Portfolio Valuation and Ameriabank Acquisition Update
DIVIDEND INCOME OUTLOOK
CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES
GEORGIA
CAPITAL
GEL 236 MILLION DIVIDEND INCOME IN FY23
DIVIDENDS INCOME
RECURRING
ONE-OFF
TOTAL
+2.5x
(GEL million)
BOG
124.5
29.4
153.9
236
Of which, cash dividends
80.5
80.5
GEL MILLION
Of which, buyback dividends
44.0
29.4
73.4
73
73
Retail (Pharmacy)
24.2
26.7
50.9
Insurance business
19.9
19.9
Of which, P&C Insurance
14.9
14.9
Of which, Medical Insurance
5.0
5.0
81
94
Hospitals business
6.0
6.0
73
74
Renewable Energy
5.2
5.2
41
TOTAL
179.8
56.1
235.9
15
29
30
82
82
60
53
44
30
2019
2020
2021
2022
2023
Dividend income from listed companies
Dividend income from private companies
Buyback dividend
IN ADDITION TO THE RECURRING DIVIDENDS, GCAP RECEIVED A ONE-OFF NON-
RECURRING INFLOW OF GEL 56.1 MILLION IN FY23:
1) GEL 29.4 million from the participation in BOG's 2022 share buybacks;
2) One-off additional dividend of GEL 26.7 from the retail (pharmacy) business, following
the minority buyout.
RECURRING DIVIDEND
INCOME IN 2023
180
GEL MILLION
UP 92% Y-O-Y
SOLID DIVIDEND INCOME
OUTLOOK IN 2024
180-190
GEL MILLION
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