Investor Presentaiton
Private late
stage portfolio
Housing development business overview (cont'd)
Key highlights | 31 December 2019
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REAL ESTATE
GEORGIA
CAPITAL
Financial metrics (GEL millions)1
2015
2016
2017
2018
2019
Change
GEL millions, unless otherwise noted
31-Dec-19
31-Dec-18
Change
Apartments sales revenue
Construction revenue
45
96
92
95
55
-41.7%
36
60
65.2%
205
174
17.7%
EBITDA
18
11
28
16
(3)
NMF
Enterprise value
Net debt
Digomi residential project stage I update
(161)
(107)
50.0%
Equity fair value
44
67
-34.3%
Sq.m. of apartments sold
Sq.m. sold as % of total available space
IFRS revenue recognition²
Dividends (lifetime)
152
93
63.6%
Total sales value
Cash received
Price per square meter US$
Performance track record
10 completed projects
358k sq.m
(2,855 apartments developed with 100% sales Gross Buildable Area on completed projects
progress and US$ 251mln sales value)
3,225 apartments sold
31 December 2019
16,980
77%
32%
US$ 18 million
US$ 8 million
1,053
US$ 41.9mln
land value unlocked
2 on-going projects
(82.2% as a % of total with sales value of US$ 276mln)
(with 1,067 apartments under development)
US$ 55.1mln dividends distributed over 7 years
72
(1) Housing development business' functional currency is US dollars.
(2)
Revenue from apartments sales is recognized over the time based on the IFRS construction progress (proportion of costs incurred up to date to total expected project cost). Percentage of completion calculated based on total costs of the
building is applied to apartment selling price to recognize revenue from apartment sale.
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