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Net debt increased by GEL 45 million; FX loss of GEL 35 million - GCAP

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BM.GE
16.11.20 15:45
456
Net debt increased by GEL 45 million to GEL 678 million in 3Q20, with the increase being driven primarily by a foreign exchange loss of GEL 35 million – this is what the recent report on Georgia Capital PLC Q20 and 9M20 results shows.

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

As the numbers show, in 3Q20, Georgia Capital collected GEL 10 million dividends in aggregate from Water Utility and P&C Insurance, each providing GEL 5 million (GEL 15 million dividend income in 9M20 includes GEL 5 million received from Renewable Energy in 1Q20). “We expect further dividend inflows of GEL 15 million in 4Q20, resulting in aggregate GEL 30 million dividend income in 2020 from our private portfolio companies” – reads the report.

As for the gross debt, at 30-Sep-20 the outstanding balance of US$ 300 million six-year Eurobonds due in March 2024 was GEL 945 million, reflecting foreign exchange loss of GEL 44 million from GEL depreciation against USD during 3Q2014. Gross debt balance further increased by a GEL 16 million coupon accrual, which was offset by a GEL 28 million coupon payment in 3Q20.