GGU Energy and Water Utilities Investment Overview
GGU P&L (2016)
Numbers are given in GEL, thousand
2016A
2015A
y-o-y %
change
REVENUES
Revenue from water supply to legal enteties
Revenue from water supply to individuals
Revenue from electric power sales
Revenue from technical support
Other income
Total revenue
OPERATING EXPENSES
78,139
74,587
4.8%
31,264
30,170
3.6%
10,112
9,182
10.1%
4,573
3,683
3,151
647
24.2%
387.4%
127,239
118,268
7.6%
Provision of trade receivables
(2,198)
(432)
408.4%
Salaries and benefits
(16,680)
(20,920)
-20.3%
Electricity and transmission costs
Total water sales increased by 4.4% as compared
to LY comparative results
Increase of electric power sales of 10.1% is due
to the increased volume of sales due to higher
electricity generation
Increase of transmission cost compared to the
LY is due to the hike of GCF by 238%
Decrease of maintenance expenses compared to
LY is due to prudent rehabilitation works
(17,747)
(11,554)
53.6%
Raw materials, fuel and other consumables
(2,856)
(5,253)
-45.6%
Infrastructure assets maintenance expenditure
(2,402)
(4,251)
-43.5%
General and administrative expenses
(3,101)
(2,950)
5.1%
Taxes other than income tax
(3,298)
(3,398)
-2.9%
Decrease of the income tax expense is due to the
write-off of the accumulated deferred tax
liability and retention of only those charges
which may be realized before 1-Jan-2017
Professional fees
(2,286)
(2,475)
-7.6%
Insurance expense
(793)
(317)
150.1%
Other operating expenses
(7,363)
(5,001)
47.2%
Total operating expenses
(58,724)
(56,551)
3.8%
EBITDA
68,515
61,717
11.0%
EBITDA Margin
54%
52%
Depreciation and amortisation
(17,842)
(17,919)
-0.4%
EBIT
50,673
43,798
15.7%
EBIT Margin
40%
37%
Finance income
220
180
22.2%
Finance cost
(10,985)
(7,658)
43.4%
Foreigns exchange gaines (losses)
(462)
(14,158)
-96.7%
EBT
39,447
22,162
78.0%
Income tax expense
(3,659)
(6,948)
-47.3%
NET INCOME/LOSS FOR THE PERIOD
35,787
15,214
135.2%
Net Income Margin
28%
13%
GGU October 2017
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