Georgian Water and Power LLC

Statement of profit or loss and other comprehensive income

For the year ended 31 December 2018
(Amounts expressed in thousands of Georgian Lari)

Revenue from water supply

Revenue from electric power sales
Other revenue
Total revenue
Salaries and other employee benefits
Electricity and transmission costs
Allowance for expected credit losses / allowance for impairment
of trade receivables
Taxes other than income tax
General and administrative expenses
Professional fees
Maintenance expenditure
Raw materials, fuel and other consumables
(Charge for) / reversal of provisions and legal claims related
expenses
Other income
Other operating expenses

EBITDA
Finance income
Finance costs
Net foreign exchange losses
Depreciation and amortisation
Non-recurring expenses
Profit before income tax expense
Income tax expense
Profit for the year
Other comprehensive income
Other comprehensive income not to be reclassified to
profit or loss in subsequent periods (net of tax)
Effect of changes in tax legislation
Net other comprehensive income not to be reclassified to
profit or loss in subsequent periods
Other comprehensive income for the year, net of tax
Total comprehensive income for the year, net of tax

Statement of financial position

As at 31 December 2018
(Amounts expressed in thousands of Georgian Lari)
Assets
Non-current assets
Property, plant and equipment
Investment property
Restructured trade receivables
Loans issued
Restricted cash
Other non-current assets
Total non-current assets

Current assets
Inventories
Trade and other receivables
Loans issued
Current income tax assets
Prepaid taxes other than income tax
Prepayments
Derivative financial assets
Restricted cash
Cash at bank
Total curret assets

Total assets

Equity
Charter capital
Additional paid-in capital
Accumulated deficit
Revaluation reseve
Other reserves
Total equty

Liabilities
Non-current liabilities
Borrowings
Deferred revenue
Total non-current liabilities

Current liabilities
Borrowings
Advances received
Trade and other payables
Deferred revenue
Derivative financial liabilities
Provisions for liabilities and charges
Current income tax liability
Other taxes payable
Total current liabilities

Total liabilities

Total liabilities and equity

Cash flows from operating activities
Profit before income tax
Adjustments for:
Depreciation and amortisation
Allowance for expected credit losses / allowance for impairment of trade
receivables
Reversal of / (charge for) provisions and legal claims related expenses
Net loss from disposal of property, plant and equipment and investment
property
Revaluation gain on investment property
Net foreign exchange losses
Finance income
Finance costs
Share-based payment expense
Operating cash flows from working capital changes
Change in inventories
Change in trade and other receivables
Change in prepaid taxes other than income tax
Change in prepayments
Change in trade and other payables
Change in deferred revenue
Change in advances received
Change in other tax payables
Change in restricted cash
Interest received
Interest paid
Change in current income tax
Net cash from operating activities
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets
Purchase of investment property
Proceeds from sale of property, plant and equipment
Proceeds from sale of investment property
Issue of loans
Repayment of loans issued
Net cash used in investing activities
Cash flows from financing activities
Proceeds from borrowings
Repayment of borrowings
Reduction of the charter capital
Dividend paid to the Company’s owner
Transfers to intermediate parent under share-based compensation program
Net cash from financing activities
Effect of exchange rate changes on cash and cash equivalents
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of year
Cash and cash equivalents at the end of year
 2018 2017 2016
118,679 107,766 99,631
6,061 6,423 9,430
4,675 4,535 5,385
129,415 118,724 114,446
(17,218) (17,460) (15,163)
(13,226) (12,962) (12,647)

(4,064) (656) (1,495)

(3,753) (3,339) (2,930)
(3,464) (3,473) (2,914)
(2,391) (2,279) (1,825)
(2,135) (3,116) (2,772)
(2,011) (2,590) (2,529)

(231) 2 (755)
3,404 1,738 2,122
(16,328) (10,892) (7,400)
(61,417) (55,027) (48,308)
67,998 63,697 66,138
8,364 5,049 2,177
(15,983) (13,793) (11,291)
(3,804) (695) (62)
(22,526) (17,771) (15,625)
(6,034) (1,709) −
28,015 34,778 41,337
- - (1,962)
28,015 34,778 39,375

− 26,150
−
26,150
− 26,150
28,015 34,778 65,525
 2018 2017 2016
494,947 397,332 300,596
8,644 10,138 17,806
184 111 146
45,493 49,531 12,690
- - 5,094
1,874 6,974 1,908
551,142 464,086 338,240

3,218 3,033 2,572

18,972 23,062 19,709
1,012 1,221 581
- 61 -
- 2,929 2,186
977 1,289 1,713
- 449 -
877 7,653 -
9,363 37,049 25,472
34,419 76,746 52,233

585,561 540,832 390,473

91,719 110,559 138,559

10,657 2,783 -
(7,855) (29,805) (47,510)
171,224 171,224 171,224
(7,545) (5,238) -
258,200 249,523 262,273

260,219 242,414 83,941

17,789 14,818 -
278,008 257,232 83,941

18,566 946 19,101

7,557 8,310 3,665
16,375 18,292 18,289
3,577 3,137 -
1,777 - -
494 417 706
- - 271
1,007 2,975 2,227
49,353 34,077 44,259

327,361 291,309 128,200

585,561 540,832 390,473

 2018 2017 2016

28,015 34,778 41,337

22,526 17,771 15,625

4,064 656 1,495
231 (2) 755
26 657 43
(197) (487) -
3,804 695 62
(8,364) (5,049) (2,177)
15,983 13,793 11,291
6,077 1,391 −

(185) (461) (193)

(6,109) (3,974) (5,739)
2,929 (743) 2,440
312 424 (1,368)
9,084 (2,830) 591
3,411 1,348 −
(753) 4,645 (2,699)
(1,968) 748 1,693
6,537 (2,963) (2,549)
2,057 2,498 368
(18,989) (15,068) (10,523)
61 (332) (2,153)
68,552 47,495 48,299

(116,746) (106,629) (45,792)

– (13) (24)
465 5 294
1,455 602 925
– (35,592) (281)
5,782 2,053 132
(109,044) (139,574) (44,746)

34,497 287,215 79,380

(19) (153,110) (49,457)
(18,840) (28,000) −
– (466) (14,938)
(2,307) (4,941) −
13,331 100,698 14,985
(525) 2,958 127
(27,686) 11,577 18,665
37,049 25,472 6,807
9,363 37,049 25,472
 LIQUIDITY RATIOS 2018 2017 2016
Current Ratio 0.70 2.25 1.18
Quick Ratio 0.63 2.16 1.12
Cash Ratio 0.19 1.09 0.58

LEVERAGE RATIOS 2018 2017 2016

Debt Ratio 0.56 0.54 0.33
Debt/Equity Ratio 1.08 0.98 0.39
Equity multiplier 2.27 2.17 1.49
Times interest earned ratio 2.85 3.33 4.47
Cash coverage ratio 4.25 4.62 5.86

ASSET MANAGEMENT RATIOS 2018 2017 2016

Inventory Turnover NMF NMF NMF
Inventory Turnover in Days NMF NMF NMF
A/R Turnover 6.16 5.55 5.81
A/R Turnover in Days 59.28 65.75 62.86
Total Asset Turnover 0.22 0.22 0.29
Capital intensity 4.52 4.56 3.41

PROFITABILITY RATIOS 2018 2017 2016

Profit Margin 22% 29% 34%
ROA 5% 6% 10%
ROE 11% 14% 15%
DuPont identity 11% 14% 15%
 Market Value Ratios 2018 2017 2016
Price-Earnings Ratio
Eearnings Per Share
Net Income
Number of shares outstanding
Prefered Dividends
Stock price per share
Market-to-book ratio
Market value per share
Book value per share
EV multiple
Enterprise Value
EBITDA
 Formulas
Current Assets/Current Liabilities
Current Assets-Inventories/Current Liabilities
Cash/current liabilities

Formulas
(Total Asset-total equity)/Total Assets
Total Debt/Total Equity
Total assets/Total equities
EBIT/interest
EBITDA/interest

Formulas
COGS/Av.Inventory
365/Inventory Turnover
Revenue/Av. Acc.Rec.
365/Acc.Rec.Turnover
Sales/Total Assets
Total Assets/Sales

Formulas
Net Profit/Revenue
Net Income/Total Assets
Net income/Total Equity
Profit Margin*Asset turnover*Equity Multiplier
 Formulas
Stock Price Per Share/Earnings Per Share
(Net Income-Prefered Dividends)/Number of Shares

Market Value per Share/ Book value per share

Enterprise value/EBITDA
Projected income statements
2018 2019 2020
Revenue from water supply 118,679 133,158 149,403
Revenue from electric power sales 6,061 6,007 6,147
Other revenue 4,675 6,015 6,307
Total revenue 129,415 145,180 161,857
Salaries and other employee benefits (17,218) (18,309) (20,100)
Electricity and transmission costs (13,226) (13,108) (13,413)
Allowance for expected credit losses / allowance for impairment
of trade receivables (4,064) (2,072) (2,264)
Taxes other than income tax (3,753) (3,341) (3,478)
General and administrative expenses (3,464) (3,943) (4,488)
Professional fees (2,391) (2,165) (2,165)
Maintenance expenditure (2,135) (2,674) (2,674)
Raw materials, fuel and other consumables (2,011) (2,256) (2,532)
(Charge for) / reversal of provisions and legal claims related
expenses (231) - -
Other income 3,404 - -
Other operating expenses (16,328) (11,540) (12,920)
(61,417) (59,409) (64,033)
EBITDA 67,998 85,772 97,824
Finance income 8,364 7,574 8,324
Finance costs (15,983) (26,540) (25,377)
Net foreign exchange losses (3,804) - -
Depreciation and amortisation (22,526) (25,926) (28,518)
Non-recurring expenses (6,034) - -
Profit before income tax expense 28,015 40,880 52,252
Income tax expense -
Profit for the year 28,015 40,880 52,252
Other comprehensive income
Other comprehensive income not to be reclassified to
profit or loss in subsequent periods (net of tax)
Effect of changes in tax legislation
Net other comprehensive income not to be reclassified to
profit or loss in subsequent periods
Other comprehensive income for the year, net of tax
Total comprehensive income for the year, net of tax 28,015 40,098 52,062
 2021 2022 2023
157,329 165,675 174,463
6,493 7,524 9,001
6,649 7,160 7,426
170,470 180,358 190,890
(22,782) (26,657) (32,202)
(14,169) (16,418) (19,641)

(2,800) (2,378) (2,481)

(3,524) (3,447) (3,483)
(4,640) (4,936) (5,238)
(2,165) (2,165) (2,165)
(2,674) (2,674) (2,674)
(2,666) (2,807) (2,956)

- - -
- - -
(13,596) (12,685) (13,067)
(69,015) (74,169) (83,907)
101,456 106,189 106,983
9,074 9,824 10,574
(24,879) (24,329) (23,721)
- - -
(29,374) (30,255) (31,163)
- - -
56,277 61,429 62,673

56,277 61,429 62,673

56,088 61,240 62,481

 2019
customer growth rate 2%
customers 1,428,000
price growth rate 10%
price 93.25
rev. from el.pw.rate -4%
Revenue from electric power sales 6,007
other revenue rate 4.52%
other revenue 6,015.33
salaries exp. Growth 3%
Salaries and other employee benefits (18,309.14)
Electricity and transmission costs (13,108.34)
Allowance for expected credit losses / allowance for impairment
of trade receivables (2,071.67)
Taxes other than income tax (3,340.67)
General and administrative expenses portion -2.72%
General and administrative expenses (3,943.15)
Professional fees (2,165.00)
Maintenance expenditure (2,674.33)
Raw materials, fuel and other consumables rate 12%
Raw materials, fuel and other consumables (2,256)
Other operating expenses (11,540)
 2020 2021 2022 2023
2% 2% 2% 2%
1,456,560 1,485,691 1,515,405 1,545,713
10% 3.24% 3.24% 3.24%
102.57 105.90 109.33 112.87
-4% -4% 2% 2%
6,147 6,493 7,524 9,001
4.22% 4.23% 4.32% 4.26%
6,307.22 6,648.84 7,159.98 7,425.98
3% 3% 3% 3%
(20,100.24) (22,781.50) (26,657.02) (32,202.44)
(13,412.66) (14,168.71) (16,418.08) (19,640.95)

(2,263.89) (2,799.85) (2,378.47) (2,480.74)

(3,477.56) (3,523.74) (3,447.32) (3,482.87)
-2.77% -2.72% -2.74% -2.74%
(4,487.73) (4,639.84) (4,936.10) (5,237.56)
(2,165.00) (2,165.00) (2,165.00) (2,165.00)
(2,674.33) (2,674.33) (2,674.33) (2,674.33)
12% 5% 5% 5%
(2,531.62) (2,665.91) (2,807.33) (2,956.26)
(12,920) (13,596) (12,685) (13,067)
 bgn. Balance pmt ppmt ipmt end.balance
1 260,219.00 ($2,511.17) ($342.68) ($2,168.49) $259,876.32
2 259,876.32 ($2,511.17) ($345.53) ($2,165.64) $259,530.79
3 259,530.79 ($2,511.17) ($348.41) ($2,162.76) $259,182.38
4 259,182.38 ($2,511.17) ($351.32) ($2,159.85) $258,831.06
5 258,831.06 ($2,511.17) ($354.24) ($2,156.93) $258,476.81
6 258,476.81 ($2,511.17) ($357.20) ($2,153.97) $258,119.62
7 258,119.62 ($2,511.17) ($360.17) ($2,151.00) $257,759.45
8 257,759.45 ($2,511.17) ($363.17) ($2,148.00) $257,396.27
9 257,396.27 ($2,511.17) ($366.20) ($2,144.97) $257,030.07
10 257,030.07 ($2,511.17) ($369.25) ($2,141.92) $256,660.82
11 256,660.82 ($2,511.17) ($372.33) ($2,138.84) $256,288.49
12 256,288.49 ($2,511.17) ($375.43) ($2,135.74) $255,913.06
13 255,913.06 ($2,511.17) ($378.56) ($2,132.61) $255,534.50
14 255,534.50 ($2,511.17) ($381.72) ($2,129.45) $255,152.78
15 255,152.78 ($2,511.17) ($384.90) ($2,126.27) $254,767.88
16 254,767.88 ($2,511.17) ($388.10) ($2,123.07) $254,379.78
17 254,379.78 ($2,511.17) ($391.34) ($2,119.83) $253,988.44
18 253,988.44 ($2,511.17) ($394.60) ($2,116.57) $253,593.84
19 253,593.84 ($2,511.17) ($397.89) ($2,113.28) $253,195.95
20 253,195.95 ($2,511.17) ($401.20) ($2,109.97) $252,794.75
21 252,794.75 ($2,511.17) ($404.55) ($2,106.62) $252,390.20
22 252,390.20 ($2,511.17) ($407.92) ($2,103.25) $251,982.29
23 251,982.29 ($2,511.17) ($411.32) ($2,099.85) $251,570.97
24 251,570.97 ($2,511.17) ($414.74) ($2,096.42) $251,156.22
25 251,156.22 ($2,511.17) ($418.20) ($2,092.97) $250,738.02
26 250,738.02 ($2,511.17) ($421.69) ($2,089.48) $250,316.34
27 250,316.34 ($2,511.17) ($425.20) ($2,085.97) $249,891.14
28 249,891.14 ($2,511.17) ($428.74) ($2,082.43) $249,462.39
29 249,462.39 ($2,511.17) ($432.32) ($2,078.85) $249,030.08
30 249,030.08 ($2,511.17) ($435.92) ($2,075.25) $248,594.16
31 248,594.16 ($2,511.17) ($439.55) ($2,071.62) $248,154.61
32 248,154.61 ($2,511.17) ($443.21) ($2,067.96) $247,711.39
33 247,711.39 ($2,511.17) ($446.91) ($2,064.26) $247,264.48
34 247,264.48 ($2,511.17) ($450.63) ($2,060.54) $246,813.85
35 246,813.85 ($2,511.17) ($454.39) ($2,056.78) $246,359.46
36 246,359.46 ($2,511.17) ($458.17) ($2,053.00) $245,901.29
37 245,901.29 ($2,511.17) ($461.99) ($2,049.18) $245,439.30
38 245,439.30 ($2,511.17) ($465.84) ($2,045.33) $244,973.45
39 244,973.45 ($2,511.17) ($469.72) ($2,041.45) $244,503.73
40 244,503.73 ($2,511.17) ($473.64) ($2,037.53) $244,030.09
41 244,030.09 ($2,511.17) ($477.59) ($2,033.58) $243,552.51
42 243,552.51 ($2,511.17) ($481.57) ($2,029.60) $243,070.94
43 243,070.94 ($2,511.17) ($485.58) ($2,025.59) $242,585.36
44 242,585.36 ($2,511.17) ($489.62) ($2,021.54) $242,095.74
45 242,095.74 ($2,511.17) ($493.71) ($2,017.46) $241,602.03
46 241,602.03 ($2,511.17) ($497.82) ($2,013.35) $241,104.21
47 241,104.21 ($2,511.17) ($501.97) ($2,009.20) $240,602.24
48 240,602.24 ($2,511.17) ($506.15) ($2,005.02) $240,096.09
49 240,096.09 ($2,511.17) ($510.37) ($2,000.80) $239,585.72
50 239,585.72 ($2,511.17) ($514.62) ($1,996.55) $239,071.10
51 239,071.10 ($2,511.17) ($518.91) ($1,992.26) $238,552.19
52 238,552.19 ($2,511.17) ($523.23) ($1,987.93) $238,028.96
53 238,028.96 ($2,511.17) ($527.60) ($1,983.57) $237,501.36
54 237,501.36 ($2,511.17) ($531.99) ($1,979.18) $236,969.37
55 236,969.37 ($2,511.17) ($536.42) ($1,974.74) $236,432.95
56 236,432.95 ($2,511.17) ($540.90) ($1,970.27) $235,892.05
57 235,892.05 ($2,511.17) ($545.40) ($1,965.77) $235,346.65
58 235,346.65 ($2,511.17) ($549.95) ($1,961.22) $234,796.70
59 234,796.70 ($2,511.17) ($554.53) ($1,956.64) $234,242.17
60 234,242.17 ($2,511.17) ($559.15) ($1,952.02) $233,683.02
61 233,683.02 ($2,511.17) ($563.81) ($1,947.36) $233,119.21
62 233,119.21 ($2,511.17) ($568.51) ($1,942.66) $232,550.70
63 232,550.70 ($2,511.17) ($573.25) ($1,937.92) $231,977.45
64 231,977.45 ($2,511.17) ($578.02) ($1,933.15) $231,399.43
65 231,399.43 ($2,511.17) ($582.84) ($1,928.33) $230,816.58
66 230,816.58 ($2,511.17) ($587.70) ($1,923.47) $230,228.89
67 230,228.89 ($2,511.17) ($592.60) ($1,918.57) $229,636.29
68 229,636.29 ($2,511.17) ($597.53) ($1,913.64) $229,038.76
69 229,038.76 ($2,511.17) ($602.51) ($1,908.66) $228,436.24
70 228,436.24 ($2,511.17) ($607.53) ($1,903.64) $227,828.71
71 227,828.71 ($2,511.17) ($612.60) ($1,898.57) $227,216.11
72 227,216.11 ($2,511.17) ($617.70) ($1,893.47) $226,598.41
73 226,598.41 ($2,511.17) ($622.85) ($1,888.32) $225,975.56
74 225,975.56 ($2,511.17) ($628.04) ($1,883.13) $225,347.52
75 225,347.52 ($2,511.17) ($633.27) ($1,877.90) $224,714.25
76 224,714.25 ($2,511.17) ($638.55) ($1,872.62) $224,075.70
77 224,075.70 ($2,511.17) ($643.87) ($1,867.30) $223,431.82
78 223,431.82 ($2,511.17) ($649.24) ($1,861.93) $222,782.59
 79 222,782.59 ($2,511.17) ($654.65) ($1,856.52) $222,127.94
80 222,127.94 ($2,511.17) ($660.10) ($1,851.07) $221,467.83
81 221,467.83 ($2,511.17) ($665.60) ($1,845.57) $220,802.23
82 220,802.23 ($2,511.17) ($671.15) ($1,840.02) $220,131.08
83 220,131.08 ($2,511.17) ($676.74) ($1,834.43) $219,454.34
84 219,454.34 ($2,511.17) ($682.38) ($1,828.79) $218,771.95
85 218,771.95 ($2,511.17) ($688.07) ($1,823.10) $218,083.88
86 218,083.88 ($2,511.17) ($693.80) ($1,817.37) $217,390.08
87 217,390.08 ($2,511.17) ($699.59) ($1,811.58) $216,690.49
88 216,690.49 ($2,511.17) ($705.42) ($1,805.75) $215,985.08
89 215,985.08 ($2,511.17) ($711.29) ($1,799.88) $215,273.78
90 215,273.78 ($2,511.17) ($717.22) ($1,793.95) $214,556.56
91 214,556.56 ($2,511.17) ($723.20) ($1,787.97) $213,833.36
92 213,833.36 ($2,511.17) ($729.22) ($1,781.94) $213,104.14
93 213,104.14 ($2,511.17) ($735.30) ($1,775.87) $212,368.84
94 212,368.84 ($2,511.17) ($741.43) ($1,769.74) $211,627.41
95 211,627.41 ($2,511.17) ($747.61) ($1,763.56) $210,879.80
96 210,879.80 ($2,511.17) ($753.84) ($1,757.33) $210,125.96
97 210,125.96 ($2,511.17) ($760.12) ($1,751.05) $209,365.84
98 209,365.84 ($2,511.17) ($766.45) ($1,744.72) $208,599.39
99 208,599.39 ($2,511.17) ($772.84) ($1,738.33) $207,826.54
100 207,826.54 ($2,511.17) ($779.28) ($1,731.89) $207,047.26
101 207,047.26 ($2,511.17) ($785.78) ($1,725.39) $206,261.49
102 206,261.49 ($2,511.17) ($792.32) ($1,718.85) $205,469.16
103 205,469.16 ($2,511.17) ($798.93) ($1,712.24) $204,670.24
104 204,670.24 ($2,511.17) ($805.58) ($1,705.59) $203,864.65
105 203,864.65 ($2,511.17) ($812.30) ($1,698.87) $203,052.35
106 203,052.35 ($2,511.17) ($819.07) ($1,692.10) $202,233.29
107 202,233.29 ($2,511.17) ($825.89) ($1,685.28) $201,407.40
108 201,407.40 ($2,511.17) ($832.77) ($1,678.39) $200,574.62
109 200,574.62 ($2,511.17) ($839.71) ($1,671.46) $199,734.91
110 199,734.91 ($2,511.17) ($846.71) ($1,664.46) $198,888.19
111 198,888.19 ($2,511.17) ($853.77) ($1,657.40) $198,034.43
112 198,034.43 ($2,511.17) ($860.88) ($1,650.29) $197,173.54
113 197,173.54 ($2,511.17) ($868.06) ($1,643.11) $196,305.49
114 196,305.49 ($2,511.17) ($875.29) ($1,635.88) $195,430.20
115 195,430.20 ($2,511.17) ($882.58) ($1,628.58) $194,547.61
116 194,547.61 ($2,511.17) ($889.94) ($1,621.23) $193,657.67
117 193,657.67 ($2,511.17) ($897.36) ($1,613.81) $192,760.32
118 192,760.32 ($2,511.17) ($904.83) ($1,606.34) $191,855.48
119 191,855.48 ($2,511.17) ($912.37) ($1,598.80) $190,943.11
120 190,943.11 ($2,511.17) ($919.98) ($1,591.19) $190,023.13
121 190,023.13 ($2,511.17) ($927.64) ($1,583.53) $189,095.49
122 189,095.49 ($2,511.17) ($935.37) ($1,575.80) $188,160.11
123 188,160.11 ($2,511.17) ($943.17) ($1,568.00) $187,216.94
124 187,216.94 ($2,511.17) ($951.03) ($1,560.14) $186,265.92
125 186,265.92 ($2,511.17) ($958.95) ($1,552.22) $185,306.96
126 185,306.96 ($2,511.17) ($966.94) ($1,544.22) $184,340.02
127 184,340.02 ($2,511.17) ($975.00) ($1,536.17) $183,365.01
128 183,365.01 ($2,511.17) ($983.13) ($1,528.04) $182,381.89
129 182,381.89 ($2,511.17) ($991.32) ($1,519.85) $181,390.57
130 181,390.57 ($2,511.17) ($999.58) ($1,511.59) $180,390.98
131 180,390.98 ($2,511.17) ($1,007.91) ($1,503.26) $179,383.07
132 179,383.07 ($2,511.17) ($1,016.31) ($1,494.86) $178,366.76
133 178,366.76 ($2,511.17) ($1,024.78) ($1,486.39) $177,341.98
134 177,341.98 ($2,511.17) ($1,033.32) ($1,477.85) $176,308.66
135 176,308.66 ($2,511.17) ($1,041.93) ($1,469.24) $175,266.73
136 175,266.73 ($2,511.17) ($1,050.61) ($1,460.56) $174,216.12
137 174,216.12 ($2,511.17) ($1,059.37) ($1,451.80) $173,156.75
138 173,156.75 ($2,511.17) ($1,068.20) ($1,442.97) $172,088.55
139 172,088.55 ($2,511.17) ($1,077.10) ($1,434.07) $171,011.45
140 171,011.45 ($2,511.17) ($1,086.07) ($1,425.10) $169,925.38
141 169,925.38 ($2,511.17) ($1,095.12) ($1,416.04) $168,830.25
142 168,830.25 ($2,511.17) ($1,104.25) ($1,406.92) $167,726.00
143 167,726.00 ($2,511.17) ($1,113.45) ($1,397.72) $166,612.55
144 166,612.55 ($2,511.17) ($1,122.73) ($1,388.44) $165,489.82
145 165,489.82 ($2,511.17) ($1,132.09) ($1,379.08) $164,357.73
146 164,357.73 ($2,511.17) ($1,141.52) ($1,369.65) $163,216.21
147 163,216.21 ($2,511.17) ($1,151.03) ($1,360.14) $162,065.17
148 162,065.17 ($2,511.17) ($1,160.63) ($1,350.54) $160,904.55
149 160,904.55 ($2,511.17) ($1,170.30) ($1,340.87) $159,734.25
150 159,734.25 ($2,511.17) ($1,180.05) ($1,331.12) $158,554.20
151 158,554.20 ($2,511.17) ($1,189.88) ($1,321.28) $157,364.31
152 157,364.31 ($2,511.17) ($1,199.80) ($1,311.37) $156,164.51
153 156,164.51 ($2,511.17) ($1,209.80) ($1,301.37) $154,954.72
154 154,954.72 ($2,511.17) ($1,219.88) ($1,291.29) $153,734.83
155 153,734.83 ($2,511.17) ($1,230.05) ($1,281.12) $152,504.79
156 152,504.79 ($2,511.17) ($1,240.30) ($1,270.87) $151,264.49
157 151,264.49 ($2,511.17) ($1,250.63) ($1,260.54) $150,013.86
158 150,013.86 ($2,511.17) ($1,261.05) ($1,250.12) $148,752.81
159 148,752.81 ($2,511.17) ($1,271.56) ($1,239.61) $147,481.24
160 147,481.24 ($2,511.17) ($1,282.16) ($1,229.01) $146,199.08
161 146,199.08 ($2,511.17) ($1,292.84) ($1,218.33) $144,906.24
162 144,906.24 ($2,511.17) ($1,303.62) ($1,207.55) $143,602.62
163 143,602.62 ($2,511.17) ($1,314.48) ($1,196.69) $142,288.14
164 142,288.14 ($2,511.17) ($1,325.44) ($1,185.73) $140,962.71
165 140,962.71 ($2,511.17) ($1,336.48) ($1,174.69) $139,626.23
166 139,626.23 ($2,511.17) ($1,347.62) ($1,163.55) $138,278.61
167 138,278.61 ($2,511.17) ($1,358.85) ($1,152.32) $136,919.76
168 136,919.76 ($2,511.17) ($1,370.17) ($1,141.00) $135,549.59
169 135,549.59 ($2,511.17) ($1,381.59) ($1,129.58) $134,168.00
170 134,168.00 ($2,511.17) ($1,393.10) ($1,118.07) $132,774.90
171 132,774.90 ($2,511.17) ($1,404.71) ($1,106.46) $131,370.18
172 131,370.18 ($2,511.17) ($1,416.42) ($1,094.75) $129,953.76
173 129,953.76 ($2,511.17) ($1,428.22) ($1,082.95) $128,525.54
174 128,525.54 ($2,511.17) ($1,440.12) ($1,071.05) $127,085.42
175 127,085.42 ($2,511.17) ($1,452.12) ($1,059.05) $125,633.30
176 125,633.30 ($2,511.17) ($1,464.23) ($1,046.94) $124,169.07
177 124,169.07 ($2,511.17) ($1,476.43) ($1,034.74) $122,692.64
178 122,692.64 ($2,511.17) ($1,488.73) ($1,022.44) $121,203.91
179 121,203.91 ($2,511.17) ($1,501.14) ($1,010.03) $119,702.77
180 119,702.77 ($2,511.17) ($1,513.65) ($997.52) $118,189.13
181 118,189.13 ($2,511.17) ($1,526.26) ($984.91) $116,662.87
182 116,662.87 ($2,511.17) ($1,538.98) ($972.19) $115,123.89
183 115,123.89 ($2,511.17) ($1,551.80) ($959.37) $113,572.08
184 113,572.08 ($2,511.17) ($1,564.74) ($946.43) $112,007.35
185 112,007.35 ($2,511.17) ($1,577.78) ($933.39) $110,429.57
186 110,429.57 ($2,511.17) ($1,590.92) ($920.25) $108,838.65
187 108,838.65 ($2,511.17) ($1,604.18) ($906.99) $107,234.47
188 107,234.47 ($2,511.17) ($1,617.55) ($893.62) $105,616.92
189 105,616.92 ($2,511.17) ($1,631.03) ($880.14) $103,985.89
190 103,985.89 ($2,511.17) ($1,644.62) ($866.55) $102,341.27
191 102,341.27 ($2,511.17) ($1,658.33) ($852.84) $100,682.95
192 100,682.95 ($2,511.17) ($1,672.15) ($839.02) $99,010.80
193 99,010.80 ($2,511.17) ($1,686.08) ($825.09) $97,324.72
194 97,324.72 ($2,511.17) ($1,700.13) ($811.04) $95,624.59
195 95,624.59 ($2,511.17) ($1,714.30) ($796.87) $93,910.29
196 93,910.29 ($2,511.17) ($1,728.58) ($782.59) $92,181.71
197 92,181.71 ($2,511.17) ($1,742.99) ($768.18) $90,438.72
198 90,438.72 ($2,511.17) ($1,757.51) ($753.66) $88,681.21
199 88,681.21 ($2,511.17) ($1,772.16) ($739.01) $86,909.05
200 86,909.05 ($2,511.17) ($1,786.93) ($724.24) $85,122.12
201 85,122.12 ($2,511.17) ($1,801.82) ($709.35) $83,320.30
202 83,320.30 ($2,511.17) ($1,816.83) ($694.34) $81,503.47
203 81,503.47 ($2,511.17) ($1,831.97) ($679.20) $79,671.49
204 79,671.49 ($2,511.17) ($1,847.24) ($663.93) $77,824.25
205 77,824.25 ($2,511.17) ($1,862.63) ($648.54) $75,961.62
206 75,961.62 ($2,511.17) ($1,878.16) ($633.01) $74,083.46
207 74,083.46 ($2,511.17) ($1,893.81) ($617.36) $72,189.65
208 72,189.65 ($2,511.17) ($1,909.59) ($601.58) $70,280.06
209 70,280.06 ($2,511.17) ($1,925.50) ($585.67) $68,354.56
210 68,354.56 ($2,511.17) ($1,941.55) ($569.62) $66,413.01
211 66,413.01 ($2,511.17) ($1,957.73) ($553.44) $64,455.29
212 64,455.29 ($2,511.17) ($1,974.04) ($537.13) $62,481.24
213 62,481.24 ($2,511.17) ($1,990.49) ($520.68) $60,490.75
214 60,490.75 ($2,511.17) ($2,007.08) ($504.09) $58,483.67
215 58,483.67 ($2,511.17) ($2,023.81) ($487.36) $56,459.86
216 56,459.86 ($2,511.17) ($2,040.67) ($470.50) $54,419.19
217 54,419.19 ($2,511.17) ($2,057.68) ($453.49) $52,361.52
218 52,361.52 ($2,511.17) ($2,074.82) ($436.35) $50,286.69
219 50,286.69 ($2,511.17) ($2,092.11) ($419.06) $48,194.58
220 48,194.58 ($2,511.17) ($2,109.55) ($401.62) $46,085.03
221 46,085.03 ($2,511.17) ($2,127.13) ($384.04) $43,957.90
222 43,957.90 ($2,511.17) ($2,144.85) ($366.32) $41,813.05
223 41,813.05 ($2,511.17) ($2,162.73) ($348.44) $39,650.32
224 39,650.32 ($2,511.17) ($2,180.75) ($330.42) $37,469.57
225 37,469.57 ($2,511.17) ($2,198.92) ($312.25) $35,270.65
226 35,270.65 ($2,511.17) ($2,217.25) ($293.92) $33,053.40
227 33,053.40 ($2,511.17) ($2,235.72) ($275.45) $30,817.68
228 30,817.68 ($2,511.17) ($2,254.36) ($256.81) $28,563.32
229 28,563.32 ($2,511.17) ($2,273.14) ($238.03) $26,290.18
230 26,290.18 ($2,511.17) ($2,292.08) ($219.08) $23,998.09
231 23,998.09 ($2,511.17) ($2,311.19) ($199.98) $21,686.91
232 21,686.91 ($2,511.17) ($2,330.45) ($180.72) $19,356.46
233 19,356.46 ($2,511.17) ($2,349.87) ($161.30) $17,006.60
234 17,006.60 ($2,511.17) ($2,369.45) ($141.72) $14,637.15
235 14,637.15 ($2,511.17) ($2,389.19) ($121.98) $12,247.96
236 12,247.96 ($2,511.17) ($2,409.10) ($102.07) $9,838.85
237 9,838.85 ($2,511.17) ($2,429.18) ($81.99) $7,409.67
238 7,409.67 ($2,511.17) ($2,449.42) ($61.75) $4,960.25
239 4,960.25 ($2,511.17) ($2,469.83) ($41.34) $2,490.42
240 2,490.42 ($2,511.17) ($2,490.42) ($20.75) $0.00
Assets
Non-current assets
Property, plant and equipment
Investment property
Restructured trade receivables
Loans issued
Restricted cash
Other non-current assets
Total non-current assets

Current assets
Inventories
Trade and other receivables
Loans issued
Current income tax assets
Prepaid taxes other than income tax
Prepayments
Derivative financial assets
Restricted cash
Cash at bank
Total curret assets

Total assets

Equity
Charter capital
Additional paid-in capital
Accumulated deficit
Revaluation reseve
Other reserves
Total equty

Liabilities
Non-current liabilities
Borrowings
Deferred revenue
Total non-current liabilities

Current liabilities
Borrowings
Advances received
Trade and other payables
 Deferred revenue
Derivative financial liabilities
Provisions for liabilities and charges
Current income tax liability
Other taxes payable
Other liabilities
Total current liabilities

Total liabilities

Total liabilities and equity

($25,828.09)
($25,377.20)
($24,879.10)
($24,328.84)
($23,720.96)
 2016 2017 2018 2019 2020 2021 2022 2023
300,596 397,332 494,947 544,442 598,886 616,852 635,358 654,419
17,806 10,138 8,644 8,644 8,644 8,644 8,644 8,644
146 111 184 184 184 184 184 184
12,690 49,531 45,493 50,493 55,493 60,493 65,493 70,493
5,094 - - - - - - -
1,908 6,974 1,874 1,874 1,874 1,874 1,874 1,874
338,240 464,086 551,142 605,637 665,081 688,047 711,553 735,614

2,572 3,033 3,218 3,379 3,548 3,725 3,911 4,107

19,709 23,062 18,972 28,758 33,324 13,381 26,150 31,379
581 1,221 1,012 1,012 1,012 1,012 1,012 1,012
- 61 - - - - - -
2,186 2,929 - - - - - -
1,713 1,289 977 1,172 1,407 1,688 2,026 2,431
- 449 - - - - - -
- 7,653 877 877 877 877 877 877
25,472 37,049 9,363 29,439.29 61,610.64 158,464.23 225,852.03 300,531.28
52,233 76,746 34,419 64,638 101,778 179,147 259,828 340,337

390,473 540,832 585,561 670,275 766,859 867,195 971,381 1,075,951

138,559 110,559 91,719 91,719 91,719 91,719 91,719 91,719

- 2,783 10,657 10,657 10,657 10,657 10,657 10,657
(47,510) (29,805) (7,855) 33,025 85,277 141,554 202,983 265,656
171,224 171,224 171,224 171,224 171,224 171,224 171,224 171,224
- (5,238) (7,545) (7,545) (7,545) (7,545) (7,545) (7,545)
262,273 249,523 258,200 299,080 351,332 407,609 469,038 531,711

83,941 242,414 260,219 255,913 251,156 245,901 240,096 233,683

- 14,818 17,789 17,789 17,789 17,789 17,789 17,789
83,941 257,232 278,008 273,702 268,945 263,690 257,885 251,472

19,101 946 18,566 0 0 0 0 0

3,665 8,310 7,557 7,557 7,557 7,557 7,557 7,557
18,289 18,292 16,375 17,194 18,053 18,956 19,904 20,899
 - 3,137 3,577 3,935 4,328 4,761 5,237 5,761
- - 1,777 1,777 1,777 1,777 1,777 1,777
706 417 494 494 494 494 494 494
271 - - - - - - -
2,227 2,975 1,007 1,007 1,007 1,007 1,007 1,007
0 0 0 65,529 113,365 161,344 208,482 255,273
44,259 34,077 49,353 97,493 146,581 195,896 244,458 292,767

128,200 291,309 327,361 371,195 415,526 459,586 502,343 544,239

390,473 540,832 585,561 670,275 766,859 867,195 971,381 1,075,951

- - - - - - - -
 2019 2020 2021 2022
PPE growth rate 10% 10% 3% 3%
Property, plant and equipment 544,442 598,886 616,852 635,358
Depreciation 25,926 28,518 29,374 30,255
Loans issued 50,493 55,493 60,493 65,493
interest 7,573.95 8,324 9,074 9,824
A/R days 60 70 50 40
A/R 28,758 33,324 13,381 26,150
interest on borrowing -25,591.31 -25,115.62 -24,590.13 -24,009.61

2,917 3,501

265,656 265,656

0 0
0 0

0 0 interest expense ($711.47)

loan 18,566
rate 7%
period 12

bgn. Balance pmt

1 18,566.00 ($1,606.46)
2 17,067.85 ($1,606.46)
3 15,560.95 ($1,606.46)
4 14,045.27 ($1,606.46)
5 12,520.74 ($1,606.46)
6 10,987.33 ($1,606.46)
7 9,444.96 ($1,606.46)
8 7,893.60 ($1,606.46)
9 6,333.19 ($1,606.46)
10 4,763.68 ($1,606.46)
11 3,185.02 ($1,606.46)
12 1,597.14 ($1,606.46)
 2023
3%
654,419
31,163
70,493
10,574
55
31,379
-23,368.30
ppmt ipmt end.balance
($1,498.15) ($108.30) $17,067.85
($1,506.89) ($99.56) $15,560.95
($1,515.68) ($90.77) $14,045.27
($1,524.52) ($81.93) $12,520.74
($1,533.42) ($73.04) $10,987.33
($1,542.36) ($64.09) $9,444.96
($1,551.36) ($55.10) $7,893.60
($1,560.41) ($46.05) $6,333.19
($1,569.51) ($36.94) $4,763.68
($1,578.67) ($27.79) $3,185.02
($1,587.88) ($18.58) $1,597.14
($1,597.14) ($9.32) $0.00
 2016 2017
Cash flows from operating activities
Profit before income tax 41,337 34,778
Adjustments for:
Depreciation and amortisation 15,625 17,771
Allowance for expected credit losses / allowance for impairment of trade receivables 1,495 656
Reversal of / (charge for) provisions and legal claims related expenses 755 (2)
Net loss from disposal of property, plant and equipment and investment property 43 657
Revaluation gain on investment property - (487)
Net foreign exchange losses 62 695
Finance income (2,177) (5,049)
Finance costs 11,291 13,793
Share-based payment expense − 1,391
Operating cash flows from working capital changes
Change in inventories (193) (461)
Change in trade and other receivables (5,739) (3,974)
Change in prepaid taxes other than income tax 2,440 (743)
Change in prepayments (1,368) 424
Change in trade and other payables 591 (2,830)
Change in deferred revenue − 1,348
Change in advances received (2,699) 4,645
Change in other tax payables 1,693 748
Change in restricted cash (2,549) (2,963)
Interest received 368 2,498
Interest paid (10,523) (15,068)
Change in current income tax (2,153) (332)
Net cash from operating activities 48,299 47,495
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets (45,792) (106,629)
Purchase of investment property (24) (13)
Proceeds from sale of property, plant and equipment 294 5
Proceeds from sale of investment property 925 602
Issue of loans (281) (35,592)
Repayment of loans issued 132 2,053
Net cash used in investing activities (44,746) (139,574)
Cash flows from financing activities
Proceeds from borrowings 79,380 287,215
Repayment of borrowings (49,457) (153,110)
Reduction of the charter capital − (28,000)
Dividend paid to the Company’s owner (14,938) (466)
Transfers to intermediate parent under share-based compensation program − (4,941)
Net cash from financing activities 14,985 100,698
Effect of exchange rate changes on cash and cash equivalents 127 2,958
Net (decrease)/increase in cash and cash equivalents 18,665 11,577
Cash and cash equivalents at the beginning of year 6,807 25,472
Cash and cash equivalents at the end of year 25,472 37,049
 2018 2019 2020 2021 2022 2023

28,015 40,880 52,252 56,277 61,429 62,673

22,526 25,926 28,518 29,374 30,255 31,163

4,064 2,072 2,264 2,800 2,378 2,481
231 - - - - -
26 - - - - -
(197) - - - - -
3,804 - - - - -
(8,364) (7,574) (8,324) (9,074) (9,824) (10,574)
15,983 26,540 25,377 24,879 24,329 23,721
6,077 - - - - -

(185) (161) (169) (177) (186) (196)

(6,109) (9,786) (4,565) 19,943 (12,769) (5,229)
2,929 - - - - -
312 (195) (234) (281) (338) (405)
9,084 819 860 903 948 995
3,411 358 393 433 476 524
(753) - - - - -
(1,968) - - - - -
6,537 - - - - -
2,057
(18,989)
61 - - - - -
68,552 78,877 96,372 125,075 96,699 105,153

(116,746)(49,495) (54,444) (17,967) (18,506) (19,061) sum of purchase and sales

– 0 0 0 0 0
465 - - - - -
1,455 - - - - -
– (5,000) (5,000) (5,000) (5,000) (5,000)
5,782 - - - - -
(109,044) (54,495) (59,444) (22,967) (23,506) (24,061)
34,497 (4,306) (4,757) (5,255) (5,805) (6,413)
(19) - - - - -
(18,840) 0 0 0 0 0
– 0 0 0 0 0
(2,307) 0 0 0 0 0
13,331 (4,306) (4,757) (5,255) (5,805) (6,413)
(525) - - - - -
(27,686) 20,076 32,171 96,854 67,388 74,679
37,049 9,363 29,439 61,611 158,464 225,852
9,363 29,439 61,611 158,464 225,852 300,531
tax 15%
cost of debt 10% EBIT
Cost of equity 25% 1-tax
2018 depreciation&amortization
E/V 0.48083279794 CAPEX
D/V 0.51916720206 NWC
WACC 16.4% FCFF
g -47.63%
DCF

PVs
terminal value
enterprise value
net debt
Equity value

NWC 6,566
 2018 2019 2020 2021 2022 2023
90,524 111,697 126,342 130,830 136,445 138,146
85% 85% 85% 85% 85% 85%
22,526 25,926 28,518 29,374 30,255 31,163
120,141 75,420 82,963 47,341 48,761 50,224
(12,297) (56,563) (44,120) (68,799) (35,269) (42,480)
(32,966.60) (11,114.63) 8,826.55 24,440 62,203 55,883
0 1 2 3 4 5
(32,967) (9,546) 6,511 15,483 33,845 26,115 21,351.38

72,408
9,978
82,386
288,148
(205,762)

(5,731) (62,294) (106,414) (175,212) (210,482) (252,962)