Investor Presentaiton
Private early
stage portfolio
Education business overview cont'd
Industry investment rationale
Highly fragmented private school market
➤ Large and growing market
➤ Efficiency upside
➤ High trading multiples
➤ Low base-3.8% of GDP, compared to EU average of 4.6%
* 2017 data: World bank, Eurostat
Financial metrics (GEL millions)
Medium term demand outlook for private high schools
currently- 10% private
Private 10%
in 5-years - 20% private
20%
State
90%
80%
Currently c.570,000 learners
across Georgia
GEORGIA
CAPITAL
GEL millions, unless otherwise noted
1Q19
1Q20 Change
Revenue
5.9
7.7 31.5%
EBITDA
2.4
3.0
26.0%
EBITDA margin
41%
40%
-1ppts
Cash flow from operations
0.3
(0.2) NMF
Net debt
11.2
19.7
76.6%
Operating metrics
Premium
Mid-level
Affordable
1Q19
1Q20 Change
1Q19
1Q20
Change
1Q19
1Q20
Change
Capacity utilization
91%
95%
3.7ppts
87%
90%
3.0ppts
82%
90%
8.5ppts
Number of learners
731
761
4.1%
627
685
9.3%
1,021
1,127
10.4%
Learner to teacher ratio
9.4
9.1
-3.3%
10.3
10.2
-0.5%
8.4
8.4
-0.3%
Revenue per learner (GEL)
17,847
22,511
26.1%
6,082
6,686
9.9%
3,217
3,213
-0.1%
Page 56View entire presentation