Georgia Capital PLC · LSE:CGEO
Georgia Capital — H1 2021 Earnings Presentation
165 slides from Georgia Capital's earnings presentation, Aug 10, 2021
Slide 1: Investor Presentation: 2Q21 & 1H21 results
INVESTOR PRESENTATION 2Q21 & 1H21 results 10 August 2021
Slide 2: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES 2
Slide 3: COVID-19 statistics
COVID-19 STATISTICS COVID-19 CASES: DYNAMICS IN GEORGIA 15.6% OF THE TOTAL ADULT POPULATION HAS RECEIVED AT LEAST ONE ECONOMY NEARINGWHILE DOSE OF VACCINE, FULL REOPENING 6.9% IS FULLY VACCINATED AS OF 9 AUGUST 2021 500 6 Total cases (LHS) Daily cases (RHS) 450 5 16% Pfizer-BioNTech 400 350 29% Astr
Slide 4: Real GDP increased by 29.8% y-o-y in 2Q21
REAL GDP INCREASED BY 29.8% Y-O-Y IN 2Q21 Real GDP y-o-y change 2021 REAL GDP UP 29.8% Y-O-Y IN 2Q21 (UP 13% Real GDP change vs 2019 45% COMPARED TO 2Q19) AND UP 12.7% Y-O-Y IN 1H21 (UP 5.7% COMPARED TO 1H19) KEY DRIVERS 26% 21% ➢ Expansionary fiscal policy boosting domestic demand and 19% contribut
Slide 5: Robust growth of FX inflows supporting economic activity and GEL performance
ROBUST GROWTH OF FX INFLOWS SUPPORTING ECONOMIC ACTIVITY AND GEL PERFORMANCE EXTERNAL INFLOWS SUPPORTED BY REMITTANCES AND MERCHANDISE TOURISM REVENUES SHOWING FIRST SIGNS OF RECOVERY EXPORTS 2021 2021 Tourism revenue (USD million) Remittances, USD Million Remittances, y/y Change vs 2019 193 161 74
Slide 6: Georgian Lari - top performer in the region
GEORGIAN LARI - TOP PERFORMER IN THE REGION GEL BEGAN STRENGTHENING IN MID-MAY AND APPRECIATED BY 5.5% COMPARED TO THE BEGINNING OF THE YEAR AND BY 11.3% COMPARED TO THE YEAR TO DATE LOW 150 GEL APPRECIATION DRIVERS 140 130 ➢ Record high remittance inflows, increasing by 41% y-o-y in 120 1H21; 110 ➢
Slide 7: Government measures
GOVERNMENT MEASURES ACCUMULATED BUFFERS AND INTERNATIONAL SUPPORT HAVE ALLOWED THE GOVERNMENT TO LAUNCH SIZEABLE MEASURES US$ 3 billion funding facility Economic Plan – US$ 3 billion (predominantly loans) from international Budget – GEL 3.5 billion (1st stage) Budget – GEL 1.1 billion (2nd stage) do
Slide 8: Labor market dynamics
LABOR MARKET DYNAMICS NUMBER OF JOBS IN 1Q21 WAS 108K FEWER Y-O-Y AND 22K FEWER NOMINAL WAGES’ CONTINUING RECOVERY TRANSLATED INTO Q-O-Q GROWTH IN THE BUSINESS SECTOR BY 5% IN 1Q21 15% 13.2% 12.9% 1450 30 Wages, total Growth rate (RHS) Employed Unemployment % 27.2 27.2 26.7 10.9% 26.4 2000 9.8% 25 1
Slide 9: Revenue and expenditure plans increased
REVENUE AND EXPENDITURE PLANS INCREASED BY GEL 1.1BN TO GEL 12.3BN AND GEL 13.9BN, RESPECTIVELY TAX REVENUES HAS SIGNIFICANTLY OVERSHOT THE PLAN, THE BUDGET LAW TOTAL EXPENSES (CURRENT + CAPITAL) GREW BY 19.6% Y-O-Y IN 1H21, WAS AMENDED TO REFLECT HIGHER REVENUE AND EXPENDITURE PLANS INCLUDING CAPIT
Slide 10: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES 10
Slide 11: Georgia Capital shareholders at 30-Jun-21
GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 30-JUN-21 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS Rank Shareholder name Ownership Other 1 Eaton Vance 5.80% 19.6% 2 M&G Investment Management Ltd 5.09% 3 Schroder Investment Management Ltd 4.33% USA3 25.5% 4 Allan Gray Ltd 3.54% 5 Coe
Slide 12: Our portfolio overview
OUR PORTFOLIO OVERVIEW LISTED ASSETS PRIVATE ASSETS INVESTMENT STAGE PORTFOLIO LISTED ASSETS LARGE PORTFOLIO COMPANIES COMPANIES OTHER ASSETS • Housing Development • Bank of Georgia (BoG) • Healthcare Services (GHG) • Renewable Energy • Hospitality & • Retail (pharmacy) (GHG) • Education Commercial
Slide 13: Our private portfolio at a glance
OUR PRIVATE PORTFOLIO AT A GLANCE DEFENSIVE, HIGH QUALITY ASSETS WITH STRONG AND GROWING CASH FLOW STREAMS EXPECTED TO CLOSE TO GEL STRONG CASH FLOW DOMINANT MARKET BECOME GEL 0.5BLN+ NON-CYCLICAL 0.5BLN+ VALUE GENERATION POSITION IN VALUE Healthcare Services ✓ ✓ ✓ ✓ LARGE PORTFOLIO Retail COMPANIES
Slide 14: Portfolio highlights | June 2021
PORTFOLIO HIGHLIGHTS | 30 JUNE 2021 Gross investment of GEL 1.5b Net investment of GEL 568m Portfolio fair value of GEL 3.2b Listed assets Large portfolio companies Investment stage portfolio companies Original 129 390 11 148 64 216 investment MOIC1 7.7 3.8 3.0 24.2 1.6 1.9 1,330 GEL million 575 548
Slide 15: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES 15
Slide 16: Core strategy enablers
CORE STRATEGY ENABLERS THREE FUNDAMENTAL ENABLERS: 01 Superior corporate governance THREE FUNDAMENTAL ENABLERS 02 Access to management 03 Access to capital STRONG ACCESS TO ACCESS TO CAPITAL CORPORATE MANAGEMENT GOVERNANCE 16
Slide 17: Capital allocation philosophy
CAPITAL ALLOCATION PHILOSOPHY WE ARE TARGETING TO INVEST IN OPPORTUNITIES WHICH GCAP SHARE PRICE IS AT CORE OF PRODUCE GREATER RETURN THAN BUYING GCAP SHARES OUR DECISION MAKING VIS-À-VIS INVESTMENTS We perform 360-degree analysis each time we make a capital allocation decision and compare: 360o • I
Slide 18: Capital allocation philosophy (cont'd)
CAPITAL ALLOCATION PHILOSOPHY (CONT’D) IRR & MOIC1 IS THE KEY DRIVER ROIC IS AT CORE OF DECISION MAKING WHEN OUR PORTFOLIO FOR GCAP TO INVEST IN NEW COMPANIES ARE INVESTING OR DIVESTING ASSETS / BUSINESSES OPPORTUNITIES KEY MONEY MULTIPLES AT GCAP LEVEL KEY METRIC FOR REINVESTMENT DECISION MAKING AT
Slide 19: Enhancement of our strategy announced on 2020 Investor Day
ENHANCEMENT OF OUR STRATEGY AS ANNOUNCED ON 2020 INVESTOR DAY We will be investing in the sectors/opportunities with potential to be GEL 0.5bln in equity value in the next 3-5 years’ time Larger companies will be attractive for international strategic and financial buyers, which will increase the li
Slide 20: Enhanced strategy is to invest in large opportunities
ENHANCED STRATEGY IS TO INVEST IN LARGE OPPORTUNITIES GCAP invests in Georgia in large opportunities, which have a MONETISE potential to become GEL 0.5bln+ in equity value. GCAP develops and grows portfolio companies to equity value of GEL 0.5bln+ and realizes proceeds through exit, as investments m
Slide 21: New priority #1: realizing value of one large investment
NEW PRIORITY #1 ANNOUNCED ON 2020 INVESTOR DAY: REALIZING VALUE OF ONE LARGE INVESTMENT We believe realizing value of one of our large investments will help to validate the value of our portfolio and to reduce discount to NAV Realizing value of Reduce NAV one large investment discount Therefore, we
Slide 22: New priority #2: divestment of other portfolio
NEW PRIORITY #2: DIVESTMENT OF “OTHER” PORTFOLIO Other portfolio includes small companies with limited potential to achieve GEL 0.5 billion equity value SUBJECT TO 360o ANALYSIS “OTHER” PORTFOLIO EXPECTED TO BE DIVESTED IN THE NEXT 2-3 YEARS 22
Slide 23: Renewable energy and education - key investment areas
RENEWABLE ENERGY AND EDUCATION - OUR KEY INVESTMENT AREAS IN THE MEDIUM TERM GRADUALLY MOVING TO TOTAL NET INVESTMENT OF c. US$ 50MLN IDENTIFIED REINVESTMENT PHASE, FROM GCAP OVER THE NEXT 3-5 YEARS1 GIVEN THE STRONG CASH FLOW GENERATION AT OUR INVESTMENT STAGE of which, in 2021 PORTFOLIO COMPANIES
Slide 24: Investing in renewable energy
INVESTING IN RENEWABLE ENERGY INDUSTRY INVESTMENT RATIONALE TOTAL NET INVESTMENT OF c. US$ 36MLN IDENTIFIED FROM GCAP OVER THE NEXT 3 YEARS2 ▪ High margins, dollar linked cash flows ▪ Over the next 3 years we will be launching pipeline projects: wind farms in ▪ Growing market, with 35% of demand sat
Slide 25: Investing in education
INVESTING IN EDUCATION INDUSTRY INVESTMENT RATIONALE TOTAL NET INVESTMENT OF c. US$ 14MLN IDENTIFIED FROM GCAP OVER ▪ Asset light industry THE NEXT 5 YEARS BY 20252 ▪ High quality revenue with high margins ▪ Scaling up to capacity of 21,000 learners through expansion plans in existing schools and M&
Slide 26: Outlook for our private portfolio in line with enhanced strategy
OUTLOOK FOR OUR PRIVATE PORTFOLIO IN LINE WITH ENHANCED STRATEGY New Strategic New Strategic Priority #1 Priority #2 LARGE PORTFOLIO INVESTMENT STAGE PORTFOLIO SMALL COMPANIES COMPANIES COMPANIES (“OTHER ASSETS”) Exit from one large investment Total identified investment of US$ Divestment over the n
Slide 27: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES 27
Slide 28: Sale of US$ 35 million commercial real estate assets and land plot
SALE OF US$ 35 MILLION COMMERCIAL REAL ESTATE ASSETS AND LAND PLOT DURING JUNE-AUGUST 2021 TRANSACTION DETAILS - US$ 4.7 MILLION PREMIUM TO 31 MARCH 2021 BOOK VALUES STRONG PROGRESS TOWARDS Premium to gross value OUR STRATEGIC PRIORITIES 15.4% 34.8 30.1 Premium to net asset value US Dollar Sold asse
Slide 29: Commencement of US$ 10 million share buyback and cancellation programme
COMMENCEMENT OF US$ 10 MILLION SHARE BUYBACK AND CANCELLATION PROGRAMME ATTRACTIVE OPPORTUNITY FOR DELIVERING GREATER RETURNS GCAP SHARE PRICE IS AT CORE OF OUR DECISION MAKING VIS-À-VIS INVESTMENTS Average discount % to NAV: 25% COVID-19 period TRANSACTION RATIONALE ▪ Outstanding performance of our
Slide 30: NAV per share (GEL) development overview
NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW NAV PER SHARE UP 16.4% TO GEL 54.48 IN 2Q21 (UP 22.0% TO GEL CONTROLLABLE (PRIVATE) NAV PER SHARE UP 15.8% TO 57.09 AS AT 6-AUG-21) GEL 44.83 IN 2Q21 % Change q-o-q -35.6% +4.9% +19.5% +27.2% -2.7% % Change q-o-q -25.0% -0.5% +69.3% +22.1% -1.6% +22.0% +16.4%
Slide 31: NAV per share (GEL) movement in 2Q21
NAV PER SHARE (GEL) MOVEMENT IN 2Q21 NAV PER SHARE CHANGE % +3.3% +10.1% +1.7% +0.3% +0.1% -0.4% +16.4% +5.6% +22.0% +1.4% NAV PER SHARE (GEL) UP 16.4% IN 2Q21 Externally valued • NAV per share (GBP) up 24.9% in 2Q21 • 16.4% growth in 2Q21 NAV per share (GEL) mainly reflects value creation across ou
Slide 32: NAV per share (GEL) movement in 1H21
NAV PER SHARE (GEL) MOVEMENT IN 1H21 NAV PER SHARE CHANGE % +2.0% +10.4% +1.8% +1.2% +0.1% -0.8% -1.4% +13.2% +5.4% +18.6% NAV PER SHARE (GEL) UP 13.2% IN 1H21 Externally valued • NAV per share (GBP) up 15.2% in 1H21 • 13.2% growth in 2Q21 NAV per share (GEL) on the back of strong value creation acr
Slide 33: Aggregated revenue development across private portfolio
AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE PORTFOLIO +37.1% AGGREGATED REVENUE +26.5% UP 45.3% Y-O-Y IN 917 2Q21 AND UP 42.2% FROM 2Q19 +42.2% 150 724 37 +45.3% 669 GEL MILLION 115 502 77 ▪ 1H21 aggregated 2 33 revenue up 26.5% y-o-y 86 and up 37.1% from 1H19 353 345 23 48 64 2 18 302 263 393 590
Slide 34: Aggregated EBITDA development across private portfolio
AGGREGATED EBITDA DEVELOPMENT ACROSS PRIVATE PORTFOLIO +63.8% AGGREGATED EBITDA +58.4% UP 89.1% Y-O-Y IN 2Q21 189 AND UP 84.1% FROM +84.1% 20 2Q19 21 +89.1% GEL MILLION 115 119 ▪ 1H21 aggregated 114 1 3 EBITDA up 58.4% y-o-y 13 19 and up 63.8% from 1H19 15 62 60 2 5 12 62 44 86 119 97 148 (2) (5) 2Q
Slide 35: Operating performance: healthcare services
OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES REVENUE DEVELOPMENT EBITDA1 DEVELOPMENT +29.2% HEALTHCARE SERVICES +48.9% 191 +32.5% KEY DRIVERS +37.8% GEL MILLION ➢ The number of admissions up 148 +120.5% 121.4% y-o-y at clinics and up +82.0% +42.9% 122.0% y-o-y at hospit
Slide 36: Operating performance: retail (pharmacy)
OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT’D) REVENUE DEVELOPMENT EBITDA1 DEVELOPMENT +26.3% +16.9% RETAIL (PHARMACY) 373 +7.5% KEY DRIVERS 319 +33.2% 295 GEL MILLION -1.2% ➢ Scheduled expansion of the retail +38.4% (pharmacy) chain, rebounding +31.3% demand for
Slide 37: Operating performance: water utility
OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT’D) REVENUE DEVELOPMENT EBITDA DEVELOPMENT +23.4% +51.3% WATER UTILITY 92 9 +30.3% +39.3% 75 KEY DRIVERS 8 +90.0% +82.0% 61 GEL MILLION +55.4% ➢ 2Q21 water supply revenue up 54 63.7% y-o-y, reflecting 24.6% y-o-y 2 56 in
Slide 38: Operating performance: insurance
OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT’D) GROSS PREMIUMS WRITTEN NET INCOME DEVELOPMENT +7.3% INSURANCE +17.5% 117 109 +0.1% KEY DRIVERS 99 -9.5% GEL MILLION +23.9% 46 ➢ Net premiums earned up 14.9% y-o- -13.3% 10.8 y in 2Q21, reflecting rebounding 56 43 9.7
Slide 39: Operating performance: renewable energy
OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE INVESTMENT STAGE PORTFOLIO COMPANIES REVENUE DEVELOPMENT EBITDA DEVELOPMENT +8.2% RENEWABLE ENERGY 20 19 +13.5% +5.5% 3 6 KEY DRIVERS +17.1% 14 GEL MILLION 4 15 ➢ Resilient results despite the ongoing 12 14 pandemic, as the revenue from the long-term
Slide 40: Operating performance: education
OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE INVESTMENT STAGE PORTFOLIO COMPANIES (CONT’D) REVENUE DEVELOPMENT EBITDA DEVELOPMENT +16.4% EDUCATION 16.2 KEY DRIVERS GEL MILLION 14.0 +26.0% ➢ A 9.5% y-o-y increase in the number +40.6% of academic days in 2Q21, reflecting the modification of the ac
Slide 41: Aggregated cash balance & net operating cash flow
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) +74% +22.7% 31-Dec-19 183 178 31-Dec-20 392 -37.3% +47.2% -19% -11.2% 112 31-Mar-21 347 -8%
Slide 42: Georgia Capital leverage & liquidity profile
GEORGIA CAPITAL LEVERAGE & LIQUIDITY PROFILE LTV RATIO1 IS ON TRACK TO THE TARGETED THRESHOLD OF <30% US$ 140 MILLION LIQUID FUNDS AS OF 30-JUN-21 44.1% 41.9% Pre-COVID average: 22% Cash 33.5% 50 30% 27.9% 28.9% 31.2% TOTAL 27.4% Marketable 60 20.0% 17.6% 19.2% 25.8% 26.4% securities 140 US$ MILLION
Slide 43: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES 43
Slide 44: Portfolio value development in 2Q21
PORTFOLIO VALUE DEVELOPMENT IN 2Q21 PORTFOLIO VALUE UP 11.1% TO GEL 3.25 BILLION IN 2Q21 % SHARE OF LISTED ASSETS 17.3% 17.7% 1% -1% 5% 6% (3) 15 6 20 28% 91 Externally valued 14% 45 TOTAL PORTFOLIO GEL MILLION VALUE GROWTH GEL 325 MILLION 70 81 22% 25% Water Utility Healthcare Services Bank of Geor
Slide 45: Portfolio value development in 1H21
PORTFOLIO VALUE DEVELOPMENT IN 1H21 PORTFOLIO VALUE UP 11.7% TO GEL 3.25 BILLION IN 1H21 % SHARE OF LISTED ASSETS 3% 2% 18.3% 17.7% 8% 11 8 26 8% 34% Externally valued 28 114 TOTAL PORTFOLIO VALUE GROWTH GEL MILLION 9% GEL 339 31 MILLION 44 13% 77 23% Healthcare Services Water Utility Bank of Georgi
Slide 46: Portfolio value as of 30-Jun-21
PORTFOLIO VALUE AS OF 30-JUN-21 % SHARE IN TOTAL PORTFOLIO VALUE: 18% 21% 18% 17% 8% 7% 4% 7% 82% OF OUR PORTFOLIO IS MULTIPLE: BGEO 10.6X 9.3X 9.3X 12.0X – 12.3X 10.3X 12.5X VALUED EXTERNALLY1 PRICE ON LSE GBP 13.44 LTM EV/EBITDA2 LTM EV/EBITDA2 LTM EV/EBITDA3 LTM P/E4 EV/EBITDA5 LTM EV/EBITDA 686
Slide 47: Bank of Georgia overview
Listed portfolio BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ INVESTMENT RATIONALE Market opportunity ▪ The first entity from Georgia to be listed on the premium segment of the Main Market of the London Stock Exchange (LSE: BGEO) since February 2012. Banking sector assets, loans and depos
Slide 48: Bank of Georgia overview
Listed portfolio BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ Stock price Stock price performance performance Financial metrics (GEL million) 40.00 35.00 GBP 13.44 30.00 2015 2016 2017 2018 2019 2020 2Q20 2Q21 Change as of 30-Jun-21 25.00 NIM 7.7% 7.4% 7.3% 6.5% 5.6% 4.6% 4.2% 4.7% 0.5ppt
Slide 49: Georgian healthcare market overview
Private large portfolio companies EXTERNALLY VALUED GEORGIAN HEALTHCARE MARKET OVERVIEW GROWTH IN HEALTHCARE SERVICES MARKET EXPECTED TO CONTINUE STATE HEALTHCARE BUDGET IS INCREASING FOR THE LAST SEVERAL YEARS Double digit growth on the back of favorable dynamics expected State healthcare spending
Slide 50: GHG at a glance
Private large portfolio companies EXTERNALLY VALUED GHG AT A GLANCE A well diversified business model with cost and synergy advantages Georgia Healthcare Group – The only fully integrated healthcare provider in the region Extensive geographic coverage - diversified healthcare services and pharmacy w
Slide 51: GHG's track record of delivering strong results
Private large portfolio companies EXTERNALLY VALUED GHG’S TRACK RECORD OF DELIVERING STRONG RESULTS REVENUE, GROSS (GEL MILLION) EBITDA1 (GEL MILLION) OPERATING CASH FLOW1 (GEL MILLION) EBITDA to cash conversion ratio1: 81% 54% 54% 75% 84% 112% 191% 73% 149% 43% 975.4 920.3 849.9 +24.4% 747.8 300 +4
Slide 52: Healthcare services business overview
Private large portfolio companies EXTERNALLY VALUED HEALTHCARE SERVICES BUSINESS OVERVIEW The largest healthcare service provider in Georgia: c. 20% market share by number of MAJOR GROWTH DRIVERS referral hospitals and community clinics beds – 2,949 Market share by number of beds1 Referral hospitals
Slide 53: Healthcare services business overview (cont'd)
Private large portfolio companies EXTERNALLY VALUED HEALTHCARE SERVICES BUSINESS OVERVIEW (CONT’D) HOSPITALS CLINICS Bed occupancy rate 17 19 15 Average Number of referral hospitals length of stay 4.9 5.2 5.5 5.4 5.2 5.6 5.6 5.4 5.4 5.6 Number of community clinics Number of polyclinics +23.9ppts +10
Slide 54: Healthcare services business valuation overview
Externally valued1 HEALTHCARE SERVICES BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 (GEL MILLION) IMPLIED LTM EV/EBITDA2 Change q-o-q +7.3% -6.4% +2.8% +13.3% DEVELOPMENT (incl. IFRS 16) 12.5x 10.6x 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted 30-Jun-21 31-Mar-
Slide 55: Retail (pharmacy) business overview
Private large portfolio companies EXTERNALLY VALUED RETAIL (PHARMACY) BUSINESS OVERVIEW Country’s largest retailer in terms of both, revenue and number of bills issued BUSINESSES MAJOR GROWTH DRIVERS Market share by revenue, 20191 › Expending retail footprint GHG in pharma 615 35% › Enhancing retail
Slide 56: Retail (pharmacy) business overview (cont'd)
Private large portfolio companies EXTERNALLY VALUED RETAIL (PHARMACY) BUSINESS OVERVIEW (CONT’D) REVENUE AVERAGE BILL SIZE & NUMBER OF BILLS ISSUED Margin enhancement and strong Gross profit margin (%) Number of bills issued, million growth in para-pharmacy sales 24.5% 25.5% 25.5% 25.4% 26.7% 25.1%
Slide 57: Retail (pharmacy) business valuation overview
Externally valued1 RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 IMPLIED LTM EV/EBITDA (GEL MILLION) DEVELOPMENT Change q-o-q -1.4% +1.5% +8.4% (incl. IFRS 16) +5.4% 9.5x 9.3x 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted 30-Jun-21 31-Mar-21 Cha
Slide 58: Medical insurance business overview
Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS OVERVIEW Largest medical insurer in the country with 23%1 market share Offering a variety of medical insurance products, with a wide distribution network to the Georgian population BUSINESSES MAJOR GROWTH DRIVERS Market s
Slide 59: Medical insurance business overview (cont'd)
Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS OVERVIEW (CONT’D) NUMBER OF INSURED & RENEWAL RATE REVENUE (NET INSURANCE PREMIUMS EARNED) Retention rate within the Group1 (%) 19.2% 23.3% 34.7% 39.4% 37.4% 37.3% 39.7% 36.5% 39.9% 36.2% 75.1% 73.4% 76.9% 77.5% 73.4% 77.
Slide 60: Medical insurance business valuation overview
Externally valued1 MEDICAL INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 IMPLIED LTM P/E MULTIPLE (GEL MILLION) DEVELOPMENT Change q-o-q -7.1% -9.2% -6.7% 12.3x 9.8x 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Jun-21 31-Mar-21 Change 31-D
Slide 61: P&C insurance business overview
Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW MARKET & ALDAGI GROSS PREMIUMS WRITTEN1 MARKET SHARE 1Q21 (GROSS PREMIUMS WRITTEN) (GEL MILLION) INVESTMENT RATIONALE • Significantly underpenetrated insurance market in Georgia 400 370 380 (0.8% penetration in prope
Slide 62: P&C insurance business overview
Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW COMBINED RATIO Financial Highlights 2Q21 1H21 -0.6ppts +7.3ppts +1.7ppts Earned premiums gross 30.3m 57.2 82.1% 81.5% 80.2% 80.3% 82.0% 73.9% 77.5% 75.2% 75.4% 72.6% 73.0% Change (y-o-y) +26.0% +22.5% 41.6% 44.0% 43.
Slide 63: P&C insurance business valuation overview
Externally valued1 P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 IMPLIED LTM P/E (GEL MILLION) MULTIPLE DEVELOPMENT Change q-o-q NMF NMF NMF +0.85% 11.4x 12.0x 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Jun-21 31-Mar-21 Change 31-Dec
Slide 64: Water utility business overview
Private large portfolio companies EXTERNALLY VALUED WATER UTILITY BUSINESS OVERVIEW INVESTMENT RATIONALE REGULATORY ENIVORNMENT ▪ Regulated monopoly in Tbilisi and surrounding districts with high entry barriers. ▪ Stable regulatory environment with attractive return on investment. TARIFF DERIVATION
Slide 65: Water utility business overview (cont'd)
Private large portfolio companies EXTERNALLY VALUED WATER UTILITY BUSINESS OVERVIEW (CONT’D) OPERATING HIGHLIGHTS REVENUE HIGHLIGHTS EBITDA Total 119 127 135 149 163 131 30 54 61 92 Energy 2Q21 1H21 20 95 Electricity sales (KWh million) 70.4 74.4 9 83 GEL million 10 6 + 51.3% 73 + 90.0% Change (y-o-
Slide 66: Water utility business valuation overview
Externally valued1 WATER UTILITY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 (GEL MILLION) IMPLIED LTM EV/EBITDA Change q-o-q MULTIPLE DEVELOPMENT +6.7% -5.6% +20.0% 9.6x 9.3x 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Jun-21 31-Mar-21 Change 31
Slide 67: Renewable energy business overview
Private investment stage portfolio companies INTERNALY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW INVESTMENT RATIONALE MARKET OPPORTUNITY ▪ Growth in electricity consumption has been 6.5x more in TWhs than growth in electricity supply during last 10 years. ELECTRICITY SUPPLY AND CONSUMPTION (TWH) ▪ U
Slide 68: Renewable energy business overview (cont'd)
Private investment stage portfolio companies INTERNALY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW (CONT’D) PERFORMANCE HIGHLIGHTS RENEWABLE ENERGY PROJECTS OVERVIEW | 30 June 2021 Generation (GWh) Actual/ Gross 24.8 40.1 17.2 33.8 23.2 23.5 25.7 41.4 26.4 44.4 46.6 43.2 Commissioned Installed capacit
Slide 69: Renewable energy business valuation overview
Internally valued RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 EQUITY FAIR VALUE (GEL MILLION) COMPOSITION AT Change q-o-q -0.2% -5.1% +7.1% 30-JUN-21 (GEL MILLION) 41 Total value 221 180 Operational assets Pipeline projects VALUATION HIGHLIGHTS GEL million, unless
Slide 70: Education business overview
Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINES OVERVIEW INDUSTRY INVESTMENT RATIONALE STRONG PLATFORM TO FACILITATE GROWTH AND SCALE TO BECOME THE LEADING EDUCATION PLAYER WITH c. 21,000 LEARNERS BY 2025 ▪ Highly fragmented general education market with consolidatio
Slide 71: Education business overview (cont'd)
Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINESS OVERVIEW (CONT’D) Operating highlights 1H21 PRIVATE K-12 MARKET IN GEORGIA Capacity utilization 91.2% Market growing at c.2x nominal GDP growth rate Change (y-o-y) +1.4 ppts Private K-12 learners in Georgia Number of l
Slide 72: Education business valuation overview
Internally valued EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 LTM EV/EBITDA (GEL MILLION) DEVELOPMENT Change q-o-q +16.9% +14.7% -18.1% +21.3% +19.8% 12.5x 12.5x 2 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Jun-21 31-Mar-21 Change 31-D
Slide 73: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW ➢ Beverages business o Wine business o Beer business o Distribution business o Beverage business consolidated o Annex 06 1H21 GEORGIAN MACRO
Slide 74: Beverage business
Beverages business BEVERAGE BUSINESS Georgian Beverages Holding Combined Revenue Total EBITDA 2021F 2021F 1 WINE 2 BEER 3 DISTRIBUTION GEL 249 31% growth y-o-y MLN GEL 69% growth y-o-y 27.8 MLN Leading wine producer with 3 wineries and 740ha of vineyards Leading beer producer on the Georgian market
Slide 75: Georgia Beverages Group management
Beverages business GEORGIA BEVERAGES GROUP MANAGEMENT MANAGEMENT TEAM WITH A PROVEN TRACK RECORD OF SUCCESS TEIMURAZ JANKARASHVILI, CEO of Group and Wine business TORNIKE NIKOLAISHVILI, CEO of Beer business Joined Georgian Beverages Holding in September 2018. CEO of group’s beer business since Septe
Slide 76: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW ➢ Beverages business o Wine business o Beer business o Distribution business o Beverage business consolidated o Annex 06 1H21 GEORGIAN MACRO
Slide 77: Georgia - cradle of wine
Wine business GEORGIA – CRADLE OF WINE EARLIEST EVIDENCE OF GRAPE WINEMAKING HAS BEEN GEORGIA IS HOME TO 500+ ENDOGENOUS GRAPE VARIETIES THAT FOUND IN 8,000-YEAR-OLD POTTERY JARS DISCOVERED IN MAKE LOCAL WINE PRODUCTION DISTINCTIVE GEORGIA ➢ GEORGIA HAS CLIMATE AND TOPOGRAPHY THAT MAKE IT IDEAL FOR
Slide 78: Georgia wine exports in global context
Wine business GEORGIA WINE EXPORTS IN GLOBAL CONTEXT GEORGIA - 14TH LARGEST AND... …4TH FASTEST GROWING WINE EXPORTING COUNTRY IN THE WORLD As of 2020 - Share in total exports of 14bln bottles CAGR ‘13-20 19% 19% 13% 11% 7% 4% 4% 3% 3% 3% 3% 2% 1% 1% 21.5% 16.5% 13.5% 9.9% 5.6% 4.0% 2.8% mln bottles
Slide 79: Teliani Valley in Georgia wine exports
Wine business TELIANI VALLEY IN GEORGIA WINE EXPORTS TELIANI PRESENT IN 21 MARKETS WITH DURING 2018-2020 TELIANI ALMOST DOUBLED ITS MARKET SHARE IN USD 167BLN SPENDING ON WINE GEORGIAN WINE EXPORTS – GROWING ACROSS ALL MAJOR MARKETS Total wine market size of Teliani’s Teliani market share in Georgia
Slide 80: Teliani Valley sales by export countries
Wine business TELIANI VALLEY SALES BY EXPORT COUNTRIES IN 2018-2020 TELIANI EXPORT SALES GREW 9.3x FASTER THAN TOTAL TELIANI HAS 2x LESS EXPOSURE TO GEORGIAN WINE EXPORT SALES RUSSIAN MARKET VS. LOCAL PEERS VOLUME – TELIANI SALES VALUE – TELIANI SALES EXPORT VOLUME EXPOSURE TO SINGLE Exposure of 15
Slide 81: Teliani Valley on local wine market
Wine business TELIANI VALLEY ON LOCAL WINE MARKET TELIANI VALLEY IS THE LOCAL MARKET LEADER WITH SOLID LOCAL SALES RECOVERY IN 1H21 ON THE BACK OF WELL 28% MARKET SHARE - LOCAL SALES ACCOUNT FOR DIVERSIFIED PRESENCE ACROSS THE SALES POINTS - PRESENT IN 10% OF ITS SALES 85% OF ALL RELEVANT SALES POIN
Slide 82: Teliani Valley wineries
Wine business TELIANI VALLEY WINERIES TELIANI OWNS 3 WINERIES COVERING MAJORITY OF END-TO-END PRODUCTION PROCESS WITH STRONG KAKHETI REGION – Kakheti accounts for 75%+ of all OPERATING EFFICIENCY AND FLEXIBILITY vineyards planted in Georgia 29MLN 12.5MLN 15MLN 1. Teliani BOTTLES BOTTLES BOTTLES wine
Slide 83: Teliani Valley winery photos
Wine business TELIANI VALLEY WINERY PHOTOS Teliani Valley Kindzmarauli Marani Alaverdi 83 Georgia Capital PLC | Note: Alaverdi winery photo shows installation process for fermentation capacity expansion.
Slide 84: Teliani Valley vineyards
Wine business TELIANI VALLEY VINEYARDS 740 HA VINEYARDS DISTRIBUTED ACROSS KAKHETI c.45% higher yield compared to Georgia average 5.1 tons WINE REGION per ha. because of Teliani’s operational efficiency AVERAGE AGE OF VINES IN THE VINEYARDS – 17 YEARS Vineyards, ha Yield per ha Total 740 7.4 Red gra
Slide 85: Teliani Valley vineyards by grape varieties & PDO
Wine business TELIANI VALLEY VINEYARDS BY GRAPE VARIETIES & PDO TELIANI OWNS VINEYARDS OF GRAPE VARIETIES AND PDOS WITH GROWING POPULARITY ON EXPORT 76% OF TELIANI’S VINEYARD STOCK IS SAPERAVI SHARE OF SAPERAVI (INCL. KINDZMARAULI) WINE EXPORT FROM INCL. 265HA KINDZMARAULI PDO GEORGIA GREW FROM 51%
Slide 86: Teliani Valley vineyard photos
Wine business TELIANI VALLEY VINEYARD PHOTOS 86
Slide 87: Teliani Valley awards & recognition
Wine business TELIANI VALLEY AWARDS & RECOGNITION TELIANI VALLEY IS #1 AMONG ITS LOCAL PEERS WITH TELIANI VALLEY AWARDED “BEST IN SHOW” BY DECANTER FOR 2 NUMBER OF DECANTER AWARDS DURING 2018-2021 CONSECUTIVE YEARS & TROPHY AWARD BY IWC FOR 4 CONSECUTIVE YEARS • Decanter is one of the most prestigio
Slide 88: Teliani Valley strategy
Wine business TELIANI VALLEY STRATEGY TARGETING FOR 2025… …RESULTING IN 1 CAGR Grow sales c.2.2x from 1H20 1H21 Growth 2020 2021F 2025F ‘21-25 7.2 mln bottles in 2020 to Bottle sales, ‘000 2,349 3,644 55% 7,204 12,000 16,000 8% 16.0 mln bottles in 2025 Exposure to Russia 25% 38% 13 ppt 33% 42% 20% -
Slide 89: Teliani Valley sales & profitability dynamics
Wine business TELIANI VALLEY SALES & PROFITABILITY DYNAMICS 1.6X HIGHER REVENUE IN H1 2021 VS H1 2020 4X HIGHER EBITDA IN H1 2021 VS H1 2020 Net Revenue EBITDA 29.9% CAGR 24.3% CAGR 49.6 56.6% 42.2 313% GEL mln GEL mln 29.4 23.6 15.1 8.7 11.0 7.2 5.3 1.3 2018 2019 2020 H1 2020 H1 2021 2018 2019 2020
Slide 90: Teliani Valley working capital dynamics
Wine business TELIANI VALLEY WORKING CAPITAL DYNAMICS EFFECTIVE WORKING CAPITAL MANAGEMENT IMPROVING INVENTORY TURNOVER -21ppts +0.3x -4ppts +0.2x NWC as a % of sales Inventory turnover 1.1x 1.1x 87% 84% 0.9x 78% 74% 0.8x 0.8x 63% 2018 2019 2020 H1 2020 H1 2021 2018 2019 2020 H1 2020 H1 2021 ➢ Effec
Slide 91: Teliani Valley income statement
Wine business TELIANI VALLEY INCOME STATEMENT INCOME STATEMENT CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 ‘18-20 Revenue 15,082 23,621 56.6% 29,352 42,150 49,553 29.9% of which, revenue from local sales 1,264 2,526 99.8% 7,041 7,584 3,342 -31.1% of which, revenue from
Slide 92: Teliani Valley balance sheet
Wine business TELIANI VALLEY BALANCE SHEET BALANCE SHEET CAGR GEL thousands; unless otherwise noted Jun-20 Jun-21 Change Dec-18 Dec-19 Dec-20 ‘18-20 Cash and cash equivalents 4,650 8,689 86.9% 8,380 5,230 8,186 -1.2% Amounts due from financial institutions 946 714 -24.5% 930 994 875 -3.0% Accounts R
Slide 93: Teliani Valley cash flow
Wine business TELIANI VALLEY CASH FLOW STATEMENT OF CASH FLOW CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 ‘18-20 Cash received from customers 19,604 30,142 53.8% 32,515 46,073 52,199 26.7% Cash paid to suppliers (5,003) (10,908) NMF (18,161) (21,051) (19,561) 3.8% Cash
Slide 94: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW ➢ Beverages business o Wine business o Beer business o Distribution business o Beverage business consolidated o Annex 06 1H21 GEORGIAN MACRO
Slide 95: Beer market overview
Beer business BEER MARKET OVERVIEW GEORGIA HAS SIGNIFICANT ROOM TO GROW BEER GEORGIAN BEER MARKET IS GROWING ON THE BACK OF CONSUMPTION PER CAPITA VS. PEER COUNTRIES INCREASED CONSUMPTION AND PREMIUMIZATION TREND Ranking by absolute growth of per capita consumption 2010-2019 Volume Value #7 #39 #8 #
Slide 96: Beer local competitive landscape
Beer business BEER LOCAL COMPETITIVE LANDSCAPE GROWING MARKET SHARE WITH GBG N1 IN PREMIUM SEGMENT FOCUS ON PREMIUM SEGMENT Prices are RSPs of 0.5L glass bottles EFES Georgia Zedazeni (GBC) GBG Argo Other 31% 26% 22% 16% 5% GBG market shares 52% 52% 30% 23% Premium 18% 20%21% 20%22% 87k HL >GEL 3.2
Slide 97: GBG key developments
Beer business GBG KEY DEVELOPMENTS 2017 1Q 2018 4Q 2018 APR-2019 MAY-2019 MAY-2019 JUN-2019 JUL-2019 2020 ACQUISITION OF ACQUISITION OF NEW EXPORT GEORGIA’S COMMERCIAL LEADING FIRST CSD* KRUSOVICE LOCAL LIGHT MARKETS OLDEST BEER AMSTEL LOCAL HEINEKEN LOCAL PRODUCTION GEORGIAN CRAFT AND BEER LOCAL BR
Slide 98: GBG & local market dynamics
Beer business GBG & LOCAL MARKET DYNAMICS GBG GROWING AT c.7x HIGHER CAGR IN VOLUME TERMS GROWING MARKET SHARE DRIVEN BY STRONG LOCAL VS. MARKET FOR 2018-2020 PERIOD AND INTERNATIONAL BRAND PORTFOLIO Premium Upper mainstream Mainstream Volume Value 5.7% CAGR 13.9% CAGR 22.1% 1,076 1,083 231 20.0% 97
Slide 99: GBG sales breakdown
Beer business GBG SALES BREAKDOWN GBG IS WELL DIVERSIFIED ACROSS LOCAL SALES GBG IS FOCUSED ON GROWING SALES OF HIGH CHANNELS, WITH FOCUS ON HORECA AND GROSS PROFIT MARGIN PACKAGING TYPES - KEG TRADITIONAL TRADE AND SINGLE SERVE GBG local portfolio mix Market mix vs GBG GBG local portfolio mix Marke
Slide 100: GBG breweries
Beer business GBG BREWERIES 1 INDUSTRIAL BREWERY (GBG) & 1 CRAFT BREWERY (BLACK LION) 1. GBG BREWERY – MODERN BREWERY LICENSED BY HEINEKEN LOCATED IN CLOSE PROXIMITY TO CAPITAL TBILISI – 30 MIN DRIVE 430K HL 1,586K HL Beer brewing capacity Total bottling capacity 948K HL 208 CSD production capacity
Slide 101: GBG brewery photos
Beer business GBG BREWERY PHOTOS GBG brewery 101
Slide 102: GBG CSD export potential
Beer business GBG CSD EXPORT POTENTIAL GEORGIAN CSD EXPORT DOUBLE-DIGIT GROWTH DRIVEN BY ITS GBG TARGETS SIGNIFICANT GROWTH INCREASED POPULARITY GLOBALLY IN CSD EXPORT SALES Volume - CSD Export Value - CSD Export GBG export share in relevant CSD categories (75% of total CSD 20.0% 27% CAGR’16-20 28%
Slide 103: GBG strategy
Beer business GBG STRATEGY TARGETING FOR 2025… …RESULTING IN CAGR 1H20 1H21 Growth 2020 2021F 2025F 1 ‘21-25 Beer sales, ‘000 HL 117 120 3% 243 247 320 7% Premiumization on local market CSD sales, ‘000 HL 12 31 158% 29 72 207 30% Price per liter, Beer, GEL 2.3 2.6 13% 2.4 2.6 2.8 2% Price per liter,
Slide 104: GBG sales & profitability dynamics
Beer business GBG SALES & PROFITABILITY DYNAMICS DOUBLE DIGIT REVENUE GROWTH POSITIVE EBITDA TREND Net Revenue EBITDA 25.2% CAGR 20.8% 2.4 0.02 1.5 GEL mln 43.6 45.9 GEL mln 29.3 25.5 (6.5) 21.1 (13.8) 2018 2019 2020 H1 2020 H1 2021 2018 2019 2020 H1 2020 H1 2021 IMPROVED MARGINS DRIVEN BY SCALE UP
Slide 105: GBG working capital dynamics
Beer business GBG WORKING CAPITAL DYNAMICS STABLE AND HEALTHY WC RATIOS INVENTORY TURNOVER RATIO MAINTAINED AT 2.0X+ +17ppts -0.8x +3ppts -0.8x Inventory turnover NWC as a % of sales 25% 24% 23% 2.9x 20% 2.8x 2.6x 2.1x 2.0x 7% 2018 2019 2020 H1 2020 H1 2021 2018 2019 2020 H1 2020 H1 2021 ➢ Inventory
Slide 106: GBG income statement
Beer business GBG INCOME STATEMENT INCOME STATEMENT CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 ‘18-20 Revenue 21,103 25,486 20.8% 29,308 43,628 45,947 25.2% of which, revenue from local sales 19,855 21,756 9.6% 29,308 41,769 42,947 21.1% of which, revenue from exports
Slide 107: GBG balance sheet
Beer business GBG BALANCE SHEET BALANCE SHEET CAGR GEL thousands; unless otherwise noted Jun-20 Jun-21 Change Dec-18 Dec-19 Dec-20 ‘18-20 Cash and cash equivalents 7,499 5,363 -28.5% 1,244 2,543 1,983 26.3% Amounts due from financial institutions - - NMF 8 - - NMF Accounts Receivable 11,035 12,976 1
Slide 108: GBG cash flow
Beer business GBG CASH FLOW STATEMENT OF CASH FLOW CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 ‘18-20 Cash received from customers 30,242 34,486 14.0% 44,710 60,003 70,025 25.1% Cash paid to suppliers (7,870) (12,194) 54.9% (18,941) (29,319) (22,244) 8.4% Cash paid for
Slide 109: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW ➢ Beverages business o Wine business o Beer business o Distribution business o Beverage business consolidated o Annex 06 1H21 GEORGIAN MACRO
Slide 110: GDL product portfolio & operating model
Distribution business GDL PRODUCT PORTFOLIO & OPERATING MODEL OPERATING THROUGH TWO MAJOR MODELS DIVERSIFIED PRODUCT PORTFOLIO OF MAJOR LOCALLY, OFFERING (1) 3RD PARTY LOGISTICS BEVERAGE CATEGORIES AND LEADING BRANDS AND (2) FULL DISTRIBUTION SERVICE Product category Product origin Main product port
Slide 111: GDL distribution geographic coverage
Distribution business GDL DISTRIBUTION GEOGRAPHIC COVERAGE 9 WAREHOUSES ACROSS ALL REGIONS OF GEORGIA WITH FULL COVERAGE Warehouse and office spaces OF THE COUNTRY Total # of Total size Average size Total palette warehouses capacity 9 9,832 1,092 3,630 sqm sqm Zugdidi warehouse Kutaisi warehouse Gor
Slide 112: GDL sales channel coverage
Distribution business GDL SALES CHANNEL COVERAGE AVERAGE 85% OF ALL SALES POINTS COVERED 68%+ SALES POINT COVERAGE IN ALL MAJOR COUNTRYWIDE BY GDL BEVERAGE CATEGORIES 15% 15% 20% 15% 13% 25% 20% 32% 90% 100% 87% 85% 85% 80% 85% 80% 75% 68% 10% Large retail chains Traditional trade HoReCa Wine Beer W
Slide 113: GDL sales breakdown by product categories
Distribution business GDL SALES BREAKDOWN BY PRODUCT CATEGORIES DIVERSIFIED GROSS PROFIT WITH GROUP 3.8X REVENUE GROWTH THROUGH 2018-2020 AND 3RD PARTY PRODUCTS 94.9% CAGR GDL Gross Profit breakdown, 2020 94.6 80.3 25% 13.8% 32% GEL mln 47.4 43% GEL 41.6 24% 13.9m 57% 75% 22% 24.9 68% 64% 78% 76% 36
Slide 114: GDL strategy
Distribution business GDL STRATEGY TARGETING FOR 2025… …RESULTING IN 1 Focus on maintaining existing CAGR coverage and further enhancing scale 1H20 1H21 Growth 2020 2021F 2025F ‘21-25 Revenue, GELm 41.6 47.4 14% 94.6 116.4 168.1 10% Gross profit, GELm 6.2 7.8 27% 13.9 16.7 24.3 10% (margin %) 14.8%
Slide 115: GDL sales & profitability dynamics
Distribution business GDL SALES & PROFITABILITY DYNAMICS PRODUCT PORTFOLIO ENHANCEMENT DRIVES 3.8X HIGHER REVENUE IN 2020 VS 2018 EBITDA GROWTH IN 2021 Revenue EBITDA 94.9% CAGR 13.8% GEL mln 94.6 52.1% 80.3 GEL mln 41.6 47.4 3.0 24.9 1.7 0.6 1.1 0.3 2018 2019 2020 H1 2020 H1 2021 2018 2019 2020 H1
Slide 116: GDL working capital dynamics
Distribution business GDL WORKING CAPITAL DYNAMICS NET WORKING CAPITAL INVENTORY TURNOVER -11.3ppts +12.9x -3.9x NWC as a % of sales 12.3% +1.3ppts 17.3x Inventory turnover 13.4x 14.2x 10.3x 1.0% 1.3% -1.5% 0.04% 4.4x 2018 2019 2020 H1 2020 H1 2021 2018 2019 2020 H1 2020 H1 2021 ➢ Healthy inventory
Slide 117: GDL income statement
Distribution business GDL INCOME STATEMENT INCOME STATEMENT CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 ‘18-20 Revenue 41,606 47,350 13.8% 24,896 80,254 94,581 94.9% COGS (35,439) (39,513) 11.5% (19,644) (66,397) (80,709) NMF Gross Profit 6,167 7,837 27.1% 5,252 13,857
Slide 118: GDL balance sheet
Distribution business GDL BALANCE SHEET BALANCE SHEET CAGR GEL thousands; unless otherwise noted Jun-20 Jun-21 Change Dec-18 Dec-19 Dec-20 ‘18-20 Cash and cash equivalents 2,213 838 -62.1% 327 1,049 3,001 NMF Accounts Receivable 14,158 17,395 22.9% 6,750 15,838 15,571 51.9% Prepayments & Other Asset
Slide 119: GDL cash flow
Distribution business GDL CASH FLOW STATEMENT OF CASH FLOW CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 ‘18-20 Cash received from customers 47,017 49,512 5.3% 32,133 89,244 105,302 81.0% Cash paid to suppliers (39,334) (39,984) 1.7% (22,345) (68,402) (88,111) 98.6% Cash
Slide 120: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW ➢ Beverages business o Wine business o Beer business o Distribution business o Beverage business consolidated o Annex 06 1H21 GEORGIAN MACRO
Slide 121: Beverage business strategy
Beverages business BEVERAGE BUSINESS STRATEGY TARGETING FOR 2025… …RESULTING IN 1 WINE Further solidify leading WINE BEER DISTRIBUTION COMBINED position on local and All amounts in GELm 2021 2025 CAGR 2021 2025 CAGR 2021 2025 CAGR 2021 2025 CAGR export markets through Net revenue 77 121 12% 55 94 14
Slide 122: Beverage business sales & profitability dynamics
Beverages business BEVERAGE BUSINESS SALES & PROFITABILITY DYNAMICS DOUBLING REVENUE OVER 2 YEARS SOLID CONSECUTIVE EBITDA GROWTH Consolidated Revenue Total EBITDA 34.8% CAGR 16.4 3.4x 26.7% 7.8 GEL mln 138.5 2.4 124.7 2.3 GEL mln 76.2 68.7 54.3 (6.4) 2018 2019 2020 H1 2020 H1 2021 2018 2019 2020 H1
Slide 123: Beverage business working capital dynamics
Beverages business BEVERAGE BUSINESS WORKING CAPITAL DYNAMICS IMPROVING WC RATIO HEALTHY INVENTORY TURNOVER AT 1.8X – 2.0X -2ppts -0.2x +0.3x 37% 37% NWC as a % of sales 35% 1.9x 2.0x Inventory turnover 1.8x 1.8x 1.6x 32% 32% 2018 2019 2020 H1 2020 H1 2021 2018 2019 2020 H1 2020 H1 2021 123
Slide 124: Beverage business income statement
Beverages business BEVERAGE BUSINESS INCOME STATEMENT INCOME STATEMENT CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 ‘18-20 Revenue 54,267 68,742 26.7% 76,214 124,705 138,532 34.8% COGS (36,162) (41,743) 15.4% (46,960) (80,349) (85,772) 35.1% Gross Profit 18,105 26,999 4
Slide 125: Beverage business balance sheet
Beverages business BEVERAGE BUSINESS BALANCE SHEET BALANACE SHEET CAGR GEL thousands; unless otherwise noted Jun-20 Jun-21 Change Dec-18 Dec-19 Dec-20 ‘18-20 Cash and cash equivalents 14,785 15,143 2.4% 9,953 9,367 13,557 16.7% Amounts due from financial institutions 170 - NMF 136 153 8 -75.7% Accou
Slide 126: Beverage business cash flow
Beverages business BEVERAGE BUSINESS CASH FLOW STATEMENT OF CASH FLOW CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 ‘18-20 Cash received from customers 67,065 81,184 21.1% 102,142 147,105 157,558 24.2% Cash paid to suppliers (22,409) (30,130) 34.5% (52,231) (70,557) (59,
Slide 127: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW ➢ Beverages business o Wine business o Beer business o Distribution business o Beverage business consolidated o Annex 06 1H21 GEORGIAN MACRO
Slide 128: Teliani Valley wineries - detailed
Beverages Business Annex TELIANI VALLEY WINERIES – DETAILED 1 Teliani Valley 2 Kindzmarauli Marani 3 Alaverdi Av. Av. Country of Average Equipment Quantity Capacity Brand Equipment Quantity Capacity Brand Equipment Quantity Capacity age age manufacturing age Bunker 3 45 Tons/hr Bulgaria – PIM 2 Bunk
Slide 129: Teliani Valley vineyards - detailed (1/2)
Beverages Business Annex TELIANI VALLEY VINEYARDS – DETAILED (1/2) Teliani Valley vineyards by Protected Designations of Origin (PDO) Average distance Average distance Main grape Grape Total area Total number Average yield Total Harvest PDO between the rows between vines Average Age variety type (HA
Slide 130: Teliani Valley vineyards - detailed (2/2)
Beverages Business Annex TELIANI VALLEY VINEYARDS – DETAILED (2/2) Teliani Valley vineyards by location and grape variety Average distance Average distance Grape Total area Number of vines Total number of Average yield Total Harvest Location Grape type between the rows between vines Average Age vari
Slide 131: GBG breweries - detailed
Beverages Business Annex GBG BREWERIES – DETAILED Brewery Filling & bottling line Other Assets Average Average Average Equipment Quantity Brand Equipment Capacity Brand Equipment Quantity Age Age Age Cylindric-Conical Tanks 31 ZVU 4 Complete Glass bottle line 18,000 bph KHS 4 Land & Buildings N/A N/
Slide 132: GDL assets - detailed
Beverages Business Annex GDL ASSETS – DETAILED Warehouse & office spaces Vehicle fleet Warehouses leased Count Total payload Palette Year of City Usage Size, sq.m. Wrecks Car leased own Total leased own Total capacity manufacture Tbilisi #1 WH 2,000 1,200 Yes FORD-TRANSIT 2002-2007 - 5 5 - 8 8 Tbili
Slide 133: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES 133
Slide 134: Sovereign ratings with favourable macro fundamentals
SOVEREIGN RATINGS WITH FAVOURABLE MACRO FUNDAMENTALS Key Ratings Highlights General Facts Rating Agency Rating Outlook Affirmed Ba2 Stable April 2021 BB Negative February 2021 Georgia BB Negative February 2021 Georgia is favorably placed among peers Fitch Rating Country Country Rating Outlook Armeni
Slide 135: Georgia's key economic drivers
GEORGIA’S KEY ECONOMIC DRIVERS Top performer globally in WB Doing Business over the past 12 years Liberal ▪ Liberty Act (effective January 2014) ensures a credible fiscal framework; Fiscal deficit/GDP capped at 3%; Public debt/GDP capped at 60%. economic policy ▪ Following the emergency clause activ
Slide 136: Institutional oriented reforms
INSTITUTIONAL ORIENTED REFORMS Ease of Doing Business | 2020 (WB Doing Business Report) Economic Freedom Index | 2020 (Heritage Foundation) New Zealand 1 Singapore 2 Ireland 6 US 6 UK 7 Georgia 7 Georgia 12 Up by four places Norway 9 Lithuania 11 Lithuania 16 compared to 2018 Estonia 18 Czech Republ
Slide 137: Pace of economic recovery is higher than expected
PACE OF ECONOMIC RECOVERY IS HIGHER THAN EXPECTED Gross domestic product Nominal GDP structure, 1Q21 According to preliminary estimates, real GDP fell by 4.5% y-o-y in 1Q21. Flash estimates show GDP increased by 29.8% in 2Q21, reaching 12.7% growth in 1H21. Information and Other Accommodation and fo
Slide 138: Sign of recovery in wages while employment lags behind
SIGN OF RECOVERY IN WAGES WHILE EMPLOYMENT LAGS BEHIND Unemployment rate up to 21.9% in 1Q21 UNDP Human Development Index Sources: GeoStat Sources: UNDP 0.78 0.79 0.81 1450 27.2 27.2 26.7 30 0.9 0.74 0.75 0.76 0.77 0.77 0.78 26.4 0.8 0.71 0.72 0.73 0.73 0.73 0.74 23.0 21.9 21.7 21.6 21.9 25 0.67 0.6
Slide 139: Inflation to stay above target in 2021
0 20 40 60 80 -40 -20 Jun-05 Mar-15 Dec-05 Jun-15 Jun-06 Dec-06 Sep-15 Jun-07 Dec-15 Sources: Geostat, NBG Sources: NBG, GeoStat Dec-07 Mar-16 Jun-08 Dec-08 Jun-16 Jun-09 Sep-16 Dec-09 Dec-16 Jun-10 Dec-10 Mar-17 M2 vs. inflation, y-o-y,% Jun-11 Jun-17 Dec-11 Sep-17 Jun-12 Dec-17 M2 Y/Y % LHS Dec-12
Slide 140: Current account balance adjusting after record lows
CURRENT ACCOUNT BALANCE ADJUSTING AFTER RECORD LOWS Current account balance (% of nominal GDP) Exports and Re-exports, US$ billion Sources: NBG Source: NBG 30% The CAB was -10.7% in 1Q21, with goods trade adjustment and record high remittances 30% Service exports Goods exports, geo-originated Re-exp
Slide 141: Record high remittances and rebounding merchandise exports
RECORD HIGH REMITTANCES AND REBOUNDING MERCHANDISE EXPORTS MITIGATING GAP IN TOURISM REVENUES FDI totalled 3.6% of GDP in 1Q21, with equity and debt increasing by 31.3% and reinvestments falling by 46.3% y-o-y Visitors and tourism revenues Sources: GNTA, NBG Sources: GeoStat 2,200 14% Tourism revenu
Slide 142: Tourism sector
TOURISM SECTOR Tourism revenues to GDP Spending per arrival, 2019 Sources: NBG, Geostat Source: WDI 4000 18.3% 18.8% 20% 16.6% 3500 18% 900 820 818 16% 788 13.9% 800 724 3000 12.9% 689 676 11.3% 14% 700 632 2500 US$ million 9.9% 10.1% 12% 544 8.6% 600 508 2000 10% 460 500 6.2% 8% 384 384 379 1500 5.
Slide 143: Diversified foreign trade
DIVERSIFIED FOREIGN TRADE Goods’ Trade Deficit Oil imports Source: GeoStat Source: GeoStat In 1H21, the trade deficit widened by 13.3% y-o-y, as exports grew by 25.5% while imports increased by 18.4% 1,200 Oil imports, US$ mn Oil imports, % change, y/y 90% 0 50% 1,000 40% -100 70% 30% 800 -200 20% 1
Slide 144: Diversified foreign trade
DIVERSIFIED FOREIGN TRADE Imports of goods, contribution to growth Foreign Demand, 1H21 Source: NBG Source:, Geostat 1% Import of all types of goods increased in 2Q21, with intermediate and consumer Crude materials, inedible, except fuels goods rising the largest 6% 2% 1% Machinery and transport equ
Slide 145: Prudent monetary policy ensures macro-financial stability
PRUDENT MONETARY POLICY ENSURES MACRO-FINANCIAL STABILITY Monetary policy rate International Reserves Sources: NBG Sources: NBG NBG further increased the monetary policy rate to 10% in August, as inflation is International reserves grew by 8.4% y-o-y to reach US$ 3.9 billion by the end of June 14 ex
Slide 146: Floating exchange rate - policy priority
FLOATING EXCHANGE RATE - POLICY PRIORITY Loans by currencies NBG has sold $1.12 billion since March 2020 up to July 2021 on the foreign exchange market, with the last intervention coming in April 2021 Sources: NBG In parallel with the rebound in economic activity, both GEL and FX loans have started
Slide 147: Public debt to decrease throughout the medium run
PUBLIC DEBT TO DECREASE THROUGHOUT THE MEDIUM RUN Public debt Breakdown of public debt Sources: MOF Public debt is expected to fall to 54% of GDP, with a consolidation Source: MOF, as of 31 May 2021 plan in place for the medium run External public debt to GDP, % Total public debt to GDP, % 60% 60% 5
Slide 148: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES ➢ Georgia Capital results discussion ➢ Georgia Capital financial statements ➢ Portfolio compani
Slide 149: Other businesses: other portfolio performance highlights
OTHER BUSINESSES OTHER PORTFOLIO PERFORMANCE HIGHLIGHTS 2Q21 1H21 EBITDA Revenue EBITDA Revenue Operational Change Change 2021 Change Change Change Change 2Q21 1H21 GEL GEL GEL GEL metrics y-o-y y-o-y TARGET million y-o-y million y-o-y million y-o-y million y-o-y Number of WINE bottles solid 2.2 +58
Slide 150: 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 151: Private portfolio companies' debt maturity profile
PRIVATE PORTFOLIO COMPANIES’ DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 30 JUNE 2021 (GEL MILLION) 2021 2022 2023 2024+ Total Large portfolio companies 48.4 204.7 38.1 577.2 868.4 Healthcare Services 40.9 203.4 37.8 85.6 367.7 Retail (Pharmacy) 7.5 1.2 - - 8.7 Water Utility - 0.1 0.3 491.6 492.
Slide 152: Multiple of invested capital (MOIC) | 30-Jun-2021
MULTIPLE OF INVESTED CAPITAL (MOIC) | 30-JUN-2021 GEL million Gross Investment Sell down Dividends Fair Value MOIC Realized MOIC (1) (2) (3) (4) (2+3+4) / (1) (2+3) / (1) Listed Investments 129 287 134 575 7.7x 3.3x Bank of Georgia Group PLC 129 287 134 575 7.7x 3.3x Private large portfolio companie
Slide 153: Georgia Capital's board of directors
Georgia Capital’s board of directors Board of directors - Georgia Capital PLC Irakli Gilauri, Chairman & CEO David Morrison, Senior Independent Director Experience: formerly BGEO Group CEO; Up to 20 years of Experience: formerly Director at Sullivan & Cromwell with a experience in the banking, inves
Slide 154: Georgia Capital's highly experienced management team
Georgia Capital’s highly experienced management team Georgia Capital Management Irakli Gilauri, Chairman & CEO Giorgi Ketiladze, Director, Investments Georgia Capital Georgia Capital Irakli Gilauri formerly served as the CEO of BGEO Group from 2011 to May 2018. He joined as Formerly Investment Offic
Slide 155: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES ➢ Georgia Capital results discussion ➢ Georgia Capital financial statements ➢ Portfolio compani
Slide 156: NAV statement | 2Q21
NAV STATEMENT | 2Q21 1.Value 2a. 3.Operating 4. Liquidity 2c. GEL thousands unless otherwise noted 31-Mar-21 2b. Buybacks Management/ FX / 30-Jun-21 Change % Creation Investments Dividends Expenses Other Listed Portfolio Companies BoG 505,106 70,288 - - - - - 575,394 13.9% Listed Portfolio Value 505
Slide 157: NAV statement | 1H21
NAV STATEMENT | 1H21 1.Value 2a. 3.Operating 4. Liquidity GEL thousands unless otherwise noted 31-Dec-20 2b. Buybacks 2c. Dividends 30-Jun-21 Change % Creation Investments Expenses Management/ FX / Other Listed Portfolio Companies BoG1 531,558 43,836 - - - - - 575,394 8.2% Listed Portfolio Value 531
Slide 158: Georgia Capital 2Q21 & 1H21 performance overview
GEORGIA CAPITAL 2Q21 & 1H21 PERFORMANCE OVERVIEW Income statement GEL ‘000, unless otherwise noted 2Q21 2Q20 Change 1H21 1H20 Change Dividend income 9,691 - NMF 14,430 4,927 NMF Interest income 6,120 5,660 8.1% 10,617 11,816 -10.1% Realised / unrealised (loss)/ gain on liquid funds 1,687 (638) NMF 1
Slide 159: Value creation in private portfolio | 2Q21
VALUE CREATION IN PRIVATE PORTFOLIO | 2Q21 Operating Multiple Change Portfolio Businesses Greenfields Value Creation in 2Q21 331.9 Performance and FX GEL thousands (1) (2) (3) (1)+(2)+(3) BoG 70,288 Total Listed Portfolio Companies 70,288 Large Portfolio Companies 321,346 - (102,570) 218,776 Healthc
Slide 160: Value creation in private portfolio | 1H21
VALUE CREATION IN PRIVATE PORTFOLIO | 1H21 Operating Multiple Change Portfolio Businesses Greenfields Value Creation in 1H21 340.4 Performance and FX GEL thousands (1) (2) (3) (1)+(2)+(3) BoG 43,836 Total Listed Portfolio Companies 43,836 Large Portfolio Companies 332,823 - (102,733) 230,090 Healthc
Slide 161: Number of shares outstanding development history
NUMBER OF SHARES OUTSTANDING DEVELOPMENT HISTORY • US$45 million share buyback ▪ Commencement of US$10 programme, commenced in In 3Q20, 7.7m shares million share buyback and ▪ cancellation program Jun-18, was completed in Aug- 50.00 were issued for GHG 19. 3.3 million shares were share exchange 46.2
Slide 162: Contents
CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES ➢ Georgia Capital results discussion ➢ Georgia Capital financial statements ➢ Portfolio compani
Slide 163: Georgian healthcare market overview
GEORGIAN HEALTHCARE MARKET OVERVIEW Healthcare coverage of Georgia’s 3.7m population: ▪ UHC was introduced in February 2013 and replaced most of the previously existing state- 2015 funded medical insurance plans Overview ▪ The main goal is to provide basic healthcare coverage to the entire populatio
Slide 164: 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
Slide 165: Company information
COMPANY INFORMATION Georgia Capital PLC Registered Address 42 Brook Street London W1K 5DB United Kingdom www.georgiacapital.ge Registered under number 10852406 in England and Wales Stock Listing London Stock Exchange PLC’s Main Market for listed securities Ticker: “CGEO.LN” Contact Information Georg