1Q20 Results Discussion
NAV
per share (GEL) movement in 1Q20
GEL unless otherwise noted
NAV per share down 35.6% to GEL 30.18 in 1Q20
-21.0%
-7.8%
-1.0%
-0.5%
-5.4%
-35.6%
NAV per share
change %
GEL 46.84
(9.82)
(3.65)
(0.46)
(0.21)
(2.52)
GEL 30.18
NAV per share
Value creation on
Value creation on
Buybacks
Operating expenses
31-Dec-19
listed assets
private portfolio
Liquidity
management & FX &
Other
GEORGIA
CAPITAL
NAV per share
31-Mar-20
NAV per share (GEL) down 35.6% in 1Q20, resulting
from decrease in valuations of the listed assets.
GEL 368m decrease in the market value of listed assets
(-21% impact on NAV per share).
➤ Valuations also decreased across our private businesses,
primarily reflecting contractions in valuation multiples.
о GEL 137m decrease in the fair value of private portfolio
(-7.8% impact on NAV per share)
Platform costs: 1Q20 management platform related costs
(-0.5% impact on NAV per share).
1Q20 net interest, FX and other costs
(-5.4% impact on NAV per share).
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