P&C Insurance and Beverages Business Financial Overview
Private early
stage portfolio
Wine business overview (cont'd)
Key highlights | 31 December 2019
Financial metrics (GEL millions)
GEORGIA
CAPITAL
2015
2016
2017
2018
2019
Change
GEL millions, unless otherwise noted
31-Dec-19
31-Dec-18
Change
Wine Revenue
18
18
20
29
42
43.6%
GCAP ownership
87%
80%
+7ppts
Gross profit margin
52%
53%
49%
45%
48%
-3.2ppts
LTM EBITDA²
9.5
5.0
89.1%
Wine EBITDA
2
3
5
7
9
+22.1%
Multiple applied
10.0
9.1
9.9%
Operating cashflow
2.6
1.8
1.5
0.1
2.8
NMF
Enterprise value
95
46
46
NMF
Net debt
(31)
(7)
NMF
➤ FY19 operating cash flow at GEL 2.8 million (GEL 0.1 million in FY18), benefiting
from decreased reliance on grape purchases
Kindzmarauli at acquisition price
26
NMF
Selected operating metrics (in '000)
Alaverdi at acquisition price
16
NMF
2018
2019
Change
Equity fair value
72
57
26.9%
Wine sales bottles
4,346
5,865
35.0%
LTM ROIC1
6.2%
12.1%
-5.9ppt
Valuation peer group
Company
Purcari Wineries
Country
Moldova
Romania
Vina Concha Y Toro
Vina San Pedro
Bodegas Esmeralda
Chile
Ticker
Wine
CONCHA
Stock Exchange
Of which, export sales
Export share (%)
3,101
4,544
46.5%
71.4%
77.5%
+6.1ppt
Bucharest
Chile
Argentina
VSPT
Sant Comerc
Sant Comerc
In August 2019 the wine business acquired 100% stake in Alaverdi, adding 244
hectares of vineyards and tripling its production capacity
ESME
Buenos Aires
(1) ROIC is calculated as EBITDA less depreciation, plus divided by average amount of total equity and borrowed fund.
(2)
LTM EBITDA includes distribution business. LTM EBITDA is stated excluding Kindzmarauli and Alaverdi, valued at acquisition price in 2018 and 2019, respectively.
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