1Q20 Results Discussion
GEL millions
Private late
stage portfolio
Water utility business overview (cont'd)
Valuation highlights | 31 March 2020
Financial metrics (GEL millions)
GEORGIA
CAPITAL
2015
2016 2017
2018
2019
1Q19
1Q20 Change
31-Mar-20
31-Dec-19
GEL millions, unless otherwise noted
Change
Total revenue
119
127
135
149
163
33.2
31.2 -6.1%
LTM EBITDA
951
95
NMF
Of which, utility revenue
105
109
119
132
133 1
28.9
29.0 0.4%
Of which, energy revenue
9
10
10
9
201 2.4
0.5 -80.7%
Multiple applied
8.5
8.8
-3.4%
Enterprise value
808
837
-3.4%
Of which, other revenue
Cash flow from operations
FCF
5
8
6
8
101 2.0
1.7 -12.5%
52
54
70
82
99 1 19.9
17
(2)
Net debt
(376)
(58) (66)
17
5.6
23.5
5.8
18.1%
3.6%
(353)
6.6%
Equity fair value
432
484
-10.7%
Selected operating metrics
millions except # of connections
1Q19
1Q20 Change
LTM ROIC²
11.8%
12.5%
-0.7ppts
Water Utility
Water sales (m³)
42.0
41.2
-1.8%
Valuation peer group
Self-produced electricity consumption (kwh)
41.7
41.9
0.5%
New connections
1,140
867
-23.9%
Company
Aguas Andinas
Country
Chile
EASTW³
Tallinna Vesi
Thailand
Estonia
Ticker
AGUAS-A
EASTW
TVEAT
Stock Exchange
Sant Comerc
Energy
Thailand
Tallinn
Performance track record
Electricity generation (kwh)
Energy sales (kwh)
Electricity purchases (kwh)
63.2
55.5
-12.1%
21.5
13.7
-36.5%
9.3
9.2
-1.1%
EBITDA
2014-2019 +72.0%
95
83
55
62
69
73
-10.9%
17
15
GEL millions
CAPEX
137
171
99
+11.8%
Self-produced electricity consumption
2014-2019 -43.6%
309
319
256
239
193
174
+0.5%
milia vilima
49
54
35
17
19
2014
2015
2016 2017 2018 2019 1Q19 1Q20
42
42
2014 2015 2016 2017 2018 2019 1Q19 1Q20
2014
2015 2016 2017 2018 2019 1Q19
1Q20
(1) FY19 EBITDA used for valuation at 31-Mar-20.
(2)
(3)
ROIC is calculated as EBITDA less depreciation, divided by aggregate amount of total equity and borrowed funds.
Eastern Water Resources Dev. & Man.
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