Georgia Capital PLC Financial and Operational Report
Externally
valued¹
RENEWABLE ENERGY BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 3Q23
(GEL MILLION)
Change q-o-q
+2.6%
-0.9%
+5.3%
441
12
453
261
(192)
Enterprise value
30-Jun-23
Net increase in EV Enterprise value
30-Sep-23
Net debt
Equity value
30-Sep-23
VALUATION HIGHLIGHTS1
EQUITY FAIR VALUE COMPOSITION AT 30-SEP-23
(GEL MILLION)
GEORGIA
CAPITAL
56
Total
value
261
205
■Operational assets
Pipeline projects
NET DEBT TO EBITDA
GEL million, unless noted otherwise
Enterprise value
30-Sep-23 30-Jun-23
Change 31-Dec-22 Change
452.8
441.3
11.5
417.9
34.9
7.1x4
7.0x4
<6.0x
EBITDA²
32.0
31.6
0.4
32.9
(0.9)
Implied EV/EBITDA multiple
12.5x
12.4x
0.1x
11.4x
1.1x
Investments at cost (EV) 3
51.6
49.2
2.4
40.7
10.9
Net debt
(192.0)
(193.7)
1.7
(192.9)
0.9
Equity value
260.8
247.7
13.1
225.0
35.8
30-Jun-23 30-Sep-23
TARGET
Georgia Capital PLC | 1 The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally
by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 3. Investments at
cost included the pipeline projects. 4. Ratio is calculated in US$ terms.
86View entire presentation