Portfolio Valuation and Ameriabank Acquisition Update
NCC RATIO DEVELOPMENT OVERVIEW
NCC REPRESENTS AN AGGREGATED
VIEW OF ALL CONFIRMED, AGREED
AND EXPECTED CAPITAL OUTFLOWS
AT THE GCAP HOLDCO LEVEL
NCC AND NCC RATIO DEVELOPMENT OVERVIEW¹
385.8
365.9
345.7
42.5%
We are targeting to reduce the balance of "net
debt and guarantees issued" close to zero over
the short to medium term
39.8%
31.9%
GEORGIA
CAPITAL
250.1
213.6
~204.82
-5.5 ppts
21.1%
15.6%
15.0%
31-Dec-19
31-Dec-20
31-Dec-21
31-Dec-22
31-Dec-23
INCC ratio
-Net Capital Commitment (US$ million)
Georgia Capital PLC | 1. Reflects the retrospective conversion of the loans issued to our other businesses into equity.
2. Assuming the application of the 15% NCC ratio target to the total portfolio value as at 31 December 2023.
OVER THE
CYCLE
TARGET
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