1Q23 Performance Overview
NET CAPITAL COMMITMENT (NCC) OVERVIEW
NCC REPRESENTS AN AGGREGATED
VIEW OF ALL CONFIRMED, AGREED
AND EXPECTED CAPITAL OUTFLOWS
AT THE GCAP HOLDCO LEVEL
US$ MILLION
Cash and liquid funds
Loans issued
Gross debt
Net debt (1)
Guarantees issued (2)
Guarantees issued down by 76.1% in 1Q23, resulting from the
recent developments in the beer business's operating
performance.
Portfolio value up by 7.8%, reflecting the strong value creation
across our portfolio companies.
Robust liquidity levels at GCAP, also reflecting GEL 21.2 million
buyback dividends from the participation in BoG's buybacks,
corresponding to c.240,000 shares sold.
GEORGIA
CAPITAL
31-DEC-22
CHANGE 31-MAR-23
152.4
9.9
-11.8%
39.8%
134.5
13.9
(303.3)
-1.4%
(299.2)
(141.0)
7.0%
(150.8)
(6.8)
-76.1%
(1.6)
Net debt and guarantees issued (3)=(1)+(2)
Planned investments (4)
(147.8)
3.2%
(152.5)
(52.3)
-7.0%
(48.7)
of which, planned investments in Renewable Energy
(30.1)
0.0%
(30.1)
of which, planned investments in Education
Announced Buybacks (5)
(22.3)
-16.4%
(18.6)
Contingency/liquidity buffer (6)
(50.0)
0.0%
(50.0)
Total planned investments, announced buybacks and
contingency/liquidity buffer (7)=(4)+(5)+(6)
(102.3)
-3.6%
(98.7)
Net capital commitment (3)+(7)
(250.1)
0.4%
(251.2)
Portfolio value
1,183.8
7.8%
1,276.2
NCC ratio
21.1%
-1.4 ppts
19.7%
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