Portfolio and Acquisitions Summary 2019
GEL millions
Private late
stage portfolio
Water utility business overview (cont'd)
Key highlights | 31 December 2019
Financial metrics (GEL millions)
GEORGIA
CAPITAL
2015
2016
2017
2018
2019 Change
31-Dec-19
31-Dec-18
GEL millions, unless otherwise noted
Change
Total revenue
119
127
135
149
163
9.6%
LTM EBITDA
95
83
14.0%
Multiple applied
8.8
8.8
NMF
Enterprise value
837
738
13.5%
Of which, utility revenue
Of which, energy revenue
Of which, other revenue
Cash flow from operations
FCF
105
109
119
132
133
1.1%
9
10
10
5
8
16.
9
20
NMF
8
10
20.5%
52
54
70
82
99
21.3%
17
(2)
(58)
(66)
17
NMF
Net debt
(353)
(307)
15.1%
Equity fair value
484
431
12.3%
Selected operating metrics
millions except for connections
2018
2019 Change
LTM ROIC1
12.5%
13.7%
-1.2ppt
Water Utility
Water sales (m³)
179.8
178.4
-0.8%
Valuation peer group³
Self-produced electricity consumption (kwh)
193.2
174.0
-9.9%
New connections
5,015
5,439
8.5%
Company
Aguas Andinas
Country
Chile
Ticker
AGUAS-A
Stock Exchange
Sant Comerc
Energy
Electricity generation (kwh)
323.8
351.6
8.6%
EASTW²
Thailand
EASTW
Thailand
Energy sales (kwh)
130.6
177.6
35.9%
Tallinna Vesi
Estonia
TVEAT
Tallinn
Electricity purchases (kwh)
43.9
37.7
-14.1%
Performance track record
EBITDA
2014-2019
+72.0%
14.0%
55
62
69
73
83
95
GEL millions
CAPEX
49
53
35
171
137
-42.2%
2014
2015
2016
2017
2018
2019
2014
2015
2016
2017
2018
2019
(1)
(2)
ROIC is calculated as EBITDA less depreciation, divided by aggregate amount of total equity and borrowed funds.
Eastern Water Resources Dev. & Man.
(3)
Manila Water was removed from peer group due to ongoing issues with Government regarding concession agreement.
99
kWh millions
Self-produced electricity consumption
2014-2019 -43.6%
-9.9%
309
319
256
239
193
174
2014
2015
2016
2017
2018
2019
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