Investment and Growth Strategy
Private investment
stage portfolio
companies
EXTERNALLY VALUED
EDUCATION BUSINESS OVERVIEW (CONT'D)
GEORGIA
CAPITAL
Operating
PRIVATE K-12 MARKET IN GEORGIA
highlights
As of 31-Mar-23
Number of learners in private K-12 market
Turnover of private K-12 market
Capacity utilization,
65.7%
3.4% CAGR '13-19
COVID impact
-2.0%
COVID impact
0.5%
6.1%
12.2%
-2.6% 5.2%
Change (y-o-y)
+2.1ppts
9.3%
9.7%
10.0%
9.9% 10.1%
10.4%
10.7%
10.2%
9.7%
10.0%
Number of learners
4,512
3.6
16
4.2
4.4
3.7
3.8
3.2
2.6
2.7
2.9
335
Change (y-o-y)
+40.3%
51.6
53.9
55.4
56.1
57.6
60.8
63.2
61.9
60.3
63.5
2.0
298
280
281
257
217
192
177
Learner to teacher
158
8.4
115
ratio
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022E
Change (y-o-y)
+4.7%
Number of private learners, '000
% in total number of learners
Total revenue, GELmln
Revenue per learner', GEL '000
Source: Ministry of Education of Georgia, G&T, GCAP estimates
Financial highlights
1Q23
EBITDA
GEL 5.4m
Change (y-o-y)
+24.2%
EBITDA margin
38.5%
Change (y-o-y)
Cash flow from
operations
-1.5ppts
GEL 3.1m
US$ '000
Total spending on K-12 education, latest
3.6%
3.9%
4.4% 4.3%
4.2%
4.4%
3.5% 3.7%
3.8% 3.7%
4.1%
3.6%
3.7%
3.3%
3.6%
2.9%
2.1%
14.8
13.4
12.5
11.3
10.5
10.2
9.9
9.7
9.4
9.2
8.6
7.9
7.6
7.5
7.0
4.5
0.8
Change (y-o-y)
+83.8%
Net debt
GEL 17.8m
Austria Germany UK
France
Change (y-o-y)
+9.4%
Italy Portugal Slovenia Czech Spain
Total spending per learner
Estonia Poland Hungary Slovakia Lithuania Latvia Turkey Georgia,
Total spending as % of GDP
2022
Georgia Capital PLC | 1. Excluding kindergarten learners.
Demand on private education
is trending globally, growth
attributable to regions with
lower spending on Education
Source: OECD, Ministry of Finance of Georgia
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