Georgia Capital - Financial Overview and Investment Opportunities
Investment company basis management accounts
GEORGIA
CAPITAL
Investment company basis income statement
Georgia Capital stand-alone cash flow highlights
GEL thousands unless otherwise noted
1H18
1H17 % change
GEL thousands unless otherwise noted
1H18
1H17
Change %
Dividend income
31,340
17,500
79.1%
Dividends received
10,000
NMF
Interest income
Interest expense
14,742
271
NMF
Interest received
10,426
189
NMF
(19,079)
(9,210)
NMF
Interest paid
(21,785)
NMF
GCAP gross operating income
27,003
8,561
NMF
Cash outflow from Operations before operating expenses
(1,359)
189
NMF
Operating expenses
(5,282)
(1,919)
NMF
GCAP operating expenses
(2,787)
(244)
NMF
GCAP net operating income (1)
21,721
6,642
NMF
Cash outflow from operations
(4,147)
(55)
NMF
Attributable income of listed portfolio companies
Investments in portfolio companies
(19,700)
(11,458)
71.9%
54,762
11,822
NMF
Loans Issued
of which, GHG
(249,635)
(7,000)
NMF
11,589
11,822
-2.0%
Preferred stock
of which, BOG
43,172
NMF
(19,029)
NMF
Attributable income of private portfolio companies
27,775
41,324
-32.8%
Proceeds from sale of shares in portfolio companies
108,780
NMF
of which, Water Utility
22,284
15,702
41.9%
Cash outflow on investing activities
(288,364)
90,322
NMF
of which, Renewable Energy
(490)
(2,057)
76.2%
Share buybacks
(49,580)
NMF
of which, Housing Development
4,375
20,802
-79.0%
Cash outflow on buybacks
(49,580)
NMF
of which, Hospitality and Commercial Real Estate
763
1,304
-41.5%
Increase in capital
2,249
NMF
of which, Beverages
(7,462)
(2,017)
NMF
Proceeds from debt securities issued
715,729
NMF
of which, P&C Insurance
8,305
Total portfolio company attributable income (2)
82,537
7,590
53,146
9.4%
55.3%
Repayment of borrowings from former parent company
Proceeds from borrowings
(248,295)
(7,981)
NMF
6,301
NMF
Cash inflow from financing activities
467,434
569
NMF
Income before income taxes, provisions and adjustments
Demerger related outflows
(24,245)
NMF
104,258
59,788
74.4%
(1)+(2)
Net cash flow
101,097
90,835
11.3%
Adjustment for dividend income accrual
(31,340)
(17,500)
79.1%
Beginning cash and liquid funds
264,546
3,240
NMF
Provision
(2,115)
NMF
Ending cash and liquid funds
352,002
93,496
NMF
Income tax
NMF
Fx Effect
(13,168)
(579)
NMF
Net income
70,803
42,288
67.4%
Fair valuation
(474)
NMF
Net foreign currency (loss) gain
(5,104)
423
NMF
Non-recurring income (expense)
(49,970)
Realized gain from sale portfolio company shares
(2,225)
90,275
NMF
NMF
Total comprehensive income
15,729
130,761
-88.0%
Page 33View entire presentation