Portfolio Valuation and Ameriabank Acquisition Update
DELEVERAGING ACROSS OUR PRIVATE PORTFOLIO
AGGREGATED LEVERAGE
ACROSS OUR PRIVATE LARGE
AND INVESTMENT STAGE
PORTFOLIO COMPANIES AT
3.1x AS OF 31-DEC-23
ADJUSTED NET DEBT/EBITDA
30-SEP-23
CHANGE
31-DEC-23
GEORGIA
CAPITAL
TARGET
(OVER THE CYCLE)
LARGE PORTFOLIO COMPANIES
Retail (pharmacy)¹
2.3x
-0.1x
2.2x
Up to 1.5x
Hospitals²
4.4x
+0.9x
5.3x3
Up to 2.5x
Insurance (P&C and Medical)
No leverage
NMF
No leverage
No leverage
INVESTMENT STAGE PORTFOLIO COMPANIES
Renewable Energy4
7.0x
-0.2x
6.8x
Up to 6.0x
Education
1.3x
+0.1x
1.4x
Up to 2.5x
Clinics and Diagnostics²
4.5x5
-0.9x
3.6x5
Up to 2.5x
Georgia Capital PLC | General note: Figures for Hospitals, Retail (Pharmacy), Clinics and Diagnostics are given excluding IFRS 16 effects; Net debt/EBITDA is adjusted for capital commitments. 1. Includes the application of the minority
buyout agreement. 2. Restructuring of the healthcare businesses are applied retrospectively. 3. EBITDA excludes the performance of the divested regional hospital, while net debt takes into account the cash proceeds from the transaction.
4. Renewable energy ratio is calculated in US$. 5. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23. The net debt as of 30-Sep-23 includes the receivable of US$ 6.2 million incurred
from the sales transaction.
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