1Q20 Results Discussion
Listed
portfolio
Georgia Healthcare Group (GHG) overview (cont'd)
http://ghg.com.ge/
Stock price performance
☑
GEORGIA
HEALTHCARE
GROUP
Financial metrics (GEL millions)
GEORGIA
CAPITAL
2015
20161
2017
2018
2019 1Q19
1Q20 Change
GBP 0.89
18-May-20
Healthcare services EBITDA, excl. IFRS 16
Pharmacy and distribution EBITDA, excl. IFRS 16
Healthcare services EBITDA margin, excl. IFRS 16
Pharmacy and distribution EBITDA margin, excl. IFRS 16
Net profit, excl. IFRS 16
54
74
70
76
84³
21.33 17.03 -20.2%
N/A
6
39
52
65
15.6
18.6 19.4%
27.4%
30.2%
26.4%
24.9%
N/A
4.3%
8.6%
10.1%
24.6% 31 24.5%³ 20.1% -4.4ppts
10.6% 10.7% 10.6% -0.1ppts
24
374
46
53
EPS (GEL)
0.15
0.24
0.23
0.27
69
0.36 0.095 0.075 -26.4%
18.35 14.35 -21.8%
4.5
4
3.5
3
GBP 1.70
2.5
IPO price
2
1.5
1
0.5
0
Number of hospital beds
Hospital bed occupancy rate²
Number of community clinic beds
Number of pharmacies
Number of bills issued (millions)
Nov-15
Mar-16
Number of hospitals & clinics
Jul-16
Nov-16
Mar-17
Jul-17
Nov-17
Selected operating metrics
Mar-18
Jul-18
Nov-18
Mar-19
Jul-19
Nov-19
Mar-20
1Q19
1Q20
Change
53
52
-1
2,967
2,967
NMF
62.3%
60.5%
-1.8ppts
353
353
NMF
276
298
+22
7.16
7.67
+0.51
Number of individuals insured
c.229.000
c.178,000
-c.51,000
Insurance claims retention rates
39.2%
43.9%
+4.7ppts
within Group
(1)
(2)
FY16 includes only May-Dec pharmacy and distribution results.
Excluding emergency beds.
(3)
(4)
(5) Adjusted to exclude losses from foreign currencies and non-recurring expenses.
Calculated based on aggregation of Hospitals, Clinics and Diagnostic segment results.
Excluding deferred tax adjustment of GEL 24 million.
GEL millions
Performance track record
Capex evolution
ROIC
Declared 3-year investment i
17.0%
14.9%
111 programme at IPO in 2015
15.0%
13.9%
12.8%
90
13.0%
GEL millions
10
64
+2.5%
11.0% 9.0%
11
42
9.0%
12.7% 12.3%
11.8%
102
10.8% 11.0%
80
64
13
7.0%
53
9.5
9.7
7.9%
29
5.0%
2016 2017 2018 2019 1Q19 1Q20
2015
2016
2017
2018
2019
1Q19
1Q20
Development capex Maintanance capex
EBITDA & Operating cash flow (excluding IFRS16)
81%
54%
54%
75%
81%
EBITDA CAGR 28.9%
154
132
108
125
100
78
56
45
58
42
⚫- ROIC adjusted 6
Revenue
70%
119%
37
36 43
26
GEL millions
ROIC
CAGR 40.7%
963
850
748
426
+10.6%
246
235
260
2015
2016
2017
2018
EBITDA Operating cash flow
2019 1Q19 1Q20
EBITDA to cash conversion ratio
2015
2016 2017
2018
2019
1Q19 1Q20
(6) Adjusted to exclude newly launched hospitals and polyclinics that are in roll-out phase
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