OPEX Ratio Alignment & Portfolio Valuation Overview
NET CAPITAL COMMITMENT (NCC) OVERVIEW
NCC REPRESENTS AN AGGREGATED
VIEW OF ALL CONFIRMED, AGREED
AND EXPECTED CAPITAL OUTFLOWS
AT THE GCAP HOLDCO LEVEL
US$ million
Cash and liquid funds
Loans issued¹
Accrued dividend income
Gross debt
Net debt (1)
Guarantees issued (2)
Guarantees issued down by US$ c.7 million since 30-Jun-22,
reflecting the expected decrease in GCAP's guarantee on the
borrowing of the beer business, as the local lenders have agreed
in principle to reduce the guarantee amount.
Portfolio value up 11.5% since 30-Jun-22, reflecting subsequent
movements in BoG's share price and FX.
GEORGIA
CAPITAL
Pro-forma
31-Mar-22
Change 30-Jun-22 Change 30-Jun-22
231.7
-2.2%
226.5
NMF
226.6
6.8
26.7%
8.7
0.7%
8.7
NMF
7.8
NMF
7.8
(361.8)
1.7%
(367.9)
NMF
(367.9)
(123.2)
1.4%
(124.9)
-0.1%
(124.8)
(17.4)
-10.3%
(15.6)
-43.6%
(8.8)
Net debt and guarantees issued (3)=(1)+(2)
(140.6)
-0.1%
(140.5)
-4.9%
(133.6)
Planned investments (4)
(54.2)
NMF
(54.2)
NMF
(54.2)
of which, planned investments in Renewable Energy
(30.1)
NMF
(30.1)
NMF
(30.1)
of which, planned investments in Education
(24.1)
NMF
(24.1)
NMF
(24.1)
Announced Buybacks (5)
(5.6)
-23.6%
(4.3)
NMF
(4.3)
Contingency/liquidity buffer (6)
(50.0)
NMF
(50.0)
NMF
(50.0)
Total planned investments, announced buybacks and
contingency/liquidity buffer (7)=(4)+(5)+(6)
(109.8)
-1.2%
(108.5)
NMF
(108.5)
Net capital commitment (3)+(7)
(250.4)
-0.6%
(249.0)
-2.8%
(242.1)
Portfolio value
NCC ratio
887.2
4.1%
923.7
11.5%
1,030.1
28.2%
-1.2 ppts
27.0%
-3.5 ppts
23.5%
Georgia Capital PLC | 1. 31-Mar-22 balance reflects the retrospective conversion of the loans issued to our real estate and beverages businesses into equity.
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