Georgia Capital - Financial Overview and Investment Opportunities
Private late
stage portfolio
Water utility business overview
Investment rationale
■ Natural monopoly
■ Utilities sector represents ~3% of total Georgian economic
output and is consistently growing at a sustainable rate (CAGR
8.2% in 2006 - 2017)
■ Stable cash collection rates
Value creation potential
EU harmonization reforms in progress
Increasing demand on the back of high GDP growth combined
with rapid tourism growth
Upside opportunity from pursuing cost efficiencies
Growing dividend payment capacity
Value realisation outlook - IPO together with the
renewable energy business
GEL millions
kWh millions
GEORGIA
CAPITAL
Consumption of self-produced electricity (KWh m)
321 322 313
291
250 236
214
211
209
2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E
EBITDA 2014 -2022E (GEL m)
200
66% 66%
66%
63%
70%
180
56%
54% 54%
60%
160
51%
140
45%
120
100
CAGR 2014-2022E
11%
50%
40%
80
30%
60
126
114
126
130
20%
40
85
55
61
68
73
10%
20
2014A 2015A 2016A 2017A
0%
2018E 2019E
2020E 2021E 2022E
EBITDA margin
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