Lion Finance Group Plc · LSE:BGEO
Lion Finance — BGEO Group — H1 2017 Earnings Presentation
131 slides from Lion Finance's earnings presentation, August 2017
Slide 1: Capturing Growth Opportunities: 2Q17 & 1H17 results
CAPTURING GROWTH OPPORTUNITIES Investor Presentation: 2Q17 & 1H17 results
Slide 2: Disclaimer: Forward Looking Statements
DISCLAIMER Forward Looking Statements Disclaimer This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financi
Slide 3: Content
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 18 Results Discussion | Investment Business 48 Georgian Macro Overview 97 Appendices 118 3
Slide 4: BGEO Group current structure and capital
BGEO Group current structure Banking Business Investment Business Corporate Retail GHG GGU Investment Banking (Healthcare) (Utility & Energy) BGEO Banking Group BNB Aldagi Wealth m2 Teliani (Bank in (P&C Management (Real Estate) (Beverages) Belarus) Insurance) Total Capital – GEL 3,066mln Capital al
Slide 5: BGEO profit contribution
BGEO profit contribution Data for 1H17 unless otherwise stated GEL 231.8mln Banking Business Investment Business 10% At a glance 16% Investment Business Excluding GHG GHG 74% GEL 170.5mln GEL 61.3mln 130 130 110 103.7 110 90 90 By GEL millions GEL millions 70 58.81 70 businesses 50 50 24.3 22.4 30 3
Slide 6: BGEO shareholder structure and share price
BGEO shareholder structure and share price BGEO shareholder structure BGEO top shareholders As of 30 June 2017 As of 30 June 2017 Unvested and unawarded shares 2% for management and employees Rank Shareholder name Ownership % 5% 4% Vested shares held by 9% 1 Harding Loevner Management LP 8.32 manage
Slide 7: Delivering on current 4x20 strategy
Delivering on current 4x20 strategy Successful track record of delivering strong results Banking Business Investment Business 1 23.1% 23.5% 3 ROAE Min. IRR 121% IRR from GHG IPO 21.7% 21.3% 20%+ 77% IRR from m2 Real Estate of 20% projects 2015 2016 1Q17 2Q17 2 4 29.4% Retail loan 39.5% Profit 21.4%*
Slide 8: BGEO results highlights: quarterly P&L
BGEO results highlights Quarterly P&L BGEO Consolidated Banking Business Investment Business Change Change Change Change Change Change GEL thousands unless otherwise noted 2Q17 2Q16 1Q17 2Q17 2Q16 1Q17 2Q17 2Q16 1Q17 y-o-y q-o-q y-o-y q-o-q y-o-y q-o-q Net banking interest income 160,099 128,200 24.
Slide 9: BGEO results highlights: half-year P&L
BGEO results highlights Half-year P&L BGEO Consolidated Banking Business Investment Business Change Change Change GEL thousands unless otherwise noted 1H17 1H16 1H17 1H16 1H17 1H16 y-o-y y-o-y y-o-y Net banking interest income 320,434 256,712 24.8% 321,188 258,247 24.4% - - - Net fee and commission
Slide 10: BGEO results highlights: balance sheet
BGEO results highlights Balance Sheet BGEO Consolidated Banking Business Investment Business Change Change Change Change Change Change GEL thousands unless otherwise noted Jun-17 Jun-16 Mar-17 Jun-17 Jun-16 Mar-17 Jun-17 Jun-16 Mar-17 y-o-y q-o-q y-o-y q-o-q y-o-y q-o-q Liquid assets 3,942,743 2,925
Slide 11: Robust corporate governance: Board of Directors
BGEO Robust corporate governance compliant with UK Corporate Governance Code Board of Directors of BGEO Group PLC 6 non-executive Board of Director members; 6 Independent members, including the Chairman and the Vice Chairman Neil Janin, Chairman of the Board; Chairman of the Kim Bradley, Chairman of
Slide 12: Robust corporate governance: senior management
BGEO Robust corporate governance compliant with UK Corporate Governance Code Senior Executive Compensation Policy applies to top executives and envisages long-term deferred and discretionary awards of securities and no cash bonuses to be paid to such executives Irakli Gilauri, Group CEO Nikoloz Gamk
Slide 13: Proposed demerger of BGEO Group into two entities
Transaction summary On the 3rd of July, 2017 we announced our intention to demerge BGEO Group PLC (“BGEO Group”) into two entities Both will maintain strong Both strategies Proposed-demerger Rationale corporate governance remain largely unchanged standards 1. London-listed banking business Clear pla
Slide 14: Contemplated solution: full separation
Contemplated solution Full separation to unlock additional long-term value for shareholders Bank of Georgia BGEO Investments Overall More business: • Will be the only professionally Clear play • Enhanced flexibility and stronger managed publicly listed investment • Two leaders in their respective se
Slide 15: Structure after demerger
Structure after demerger BGEO Investments to hold 9.9% shares in Bank of Georgia Creation of two distinct London-listed entities Strong management team: Kaha Kiknavelidze as CEO will continue to lead Bank of Georgia and Irakli Gilauri as Chairman and CEO to lead BGEO Investments Both entitie
Slide 16: Management: Bank of Georgia and BGEO Investments
Management – Bank of Georgia and BGEO Investments Bank of Georgia Management BGEO Investments Management Kaha Kiknavelidze, CEO of Bank of Georgia Irakli Gilauri, Chairman & CEO With the Group since 2008. Originally joined as member of the Bank’s Supervisory Board and With the Group since 2004. Form
Slide 17: Content
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 18 Results Discussion | Investment Business 48 Georgian Macro Overview 97 Appendices 118 17
Slide 18: Post-demerger Banking Business strategy
Post-demerger Banking Business strategy TWO strategic targets FIVE strategic priorities for next 3-years 1 INCREASE MASS RETAIL SEGMENT PRODUCT 1 TO CLIENT RATIO from 1.7 in 2015 to 3.0 Target: 20%+ CLIENT-CENTRIC MODEL ROAE 1H17: 23.4% EXPRESS DIGITAL BANKING 2 Retail Banking Target: 20%+ 2 G
Slide 19: Banking Business targets & priorities
Banking Business targets & priorities Targets 1H17 1H16 1 ROAE 20%+ 23.4% 21.4% KEY targets Retail Banking 2 20%+ 34.1% 18.1% Growth Grow RB’s share in loan 1 book 65% 66.1% 59.0% Increase Mass Retail 2 Product to Client Ratio 3.0 1.7 1.7 PRIORITIES 3 Increase number ofclients Solo To 40,000 24,984
Slide 20: Banking Business results highlights
Banking Business results highlights P&L Highlights Change Change Change GEL thousands unless otherwise noted 2Q17 2Q16 1Q17 1H17 1H16 y-o-y q-o-q y-o-y Net banking interest income 160,308 128,753 24.5% 160,880 -0.4% 321,188 258,247 24.4% Net fee and commission income 31,402 29,524 6.4% 30,193 4.0% 6
Slide 21: BOG: the leading bank in Georgia
BOG I The leading bank in Georgia Leading market position1 in Georgia by assets (33.8%), loans (31.5%), Balance Sheet client deposits (31.5%) and equity (28.8%) Banking Business +20.5% +32.6% +17.0% +21.3% +7.6% Underpenetrated market with stable growth perspectives: Real GDP CAGR 2014-1H17: ave
Slide 22: BOG: the competition
BOG I The competition Peer group’s market share in total assets Peer group’s market share in gross loans 40% 36.3% 33.8% 45% 35% 38.0% 40% 30% 35% 31.5% 25% 30% 20% 15.5% 25% 20% 16.7% 15% 15% 10% 5.6% 4.0% 4.8% 10% 5% 4.6% 4.4% 4.8% 5% 0% 0% BOG TBC BR LB PCB VTB Others BOG TBC BR PCB LB VTB Others
Slide 23: Banking Business: strong underlying performance (revenue)
Banking Business I Strong underlying performance Revenue growth | quarterly Revenue growth | half-year Banking Business +19.5% Banking Business +19.8% -0.8% 250 425.8 450 213.8 212.0 400 355.5 200 177.5 104.6 25% GEL millions GEL millions 52.9 51.7 350 25% 24% 97.3 300 150 48.7 27% 27% 250 100 200 1
Slide 24: Banking Business: strong underlying performance (expenses)
Banking Business I Strong underlying performance Operating expenses | quarterly Operating expenses | half-year Banking Business +19.6% Banking Business +16.8% +4.8% 200 157.8 80.8 90 77.1 135.1 1.5 67.6 0.8 80 0.8 150 1.5 19.7 10.2 GEL millions 0.6 GEL millions 70 9.5 18.1 60 9.2 44.8 22.5 22.3 100
Slide 25: Banking Business: focus on efficiency
Banking Business I Focus on efficiency Cost / Income | quarterly Cost / Income | half-year Banking Business Banking Business 38.2% 38.5% 38.0% 38.0% 38.1% 38.1% 38.0% 37.8% 37.5% 37.6% 37.0% 36.5% 37.4% 36.0% 37.2% 35.5% 36.0% 37.0% 37.1% 35.0% 36.8% 34.5% 36.6% 2Q16 1Q17 2Q17 1H16 1H17 Revenue and
Slide 26: Growing income notwithstanding pressure on yields
Banking Business I Growing income notwithstanding the pressure on yields Loan Yields | quarterly Loan Yields | annual & half-year Banking Business Banking Business 120% 14.1% 14.0% 14.3% 16% 120% 14.3% 14.7% 14.2% 14.1% 16% 14% 14% 100% 100% 12% 12% 80% 80% 10% 10% 66.5% 63.2% 71.3% 63.2% 72.3% 60%
Slide 27: Banking Business: stable cost of funding
Banking Business I Stable cost of funding Cost of Customer Funds | quarterly Cost of Customer Funds | annual & half-year Banking Business Banking Business 120% 5% 120% 4.0% 5% 4.3% 4.2% 3.5% 3.5% 3.6% 4% 3.8% 100% 100% 4% 4% 80% 3% 80% 3% 73.3% 3% 71.2% 74.9% 76.8% 74.0% 60% 73.7% 74.0% 60% 2% 2% 40
Slide 28: Excellent capital adequacy position
Banking Business I Excellent capital adequacy position NBG (Basel 2/3), capital adequacy ratios JSC Bank of Georgia standalone 18% 16.2% 15.5% 15.2% 15.6% 16% 14.4% 14% 12% 11.0% 9.1% 10.6% 10.2% 10.1% 10% 10.5% 8% 8.5% 6% 4% 2% 0% 30-Jun-16 30-Sep-16 31-Dec-16 31-Mar-17 30-Jun-17 Tier I Capital Ade
Slide 29: Diversified asset structure and loan portfolio
Banking Business I Diversified asset structure and loan portfolio Total asset structure | 30 June 2017 Liquid assets | 30 June 2017 Banking Business Banking Business Total: GEL 11.1bln Total: GEL 3.8bln Other assets 6.7% Other liquid assets 9.9% Cash and Liquid assets equivalents 34.0% Government 37
Slide 30: US$ loan portfolio breakdown
Banking Business I US$ loan portfolio breakdown Retail Banking | 30 June 2017 Corporate Investment Banking | 30 June 2017 Banking Business Banking Business 6.5% 2.1% 4,245 90 2,176 142 GEL millions GEL millions 1.1% Other Other 13.2% 89 1 144 19 GEL GEL 408 21 2,122 USD USD 3.7% 5.0% 78 1,624 102 2,
Slide 31: Resilient loan portfolio quality
31 Banking Business I Resilient loan portfolio quality NPLs and NIM NPL composition Loan loss reserve Banking Business Banking Business 90.2% Banking Business 7.6% 7.7% 7.4% 86.7% 4.3% 4.4% 380 7.3% 8% 350 83.4% 92% 300 4.2% 5% 295 304 82% 330 7% 300 4% 295 304 67.5% 250 3.6% 38 51 72% 3.4% 4.0% 241
Slide 32: Strong liquidity (1/2)
Banking Business I Strong liquidity (1/2) Liquid assets to total liabilities NBG liquidity ratio Banking Business BOG standalone 6,000 46.2% 5,610 50% 39.1% 5,403 38.4% 37.9% 45% 12,000 40% 4,871 5,000 37.7% 44.1% 32.4% 40% 9,771 9,649 35% 35.0% 10,000 35% 4,000 GEL millions 7,808 30% 3,558 8,000 30
Slide 33: Strong liquidity (2/2)
Banking Business I Strong liquidity (2/2) Liquidity coverage ratio & net stable funding ratio Foreign currency VAR analysis* JSC Bank of Georgia standalone JSC Bank of Georgia standalone 60 250% 199.5% 50 200% 163.8% 187.7% GEL millions 40 151.5% 32.2 32.8 150% 111.9% 30 23.7 104.5% 97.0% 103.6% 20.
Slide 34: Funding structure is well established
Banking Business I Funding structure is well established Interest Bearing Liability structure | 30 June 17 Well diversified international borrowings | 1H17 Banking Business Interest Bearing Banking Business Liabilities GEL 9.6bn Others Debt Other debt borrowings, securities GEL 138mln, securities, G
Slide 35: Retail Banking segments
Retail Banking Retail banking se Data as at 30 June 2017 for JSC Bank of Georgia standalone 1 2 3 4 MSME Segments Micro, Small and Medium Emerging Retail Mass Retail Mass Affluent Business Clients 501 k 1,553 k 25 k 154 k Loans GEL 224 mln GEL 1,607 mln GEL 944 mln GEL 1,469 mln Deposits GEL 97 mln
Slide 36: Retail Banking financial data
Retail Banking financial data P&L Change Change Change GEL thousands, unless otherwise noted 2Q17 2Q16 1Q17 1H17 1H16 y-o-y q-o-q y-o-y INCOME STATEMENT HIGHLIGHTS Net banking interest income 112,575 84,574 33.1% 111,511 1.0% 224,086 167,406 33.9% Net fee and commission income 23,970 21,742 10.2% 22
Slide 37: Retail Banking: loan yield, cost of deposits & NIM
Retail Banking I Loan yield, cost of deposits & NIM RB Loan Yield I quarterly RB Loan Yield I half-year 30% 30% 25.4% 24.5% 25.5% 24.9% 24.2% 25% 25% 20% 20% 17.2% 16.1% 16.9% 15.9% 16.4% 15% 15% 10.2% 9.4% 9.2% 10.5% 9.2% 10% 10% 5% 5% 0% Loan Yield Loan yield, GEL Loan yield, FC 0% Loan Yield Loan
Slide 38: Retail Banking: leading retail bank in Georgia
Retail Banking I Leading retail bank in Georgia RB Client Data RB Portfolio breakdown Operating Data, GEL mln 1H17 % of clients 2016 2015 2014 Loans by products Total: GEL 4.2 bn Other Number of total Retail clients, of which: 2,231,977 - 2,141,229 1,999,869 1,451,777 0.8% of total 4.8% 21.6% of cli
Slide 39: Retail Banking financial data, as at June 2017
Retail Banking financial data, as at 30 June 2017 Balance sheet data Income statement data JSC Bank of Georgia Standalone 5% 25% Net Interest 22% 38% Total Loans Income GEL 4,245mln GEL 223mln 41% 13% 35% 21% Mass Retail (GEL 1,607mln) Mass Retail (GEL 90mln) MSME (GEL 1,469mln) MSME (GEL 47mln) Sol
Slide 40: Retail Banking: digital penetration
Retail Banking I Digital penetration Internet Banking Mobile Banking Number of Active Users Number of Active Users 127,129 167,769 166,874 83,726 98,505 58,162 2Q16 1Q17 2Q17 2Q16 1Q17 2Q17 Number of log-ins (in millions) Number of log-ins (in millions) 3.7 5.2 5.3 2.9 4.4 2.0 2Q16 1Q17 2Q17 2Q16 1Q
Slide 41: mBank, new mobile banking application
Retail Banking I mBank, new mobile banking application mBank downloads since 29 May 2017 Launched on 29 May 2017 140,920 754,970 transactions executed since launch (incl. transfers and currency exchanges) 529,835 payments made by logged-in clients iPhone 10,989 payments made on pre-login 49,
Slide 42: Corporate Investment Banking financial data
Corporate Investment Banking financial data P&L Change Change Change GEL thousands, unless otherwise noted 2Q17 2Q16 1Q17 1H17 1H16 y-o-y q-o-q y-o-y INCOME STATEMENT HIGHLIGHTS Net banking interest income 37,133 35,233 5.4% 37,949 -2.2% 75,082 73,483 2.2% Net fee and commission income 5,301 6,129 -
Slide 43: Corporate Investment Banking loan book & deposits
Corporate Investment Banking loan book & deposits Highlights Portfolio breakdown, 30 June 2017 Loans by sectors Health and Mining and social work quarrying 3.9% 4.4% Other Financial 5.4% intermediation • Leading corporate bank in Georgia 2.9% Manufacturing Top 10 CIB borrowers 25.6% represent 35.0%
Slide 44: CIB: loan yield, cost of deposits & NIM
Corporate Investment Banking I Loan yield, cost of deposits & NIM CIB Loan Yield I quarterly CIB Loan Yield I half-year 16% 16% 14.3% 13.7% 14% 14% 12.4% 12.5% 12.3% 10.7% 10.6% 10.3% 10.2% 12% 10.6% 10.3% 12% 10.2% 9.9% 10.0% 9.6% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% Loan Yield Loan yield, GEL Loa
Slide 45: Investment Management platform for profitable growth
Investment Management I Unrivalled platform for profitable growth 1 Wealth Management 2 Research • Strong international presence: Israel (since 2008), UK (2010), Hungary (2012) and Turkey • Sector, macro and fixed income (2013). Planned expansion – Cyprus coverage • International distribution • AUM
Slide 46: Become Regional Private Bank
Become Regional Private Bank BECOME REGIONAL PRIVATE BANK INTERNATIONAL WM CLIENTS BOG & GEORGIA ASSETS GEORGIA Onshore economy with offshore similar benefits No capital gain tax on the internationally traded securities No accounts reporting liability High account safety (international custo
Slide 47: Content
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 18 Results Discussion | Investment Business 48 Georgian Macro Overview 97 Appendices 118 47
Slide 48: Investment Business results highlights
Investment Business results highlights P&L Highlights Change Change Change GEL thousands unless otherwise noted 2Q17 2Q16 1Q17 1H17 1H16 y-o-y q-o-q y-o-y Gross insurance profit 10,010 9,287 7.8% 10,785 -7.2% 20,795 16,582 25.4% Gross healthcare and pharmacy profit 51,333 30,832 66.5% 52,342 -1.9% 1
Slide 49: BGEO Investments strategy – background
BGEO Investments strategy – background BGEO Investments is best positioned to Opportunities in corporate sector in Georgia create value Big opportunities with small capital Leading investment platform with in- commitments depth country knowledge Scarcity of available investment funds in Georgia
Slide 50: BGEO Investments strategy
BGEO Investments strategy We are a Georgia focused investment platform targeting minimum IRR of 25% 1 • Highly disciplined approach to unlock value through opportunistic Investment investments – buying cheap and selling at a profit • Majority ownership or minority with clear path to majority 2 EXITS
Slide 51: Track record of acquisitions
Track record of acquisitions We make opportunistic and disciplined acquisitions (Selected acquisitions) • We have been opportunistic and disciplined Privatbank when investing, by buying cheaply and in small Valuation: 1.12 P/BV Consideration: US$ 48.6mln ticket sizes Aldagi GGU (25%) GGU (75%) • For
Slide 52: Track record of growth
Track record of growth Getting our hands dirty and growing our businesses GHG Revenue GGU EBITDA 120 • We strongly believe that any investee company 450 CAGR’11-16 426.4 Early signs of efficiencies in GGU and/or sector in which we invest in should be 400 60.9% 100 through better 350 through organic
Slide 53: Track record of value creation
Track record of value creation GHG roadmap - creating single largest healthcare player Investment and growth Value creation • In order for our strategy to work we need to be disciplined in Decision Decision to IPO to invest accelerate growth (GHG:LN) unlocking the value of companies in which we inve
Slide 54: Georgia Healthcare Group (GHG)
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 18 Results Discussion | Investment Business 48 • Georgia Healthcare Group (GHG) Georgian Macro Overview 97 Appendices 118 54
Slide 55: GHG financial highlights: P&L
GHG financial highlights P&L Change Change Change GEL thousands; unless otherwise noted 2Q17 2Q16 1Q17 1H17 1H16 y-o-y q-o-q y-o-y Revenue, gross 184,601 101,673 81.6% 186,447 -1.0% 371,048 174,249 112.9% Corrections & rebates (660) (724) -8.8% (623) 5.9% (1,283) (1,134) 13.1% Revenue, net 183,941 1
Slide 56: GHG financial highlights: balance sheet
GHG financial highlights Balance Sheet Change Change GEL thousands; unless otherwise noted Jun-17 Jun-16 Mar-17 y-o-y q-o-q Total assets, of which: 1,065,527 814,089 30.9% 1,109,533 -4.0% Cash and bank deposits 37,052 26,395 40.4% 100,229 -63.0% Receivables from healthcare services 96,784 70,398 37.
Slide 57: GHG shareholder structure and share price
GHG shareholder structure and share price Strong support from institutional Geographically well-diversified Top Investors (1) investors at IPO(1) institutional shareholder base(1) Institutional Investors represent 33% of the shareholders UK & Ireland– 38% USA & Canada – 32% Luxemburg – 14% Other– 16
Slide 58: Georgian healthcare market & GHG market share
GHG I Georgian healthcare market & GHG market share evolvement Healthcare services Pharmacy Medical insurance Key Segments Polyclinics Referral Hospitals Community Hospitals Pharmacy Medical Insurance (outpatient clinics) General and specialty hospitals Basic outpatient and Outpatient diagnostic and
Slide 59: GHG focused growth strategy through 2018
GHG I Long-term, high-growth prospects / Focused growth strategy through 2018 GHG HAS FULL PRESENCE IN GEORGIAN HEALTHCARE ECOSYSTEM Segment HOSPITALS POLYCLINICS PHARMACY INSURANCE Market GEL 1.2bln GEL 0.9bln GEL 1.3bln GEL 0.17bln (2015) Market shares BY REVENUE | BEDs BY REVENUE BY REVENUE BY RE
Slide 60: GHG long-term, high-growth story
GHG long-term, high-growth story Medium-term Target Long-term Target 2015-2018 (5-10 Year Horizon) (Beyond 10 Year Horizon) Georgia 2014 or most recent year(1) Georgia medium-term(1) EM 2014 or most recent year (2) Spending per capita (US$) 217 (Georgia) 502 1,076 Price inflation (heart surgery, US$
Slide 61: m2 Real Estate
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 18 Results Discussion | Investment Business 48 • m2 Real Estate Georgian Macro Overview 97 Appendices 118 61
Slide 62: m2 financial highlights: P&L
m2 financial highlights P&L Change Change Change GEL thousands, unless otherwise noted 2Q17 2Q16 1Q17 1H17 1H16 y-o-y q-o-q y-o-y Revenue from sale of apartments 15,926 5,335 NMF 18,399 -13.4% 34,325 33,327 NMF Cost of sale of apartments (15,076) (4,667) NMF (17,109) -11.9% (32,185) (26,766) NMF Net
Slide 63: m2 financial highlights: balance sheet
m2 financial highlights Balance Sheet Change Change GEL thousands, unless otherwise noted Jun-17 Jun-16 Mar-17 y-o-y q-o-q Cash and cash equivalents 52,817 42,488 24.3% 48,636 8.6% Amounts due from credit institutions 386 - NMF 179 115.6% Investment securities 2,979 2,359 26.3% 1,515 96.6% Accounts
Slide 64: m2 financial highlights: cash flow
m2 financial highlights Cash flow Change Change Change GEL thousands; unless otherwise noted 2Q17 2Q16 1Q17 1H17 1H16 y-o-y q-o-q y-o-y Cash flows from operating activities Proceeds from sales of apartments 17,880 18,655 4.2% 27,740 -35.5% 45,620 35,244 29.4% Cash outflows for development of apartme
Slide 65: m2 at a glance – major player on Georgian real estate market
m2 at a glance – major player on Georgian real estate market Key 1 Residential Developments 2 Yielding Business 3 Fee Business Segments Commercial space (offices, industrial Franchising real estate Affordable housing Hotels properties, high street retail) development in Georgia Market: US$ 1.0bln1 M
Slide 66: m2 residential development performance and track record
m2 I Residential development performance highlights and track record Strong sales performance Residential projects are sold out 79% of apartments are sold-out Completed projects On-going projects 1,672 1,222 Expected & 19 Realised IRR 47% 46% 165% 58% 71% 31% 60% 329% 51% 75% 100 % 819 Entering hote
Slide 67: m2 residential development: apartment sales track record
m2 I Residential development performance highlights and track record Strong sales performance Apartments sales track record 1H17 apartments sales track record # of apartments 104 143 90 157 233 sold 860 847 24 20 4 17.7 129 800 16 14.3 # of apartments 740 12 10.1 1 50 8.8 680 7.6 25 8 614 620 4 560
Slide 68: m2 residential development track record
m2 I Residential development track record All projects were completed on budget and on schedule Operating data for completed and on-going projects, as of 30 June 2017 Completed projects # of # of # of Actual / Planned # of apartments apartments Start date Construction # Project name apartments Total
Slide 69: m2 Georgian residential market overview
m2 I Georgian residential market overview Significant growth potential in Georgian residential market Average household size and home ownership # of housing units developed by time periods 140 93% 96% 4.0 91% 89% 89% 86% 100% 120 84% 82% 82% 83% 70% 100 3.0 75% 80 2.0 50% 60 40 1.0 25% 3.4 2.8 2.8 2
Slide 70: m2 yielding business track record
m2 I Yielding business track record Strong Performance Yielding portfolio growth Yielding portfolio composition Net revenue from operating leases +77.6% 600 598 80 80 68 70 68 70 500 468 60 6 US$ thousands +14.7% 60 400 GEL millions 50 36 GEL millions 50 316 38 38 33 282 40 33 40 300 245 33 5 30 15
Slide 71: m2 hotel strategy
m2 I Hotel strategy Hotel opportunities Develop 3 hotels in next 7 years in Tbilisi catering to budget travelers – equity investment US$ 70mln Ramada (Melikishvili mixed use) Ramada Encore (Kazbegi str.15) Ramada Encore (Kutaisi hotel) • Hotel: 125 rooms, 5,900 sq.m (gross) • Hotel: 152 rooms, 7,016
Slide 72: m2 Georgian hotel market overview
m2 I Georgian hotel market overview Arrivals of non-resident visitors (mln) Hotel room supply | Tbilisi Comparison of key ratios | Tbilisi Source: Galt & Taggart Research Source: Colliers International Amounts in US$ 7.0 120% 160 145 144 6.4 139139 5.9 140 6.0 5.4 5.5 100% 120 106 95 99 5.0 4.4 34%
Slide 73: m2 targets and priorities
m2 I targets and priorities TARGETS & PRIORITIES NEXT 2-3 YEARS 1 Unlocking land value by developing housing projects. Buy land opportunistically 2 Start developing 3rd party lands Accumulate yielding assets from own-developed projects : 3 • Mainly retain commercial real estate in residential buildi
Slide 74: GGU – Georgian Global Utilities
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 18 Results Discussion | Investment Business 48 • GGU – Georgian Global Utilities Georgian Macro Overview 97 Appendices 118 74
Slide 75: GGU financial highlights: P&L
GGU financial highlights P&L Change Change Change GEL thousands; unless otherwise noted 2Q17 2Q16 1Q17 1H17 1H16 y-o-y q-o-q y-o-y Revenue from water supply to legal entities 20,592 19,353 6.4% 18,336 12.3% 38,928 36,339 7.1% Revenue from water supply to individuals 8,142 7,295 11.6% 7,911 2.9% 16,0
Slide 76: GGU financial highlights: balance sheet
GGU financial highlights Balance sheet Change Change GEL thousands; unless otherwise noted Jun-17 Jun-16 Mar-17 y-o-y q-o-q Cash and cash equivalents 54,208 6,399 NMF 16,776 NMF Trade and other receivables 28,271 25,551 10.6% 30,944 -8.6% Inventories 3,299 4,429 -25.5% 3,108 6.1% Current income tax
Slide 77: GGU financial highlights: cash flow
GGU financial highlights Cash flow Change Change Change GEL thousands; unless otherwise noted 2Q17 2Q16 1Q17 1H17 1H16 y-o-y q-o-q y-o-y Cash receipt from customers 35,638 32,938 8.2% 30,582 16.5% 66,219 62,191 6.5% Cash paid to suppliers (10,450) (14,543) -28.1% (11,330) -7.8% (21,781) (24,684) -11
Slide 78: GGU business overview
GGU business overview Key Segments Utility Energy • Largest privately owned water utility company in Georgia with 3 HPPs under ownership with capacity of 149.3MW network for water supply and sanitation services - pumping Generated power is primarily used by GGU’s water business. stations, reserv
Slide 79: GGU performance highlights
GGU performance highlights Strong performance Borrowed funds breakdown based on EBITDA Revenue composition contractual maturity * 61 EBITDA 43% 50% 49% 47% 50% 65 57 80 74 Margin 1.4 1.2 3 35 4 51 16 60 30 30 15 GEL millions GEL millions 32 43 25 37 28 29 GEL millions 0.7 3 0.5 0.7 40 20 2 1 1 23 7
Slide 80: GGU Georgian electricity market overview
GGU I Georgian electricity market overview Current installed capacity by Types, MW Electricity supply and consumption Forecasted consumption Source: ESCO 23,000 MW HPP – More than 70 HPPs are under operation currently, with MW Forecast 3,164MW of total installed capacity. 7 conventional dam HPPs 1,4
Slide 81: GGU Georgian water supply and sanitation market overview
GGU I Georgian water supply and sanitation market overview Largely privatized utility sector - high barriers to entry; reforms in progress for approximating the sector with Main challenge – water losses the EU regulations Source: Geostat Water losses still remain to be the main challenge in the sect
Slide 82: GGU business strategy
GGU I A privately-owned natural monopoly Business strategy CURRENT STANDING MEDIUM TERM GOAL TARGETING IPO in 2-3 years time REVENUE 1H17: GEL 57.4mln EBITDA 2018: GEL 64.8mln 1 UTILITY EBITDA 1H17: GEL 27.1mln 50% water losses DIVIDEND PROVIDER 70% water losses REVENUE 1H17: GEL 5.2mln EBITDA 2018:
Slide 83: Aldagi – P&C Insurance
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 18 Results Discussion | Investment Business 48 • Aldagi – P&C Insurance Georgian Macro Overview 97 Appendices 118 83
Slide 84: Aldagi financial highlights: P&L
Aldagi financial highlights P&L Change Change Change GEL thousands, unless otherwise noted 2Q17 2Q16 y-o-y 1Q17 q-o-q 1H17 1H16 y-o-y Earned premiums, gross 20,900 16,859 24.0% 18,520 12.9% 39,420 32,393 21.7% Earned premiums, net 15,048 11,905 26.4% 14,436 4.2% 29,485 23,160 27.3% Insurance claims
Slide 85: Aldagi financial highlights: balance sheet
Aldagi GGU financial highlights Balance sheet Change Change GEL thousands, unless otherwise noted Jun-17 Jun-16 Mar-17 y-o-y q-o-q Cash and cash equivalents 3,900 5,962 -34.6% 6,143 -36.5% Amounts due from credit institutions 24,247 24,495 -1.0% 27,450 -11.7% Investment securities: available-for-sal
Slide 86: Aldagi financial highlights: cash flow
Aldagi financial highlights Cash flow Change Change Change GEL thousands; unless otherwise noted 2Q17 2Q16 1Q17 1H17 1H16 y-o-y q-o-q y-o-y Cash flows from operating activities Insurance premium received 20,618 16,961 22% 15,558 33% 36,175 31,193 16% Reinsurance premium paid (2,970) (2,547) 17% (2,6
Slide 87: Aldagi performance highlights
Aldagi performance highlights Strong P&L performance Earned premiums, gross Earned premiums, gross | Composition Net underwriting profit Retail share 40% 37% 41% 38% 39% 15.0% +21.7% +6.1% Other, 14% 14.3 +24.0% 15.0 39.4 40.0 +1.5% 12.5 +12.8% Credit Life, 11% Motor, 36% 35.0 32.4 12.0 Government,
Slide 88: Aldagi business overview
Aldagi business overview Well-diversified business model Motor Property Credit Life Liability Other Key Segments CAR (2), Commercial Financial risk, employer's liability, Motor own damage, motor third property, Household Loan-linked life insurance professional indemnity, GTPL(3), Cargo, CPM(5), Live
Slide 89: Aldagi insurance market overview
Aldagi I Insurance market overview Georgian insurance market Market shares | Earned premiums, gross Source: Insurance State Supervision Service of Georgia 37% Aldagi 25% GPI 6% TBC / Kopenbur 1Q17 9% UNISON 7% IRAO 5% Ardi 11% Other 0% 5% 10% 15% 20% 25% 30% 35% 40% Insurance penetration & density M
Slide 90: Aldagi strategy
Aldagi strategy Strategy 5 Year Targets 1H16 1H17 Retail Segment Growth 20%+ 9% 23% (Gross premium written) Retail Segment concentration in 50%+ 38% 39% portfolio Combined Ratio <80% 70% 73% ROAE 20%+ 33% 38% Market Share 30%+ 34% 37% Solidify undisputed market leader position in the digital insuran
Slide 91: Teliani Valley
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 18 Results Discussion | Investment Business 48 • Teliani Valley Georgian Macro Overview 97 Appendices 118 91
Slide 92: Teliani financial highlights: P&L
Teliani financial highlights P&L Change Change Change GEL thousands, unless otherwise noted 2Q17 2Q16 y-o-y 1Q17 q-o-q 1H17 1H16 y-o-y Wine Business 5,596 4,340 28.9% 4,038 38.6% 9,634 6,943 38.8% Beer Business 2,566 - NMF - NMF 2,566 - NMF Distribution Business 4,108 2,735 50.2% 3,107 32.2% 7,215 4
Slide 93: Teliani financial highlights: balance sheet
Teliani financial highlights Balance sheet Change Change GEL thousands, unless otherwise noted Jun-17 Jun-16 Mar-17 y-o-y q-o-q Cash and cash equivalents 11,923 10,241 16.4% 15,426 -22.7% Amounts due from credit institutions 6,457 13,746 -53.0% 8,416 -23.3% Trade and other receivables 8,163 5,823 40
Slide 94: Teliani targets & priorities (Beverage Business)
Teliani targets & priorities (Beverage Business) Goal Become leading beverages producer and distributor in Caucasus Wine business Distribution business Beer production business Russian Federation Caspian Black Sea Sea Poti Georgia Batumi Tbilisi Rustavi Azerbaijan Baku Turkey Armenia Business Segmen
Slide 95: Teliani: exclusive Heineken producer in Caucasus
Teliani I Exclusive Heineken producer in Caucasus Exclusive Heineken producer in Caucasus Strong management with Low consumption per capita Highly concentrated market proven track record compared to peers Domestic market segmentation (1Q17) Beer Consumption in Peer Countries 2015 Investment 7% (l/ca
Slide 96: Content
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 18 Results Discussion | Investment Business 48 Georgian Macro Overview 97 Appendices 118 96
Slide 97: Georgia at a glance
Georgia at a glance General Facts • Area: 69,700 sq km • Population (2017): 3.7 mln • Life expectancy: 77 years • Official language: Georgian • Literacy: 100% • Capital: Tbilisi • Currency (code): Lari (GEL) Economy • Nominal GDP (Geostat) 2016: GEL 33.9 bln (US$14.3 bln) • Real GDP growth rate 2012
Slide 98: Georgia's key economic drivers
Georgia’s key economic drivers Top performer globally in WB Doing Business over the past 12 years • Liberty Act (effective January 2014) ensures a credible fiscal and monetary framework: Liberal economic policy • Public expenditure/GDP capped at 30%; Fiscal deficit/GDP capped at 3%; Public debt/GDP
Slide 99: Growth oriented reforms
Growth oriented reforms Ease of Doing Business | 2017 (WB-IFC Doing Business Economic Freedom Index | 2017 (Heritage Foundation) Report) New Zealand 1 Estonia 6 USA 8 UK 12 Estonia 12 Georgia 13 Top 5 in Europe region out of 44 countries Georgia 16 up from 23rd in 2016 USA 17 Germany 17 Latvia 20 Ca
Slide 100: Government 4-pillar of reforms
Government 4-pillar of reforms Structural Reforms Promoting Transit & Tourism Hub • Corporate income tax reform • Plan to finish all spinal projects by 2020 – East- Tax Reform Roads West Highway, other supporting infrastructure • Enhancing easiness of tax compliance • Boosting stock exchange activit
Slide 101: Diversified resilient economy
Diversified resilient economy Gross domestic product Diversified nominal GDP structure, 2016 Real GDP growth was 5.1% in 1Q17 Hotels & restaurants Industry Based on GeoStat’s rapid estimates, growth was 4.0% in 2Q17 20 16% 2.8% Other 17.1% Financial interm. 4.0% 10.7% 12.6% 15 11.1% 9.6% 9.4% 12% He
Slide 102: Productivity gains main engine of growth
Productivity gains have been the main engine of growth since 2004 Overall contribution of capital, labour, and Total Factor Contributions of capital, labour, and TFP to growth during Productivity (TFP) to growth, 1999-2012 periods 10% Capital stock 8% 1.60% 6% 6.32% TFP growth 4% 3.86% 3.65% 3.65% 2
Slide 103: Further job creation is achievable
Further job creation is achievable Unemployment rate down 0.2ppts y/y to 11.8% in 2016 Average monthly wages and income per household 1,900 18% 500 1,800 16% 1,700 14% 400 1,600 12% 300 1,500 10% 1,400 8% 200 1,300 6% 100 1,200 4% 1,100 2% 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1,0
Slide 104: Low public debt
Low public debt Fiscal deficit Breakdown of public debt 0% -2% -0.3% -1.8% -4% -2.6% -2.8%-2.6%-3.2% External public debt -3.4% -3.6% -3.7%-4.1%-4.1% portfolio Multilateral -6% -4.8% weighted average Domestic 57% -6.5% External interest rate 1.9% -8% -6.7% 21% 79% -9.2% (Contractual maturity -10% 23
Slide 105: Investing in infrastructure and spending low on social
Investing in infrastructure and spending low on social Revenues and expenditures, consolidated budget Current and capital expenditure 14,000 70% 100% Current Expenditures Capital Expenditures and net Lending 12,000 60% 80% 10,000 50% 79.8% 79.9% 81.6% 79.9% 75.9% 78.0% 75.9% 60% 72.4% 73.3% 8,000 40
Slide 106: Fiscal Performance
Fiscal Performance Consolidated budget tax revenues, GEL mn Consolidated budget tax revenues breakdown, 1H17 Tax revenues were up 14.2% y-o-y in 1H17 and stood at Property tax Customs duties 1,200 105.6% of budgeted amount 1,200 6.0% 0.7% +12.3% Corporate income 1,000 1,000 tax +12.3% 10.3% +18.7% +
Slide 107: Diversified foreign trade
Diversified foreign trade Imports of goods and services Exports of goods and services 12 8.0 7.2 7.0 10.0 7.0 10 9.1 9.3 1.1 0.9 6.2 6.2 8.7 6.0 1.7 8.5 6.0 0.4 0.3 8.0 1.6 5.2 7.5 1.4 0.9 8 1.7 1.3 1.7 5.0 0.7 5.9 1.2 6.1 4.0 3.1 3.1 2.6 2.6 6 5.2 4.0 3.7 2.5 1.1 3.2 3.2 0.5 0.9 0.3 4.4 1.0 2.5 0.2
Slide 108: Diversified sources of capital
Diversified sources of capital Strong foreign investor interest Tourist arrivals and revenues on the rise FDI stood at US$ 403.3mln, up 3.7% y/y in 2016 3.0mln visitors in 1H17, up 13.4% y/y Tourism revenues up 23.3% y/y to US$ 434.6mln in 1Q17 2.5 25% 7,000 6,351 5,898 19.8% 6,000 5,392 5,516 2.0 2
Slide 109: Current account deficit supported by FDI
Current account deficit supported by FDI Current account balance (% of nominal GDP) Tourism revenues on the rise Current transfers - steady source of 30% external funding 15% 16% 20% 8% 9% 8% 8.2% 9.1% 9.9% 11% 6% 6% 6.2% 5.1% 10% 3.9% 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2
Slide 110: Inflation and world commodity prices
40 80 120 160 200 240 -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% Jan-14 Jan-14 Feb-14 Feb-14 Mar-14 Mar-14 Source: IMF Apr-14 Apr-14 May-14 May-14 Sources: GeoStat Jun-14 Jun-14 Jul-14 Jul-14 Note: Jan2005=100 Aug-14 Aug-14 Sep-14 Sep-14 Oct-14 Oct-14 Total Nov-14 Nov-14 Dec-14 Dec-14 Jan-15 Jan-15 F
Slide 111: International reserves and monetary policy rate
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% Jan-14 Jan-14 Feb-14 Feb-14 Mar-14 Mar-14 Apr-14 Source: NBG Apr-14 May-14 May-14 Sources: NBG Jun-14 Jun-14 Jul-14 Jul-14 Aug-14 Aug-14 Sep-14 Sep-14 Oct-14 Oct-14 Nov-14 Nov-14 Dec-14 Dec-14 Jan-15 Jan-15 Feb-15 Feb-15 Mar-15 Mar-15 Apr
Slide 112: Floating exchange rate - policy priority
Floating exchange rate - Policy priority FX reserves Real effective exchange rate (REER) 135 135 130 130 3.5 1.4 1.6 1.3 1.4 1.3 125 125 1.3 1.2 1.2 1.3 1.4 3.0 1.2 1.2 120 120 1.1 2.5 1.0 2.9 1.0 1.2 115 115 0.9 2.8 2.8 2.7 2.5 1.0 110 110 2.0 2.3 2.8 2.1 0.8 105 105 1.5 0.6 100 100 1.4 1.5 1.0 0.4
Slide 113: Growing and well capitalized banking sector
Growing and well capitalized banking sector Summary • Prudent regulation ensuring financial stability − High level of liquidity requirements from NBG at 30% of liabilities, resulting in banking sector liquid assets to client deposits of 40% as of Dec 2016 • Resilient banking sector − Demonstrated st
Slide 114: Underpenetrated retail banking sector provides room for growth
Underpenetrated retail banking sector provides room for further growth Corporate loans to GDP Households loans to GDP 50% 45% 45% 40% 40% 25% 35% 35% 22% 30% 30% 15% 25% 15% 15% 25% 8% 10% 10% 20% 20% 6% 6% 15% 6% 15% 28% 6% 24% 26% 24% 10% 9% 8% 17% 17% 18% 18% 20% 22% 10% 21% 13% 17% 17% 18% 5% 10
Slide 115: Flexible FX regime shielded reserves
Flexible FX regime shielded reserves and supported to macro stability Currency weakening vs. US$ Georgia used less reserves to support GEL 52.4% 54.0% 10% 4.5% 10% 47.5% 44.4% 0% 0% 40.2% 40.3% -1.1% -10% -4.5% -10% -20% -12.3% -20% 27.6% -19.4% -21.6% 23.2% -30% -21.2% -30% -27.6% 17.7% -40% -40% 1
Slide 116: Tourist arrivals, exports and remittances up
Recent trend– Tourist arrivals/revenues, exports, and remittances up Tourist arrivals continue strong growth Remittances up from all major countries 1.0 50% 140 60% 120 50% 0.8 40% 100 40% 0.6 30% 80 30% 60 +17.1% 0.4 20% 20% 40 10% 0.2 10% 20 0 0% 0.0 0% -10% -20 -0.2 -10% -40 -20% -60 -30% -0.4 -2
Slide 117: Content
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 18 Results Discussion | Investment Business 48 Georgian Macro Overview 97 Appendices 118 117
Slide 118: BGEO Income statement – quarterly
BGEO Income statement – quarterly BGEO Consolidated Banking Business Investment Business Eliminations Change Change Change Change Change Change GEL thousands, unless otherwise noted 2Q17 2Q16 1Q17 2Q17 2Q16 1Q17 2Q17 2Q16 1Q17 2Q17 2Q16 1Q17 y-o-y q-o-q y-o-y q-o-q y-o-y q-o-q Banking interest incom
Slide 119: BGEO Income statement – half-year
BGEO Income statement – half-year BGEO Consolidated Banking Business Investment Business Eliminations Change Change Change Change GEL thousands, unless otherwise noted 1H17 1H16 1H17 1H16 1H17 1H16 1H17 1H16 y-o-y y-o-y y-o-y y-o-y Banking interest income 536,337 440,037 21.9% 540,068 442,697 22.00%
Slide 120: BGEO Balance sheet – 30 June 2017
BGEO Balance sheet – 30 June 2017 BGEO Consolidated Banking Business Investment Business Eliminations STATEMENT OF FINANCIAL POSITION Jun-17 Jun-16 Change Mar-17 Change Jun-17 Jun-16 Change Mar-17 Change Jun-17 Jun-16 Change Mar-17 Change Jun-17 Jun-16 Mar-17 y-o-y q-o-q y-o-y q-o-q y-o-y q-o-q Cash
Slide 121: BNB – Belarusky Narodny Bank financial highlights
BNB I Belarusky Narodny Bank – financial highlights INCOME STATEMENT, HIGHLIGHTS Change Change Change 2Q17 2Q16 1Q17 1H17 1H16 y-o-y q-o-q y-o-y GEL thousands, unless otherwise stated Net banking interest income 7,946 6,997 13.6% 8,702 -8.7% 16,647 14,900 11.7% Net fee and commission income 2,278 1,
Slide 122: Banking Business key ratios
Banking Business key ratios 2Q17 2Q16 1Q17 Jun-17 Jun-16 Profitability ROAA, Annualised 3.2% 3.3% 3.1% 3.1% 3.1% ROAE, Annualised 23.5% 22.3% 23.1% 23.4% 21.4% RB ROAE 26.5% 29.2% 27.2% 26.9% 26.6% CIB ROAE 20.0% 17.2% 18.3% 19.1% 17.4% Net Interest Margin, Annualised 7.3% 7.5% 7.4% 7.3% 7.5% RB NIM
Slide 123: Key operating data
Key operating data 2Q17 2Q16 1Q17 Jun-17 Jun-16 Selected Operating Data: Total Assets Per FTE 1,640 1,499 1,603 1,640 1,499 Number Of Active Branches, Of Which: 280 273 279 280 273 - Express Branches (including Metro) 138 119 130 138 119 - Bank of Georgia Branches 131 144 138 131 144 - Solo Lounges
Slide 124: Express branches, cards and terminals
Express 1 2 138 Express Branches 1,335,238 Express Cards for Transport payments • Opening accounts and deposits • Issuing loans and credit cards • Credit card and loan repayments • Acts as payments card in metro, • Cash deposit into accounts buses and mini-buses • Money transfers • Utility and other
Slide 125: Express: capturing emerging mass market customers
Express I Capturing emerging mass market customers 51,545 Express Pay terminals 59,828 54,212 -5% 17,839 Express branches 15,369 12,050 48% 10,898 ATMs 10,001 28% No. of transactions ‘000s 8,529 21,159 1H17 POS terminals 12,814 128% 1H16 9,294 1H15 19,097 Express cards 15,373 67% 11,446 3,472 Intern
Slide 126: Solo: a different approach to premium banking
Solo I A fundamentally different approach to premium banking Through Solo, we target to attract new clients (currently 24,984) to significantly increase market share in premium banking from c.13% at the beginning of 2015 SOLO Lounges New Solo offers: • Tailor made banking solutions • New financial p
Slide 127: Retail Banking transformation
Retail Banking transformation The transformation of retail banking operations from the product-based model into the client- centric model on track The implementation of the client-centric model completed in 38 branches as of 30 June 2017 Twelve additional branches are in pipeline for transform
Slide 128: Retail Banking: loyalty program
Retail Banking I Loyalty program 128
Slide 129: Retail Banking: loyalty program partners
Retail Banking I Loyalty program partners Points exchange Pharmacy Gas station Supermarkets Fast food Status benefits Health care benefits Insurance benefit 129
Slide 130: Notes to key ratios
Notes to key ratios 1 Return on average total assets (ROAA) equals Profit for the period divided by monthly average total assets for the same period; 2 Return on average total equity (ROAE) equals Profit for the period attributable to shareholders of BGEO divided by monthly average equity attributab
Slide 131: BGEO Group: Company information
BGEO Group I Company information Registered Address 84 Brook Street London W1K 5EH United Kingdom www.bgeo.com Registered under number 7811410 in England and Wales Incorporation date: 14 October 2011 Stock Listing London Stock Exchange PLC’s Main Market for listed securities Ticker: “BGEO.LN” Contac