Lion Finance Group Plc · LSE:BGEO
Lion Finance — BGEO Group — Q3 2017 Earnings Presentation
130 slides from Lion Finance's earnings presentation, November 2017
Slide 1: Capturing Growth Opportunities
CAPTURING GROWTH OPPORTUNITIES Investor Presentation: 3Q17 & 9M17 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 20 Results Discussion | Investment Business 50 Georgian Macro Overview 96 Appendices 117 3
Slide 4: BGEO Group current structure
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 3,075mln Capital al
Slide 5: BGEO Group profit contribution
BGEO Group profit contribution Data for 9M17 unless otherwise stated 9M 2017 Profit - GEL 345mln Banking Business Investment Business 10% Investment Business, At a glance 14% excluding GHG GHG 76% GEL 262mln GEL 83mln 190 172 190 170 170 150 150 GEL millions GEL millions 130 130 By 110 110 90 78
Slide 6: BGEO shareholder structure and share price
BGEO shareholder structure and share price BGEO shareholder structure BGEO top shareholders As of 29 September 2017 As of 29 September 2017 2% Unvested an d unawarded shares Rank Shareholder name Ownership 5% for managemen t and employees 11% 1 Harding Loevner LP 8.40% Vested shares held by manageme
Slide 7: Delivering on current 4x20 strategy
Delivering on current 4x20 strategy Successful track record of delivering strong results Banking Business Investment Business 1 24.5% 3 23.5% ROAE 21.3% 21.7% Min. IRR 121% IRR from GHG IPO 20%+ of 20% 75% IRR from m2 Real Estate projects 2015 2016 2Q17 3Q17 2 4 Retail loan 39.5% 38.2% Profit 20.6%*
Slide 8: BGEO Group results highlights: quarterly P&L
BGEO Group results highlights Quarterly P&L BGEO Consolidated Banking Business Investment Business Change Change Change Change Change Change GEL thousands unless otherwise noted 3Q17 3Q16 2Q17 3Q17 3Q16 2Q17 3Q17 3Q16 2Q17 y-o-y q-o-q y-o-y q-o-q y-o-y q-o-q Net banking interest income 168,603 136,3
Slide 9: BGEO Group results highlights: nine months P&L
BGEO Group results highlights Nine months P&L BGEO Consolidated Banking Business Investment Business Change Change Change GEL thousands unless otherwise noted 9M17 9M16 9M17 9M16 9M17 9M16 y-o-y y-o-y y-o-y Net banking interest income 489,037 393,069 24.4% 488,976 396,001 23.5% - - - Net fee and com
Slide 10: BGEO Group results highlights: balance sheet
BGEO Group results highlights Balance Sheet BGEO Consolidated Banking Business Investment Business Change Change Change Change Change Change GEL thousands unless otherwise noted Sep-17 Sep-16 Jun-17 Sep-17 Sep-16 Sep-17 Sep-17 Sep-16 Sep-17 y-o-y q-o-q y-o-y q-o-q y-o-y q-o-q Liquid assets 4,128,332
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 7 non-executive Board of Director members; 7 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: executive 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: Transaction summary: proposed demerger of BGEO
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: Rationale for proposed demerger
BGEO – Rationale for proposed demerger Two distinct entities to unlock additional long-term value for shareholders Structure post proposed demerger Benefits of the proposed demerger Business flexibility Bank of Georgia BGEO Investments Growth opportunities Private companies Retail Banking 100% 100%
Slide 17: Update on proposed demerger progress
BGEO – Update on proposed demerger progress Proposed demerger is progressing Formal Board decision to implement demerger expected by year end Timeline AGM expected in April 2018 Completion is expected by 30 June 2018 Targeting tax efficient structure for shareholders, including UK and the US
Slide 18: Management: Bank of Georgia and BGEO Investments
Management – Bank of Georgia and BGEO Investments Bank of Georgia Management BGEO Investments Management Irakli Gilauri, Chairman & CEO Kaha Kiknavelidze, CEO of Bank of Georgia With the Group since 2004. Formerly an EBRD (European Bank for Reconstruction and Development) With the Group since 2008.
Slide 19: Content
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 20 Results Discussion | Investment Business 50 Georgian Macro Overview 96 Appendices 117 19
Slide 20: Banking Business results vs targets and priorities
Banking Business results in 2017 vs. our targets & priorities Targets 9M17 9M16 Progress 1 ROAE 20%+ 23.7% 22.4% KEY TARGETS Retail Banking 2 20%+ 38.2% 19.5% Growth Grow RB’s share in loan 1 book 65% 68.4% 60.2% Increase Mass Retail 2 Product to Client Ratio 3.0 1.8 1.7 PRIORITIES 3 Increase number
Slide 21: Banking Business updated guidance
Banking Business – Updated guidance Targets 1 ROAE 20%+ KEY TARGETS 2 Total Banking Business loan book growth 15% - 20% 1 Increase Mass Retail product to client ratio 3.0 PRIORITIES 2 Increase number of Solo clients To 40,000 3 Become a regional private banking hub AUM: GEL 2.5bln 1 NIM 7%+ 2 Cost /
Slide 22: Banking Business results highlights
Banking Business results highlights P&L Highlights Change Change Change GEL thousands unless otherwise noted 3Q17 3Q16 2Q17 9M17 9M16 y-o-y q-o-q y-o-y Net banking interest income 167,788 137,753 21.8% 160,308 4.7% 488,976 396,001 23.5% Net fee and commission income 33,141 30,723 7.9% 31,402 5.5% 94
Slide 23: BOG: the leading bank in Georgia
BOG - The leading bank in Georgia Leading market position1 in Georgia by assets (33.3%), loans (31.7%), Balance Sheet client deposits (33.5%) and equity (29.6%) Banking Business CAGR 2014-9M17: +19.0% +22.4% +19.5% +21.7% +10.0% Underpenetrated market with stable growth perspectives: Real GDP av
Slide 24: BOG: the competition
BOG - The competition Peer group’s market share in total assets Peer group’s market share in gross loans 40% 36.5% 45% 33.3% 40% 38.2% 35% 30% 35% 31.7% 30% 25% 25% 20% 16.2% 20% 16.3% 15% 15% 10% 5.3% 10% 4.7% 3.9% 4.4% 4.7% 4.6% 5% 5% 0% 0% BOG TBC BR LB VTB PCB Others BOG TBC BR LB VTB PCB Others
Slide 25: Banking Business: strong underlying performance (revenue)
Banking Business - Strong underlying performance Revenue growth | quarterly Revenue growth | nine months Banking Business +14.9% Banking Business +18.1% +5.3% 250 700 649.0 223.2 212.0 194.2 600 549.7 200 55.4 25% 160.0 25% GEL millions GEL millions 51.7 24% 500 56.4 29% 153.7 28% 150 400 100 300 16
Slide 26: Banking Business: strong underlying performance (expenses)
Banking Business - Strong underlying performance Operating expenses | quarterly Operating expenses | nine months Banking Business +17.6% Banking Business +17.1% +5.7% 85.4 300 243.2 72.6 80.8 90 0.9 0.8 250 207.7 2.3 80 10.7 GEL millions GEL millions 1.1 10.2 2.6 30.5 70 200 9.5 27.6 60 23.2 68.0 22
Slide 27: Banking Business: focus on efficiency
Banking Business - Focus on efficiency Cost / Income | quarterly Cost / Income | nine months Banking Business Banking Business 39.0% 39.0% 38.5% 38.5% 38.0% 38.0% 38.1% 38.2% 37.5% 37.5% 37.8% 37.0% 37.5% 37.0% 37.4% 36.5% 36.5% 36.0% 36.0% 35.5% 35.5% 35.0% 35.0% 3Q16 2Q17 3Q17 9M16 9M17 Revenue an
Slide 28: Growing income notwithstanding pressure on yields
Banking Business - Growing income notwithstanding the pressure on yields Loan Yields | quarterly Loan Yields | annual & nine months Banking Business Banking Business 120% 16% 120% 14.3% 14.7% 14.2% 14.2% 16% 14.1% 14.3% 14.3% 14% 14% 100% 100% 12% 12% 80% 80% 10% 10% 63.2% 61.3% 61.3% 70.3% 60% 72.8
Slide 29: Stable cost of funding
Banking Business - Stable cost of funding Cost of Customer Funds | quarterly Cost of Customer Funds | annual & nine months Banking Business Banking Business 120% 3.6% 3.6% 4% 120% 5% 3.5% 4.3% 4.2% 3.5% 4% 3.8% 100% 100% 4% 3% 80% 80% 3% 3% 76.1% 74.0% 68.8% 71.2% 74.9% 68.8% 60% 2% 60% 76.8% 2% 2%
Slide 30: Excellent capital adequacy position
Banking Business - Excellent capital adequacy position NBG (Basel 2/3), capital adequacy ratios Risk Weighted Assets NBG (Basel 2/3) JSC Bank of Georgia standalone JSC Bank of Georgia standalone (BIS 2/3) 18% 16.2% 16.2% 10,000 9,839 15.2% 15.6% 9,790 16% 14.4% 14% 9,467 9,495 GEL thousands 9,500 12
Slide 31: Diversified asset structure and loan portfolio
Banking Business - Diversified asset structure and loan portfolio Total asset structure | 30 September 2017 Liquid assets | 30 September 2017 Banking Business Banking Business Total: GEL 11.8bln Total: GEL 4.1bln Other assets Other liquid 6.7% assets 10.6% Cash and Liquid assets Government equivalen
Slide 32: US$ loan portfolio breakdown
Banking Business - US$ loan portfolio breakdown Retail Banking | 30 September 2017 Corporate Investment Banking | 30 September 2017 Banking Business Banking Business 6.5% 1.9% GEL millions GEL millions 4,629 88 0.8% Other 2,140 150 14.6% Other 122 1 GEL 164 24 GEL 400 22 2,383 3.2% USD USD 76 5.5% 1
Slide 33: Resilient loan portfolio quality
33 Banking Business - Resilient loan portfolio quality NPLs and NIM NPL composition Loan loss reserve Banking Business Banking Business Banking Business 7.4% 7.3% 86.7% 93.6% 7.6% 7.7% 380 8% 350 83.4% 297 4.3% 4.2% 295 300 4.1% 80% 3.4% 330 295 297 7% 300 67.5% 4% 38 250 3.6% 241 48 280 241 6% 250
Slide 34: Strong liquidity (1/2)
Banking Business - Strong liquidity (1/2) Liquid assets to total liabilities NBG liquidity ratio Banking Business BOG standalone 39.5% 38.4% 37.9% 12,000 40% 5,847 10,293 6,000 46.2% 5,403 50% 32.4% 9,771 35% 10,000 44.4% 45% 5,000 4,871 30% 35.0% 40% 7,808 37.7% 8,000 35% GEL millions GEL millions
Slide 35: Strong liquidity (2/2)
Banking Business - 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% 40 GEL millions 32.8 151.5% 143.4% 150% 30 23.7 111.9% 20.6 104.5% 105.4% 17.3 17.6
Slide 36: Funding structure is well established
Banking Business - Funding structure is well established Interest Bearing Liability structure | 30 September 17 Well diversified international borrowings | 9M17 Banking Business Interest Bearing Banking Business Liabilities GEL 10.2bn Debt securities Others issued, Other debt securities, borrowing G
Slide 37: Retail Banking segments
Retail Banking Retail banking se Data as at 30 September 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 514 k 1,554 k 29 k 158 k Loans GEL 253 mln GEL 1,725 mln GEL 1,066 mln GEL 1,586 mln Deposits GEL
Slide 38: Retail Banking financial data
Retail Banking financial data P&L Change Change Change GEL thousands unless otherwise noted 3Q17 3Q16 2Q17 9M17 9M16 y-o-y q-o-q y-o-y Net banking interest income 122,352 95,507 28.1% 112,575 8.7% 346,437 262,913 31.8% Net fee and commission income 25,064 22,402 11.9% 23,970 4.6% 71,279 63,383 12.5%
Slide 39: Retail Banking: loan yield, cost of deposits and NIM
Retail Banking - Loan yield, cost of deposits & NIM RB Loan Yield I quarterly RB Loan Yield I nine months 30% 25.4% 30% 25.5% 24.2% 24.0% 23.1% 25% 25% 20% 17.0% 16.2% 20% 16.6% 16.4% 16.3% 15% 10.3% 9.2% 15% 10.0% 9.2% 9.2% 10% 10% 5% 5% 0% 0% Loan Yiel d Loan yield, GEL Loan yield, FC Loan Yiel d
Slide 40: Retail Banking: leading retail bank in Georgia
Retail Banking - Leading retail bank in Georgia RB Client Data RB Portfolio breakdown Loans by products Credit cards and Other Total: GEL 4.5 bln overdrafts Operating Data, GEL mln 9M17 % of clients 2016 2015 2014 4.7% 6.2% 1.0% of total Number of total Retail clients, of which: 2,254,584 2,141,229
Slide 41: Retail Banking financial data, September 2017
Retail Banking financial data, as at 30 September 2017 Balance sheet data Income statement data JSC Bank of Georgia Standalone 6% Total Loans Net Interest GEL 4,629mln Income 23% 25% GEL 345mln 37% 40% 13% 34% 22% Mass Retail (GEL 1,725mln) MSME (GEL 1,586mln) Mass Retail (GEL 137mln) Solo (GEL 1,06
Slide 42: Retail Banking: digital penetration
Retail Banking - Digital penetration Internet Banking Mobile Banking Number of Active Users Number of Active Users 188,087 166,874 146,785 127,129 104,717 62,430 3Q16 2Q17 3Q17 3Q16 2Q17 3Q17 Number of log-ins (in millions) Number of log-ins (in millions) 5.3 5.2 5.0 3.7 4.5 2.1 3Q16 2Q17 3Q17 3Q16
Slide 43: mBank, new mobile banking application
Retail Banking - mBank, new mobile banking application Launched on 29 May 2017 mBank downloads since 29 May 2017 1,748,757 transactions executed since 188,677 launch (including transfers and currency exchanges) 1,239,241 payments made by logged-in iPhone, clients 66,777 21,872 payments made
Slide 44: Corporate Investment Banking financial data
Corporate Investment Banking financial data P&L Change Change Change GEL thousands unless otherwise noted 3Q17 3Q16 2Q17 9M17 9M16 y-o-y q-o-q y-o-y Net banking interest income 38,550 34,457 11.9% 37,133 3.8% 113,632 107,940 5.3% Net fee and commission income 5,891 6,680 -11.8% 5,301 11.1% 16,857 19
Slide 45: Corporate Investment Banking loan book and deposits
Corporate Investment Banking loan book & deposits Highlights Portfolio breakdown, 30 September 2017 Loans by sectors Mining and Health and quarrying social work 4.4% 2.7% Other Financial 6.3% • Leading corporate bank in Georgia intermediation 2.4% Manufacturing Top 10 CIB borrowers 25.8% represent 3
Slide 46: CIB: loan yield, cost of deposits and NIM
Corporate Investment Banking - Loan yield, cost of deposits & NIM CIB Loan Yield I quarterly CIB Loan Yield I nine months 13.2% 13.0% 20% 14% 14.3% 12% 10.6% 10.1% 10.2% 9.9% 15% 12.6% 12.3% 10% 10.6% 10.6% 10.2% 9.9% 10.1% 9.8% 8% 10% 6% 5% 4% 2% 0% 0% Loan Yiel d Loan yield, GEL Loan yield, FC Loa
Slide 47: Investment Management platform for profitable growth
Investment Management - Unrivalled platform for profitable growth 1 Wealth Management 2 Research • Strong international presence: Israel (since 2008), UK (2010), Hungary (2012), Turkey (2013) • Sector, macro and fixed income and Cyprus (2017). coverage • International distribution • AUM of GEL 1,818
Slide 48: 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 custodian) Fast and easy way to
Slide 49: Content
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 20 Results Discussion | Investment Business 50 Georgian Macro Overview 96 Appendices 117 49
Slide 50: Investment Business results highlights
Investment Business results highlights P&L Highlights Change Change Change GEL thousands unless otherwise noted 3Q17 3Q16 2Q17 9M17 9M16 y-o-y q-o-q y-o-y Gross insurance profit 10,753 10,317 4.2% 10,010 7.4% 31,548 26,899 17.3% Gross healthcare and pharmacy profit 50,793 35,517 43.0% 51,333 -1.1% 1
Slide 51: Investment Business value proposition: three pillars
Investment Business value proposition – Three pillars 1 Strong corporate governance Outstanding track record in: • institutionalizing businesses, creating independently run/managed institutions • investor reporting transparency and granularity Top class board and governance Aligned shareholder
Slide 52: Investment Business Strategy
Investment Business Strategy We are a Georgia focused diversified investment company targeting minimum IRR of 25% 1 • Highly disciplined approach to unlock value through opportunistic investments – acquiring early stage, developing businesses or establishing greenfield businesses • 360o analysis to
Slide 53: Content: Georgia Healthcare Group
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 20 Results Discussion | Investment Business 50 • Georgia Healthcare Group (GHG) Georgian Macro Overview 96 Appendices 117 53
Slide 54: GHG financial highlights: P&L
GHG financial highlights P&L Change Change Change GEL thousands; unless otherwise noted 3Q17 3Q16 2Q17 9M17 9M16 y-o-y q-o-q y-o-y Revenue, gross 179,065 116,159 54.2% 184,601 -3.0% 550,113 290,408 89.4% Corrections & rebates (407) (762) -46.6% (660) -38.3% (1,690) (1,896) -10.9% Revenue, net 178,65
Slide 55: GHG financial highlights: balance sheet
GHG financial highlights Balance Sheet Change Change GEL thousands; unless otherwise noted Sep-17 Sep-16 Jun-17 y-o-y q-o-q Total assets, of which: 1,123,735 876,940 28.1% 1,065,527 5.5% Cash and bank deposits 42,790 48,067 -11.0% 37,052 15.5% Receivables from healthcare services 99,387 73,895 34.5%
Slide 56: 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 39% of the shareholders USA & Canada BGEO 57.0% 4% UK & Ireland Investors Luxemburg 17
Slide 57: Georgian healthcare market and GHG market share
GHG I Georgian healthcare market & GHG market share evolvement Georgia Healthcare Group Healthcare services Pharma Medical insurance Key Segments Hospitals Polyclinics Pharma Medical Insurance Referral Hospitals Community Hospitals (outpatient clinics) General and specialty hospitals offering outpat
Slide 58: Long-term, high-growth prospects, focused growth strategy
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 0.7bln GEL 1.5bln GEL 0.09bln (1H17) Addressable (2017) Market shares BY REVENUE | BEDs BY REVEN
Slide 59: 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 60: Content: m2 Real Estate
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 20 Results Discussion | Investment Business 50 • m2 Real Estate Georgian Macro Overview 96 Appendices 117 60
Slide 61: m2 financial highlights: P&L
m2 financial highlights P&L Change Change Change GEL thousands, unless otherwise noted 3Q17 3Q16 2Q17 9M17 9M16 y-o-y q-o-q y-o-y Revenue from sale of apartments 27,530 53,664 -48.7% 15,926 72.9% 61,855 86,991 -28.9% Cost of sold apartments (25,532) (47,826) -46.6% (15,076) 69.4% (57,717) (74,592) -
Slide 62: m2 financial highlights: balance sheet
m2 financial highlights Balance Sheet Change Change GEL thousands, unless otherwise noted Sep-17 Sep-16 y-o-y Jun-17 q-o-q Cash and cash equivalents 51,434 40,160 28.1% 52,817 -2.6% Amounts due from credit institutions 50 - NMF 386 -87.0% Investment securities 2,974 2,311 28.7% 2,979 -0.2% Accounts
Slide 63: m2 financial highlights: cash flow
m2 financial highlights Cash flow Change Change Change GEL thousands; unless otherwise noted 3Q17 3Q16 2Q17 9M17 9M16 y-o-y q-o-q y-o-y Cash flows from operating activities Proceeds from sales of apartments 33,553 23,083 45.4% 17,880 87.7% 79,173 58,327 35.7% Cash outflows for development of apartme
Slide 64: m2 at a glance
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 65: m2 residential development performance and track record
m2 - Residential development performance highlights and track record Strong sales performance Residential projects are sold out 87% of apartments are sold-out Completed projects On-going projects 1,672 1,220 Expected & Realised IRR 47% 46% 165% 58% 71% 31% 60% 329% 51% 75% 101% 100% 16 801 365 Incre
Slide 66: m2 residential development: sales performance
m2 - Residential development performance highlights and track record Strong sales performance Apartments sales track record 9M17 apartments sales track record # of apartments 141 90 231 298 464 sold 847 27 315 40 860 4 Including: 34.6 35 1. Decrease in stock by 18 apartments 780 on Hippodrome 2 proj
Slide 67: m2 residential development track record
m2 - Residential development track record All projects were completed on budget and on schedule Operating data for completed and on-going projects, as of 30 September 2017 Completed projects # of apartments Actual/Planned # of # of apartments # of apartments Start date Construction # Project name av
Slide 68: Georgian residential market overview
m2 - 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 69: m2 yielding business track record
m2 - Yielding business track record Strong Performance Yielding portfolio growth Yielding portfolio composition +70% 80 72 80 72 70 70 4 60 +28% 60 GEL millions GEL millions 38 50 38 50 42 42 40 33 6 40 33 15 30 3 30 12 20 21 35 20 31 35 28 10 10 21 9 0 2 0 31-Dec-15 31-Dec-16 30-Sep-17 31-Dec-15 31
Slide 70: m2 hotel strategy
m2 - Hotel strategy Hotel opportunities Develop 3 hotels during the next 3 years in Tbilisi catering to budget travelers – equity investment US$ 16mln Ramada (Melikishvili mixed use) Ramada Encore (Kazbegi str.15) Ramada Encore (Kutaisi hotel) • Hotel: 125 rooms • Hotel: 152 rooms • Hotel: 121 rooms
Slide 71: Georgian hotel market overview
m2 - 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 6.4 160 120% 145 145 5.9 5.8 138134 6.0 140 5.4 5.5 100% 120 106 5.0 4.4 34% 96
Slide 72: m2 targets and priorities
m2 - 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 buildin
Slide 73: Content: GGU Georgian Global Utilities
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 20 Results Discussion | Investment Business 50 • GGU – Georgian Global Utilities Georgian Macro Overview 96 Appendices 117 73
Slide 74: GGU financial highlights: P&L
GGU financial highlights P&L Change Change Change GEL thousands; unless otherwise noted 3Q17 3Q16 2Q17 9M17 9M16 y-o-y q-o-q y-o-y Revenue from water supply to legal entities 24,840 22,203 11.9% 20,592 20.6% 63,768 58,542 8.9% Revenue from water supply to individuals 8,340 7,735 7.8% 8,142 2.4% 24,3
Slide 75: GGU financial highlights: balance sheet
GGU financial highlights Balance sheet Change Change GEL thousands; unless otherwise noted Sep-17 Sep-16 Jun-17 y-o-y q-o-q Cash and cash equivalents 30,657 9,710 NMF 54,208 -43.4% Trade and other receivables 25,176 22,725 10.8% 21,846 15.2% Prepaid taxes other than income tax 6,740 4,316 56.2% 1,07
Slide 76: GGU financial highlights: cash flow
GGU financial highlights Cash flow Change Change Change GEL thousands; unless otherwise noted 3Q17 3Q16 2Q17 9M17 9M16 y-o-y q-o-q y-o-y Cash received from customers 42,950 36,653 17.2% 35,638 20.5% 109,170 98,844 10.4% Cash paid to suppliers (12,901) (13,540) -4.7% (10,450) 23.5% (34,682) (38,224)
Slide 77: GGU business overview
GGU business overview Key Segments Utility Energy Largest privately owned water utility company in Georgia with 3 HPPs under ownership and one under management with network for water supply and sanitation services - pumping capacity of 149.3MW stations, reservoirs, collectors, wastewater treatme
Slide 78: GGU performance highlights
GGU performance highlights Strong performance EBITDA Revenue composition EBITDA Margin 99 105 91 4 50% 49% 56% 48% 52% 3 7 60 90 6 50 75 24 23 GEL millions 40 60 GEL millions 34 39 45 32 30 2 52 2 1 4 30 2 64 20 44 8 2 8 59 8 22 15 25 10 17 22 21 16 0 0 3Q16 2Q17 3Q17 9M16 9M17 3Q16 2Q17 3Q17 9M16 9
Slide 79: Georgian electricity market overview
GGU - Georgian electricity market overview Electricity supply and consumption, 2016 Actual and forecasted consumption GWh Source: ESCO GWh 1,500 22,000 6.1 17,000 TWh 1,000 12,000 500 7,000 2,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Generation, renewables Generation, TPPs Generation, ac
Slide 80: Georgian water supply and sanitation market overview
GGU - 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 81: GGU: a privately-owned natural monopoly, business strategy
GGU - A privately-owned natural monopoly Business strategy CURRENT STANDING MEDIUM TERM GOAL TARGETING IPO in 2-3 years time REVENUE 9M17: GEL 92.2mln 1 UTILITY EBITDA 9M17: GEL 45.5mln EBITDA 2019: GEL 70mln+ DIVIDEND PROVIDER REVENUE 9M17: GEL 10.2mln VALUE CREATION 2 ENERGY EBITDA 9M17: GEL 6.4ml
Slide 82: Content: Aldagi P&C Insurance
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 20 Results Discussion | Investment Business 50 • Aldagi – P&C Insurance Georgian Macro Overview 96 Appendices 117 82
Slide 83: Aldagi financial highlights: P&L
Aldagi financial highlights P&L Change Change Change GEL thousands, unless otherwise noted 3Q17 3Q16 y-o-y 2Q17 q-o-q 9M17 9M16 y-o-y Gross premium written 21,322 18,122 17.7% 30,283 -29.6% 70,512 58,715 20.1% Earned premiums, gross 24,610 19,905 23.6% 20,900 17.8% 64,030 52,298 22.4% Earned premium
Slide 84: Aldagi financial highlights: balance sheet
Aldagi GGU financial highlights Balance sheet Change Change GEL thousands, unless otherwise noted Sep-17 Sep-16 Jun-17 y-o-y q-o-q Cash and cash equivalents 4,200 2,527 66.2% 3,900 7.7% Amounts due from credit institutions 24,989 23,386 6.9% 24,247 3.1% Investment securities: available-for-sale 4,34
Slide 85: Aldagi financial highlights: cash flow
Aldagi financial highlights Cash flow Change Change Change GEL thousands; unless otherwise noted 3Q17 3Q16 2Q17 9M17 9M16 y-o-y q-o-q y-o-y Cash flows from operating activities Insurance premium received 20,007 17,243 16.0% 20,618 -3.0% 56,182 48,435 16.0% Reinsurance premium paid (7,189) (5,584) 28
Slide 86: Aldagi performance highlights
Aldagi performance highlights Strong P&L performance Earned premiums, gross Earned premiums, gross | Composition Net underwriting profit Retail share 44% 41% 42% 40% 40% 13.2% +22.4% +9.9% +23.6% 25.0 Other, 18% 21.9 70.0 +17.8% 64.0 Motor, 34% +4.0% 19.3 20.0 60.0 Government 52.3 Credit Life, , 9%
Slide 87: 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 88: Aldagi: insurance market overview
Aldagi - Insurance market overview Georgian insurance market Market shares | Earned premiums, gross Source: Insurance State Supervision Service of Georgia 38% Aldagi 23% GPI 7% TBC / Kopenbur 2Q17 9% UNISON 7% IRAO 5% Ardi 11% Other 0% 5% 10% 15% 20% 25% 30% 35% 40% Insurance penetration & density M
Slide 89: Aldagi strategy
Aldagi strategy STRATEGIC TARGETS c.16 Aldagi Profit 50 MLN GEL MLN GEL 2017 2022 Retail | Penetration Low SME | Penetration Zero Corporate | Low Penetration 3 BUSINESS DIRECTIONS • No mandatory lines, • Underpenetrated market • Good investment climate border & local MTPL, also • Developing tailored
Slide 90: Content: Teliani Valley
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 20 Results Discussion | Investment Business 50 • Teliani Valley Georgian Macro Overview 96 Appendices 117 90
Slide 91: Teliani financial highlights: P&L
Teliani financial highlights P&L Change Change Change GEL thousands, unless otherwise noted 3Q17 3Q16 y-o-y 2Q17 q-o-q 9M17 9M16 y-o-y Wine 6,470 4,719 37.1% 5,596 15.6% 16,104 11,662 38.1% Beer* 11,156 - NMF 2,566 NMF 13,722 - NMF Distribution** 3,849 3,831 0.5% 4,108 -6.3% 11,064 8,810 25.6% Reven
Slide 92: Teliani financial highlights: balance sheet
Teliani financial highlights Balance sheet Change Change GEL thousands, unless otherwise noted Sep-17 Sep-16 Jun-17 y-o-y q-o-q Cash and cash equivalents 10,815 7,621 41.9% 11,923 -9.3% Amounts due from credit institutions 4,302 23,361 -81.6% 6,457 -33.4% Trade and other receivables 12,026 5,558 116
Slide 93: Teliani targets and 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 94: Teliani: exclusive Heineken producer in Caucasus
Teliani - 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 (9M17) Beer Consumption in Peer Countries 2015 Investment (l/capit
Slide 95: Content
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 20 Results Discussion | Investment Business 50 Georgian Macro Overview 96 Appendices 117 95
Slide 96: 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 97: 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 98: Growth oriented reforms
Growth oriented reforms Ease of Doing Business | 2018 (WB-IFC Doing Business Report) Economic Freedom Index | 2017 (Heritage Foundation) New Zealand 1 Estonia 6 Singapore 2 UK 12 US 6 Norway 8 Georgia 13 Top 5 in Europe region out of 44 countries Georgia 9 up from 16th in 2017 USA 17 Estonia 12 Latv
Slide 99: 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 100: Diversified resilient economy
Diversified resilient economy Gross domestic product Diversified nominal GDP structure, 2016 20 Growth was 4.7% in 9M17 16% Hotels & (5.1% in 1Q, 4.7% in 2Q17 and 4.4% in 3Q, rapid estimate) restaurants Industry 12.6% 17.1% 15 11.1% 12% 2.8% Other 9.6% 9.4% Financial interm. 10.7% 7.2% 4.0% 10 5.8%
Slide 101: Productivity gains the 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, 2006-16 periods TFP growth 9% 2.0% 8% 7% 6% 5% 4% Capital stock 3% 2.2% 2% 1% 0% -1% 20
Slide 102: 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 103: 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%-3.7% portfolio Multilateral -6% -4.8% weighted average Domestic 57% -6.5% External interest rate 2.0% -8% -6.7% 22% 78% -9.2% Contractual maturity -10% 21
Slide 104: 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 105: Fiscal performance
Fiscal Performance Consolidated budget tax revenues, GEL mn Consolidated budget tax revenues breakdown, 9M17 1,200 1,200 Property tax Customs duties +12.3% Tax revenues up 11.3% y/y in 9M17, 4.1% 0.7% 103.5% of budgeted amount Corporate income 1,000 1,000 tax +15.0% +3.1% 8.6% +14.8% +1.5% +18.7% +4
Slide 106: 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 107: Diversified sources of capital
Diversified sources of capital Strong foreign investor interest Tourist arrivals and revenues on the rise FDI stood at US$ 751.0mln, down 5.5% y/y in 1H17 5.8mln visitors in 9M17, up 19.2% y/y Tourism revenues up 28.5% y/y to US$ 2.2bln in 9M17 2.5 25% 7,000 6,351 5,898 19.8% 6,000 5,392 5,516 2.0 2
Slide 108: Current account deficit supported by FDI
Current account deficit supported by FDI Current account balance (% of nominal GDP) 30% Tourism revenues on the rise Trade deficit driven by FDI 15.2% 16.5% 20% 8.3% 9.4% 8.5% 11.1% 8.2% 9.1% 9.3% 9.2% 6.3% 5.8% 6.2% 5.1% 10% 3.9% 0% -10% -7.0% -5.8% -9.7% -11.1% -10.5% -10.3% -10.7% -9.4% -20% -12.
Slide 109: Inflation targeting since 2009
40 80 120 160 200 240 -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% Jan-14 Feb-14 Jan-14 Mar-14 Mar-14 Source: IMF Apr-14 May-14 May-14 Sources: GeoStat Jun-14 Jul-14 Jul-14 Note: Jan2005=100 Aug-14 Sep-14 Sep-14 Oct-14 Total Nov-14 Nov-14 Dec-14 Jan-15 Jan-15 Feb-15 Mar-15 Mar-15 Apr-15 May-15 May-15 J
Slide 110: International reserves and monetary policy rate
0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Jan-14 Jan-14 Feb-14 Feb-14 Mar-14 Mar-14 Source: NBG Apr-14 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 111: Floating exchange rate: policy priority
-30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Jan-03 May-03 Sep-03 0.2 0.9 Jan-04 Source: NBG May-04 Sources: NBG Sep-04 0.4 1.0 Jan-05 May-05 Sep-05 0.5 1.1 Jan-06 May-06 Sep-06 0.9 1.2 Jan-07 May-07 Sep-07 1.4 1.3 Jan-08 May-08 Sep-08 1.5 1.2 Jan-09 M2, % change, y/
Slide 112: 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 113: 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 114: 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 53.9% 54.0% 30% 18.5% 10% 47.2% 20% 11.7% 8.5% 0% 45.3% 6.0% 43.4% 10% -10% 38.0% 0% 31.7% -10% -20% -8.4% -9.5% -10.1% -20% -30% 19.5% -30% -19.7% -40% 15.6% -4
Slide 115: 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 1.2 Tourist arrivals up 28.8% y/y in 9M17 50% 140 60% Remittances up 19.7% y/y in 9M17 1.0 40% 120 50% 100 40% 0.8 30% 80 +24.2% 30% 0.6 60 20% 20% 0.4
Slide 116: Content
CONTENT BGEO Group | Overview 4 Results Discussion | Banking Business 20 Results Discussion | Investment Business 50 Georgian Macro Overview 96 Appendices 117 116
Slide 117: 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 3Q17 3Q16 2Q17 3Q17 3Q16 2Q17 3Q17 3Q16 2Q17 3Q17 3Q16 2Q17 y-o-y q-o-q y-o-y q-o-q y-o-y q-o-q Banking interest incom
Slide 118: BGEO Income statement: nine months
BGEO Income statement – nine months BGEO Consolidated Banking Business Investment Business Eliminations Change Change Change Change GEL thousands, unless otherwise noted 9M17 9M16 9M17 9M16 9M17 9M16 9M17 9M16 y-o-y y-o-y y-o-y y-o-y Banking interest income 821,325 669,923 22.6% 827,342 674,053 22.7
Slide 119: BGEO Balance sheet, September 2017
BGEO Balance sheet – 30 September 2017 BGEO Consolidated Banking Business Investment Business Eliminations STATEMENT OF FINANCIAL POSITION Sep-17 Sep-16 Change Jun-17 Change Sep-17 Sep-16 Change Jun-17 Change Sep-17 Sep-16 Change Jun-17 Change Sep-17 Sep-16 Jun-17 y-o-y q-o-q y-o-y q-o-q y-o-y q-o-q
Slide 120: BNB financial highlights
BNB - Belarusky Narodny Bank financial highlights INCOME STATEMENT, HIGHLIGHTS Change Change Change 3Q17 3Q16 2Q17 9M17 9M16 y-o-y q-o-q y-o-y GEL thousands, unless otherwise stated Net banking interest income 6,729 7,830 -14.1% 7,946 -15.3% 23,376 22,730 2.8% Net fee and commission income 2,287 1,7
Slide 121: Banking Business key ratios
Banking Business key ratios 3Q17 3Q16 3Q17 Sep-17 Sep-16 Profitability ROAA, Annualised 3.2% 3.6% 3.2% 3.2% 3.3% ROAE, Annualised 24.5% 24.3% 23.5% 23.7% 22.4% RB ROAE 33.4% 31.6% 26.5% 29.1% 28.4% CIB ROAE 13.0% 17.9% 20.0% 17.1% 17.5% Net Interest Margin, Annualised 7.3% 7.3% 7.3% 7.3% 7.4% RB NIM
Slide 122: Key operating data
Key operating data 3Q17 3Q16 2Q17 Sep-17 Sep-16 Selected Operating Data: Total Assets Per FTE 1,737 1,529 1,640 1,737 1,529 Number Of Active Branches, Of Which: 283 276 280 283 276 - Express Branches (including Metro) 153 122 138 153 122 - Bank of Georgia Branches 119 143 131 119 143 - Solo Lounges
Slide 123: Express branches, cards and terminals
Express 1 2 153 Express Branches 1,306,717 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 124: Express: capturing emerging mass market customers
Express - Capturing emerging mass market customers 76,810 Express Pay termi nals 90,339 -7% 82,949 27,511 Express branches 23,141 51% 18,247 16,698 ATM s 25% No. of transactions ‘000s 15,259 13,314 33,303 POS terminals 21,373 x3 10,530 9M1 7 9M1 6 28,885 9M1 5 Express cards 24,535 61% 17,902 4,902 I
Slide 125: Solo: a different approach to premium banking
Solo - A fundamentally different approach to premium banking Through Solo, we target to attract new clients (currently 28,492) 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 126: 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 59 branches as of 30 September 2017 27 additional branches are in pipeline for transfor
Slide 127: Retail Banking: loyalty program
Retail Banking - Loyalty program 127
Slide 128: Retail Banking: loyalty program partners
Retail Banking - Loyalty program partners Points exchange Pharmacy Gas station Supermarkets Fast food Status benefits Health care benefits Insurance benefit 128
Slide 129: 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 130: BGEO Group: Company information
BGEO Group - 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