Georgia Capital Shareholder and Market Opportunity Overview
AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE
INVESTMENT STAGE PORTFOLIO COMPANIES
1Q21 REVENUE DOWN BY 1.6% Y-O-Y, REFLECTING 5.6%
Y-O-Y DECREASE IN TOTAL ELECTRICITY GENERATIONS
GEORGIA
CAPITAL
EDUCATION REVENUE DOWN 3.4% Y-O-Y IN 1Q21 REFLECTING
A DECREASE IN THE NUMBER OF ACADEMIC DAYS
GEL MILLION
6.6
1Q20
â– Renewable Energy
-1.6%
6.5
22.8
+86.3%
42.5
1Q21
LTM 1Q20
LTM 1Q21
GEL MILLION
7.7
-3.4%
7.4
18.9
+35.4%
25.5
1Q20
Education
1Q21
LTM 1Q20
LTM 1Q21
KEY DRIVERS
Resilient 1Q21 results despite the COVID-19, as the electricity sales during the
quarter were fully covered by PPAs formed with Government.
LTM 1Q21 revenue up 86.3%, primarily reflecting strong momentum from
acquisitions completed at the end of 2019 and energy price increases.
Strong electricity generation levels at HPPs, up 17.4% y-o-y in 1Q21. Electricity
generation was down 15.5% y-o-y at Qartli wind farm in 1Q21.
KEY DRIVERS
Distance learning period increased to 1.5 months in 1Q21 (1 month in 1Q20).
To mitigate the impact of distance learning, the schools modified the
academic calendar, resulting in a 10.4% y-o-y decrease in the number of
academic days in 1Q21.
The unearned revenues reflected by the reduced number of academic days
in 1Q21 will be recognised in the subsequent quarters.
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