OPEX Ratio Alignment & Portfolio Valuation Overview
Private large
portfolio companies
EXTERNALLY VALUED
GEORGIA
CAPITAL
RETAIL (PHARMACY) BUSINESS OVERVIEW (CONT'D)
REVENUE
AVERAGE BILL SIZE & NUMBER OF BILLS ISSUED
Margin enhancement
and strong growth in
para-pharmacy sales:
Para-pharmacy sales have the
strongest margins and the
share of para-pharmacy sales
in retail revenue reached 34.9%
as of 1H22 (34.3% as of 1H21).
Gross profit margin (%)
24.5% 25.5% 25.5% 25.4% 26.0%
25.1% 29.0% 24.2% 29.4%
Number of bills issued, million
25.3 27.1 28.8
Same store growth (%)
7.9% 8.5%
27.6
29.0
7.2
7.4
13.7 15.0
9.0% 6.1%
10.6% 26.3% -1.6% 8.6% 5.0%
782.4
GEL million
679.4
614.7
+4.9%
518.6
450.3
-3.5%
390.9
372.8
199.0 192.1
GEL million
18.9
18.5
18.7 18.8 18.9
16.8
14.3
13.3
13.4
2017
2018 2019
2020
2021
2Q21 2Q22 1H21 1H22
III
CASH FLOW
HIGHLIGHTS
Number of pharmacies
countrywide
2017
2018
2019
2020 2021 2Q21 2Q22 1H21
1H22
270
296
309
344
358
2Q22 1H22
EBITDA¹
NET DEBT & NET DEBT TO LTM EBITDA1
Operating
Operating leverage¹(%)
cash flow¹
GEL
18.4m
GEL
35.2m
Change y-o-y
14.5%
NMF
7.8%
EBITDA margin¹ (%)
8.6% 10.1%
4.1%
-1.4% -6.7% 2.6% -15.6% -6.0% -6.8%
10.6% 10.4% 9.7%
10.1%
9.3%
8.9% 9.8%
EBITDA to
cash
103.1%
91.5%
conversion¹
Change y-o-y
23.3ppts
50.7ppts
GEL million
+15.7%
76.2
70.4
-11.4%
65.3
52.2
38.9
GEL million
Free cash
flow¹
GEL
(17.8)m
GEL
(19.7)m
38.5
33.2
20.1
17.8
2.0
1.6
1.6
1.0
132.3
0.6
77.7
83.1
0.2
0.5
64.8
43.4
39.3
14.3
Change y-o-y
NMF
NMF
Georgia Capital PLC | 1. Excluding IFRS16 impact
2017
2018
2019
2020
2021
2Q21 2Q22 1H21
1H22
2017
2018
2019
2020
2021
1H22
1H22 Adjusted
for minority
53
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