Portfolio Valuation and Ameriabank Acquisition Update
AGGREGATED LEVERAGE OVERVIEW ACROSS OUR LARGE
AND INVESTMENT STAGE PORTFOLIO COMPANIES
GEORGIA
CAPITAL
ADJUSTED¹ NET DEBT/EBITDA
DEVELOPMENT OVERVIEW
3.1x
3.1x
3.2x
3.1x
2.8x
2.6x
2.6x
2.6x
2.5x
2.6x
2.7x
2.8x
2.4x
184
186
197
224
Dec-19 Jun-20
Dec-20
Jun-21
89
124
131
92
93
92
8
9
235472 238499 223535 218460 206435 203447 209584 208 631 199 615
Dec-21 Mar-22 Jun-22 Sep-222 Dec-22 Mar-23 Jun-23 Sep-233 Dec-234
LTM EBITDA
Adjusted Net debt¹
Adjusted Net debt/EBITDA
Minority buyout agreement at Retail (Pharmacy)
Georgia Capital PLC | General note: Figures for Hospitals, Retail (Pharmacy), Clinics and Diagnostics are given excluding IFRS 16 effects. 1. Adjusted for capital commitments. 2. Renewable energy business net debt, excluding US$ 10 million
quasi equity. 3. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23. The net debt includes the receivable of US$ 6.2 million incurred from the sales transaction. 4. LTM EBITDA excludes
the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23 and GEL 2.1 million FY23 EBITDA of recently divested Batumi hospital. The net debt takes into account the cash proceeds from this transaction.
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