Georgia Capital PLC · LSE:CGEO
Georgia Capital — H1 2019 Earnings Presentation
74 slides from Georgia Capital's earnings presentation, Aug 15, 2019
Slide 1: Investor presentation: 1H19 results
Investor presentation: 1H19 results 10 x = 10 y 15 August Page 12019
Slide 2: Forward looking statements
Forward looking statements Disclaimer 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, p
Slide 3: Content
Content 1. 1H19 results discussion | Georgia Capital 2. Georgia Capital strategy 3. Portfolio overview 4. Georgian macro overview 5. Appendices Page 3
Slide 4: Our portfolio at a glance
Our portfolio at a glance Georgia Capital portfolio First trading day on LSE premium segment – 29 May 2018 Private LSE Listed Late Stage Pipeline Georgia Healthcare Group Water Utility Housing Development P&C Insurance Education 57% 100% 100% 100% Early Stage Auto Service Bank of Georgia Renewable E
Slide 5: CGEO:LN performance
CGEO:LN performance LSE premium listed, with more than 90% institutional shareholder base GCAP shareholders allocation by geography Number of outstanding shares as at 30-Jun-19 As of 14 August 2019 39,384,712 2,000,000 22.6% 1,423,309 Average daily USA 35,961,403 trading volume – 27.7% GBP 1.2 (mill
Slide 6: 1H19 performance highlights (management accounts)
1H19 performance highlights (management accounts) Georgia Capital NAV overview Georgia Capital performance 30-Jun-19 31-Dec-18 Change 1H19 GEL thousands, except per share information (y-o-y) GEL thousands NAV per share, GEL1 53.90 44.32 21.6% Total portfolio value creation 346,585 NAV per share, GBP
Slide 7: NAV Statement | 30 June 2019
NAV Statement | 30 June 2019 1. Value 2a. Capital 3. Operating 4a. Net interest 4b. Liquidity GEL thousands unless otherwise noted Dec-18 2b. Buy-backs Jun-19 Change % creation allocation expenses income management Listed Portfolio Companies 977,827 245,817 (28,932) - - - - 1,194,712 22.2% GHG2 520,
Slide 8: Analysis of NAV movements | 1H19
Analysis of NAV movements | 1H19 Value creation across listed assets contributed 14.5% to NAV growth, while value creation in private assets contributed 6.0% GEL millions Private portfolio Change in net debt Listed portfolio GEL 138 million GEL 108 million GEL 217 million 44 (59) 101 (8) (10) (10) 2
Slide 9: Net Asset Value evolution
Net Asset Value evolution Change since Change since 31-Dec-18 31-Dec-18 GEL 44.32 GEL 47.56 +7.3% GEL 53.90 +21.6% NAV per share1 GBP 13.05 GBP 13.53 +3.7% GBP 14.81 +13.5% 1,938 1,810 GEL millions, except per share information 1,688 Private Private 54% Private 51% 1,043 54% 928 906 Listed Listed 62
Slide 10: Private portfolio valuation overview | 30 June 2019
1.Value creation Private portfolio valuation overview | 30 June 2019 Fair value, Fair value, Multiple Multiple Business Valuation method Change GEL ‘000 GEL ‘000 applied applied 30-Jun-19 31-Dec-18 30-Jun-19 31-Dec-18 Late stage portfolio 681,973 628,326 8.5% Water Utility EV/EBITDA (LTM1) 459,706 4
Slide 11: Value creation across private portfolio | 1H19
1.Value creation Value creation across private portfolio | 1H19 Operating Multiple Private Portfolio Businesses Dividends Greenfields Value Creation Performance Change GEL thousands (1) (2) (3) (4) (1)+(2)+(3)+(4) Late Stage 8,000 25,108 - 46,576 79,683 Water Utility - 12,976 - 15,713 28,689 Housing
Slide 12: Capital allocations | 1H19
2a.Capital 2b.Buybacks allocations Capital allocations | 1H19 Capital GEL, millions Dividends Investments Buybacks Total reallocation BOG (25.0) - - - (25.0) Listed portfolio GHG (4.0) - - - (4.0) Water Utility - - - - Private late stage Housing Development - - (18.0) - (18.0) portfolio P&C Insuranc
Slide 13: Recent acquisitions
2a.Capital allocations Recent acquisitions July 2019 Buckswood International March 2019 • The leading school in the mid-level segment Kazbegi brand acquisition May 2019 Redberry acquisition • Purchase of 80% equity stake • Georgia’s oldest beer brand – Kazbegi, brewed since 1881 • The leading Georgi
Slide 14: Share buyback programme update
2b.Buybacks Share buyback programme update | 14 August 2019 US$45 million share buyback programme commenced in June 2018 US$ 43.8 million 3,239,843 GBP 10.45 Utilized portion shares bought back Average price of shares bought back 2,000,000 686,468 553,375 shares cancelled in June 2019 shares transfe
Slide 15: GCAP Income Statement (Management accounts) | 1H19
3. Operating 4a. Net interest expenses income GCAP Income Statement (Management accounts) | 1H19 Income statement Income statement highlights GEL thousands unless otherwise noted 1H19 Dividend income 36,932 Interest income 21,868 GEL millions 1H19 Realised / unrealised gain on liquid funds Interest
Slide 16: Continued strong cash flow generation
3. Operating 4a. Net interest expenses income Continued strong cash flow generation Stand-alone GCAP cash flow highlights Consolidated Group cash flow highlights Net cash flow from operations of GEL 17 million in 1H19 Net cash flow from operating activities up by 52.9% GEL millions 1H19 GEL millions
Slide 17: Liquidity management at Georgia Capital
4b. Liquidity management Liquidity management at Georgia Capital GEL 305 million Liquid assets & Loans issued | 30-Jun-2019 Net debt | 30-Jun-2019 ► Georgia Capital issued inaugural US$ 300mln international corporate bonds in March 2018 28 114 Cash at bank (20%) GEL millions Net debt overview | 30-J
Slide 18: Capital allocation outlook through 2023
Capital allocation outlook through 2023 Highly disciplined approach to unlock value through investments Together with the available GEL 556mln liquid funds & short-term loans, we are well-positioned to create long-term shareholder value Total capital allocation GEL millions 2018A 2019E2 2020E 2021E
Slide 19: Key portfolio highlights | June 2019
Key portfolio highlights | 30 June 2019 Gross cash invested of GEL 9753 million translating into GEL 2.3* billion portfolio value Listed Private late stage Private early stage Pipeline* Net cash invested (288) 113 317 73 Fair value 1,195 682 315 88 MOIC1 5.7 7.4 2.4 1.9 18.9 1.1 1.4 1.3 0.1 NMF NMF
Slide 20: Multiple of Invested Capital (MOIC) | June 2019
Multiple of Invested Capital (MOIC) | 30 June 2019 Gross GEL millions Sell down Dividends Fair Value MOIC Realized MOIC Investment (1) (2) (3) (4) (2+3+4) / (1) (2+3) / (1) Listed Investments 268 418 138 1,195 6.5x 2.1x Georgia Healthcare Group PLC 139 131 4 661 5.7x 1.0x Bank of Georgia Group PLC 1
Slide 21: 1H19 private portfolio performance highlights
1H19 private portfolio performance highlights Late stage Water Utility Housing Development P&C Insurance +6.7% -37.4% 69.8 74.5 +8.4% +46.2% +15.4% 62.7 44.7 NMF +54.3% 37.2 40.4 39.2 -7.8% 31.4 36.3 flat 30.6 14.7 8.8 8.3 8.3 9.5 (2.1) (18.1)(16.7) 1 Revenue EBITDA Operating cash Earned Net income
Slide 22: Value creation outlook
Value creation outlook Drivers for NAV growth Outlook for 2H19 performance and beyond remains robust Upcoming value creation over the medium term Late stage businesses Early stage businesses Pipeline businesses Business growth and operating ➢ Hotels ➢ Auto service efficiencies ➢ Hydro and wind power
Slide 23: Content
Content 1. 1H19 results discussion | Georgia Capital 2. Georgia Capital strategy 3. Portfolio overview 4. Georgian macro overview 5. Appendices Page 23
Slide 24: Georgia Capital – Your ground floor investment opportunity
Georgia Capital – Your ground floor investment opportunity Capitalizing on fast-growing economy with strong governance, management and access to capital Access to capital Access to management Three fundamental enablers Strong corporate governance Page 24
Slide 25: Strong corporate governance
Strong corporate governance How we run Georgia Capital Strong board, composed solely of independent directors with extensive international experience Approximately 25 employees at the management company level Highly experienced management team in each portfolio company with a strong measure of indep
Slide 26: Strong corporate governance
Strong corporate governance Aligned shareholder and management interests by share compensation Platform costs - targeted at maximum c.2% of MCAP Key things to know Cash preservation is a key target for GCAP: two thirds of total 1 operating expenses are related to share-based compensation. 33% c. 1%
Slide 27: Access to management
Access to management Solid track record demonstrated by management Created three listed companies from Georgia, on the premium segment of the London Stock Exchange Acquisitions Capital raise Exit IRR The Georgia Capital management Uniquely positioned given the access 121% IRR from GHG IPO team, unde
Slide 28: Our investment philosophy
Our investment philosophy We will pick well, we will manage very well and sell extremely well 10x = 10y 2nd exit Cash generation at both GCAP and portfolio company level is a key success factor 1st exit: cash-out ▪ Trade sale or IPO ▪ Cash inflows through leveraging up and/or Entry dividend payouts
Slide 29: Managing investments
Managing investments Proxy share ownership plans in portfolio companies’ management Investment stage Pipeline Acquisition/ Early Late Target to Listed Possible Entrance completion exit Discovery Young Portfolio Large Portfolio Mature Portfolio of Exit Companies Companies Companies Sector Digital Edu
Slide 30: Clear exit paths
Clear exit paths Trade sale IPO Fund Promote Water Utility x x x P&C Insurance x Housing Development x Renewable Energy x x x Hospitality & Commercial x Beverages x x Education x x Auto Service x Digital Services x Exit options set prior to making an investment decision Page 30
Slide 31: Two new strategic priorities
Two new strategic priorities Over time Georgia Capital will: 1. Decrease share of listed assets to 20% and 2. manage third-party money Over the next 5 years we will reshape our balance sheet 30 June 2019 In 5 years Management company 20% Third-party 47% managed capital 53% 80% GCAP investment portfo
Slide 32: 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 33: Georgia Capital’s highly experienced management team
Georgia Capital’s highly experienced management team Georgia Capital Management Irakli Gilauri, Chairman & CEO Nikoloz Gamkrelidze, CEO, Georgia Healthcare Group Formerly CEO of BGEO Group since 2011, joined as CFO of Bank of Previously deputy CEO (Finance) of BGEO Group. Our healthcare business sto
Slide 34: Content
Content 1. 1H19 results discussion | Georgia Capital 2. Georgia Capital strategy 3. Portfolio overview 4. Georgian macro overview 5. Appendices Page 34
Slide 35: Healthcare and pharmacy business (GHG) overview
Listed investments Healthcare and pharmacy business (GHG) overview http://ghg.com.ge/ Market opportunity Investment rationale ▪ Very low base: healthcare services spending per capita only US$ 324 Total healthcare market (including healthcare services and pharmacy) ▪ Growing market: healthcare spendi
Slide 36: Bank of Georgia (BoG) Overview
Listed investments Bank of Georgia (BoG) 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
Slide 37: Water utility business overview
Private late stage portfolio Water utility business overview Investment rationale Key highlights | 30 June 2019 ▪ Natural monopoly in Tbilisi and surrounding districts with high entry barriers ▪ Sectoral output increasing at a robust growth rate (on average 9.5% in the last 10 years) GEL millions, u
Slide 38: Housing development business overview
Private late stage portfolio Housing development business overview Investment rationale Key highlights | 30 June 2019 ▪ Shortage of housing from Soviet era combined with Georgian tradition of multi generations living under one roof, average household size is significantly higher at 3.5 compared to E
Slide 39: P&C insurance business overview
Private late stage portfolio P&C insurance business overview Key highlights | 30 June 2019 Investment rationale • Significantly underpenetrated insurance market in Georgia GEL millions, unless otherwise noted 30-Jun-19 31-Dec-18 Change • Market leader with a powerful distribution network of point of
Slide 40: Renewable energy business overview
Private early stage portfolio Renewable energy business overview Key highlights | 30 June 2019 Investment rationale GEL millions, unless otherwise noted 30-Jun-19 31-Dec-18 Change ▪ Underdeveloped energy market with potential for significant growth - Low per capita power usage ▪ Cheap to develop – u
Slide 41: Hospitality and commercial real estate business overview
Private early stage portfolio Hospitality and commercial real estate business overview Investment rationale Key highlights | 30 June 2019 ▪ Record number of tourists visiting Georgia every year: 4.8 million visitors in 2018, up 16.9% y-o-y, GEL millions, unless otherwise noted 30-Jun-19 31-Dec-18 Ch
Slide 42: Beverages – wine business overview
Private early stage portfolio Beverages – wine business overview Key highlights | 30 June 2019 Investment rationale ▪ Georgia is considered the “cradle of wine” with a rich, 8,000-year history of wine-making and 30-Jun-19 31-Dec-18 Change home to over 500 unique grape varieties ▪ Georgia’s favorable
Slide 43: Beverages – beer business overview
Private early stage portfolio Beverages – beer business overview Investment rationale Key highlights | 30 June 2019 ▪ Beer consumption per capita at one of the lowest levels in the wider region at 27.5 liters per capita 30-Jun-19 31-Dec-18 Change ▪ 50% CAGR growth in soft drinks export over the last
Slide 44: Attractive service business – Auto Service
Pipeline Attractive service business – Auto Service We aim to build a diversified business model combining many different auto-related services to capitalise on the large and growing automotive services market Number of registered vehicles in Georgia (‘000) – 8% CAGR 2012-2018 Room for growth in the
Slide 45: Periodic technical inspection business overview
Pipeline Periodic technical inspection business overview Investment rationale Key highlights | 30 June 2019 ▪ Georgia’s Auto park continues to grow steadily, with 8% CAGR during the years 2012-2018 ▪ Georgia lags behind developed countries by number of private passenger cars per capita, showing room
Slide 46: Education - Fragmented education market offers attractive opportunity for a scaled player
Pipeline Education - Fragmented education market offers attractive opportunity for a scaled player Industry investment rationale Medium term demand outlook for private high schools ➢ Highly fragmented private school market currently- 10% private in 5-years - 20% private ➢ Large and growing market Pr
Slide 47: Recent acquisitions - education business
Pipeline Recent acquisitions - education business Premium Mid-level Affordable 1 British-Georgian Academy 2 Buckswood 3 Green School Transaction ➢ Purchase of 70% equity stake. ➢ Purchase of 80% equity stake. ➢ Purchase of 80% - 90%1 equity stake. highlights ➢ Valued at 6.4x EV / EBITDA 2020. ➢ Valu
Slide 48: Acquisition of the leading Georgian digital marketing agency
Pipeline Acquisition of the leading Georgian digital marketing agency Acquisition of Redberry enables us to have a platform for investments in the digital business US$ 2.8 million new capital injected for digital start-up development About Redberry 1 ➢ One of the most successful Georgian digital mar
Slide 49: Content
Content 1. 1H19 results discussion | Georgia Capital 2. Georgia Capital strategy 3. Portfolio overview 4. Georgian macro overview 5. Appendices Page 49
Slide 50: Sovereign ratings with stable outlook and favourable macro fundamentals
Sovereign ratings with stable outlook and favourable macro fundamentals Key Ratings Highlights General Facts Rating Agency Rating Outlook Affirmed Ba2 Stable September 2018 BB- Positive April 2019 Georgia BB Stable February 2019 Georgia is favorably placed among peers Fitch Rating Country Country Ra
Slide 51: Georgia’s key economic drivers
Georgia’s key economic drivers Top performer globally in WB Doing Business over the past 12 years Liberal economic ▪ Liberty Act (effective January 2014) ensures a credible fiscal and monetary framework: policy ▪ Public expenditure/GDP capped at 30%; Fiscal deficit/GDP capped at 3%; Public debt/GDP
Slide 52: Institutional oriented reforms
Institutional oriented reforms Ease of Doing Business | 2019 (WB Doing Business Report) Economic Freedom Index | 2019 (Heritage Foundation) UK 7 New Zealand 1 Singapore 2 USA 12 Georgia 6 up from 9th in 2018 Estonia 15 Top 8 in Europe region out of 44 Norway 7 Georgia 16 US 8 Latvia 35 countries Est
Slide 53: Diversified resilient economy
Diversified resilient economy Gross domestic product Diversified nominal GDP structure, 1Q19 Source: Geostat Source: Geostat Other US$ billion Hotels and restaurants Education 5% Trade 20 16% 6% 12.6% 3% 17% 9.6% 9.4% 12% Financial intermediation 15 7.2% 5% 5.8% 6.2% 6.4% 4.8% 4.7% 8% 4.6% 10 3.4% 2
Slide 54: Room for further job creation
Room for further job creation Unemployment rate down 1.3 ppts y-o-y to 12.7% in 2018 UNDP Human Development Index Sources: GeoStat Sources: UNDP 0.78 0.78 0.77 18.3 0.77 2000 17.4 17.9 17.4 17.3 17.2 16.9 20 0.76 0.75 15.1 15.4 0.74 14.6 14.1 14.0 1900 0.74 13.9 13.9 0.73 13.5 0.73 0.73 12.4 12.6 12
Slide 55: Inflation and money supply
Jul-11 20 40 60 80 0 -40 -20 Mar-00 Nov-11 Oct-00 Mar-12 May-01 Jul-12 Dec-01 Nov-12 Sources: Geostat, NBG Sources: NBG, GeoStat Jul-02 Feb-03 Mar-13 Sep-03 Jul-13 Apr-04 Nov-04 Nov-13 Jun-05 Mar-14 Jan-06 Jul-14 Aug-06 M2 vs. inflation, y-o-y,% Mar-07 Nov-14 Oct-07 Mar-15 May-08 M2 Y/Y % LHS Jul-15
Slide 56: Current account deficit supported by FDI
Current account deficit supported by FDI Current account balance (% of nominal GDP) Exports and Re-exports, US$ billion 30% Sources: NBG 30% Source: NBG 20% 20% 10.0 Service exports Goods exports, geo-originated Re-exports 0.8 9.0 10% 10% 8.0 0.5 0% 0% 1.1 0.9 7.0 0.9 0.4 0.3 3.6 -10% -10% 6.0 -5.8%
Slide 57: Diversified sources of capital
Diversified sources of capital Strong foreign investor interest Visitors and tourism revenues Sources: GeoStat Sources: GNTA, NBG 2,000 FDI, US$ mln, LHS FDI as a % of GDP 25% mln $ 3600 8.7 10.0 7.9 3100 17.2% 20% 6.3 6.7 8.0 1,500 2600 5.7 5.9 15.1% 2100 4.7 6.0 12.3% 11.9% 12.6% 15% 11.0% 10.9% 1
Slide 58: Tourism sector on the rise
Tourism sector on the rise Tourism revenues to GDP Spending per arrival, 2017 Sources: NBG, Geostat Source: WDI 1600 1496 3600 25% 1310 20% 1400 3100 18% 20% 1200 2600 14% 15% 857 848 823 US$ million 1000 771 763 757 714 2100 11% 11% 15% 692 661 629 9% 800 591 555 527 1600 6% 10% 600 458 441 1100 40
Slide 59: Diversified foreign trade
Diversified foreign trade Goods’ Trade Deficit Oil imports Source: GeoStat Source: GeoStat Based on the preliminary data in the first seven months of 2019 trade deficit narrowed by 14% 1200 y-o-y to US$ (2.9) billion from US$ (3.3) billion, further decreasing FX pressure. Oil imports, US$ mln, mn Oi
Slide 60: Diversified foreign trade
Diversified foreign trade Imports of Goods, contribution to growth Foreign Demand, 1H19 Source: NBG Investment goods Intermediate goods Source:, Geostat 40% Consumer goods Import growth, y/y, % 40% Machinery and transport equipment 30% 30% 6% Crude materials, except fuels 21% 20% 20% 6% Manufactured
Slide 61: Prudent monetary policy ensures macro-financial stability
Prudent monetary policy ensures macro-financial stability International reserves Monetary policy rate Sources: NBG Sources: NBG Official Reserve Assets, US$ mln Net Foreign Assets, US$ mln % NBG continued gradual exit from moderately tightened monetary 3500 3500 policy and decreased its refinancing
Slide 62: Floating exchange rate - policy priority
Floating exchange rate - policy priority Central Bank’s interventions Real effective exchange rate (REER) Sources: NBG Sources: NBG 155 US$ sale 250 NBG purchased US$ 165 million in Jan-2003 =100 200 1H19 to farther accumulate reserves 145 150 120 100 135 100 60 60 4040 4040 40 33 125 27202020 50 11
Slide 63: Low public debt
Low public debt Public debt as % of GDP is capped at 60% Breakdown of public debt Sources: MOF Source: MOF, as of December 2018 70% 70% External public debt to GDP, % Total public debt to GDP, % 60% 60% 50% 50% Multilateral 40% 40% 59% Domestic External 30% 30% 19% 81% 20% 20% 10% 10% Bilateral 0% 0
Slide 64: Growth-oriented government reforms (2018-2020)
Growth-oriented government reforms (2018-2020) 1 Structural Reforms 2 Promoting Transit & Tourism Hub ▪ Small government concept ▪ Roads ▪ Optimization of government units and decrease bureaucracy expenses to get small, efficient and ▪ Plan to finish all spinal projects by 2020 – East-West Highway,
Slide 65: Content
Content 1. 1H19 results discussion | Georgia Capital 2. Georgia Capital strategy 3. Portfolio overview 4. Georgian macro overview 5. Appendices Page 65
Slide 66: NAV Statement | 30 June 2019
NAV Statement | 30 June 2019 Valuation Realized GEL thousands unless otherwise noted % Multiples Fair Values Change% MOIC IRR Method MOIC Jun-19 Dec-18 Jun-19 Dec-18 Jun-19 Listed Equity Investments 1,194,712 977,827 22.2% 6.5x 33.0% 2.1x Georgia Healthcare Group PLC 57.0% LSE 661,413 520,332 27.1%
Slide 67: GCAP cash flow statement (management accounts) | 1H19
GCAP cash flow statement (management accounts) | 1H19 Cash flow statement GEL thousands unless otherwise noted 1H19 1H18 Change Dividends received 32,951 10,000 NMF Interest received 19,110 10,426 83.3% Interest paid (24,694) (21,785) 13.4% Cash inflow from Operations before operating expenses 27,36
Slide 68: Reconciliation of management accounts to IFRS
Reconciliation of management accounts to IFRS Income statement reconciliation, 1H19 Hospitality & Water Housing P&C Renewable Auto Digital Corporate Eliminations/ Group Gel thousands, unless otherwise noted GHG BOG Commercial Beverages Utility Development Insurance Energy Service Services Centre Con
Slide 69: Reconciliation of management accounts to IFRS
Reconciliation of management accounts to IFRS Balance sheet reconciliation, 30 June 2019 Hospitality & Water Housing P&C Renewable Auto Corporate Eliminations/ Group Gel thousands, unless otherwise noted GHG BOG Commercial Beverages Digital services Other Utility Development Insurance Energy Service
Slide 70: Group Consolidated IFRS Accounts
Group Consolidated IFRS Accounts Consolidated IFRS Income Statement Consolidated IFRS Statement of Cash Flow GEL thousands, unless otherwise noted 1H19 1H18 change GEL thousands, unless otherwise noted 1H19 1H18 Change Revenue 672,372 616,395 9.1% Net Cash flow from operating activities 109,422 71,5
Slide 71: Group Consolidated IFRS Accounts
Group Consolidated IFRS Accounts Consolidated IFRS Balance Sheet GEL thousands, unless otherwise noted 30-Jun-19 31-Dec-18 Change Cash and cash equivalents 202,558 256,930 -21.2% Amounts due from credit institutions 58,166 40,299 44.3% Debt securities owned 120,304 71,824 67.5% Equity investments at
Slide 72: Glossary
Glossary • Combined ratio equals sum of the loss ratio and the expense ratio • EBITDA - Earnings before interest, taxes, non-recurring items, FX gain/losses and depreciation and amortization; The Group has presented these figures in this document because management uses EBITDA as a tool to measure t
Slide 73: Company information
Company information Georgia Capital PLC Registered Address 84 Brook Street London W1K 5EH 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
Slide 74: Georgia Capital
GEORGIA CAPITAL