Portfolio and Acquisitions Summary 2019
Private early
stage portfolio
Beer business overview (cont'd)
Key highlights | 31 December 2019
Financial metrics (GEL millions)
GEORGIA
CAPITAL
Annually
31-Dec-19
31-Dec-18
Change
GEL millions, unless otherwise noted
2017
2018
2019
2H18
Semi-annually
1H19
GCAP ownership
87%
80%
+7ppts
Beer Revenue
Beer EBITDA
18
29
44
16
18
2H19
25
(6)
(14)
(6)
(6)
(6)
0
LTM Revenue²
47
28
67.9%
Selected operating metrics (in '000)
Multiple applied
2.2
2.2
NMF
2018
2019
Change
Enterprise Value
104
61
70.7%
Beer sales liters ('000)
13,808
21,831
58.1%
Lemonade sales liters ('000)
2,174
3,282
51.0%
Net debt
(86)
(64)
34.8%
Key highlights
Black Lion at acquisition price
7
NMF
Equity fair value
LTM ROIC1
Valuation peer group
15
4
NMF
➤ Strong beer sales volumes in 3Q19, driving market share growth from 14% in
2018 to 20% in 2019
➤ Beer business EBITDA at break-even level in 2H19
-15.5%
-22.0%
+6.5ppt
Focused on launching new brands within the first five months of 2019
Apr-19: Acquisition of Georgia's oldest beer brand - Kazbegi; also launched
Kazbegi lemonade
Company
Anadolu Efes
Grupa Zywiec
Turk Tuborg
Cerveceria San Juan
Country
Ticker
Stock exchange
Turkey
AEFES
Istanbul
Poland
ZWC
Warsaw
KRUSOVICE
May-19: Krusovice full scale launch
Turkey
TBORG
Istanbul
the
Peru
SNJUANC1
Lima
პაიასი
May-19: Local light beer launch
Jun-19: Heineken brand Amstel launch
AMSTEL
(1)
(2)
ROIC is calculated as EBITDA less depreciation, plus divided by average amount of total equity and borrowed fund.
Normalised for annualization of revenues from newly launched brands. LTM revenue is stated excluding Black Lion
in 2018, as Black Lion was valued at cost as of 31 December 2018.
Heineken
Jul-19: Heineken launch, exclusive Heineken producer in Georgia
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