Georgia Capital PLC · LSE:CGEO
Georgia Capital — FY2021 Earnings Presentation
54 slides from Georgia Capital's earnings presentation, Feb 23, 2022
Slide 1: 4Q21 & FY21 Results Call Presentation
4Q21 & FY21 RESULTS CALL PRESENTATION 23 February 2022
Slide 2: Contents
CONTENTS 01 STRATEGIC DEVELOPMENTS 02 COVID-19 UPDATE | GEORGIA 03 4Q21 & FY21 RESULTS OVERVIEW 04 4Q21 & FY21 NAV DEVELOPMENT 05 4Q21 & FY21 VALUATION OVERVIEW 06 WRAP-UP 07 ANNEX 2
Slide 3: Sale of 80% equity interest in the water utility business
WATER UTILITY SALE OF AN 80% EQUITY INTEREST IN THE WATER UTILITY BUSINESS TO FCC AQUALIA FOR US$ 180 MILLION THE TRANSACTION VALUES THE ENTIRE WATER UTILITY BUSINESS AT US$ 225 MILLION, DELIVERING ON OUR KEY A 30% PREMIUM TO ITS LATEST INDEPENDENT INVESTMENT VALUE, AT 30 JUNE 2021 STRATEGIC PRIORIT
Slide 4: Transaction rationale
WATER UTILITY TRANSACTION RATIONALE THE DISPOSAL: Realises material cash proceeds Creates significant value for GCAP shareholders, translating into 2.7x MOIC in USD (3.6x MOIC in GEL) and 20% IRR in USD (27% IRR in GEL) Leads to a positive impact on the GCAP's leverage profile, reducing the market v
Slide 5: Transaction progress
WATER UTILITY TRANSACTION PROGRESS GCAP OWNS THROUGH GCAP OWNS THROUGH GCAP to ensure the DIRECT OWNERSHIP DISPOSAL IS BEING IMPLEMENTED 100% STAKE IN GGU 35% STAKE IN GGU repayment of the Renewable Energy VIA A TWO-STAGED PROCESS portion in AUG-22 100% 100% THAT, AFTER COMPLETION, WILL 100% 100% $9
Slide 6: 2021 lookback
2021 LOOKBACK STRONG PROGRESS AGAINST STRATEGIC PRIORITIES SEVERAL KEY ACTIVITIES IN 2021 01 02 03 04 05 06 DISPOSAL OF THE RESUMPTION OF SALES OF MINORITY BUYOUT EXPANSION OF US$ 65 MILLION WATER UTILITY THE SHARE COMMERCIAL IN RETAIL THE EDUCATION EUROBOND TAP BUSINESS BUYBACKS REAL ESTATE (PHARMA
Slide 7: Contents
CONTENTS 01 STRATEGIC DEVELOPMENTS 02 COVID-19 UPDATE | GEORGIA 03 4Q21 & FY21 RESULTS OVERVIEW 04 4Q21 & FY21 NAV DEVELOPMENT 05 4Q21 & FY21 VALUATION OVERVIEW 06 WRAP-UP 07 ANNEX 7
Slide 8: COVID-19 statistics
COVID-19 STATISTICS COVID-19 CASES: DYNAMICS IN GEORGIA 46.9% OF TOTAL ADULT POPULATION HAS RECEIVED AT LEAST A SINGLE VACCINE DOSE, WHILE 43.2% IS FULLY VACCINATED AS OF 21 FEBRUARY 2022 1800 Total cases (LHS) Daily cases (RHS) 30 % OF ADULT POPULATION FULLY 1600 VACCINATED 2% 25 9% +39.7 ppts 1400
Slide 9: Real GDP posting double-digit growth of 10.6% in 2021
REAL GDP POSTING DOUBLE-DIGIT GROWTH OF 10.6% IN 2021 Real GDP Y-o-Y change 2021 REAL GDP UP 3.2% COMPARED TO 2019 Real GDP change vs 2019 45% KEY DRIVERS ➢ Growth in 1H21 was largely driven by the expansionary fiscal policy, with overall fiscal expenditures (current and 26% capital) growing by 21%
Slide 10: Georgian Lari - top performer in the region
GEORGIAN LARI - TOP PERFORMER IN THE REGION AS OF 22 FEBRUARY 2022, GEL HAS APPRECIATED BY 10.1% COMPARED TO THE BEGINNING OF 2021 AND BY 16.1% COMPARED TO THE 2021 LOW 150 GEL APPRECIATION DRIVERS TRY = 229 140 130 ➢ Record high remittance inflows, increasing by 25% y-o-y in 120 2021; 110 ➢ Solid r
Slide 11: Inflation to decelerate from the 2nd half of 2022
INFLATION TO DECELERATE FROM THE 2ND HALF OF 2022 Inflation Y-o-Y vs. inflation target Sources: NBG, GeoStat SUPPLY SIDE PRESSURES PERSIST 18 Headline Inflation Target Core Inflation 14 3-MONTH BASE EFFECT IN PLAY 13.9 12 13 10 ➢ Annual inflation reached 13.9% in December 2021 and January 8 2022 on
Slide 12: Fiscal consolidation underway with debt and deficit shrinking
FISCAL CONSOLIDATION UNDERWAY WITH DEBT AND DEFICIT SHRINKING Public debt Sources: MoF FISCAL SUPPORT HAS BEGUN MODERATING External public debt to GDP, % Total public debt to GDP, % 59.9% ➢ Fiscal expenditures grew by 13% y/y in real terms in 1H21 (21% in 60% nominal), including a 20% growth (30% in
Slide 13: Contents
CONTENTS 01 STRATEGIC DEVELOPMENTS 02 COVID-19 UPDATE | GEORGIA 03 4Q21 & FY21 RESULTS OVERVIEW 04 4Q21 & FY21 NAV DEVELOPMENT 05 4Q21 & FY21 VALUATION OVERVIEW 06 WRAP-UP 07 ANNEX 13
Slide 14: Aggregated revenue development across private portfolio
AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE PORTFOLIO RECORD AGGREGATED +33.9% QUARTERLY REVENUE, +23.8% UP 18.6% Y-O-Y IN 1,964 4Q21 AND UP 29.8% +29.8% FROM 4Q19 338 +18.6% 1,587 1,467 75 GEL MILLION 283 ▪ FY21 aggregated revenue 541 220 68 up 23.8% y-o-y and up 456 99 27 417 33.9% from FY19 85
Slide 15: Aggregated EBITDA development across private portfolio
AGGREGATED EBITDA DEVELOPMENT ACROSS PRIVATE PORTFOLIO +38.5% AGGREGATED EBITDA +34.9% UP 8.2% Y-O-Y IN 4Q21 AND UP 8.5% FROM 385 4Q19 +8.5% 21 43 GEL MILLION +8.2% 278 286 3 26 ▪ FY21 aggregated EBITDA up 17 41 34.9% y-o-y and up 38.5% 87 from FY19 81 81 12 2 12 ▪ 4Q21 EBITDA reflects the 6 9 accou
Slide 16: Aggregated cash balance and net operating cash flow development
AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS PRIVATE PORTFOLIO TOTAL AGGREGATED NET OPERATING CASH FLOW TOTAL AGGREGATED CASH BALANCE OF PRIVATE BUSINESSES (GEL MILLION) (GEL MILLION) +58.3% -2.1% 31-Dec-19 183 +2.1x 373 365 +29.6% 31-Dec-20 392 -4.0% +38.5% 230 30-Sep-21 392
Slide 17: Operating performance: healthcare services
OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES REVENUE DEVELOPMENT EBITDA1 DEVELOPMENT +39.7% +43.3% +27.9% HEALTHCARE SERVICES 406 +54.5% KEY DRIVERS +48.2% +5.8% 291 283 ➢ The number of admissions up 90.1% and 96 GEL MILLION 72.9% y-o-y in 4Q21 at hospitals and +30.8% 7
Slide 18: Operating performance: retail (pharmacy)
OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT’D) REVENUE DEVELOPMENT EBITDA1 DEVELOPMENT +27.3% +15.2% RETAIL (PHARMACY) 782 +16.7% KEY DRIVERS 679 615 +8.3% +25.2% Robust performance of the Retail GEL MILLION ➢ (Pharmacy), reflecting overall +7.6% +17.1% 76 improv
Slide 19: Operating performance: water utility
OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT’D) REVENUE DEVELOPMENT EBITDA DEVELOPMENT +24.6% +34.7% +56.0% 204 2.0x 20 WATER UTILITY 163 +16.5% 20 128 131 +62.1% KEY DRIVERS 6 ➢ Water supply revenue up 47.5% y-o-y 95 GEL MILLION +15.1% in 4Q21 and up 47.1% y-o-y
Slide 20: Operating performance: insurance
OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT’D) GROSS PREMIUMS WRITTEN NET INCOME DEVELOPMENT +10.1% +14.2% -3.0% INSURANCE 183 201 176 -5.9% 71 KEY DRIVERS +15.9% 81 69 22.7 23.4 +5.6% 22.0 GEL MILLION ➢ Net premiums earned up 14.7% y-o-y in 4.4 6.4 3.8 4Q21, ref
Slide 21: Contents
CONTENTS 01 STRATEGIC DEVELOPMENTS 02 COVID-19 UPDATE | GEORGIA 03 4Q21 & FY21 RESULTS OVERVIEW 04 4Q21 & FY21 NAV DEVELOPMENT 05 4Q21 & FY21 VALUATION OVERVIEW 06 WRAP-UP 07 ANNEX 21
Slide 22: NAV per share (GEL) development overview
NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW NAV PER SHARE UP 2.1x SINCE THE START OF THE COVID-19 PANDEMIC CONTROLLABLE (PRIVATE) NAV PER SHARE UP 2.7x SINCE THE START OF THE COVID-19 PANDEMIC % Change -35.6% +4.9% +27.2% -2.7% +16.4% + 9.7% % Change -25.0% -0.5% +69.3% +22.1% -1.6% +15.8% + 8.7% +19.5
Slide 23: Progress on the current share buyback and cancellation programme
PROGRESS ON THE CURRENT SHARE BUYBACK AND CANCELLATION PROGRAMME ATTRACTIVE OPPORTUNITY FOR DELIVERING GREATER RETURNS Average discount GCAP SHARE to NAV: 25% COVID-19 period PRICE IS AT CORE 360o ANALYSIS OF OUR DECISION 50% 58% 53% 58% MAKING VIS-À-VIS 45% 42% 42% INVESTMENTS 34% 26% 26% 22% IN LI
Slide 24: NAV per share (GEL) movement in 4Q21
NAV PER SHARE (GEL) MOVEMENT IN 4Q21 NAV PER SHARE CHANGE % +2.0% +6.1% -1.1% -0.8% +0.6% -0.3% -1.0% +5.5% NAV PER SHARE (GEL) UP 5.5% IN 4Q21 • NAV per share (GBP) up 6.6% in 4Q21 • 5.5% growth in 4Q21 NAV per share (GEL) mainly reflects GEL 117.3 million value creation across our resilient privat
Slide 25: NAV per share (GEL) movement in FY21
NAV PER SHARE (GEL) MOVEMENT IN FY21 NAV PER SHARE CHANGE % +7.4% +26.4% +0.1% +0.3% +0.9% -1.7% -2.5% +31.0% NAV PER SHARE (GEL) UP 31.0% IN FY21 • NAV per share (GBP) up 39.7% in FY21 • FY21 NAV per share (GEL) growth reflects GEL 592.3 million value creation across our private portfolio and a 36.
Slide 26: Contents
CONTENTS 01 RECENT DEVELOPMENTS 02 COVID-19 UPDATE | GEORGIA 03 4Q21 & FY21 RESULTS OVERVIEW 04 4Q21 & FY21 NAV DEVELOPMENT 05 4Q21 & FY21 VALUATION OVERVIEW 06 WRAP-UP 07 ANNEX 26
Slide 27: Portfolio value development in 4Q21
PORTFOLIO VALUE DEVELOPMENT IN 4Q21 PORTFOLIO VALUE UP 4.2% TO GEL 3.62 BILLION IN 4Q21 RETAIL (PHARMACY), WATER UTILITY AND BOG WERE THE LARGEST CONTRIBUTORS TO THE TOTAL % SHARE OF LISTED ASSETS PORTFOLIO VALUE GROWTH IN 4Q21 18.5% 18.8% -24% (36) -14% 63% (21) 93 -11% TOTAL PORTFOLIO GEL MILLION
Slide 28: Portfolio value development in FY21
PORTFOLIO VALUE DEVELOPMENT IN FY21 PORTFOLIO VALUE UP 24.4% TO GEL 3.62 BILLION IN FY21 98% FROM TOTAL PORTFOLIO VALUE GROWTH IN FY21 WAS ATTRIBUTABLE TO WATER UTILITY, HEALTHCARE % SHARE OF LISTED ASSETS SERVICES, RETAIL (PHARMACY) AND BOG 18.3% 18.8% 1% -5% 1% 5% 5 (37) 9 37 32% 226 GEL MILLION 2
Slide 29: Portfolio value as of 31-Dec-21
PORTFOLIO VALUE AS OF 31-DEC-21 % SHARE IN TOTAL PORTFOLIO VALUE: 19% 20% 19% 20% 7% 5% 4% 6% 85% OF OUR PORTFOLIO IS MULTIPLE: BGEO 10.3X 8.9X 9.3X 12.0X – 15.0X 11.1X 12.5X VALUED EXTERNALLY1 PRICE ON LSE GBP 16.68 LTM EV/EBITDA2 LTM EV/EBITDA3 LTM EV/EBITDA2 LTM P/E4 EV/EBITDA5 LTM EV/EBITDA 732
Slide 30: Healthcare services business valuation overview
Externally valued1 HEALTHCARE SERVICES BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q21 (GEL MILLION) IMPLIED LTM EV/EBITDA 2 Change q-o-q -0.4% -7.6% +18.9% +1.1% DEVELOPMENT (incl. IFRS 16) 10.5x 10.3x 30-Sep-21 31-Dec-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec
Slide 31: Retail (pharmacy) business valuation overview
Externally valued1 RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q21 IMPLIED LTM EV/EBITDA (GEL MILLION) DEVELOPMENT Change q-o-q -12.2% -24.7% +15.0% (incl. IFRS 16) +3.9% 9.2x 9.3x 30-Sep-21 31-Dec-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-21
Slide 32: Water utility business valuation overview
Externally valued1 WATER UTILITY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q21 (GEL MILLION) IMPLIED LTM EV/EBITDA Change q-o-q +6.9% -1.0% +12.5% MULTIPLE DEVELOPMENT 9.0x 8.9x 30-Sep-21 31-Dec-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-21 30-Sep-21 Change 31
Slide 33: P&C insurance business valuation overview
Externally valued1 P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q21 IMPLIED LTM P/E (GEL MILLION) MULTIPLE DEVELOPMENT Change q-o-q -1.4x -2.3% 12.0x 12.0x 30-Sep-21 31-Dec-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-21 30-Sep-21 Change 31-Dec-20 Cha
Slide 34: Georgia Capital leverage & liquidity profile
GEORGIA CAPITAL LEVERAGE & LIQUIDITY PROFILE LTV RATIO1 IS BELOW THE TARGETED THRESHOLD OF <30%. 44.1% 41.9% Pre-COVID average: 22% ➢ LTV RATIO IS DOWN TO 19.2% ASSUMING FULL COMPLETION2 OF THE WATER UTILITY SALE AS 33.5% OF 31 DECEMBER 21 30% 31.2% 25.8% 27.9% 28.9% ➢ UPGRADE OF THE CREDIT RATING T
Slide 35: Dividend income outlook
DIVIDEND INCOME OUTLOOK STRONG DIVIDEND INCOME IN 2021 DIVIDENDS 4Q21 FY21 74.4 RECEIVED ➢ GEL 74.4 million cash dividends collected (GEL million) from the portfolio companies in FY21, up 2.5x BOG 14.5 14.5 y-o-y, and surpassing pre-pandemic 2019 cash dividends of GEL 72.9 million GHG - 25.0 GEL MIL
Slide 36: Contents
CONTENTS 01 STRATEGIC DEVELOPMENTS 02 COVID-19 UPDATE | GEORGIA 03 4Q21 & FY21 RESULTS OVERVIEW 04 4Q21 & FY21 NAV DEVELOPMENT 05 4Q21 & FY21 VALUATION OVERVIEW 06 WRAP-UP 07 ANNEX 36
Slide 37: Solid performance across our private portfolio, with outlook being even stronger
SOLID PERFORMANCE ACROSS OUR PRIVATE PORTFOLIO, WITH OUTLOOK BEING EVEN STRONGER PERFORMANCE HIGHLIGHTS ✓ Successful completion of the first stage of Water Utility disposal and receipt of full cash proceeds in February 2022 ✓ Sale of the water utility business and selected commercial real estate ass
Slide 38: Contents
CONTENTS 01 STRATEGIC DEVELOPMENTS 02 COVID-19 UPDATE | GEORGIA 03 4Q21 & FY21 RESULTS OVERVIEW 04 4Q21 & FY21 NAV DEVELOPMENT 05 4Q21 & FY21 VALUATION OVERVIEW 06 WRAP-UP 07 ANNEX 38
Slide 39: Private portfolio companies' debt maturity profile
PRIVATE PORTFOLIO COMPANIES’ DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 31 DECEMBER 2021 (GEL MILLION) 2022 2023 2024 2025+ Total Large portfolio companies 210.0 39.4 76.6 498.7 824.7 Healthcare Services 199.0 32.3 76.3 17.1 324.7 Retail (Pharmacy) 9.4 6.8 - - 16.2 Water Utility1 0.1 0.3 0.3 48
Slide 40: NAV statement | 4Q21
NAV STATEMENT | 4Q21 1.Value 2a. 3.Operating 4. Liquidity 2c. GEL thousands unless otherwise noted 30-Sep-21 2b. Buybacks Management/ FX / 31-Dec-21 Change % Creation Investments Dividends Expenses Other Listed Portfolio Companies BoG 641,640 54,027 - - (14,481) - - 681,186 6.2% Listed Portfolio Val
Slide 41: NAV statement | FY21
NAV STATEMENT | FY21 1.Value 2a. 3.Operating 4. Liquidity GEL thousands unless otherwise noted 31-Dec-20 2b. Buybacks 2c. Dividends 31-Dec-21 Change % Creation Investments Expenses Management/ FX / Other Listed Portfolio Companies BoG1 531,558 164,109 - - (14,481) - - 681,186 28.1% Listed Portfolio
Slide 42: Value creation in private portfolio | 4Q21
VALUE CREATION IN PRIVATE PORTFOLIO | 4Q21 Operating Greenfields / Multiple Change Portfolio Businesses Value Creation in 4Q21 Performance buy-outs / exits and FX 171.4 GEL thousands (1) (2) (3) (1)+(2)+(3) BoG 54,027 Total Listed Portfolio Companies 54,027 Large Portfolio Companies 52,292 114,323 1
Slide 43: Value creation in private portfolio | FY21
VALUE CREATION IN PRIVATE PORTFOLIO | FY21 Operating Greenfields / Multiple Change Portfolio Businesses Value Creation in FY21 Performance buy-outs / exits and FX 756.4 GEL thousands (1) (2) (3) (1)+(2)+(3) BoG 164,109 Total Listed Portfolio Companies 164,109 Large Portfolio Companies 606,405 114,32
Slide 44: Income statement | 4Q21 & FY21
INCOME STATEMENT | 4Q21 & FY21 Income statement GEL ‘000, unless otherwise noted 4Q21 4Q20 Change FY21 FY20 Change Dividend income 29,931 14,972 99.9% 74,362 29,870 NMF Interest income 6,255 4,307 45.2% 23,140 20,957 10.4% Realised / unrealised (loss)/ gain on liquid funds (2,110) 1,119 NMF (1,142)
Slide 45: Medical insurance business valuation overview
Externally valued1 MEDICAL INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q21 IMPLIED LTM P/E MULTIPLE (GEL MILLION) DEVELOPMENT Change q-o-q -23.9% +1.5% -16.2% 15.0x 12.3x 30-Sep-21 31-Dec-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-21 30-Sep-21 Change 3
Slide 46: Operating performance: renewable energy
OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE INVESTMENT STAGE PORTFOLIO COMPANIES REVENUE DEVELOPMENT EBITDA DEVELOPMENT +3.1% +3.7% 44 43 1 RENEWABLE ENERGY 4 33 12 32 10 KEY DRIVERS ➢ Electricity generation levels up 38.4% and 16.0% y-o-y in 4Q21 and FY21, GEL MILLION +29.8% respectively, refl
Slide 47: Renewable energy business valuation overview
Internally valued RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q21 EQUITY FAIR VALUE COMPOSITION (GEL MILLION) AT 31-DEC-21 Change q-o-q -12.3% -8.7% -17.1% (GEL MILLION) 43 Total value 173 130 Operational assets Pipeline projects VALUATION HIGHLIGHTS GEL million, unles
Slide 48: Operating performance: education
OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE INVESTMENT STAGE PORTFOLIO COMPANIES (CONT’D) REVENUE DEVELOPMENT EBITDA DEVELOPMENT +20.9% EDUCATION +21.1% 31 KEY DRIVERS GEL MILLION ➢ Revenue increase was attributable to a 26 +16.8% 10 12.6% y-o-y growth in average tuition +33.6% revenue per lear
Slide 49: Education business valuation overview
Internally valued EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q21 LTM EV/EBITDA DEVELOPMENT (GEL MILLION) Change q-o-q +0.6% +3.1% -5.2% 0.0% +1.9% 12.5x 12.5x 2 30-Sep-21 31-Dec-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-21 30-Sep-21 Change 31-Dec-20
Slide 50: Water utility: key investment returns overview
WATER UTILITY KEY INVESTMENT RETURNS OVERVIEW MOIC IRR REALISING THE VALUE OF THE WATER UTILITY BUSINESS AT AN ATTRACTIVE VALUATION 3.6x 27% 0.6x 2.7x 20% ➢ Unrealised MOIC (0.5x in US$ and 0.6x in GEL) 0.5x corresponds to the value of put option on a 20% equity interest in the water utility busines
Slide 51: Valuation development overview of the water utility business
WATER UTILITY VALUATION DEVELOPMENT OVERVIEW OF THE WATER UTILITY BUSINESS ROBUST EQUITY VALUE +226% premium to the initial investment value DEVELOPMENT IN ADDITION TO 697 THE STRONG ANNUAL DIVIDEND INFLOWS FROM THE BUSINESS GEL MILLION 484 471 ➢ GEL 97.1 million dividends collected from 431 the wat
Slide 52: Operating performance development overview in the water utility business
WATER UTILITY OPERATING PERFORMANCE DEVELOPMENT OVERVIEW IN THE WATER UTILITY BUSINESS EBITDA MARGIN STRONG TOTAL REVENUE AND 44.8% 51.9% 53.9% 53.8% 55.9% 58.2% 56.6% 62.9% EBITDA GROWTH WITH A 7.4% AND 12.8% CAGR, RESPECTIVELY, 220 204 SINCE THE INITIAL ACQUISITION 200 OF THE WATER UTILITY BUSINES
Slide 53: Valuation peer group
VALUATION PEER GROUP HEALTHCARE RETAIL SERVICES MEDICAL (PHARMACY) INSURANCE • Med Life S.A. | Romania • NEUCA S.A. | Poland • Powszechny Zaklad Ubezpieczen SA | Poland • EMC Instytut Medyczny SA | Poland • Sopharma Trading AD | Bulgaria • European Reliance General Insurance Company S.A. | Greece •
Slide 54: Forward looking statements
FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or int