http://bankofgeorgia.ge/en/ir/shareholder-information/analyst-corporate-advis

Bank of Georgia is Georgia’s is the leading bank in Georgia, with more than a third of the market share in Georgia based on total assets, total loans, total deposits and total shareholders’ equity. The bank offers a broad range retail banking, corporate banking, wealth management, brokerage and insurance services to its clients. As of 31 March 2012, the Bank served approximately one million client accounts through one of the largest distribution networks in Georgia, with 164 branches, including full-service flagship branches service centres and smaller-scale outlets, the country’s largest ATM network, comprising 431 ATMs, 104 self service terminals and a full-service remote banking platform and a modern call center.

Selected key elements of the Bank of Georgia’s strategy are to maintain its leading position in the growing and still under-penetrated Georgian banking market, focus on profitable growth, increase the Bank's loan portfolio while maintaining asset quality, and to capture growth and synergies in the Georgian insurance, healthcare and affordable housing sectors.

Bank of Georgia’s UK incorporated holding company Bank of Georgia Holdings plc is listed on the main market of the London Stock Exchange (BGEO:LN). Bank of Georgia remains to be the only Georgian entity to be rated by all three global rating agencies: ‘BB-/B’ from Standard & Poor’s, ‘B1/NP’ (FC) & ‘Ba3/NP’ (LC) from Moody’s and ‘BB-/B’ from Fitch Ratings.

JSC Bank of Georgia’s UK incorporated holding company Bank of Georgia Holdings PLC is listed on the main market of the London Stock Exchange (BGEO LN) since February 2012

Half Yearly Report
RNS
RNS Number : 5639W
Bank of Georgia Holdings PLC
20 August 2015











BANK OF GEORGIA

HOLDINGS PLC





Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/5639W_-2015-8-20.pdf



FORWARD LOOKING STATEMENTS

This document contains statements that constitute "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 intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development.

While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other factors could cause actual developments and results to differ materially from our expectations.

These factors include, but are not limited to the following: (1) general market, macroeconomic, governmental, legislative and regulatory trends; (2) movements in local and international currency exchange rates; interest rates and securities markets; (3) competitive pressures; (4) technological developments; (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties and developments in the market in which they operate; (6) management changes and changes to our group structure; and (7) other key factors that we have indicated could adversely affect our business and financial performance, which are contained elsewhere in this document and in our past and future filings and reports, including those filed with the respective authorities.

When relying on forward-looking statements, investors should carefully consider the foregoing factors and other uncertainties and events. Accordingly, we are under no obligations (and expressly disclaim such obligations) to update or alter our forward-looking statements whether as a result of new information, future events, or otherwise.



Bank of Georgia Holdings PLC (LSE: BGEO LN), the holding company of Georgia's leading bank JSC Bank of Georgia (the "Bank") and its subsidiaries (together, the "Group"), announces the Group's 2Q15 and 1H15 consolidated results. Unless otherwise mentioned, figures are for 2Q15 and comparisons are with 2Q14. The results are based on IFRS, are unaudited and derived from management accounts.



Bank of Georgia Holdings highlights



§ 2Q15 profit was GEL 72.0mln (US$ 32.0mln/GBP 20.4mln), up 23.5% y-o-y and up 15.5% q-o-q

§ 2Q15 earnings per share ("EPS") were GEL 1.84 (US$ 0.82 per share/GBP 0.52 per share), up 12.2% y-o-y and up 12.9% q-o-q

§ 1H15 profit was GEL 134.4mln (US$ 59.8mln/GBP 38.1mln), up 20.0% y-o-y

§ 1H15 EPS was GEL 3.47 (US$ 1.54 per share/GBP 0.98 per share), up 10.2% y-o-y

§ Book value per share was GEL 41.74, up 19.4% y-o-y, with total equity attributable to shareholders of GEL 1,597.0mln, up 32.9% y-o-y

§ Total assets increased to GEL 9,375.1mln, up 40.6% y-o-y and up 3.8% q-o-q

§ Leverage remained low at 4.7 times

§ In addition to the capital in the regulated Banking Business (JSC Bank of Georgia), GEL 114.4mln cash is held at the holding company level as of the date of this report



Banking Business highlights



2Q15 performance

§ Revenue was GEL 182.6mln (up 42.0% y-o-y and up 2.9% q-o-q)

§ Net Interest Margin ("NIM") was 7.6% (+20 basis points "bps" y-o-y and -20 bps q-o-q)

§ Loan Yield stood at 14.6% (+30 bps y-o-y and +10 bps q-o-q)

§ Cost of Customer Funds stood at 4.4% (up 20 bps y-o-y and flat q-o-q)

§ Cost to Income ratio improved to 35.7% (36.8% in 1Q15 and 42.2% in 2Q14)

§ Operating leverage was positive y-o-y and q-o-q, at 21.7% and 2.9%, respectively

§ Cost of credit risk stood at GEL 40.8mln (up 207.0% y-o-y and flat q-o-q)

§ Cost of Risk ratio was 2.7% (3.1% in 1Q15 and 0.9% in 2Q14)

§ Profit increased to GEL 61.5mln (up 14.6% y-o-y and up 4.5% q-o-q)

§ Return on Average Assets ("ROAA") was 2.9% (3.0% in 1Q15 and 3.5% in 2Q14)

§ Return on Average Equity ("ROAE") was 19.3% (19.2% in 1Q15 and 21.0% in 2Q14)



1H15 performance

§ Revenue was GEL 360.1mln (up 45.3% y-o-y)

§ NIM was 7.8%; (+30 bps y-o-y)

§ Loan Yield was 14.6% (+10 bps y-o-y)

§ Cost of Client Deposits was 4.4% (flat y-o-y)

§ Cost to Income ratio improved to 36.2% (41.9% in 1H14)

§ Operating leverage was positive at 19.5%

§ Cost of credit risk stood at GEL 81.5mln (up 212.6% y-o-y)

§ Cost of Risk ratio stood at 2.9% (0.9% in 1H14)

§ Profit increased to GEL 120.3mln (up 20.4% y-o-y)

§ ROAA was 2.9% (3.3% in 1H14)

§ ROAE was 19.3% (19.3% in 1H14)



Balance sheet strength supported by solid capital and liquidity positions

§ The net loan book reached a record GEL 5,142.2mln (up 38.4% y-o-y and down -2.0% q-o-q); without Privatbank effect ("ex-Privatbank") it was GEL 4,896.6mln; ex-Privatbank growth on constant currency basis was 11.2% y-o-y

§ Client deposits increased to GEL 4,212.8mln (up 33.8% y-o-y and down 1.4% q-o-q); ex-Privatbank it was GEL 3,946.0mln; ex-Privatbank growth on constant currency basis was 5.1% y-o-y

§ Net Loans to Customer Funds and DFI ratio stood at 102.4% (105.2% at 31 March 2015 and 100.0% at 30 June 2014)

§ Tier I and Total Capital Adequacy ratios (CAR) (Basel I) stood at 20.4% and 26.7%, respectively

§ NBG (Basel 2/3) Tier I and Total CAR stood at 10.4% and 15.9%, respectively

§ NBG Liquidity Ratio was 35.1%

Resilient growth momentum sustained across all major business lines

§ Retail Banking continues to deliver strong franchise growth, primarily supported by the Express Banking strategy and Privatbank acquisition. Retail Banking revenue reached GEL 103.4mln in 2Q15, up 44.9% y-o-y

§ Retail Banking net loan book reached a record GEL 2,623.6mln, up 49.6% y-o-y; ex-Privatbank it was GEL 2,378.0mln; ex-Privatbank growth on constant currency basis was 19.8% y-o-y

§ Retail Banking client deposits increased to GEL 1,736.5mln up 53.1% y-o-y; ex-Privatbank it was GEL 1,469.7mln; ex-Privatbank growth on constant currency basis was 9.0% y-o-y

§ The Privatbank acquisition has enhanced our position in the significantly more profitable retail banking franchise and posted revenue of GEL 38.9mln and profit of GEL 6.1mln in 1H15. Privatbank increased our market share in retail loans by 4.3 percentage points and in retail deposits by 2.5ppts (market data as of 31 March 2015). For more information on Privatbank acquisition see page 19

§ We launched Solo - a new strategy for our premium banking segment - a fundamentally different approach to premium banking. We have already opened five new Solo lounges and our goal is to significantly increase our market share in this segment, which now stands below 13%, over the next three to four years

§ Corporate Banking net loan book growth rate slowed down in the first half of 2015, as a result of slower economic activity in the country's corporate sector in 2015, and was GEL 2,174.1mln

§ Investment Management's Assets Under Management ("AUM")* increased to GEL 1,231.4mln, up 31.8% y-o-y, reflecting increased bond issuance activity



*Wealth Management client deposits, Galt & Taggart client assets, Aldagi Pension Fund and Wealth Management client assets at Bank of Georgia Custody



Investment Business Highlights

§ Our healthcare business, Georgia Healthcare Group ("GHG") reported standalone profit that almost tripled y-o-y, increasing to GEL 13.0mln in 1H15 (GEL 5.5mln in 1H14). As at 30 June 2015, the healthcare services business had a 22.1% market share, 5 times that of the Company's nearest competitor in Georgia, by number of beds (2,220 beds), which grew to 26.6% following High Technology Medical Center University Clinic ("HTMC") acquisition in July 2015 (450 beds). The market share is expected to grow up to c.30.0% as a result of the renovation of recently acquired hospital facilities, scheduled for completion in 2016 and 2017 (additional c.500 beds).

- In 2015, GHG completed two major acquisitions, HTMC and Deka LLC ("Deka"), adding 530 beds and bringing market share in beds to 26.6% and 24.0% nationwide and in Tbilisi, respectively. However, our financial results do not yet include their results of operations, as Deka was consolidated as of 30 June 2015 with no effect on the income statement of GHG in 1H15 and HTMC will be consolidated in 3Q15. HTMC revenue was GEL 38.4mln in 2014, and GEL 21.7mln in 1H15

§ Our real estate business, m2 Real Estate ("m2 Real Estate") recognised revenue of GEL 1.1mln in 1H15, with US$ 58.9mln sales revenue yet to be recognised as revenue upon completion of the on-going projects in 2015-2016. Since its establishment in 2010, m2 Real Estate has generated total sales of US$ 115.8mln, of which US$ 56.9mln has already been recognised as revenue and the remaining will be recognized upon completion of the ongoing construction during 2015-2016

§ Profits in associates, which comprises profit from our water and utilities business - Georgian Global Utilities ("GGU") - recorded strong 2Q15 results, with GEL 2.0mln profit (reported in gain from associates). Strong 2Q15 performance drove 1H15 profit to GEL 0.7mln, recovering from 1Q15 loss of GEL 1.3mln that was primarily driven by the weaker Lari, which lost 21.3% of its value against the U.S. dollar since 30 June 2014 (the "GEL devaluation effect")

- For the past several months we have focused on enhancing the management capabilities at GGU, and as a result we have appointed a new CFO - a long-standing professional within the Group - and recruited senior management with substantial industry experience in charge of technical and commercial functions



CHIEF EXECUTIVE OFFICER'S STATEMENT



"I am pleased to report another set of solid half year results that reflect the strong performance of our banking operations and the increasing impact from our diversified non-banking businesses in which we have made a number of opportunistic investments over the last few years. The Group posted 1H 2015 revenue of GEL 398.4 million and profit of GEL 134.4 million, up 37.5% and 20.0%, respectively. Earnings per share increased by 10.2% to GEL 3.47. This performance was driven by strong levels of balance sheet growth, partly reflecting the acquisition and rapid integration of Privatbank Georgia and the devaluation of the Lari, particularly during the first quarter, as well as positive operating leverage of 19.5 percentage points in the Banking Business. Asset quality remained robust during the first six months of the year despite the impact of the Lari devaluation. We expect a lower cost of risk ratio in the second half of 2015 and the full year cost of risk ratio at c.2.5%.

Within our Banking Business, revenue growth was 42.0% year on year, and 2.9% quarter on quarter. This reflected strong growth in net interest income, up 50.9% y-o-y, as a result of a 38.4% increase in customer lending over the last 12 months, as well as the acquisition and full integration of Privatbank. In addition, net fee and commission income grew by 11.4%, driven by a 31.3% increase in Retail Banking net fee and commission income, which largely reflects the ongoing success of the Bank's Express strategy. The net interest margin at 7.6% was 20 basis points higher than last year, reflecting the impact of the acquisition of Privatbank and our efforts to focus on lower risk retail banking products in our lending activities.

Excluding the impact of the Privatbank acquisition, customer lending increased by 31.8%, implying 11.2% growth on constant currency basis. Our client deposit balances increased by 33.8% despite the continuing reduction in deposit rates. We intend to further decrease interest rates on US dollar deposits from 5% to 4% in September. Excluding the impact of the Privatbank acquisition, client deposits increased by 25.3% and 5.1% on a constant currency basis.

Costs remained well controlled, and the Banking Business Cost/Income ratio improved further to 36.2% in the first half of 2015, compared to 41.9% in the first half of 2014. In the second quarter of 2015 the Banking Cost/Income ratio improved further to 35.7%. Positive operating leverage at 19.5 percentage points reflected the impact of some targeted cost reduction initiatives in the first half of 2015.

Asset quality during the first half of the year has remained robust, with both retail arrears and the NPL ratio remaining low. This remains a good performance against the backdrop of the 17.1% Lari devaluation against the US dollar during the half year, and reflects our conservative lending policy that takes into account, at the time of the initial lending decision, any potential currency mismatch. During the first quarter we offered retail clients affected by the devaluation the opportunity to re-profile their borrowings, however the take-up of this offer has been limited with only 799 customers, with loans totaling US$ 28.2 million, taking advantage of the offer. The currency devaluation itself created an increased provision of GEL 11.9 million during the first half of the year. As a result of these effects, the cost of credit risk for the first six months of the year totalled GEL 81.5 million (Cost of Risk ratio 2.9%), compared to GEL 26.1 million in 1H 2014 (Cost of Risk ratio 0.9%). The cost of credit risk in the second quarter was the same as that in the first quarter, as the absence of a Lari devaluation impact was offset by provisions which came from a small number of Corporate Banking customers. Going forward we do not see the need for similar provisioning. We believe that the cost of risk has peaked in the second quarter and will reduce in the second half of 2015. We continue to expect our cost of risk ratio for the year to be c.2.5%.

During the first half of the year, we completed the acquisition and subsequent full integration of Privatbank. This has created significant franchise enhancement for our mass market retail business and has contributed GEL 6.1 million or 5.1% to our Banking Business profit in 1H15. The integration of Privatbank has already been completed, significantly ahead of schedule, and we are now 6 months ahead of capturing our previously announced pre-tax administrative and funding cost synergies of GEL 25 million. Although Privatbank has nearly halved its operating expenses in 2Q15, the full effect of integration efficiencies have not been reflected in the quarterly results, as synergies only materialised in the last 50 days of the quarter. Additionally, Privatbank was focused on a mono-product of an all-in-one debit and credit card, which we further developed in-house by adding the contactless transport and payment capabilities of our Express Card. We are aiming to leverage the enhanced capabilities of Express Banking, to capture increased revenue from cross-selling banking products to the c.400,000 newly acquired customers. We now expect more synergies than we did at the time of the acquisition. You will find full details of the Privatbank integration and performance in the Retail Banking segment discussion of this announcement.

Within our Investment Businesses, GHG, our healthcare business, delivered another record half year results, with revenues totalling GEL 107.4 million, reflecting both good levels of organic growth and the impact of the benefits of last year's acquisitions starting to be captured. In addition, GHG has recently completed a number of further acquisitions in Tbilisi and now has a total of 41 healthcare facilities, 2,670 hospital beds and a 26.6% market share in terms of hospital beds, which is expected to grow up to c.30% as a result of the renovation of recently acquired hospital facilities, scheduled for completion in 2016 and 2017 (additional c.500 beds). Furthermore, GHG has a unique first mover advantage in the highly fragmented and underpenetrated outpatient segment, with an addressable market of GEL 0.9 billion in 2015, where GHG currently has under 1% market share. GHG has all the enablers - bed capacity, competitive advantages and a clear growth strategy - for strong medium-to-long term growth. GHG is now very well positioned for its planned international stock market listing in the next few months. Our real estate business, m2 Real Estate, continues to develop its apartment projects successfully, with apartments continuing to be pre-sold notwithstanding the Lari devaluation. In 2Q15, we posted strong results in our water and utilities business, GGU, with GEL 2.0 million in profit. We have continued to strengthen GGU's management and hired more professionals with substantial industry experience both in Georgia and the West.

The Group's capital position remains strong, with capital being held both in the regulated Banking Business (JSC Bank of Georgia) and at the holding company level (Bank of Georgia Holdings Plc). Within the bank, the BIS Tier 1 Capital Adequacy ratio was 20.4%, and the NBG (Basel 2/3) Tier 1 Capital Adequacy ratio was 10.4%

In August, we completed our corporate legal restructuring as announced in December 2014 and created a unique platform to extend our reach to different industries on the Georgian corporate market. The need for restructuring was created by our recently updated strategy as well as NBG's intention to regulate banks in Georgia on a standalone basis. The new structure is now clearly aligned to our strategy and will facilitate our continued commitment to growing Bank of Georgia's strong retail and corporate banking franchise and allows us to capture compelling investment opportunities in Georgia's corporate sector.

From a macroeconomic perspective Georgia has continued to perform well in the light of the recent macroeconomic and currency pressures in many of Georgia's trading partners. Much of the volatility of the first quarter was significantly reduced in the second quarter of the year, particularly in terms of the Lari/Dollar exchange rate, which has now seen a period of stability in the 2.2-2.3 range. GDP growth in Georgia during the first half of 2015 remained relatively resilient with 2.6% y-o-y growth, and inflation remained well contained at 4.9% y-o-y in July 2015, partly as a result of the beneficial impact of lower oil prices on the Georgian economy. In addition, international arrivals (an important component of capital inflows for the country) continue to be strong, with a 9.5% year on year increase in July supporting overall growth of 4.9% in the first seven months of the year. The Lari has stayed competitive compared to our main trading partners' currencies. Exports are turning the corner with the signs that the negative growth is coming to a halt: Georgia originated exports increased 2.3% year on year in June (first time since August 2014), while re-exported commodities remain the major drag in total exports. The Lari's real depreciation of 8.1% since December 2014 has helped the imports adjustment, which decreased 9.6% year on year in 1H15.

Against the challenging regional macroeconomic backdrop, the Group has continued to perform well. We believe we remain well positioned to deliver a strong performance in the second half of 2015 and beyond, from both good levels of organic business growth in each of our Banking and Investment Businesses, and from the benefits of recent strategic initiatives and acquisitions.



Irakli Gilauri,

Chief Executive Officer of Bank of Georgia Holdings PLC

Healthcare subsidiary announces intention to float
RNS
RNS Number : 9103B
Bank of Georgia Holdings PLC
12 October 2015




London, 12 October 2015

The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless the securities are registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available. The issuer of the securities has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of securities in the United States.



These materials shall not constitute or form part of an offer or invitation to sell or the solicitation of an offer to buy or subscribe, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.



Bank of Georgia's healthcare subsidiary announces intention to float

Bank of Georgia Holdings PLC's ("BGH" or the "Group") healthcare subsidiary Georgia Healthcare Group PLC ("GHG" or the "Company") has today announced its intention to make an initial public offering of its ordinary shares, which are expected to be admitted to listing on the premium listing segment of the Official List and to trading on the London Stock Exchange plc (the "IPO").



GHG is the single largest scale healthcare services and medical insurance provider operating in the fast-growing, predominantly privately-owned, Georgian healthcare market, which is characterised by low utilisation and high fragmentation, leaving significant room for medium-to-long term growth. The healthcare services market (including hospitals and ambulatory clinics) is estimated at GEL 2.1 billion for 2015, with a strong compound growth momentum of 13.5% between 2011 and 2014, which is expected to continue growing at 13.3% during the period 2014-2018. Healthcare services spending per capita is currently at a very low base of only US$ 217, with annual outpatient encounters of only 2.7 per capita and hospital bed utilisation of only 50%, all significantly lower than many comparable countries. Supportive government reforms and the engagement of private players in the sector have resulted in significant improvements in the overall standard of infrastructure and greatly boosted demand for quality healthcare services. With GHG's scale, efficient operations, breadth and quality of service offering and proven management team, the management of GHG believes that GHG is ideally positioned to take advantage of the expected long-term macroeconomic and structural growth drivers favourably influencing the Georgian healthcare services market.



As previously announced, reflecting these long-term growth prospects, the management of GHG is targeting at least doubling of 2015 revenues by 2018 through a combination of:



· Expanding through the further development of both existing and recently acquired hospitals, focusing predominantly on the higher revenue referral hospital segments in Tbilisi

The addressable hospital market is GEL 1.2 billion in 2015 and isforecasted to grow at a compound annual growth rate of 11.3% during the period 2014 to 2018. GHG's market share was 14.0% and 22.1% by revenue and bed capacity, respectively, at 30 June 2015. Following the acquisition of High Technology Medical Centre University Clinic in August 2015, GHG's market share by beds grew to 26.6%, and (on a pro forma basis) market share by revenue increased to 17.6%







· Launching of a network of new ambulatory clinics across Tbilisi and in other major cities in Georgia

The addressable ambulatory clinic market is GEL 0.9 billion in 2015 and is forecasted to grow at a compound annual growth rate of 15.9% during the period2014 to 2018. GHG's market share was under 1% at 30 June 2015, with the rest of the market similarly fragmented, with no single player having more than 1% market share and no other player having comparable access to capital and management, allowing GHG a unique first mover advantage in this highly fragmented and underpenetrated outpatient segment



· Continuing to grow over the medium-term by developing new services and investing in medical technology to fill existing medical service gaps in the country and improve efficiencies

Currently service gaps exist in a number of basic diagnostics areas and treatments, such as MRI, laparoscopic surgeries, oncology, pediatrics, neonatology, intensive care, cardiology, and rehabilitation services



· Continued focus on improving operational efficiency and utilisation to further improve margins

GHG's healthcare services EBITDA margin was 25.3% in the first half of 2015, improving compared to 23.1% for the same period last year toward a target of approximately 30%. GHG is in the process of integrating its newly acquired hospital facilities, and is targeting a second wave of integration which among other things will include the centralisation of engineering, archiving, and ERP roll-out

The planned IPO is an important transaction for BGH, as it represents the first realisation of BGH's investment in non-banking businesses, and demonstrates the potential to unlock the significant value described when the Group announced its new corporate strategy in December 2014. Shortly after the GHG IPO, BGH will hold an investor day in London, where the Group will update the market on its business strategy and capital management plans.





Nikoloz Gamkrelidze, CEO of Georgia Healthcare Group PLC, commented: "The IPO, premium listing and admission to trading of GHG's shares on the London Stock Exchange will enable us to finance our immediate growth plans and if necessary provide access to capital markets for our future growth. We are targeting to increase market share within the estimated GEL 2.1 billion Georgian healthcare services market in 2015 by accelerating revenue enhancement at our hospitals and replicating our hospital consolidation experience in the outpatient segment by expanding organically into ambulatory clinics where GHG's current market share is close to zero.



The IPO will enhance GHG's profile with investors, business partners and patients and will increase the ability of GHG to attract and retain key management, physicians and other employees, and diversify the shareholder base of the Company. Perhaps most importantly, it will also help to provide improved healthcare services to the Georgian population."





Irakli Gilauri, Group CEO of Bank of Georgia Holdings PLC and Chairman of Georgia Healthcare Group PLC said: "In 2010 we saw an attractive investment opportunity in the healthcare industry - it was larger than the banking sector when measured as a percentage of GDP. Georgia's healthcare reform had just started And even today, Georgia's current healthcare industry is in a very early stage of development, where capital and management resources are limited. It reminds me of the banking industry 10 years ago. Since 2010, we have created the single largest scale player in the Georgian healthcare market, with over four times the hospital beds of our nearest competitor. GHG is now institutionalising best practices in the Georgian healthcare industry, just as we have done in banking. However unlike in banking, competition in the Georgian healthcare industry is limited. We believe that GHG has significant upside through having a first mover advantage, first class management team and access to capital.



Whilst remaining absolutely committed to the development of GHG, we are now looking to crystallise our investment in GHG in the forthcoming IPO. BGH's strong corporate governance standards have been replicated in GHG and GHG's culture of transparency, its executive remuneration policy and its adherence to robust corporate governance policies strongly position GHG for its premium listing and expected FTSE All-Share Index inclusion. As far as possible, it is our firm intention to allow our shareholders to participate in the IPO. The Boards and management teams of BGH and GHG appreciate the growth potential that GHG has and I, along with many of my colleagues on the Board and management team, intend to invest in the IPO."



The contents of this communication, for which the Group is responsible, have been approved by Citgroup Global Markets Limited and Jefferies International Limited who are authorised and regulated by the United Kingdom Financial Conduct Authority, solely for the purposes of Section 21 of the United Kingdom Financial Services and Markets Act 2000. Citigroup Global Markets Limited, Jefferies International Ltd, Numis Securities, Renaissance Securities (Cyprus) Limited and JSC Galt & Taggart are acting for the Group and GHG and no one else in relation to the proposed offer of GHG's securities and will not be responsible to anyone other than the Group and GHG for providing the protections afforded to its clients nor for giving advice in relation to the proposed offer.



Notwithstanding the approval referred to above, this communication is only addressed to, and directed at, (a) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (b) high net worth entities, falling within Article 49(2) of the Order and (c) other persons to whom it may otherwise lawfully be communicated, (all such persons together being referred to as "relevant persons"). The proposed offering of GHG's securities will be made available only to selected relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.



This communication is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC, as amended (the "Directive") and/or Part VI of the United Kingdom Financial Services and Markets Act 2000. It is intended that a final form prospectus will be prepared and made available to the public by GHG in connection with the admission of its ordinary shares to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange plc and in accordance with the Directive. Investors should not subscribe for any securities referred to in this communication except on the basis of information contained in that final form prospectus. The final form prospectus, when published, will be available on the website of GHG.





Forward-Looking Statements



This communication contains certain forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events, and can generally be identified by the use of forward looking terminology, such as "believes", "could", "estimates", "expects", "may", "shall", "plans", predicts", "will", "would" or, in each case, the negative thereof or other similar expressions.. This applies, in particular, to statements containing information on future financial results, plans, or expectations regarding business and management, future growth or profitability and general economic and regulatory conditions and other matters affecting the Group and/or GHG.



Forward-looking statements reflect the current views of BGH's, or as applicable, GHG's, management on future events, which are based on the assumptions of BGH's, or as applicable, GHG's, management and involve known and unknown risks, uncertainties and other factors that may cause the Group's and/or GHG's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The occurrence, or non-occurrence, of an assumption could cause the Group's and/or GHG's actual financial condition and results of operations to differ materially from, or fail to meet expectations expressed or implied by, such forward-looking statements.



Each of the Group's and GHG's business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to differ materially from those expressed or implied by the forward-looking statements contained in this communication. The information, opinions and forward-looking statements contained in this communication speak only as at its date and are subject to change without notice. Neither the Group nor GHG undertakes any obligation to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this communication.

14:20 17/08/2016
Broker Forecast - Numis issues a broker note on BGEO Group

Numis today reaffirms its hold investment rating on BGEO Group (LON:BGEO) and raised its price target to 2921p (from 2841p). Story provided by StockMarketWire.com

Third quarter results

22 Nov
Numis
2,921.00
Hold

22 Nov
Peel Hunt
N/A
Add

22 Nov
Jefferies...
4,000.00
Buy

Proactive investor - BGEO Group tops the FTSE 250 - here's why
Share
15:48 22 Nov 2016
One leading broker was very bullish on the prospects for the lender.

Shares in the owner of the Bank of Georgia rose 11% rose to £31.19
BGEO Group PLC was provided a lift courtesy of a bullish broker circular that followed Monday's solid third-quarter results statement.
Shares in the owner of the Bank of Georgia responded by posting an 11% rise to £31.19.
The American house Jefferies said the stock is worth £40 as it repeated its ‘buy’ recommendation.
“We remain bullish on BGEO following results after the close yesterday,” said analyst Joseph Dickerson.
“The retail banking led balance sheet growth (loans up 20% year-on-year) is consistent with our thesis and the banking business produced a 25% return on average equity.
“Credit costs were higher than we modelled but we do not see this as particularly price-sensitive.”
The Tbilisi-based bank said profit rose 75% to US$61mln for the three months ended September. Revenues rose just over 6%.

16:10 21/02/2017
Broker Forecast - Numis issues a broker note on BGEO Group
Numis today upgrades its investment rating on BGEO Group (LON:BGEO) to buy (from add) and left its price target at 3584p. Story provided by StockMarketWire.com

Notice of Results
RNS
RNS Number : 6227V
Bgeo Group PLC
06 November 2017
 
 
 
 
 
London, 6 November 2017
 
 
 
BGEO Group PLC notice of 3Q17 and 9M17 Results
 
BGEO Group PLC ("BGEO" or the "Group") will publish its financial results for the third quarter and the first nine months of 2017 at 17:00 London time on Wednesday, 8 November 2017. The results announcement will be available on the Group's website at www.bgeo.com. The results discussion will take place on Thursday, 9 November 2017, during the Investor Day held by BGEO Group in Tbilisi at the following address: Courtyard Marriott (4 Freedom Square, Tbilisi 0105, Georgia. Tel: +995 322 779 100).

Final results

16 Feb
Peel Hunt
4,000.00
Add
16 Feb
Numis
3,750.00
Add

first quarter results