Georgia Capital PLC 4Q21 and FY21 Results

Georgia Capital PLC (the “Group") has published today its fourth quarter and full year 2021 preliminary financial results.


  • Sale of an 80% interest in the water utility business to FCC Aqualia for US$ 180 million via a two-staged process
    • Successful completion of the first stage of disposal and receipt of full cash proceeds in February 2022
  • NAV per share (GEL) up 5.5% in 4Q21, mainly reflecting:
    • GEL 117.3 million value creation across our private portfolio (+4.2 ppts impact)
    • BoG share price increase by 7.3% leading to GEL 54.0 million (+2.0 ppts impact) value creation in listed portfolio
  • NAV per share (GEL) up 31.0% and up 39.7% in GBP terms in FY21, reflecting outstanding performance across our portfolio companies and GEL’s appreciation against foreign currencies during 2021
  • Record aggregated quarterly revenues of GEL 541.2 million, up 18.6% y-o-y in 4Q21
  • Aggregated quarterly EBITDA and net operating cash flow up 8.2% and 38.5% y-o-y, respectively, in 4Q21
  • Aggregated revenues and EBITDA up 23.8% and 34.9% y-o-y respectively in FY21
  • GEL 29.9 million dividends collected from the portfolio companies in 4Q21 (GEL 74.4 million in FY21)
  • c. 470 thousand shares (c. 1% of issued capital) repurchased and cancelled in 4Q21 (c. 824 thousand shares for FY21)
    • An additional US$ 5 million earmarked for buybacks in January 2022
  • Market Value Leverage (“MVL”) down 1.2 ppts to 24.2% in 4Q21 (down 4.7 ppts in FY21)
    • MVL Down to 19.2% when assuming full completion of the Water Utility sale as of 31 December 2021

The results announcement together with the supplementary financial information (excel file) and investor presentation are available on the Group’s website at investor/analyst webinar, organised by the Group, will be held today at 16:00 UK / 17:00 CET / 11:00 US Eastern Time. The duration of the webinar will be 60 minutes and will consist of a 30-minute update and a 30-minute Q&A session.

Webinar instructions:

Please click the link to join the webinar:

Webinar ID: 824 1626 2804

Passcode: 495645

Or use the following international dial-in numbers available at:

Webinar ID: 824 1626 2804#

Passcode: 495645

Participants, who will be joining through the webinar, can use the “raise hand” feature at the bottom of the screen to ask questions. Participants, who will be joining through the international dial-in number, can dial *9 to raise a hand and ask questions.