Investor Presentaiton
GGU Financial highlights
Income statement
GEORGIA
CAPITAL
Utility
Energy¹
Eliminations
Consolidated
Change
GEL thousands, unless otherwise noted
Change
1Q18
1Q17
4Q17
1Q18
1Q17
y-o-y
q-o-q
Change
y-o-y
4Q17
Change
9-0-q
Change
1Q18
1Q17
4Q17
1Q18
1Q17
4Q17
y-o-y
Change
q-o-q
Revenue from water supply to legal
19,088
18.336
4.1%
22,215
(14.1%)
19,088
18,336
4.1%
22,215 (14.1%)
entities
Revenue from water supply to
9,769
7,911
23.5%
8,529
14.5%
9,769
7,911
23.5%
8,529
14.5%
individuals
Revenue from electric power sales
3,055
2,148
42.2%
3,892
(21.5%)
(900)
(957) (1,019)
2,155
1,191
80.9%
2,873 (25.0%)
Other income
1,325
1,160
14.2%
2,278
(41.8%)
4
4
5 (20.0%)
1,329
1,164
14.2%
Revenue
30,182
27,407
10.1%
33,022
(8.6%)
3,059
2,152
42.1%
3,897
(21.5%)
(900)
(957)
(1,019)
32,341
28,602
13.1%
2,283
35,900 (9.9%)
(41.8%)
Salaries and benefits
(4,790)
(3,950)
21.3%
(5,155)
(7.1%)
(346)
(307)
12.7%
(231)
49.8%
(5,136) (4,257)
20.6%
(5,386)
(4.6%)
Electricity and transmission costs
(5,722)
(5,913)
(3.2%) (5,311)
7.7%
(25)
(16)
56.3%
(27)
(7.4%)
900
957
1,019
Assets maintenance expenses
(1,250) (1,066)
General and administrative expenses
(2,519)
(2,257)
17.3% (1,693)
11.6% (3,229)
(26.2%)
(18)
(26)
(30.8%)
(20)
(10.0%)
(4,847) (4,972)
(1,268) (1,092)
(2.5%)
(4,319)
12.2%
16.1%
(1,713)
(26.0%)
(22.0%)
(649)
(419)
54.9%
(558)
16.3%
(3,168) (2,676)
18.4%
(3,787) (16.3%)
Other operating expenses
(1,630)
(1,359)
19.9%
Operating expenses
(15,911)
(14,545)
9.4%
(1,560)
(16,948)
4.5%
(6.1%)
(288)
(86)
NMF
(483)
(40.4%)
(1,326)
(854)
55.3%
(1,319)
0.5%
900
957
1,019
(1,918)
(16,337)
(1,445)
32.7%
(14,442)
13.1%
(2,043)
(17,248)
(6.1%)
5.3%
Provisions for doubtful trade
(1,449)
274
NMF
338
NMF
(1,449)
274
NMF
338
NMF
receivables
EBITDA
12,822
EBITDA Margin
42%
Depreciation and amortisation
(5,233)
13,136
48%
(4,135)
(2.4%)
EBIT
7,589
9,001
26.6%
(15.7%)
16,412
50%
(4,469)
(21.9%)
1,733
1,298
33.5%
2,578
(32.8%)
14,555
57%
60%
66%
0%
0%
0%
17.1%
(884)
(686)
28.9%
(760)
16.3%
45%
(6,117)
14,434
50%
0.8%
18,990
53%
(23.4%)
(4,821)
26.9%
(5,229)
17.0%
11,943
(36.5%)
849
612
38.7%
1,818
(53.3%)
8,438
9,613
(12.2%)
13,761
(38.7%)
EBIT Margin
25%
Net interest expense
(3,104)
33%
(2,036)
36%
28%
28%
47%
26%
34%
38%
52.5%
(2,975)
4.3%
(192)
(230)
(16.5%)
(743)
(74.2%)
(3,296)
(2,266)
45.5%
(3,718)
(11.4%)
Net non-recurring expenses
(383)
NMF
(124)
NMF
(196)
(36.7%)
(124)
NMF
(579)
(78.6%)
Foreign exchange (loss)gain
1,786
(104)
NMF
(271)
NMF
(26)
(224)
(88.4%)
(115)
(77.4%)
1,760
(328)
NMF
(386)
NMF
Profit before income tax
6,271
6,861
(8.6%)
Income tax expense
Profit
6,271
6,861
(8.6%)
8,314
(210)
8,104
(24.6%)
507
158
NMF
764
(33.6%)
6,778
7,019 (3.4%)
9,078
(25.3%)
NMF
(210)
NMF
(22.6%)
507
158
NMF
764
(33.6%)
6,778
7,019 (3.4%)
8,868 (23.6%)
Attributable to:
-Shareholders of the Group
6,271
6,861
(8.6%)
8,104
(22.6%)
693
316
-Non-controlling interests
(186)
(158)
119.3%
17.7%
381
383
81.9%
NMF
6,964
7,177
(3.0%)
(186)
(158)
17.7%
8,485
383
(17.9%)
NMF
¹Prior to 2017, GGU's standalone results excluded the Group's renewable energy business results due to its absence from GGU's legal structure and insignificant size. Effective from 2017, we are reporting GGU results on a pro-forma basis together with renewable energy business and have retrospectively
revised the comparable information accordingly. The Group owns 65% of renewable energy business
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