Investor Presentaiton
Private late
stage portfolio
Housing development business overview (cont'd)
Valuation highlights | 31 March 2020
m
უძრაჰი ქონება
REAL ESTATE
GEORGIA
CAPITAL
Financial metrics (GEL millions)¹
2015
2016
2017
2018
2019
1Q19
1Q20
GEL millions, unless otherwise noted
31-Mar-20
31-Dec-19
Change
Apartments sales revenue
Construction revenue
EBITDA
45
96
92
95
55
6.3
14.5
Change
NMF
36
60
9.8
14.1
44.9%
18
11
28
16
(3)
(1.6)
2.4
NMF
Enterprise value
221
205
8.2%
Cash flow from operations
(10)
(16)
19
(10)
(9)
(14.8)
10.7
NMF
Net debt
(181)
(161)
12.8%
Digomi residential project update
QTD | 31 March 2020
Project to date | 31 March 2020
Equity fair value
40
44
-9.0%
Stage I
Stage II
Total
Stage I
Stage II
Total
Sq.m. of apartments sold
2,194
3,546
5,741
19,174
6,940
26,114
Dividends (lifetime)
152
152
NMF
Sq.m. sold as % of total available
87%
19%
45%
87%
19%
45%
space (apartments)
IFRS revenue recognition
38%
21%
34%
38%
21%
34%
Total sales value (US$ m)
1.9
3.2
5.2
19.8
6.6
26.5
Cash received (US$ m)²
2.7
3.9
6.6
10.2
4.0
14.2
886
909
900
1,034
957
1,014
➤ Following COVID-19 outbreak, the business introduced one-off 20%-25%
discounts for all-cash sales and during March sold 54 apartments with US$ 2.5
million sales value, of which, 77% was collected in cash.
10 completed projects
(2,856 apartments developed with 100% sales
progress and US$ 251m sales value)
Price per square meter US$
Performance track record
358k sq.m
Gross Buildable Area on completed projects
3,319 apartments sold
(86.8% as a % of total with sales value of US$ 282m)
2 on-going projects
US$ 40.8m
land value unlocked
(with 969 apartments under development)
US$ 55.1m dividends distributed over 7 years
(1)
Housing development business' functional currency is US dollars.
(2)
Includes cash inflow from sales during prior periods.
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