Investor Presentaiton
Private early
stage portfolio
Beer business overview (cont'd)
Valuation highlights | 31 March 2020
Financial metrics (GEL millions)
GEORGIA
CAPITAL
2017
2018
2019!
1Q19
1Q20
Change
18
29
44
5.8
7.3 26.7%
(6)
(14)
(6) ¦
(3.1)
(1.7)
44.7%
(11.4)
(13.8)
(14) i
(6.2)
(1.5)
75.2%
Selected operating metrics (in '000)
31-Mar-20
31-Dec-19
GEL millions, unless otherwise noted
Change
Beer Revenue
GCAP ownership
87%
87%
NMF
Beer EBITDA
LTM Revenue¹
47
47
NMF
Cash flow from operations
Multiple applied
2.2
2.2
NMF
Enterprise Value
104
104
NMF
Beer sales liters
Net debt
(91)
(86)
5.3%
Equity fair value
Lemonade sales liters
11
15
-25.9%
LTM ROIC²
-14.7%
-15.5%
+0.8ppts
Average price per liter US$
Valuation peer group
1Q19
1Q20
Change
2,015
3,747
85.9%
335
688
NMF
1.08
0.82
-23.6%
Focused on launching new brands within the first five months of 2019
Company
Anadolu Efes
Grupa Zywiec
Turk Tuborg
Cerveceria San Juan
Country
Ticker
Stock exchange
Turkey
AEFES
Poland
ZWC
Istanbul
Warsaw
Apr-19: Acquisition of Georgia's oldest beer brand - Kazbegi; also launched
Kazbegi lemonade
Turkey
Peru
TBORG
SNJUANC1
Istanbul
Lima
KRUŠOVICE
May-19: Krusovice full scale launch
May-19: Local light beer launch
(1) FY19 revenue, normalised for annualization of revenues from newly launched brands.
(2) ROIC is calculated as EBITDA less depreciation, plus divided by average amount of total equity and borrowed fund.
Jun-19: Heineken brand Amstel launch
AMSTEL
Jul-19: Heineken launch, exclusive Heineken producer in Georgia
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