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Net debt of Georgia Capital PLC increases

Business Materials 16 November 2020 17:37 (UTC +04:00)
Net debt of Georgia Capital PLC increases

BAKU, Azerbaijan, Nov. 16

By Tamilla Mammadova – Trend:

Net debt of Georgia Capital PLC (GCAP) increased by 45 million lari ($13.7 million) to 678 million lari ($20.6 million) in 3Q2020, with the increase being driven primarily by a foreign exchange loss of 35 million lari ($10.6 million), Trend reports via Georgian media.

According to the report, GCAP cash operating expenses of 5 million lari ($1.5 million), net interest expense and fair value gains on liquid funds of 10 million lari ($3.04 million) also contributed to the widening of net debt, partially offset by 10 million lari dividends received from portfolio companies.

As the numbers show, in 3Q2020, Georgia Capital collected 10 million lari dividends in aggregate from Water Utility and P&C Insurance, each providing 5 million lari.

“We expect further dividend inflows of 15 million lari ($4.5 million) in 4Q2020, resulting in aggregate 30 million lari ($9.1 million) dividend income in 2020 from our private portfolio companies,” reads the report.

As for the gross debt, the outstanding balance of $300 million six-year Eurobonds due in March 2024 was 945 million lari ($287.9 million), reflecting foreign exchange loss of 44 million lari ($13.4 million) from lari depreciation against USD during 3Q2014. Gross debt balance further increased by a 16 million lari ($4.8 million) coupon accrual, which was offset by a 28 million lari ($8.5 million) coupon payment in 3Q2020.

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