OPEX Ratio Alignment & Portfolio Valuation Overview
DELEVERAGING ACROSS OUR PRIVATE PORTFOLIO
AGGREGATED LEVERAGE
ACROSS OUR PRIVATE LARGE
AND INVESTMENT STAGE
PORTFOLIO COMPANIES AT
2.8x AS OF 30-JUN-22
ADJUSTED NET DEBT/EBITDA
31-MAR-22
CHANGE
30-JUN-22
GEORGIA
CAPITAL
TARGET
(OVER THE CYCLE)
LARGE PORTFOLIO COMPANIES
Retail (pharmacy)¹
1.7x
-0.1x
1.6x
Up to 1.5x
Hospitals
2.3x
+0.2x
2.5x
Up to 2.0x
Insurance (P&C and Medical)
No leverage
NMF
No leverage
No leverage
INVESTMENT STAGE PORTFOLIO COMPANIES
Renewable Energy
8.3x
-0.3x
8.0x
Up to 6.0x
Education
1.4x
-0.4x
1.0x
Up to 2.5x
Clinics and Diagnostics
2.0x
+0.8x
2.8x
Up to 2.0x
Georgia Capital PLC | General note: Figures for Hospitals, Retail (Pharmacy), Clinics and Diagnostics are given excluding IFRS 16
effects; Net debt/EBITDA is adjusted for capital commitments. 1. Includes the application of the minority buyout agreement.
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