Portfolio Valuation and Ameriabank Acquisition Update
INCOME STATEMENT | 4Q23 & FY23
GEORGIA
CAPITAL
Income statement
GEL '000, unless otherwise noted
Dividend income
4Q23
4Q22
Change
FY23
FY22
Change
34,148
27,435
24.5%
162,527
93,875
73.1%
Buyback dividend
Interest income
NMF
73,356
NMF
2,345
6,641
-64.7%
16,642
32,955
-49.5%
Realised/unrealised gain/(loss) on liquid funds / Gain/(Loss) on GCAP
772
10,437
(1,574)
(2,717)
-42.1%
Eurobond buybacks
-92.6%
Interest expense
(9,026)
(15,521)
-41.8%
(47,808)
(69,774)
-31.5%
Gross operating income
28,239
28,992
-2.6%
203,143
54,339
NMF
Operating expenses
(8,807)
(10,473)
-15.9%
(36,779)
(39,996)
-8.0%
GCAP net operating income
19,432
18,519
4.9%
166,364
14,343
NMF
Fair value changes of portfolio companies
Listed and observable portfolio companies
133,638
234,294
-43.0%
Bank of Georgia Group PLC
133,638
232,294
-42.5%
399,384
395,384
164,885
NMF
149,277
NMF
Water Utility
Private portfolio companies
Large Portfolio Companies
Of which, Retail (pharmacy)
Of which, Hospitals
2,000
NMF
4,000
15,608
-74.4%
55,346
67,703
-18.3%
45,248
(224,687)
NMF
34,707
73,554
-52.8%
(2,039)
(115,511)
-98.2%
34,397
47,279
-27.2%
(11,507)
14,132
NMF
(35,589)
966
NMF
(87,544)
(140,622)
-37.7%
Of which, Insurance (P&C and Medical)
35,899
25,309
41.8%
97,012
10,979
NMF
Investment Stage Portfolio Companies
Of which, Renewable energy
Of which, Education
34,017
18,325
85.6%
41,857
5,072
NMF
5,179
23,079
-77.6%
33,497
22,846
46.6%
16,584
24
NMF
12,282
28,052
-56.2%
Of which, Clinics and Diagnostics
12,254
(4,778)
NMF
(3,922)
(45,826)
-91.4%
Other businesses
(13,378)
(24,176)
-44.7%
5,430
(114,248)
NMF
Total investment return
188,984
301,997
-37.4%
444,632
(59,802)
NMF
Income/(loss) before foreign exchange movements and non-
208,416
320,516
-35.0%
610,996
(45,459)
NMF
recurring expenses
Net foreign currency gain
Non-recurring expenses
28
(139)
20,965
-99.9%
6,491
47,550
-86.3%
(349)
-60.2%
(1,898)
(627)
NMF
Net income (adjusted IFRS)
208,305
341,132
-38.9%
615,589
1,464
NMF
92
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