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FINANCIAL PERFORMANCE HIGHLIGHTS ( IFRS ) 1 GEL ' 000 , unless otherwise noted ( Unaudited ) Jun - 21 Mar - 21 Georgia Capital PLC 2Q21 and 1H21 results Change Dec - 20 Change Georgia Capital NAV overview NAV per share , GEL 54.48 Net Asset Value ( NAV ) 2,537,536 46.80 2,166,091 16.4 % 17.1 % 2,212,292 48.12 13.2 % 14.7 % Total portfolio value 3,247,326 2,921,722 11.1 % 2,907,688 11.7 % Liquid assets and loans issued 442,088 467,388 -5.4 % 284,272 55.5 % Net debt ( 714,065 ) ( 760,081 ) -6.1 % ( 697,999 ) 2.3 % Georgia Capital Performance 2Q21 2Q20 Change 1H21 1H20 Change Total portfolio value creation of which , listed businesses 331,912 21,662 NMF 340,449 ( 482,736 ) NMF 70,288 70,002 0.4 % 43,836 ( 297,745 ) NMF of which , private businesses 261,624 ( 48,340 ) large portfolio companies 218,776 10,110 investment stage portfolio companies 37,247 57,067 NMF NMF 230,090 -34.7 % 296,613 ( 184,991 ) ( 65,616 ) NMF NMF 40,310 61,994 -35.0 % other portfolio companies 5,601 ( 115,517 ) NMF 26,213 ( 181,369 ) NMF Investments 2,387 204 NMF 10,588 55,989 -81.1 % Dividend income 9,691 NMF 14,430 4,927 NMF Net income 368,139 52,143 NMF 323,295 ( 564,840 ) NMF Private portfolio companies ' performance¹ 2Q21 2Q20 Change 1H21 1H20 Change Large portfolio companies Revenue 393,382 263,024 49.6 % 730,188 576,910 26.6 % EBITDA 86,194 43,785 96.9 % 147,858 96,770 52.8 % Net operating cash flow 58,695 53,453 9.8 % 81,998 126,691 -35.3 % Investment stage portfolio companies Revenue 22,701 18,494 22.7 % 36,672 32,841 11.7 % EBITDA 14,921 11,692 27.6 % 21,350 19,267 10.8 % Net operating cash flow 14,293 15,883 -10.0 % 17,592 22,611 -22.2 % Total portfolio² Revenue 501,712 EBITDA Net operating cash flow 114,243 80,396 345,358 60,399 90,522 45.3 % 916,779 89.1 % 188,881 119,257 -11.2 % 111,598 178,041 724,488 26.5 % 58.4 % -37.3 % KEY POINTS NAV per share ( GEL ) up 16.4 % in 2Q21 ( up 13.2 % in 1H21 ) , reflecting robust underlying operating performance across our private portfolio , a 22.2 % increase in the BoG share price and GEL's appreciation against the US Dollar NAV per share ( GBP ) up 24.9 % in 2Q21 ( up 15.2 % in 1H21 ) , benefiting from GEL's appreciation against GBP during the first half of 2021 Our private portfolio companies delivered outstanding quarterly results in 2Q21 : о Aggregated quarterly revenues exceeded GEL 500 million level for the first time ( up 45.3 % y - o - y in 2Q21 and up 42.2 % compared to 2Q19 ; up 26.5 % y - o - y in 1H21 and up 37.1 % compared to 1H19 ) Record aggregated quarterly EBITDA of GEL 114 million ( up 89.1 % y - o - y in 2Q21 and up 84.1 % compared to 2Q19 ; up 58.4 % y - o - y in 1H21 and up 63.8 % compared to 1H19 ) Aggregated y - o - y net operating cash flow down 11.2 % in 2Q21 and down 37.3 % in 1H21 ( up 47.2 % and up 22.7 % , respectively , compared to pre - pandemic , 2019 levels ) reflecting a continued organic transition to revenue growth strategy from the previously adopted cash preservation strategy GEL 9.7 million dividends collected from the private portfolio companies in 2Q21 ( GEL 14.4 million in 1H21 ) Divestment of US $ 35 million commercial real estate properties at 15.4 % premium ( US $ 4.7 million ) to 31 March 2021 book values completed during June - August 2021 , demonstrating steady progress on our strategic priorities Commencement of US $ 10 million share buyback and cancellation program , in line with our capital allocation framework Conference call : An investor / analyst conference call will be held on 10 August 2021 , at 14:00 UK / 15:00 CET / 9:00 US Eastern Time . Please click the link to join the webinar : WEBINAR LINK , webinar ID : 876 0503 3792 , passcode : 569778. 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 26. 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 pages 23-24 ) 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