Portfolio Valuation and Ameriabank Acquisition Update
KEY
DEVELOPMENTS
IN 4Q23
1
NAV per share (GEL) up 7.7% q-o-q to GEL 82.94 (GBP 24.23), reflecting strong value creation across
our portfolio companies. NAV per share (GEL) was up 26.5% y-o-y in FY23
2
NCC ratio improved by 0.3 ppts q-o-q to 15.6% as at 31-Dec-23 (a 5.5 ppts improvement y-o-y),
despite the launch of the US$ 15 million share buyback programme in 4Q23
3
GEL 34.2 million dividend income from the portfolio companies in 4Q23, driving FY23 total dividend
income to GEL 235.9 million (of which, recurring dividend income of GEL 179.8 million)
4
c.665,000 shares (US$ 8.3 million in value) repurchased in 4Q23
5
Sale of one of the regional and community hospitals for a total consideration of GEL 34.6 million at
15.2x EV/EBITDA multiple, representing a 43% premium to its pre-disposal valuation
6
Acquisition of GEL 73 million portfolio of medical insurance contracts together with the strong brand
name "Ardi" for a total cash outflow of GEL 27 million, doubling our presence in the medical insurance
business
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