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Investor Presentaiton

Listed portfolio Georgia Healthcare Group (GHG) overview (cont'd) http://ghg.com.ge/ Stock price performance ☑ GEORGIA HEALTHCARE GROUP Financial metrics (GEL millions) GEORGIA CAPITAL 2015 20161 2017 2018 2019 1Q19 1Q20 Change GBP 0.89 18-May-20 Healthcare services EBITDA, excl. IFRS 16 Pharmacy and distribution EBITDA, excl. IFRS 16 Healthcare services EBITDA margin, excl. IFRS 16 Pharmacy and distribution EBITDA margin, excl. IFRS 16 Net profit, excl. IFRS 16 54 74 70 76 84³ 21.33 17.03 -20.2% N/A 6 39 52 65 15.6 18.6 19.4% 27.4% 30.2% 26.4% 24.9% N/A 4.3% 8.6% 10.1% 24.6% 31 24.5%³ 20.1% -4.4ppts 10.6% 10.7% 10.6% -0.1ppts 24 374 46 53 EPS (GEL) 0.15 0.24 0.23 0.27 69 0.36 0.095 0.075 -26.4% 18.35 14.35 -21.8% 4.5 4 3.5 3 GBP 1.70 2.5 IPO price 2 1.5 1 0.5 0 Number of hospital beds Hospital bed occupancy rate² Number of community clinic beds Number of pharmacies Number of bills issued (millions) Nov-15 Mar-16 Number of hospitals & clinics Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Selected operating metrics Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20 1Q19 1Q20 Change 53 52 -1 2,967 2,967 NMF 62.3% 60.5% -1.8ppts 353 353 NMF 276 298 +22 7.16 7.67 +0.51 Number of individuals insured c.229.000 c.178,000 -c.51,000 Insurance claims retention rates 39.2% 43.9% +4.7ppts within Group (1) (2) FY16 includes only May-Dec pharmacy and distribution results. Excluding emergency beds. (3) (4) (5) Adjusted to exclude losses from foreign currencies and non-recurring expenses. Calculated based on aggregation of Hospitals, Clinics and Diagnostic segment results. Excluding deferred tax adjustment of GEL 24 million. GEL millions Performance track record Capex evolution ROIC Declared 3-year investment i 17.0% 14.9% 111 programme at IPO in 2015 15.0% 13.9% 12.8% 90 13.0% GEL millions 10 64 +2.5% 11.0% 9.0% 11 42 9.0% 12.7% 12.3% 11.8% 102 10.8% 11.0% 80 64 13 7.0% 53 9.5 9.7 7.9% 29 5.0% 2016 2017 2018 2019 1Q19 1Q20 2015 2016 2017 2018 2019 1Q19 1Q20 Development capex Maintanance capex EBITDA & Operating cash flow (excluding IFRS16) 81% 54% 54% 75% 81% EBITDA CAGR 28.9% 154 132 108 125 100 78 56 45 58 42 ⚫- ROIC adjusted 6 Revenue 70% 119% 37 36 43 26 GEL millions ROIC CAGR 40.7% 963 850 748 426 +10.6% 246 235 260 2015 2016 2017 2018 EBITDA Operating cash flow 2019 1Q19 1Q20 EBITDA to cash conversion ratio 2015 2016 2017 2018 2019 1Q19 1Q20 (6) Adjusted to exclude newly launched hospitals and polyclinics that are in roll-out phase Page 38
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