Portfolio Valuation and Ameriabank Acquisition Update
Private large
portfolio companies
EXTERNALLY VALUED
GEORGIA
CAPITAL
REVENUE
Gross profit margin (%)
RETAIL (PHARMACY) BUSINESS OVERVIEW (CONT'D)
AVERAGE BILL SIZE & NUMBER OF BILLS ISSUED
Number of bills issued, million
24.5% 25.5% 25.5% 25.4% 26.0% 29.3% 29.7% 28.7% 28.3%
Margin enhancement and
strong growth in para-
pharmacy sales:
Para-pharmacy sales have the strongest
margins and the share of para-pharmacy
sales in retail revenue reached 40.0% as
of 4Q23 (38.6% as of 4Q22).
+4.3%
25.3 27.1 28.8 27.6
Same store growth (%)
29.0 31.0 31.3 8.5
8.2
823.7
7.9% 8.5% 9.0%
6.1% 10.6% -0.8% 0.4% -8.7% -1.0%
782.4
789.9
679.4
614.7
+4.5%
+10.1%
GEL million
518.6
+6.9%
450.3
GEL million
223.5
209.2
20.6
18.9
16.8
19.0
19.8 18.7
14.3
13.3
13.4
2017
2018 2019
2020 2021
2022 2023
4Q22 4Q23
CASH FLOW
4Q23
FY23
HIGHLIGHTS¹
Operating
Number of pharmacies
countrywide
296
344
EBITDA¹
397
2017 2018 2019 2020 2021 2022 2023 4Q22 4Q23
NET DEBT & NET DEBT TO LTM EBITDA1
GEL 34.2m
GEL 52.4m
cash flow
Operating leverage¹(%)
Change y-o-y
51.2%
-32.1%
8.6%
NMF 7.8% 4.1% -1.4% -6.7% -7.8% -2.6% -5.6% -13.9%
EBITDA margin¹ (%)
10.1% 10.6% 10.4% 9.7% 9.7% 9.4% 9.8% 7.2%
165.3
EBITDA to
cash
conversion
213.6%
67.7%
Change y-o-y
102.7 ppts
Free cash flow
GEL 20.6m
-32.5 ppts
GEL (56.1)m
GEL million
+0.5%
70.4 76.2
76.9 77.3
65.3
-21.5%
52.2
38.9
20.4
16.0
Change y-o-y
9.0%
NMF
GEL million
83.1
77.7
64.8
2.1
2.0
39.3
1.6
33.4
14.3
1.0
0.6
0.4
0.2
2017 2018 2019 2020 2021
2022 2023 4Q22 4Q23
2017
2018
2019 2020
2021
2022
2023
48
Georgia Capital PLC | 1. Excluding IFRS16 impact.View entire presentation