Georgia Capital PLC Financial and Operational Report
Externally
valued¹
RENEWABLE ENERGY BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 3Q23
(US$ MILLION)
Change q-o-q
169
0.3%
-3.1%
2.9%
169
46
97
(72)
Enterprise value
30-Jun-23
Net change in EV Enterprise value
30-Sep-23
Net debt
Equity value
30-Sep-23
EQUITY FAIR VALUE COMPOSITION AT 30-SEP-23
(US$ MILLION)
GEORGIA
CAPITAL
21
Total
value
US$ 97
77
Operational assets
Pipeline projects
VALUATION HIGHLIGHTS1
NET DEBT TO EBITDA
US$ million, unless noted otherwise
Enterprise value
30-Sep-23 30-Jun-23
Change
31-Dec-22 Change
169.1
168.6
0.5
154.7
14.4
7.1x4
7.0x4
< 6.0x
EBITDA²
12.0
12.1
(0.1)
12.2
(0.2)
Implied EV/EBITDA multiple
12.5x
12.4x
0.1x
11.4x
1.1x
Investments at cost (EV) 3
19.3
18.8
0.5
15.1
4.2
Net debt
(71.7)
(74.0)
2.3
(71.4)
(0.3)
Equity value
97.4
94.6
2.8
83.3
14.1
30-Jun-23 30-Sep-23
TARGET
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally by
incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 3. Investments at cost
included the pipeline projects. 4. Ratio is calculated in US$ terms.
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