OPEX Ratio Alignment & Portfolio Valuation Overview
AGGREGATED EBITDA DEVELOPMENT
ACROSS PRIVATE PORTFOLIO
AGGREGATED EBITDA DOWN
20.0% Y-O-Y IN 2Q22 AND
DOWN 12.1% Y-O-Y IN 1H22
◉
☐
KEY DRIVERS
2Q22 EBITDA of Retail (Pharmacy) down 11.4%
y-o-y (up 15.7% y-o-y in 1H22), mainly
reflecting the recalibration of product prices due
to FX movements and the termination of low-
profit generating contracts in the wholesale
business line.
Aggregated EBITDA of hospitals and clinics &
diagnostics businesses down 39.9% y-o-y in
2022 (down 27.9% y-o-y in 1H22), resulting
from the expected transition to the post-
pandemic environment.
Aggregated EBITDA of other businesses down
23.1% y-o-y in 2022 (down 42.1% in 1H22),
reflecting the impact of the Russia-Ukraine war
on the real estate and beverages businesses.
GEL MILLION
+35.8%
-20.0%
90
+30.0%
-12.1%
133
20
20
117
11
22
32
30
3
78
23
13
63
46
10
21
17
5
13
44
28
35
64
81
75
2Q20
2Q21
2Q22
1H20
1H21
1H22
Other portfolio companies
■Investment stage portfolio companies
Large portfolio companies
Other portfolio companies
Investment stage portfolio companies
■Large portfolio companies
Georgia Capital PLC | General note: EBITDA from the water utility business, Medical Centre University Clinic (HTMC) and BK construction are excluded for the presentation purposes. Aggregated numbers are presented like-for-like basis.
GEORGIA
CAPITAL
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