Portfolio Valuation and Ameriabank Acquisition Update
GEL million
Private investment
stage portfolio
companies
EXTERNALLY VALUED
&
CLINICS & DIAGNOSTICS BUSINESS OVERVIEW (CONT'D)
GEORGIA
CAPITAL
DIAGNOSTICS (4Q23)
CLINICS (4Q23)
19
Outpatient diagnostic and treatment
services in Tbilisi and major regional cities
Market share by number of registered patients*
Clinics
632,200
GCAP Clinics
Geo
Hospitals
319,000
11%
c.636,000
c.301,000
Medcapital
136,000
Registered patient in Georgia
Registered patient in Tbilisi
Medison
91,000
c.201,000
3.3
22%
Number of patients served
Average number of tests per
patient
c.661,000
GEL 7.4
5%
Number of tests performed
Average revenue per test
(excluding COVID-19)
3%
1,659,000
59%
19%
Retail portion in total revenue
Other
*As of 30-Sep-23.
NET REVENUE, CLINICS
EBITDA, CLINICS (excl. IFRS 16)
Gross profit margin (%)
EBITDA margin (%, excl. IFRS 16)
46.0%
49.7%
41.4%
50.8%
12.0%
23.7%
3.4%
18.7%
3.2%
41.1
+19.5%
49.2
+31.3%
13.7
GEL million
4.9
+136.6%
11.7
NMF
EBITDA, DIAGNOSTICS (excl. IFRS 16)
EBITDA margin (%, excl. IFRS 16)
12.3% 23.8% 3.3% 6.5% NMF 7.2%
10.4
2.6
1.8
0.4
0.2
2022
2023
4Q22
4Q23
2022
2023
4Q22
4Q23
7.3
NMF
+78.1%
1.2
0.7
(0.3)
2019 2020 2021 2022 2023 4Q22
0.4
4023
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