Investor Presentaiton
Private investment
stage portfolio
companies
INTERNALLY VALUED
EDUCATION BUSINESS OVERVIEW (CONT'D)
PRIVATE K-12 MARKET IN GEORGIA
Market growing at 1.6x nominal GDP growth rate
GEORGIA
CAPITAL
Operating highlights
9M21
Capacity utilization
62.3%
Change (y-o-y)
-30.8 ppts
Private K-12 learners in Georgia
Private K-12 market size in Georgia
Number of learners
3,150
8.2% CAGR '20-25
63.2
Change (y-o-y)
+536
60.8
61.9
51.6
53.9
55.4
56.1
57.6
60.1
13.1% CAGR '13-20
4.6
3.9
3.6
3.7
3.6
11%
Learner to teacher ratio
8.9
10%
3.2
10%
10%
10%
10%
10%
2.6
2.7
2.9
403
9%
10%
2.0
Change (y-o-y)
-7.0%
Average tuition revenue per
learner¹
7,237
280
272
281
257
60.1
192
177
158
115
Change (y-o-y)
+15.2%
2013
2014
2015
2016
2017
2018
2019
2020 2021
2013
2014
2015
2016
2017
2018
2019
2020
2021E 2025E
Number of private learners
% in total number of learners
Total revenue, GELmln
Revenue per learner, GEL '000
Financial highlights
3Q21
9M21
EBITDA
Change (y-o-y)
(1.3)
5.2
EBITDA margin
Change (y-o-y)
-28.2%
-38.6%
+25.4%
13.9
4.4%
4.5%
26.5%
13.1%
11.0
10.9
3.7%
Cash flow from
-6.5 ppts
+2.3 ppts
3.0%
9.9
9.3
operations
3.7
11.2
Change (y-o-y)
+13.1%
Net debt
+39.0%
15.0
Change (y-o-y)
15.0
-0.5%
-0.5%
Austria
UK
Germany
France
New Zealand
Italy
Portugal
Slovenia
Spain
Czech
Total spending per learner
Total spending as % of GDP
Georgia Capital PLC | 1. For like-for-like comparison, 9M21 tuition revenue is adjusted for the modification of the academic calendar.
Latvia
Slovakia
Poland
3.9%
3.3%
3.3%
3.2%
3.0%
3.1%
3.9%
4.0%
3.6%
3.1%
2.9%
3.0%
2.9%
2.6%
9.0
8.5
2.4%
8.4
8.2
2.7%
2.2%
6.8 6.7 6.7
6.7
7.1
5.9
5.3
5.0
3.7
3.0
3.0
1.5
0.7
Lower average annual spending per K-12 learner in Georgia indicating room for further growth
Source: G&T, GCAP estimates
Estonia
Hungary
Lithuania
Chile
Turkey
Mexico
Colombia
Indonesia
Georgia
Georgia has lower spending on education
compared to other countries:
•
Total spending per learner is USD 650
vs. USD 9,000 OECD average
Total spending as % of GDP stands at
2.2% versus 3.1% OECD average
Source: OECD, Ministry of Finance of Georgia
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