OPEX Ratio Alignment & Portfolio Valuation Overview
GEL million
CLINICS
Market share by number of registered patients
GHG clinics
601,000
Geo
Hospitals
319,000
Medcapital
136,000
264,000
Medison
91,000
Private large
portfolio companies
EXTERNALLY VALUED
✓ CLINICS & DIAGNOSTICS BUSINESS OVERVIEW (CONT'D)
19
Community Clinics
Outpatient and basic inpatient
services in regional towns and
municipalities
21%
17
Polyclinics
Outpatient diagnostic and
treatment services in Tbilisi
and major regional cities
GEORGIA
CAPITAL
DIAGNOSTICS (1H22)
Average number of tests per
patient
0.6 million
2.3
21%
Number of patients served
11%
5%
1.3 million
GEL 9.1
3%
Number of tests performed
Average revenue per test
Market share by registered patients
353
Registered patient in Tbilisi
Other
601,000
1,675,000 60%
29%
Retail portion in total revenue
20%
Number of community clinics beds
Registered patient in Georgia
Average COVID tests portion
in retail revenue
GROSS REVENUE
EBITDA (excl. IFRS 16)
EBITDA (excl. IFRS 16)
Gross profit margin (%)
EBITDA margin (%, excl. IFRS 16)
EBITDA margin (%, excl. IFRS 16)
43%
45%
47%
44%
45%
44%
46%
43%
15.4% 19.9% 20.1% 19.9% 21.3% 15.8%
21.1% 17.3%
3.2% 12.3% 23.8%
32.6% -2.9% 26.4% 8.2%
71.0
+8.7%
46.7
44.4
33.3
-8.8%
38.3
21.1
21.6
35.0
32.2
GEL million
-10.7%
18.1
16.8
15.3
21.1
14.2
-32.4%
8.9
9.4
5.9
GEL million
-72.5%
7.3
37.7
19.6
20.2
23.3
25.1
10.6
9.9
6.8
6.1
3.6
2.4
2.5
1.8
6.2
5.4
12.6
13.9
3.5
1.0
0.2
(0.1)
2018
2019
2020
2021
2Q21
2Q22
1H21
1H22
2018
2019
2020 2021
2Q21
2Q22 1H21 1H22
2019
2020
2021 2Q21 2Q22 1H21
1H22
■Polyclinics
Community clinics
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