Georgia Capital 3Q23 & 9M23 Performance Overview
Private large
portfolio companies
EXTERNALLY VALUED
HOSPITALS BUSINESS OVERVIEW (CONT'D)
GEORGIA
CAPITAL
CASH FLOW
HIGHLIGHTS1
3Q23
9M23
BED OCCUPANCY RATE
Operating cash flow
GEL 21.7m
GEL 14.8m
Average
length of stay
5.4
5.2
5.6
5.7
5.1
4.6
4.7
5.1
5.0
Change y-o-y
NMF
-19.5%
EBITDA to cash
249.4%
39.9%
conversion
+4.8ppts
+1.1ppts
Change y-o-y
211.5ppts
-7.9ppts
54.7%
56.4%
65.3%
53.1%
54.3%
43.6%
48.4%
52.1%
53.2%
GEL
Free cash flow
5.2m
GEL
(16.2)m
2018
2019
2020
2021
2022
3Q22
3Q23
9M22
9M23
Change y-o-y
NMF
NMF
16
Number of referral hospitals
KGEL 117.6
Revenue per referral bed
GEL million
Gross profit margin (%)
NET REVENUE
41.4% 42.0% 37.5% 38.4% 36.0% 33.9% 32.0% 35.2% 34.3%
+2.0%
318.3
288.7
265.2
246.5
230.2
220.5
216.1
+2.6%
GEL million
72
66.6 68.3
Emergency cars
In Tbilisi and regions
2018 2019 2020 2021 2022
3Q22 3Q23
9M22 9M23
Georgia Capital PLC | General note: 2019 and 2020 numbers are adjusted to exclude HTMC hospital, sold in August 2020. 1.Excluding IFRS 16 impact.
EBITDA margin (%) 1
EBITDA1
26.1% 25.6% 21.8% 23.0% 18.0% 14.8% 12.6% 17.5% 16.6%
-3.8%
70.0
65.6
74.2
-12.3%
50.7
52.7
38.5 37.0
9.9
8.7
2018 2019
2020 2021 2022 3Q22 3Q23 9M22 9M23
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