Georgia Capital PLC · LSE:CGEO
Georgia Capital — 1H23 Earnings Presentation
50 slides from Georgia Capital's earnings presentation, Aug 15, 2023
Slide 1: 2Q23 & 1H23 Results Call Presentation
2Q23 & 1H23 RESULTS CALL PRESENTATION 15 AUGUST 2023
Slide 2: Contents
CONTENTS 01 RECENT DEVELOPMENTS 02 MACROECONOMIC UPDATE | GEORGIA 03 2Q23 & 1H23 PERFORMANCE OVERVIEW 04 2Q23 & 1H23 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 2
Slide 3: Key Developments
1 Successful issuance of US$ 150 million bonds on the Georgian market 2 Significant progress on fully redeeming US$ 300 million GCAP Eurobonds 3 Acquisition of the 20.6% minority stake in Retail (Pharmacy), increasing GCAP’s holding in the business to 97.6% (up from 77.0% in 1Q23) KEY 4 Record-high
Slide 4: Issuance of US$ 150 Million Sustainability-Linked Bonds
ISSUANCE OF US$ 150 MILLION THE PROCEEDS FROM THE ISSUANCE, TOGETHER WITH EXISTING LIQUID FUNDS OF SUSTAINABILITY-LINKED BONDS GCAP, ARE TO BE USED TO FULLY REDEEM THE EXISTING US$ 300 MILLION EUROBOND ON 3 AUGUST 2023, GCAP SUCCESSFULLY ISSUED A US$ 150 MILLION SUSTAINABILITY-LINKED BONDS ON THE GE
Slide 5: Bond Issuance Contributes to Development of Local Capital Market
THE BOND ISSUANCE SIGNIFICANTLY CONTRIBUTES TO THE DEVELOPMENT OF THE LOCAL CAPITAL MARKET THE ISSUANCE ATTRACTED AN UNPRECEDENTED INVESTOR BASE LEVEL OF INTEREST IN GEORGIA, WITH TOTAL DEMAND REACHING US$ 200 MILLION AND SPREADING ACROSS A DIVERSE RANGE OF 275+ IFIs Local Investors RETAIL, CORPORAT
Slide 6: Strong Progress on Deleveraging
STRONG PROGRESS ON DELEVERAGING GROSS DEBT DEVELOPMENT OVERVIEW (US$ MILLION) SIGNIFICANT PROGRESS ON OUR KEY EUROBONDS NEW LOCAL BONDS STRATEGIC PRIORITY OF DELEVERAGING GCAP’S BALANCE SHEET WITH THE GROSS ➢ From the US$ 300 million GCAP Eurobonds, US$ 283.4 million has been repurchased DEBT BALANC
Slide 7: Buyout of Minority Shareholders in Retail (Pharmacy)
BUYOUT OF THE MINORITY SHAREHOLDERS IN RETAIL (PHARMACY) GCAP’S EQUITY STAKE IN RETAIL (PHARMACY) y Inv nit es tu or RECONFIRMING OUR tm p en op CONFIDENCE IN THE VALUE +20.6 ppts t opportunity ck Buyba 360o CREATION POTENTIAL OF ANALYSIS 97.6% THE RETAIL (PHARMACY) BUSINESS al eo it y 77.0% S p p o
Slide 8: Strong NAV per Share Growth
STRONG NAV PER SHARE GROWTH STRONG NAV PER SHARE (GEL) GROWTH NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW WITH 11.8% CAGR SINCE DEC-18 +11.8% CAGR IN US$ AND GBP TERMS, NAV PER SHARE CAGR STANDS AT 12.4% +11.8% 73.3 65.6 63.0 46.8 48.1 44.3 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Jun-23 8
Slide 9: Progress on Share Buybacks
PROGRESS ON SHARE BUYBACKS DEVELOPMENT OF SHARE BUYBACK AND CANCELLATION PROGRAMMES 1,000,000 SHARES (2.2% OF ISSUED 4.1 VALUE CAPITAL) HAVE BEEN REPURCHASED 2.7 UNDER THE BUYBACK PROGRAMME 71.0 IN 2Q23 36.0 35.0 US$ MILLION NUMBER OF SHARES ➢ In 2Q23, 372,127 shares with a value of US$ 3.6 6.8 Pre-
Slide 10: Free Cash Flow Development
FREE CASH FLOW DEVELOPMENT GCAP’s FREE CASH FLOW DEVELOPMENT (US$ MILLION) SIGNIFICANT INCREASE IN FREE CASH FLOW, REFLECTING ROBUST DIVIDEND INFLOWS, WELL-MANAGED OPERATING EXPENSES, AND REDUCED INTEREST EXPENSE IN LINE WITH OUR DELEVERAGING PROGRESS 28 Free cash flow is determined by subtracting i
Slide 11: Contents
CONTENTS 01 RECENT DEVELOPMENTS 02 MACROECONOMIC UPDATE | GEORGIA 03 2Q23 & 1H22 PERFORMANCE OVERVIEW 04 2Q23 & 1H23 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 11
Slide 12: Real GDP Up 7.6% in 1H23, Inflation Below Target
REAL GDP UP BY 7.6% IN 1H23, WHILE INFLATION HAS FALLEN BELOW THE TARGET PRELIMINARY ECONOMIC GROWTH STANDING AT 7.6% Y-O-Y IN 1H23, ANNUAL INFLATION STANDING BELOW THE 3% TARGET SINCE APRIL 2023, FOLLOWING UP ON TWO YEARS OF DOUBLE-DIGIT EXPANSION (10.5% AND WITH JULY 2023 INFLATION PRINTED AT 0.3%
Slide 13: ICT Sector a Significant Driver of Economic Growth
THE INFORMATION AND COMMUNICATION SECTOR HAS EMERGED AS A SIGNIFICANT DRIVER OF ECONOMIC GROWTH THE INFORMATION AND COMMUNICATION (ICT) SECTOR SHARE IN GDP HAS IN THE LAST FOUR QUARTERS (2Q22-1Q23), THE ICT SECTOR HAS BEEN THE SURGED TO 5.5% IN 1Q23, AS OPPOSED TO 3.1% IN 2018-2021 LARGEST CONTRIBUT
Slide 14: Improved External Position
IMPROVED EXTERNAL POSITION CURRENT ACCOUNT COMPONENTS AND FDI INFLOWS (% OF NOMINAL GDP) APPRECIATING SINCE MID-2021, BRIEFLY INTERRUPTED AFTER THE WAR, GEL HAS NOW STRENGTHENED TO ABOVE PRE-PANDEMIC LEVELS AGAINST USD 28% 18% 3.8 USD/GEL 8.0% 3.46 3.40 8% 3.3 12.5% -2% 2.8 -12% -4.0% -3.2% -5.6% -9
Slide 15: Appropriate Macro Policy Stance
APPROPRIATE MACRO POLICY STANCE INFLATION Y-O-Y VS. INFLATION TARGET GENERAL GOVERNMENT DEBT (% OF GDP) 16 Headline Inflation Core Inflation Target Monetary Policy Rate General Government Debt, External (% of GDP) General Government Debt, Total (% of GDP) 12 60.1% 10.25 60% 8 50% 47.6% 41.8% 4 3.2 3
Slide 16: Macroeconomic Wrap-Up
STRONG GDP PERFORMACE BELOW - TARGET INFLATION ROBUST EXTERNAL BALANCE SHEET MACROECONOMIC WRAP-UP GEL/US$ ABOVE THE PRE-PANDEMIC LEVELS SOUND MACROECONOMIC FRAMEWORK 16
Slide 17: Contents
CONTENTS 01 RECENT DEVELOPMENTS 02 MACROECONOMIC UPDATE | GEORGIA 03 2Q23 & 1H23 PERFORMANCE OVERVIEW ▪ AGGREGATED PORTFOLIO RESULTS OVERVIEW ▪ NAV PER SHARE DEVELOPMENT OVERVIEW ▪ UPDATE ON DELEVERAGING 04 2Q23 & 1H23 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOO
Slide 18: Aggregated Revenue Development Across Private Portfolio
AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE PORTFOLIO GEL MILLION AGGREGATED REVENUE UP +11.1% 12.3% Y-O-Y IN 2Q23 1,007 906 +12.3% 271 ▪ 1H23 aggregated revenue up 11.1% y-o-y 198 529 85 471 85 150 122 46 42 307 333 622 651 2Q22 2Q23 1H22 1H23 Other portfolio companies Other portfolio companies I
Slide 19: Aggregated EBITDA Development Across Private Portfolio
AGGREGATED EBITDA DEVELOPMENT ACROSS PRIVATE PORTFOLIO GEL MILLION AGGREGATED EBITDA UP 7.3% +4.4% IN 2Q23 and up 4.4% y-o-y in 1H23 123 118 15 11 ▪ EBITDA growth in 1H23 reflects strong performance of our non-healthcare businesses +7.3% 26 30 and a rebound in the earnings growth of our healthcare b
Slide 20: Aggregated Cash Balance & Net Operating Cash Flow
AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS PRIVATE PORTFOLIO TOTAL AGGREGATED NET OPERATING CASH FLOW TOTAL AGGREGATED CASH BALANCE OF PRIVATE BUSINESSES (GEL MILLION) (GEL MILLION) -40.9% 31-Dec-22 310 -19.4% 83 -69.0% 52 49 31-Mar-23 400 -37.5% 16 30-Jun-23 250 2Q22 2Q23
Slide 21: Contents
CONTENTS 01 RECENT DEVELOPMENTS 02 MACROECONOMIC UPDATE | GEORGIA 03 2Q23 & 1H23 PERFORMANCE OVERVIEW ▪ AGGREGATED PORTFOLIO RESULTS OVERVIEW ▪ NAV PER SHARE DEVELOPMENT OVERVIEW ▪ UPDATE ON DELEVERAGING 04 2Q23 & 1H23 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOO
Slide 22: NAV per Share (GEL) Movement in 2Q23
NAV PER SHARE (GEL) MOVEMENT IN 2Q23 RECORD 2Q23 NAV +1.9% +5.2% +2.1% -0.3% -0.7% +8.2% PER SHARE OF GEL 73.28, UP 8.2% Q-O-Q ▪ NAV per share (GEL) performance in 2Q23 mainly reflects continued growth in BoG’s value and the robust operating performance of the private portfolio companies ▪ NAV per s
Slide 23: Contents
CONTENTS 01 RECENT DEVELOPMENTS 02 MACROECONOMIC UPDATE | GEORGIA 03 2Q23 & 1H23 PERFORMANCE OVERVIEW ▪ AGGREGATED PORTFOLIO RESULTS OVERVIEW ▪ NAV PER SHARE DEVELOPMENT OVERVIEW ▪ UPDATE ON DELEVERAGING 04 2Q23 & 1H23 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOO
Slide 24: Net Capital Commitment (NCC) Overview
NET CAPITAL COMMITMENT (NCC) OVERVIEW US$ MILLION 31-MAR-23 CHANGE 30-JUN-23 NCC REPRESENTS AN AGGREGATED Cash and liquid funds 134.5 13.9% 153.2 VIEW OF ALL CONFIRMED, AGREED Loans issued 13.9 -52.0% 6.7 AND EXPECTED CAPITAL OUTFLOWS Accrued dividend income - NMF 20.2 AT THE GCAP HOLDCO LEVEL Gross
Slide 25: NCC Ratio Development Overview
NCC RATIO DEVELOPMENT OVERVIEW NCC AND NCC RATIO DEVELOPMENT OVERVIEW1 NCC RATIO DOWN BY 2.3 PPTS TO 17.4% IN 2Q23 385.8 365.9 345.7 We are targeting to reduce the balance of “net debt and guarantees issued” close to zero over 42.5% the short to medium term 39.8% 250.1 223.1 2 ~193.0 31.9% 21.1% 17.
Slide 26: Contents
CONTENTS 01 RECENT DEVELOPMENTS 02 MACROECONOMIC UPDATE | GEORGIA 03 2Q23 & 1H23 PERFORMANCE OVERVIEW 04 2Q23 & 1H23 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 26
Slide 27: Portfolio Value as of 30-Jun-23
PORTFOLIO VALUE AS OF 30-JUN-23 % SHARE IN TOTAL PORTFOLIO VALUE: 78% OF OUR PORTFOLIO 92% IS OF OUR PORTFOLIO 26% 5% 22% 13% 10% 7% 5% 3% 9% ISVALUED VALUED EXTERNALLY EXTERNALLY1 1 MULTIPLE: GBP 29.25 OPTION 9.2x 12.9x 10.1x – 10.4x 12.4x 16.3x6 18.8x7 BGEO VALUATION2 LTM EV/EBITDA3 LTM EV/EBITDA3
Slide 28: Portfolio Value Development in 2Q23
PORTFOLIO VALUE DEVELOPMENT IN 2Q23 PORTFOLIO VALUE UP 2.8% TO GEL 3.4 BILLION IN 2Q23 ▪ The value of the listed and observable portfolio increased by GEL 57 million. ▪ The value of the private portfolio increased LISTED AND OBSERVABLE PORTFOLIO PRIVATE PORTFOLIO VALUE by GEL 36 million, mainly refl
Slide 29: Retail (Pharmacy) Business Operating Performance
RETAIL (PHARMACY) BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT EBITDA1 DEVELOPMENT RETAIL (PHARMACY) +2.5% KEY DRIVERS 391 401 ▪ An increase in 2Q23 revenue was mainly driven by the continued expansion of the GEL MILLION +5.3% pharmacy chain and franchise stores and the +5.1% overall
Slide 30: Retail (Pharmacy) Business Valuation Overview
Externally valued1 RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q23 IMPLIED LTM EV/EBITDA DEVELOPMENT (GEL MILLION) (incl. IFRS 16) Change q-o-q +0.6% +84.2% -91.0% -3.6% 9.3x 9.2x 31-Mar-23 30-Jun-23 VALUATION HIGHLIGHTS1 ADJUSTED NET DEBT TO EBITDA2 GEL million, unle
Slide 31: Hospitals Business Operating Performance
HOSPITALS BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT EBITDA1 DEVELOPMENT +1.7% HOSPITALS 150 152 KEY DRIVERS ▪ A strong y-o-y rebound in 2Q23 revenue and GEL MILLION EBITDA reflects the gradual organic return to +8.3% pre-pandemic levels of activity, as following the suspension of C
Slide 32: Hospitals Business Valuation Overview
Externally valued1 HOSPITALS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q23 IMPLIED LTM EV/EBITDA DEVELOPMENT (GEL MILLION) (incl. IFRS 16) Change q-o-q +2.7% +9.1% +1.6% -0.2% 12.8x 12.9x 31-Mar-23 30-Jun-23 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise
Slide 33: Insurance Business Operating Performance
INSURANCE BUSINESS OPERATING PERFORMANCE OVERVIEW INSURANCE REVENUE NET INCOME DEVELOPMENT +20.4% INSURANCE 98 +35.1% KEY DRIVERS 82 14 P&C Insurance 45 +22.6% 3 GEL MILLION ▪ The increase in insurance revenue is mainly driven 10 by the growth in the motor, credit life, agricultural 36 +28.0% 52 and
Slide 34: P&C Insurance Business Valuation Overview
Externally valued1 P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q23 IMPLIED LTM P/E MULTIPLE DEVELOPMENT (GEL MILLION) Change q-o-q +19.2% 10.4x 10.1x2 31-Mar-23 30-Jun-23 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise 30-Jun-23 31-Mar-23 Chan
Slide 35: Renewable Energy Business Operating Performance
RENEWABLE ENERGY BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT EBITDA DEVELOPMENT -6.6% RENEWABLE ENERGY 6 6 -3.6% -16.9% KEY DRIVERS 4 3 -14.2% 4 -16.0% 2 ▪ A y-o-y decrease in revenue and EBITDA in US$ MILLION 5 2Q23 reflects the net impact of: 4 ➢ A 13.2% y-o-y decrease in electrici
Slide 36: Renewable Energy Business Valuation Overview
Externally valued1 RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q23 EQUITY FAIR VALUE COMPOSITION AT 30-JUN-23 (US$ MILLION) (US$ MILLION) Change q-o-q -0.6% -0.9% -0.3% 21 Total value US$ 95 74 Operational assets Pipeline projects VALUATION HIGHLIGHTS1 NET DEBT TO EBIT
Slide 37: Education Business Operating Performance
EDUCATION BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT EBITDA DEVELOPMENT EDUCATION +28.2% 28 KEY DRIVERS +12.6% GEL MILLION ▪ Increase in revenues reflect strong intakes 22 and a ramp-up of utilization, in line with 10 27.5% both the organic growth and expansion of 9 the business. +1
Slide 38: Education Business Valuation Overview
Externally valued1 EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q23 LTM EV/EBITDA DEVELOPMENT (GEL MILLION) Change q-o-q +1.6% +7.7 -25.3% +1.8% +5.1% 16.2x 16.3x 31-Mar-23 30-Jun-23 2 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise 30-Jun-23 31-Ma
Slide 39: Clinics & Diagnostics Business Operating Performance
CLINICS & DIAGNOSTICS BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT2 EBITDA1 DEVELOPMENT CLINICS & DIAGNOSTICS KEY DRIVERS -5.1% ▪ Similar to the hospitals business, the organic 47 44 GEL MILLION -18.1% transition to the post-COVID operating +18.7% 12 9 environment, has been positively
Slide 40: Clinics & Diagnostics Business Valuation Overview
Externally valued1 CLINICS & DIAGNOSTICS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q23 IMPLIED LTM EV/EBITDA DEVELOPMENT2 (GEL MILLION) (incl. IFRS 16) Change q-o-q +1.2% 10.6% 1.2% -4.5% 21.0x 18.8x 31-Mar-23 30-Jun-23 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless not
Slide 41: Contents
CONTENTS 01 RECENT DEVELOPMENTS 02 MACROECONOMIC UPDATE | GEORGIA 03 2Q23 & 1H23 PERFORMANCE OVERVIEW 04 2Q23 & 1H23 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 41
Slide 42: Liquidity Outlook
LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) * LIQUIDITY UP BY 13.8% IN US$ TERMS IN 1H23, MAINLY REFLECTING ROBUST DIVIDEND INFLOWS 300 300 365 365 300 300 FROM THE PORTFOLIO COMPANIES CASH RECEIPT FROM CANCELLATION OF THE WATER UTILITY US$ 65 MILLION FOLL
Slide 43: Dividend Income Outlook
DIVIDEND INCOME OUTLOOK CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES GEL 148 MILLION DIVIDEND INCOME IN 1H23 +57.7% DIVIDENDS INCOME REGULAR ONE-OFF TOTAL (GEL million) 148 BOG 85.0 29.4 114.4 GEL MILLION Of which, cash dividends 52.8 - 52.8 62 Of which, buyback dividends 32.2 29.4 61.6 94 Retail (
Slide 44: Contents
CONTENTS 01 RECENT DEVELOPMENTS 02 MACROECONOMIC UPDATE | GEORGIA 03 2Q23 & 1H23 PERFORMANCE OVERVIEW 04 2Q23 & 1H23 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 44
Slide 45: Solid Performance Across Our Portfolio
SOLID PERFORMANCE ACROSS OUR PORTFOLIO PERFORMANCE HIGHLIGHTS ✓ Record-high 2Q23 NAV per share of GEL 73.28, up 8.2% q-o-q ✓ NCC ratio down 2.3 ppts to 17.4% in 2Q23 ✓ GEL 121.7 million dividend income from the portfolio companies in 2Q23 ✓ Completed the buyout of the 20.6% minority shareholders in
Slide 46: Contents
CONTENTS 01 RECENT DEVELOPMENTS 02 MACROECONOMIC UPDATE | GEORGIA 03 2Q23 & 1H23 PERFORMANCE OVERVIEW 04 2Q23 & 1H23 PORTFOLIO RESULTS AND VALUATIONS OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 46
Slide 47: Deleveraging Across Our Private Portfolio
DELEVERAGING ACROSS OUR PRIVATE PORTFOLIO TARGET AGGREGATED LEVERAGE ADJUSTED NET DEBT/EBITDA 31-MAR-22 CHANGE 30-JUN-23 (OVER THE CYCLE) ACROSS OUR PRIVATE LARGE AND INVESTMENT STAGE LARGE PORTFOLIO COMPANIES PORTFOLIO COMPANIES AT Retail (pharmacy)1 1.4x +0.3x 1.7x Up to 1.5x 2.8x AS OF 30-JUN-23
Slide 48: Private Portfolio Companies' Debt Maturity Profile
PRIVATE PORTFOLIO COMPANIES’ DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 30 JUNE 2023 (GEL MILLION) 2023 2024 2025 2026+ Total Large portfolio companies 85.5 172.0 51.5 100.2 409.2 Retail (pharmacy)1 57.7 60.0 25.8 48.8 192.3 Hospitals 22.8 112.0 25.7 51.4 211.9 Medical Insurance 5.0 - - - 5.0 I
Slide 49: Valuation Peer Group
VALUATION PEER GROUP RETAIL P&C (PHARMACY) HOSPITALS INSURANCE • NEUCA S.A. | Poland • Medicover AB | 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.A. | R
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