Investor Presentaiton
238
203
185
144
170
114
98
86
93
77
47
50
36
2013 2014 2015 2016 2017 2018 2019
Wine exports (Bottles)
Source: LEPL Georgian National wine agency;
1Q19 1Q20
Wine exports ($US millions)
Private early
stage portfolio
Wine business overview
Investment rationale
"
Georgia is considered the "cradle of wine" with a rich, 8,000-year history of wine-making and home to over
500 unique grape varieties
"
Georgia's favorable trade regimes (free trade agreements with EU and China) provide potential for export
growth for beverages
20.0
"
Growing urbanization and tourism inflows are raising demand for bottled wine locally
16.0
"
Strong demand in the Georgia's export markets resulted in a 9% y-o-y increase in volume in 2019, with
export bottles sold reaching a 14 year high of 93 million.
12.0
8.5
8.0
Value creation potential
Best-in-class distribution network platform
Grow vineyard base to 1,000 hectares, from current 704 hectares
4.0
5.1
0.0
Georgian wine exports (Bottles, US$ millions)
Export Sales ($US) over past 6 years increased
at 8.7% CAGR
Wine consumption per capita, liters (2019)
Primarily established
export markets
47
46
1.7
19
19
Georgia
Source: TBC Capital
19.9
China
Ukraine
3.5
4.6 3.8
7.0
Japan
Kazakhstan
Poland
Russia
USA
Czechia
Germany
UK
Georgia
Source: TBC Capital
Moldova
Portugal
Target and emerging
export markets
26.4 28.0
60%
23.0
47%
11.9 13.6
Source: LEPL Georgian National wine agency
Spain
4.6 4.9 5.7
France
Russia
Argentina
Chile
8.0 8.3
8.9
9.3
Ukraine
Turkey
Vineyard productivity - 2019 (TON/HA)
At 5.1 tons per hectare, grapes yield is three times lower compared to other top exporters.
However, the yield equals 8.5 tons/ha on average for the large-scale producers
-Georgia - Large-scale producers
Germany
Italy
Georgian wine bottle sales by export countries | 1Q20
22%
13%
8% 9%
9%
4% 5% 4%
8% 8%
3% 0%
Russia
Ukraine
Poland
Chinal
Baltics.
Kazakhstan
Other
Country share in Georgian wine export Country share in our export portfolio
Page 51
New Zealand
9.9 10.1 10.1 10.
Australia
USA
China
South Africa
16.5 16.9 17.1
13.3
GEORGIA
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