Georgia Capital PLC ("the Group") has published today its first half 2020 financial results.
KEY POINTS
- Rebound in revenues across all portfolio companies from April’s lows, resulting in 11% y-o-y aggregated revenue growth in June
- Portfolio company aggregated operating cash flow generation up 96.0% y-o-y to GEL 179.8 million in 1H20 and up 57.7% y-o-y in 2Q20 to GEL 87.7 million
- Aggregated cash balances of portfolio companies at GEL 282 million at 30 June 2020 (GEL 183 million at 31 December 2019)
- NAV per share up 4.9% in 2Q20, while down 32.4% in 1H20 reflecting negative impact of COVID-19 on listed asset prices and LTM multiple-based valuations of private assets
- On 16 July 2020, a share exchange offer for GHG shareholders was completed and our holding in GHG will reach 100% on 28 August 2020
- On 30 July 2020, GGU issued US$ 250 million 7.75% 5-year green notes – the landmark transaction from Georgia, demonstrating our superior access to capital even during the current challenging times
- On 19 August 2020, GHG signed a Sales and Purchase Agreement to sell a 40% equity interest in one of its lowest ROIC generating hospitals for a total cash consideration of US$ 12 million in line with its strategy to divest low-return generating assets
The results announcement together with the supplementary financial information (excel file) and investor presentation is available on the Group’s website at https://georgiacapital.ge/ir/financial-results. An investor/analyst conference call, organised by the Group, will be held today at 15:00 UK / 16:00 CET / 10:00 U.S Eastern Time. The duration of the call will be 60 minutes and will consist of a 30-minute update and a 30-minute Q&A session. Dial-in numbers are as follows: +44 (0) 2071 928000 (international); 18669661396 (US); 08003767922 (UK) and Conference ID is 7598102.
