GOGC FY14 revenue amounted to US$ 202.6mn, growing 3.5% y/y. Operating expenses climbed 5.6% y/y to US$ 151.9mn, driven by the cost of gas. FY14 adjusted EBITDA stayed largely flat at US$ 62.1mn (US$ 62.9mn in FY13), decreasing by 1.3% y/y. Adjusted EBITDA margin decreased to 30.7% from 32.1% in FY13. Net income was at US$ 47.5mn – a 16.2% y/y decline, mainly triggered by reduced finance income. FY14 net profit margin was at 23.4%. Net debt-to-adjusted EBITDA stood at 2.5x (2.2x in FY13), still well below the Eurobond covenant of 3.5x.
FY14 revenue reached US$ 202.6mn (US$ 195.8mn in FY13), up 3.5% y/y (up 8.0% y/y in FY13). In GEL terms, revenue amounted to GEL 357.8mn (GEL 325.8mn in FY13), rising by 9.8% y/y (up 8.7% y/y in FY13).
FY14 operating expenses reached US$ 151.9mn (US$ 143.9mn in FY13) and GEL 268.2mn (GEL 239.3mn in FY13). This translates into 5.6% y/y (4.3% y/y in FY13) and 12.1% y/y (5.1% y/y in FY13) growth in US$ and GEL terms, respectively.
