Investor Presentaiton
NAV per share (GEL) growth in 2019
GEL unless otherwise noted
NAV per share up 5.7% to GEL 46.84 during 2019
NAV per share
change %
-2.0%
10.0%
3.2%
-2.1%
-2.0%
-1.3%
5.7%
GEL 44.32
(0.89)
1.43
(0.95)
4.42
(0.9)
(0.59)
GEL 46.84
listed assets
NAV per share Value creation on Value creation on
31-Dec-18
private portfolio
Buybacks &
Cancellation
GHG share
exchange facility
Operating
expenses
Liquidity
management &
FX & Other
NAV per share
31-Dec-19
GEORGIA
CAPITAL
➤ NAV per share up 5.7% to GEL 46.84 on the back of 3.9% growth in NAV and
1.7% decrease in number of shares outstanding
➤ The private businesses led to 10.1% growth in NAV per share, which was offset by
4.4% negative impact from listed businesses
➤ Value creation from listed assets: GEL 165 million value creation from BOG, offset
by GEL 199 million decrease in the value of our holding in GHG (-2.0% impact on
NAV per share during 2019)
➤ Value creation in private portfolio: GEL 168 million value creation in private
portfolio (10% growth in NAV per share during 2019), of which, value creation
excluding multiple change at GEL 145 million
➤ Share exchange facility: Acquisition of a 13.6% equity stake in GHG in exchange for
3.4 million CGEO share issuance valued at GEL 113 million (-2.1% impact on NAV
per share)
o Our holding in GHG increased from 57% to 70.6% on 18 December 2019 following
the completion of a Share Exchange Facility whereby GCAP exchanged one share
in GHG for 0.192 shares in GCAP.1
➤ Buybacks & Cancellation: 3.5 million CGEO shares worth GEL 125 million bought
back in 2019, while 2.7 million shares were cancelled (3.2% growth in NAV per
share)
➤ Platform costs: FY19 management platform related costs (-2.0% impact on NAV per
share).
о
Management expense fee ratio at 1.8%, below our targeted 2% of MCAP.
➤ FY19 net interest, FX and other costs (-1.3% impact on NAV per share).
(1) Further details of the transaction are available at the following link:
https://georgiacapital.ge/ir/ghg-shares
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