Portfolio Valuation and Ameriabank Acquisition Update
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LEVERAGE OVERVIEW OF OUR PRIVATE BUSINESSES
GEORGIA
CAPITAL
TOTAL NET DEBT/EBITDA
DEVELOPMENT OVERVIEW
Despite headwinds from COVID-19, leverage
profile across our private portfolio companies
improved over the last 4 years.
LTM EBITDA up 29.5% as at Dec-23 from Dec-19.
GEL MILLION
5.5x
5.3x
4.6x
3.9x
3.7x
3.7x
3.5x
3.5x
3.4x
3.3x
3.3x
3.2x
3.0x
189,03 200,062 225,025 268 998 258913 255 946 238 927 244814 245 803 242 723 248 787 248 845 245849
Mar-22 Jun-22 Sep-221 Dec-22 Mar-23 Jun-23 Sep-232 Dec-233
Dec-19 Jun-20 Dec-20 Jun-21
Dec-21
Total LTM EBITDA
Total Net debt
- Total Net debt/EBITDA
Georgia Capital PLC | General note: Figures for Hospitals, Retail (Pharmacy), Clinics and Diagnostics are given excluding IFRS 16 effects. Net debt Includes the application of the minority buyout agreement in the retail (pharmacy)
business and assumes the conversion of the loans issued to our real estate and beverages businesses into equity. 1. Renewable energy business net debt, excluding US$ 10 million quasi equity. 2. LTM EBITDA excludes the gain of
GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23. The net debt includes the receivable of US$ 6.2 million incurred from the sales transaction. 3. LTM EBITDA excludes the gain of GEL 2.9 million from the sale
of one of the polyclinics buildings in 3Q23 and GEL 2.1 million FY23 EBITDA of recently divested Batumi hospital. The net debt takes into account the cash proceeds from this transaction.
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