,564
Change y-o-y
3,230 +26.0%
1H21
1H22
VS.
Change y-o-y
2,564
3,230 +26.0%
91.2%
96.5% +5.3ppts
91.2%
96.5% +5.3ppts
Georgia Capital PLC | 1. The expansion includes the addition of 2,250 learners' capacity in 3Q21, through the following investments: (1) the acquisition of an 81% equity interest in Georgian-Austrian School Pesvebi (1,200 learner
capacity), (2) the launch of a new (second) campus under the existing affordable brand - Green School (600 learner capacity) and (3) the expansion of Green School's existing campus (450 learner capacity).
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