Portfolio Valuation and Ameriabank Acquisition Update
Private large
portfolio companies
EXTERNALLY VALUED
HOSPITALS BUSINESS OVERVIEW
State healthcare spending, GEL millions
GEORGIA
CAPITAL
Market share by number of beds, GEL millions
GCAP Hospitals
13%
11%
State
2,225
839
10%
10%
10%
Aversi
813
9%
9%
9%
9%
800
964
946
980
Geo Hospitals
Ghudushauri-Chachava
Ingorokva & Tbilisi Medical Institute
779
■497
681
710
760
829
1,680
574
841
917
883
■ 308
Gormedi 286
Archimede 1221
281
343
305
329
349
2015
2016
2017
2018
2019
2020
2021
2022
2023B
PSP 1222
Vivo Group 1193
Healthcare spending as a % of total state spending
Other
Source: based on internal estimates.
State Healthcare Spending - Other
State Healthcare Spending - UHC
➤ Country's expenditure on healthcare as a % of GDP reached 4.0%.
Government spending on healthcare accounts to c. 10% of total budget in 2023
14%
5%
5%
5%
3%
2%
2%
1%
1%
1%
9,620
60%
➤ The largest healthcare service provider in Georgia: 14% market
share by number of hospital beds.
➤ Covering three-quarters of Georgia's population.
Next 5-year targets
Key focus areas in medium and long-term
1
Adding new services and strategic projects
2
Quality projects
3
Improved key operational data
4
Digitalisation of clinical processes
Elective care services, outpatient services, oncology centre,
transplantology centre, clinical trials
Nursing reform/Quality education programmes
Automatisation of clinical processes/Digitalisation of
clinical KPIs/Use of statistical methods
Inpatient/Outpatient/Clinical/Employee and customer
satisfaction
EBITDA CAGR 10%+
EBITDA TO OPERATING CASH c.85%+
ROIC: c.13%+
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