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1
KEY TAKEAWAYS
• THE MARKET WILL SUSTAIN 2019 LEVEL OVERALL
• THE ORGANIZED PLAYERS ARE GROWING SHARE, NEW STORE OPENINGS FUELING GROWTH
• MEDIUM-SCALE PLAYERS GRABBING ORGANIZED MARKET SHARE BY SALES
• ORGANIZED MARKET IS EXPANDING FROM TBILISI TO REGIONS, SOME MAJOR REGIONS SO FAR
REMAIN UNDERPENETRATED
• LONG TERM TRENDS ON FMCG MARKET SIGNAL GROWTH IN FMCG SPENDING AS WELL AS
CONTINUOUS FORMALIZATION
• NONCASH PAYMENTS BECOMING DOMINANT, AVERAGE TICKET SIZE BECOMES LARGER
• FINANCIAL METRICS FOR GEORGIAN FMCG RETAILERS ARE HEALTHY
3
THE MARKET WILL SUSTAIN 2019 LEVEL, WITH GROWING SHARE OF THE ORGANIZED PLAYERS AND INCREASED COMPETITION
Source: Geostat, SARAS, Survey of selected FMCG retailers, TBC Capital
2016 2017 2018 2019 2020E 2021E 2022E
3% 8% 9% 6% 9% 6% 5%
15% 47% 82% -15% -83% 116% 169%
20% 14% 6% 7% -30% 7% 40%
4% 10% 13% 4% 1% 7% 10%
Yo
YG
row
th(%
)
2016 2017 2018 2019 2020E 2021E 2022E
5,802 6,165 6,707 6,450 5,950 6,107 6,514
1,286 1,631 2,085 2,720 3,285 3,778 4,344
27% 28% 30% 21% 15% 15%
FMCG MARKET REVENUE (GEL BN & YOY %) ORGANIZED FMCG PLAYERS’ MARKET SHARE (INCL VAT)
6.4 7.0
7.6 8.0
8.8 9.3
9.7 0.3
0.4
0.7 0.6
0.1
0.2
0.6
0.4
0.4
0.5 0.5
0.4
0.4
0.5
7.09
7.80
8.79 9.17 9.23
9.89
10.86
3
4
5
6
7
8
9
10
11
12
13Population expenditures
Tourist expenditures
Restaurant expenditures
82%79%
76% 70%64% 62%
60%
18%
21%
24% 30%36%
38%
40%
7.09
7.80
8.79 9.17 9.23
9.89
10.86
3
4
5
6
7
8
9
10
11
12
13
Selected Organized FMCG players' revenue
Unorganized Market Revenue
Selected Organized FMCG Market YoY Growth %
4GROWTH OF ORGANIZED MARKET AMID PANDEMIC
Source: Geostat, SARAS, Survey of selected FMCG retailers, TBC Capital; * *SPAR sales YoY growth reached 59% in 2019, incl. Daily as well as other franchise stores (34% excluding all franchise stores); **Daily operates under SPAR franchise from 2018; ***Jibe mostly
operates in wholesaling trade, its retail trade accounted for 14,4% in total sales in 2019; ****Like-for like (LFL): same-store growth, not taking new stores into account
-25%
0%
25%
50%
75%
Jan
-20
Fe
b-2
0
Ma
r-2
0
Ap
r-2
0
Ma
y-2
0
Jun
-20
Jul-
20
Au
g-2
0
Se
p-2
0
Total Revenue LFL Sales****
Note: Sales excl. VAT
ORGANIZED MARKET MERCH. SALES 2017-2019 (GEL MLN)) ORGANIZED MARKET REVENUE & LFL SALES GROWTH (YOY)
6%
28%
33%
34%/59%
180%16%
22%16% 74% 3% 27% 72%
7%15% 29%
0
100
200
300
400
500
600
Ca
rre
fou
r
Nik
ora
Tra
de
Ori
Na
bij
i
SP
AR
*
Re
tail
Gro
up
Go
od
wil
l
Zg
ha
pa
ri
Me
mo
/U
niv
ers
am
i/U
ni
Ag
roh
ub
Fre
sco
Ma
da
go
ni
Sp
ar
Fra
nch
ise
Da
ily
**
Sm
art
Jib
e**
*
Eu
rop
rod
uct
2019 YoY Growth %
2017 1,382
+28%2018 1,767
+30%2019 2,305
+21%2020E 2,784
5
MEDIUM-SCALE PLAYERS GRABBING ORGANIZED MARKET SHARE BY SALES
Source: SARAS, Survey of selected FMCG retailers, TBC Capital; *Market share is calculated based on sales merchandising values excl. VAT; Data for 9M 2020 is interim financial information provided solely from players and can differ from the final audited information**Daily
operates under SPAR franchise from 2018 ***In 2017 other players include Magniti and Jibe; In the next years only Jibe is displayed as Magniti was acquired by LTD Retail Group, operating from 2018: NOTE: Sales of Spar of 2018 year are adjusted based on financial statements
and independent auditor’s report of 2018; Also, sales of Europroduct was corrected in 2018
MARKET SHARE OF SELECTED ORGANIZED FMCG RETAILERS BY SALES IN 2017 – 9M 2020*
24.0%19.2% 17.1% 16.8%
2.0%
2.5%3.3% 4.2%
8.0%
7.0%6.2% 4.7%
3.9% 8.4% 11.3%
8.9% 10.4%12.7%
13.6%
12.2% 13.1%
13.4%14.1%
25.5% 24.3%19.7%
16.7%
19.4% 19.5% 19.1% 18.6%
2017 2018 2019 9M2020
Nikora Trade CarrefourOri Nabiji SPARRetail Group GoodwillAgrohub Small organized players
2.9%1.3% 1.1% 1.1%
2.6%
2.1% 1.7% 1.2%
0.7%
1.0%1.0% 1.4%
4.3%
3.6%2.8% 3.2%
3.0%
2.8%
2.8% 2.6%
4.9%
3.9%
3.4% 3.9%
4.3%
4.5%
4.2% 3.3%
1.4%
2017 2018 2019 9M2020
Daily** Zghapari
Memo/Universami/Uni Madagoni
Fresco Europroduct
Smart Other players***
2.0% 2.6% 3.1%
8.9%
8.5% 10.1% 10.6%
2017 2018 2019 9M2020
SPAR excl. Daily
SPAR Franchise Daily
6MEDIUM-SCALE PLAYERS GRABBING ORGANIZED MARKET SHARE BY TRADING AREA
Source: SARAS, Survey of selected FMCG retailers, TBC Capital; *Other selected players include Fresco and Jibe;
SHARE OF SELECT PLAYERS BY TRADING AREA 2019 (INNER) 9M 2020 (OUTER))
2.6%
2.8%
2.7%1.8%
1.9%
2.3%
1.9%
2.4%
2.7%
2.6%1.8%
1.8%
2.3%
1.7%
Other selected players**
Zghapari
Memo/Universami/Uni
Europroduct
Smart
Madagoni
Agrohub18.8%
14.0%
16.7%
15.0%13.5%
16.0%
6.0%
19.1%
15.7%
16.8%
15.4%
13.3%
15.3%
4.4%
Nikora Trade
SPAR*
Retail Group
Ori Nabiji
Carrefour
Other Organized Players
Goodwill
10.7%
11.5%
3.3%
4.2%
2019
9M 2020
*SPAR Share % Breakdown
SPAR excl. Daily SPAR Franchise Daily
7
GEOGRAPHYCAL DIVERSIFICATION AMONG SELECT ORGANIZED FMCG PLAYERS IS ON THE RISE I/II
Source: Survey of selected FMCG retailers, SARAS, TBC Capital
TBILISI vs REGION BREAKDOWN OF SALES OF SELECT ORGANIZED PLAYERS (SHARE, %) 2018 - 9M2020
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
20
18
20
19
9M
20
20
Total Memo Fresco Universami Carrefour Europroduct Zghapari SPAR excl.Daily
Agrohub Ori Nabiji Goodwill Nikora Trade Smart Madagoni Jibe Retail Group SparFranchise
Daily
Share of Tbilisi (%) Share of Regions (%)
8
GEOGRAPHYCAL DIVERSIFICATION AMONG SELECT ORGANIZED FMCG PLAYERS IS ON THE RISE II/II
Source: Survey of selected FMCG retailers, SARAS, TBC Capital,
REGIONAL ORGANIZED MARKET BY TRADING AREA (’000) (2018 - 9M2020)
REGIONAL ORGANIZED MARKET BY NUMBER OF STORES (2018 - 9M2020)
20% 6%
13%
45%-9% 16%
8%
10%
31%
139%
-
5
10
15
20
25
Ime
reti
Ad
jara
Kv
em
o K
art
li
Sa
me
gre
lo
Sh
ida
Ka
rtli
Ka
kh
eti
Mts
kh
eta
-Mti
an
eti
Sa
mts
kh
e-J
av
ak
he
ti
Gu
ria
Ra
cha
-Sv
an
eti
Th
ou
san
ds
YTD Growth %
10%
13%
-
40
80
120
160
200
Tb
ilisi
Oth
er
Ge
org
ia
Th
ou
san
ds
67% 61% 61%
33% 39% 39%
2018 2019 9M 2020
Share of Regions %
Share of Tbilisi %
21%
27%
15%
35%17%
10%
17%22%
36%
100%
0
20
40
60
80
100
120
140
160
Ime
reti
Ad
jara
Kv
em
o K
art
li
Sa
me
gre
lo
Ka
kh
eti
Sh
ida
Ka
rtli
Mts
kh
eta
-Mti
an
eti
Sa
mts
kh
e-J
av
ak
he
ti
Gu
ria
Ra
cha
-Sv
an
eti
YTD Growth %15%
22%
0
100
200
300
400
500
600
700
800
Tb
ilisi
Oth
er
Ge
org
ia
65% 60% 58%
35% 40% 42%
2018 2019 9M 2020
Share of Regions %
Share of Tbilisi %
9
DOWNWARD TREND IN NUMBER OF ACTIVE ORGANIZATIONS IN FMCG AND BAZAARS
Source: GeoStat, Survey of selected FMCG retailers, SARAS, TBC Capital,
-6%
-4%
-2% -1%-4%
-3%
-4%
2%
-4%-2%
-2%
0
1,000
2,000
3,000
4,000
5,000
6,000T
bili
si
Ime
reti
Sa
me
gre
lo &
Ze
mo
Sv
an
eti
Ad
jara
Ka
kh
eti
Kv
em
oK
art
li
Sh
ida
Ka
rtli
Sa
mts
kh
e-
Jav
ak
he
ti
Gu
ria
Mts
kh
eta
-M
tia
ne
ti
Ra
cha
-L
ech
kh
um
i
2015-2019 CAGR 2015-2019
76 63 64
65
48 43
28
24 25
21
25 25
16
18 15
25
13 11
10
9 9
26
18 16
267
218 208
2008 2014 2019
Tbilisi Imereti
Samegrelo-Zemo Svaneti Kakheti
Kvemo Kartli Adjara
Shida Kartli Other Regions
NUMBER OF ACTIVE ORGANIZATIONS IN FMCG 2015 – 2019 REGISTERED BAZAARS BY REGIONS 2008 – 2019
10
AS THE EXPANSION OF ORGANIZED MARKET CONTINUES, SOME MAJOR REGIONS REMAIN UNDERPENETRATED I/II
Source: GeoStat, Survey of selected FMCG retailers, SARAS, TBC Capital,
1.1
0.9 0.9
0.8
0.7
0.6
0.4
0.2 0.2
0.1 0.0
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
Ime
reti
Kv
em
oK
art
li
Ad
jara
Ka
kh
eti
Sa
me
gre
lo
Sh
ida
Ka
rtli
Sa
mts
kh
e-
Jav
ak
he
ti
Gu
ria
Mts
kh
eta
-M
tia
ne
ti
Ra
cha
-L
ech
kh
um
i
Sv
an
eti
14%
15%15%
14%
12%11%
8% 8%
5%
0%
2%
24%
19%
17%
15%
14% 13%
10%10%
9%
3%
9%
0%
5%
10%
15%
20%
25%
30%
Mts
kh
eta
-M
tia
ne
ti
Ad
jara
Ime
reti
Kv
em
oK
art
li
Sh
ida
Ka
rtli
Sa
me
gre
lo
Ka
kh
eti
Sa
mts
kh
e-
Jav
ak
he
ti
Gu
ria
Ra
cha
-L
ech
kh
um
i
Sv
an
eti
56%
12%
58%
15%
0%
10%
20%
30%
40%
50%
60%
Tb
ilisi
Oth
er
Ge
org
ia
FMCG EXPENSES BY REGIONS (GEL BN) IN 2017 – 2020E FORMAL MARKET PENETRATION BY EXPENSE 2017 – 2020E
3.3
5.9
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Tb
ilisi
Oth
er
Ge
org
ia
11
AS THE EXPANSION OF ORGANIZED MARKET CONTINUES, SOME MAJOR REGIONS REMAIN UNDERPENETRATED II/II
Source: GeoStat, TBC Capital,
Adjara 2020
Imereti 2020Kvemo Kartli 2020
Shida Kartli 2020Samegrelo 2020
Kakheti 2020
Mtskheta-Mtianeti 2020
Samtskhe-Javakheti 2020
Guria 2020Svaneti 2020
Racha 2020
Adjara 2019
Imereti 2019
Kvemo Kartli 2019
Shida Kartli 2019Samegrelo 2019
Kakheti 2019
Mtskheta-Mtianeti 2019
Samtskhe-Javakheti 2019
Guria 2019
Svaneti 2019
Racha 20190%
4%
8%
12%
16%
20%
24%
- 200 400 600 800 1,000 1,200
Org
an
ized
Mark
et
Pen
etr
ati
on
%
FMCG Expenditures (GEL MLN)
Adjara 2020
Imereti 2020 Kvemo Kartli 2020
Shida Kartli 2020
Samegrelo 2020
Kakheti 2020
Mtskheta-Mtianeti 2020
Samtskhe-Javakheti 2020
Guria 2020
Svaneti 2020
Racha 2020
Adjara 2019Imereti 2019
Kvemo Kartli 2019
Shida Kartli 2019
Samegrelo 2019
Kakheti 2019
Mtskheta-Mtianeti 2019
Samtskhe-Javakheti 2019Guria 2019
Svaneti 2019Racha 2019
0%
4%
8%
12%
16%
20%
24%
190 210 230 250 270 290 310 330 350 370 390
Org
an
ized
Mark
et
Pen
etr
ati
on
%
FMCG Expenditure per Household (GEL)
ORGANIZED MARKET PENETRATION (%) AND TOTAL FMCG EXPENDITURE (GEL MLN) IN 2019 AND 2020E
ORGANIZED MARKET PENETRATION (%) AND FMCG EXPENDITURES PER HOUSEHOLD (GEL) IN 2019 AND 2020E
12
LONG TERM TRENDS ON FMCG MARKET SIGNAL GROWTH IN FMCG SPENDING AS WELL AS CONTINUOUS FORMALIZATION
Source: World Bank, GeoStat, TBC Capital,
USA
UK
Germany
France
Latvia
Turkey
Russia
Georgia: 4,986 ,
923
Azerbaijan
R² = 0.72
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
- 20,000 40,000 60,000 80,000 100,000
Fo
od
Ex
pe
nd
itu
res
pe
r C
ap
ita
GDP per Capita
USAUKGermany
France
Latvia
Turkey
Russia
Georgia: 4,986 , 30.76%
Azerbaijan
R² = 0.7078
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
- 20,000 40,000 60,000 80,000 100,000
Fo
od
We
igh
ts in
Ba
ske
t
GDP per Capita
IndiaGeorgia 2016:
4,305 , 18%
China
Georgia 2019: 4,986 , 30%
RussiaTurkey
USA
JapanUK
R² = 0.6671
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
- 20,000 40,000 60,000 80,000 100,000
Org
an
ize
d M
ark
et
Sh
are
%
GDP Per Capita
FOOD EXPENDITURES PER CAPITA VS GDP PER CAPITA
WEIGHTS OF FOOD IN CONSUMER BASKET % VS GDP PER CAPITA
SHARE OF ORGANIZED MARKET IN FMCG % VS GDP PER CAPITA
13
NONCASH PAYMENTS BECOMING DOMINANT IN FMCG IN 2020
Source: GeoStat, Survey of selected FMCG retailers, SARAS, TBC Capital,
82%
11%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Jan
-19
Ma
r-19
Ma
y-1
9
Jul-
19
Se
p-1
9
No
v-1
9
Jan
-20
Ma
r-2
0
Ma
y-2
0
Jul-
20
Se
p-2
0
10M
20
20
Volume (LHS) Number of Transactions (RHS)
0%
2%
4%
6%
8%
10%
0:0
01:
00
2:0
03
:00
4:0
05
:00
6:0
07
:00
8:0
09
:00
10:0
011
:00
12:0
013
:00
14:0
015
:00
16:0
017
:00
18:0
019
:00
20
:00
21:
00
22
:00
23
:00
Weekend 2019 Weekend 2020
0%
2%
4%
6%
8%
10%
12%
Work Days 2019 Work Days 2020
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
19
20
20
20
19
20
20
20
19
20
20
20
19
20
20
20
19
20
20
20
19
20
20
20
19
20
20
20
19
20
20
20
19
20
20
20
19
20
20
20
19
20
20
20
19
20
20
Kakheti Svaneti Adjara Mtskheta-Mtianeti
ShidaKartli
Racha-Lechkhumi
Samtskhe-Javakheti
Guria Samegrelo Imereti Tbilisi KvemoKartli
Cards Issued in Georgia International Cards
NONCASH TRANSACTION VOLUMES & NUMBER 2019-2020 (YoY %)
SHARE OF INTERNATIONAL NONCASH PAYMENTS IN FCMG
HOURLY BREAKDOWN OF TRANSACTIONS (2019-2020)
14
FINANCIAL METRICS FOR GEORGIAN AND INTERNATIONAL FMCG RETAILERS
Source: SARAS, Bloomberg, REWE Group, Survey of selected FMCG retailers, TBC Capital; *NET DEBT considers interest bearing liabilities of the retailer minus cash & cash equivalents; Interest bearing liabilities are loans, bonds and financial lease liabilities; ** Inventory
days are calculated as follows: inventory balance divided by COGS, adjusted by the amount of retro bonuses; Note: Carrefour Group (EU) excludes Georgia
Note: IFRS Financial Metrics, incl. IFRS 16 Impact Note: IFRS Financial Metrics, incl. IFRS 16 Impact Note: IFRS Financial Metrics, incl. IFRS 16 Impact
PROFITABILITY FOR FMCG RETAILERS IN 2019
SOLVENCY FOR FMCG RETAILERS IN 2019*
LIQUIDITY METRICS For FMCG RETAILERS IN 2019**
14.9
10.2
7.5
5.9
3.2 2.9 2.6
3.8
3.0 2.9 3.1
1.5
3.3
4.0
0
2
4
6
8
10
12
14
16
Ca
rre
fou
r G
rou
p (
EU
)
Ma
xim
a G
rou
p (
Th
eB
alt
ics)
RE
WE
(G
erm
an
y)
TE
SC
O/S
ain
sbu
ry's
(U
K)
BIM
/Mig
ros
(Tu
rke
y)
Ge
org
ian
re
tail
ers
Le
nta
/Ma
gn
it (
Ru
ssia
)
EBITDA / INTEREST EXPENSE
NET DEBT/EBITDA
Note: Non-IFRS Metric for Georgian
FMCG retailers excl. IFRS 16 Impact:
NET DEBT/EBITDA: 1.8x
8884
73
6053
48
3838 4036 34 32
57
20
0.8 0.8
0.6
0.70.7
0.9
0.7
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
0
10
20
30
40
50
60
70
80
90
100
Ca
rre
fou
rG
rou
p (
EU
)
BIM
/Mig
ros
(Tu
rke
y)
Ge
org
ian
reta
ile
rs
RE
WE
(Ge
rma
ny
)
Ma
xim
a G
rou
p(T
he
Ba
ltic
s)
Le
nta
/Ma
gn
it(R
uss
ia)
TE
SC
O/
Sa
insb
ury
's(U
K)
Average payable days Inventory days
Current Ratio
24%22%22%22%
21%
0%
7%6%
10%9% 8% 8% 8%
0%
7%6%
10%9%7%
8% 8%
0%
5%
10%
15%
20%
25%
30%
RE
WE
(G
erm
an
y)
Ca
rre
fou
r G
rou
p (
EU
)
Le
nta
/Ma
gn
it (
Ru
ssia
)
BIM
/Mig
ros
(Tu
rke
y)
Ge
org
ian
re
tail
ers
RE
WE
(G
erm
an
y)
Ca
rre
fou
r G
rou
p (
EU
)
Le
nta
/Ma
gn
it (
Ru
ssia
)
BIM
/X5
(T
urk
ey
)
Ge
org
ian
re
tail
ers
Ma
xim
a G
rou
p (
Th
e B
alt
ics)
TE
SC
O/S
ain
sbu
ry's
(U
K)
RE
WE
(G
erm
an
y)
Ca
rre
fou
r G
rou
p (
EU
)
Le
nta
/Ma
gn
it (
Ru
ssia
)
BIM
/X5
(T
urk
ey
)
Ge
org
ian
re
tail
ers
Ma
xim
a G
rou
p (
Th
e B
alt
ics)
TE
SC
O/S
ain
sbu
ry's
(U
K)
Gross margin EBITDAR margin EBITDA margin
Note: Non-IFRS Metric for Georgian
FMCG retailers excl. IFRS 16 Impact:
EBITDA margin: 4.2%
15
4,6
99
3,7
48
3,2
97
0
2,000
4,000
6,000
8,000
10,000
12,000
Georgianretailers*
12,006 10,565 10,200
FINANCIAL METRICS FOR GEORGIAN AND INTERNATIONAL FMCG RETAILERS
Source: Survey of selected FMCG retailers; Bloomberg, IMF, TBC Capital; *Inventory days are calculated as follows: inventory balance divided by COGS, not adjusted by the amount of retro bonuses
SELECTED FMCG RETAILERS’ SALES/SQM IN DIFFERENT MARKETS IN 2018 & 2019 (USD)
Note: Non-IFRS Financial Metrics
PROFITABILITY & LIQUIDITY METRICS FOR GEORGIAN SELECTED FMCG RETAILERS’ 9M 2019 – 9M 2020*
21.2%
2.7%
21.2%
3.6%
0%
5%
10%
15%
20%
25%
Gross margin EBITDA margin
9M 2019 9M 2020
31
59
32
59
0
14
28
42
56
70
Inventory Days* Average Payable Days
9M 2019 9M 2020
10,1
76
8,5
59
7,3
27
6,0
35
5,8
53
5,2
78
3,9
46
3,4
67
2,7
40
1,8
70
9,9
99
8,4
98
7,3
33
5,8
38
5,3
12
5,2
44
3,7
32
3,1
47
2,6
96
1,9
35
Tesco (UK) Kroger (USA) Maxima Group(The Baltics)
Lenta /Magnit(Russia)
Migros(Turkey)
2018 2019 2020E
In GEL
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LEGAL NOTICE
Mary Chachanidze, CFAManaging Director
Otar NadaraiaChief Economist, TBC Group
Tornike Kordzaia, CFAHead of Research
Aleqsandre BluashviliHead of Macro-Finance Department, TBC Bank
Tamar ZakaidzeSenior Research Associate
Ana MjavanadzeAnalyst
Andro TvaliashviliResearch Associate
Juli AvlokhashviliIntern
Luka ChigilashviliResearch Associate Tel: +995 32 2 272727
Email: [email protected]: www.tbccapital.ge; www.tbcresearch.geVladimer Choghoshvili
Intern