OPEX Ratio Alignment & Portfolio Valuation Overview
Private investment
stage portfolio
companies
EXTERNALLY VALUED
EDUCATION BUSINESS OVERVIEW (CONT'D)
GEORGIA
CAPITAL
Operating
highlights
As of 30-Jun-22
PRIVATE K-12 MARKET IN GEORGIA
Capacity utilization,
Excluding expansion²
96.5%
Number of learners in private K-12 market
Turnover of private K-12 market
COVID impact
Change (y-o-y)
+5.3 ppts
3.4% CAGR '13-19
COVID impact
-2.0% -2.6%
0.5%
5.0%
4.2% CAGR
Capacity utilization for
23.0%
newly added capacity
9.3%
9.7%
10.0%
9.9%
10.4%
10.1%
10.7%
10.2%
9.7%
4.1
11.4%
3.6
3.7
3.8
3.2
Change (q-o-q)
-0.1 ppts
2.9
2.6
2.7
71.2
Number of learners
3,230
51.6
53.9
55.4
56.1
57.6
60.8
63.2 61.9
2.0
60.3
Change (y-o-y)
+26.0%
280
281
295
257
217
177
192
158
115
Learner to teacher ratio
8.0
2013
Change (y-o-y)
-16.1%
2014 2015 2016 2017 2018 2019
Number of private learners, '000
2020 2021
2025E
2013
2014
2015
2016
2017
2018
2019
2020
2021E
% in total number of learners
Total revenue, GELmln
Revenue per learner 1, GEL '000
Financial
highlights
2Q22
1H22
Total spending on K-12 education, 2018
Source: Ministry of Education of Georgia, G&T, GCAP estimates
EBITDA
GEL 4.5m
GEL 8.8m
4.4%
3.7%
3.9%
3.1%
3.0%
3.0%
3.3%
3.1%
3.3%
2.6%
2.9%
3.2%
3.0%
2.9%
3.1%
2.4%
2.0%
Change (y-o-y)
EBITDA margin
39.4%
+19.7%
39.7%
+35.5%
Change (y-o-y)
Cash flow from
operations
Change (y-o-y)
-3.0 ppts
-0.2 ppts
USD '000
GEL 8.8m
GEL 10.5m
13.9
11.0
10.9
9.9
9.0
8.5
8.4
8.2
7.1
6.8
6.7
6.7
6.7
5.9
5.3
3.7
0.6
Net debt
Change (y-o-y)
+47.1%
+38.8%
Austria
UK
GEL 11.8m
GEL 11.8m
Germany France
-19.8%
-19.8%
Italy Portugal Slovenia Spain
Total spending per learner
Czech
Latvia Slovakia Poland Estonia Hungary Lithuania Turkey Georgia,
2021
Total spending as % of GDP
Demand on private education
is trending globally, growth
attributable to regions with
lower spending on Education
Source: OECD, Ministry of Finance of Georgia
Georgia Capital PLC | 1. Excluding kindergarten learners. 2. 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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