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Georgia Capital PLC 1Q21 results FINANCIAL PERFORMANCE HIGHLIGHTS IN GEL ' 000 ( IFRS ) ¹ Mar - 21 Dec - 20 Change Georgia Capital NAV overview NAV per share , GEL 46.80 48.12 -2.7 % Net Asset Value ( NAV ) Total portfolio value Liquid assets and loans issued Net debt Georgia Capital Performance Total portfolio value creation of which , listed businesses 2,166,091 2,212,292 -2.1 % 2,921,722 2,907,688 0.5 % 467,388 284,272 64.4 % ( 760,081 ) ( 697,999 ) 8.9 % 1Q21 1Q20 Change 8,536 ( 504,400 ) NMF ( 26,452 ) ( 367,747 ) -92.8 % of which , private businesses 34,988 ( 136,653 ) NMF large portfolio companies 11,312 ( 75,726 ) NMF investment stage portfolio companies 3,063 4,927 -37.8 % other portfolio companies 20,613 ( 65,854 ) NMF Investments 8,200 56,022 -85.4 % Dividend income 4,738 4,927 -3.8 % Net loss ( 44,850 ) ( 616,983 ) -92.7 % Private portfolio companies ' performance¹ 1Q21 1Q20 Change Large portfolio companies Revenue 336,806 313,885 7.3 % EBITDA 61,664 52,985 16.4 % Net operating cash flow 23,303 73,238 -68.2 % Investment stage portfolio companies Revenue 13,970 14,347 -2.6 % EBITDA 6,430 7,575 -15.1 % Net operating cash flow 3,299 6,727 -51.0 % Total portfolio² Revenue 425,908 393,382 8.3 % EBITDA 76,819 61,322 25.3 % Net operating cash flow 31,420 89,659 -65.0 % KEY POINTS < GCAP liquidity up 64.4 % to GEL 467.4 million in 1Q21 , reflecting US $ 65 million Eurobond tap in March 2021 NAV per share down 2.7 % to GEL 46.80 in 1Q21 , mainly resulting from : о A 9.8 % decrease in BoG share price , reducing the value of our holding by GEL 26.5 million ( -1.2 % impact ) A 4.0 % GEL depreciation against USD , leading to GEL 31.4 million FX loss on GCAP's net debt ( -1.4 % impact ) Net interest expense and management platform related costs of GEL 21.6 million ( -1.0 % impact ) GEL 35.0 million value creation in our resilient and defensive private portfolio ( + 1.6 % impact ) Strong operating performance across our private portfolio , notwithstanding certain ongoing government mandated restrictions against the pandemic throughout the quarter Aggregated y - o - y revenues and EBITDA up 8.3 % and 25.3 % , respectively , in 1Q21 о Aggregated cash balances of portfolio companies up 62.6 % to GEL 347.3 million y - o - y in 1Q21 Aggregated y - o - y net operating cash flow down 65 % to GEL 31.4 million in 1Q21 , reflecting organic transition to revenue growth strategy from previously adopted cash preservation strategy Aggregated y - o - y revenues and EBITDA up 62.3 % and 161.3 % , respectively , in April 2021 GEL 4.7 million dividends collected from the renewable energy business in 1Q21 GEL 8.2 million capital allocated to investment stage businesses , in line with our capital allocation programme . Conference call : An investor / analyst conference call will be held on 18 May 2021 at 13:00 UK / 14:00 CET / 8:00 U.S Eastern Time . Please click the link to join the webinar : https://gcap-ge.zoom.us/j/92790908107?pwd=bUJYRXJHNmw4aVFKZjc2bGRvRmhEQT09 , webinar ID : 927 9090 8107 , passcode : 572437. Further details about the webinar are available on the Group's webpage : https://georgiacapital.ge/ir/news . 1 See " Basis of Presentation " for more background on page 20. Private portfolio companies ' performance includes aggregated stand - alone IFRS results for our portfolio companies , which can be viewed as APMs for Georgia Capital , since Georgia Capital does not consolidate its subsidiaries and instead measures them at fair value under IFRS . 2 The results of our five smaller businesses included in other portfolio companies ( described on page 19 ) are not broken out separately . Performance totals , however , include the other portfolio companies results ( and are therefore not the sum of large and investment stage portfolio results ) . 1