OPEX Ratio Alignment & Portfolio Valuation Overview
Externally
valued¹
RENEWABLE ENERGY BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 2Q22
(GEL MILLION)
Change q-o-q
427
-1.5%
-5.6%
+5.1%
421
(6)
172
(249)
Enterprise value
31-Mar-22
Net decrease in EV Enterprise value
30-Jun-22
Net debt
Equity value
30-Jun-22
VALUATION HIGHLIGHTS1
GEL million, unless noted otherwise
30-Jun-22
31-Mar-22
Change 31-Dec-21 Change
Enterprise value
421.0
427.3
(6.3)
428.2
(7.2)
EBITDA³
34.0
35.3
(1.3)
34.9
(0.9)
Implied EV/EBITDA multiple
11.1x
10.9x
0.2x
11.1x
Investments at cost (EV) 2
42.4
42.2
0.2
42.0
0.4
Net debt
(248.8)
(263.5)
14.7
(255.0)
6.2
Equity value
172.2
163.9
8.3
173.3
(1.1)
EQUITY FAIR VALUE COMPOSITION AT 30-JUN-22
(GEL MILLION)
GEORGIA
CAPITAL
42
Total
value
172
130
■Operational assets
Pipeline projects
NET DEBT TO EBITDA
8.3x
8.0x
<6.0x
31-Mar-22 30-Jun-22 TARGET
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 2Q22,
Renewable Energy was valued externally for the first time by a third-party independent valuation firm. 2. Investments at cost as of 30-Jun-22 include the
pipeline projects. 3. Implied EV/EBITDA is calculated based on normalised LTM EBITDA.
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