Georgia Capital PLC 3Q20 and 9M20 Results

TBILISI, Georgia--(BUSINESS WIRE)--Georgia Capital PLC ("the Group") has published today its third quarter and first nine months 2020 financial results.

KEY POINTS

• NAV per share up 19.5% in 3Q20
  • The first time valuation of GHG as a wholly owned private company, performed by an independent valuation company, contributed growth of 36% in NAV per share
  • NAV per share was negatively impacted by valuation of our listed asset and FX loss on GCAP net debt
• Solid 3Q20 results across our portfolio, with aggregated revenues growing 4.7% y-o-y in 3Q20 (up 6.9% y-o-y in 9M20)
• Outstanding growth in aggregated net operating cash flow generation, up 125.1% in 3Q20 and up 106.2% in 9M20
• GEL 10m dividends collected from private businesses in 3Q20 (Water Utility - GEL 5m; P&C Insurance – GEL 5m)
• Aggregated cash balances of portfolio companies almost doubled in 9M20 to GEL 361m at 30-Sep-20 (GEL 282m at 30-Jun-20 and GEL 183m at 31-Dec-19)
• GCAP liquidity remained high at GEL 267m, down only 4.6% in 3Q20 notwithstanding US$ 9m coupon payment

The results announcement together with the supplementary financial information (Excel file) is available on the Group’s website at https://georgiacapital.ge/ir/financial-results. Additionally, the members of Georgia Capital management team will host a virtual Investor Day today for analysts and investors. An investor/analyst webinar, organised by the Group, will be held today, at 11:00 UK / 12:00 CET / 6:00 U.S Eastern Time. Please register for the webinar at Registration link.

Management Commentary

“Against the challenging economic backdrop created by COVID-19, Georgia Capital’s performance during the third quarter of 2020 has been robust. This performance reflects the high level of resilience of our private portfolio companies and continued delivery on our strategic priorities.”

This announcement 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 intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development. Although Georgia Capital PLC believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct.