Georgia Capital Plc · LSE:CGEO
Georgia Capital — FY2022 Earnings Presentation
50 slides from Georgia Capital's earnings presentation, Feb 20, 2023
Slide 1: 4Q22 & FY22 Results Call Presentation
4Q22 & FY22 RESULTS CALL PRESENTATION 20 FEBRUARY 2023
Slide 2: Contents
CONTENTS 01 2022 LOOKBACK 02 PROPOSED TRANSFER TO LSE STANDARD LISTING 03 MACROECONOMIC UPDATE | GEORGIA 04 4Q22 & FY22 PERFORMANCE OVERVIEW 05 4Q22 & FY22 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 06 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 07 WRAP-UP 08 ANNEX 2
Slide 3: 2022 Lookback
2022 LOOKBACK SEVERAL KEY ACTIVITIES IN 2022 01 02 03 04 05 STRATEGY COMPLETION OF THE MILESTONE BUYBACK OF GCAP SHARE BUYBACK AND UPDATE WATER UTILITY TRANSACTIONS ON EUROBONDS CANCELLATION BUSINESS SALE THE GEORGIAN PROGRAMME IN 2022 CAPITAL MARKET At 2022 Investor Day, the Group • In 2022, GCAP c
Slide 4: Contents
CONTENTS 01 2022 LOOKBACK 02 PROPOSED TRANSFER TO LSE STANDARD LISTING 03 MACROECONOMIC UPDATE | GEORGIA 04 4Q22 & FY22 PERFORMANCE OVERVIEW 05 4Q22 & FY22 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 06 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 07 WRAP-UP 08 ANNEX 4
Slide 5: Snapshot of GCAP's Strategy
SNAPSHOT OF GCAP’S STRATEGY CAPITAL-LIGHT INVESTMENT STRATEGY CAPITAL MANAGEMENT FRAMEWORK GCAP invests in capital-light, large opportunities, which have the potential to GCAP manages capital allocations in line with its updated 360-degree become GEL 300m+ in equity value over 3-5 years framework, w
Slide 6: Our Medium to Long-Term Aspiration
OUR MEDIUM TO LONG-TERM ASPIRATION TRANSFORMATION INTO A PCV ASSUMES PORTFOLIO EXPOSURE TO PREDOMINANTLY CAPITAL-LIGHT & LARGE INVESTMENTS TRANSFORMING INTO A CURRENT PRIVATE POTENTIAL TO BECOME A LARGE CAPITAL-LIGHT SUSTAINABLE PERMANENT PORTFOLIO OVERVIEW INVESTMENT CAPITAL VEHICLE (PCV) Hospitals
Slide 7: Rationale of Transferring to LSE Standard Listing
RATIONALE OF TRANSFERRING TO LSE STANDARD LISTING THE TRANSFER WILL ELIMINATE TRANSACTION DELAYS AND COSTS ASSOCIATED WITH GIVEN ITS SIZE AND STRATEGY, LSE CLASS TESTS AND ENSURE MORE SEAMLESS EXECUTION OF SIGNIFICANT TRANSACTIONS STANDARD LISTING IS MORE SUITED FOR GCAP’S CURRENT REQUIREMENTS THE T
Slide 8: Timeline
TIMELINE 17 February 14 March 11:00 am Publication of the circular and General Meeting notice of the general meeting 2023 10 March 13 April 11:00 am Latest time and date for receipt of form of Proposed Transfer becomes effective proxy, crest proxy instructions and electronic and trading of GCAP shar
Slide 9: Contents
CONTENTS 01 2022 LOOKBACK 02 PROPOSED TRANSFER TO LSE STANDARD LISTING 03 MACROECONOMIC UPDATE | GEORGIA 04 4Q22 & FY22 PERFORMANCE OVERVIEW 05 4Q22 & FY22 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 06 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 07 WRAP-UP 08 ANNEX 9
Slide 10: The 2nd Consecutive Year of Double-Digit Growth
THE 2ND CONSECUTIVE YEAR OF DOUBLE-DIGIT GROWTH PRELIMINARY ECONOMIC GROWTH 10.1% Y-O-Y IN 2022, WITH 4Q22 GROWTH TOTALING 9.5% Y-O-Y 50% 45% REAL GDP UP 10.1% Y-O-Y IN 2022 40% 26% 30% 19% 18.0% KEY DRIVERS 20% 14.6% 12% 11.6% 10% 10% 7% 7% 10% 7.2% 9.7%10.5%8.8% 8.3% 9.3%11.0% ➢ Strong external de
Slide 11: Georgian Lari – Now Above Pre-Pandemic Levels
GEORGIAN LARI – NOW ABOVE PRE-PANDEMIC LEVELS APPRECIATING SINCE MID-2021, BRIEFLY INTERRUPTED AFTER THE RUSSIAN INVASION OF UKRAINE, GEL HAS NOW STRENGTHENED TO ABOVE PRE-PANDEMIC LEVELS AGAINST USD Sources: NBG GEL APPRECIATION DRIVERS 3.7 USD/GEL 3.5 3.46 3.40 ➢ Record high remittance inflows, in
Slide 12: Current Account Deficit 2.7% of GDP in 9M22
CURRENT ACCOUNT DEFICIT 2.7% OF GDP IN 9M22 ON THE BACK OF A RECORD-HIGH 6% SURPLUS IN 3Q22 CURRENT ACCOUNT BALANCE (% OF NOMINAL GDP) EXTERNAL INFLOWS* INCREASED BY US$ 5.6 BN Y-O-Y IN 2022, O/W INFLOWS FROM RUSSIA INCREASED BY US$ 2.4BN AND INFLOWS FROM OTHER COUNTRIES GREW BY US$ 3.2 BN 40% 1,600
Slide 13: Inflation Back to Single Digits
INFLATION BACK TO SINGLE DIGITS AND EXPECTED TO CONTINUE DECELERATING IN 2023 INFLATION Y-O-Y VS. INFLATION TARGET Sources: NBG, GeoStat DISINFLATION TO CONTINUE IN 2023 16 Headline Inflation Core Inflation Target 12 ➢ Annual inflation reached 9.8% in December 2022 (11.9% on 9.4 average in 2022) and
Slide 14: Public Debt Projected Below 2019 Levels in 2022
PUBLIC DEBT PROJECTED TO HAVE FALLEN BELOW 2019 LEVELS IN 2022, WITH THE DEFICIT/GDP RATIO HALVING Y-O-Y PUBLIC DEBT Sources: MoF FISCAL SUPPORT HAS BEGUN MODERATING External Public Debt (% of GDP) Total Public Debt (% of GDP) 60.1% ➢ Fiscal support moderated in 2022, with current expenditures 60% g
Slide 15: Contents
CONTENTS 01 2022 LOOKBACK 02 PROPOSED TRANSFER TO LSE STANDARD LISTING 03 MACROECONOMIC UPDATE | GEORGIA 04 4Q22 & FY22 PERFORMANCE OVERVIEW ▪ AGGREGATED PORTFOLIO RESULTS OVERVIEW ▪ NAV PER SHARE DEVELOPMENT OVERVIEW ▪ UPDATE ON DELEVERAGING 05 4Q22 & FY22 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW
Slide 16: Aggregated Revenue Development Across Private Portfolio
AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE PORTFOLIO GEL MILLION AGGREGATED REVENUE UP +30.2% 2.0% Y-O-Y IN 4Q22 AND UP +7.6% 7.6% Y-O-Y IN FY22 +17.8% 1,902 1,767 +2.0% 484 1,460 338 ▪ Aggregated revenue excluding Hospitals and Clinics & Diagnostics, which have been 283 170 165 temporarily impac
Slide 17: Aggregated EBITDA Development Across Private Portfolio
AGGREGATED EBITDA DEVELOPMENT ACROSS PRIVATE PORTFOLIO GEL MILLION +9.0% AGGREGATED EBITDA UP 1.3% Y-O-Y IN 4Q22 AND DOWN -5.5% 5.5% Y-O-Y IN FY22 257 243 223 21 ▪ Aggregated EBITDA excluding Hospitals and -17.1% 35 Clinics & Diagnostics, is up 22.2% y-o-y in 26 65 +1.3% 4Q22 and up 11.9% y-o-y in F
Slide 18: Aggregated Cash Balance & Net Operating Cash Flow
AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS PRIVATE PORTFOLIO ORGANIC TRANSITION TO REVENUE GROWTH STRATEGY FROM PREVIOUSLY ADOPTED CASH PRESERVATION STRATEGY TOTAL AGGREGATED NET OPERATING CASH FLOW TOTAL AGGREGATED CASH BALANCE OF PRIVATE BUSINESSES (GEL MILLION) (GEL MILL
Slide 19: Contents
CONTENTS 01 2022 LOOKBACK 02 PROPOSED TRANSFER TO LSE STANDARD LISTING 03 MACROECONOMIC UPDATE | GEORGIA 04 4Q22 & FY22 PERFORMANCE OVERVIEW ▪ AGGREGATED PORTFOLIO RESULTS OVERVIEW ▪ NAV PER SHARE DEVELOPMENT OVERVIEW ▪ UPDATE ON DELEVERAGING 05 4Q22 & FY22 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW
Slide 20: NAV per Share (GEL) Movement in 4Q22
NAV PER SHARE (GEL) MOVEMENT IN 4Q22 NAV PER SHARE (GEL) -3.8% +6.9% +10.2% +0.8% -0.4% +1.3% +14.9% UP 14.9% IN 4Q22 ▪ NAV per share (GBP) up 8.5% in 4Q22. ▪ 14.9% growth in 4Q22 NAV per share (GEL) mainly reflects PRIVATE PORTFOLIO the continued growth in BoG’s value (BoG’s share price up by 31.0%
Slide 21: Contents
CONTENTS 01 2022 LOOKBACK 02 PROPOSED TRANSFER TO LSE STANDARD LISTING 03 MACROECONOMIC UPDATE | GEORGIA 04 4Q22 & FY22 PERFORMANCE OVERVIEW ▪ AGGREGATED PORTFOLIO RESULTS OVERVIEW ▪ NAV PER SHARE DEVELOPMENT OVERVIEW ▪ UPDATE ON DELEVERAGING 05 4Q22 & FY22 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW
Slide 22: Net Capital Commitment (NCC) Overview
NET CAPITAL COMMITMENT (NCC) OVERVIEW US$ MILLION 30-SEP-22 CHANGE 31-DEC-22 NCC REPRESENTS AN AGGREGATED Cash and liquid funds 133.9 13.8% 152.4 VIEW OF ALL CONFIRMED, AGREED Loans issued 89.3 -88.9% 9.9 AND EXPECTED CAPITAL OUTFLOWS Gross debt (362.9) -16.4% (303.3) AT THE GCAP HOLDCO LEVEL Net de
Slide 23: NCC Ratio Development Overview
NCC RATIO DEVELOPMENT OVERVIEW NCC AND NCC RATIO DEVELOPMENT OVERVIEW1 NCC RATIO DOWN BY 3.3 PPTS TO 21.1% IN 4Q22 385.8 365.9 345.7 In light of a worldwide rising interest rate environment, we are targeting to reduce the balance of “net debt and guarantees issued” 42.5% close to zero over the short
Slide 24: Contents
CONTENTS 01 2022 LOOKBACK 02 PROPOSED TRANSFER TO LSE STANDARD LISTING 03 MACROECONOMIC UPDATE | GEORGIA 04 4Q22 & FY22 PERFORMANCE OVERVIEW 05 4Q22 & FY22 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 06 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 07 WRAP-UP 08 ANNEX 24
Slide 25: Portfolio Value as of 31-Dec-22
PORTFOLIO VALUE AS OF 31-DEC-22 % SHARE IN TOTAL PORTFOLIO VALUE: 78% OF OUR PORTFOLIO 91% IS OF OUR PORTFOLIO 26% 5% 23% 14% 9% 7% 5% 4% 8% ISVALUED VALUED EXTERNALLY EXTERNALLY1 1 MULTIPLE: GBP 26.05 OPTION 9.1x 12.2x 10.6x – 10.7x 11.4x 16.9x 16.5x6 BGEO VALUATION2 LTM EV/EBITDA3 LTM EV/EBITDA3 L
Slide 26: Portfolio Value Development in 4Q22
PORTFOLIO VALUE DEVELOPMENT IN 4Q22 PORTFOLIO VALUE UP 12.0% TO GEL 3.2 BILLION IN 4Q22 LISTED AND OBSERVABLE PRIVATE PORTFOLIO VALUE UP BY GEL 107 MILLION GEL MILLION PORTFOLIO VALUE UP BY (5.1%) GEL 234 MILLION (31.2%) 26
Slide 27: Retail (Pharmacy) Business Operating Performance
RETAIL (PHARMACY) BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT EBITDA1 DEVELOPMENT RETAIL (PHARMACY) +16.3% +1.0% KEY DRIVERS +9.3% 782 790 ▪ 4Q22 and FY22 revenues reflect the GEL MILLION +4.1% 679 +1.0% recalibration of product prices due to GEL’s appreciation against foreign curren
Slide 28: Retail (Pharmacy) Business Valuation Overview
Externally valued1 RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q22 IMPLIED LTM EV/EBITDA DEVELOPMENT (GEL MILLION) (incl. IFRS 16) Change q-o-q +3.7% -7.9% -0.7% +7.0% 9.1x 8.6x 30-Sep-22 31-Dec-22 VALUATION HIGHLIGHTS1 ADJUSTED NET DEBT TO EBITDA2 GEL million, unless
Slide 29: Hospitals Business Operating Performance
HOSPITALS BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT EBITDA1 DEVELOPMENT +25.4% -9.3% HOSPITALS 318 KEY DRIVERS 289 +3.9% ▪ A y-o-y decrease in 4Q22 and FY22 revenue GEL MILLION +10.4% -29.0% and EBITDA reflects: 230 ➢ the suspension of COVID contracts by 74 the Government in 1Q22,
Slide 30: Hospitals Business Valuation Overview
Externally valued1 HOSPITALS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q22 IMPLIED LTM EV/EBITDA DEVELOPMENT (GEL MILLION) (incl. IFRS 16) Change q-o-q +1.1% +2.8% +3.2% +0.2% 12.2x 11.4x 30-Sep-22 31-Dec-22 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise
Slide 31: Insurance Business Operating Performance
INSURANCE BUSINESS OPERATING PERFORMANCE OVERVIEW EARNED PREMIUMS NET NET INCOME DEVELOPMENT +22.4% +9.1% +5.1% INSURANCE 173 159 +11.7% GEL MILLION KEY DRIVERS 142 24.6 P&C Insurance 23.4 22.0 75 3.4 ▪ Increase in earned premiums net is mainly 72 driven by the growth in the credit life, +21.6% 6.4
Slide 32: P&C Insurance Business Valuation Overview
Externally valued1 P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q22 IMPLIED LTM P/E MULTIPLE DEVELOPMENT (GEL MILLION) Change q-o-q +6.6% 10.7x 10.7x 30-Sep-22 31-Dec-22 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise 31-Dec-22 30-Sep-22 Change
Slide 33: Contents
CONTENTS 01 2022 LOOKBACK 02 PROPOSED TRANSFER TO LSE STANDARD LISTING 03 MACROECONOMIC UPDATE | GEORGIA 04 4Q22 & FY22 PERFORMANCE OVERVIEW 05 4Q22 & FY22 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 06 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 07 WRAP-UP 08 ANNEX 33
Slide 34: Liquidity Outlook
LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) * LIQUIDITY UP BY 13.8% IN 4Q22, REFLECTING THE NET IMPACT OF A) REPAYMENT OF THE US$ 80 MILLION 300 300 365 365 365 365 300 SHAREHOLDER LOAN PROVIDED TO THE RENEWABLE ENERGY BUSINESS AND DIVIDEND AND INTEREST RE
Slide 35: Dividend Income Outlook
DIVIDEND INCOME OUTLOOK CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES DIVIDEND INCOME PER SHARE (GEL) 1.6 2.1 2.7-2.9 GEL 94 MILLION DIVIDEND INCOME IN 2022 Estimated CAGR: +19.7%* DIVIDENDS INCOME 150-160 4Q22 FY22 (GEL million) BOG 18.1 40.9 30 Retail (Pharmacy) - 16.0 +26.2% GEL MILLION P&C Insur
Slide 36: Contents
CONTENTS 01 2022 LOOKBACK 02 PROPOSED TRANSFER TO LSE STANDARD LISTING 03 MACROECONOMIC UPDATE | GEORGIA 04 4Q22 & FY22 PERFORMANCE OVERVIEW 05 4Q22 & FY22 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 06 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 07 WRAP-UP 08 ANNEX 36
Slide 37: Solid Performance Across Our Portfolio, Outlook Even Stronger
SOLID PERFORMANCE ACROSS OUR PORTFOLIO, WITH OUTLOOK BEING EVEN STRONGER PERFORMANCE HIGHLIGHTS ✓ NAV per share (GEL) up 14.9% in 4Q22, up 8.5% in GBP terms ✓ US$ 116 million GCAP Eurobonds re-purchased to date, of which US$ 65 million were cancelled in 4Q22 ✓ NCC Ratio down 3.3 ppts q-o-q to 21.1%
Slide 38: Contents
CONTENTS 01 2022 LOOKBACK 03 PROPOSED TRANSFER TO LSE STANDARD LISTING 04 MACROECONOMIC UPDATE | GEORGIA 05 4Q22 & FY22 PERFORMANCE OVERVIEW 06 4Q22 & FY22 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 07 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 08 ANNEX 38
Slide 39: NAV per Share (GEL) Movement in FY22
NAV PER SHARE (GEL) MOVEMENT IN FY22 -11.0% +5.1% +7.1% +5.0% -1.4% -0.8% +4.0% NAV PER SHARE (GEL) UP 4.0% IN FY22 • NAV per share (GBP) up 33.2% in FY22, reflecting a 28.1% appreciation of GEL against GBP PRIVATE PORTFOLIO In GBP: In GBP: +33.2% 15.10 20.12 39
Slide 40: Progress on the Share Buyback and Cancellation Programme
PROGRESS ON THE SHARE BUYBACK AND CANCELLATION PROGRAMME DEVELOPMENT OF SHARE BUYBACK AND CANCELLATION PROGRAMME 3.1 MILLION SHARES (c.7% OF ISSUED 0.9 TOTAL CAPITAL) WERE REPURCHASED UNDER 0.8 THE US$ 25 MILLION SHARE BUYBACK 0.5 0.6 3.1 AND CANCELLATION PROGRAMME AS OF 0.4 MILLION 31-DEC-22 7.4 SH
Slide 41: Renewable Energy Business Operating Performance
RENEWABLE ENERGY BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT EBITDA DEVELOPMENT +7.7% RENEWABLE ENERGY +6.6% +9.7% 15 +7.9% KEY DRIVERS 14 14 • A y-o-y decrease in revenue and EBITDA in 4Q22 US$ MILLION 11 reflect the net impact of: +20.9% 10 10 +37.8% ➢ A 43.3% y-o-y decrease in ele
Slide 42: Renewable Energy Business Valuation Overview
Externally valued1 RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q22 EQUITY FAIR VALUE COMPOSITION AT 31-DEC-22 (US$ MILLION) (US$ MILLION) Change q-o-q +5.3% -16.5% +35.5% 18 Total value US$ 83 65 Operational assets Pipeline projects VALUATION HIGHLIGHTS1 NET DEBT TO EB
Slide 43: Education Business Operating Performance
EDUCATION BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT EBITDA DEVELOPMENT +65.1% EDUCATION +36.5% +63.2% KEY DRIVERS 43 GEL MILLION +34.8% ▪ Increase in revenues reflect strong intakes and a ramp-up of the utilization. +57.5% 31 +19.9% 14 ▪ EBITDA margin was down by 5.5 ppts y-o-y in
Slide 44: Education Business Valuation Overview
Externally valued1 EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q22 LTM EV/EBITDA DEVELOPMENT (GEL MILLION) Change q-o-q +12.0% -39.7% NMF +5.8% +0.5% 16.9x 4 14.8x 4 30-Sep-22 31-Dec-22 2 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise 31-Dec-22 3
Slide 45: Clinics & Diagnostics Business Operating Performance
CLINICS & DIAGNOSTICS BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT2 EBITDA1 DEVELOPMENT +41.8% -14.5% 101 -13.7% CLINICS & DIAGNOSTICS 86 30 -55.0% KEY DRIVERS 21 -2.2% 20 61 ▪ Similar to the hospitals business, our clinics GEL MILLION 71 business was also impacted by the 66 -69.8% 7
Slide 46: Clinics & Diagnostics Business Valuation Overview
Externally valued1 CLINICS & DIAGNOSTICS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q22 IMPLIED LTM EV/EBITDA DEVELOPMENT (GEL MILLION) (incl. IFRS 16) Change q-o-q -2.2% +0.7% +9.4% -4.1% 16.5x 12.7x 30-Sep-22 31-Dec-22 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless not
Slide 47: Deleveraging Across Our Private Portfolio
DELEVERAGING ACROSS OUR PRIVATE PORTFOLIO TARGET AGGREGATED LEVERAGE ADJUSTED NET DEBT/EBITDA 30-SEP-22 CHANGE 31-DEC-22 (OVER THE CYCLE) ACROSS OUR PRIVATE LARGE AND INVESTMENT STAGE LARGE PORTFOLIO COMPANIES PORTFOLIO COMPANIES AT Retail (pharmacy)1 1.7x -0.1x 1.6x Up to 1.5x 2.6x AS OF 31-DEC-22
Slide 48: Private Portfolio Companies' Debt Maturity Profile
PRIVATE PORTFOLIO COMPANIES’ DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 31 DECEMBER 2022 (GEL MILLION) 2023 2024 2025 2026+ Total Large portfolio companies 163.0 88.2 30.8 45.7 327.7 Retail (pharmacy) 27.2 10.8 10.8 16.2 65.0 Hospitals 135.8 77.4 20.0 29.5 262.7 Medical Insurance - - - - - Inve
Slide 49: Valuation Peer Group
VALUATION PEER GROUP RETAIL P&C (PHARMACY) HOSPITALS INSURANCE • NEUCA S.A. | Poland • Medicover AB (publ) | Sweden • Dhipaya Insurance | Thailand • Sopharma Trading AD | Bulgaria • EMC Instytut Medyczny SAEMC SA | Poland • Zavarovalnica Triglav | Slovenia • S.C. Ropharma S.A. | Romania • Med Life S
Slide 50: Forward Looking Statements
FORWARD LOOKING STATEMENTS 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, financing needs, plans or int