#1ALDAGI Investor Presentation Nov 2013#2ALDAGI Business Outlook Insurance Market & Aldagi Performance Healthcare Market & Aldagi Performance Strategy Going Forward Annexes#3ALDAGI BUSINESS MODEL ALDAGI BY ALDAGI we mean: Insurance business (Health insurance, Life insurance, Property & Casualty (P&C)) carried by JSC Aldagi Insurance, and Healthcare business (HC), or hospital services provided by Aldagi subsidiaries JSC My Family Clinic and JSC Unimed A well-diversified, fast growing business with undisputed market leadership based on 4 KEY PILLARS INSURANCE A INSURANCE Health Insurance 1.4% of GDP Life Insurance 0.1% of GDP Property and Casualty 0.4% of GDP C 32.6% 5.9% Profit share 38.6% 22.9% D Multi-Profile Hospital Chain 9.8% of GDP GDP figures represent FY 2012 results | Profit shares stand for Sep YTD "13 results | JSC - Joint Stock Company B HEALTHCARE 3#4R ALDAGI Business Outlook Insurance Market & Aldagi Performance Healthcare Market & Aldagi Performance Strategy Going Forward Annexes#5ALDAGI Insurance Companies by GPW GEORGIAN INSURANCE MARKET Total Insurance Market by Gross Premium Written (GPW) GEL min Other 22.8% Y2012 Aldagi 30.3% 119 IC Group 9.1% 515 360 361 321 272 Y-o-Y GROWTH 61% 2007 2008 2009 2010 2011 2012 Irao Archimedes 13.0% 9.5% GPI Holding 15.3% Source: NBG - National Bank of Georgia 14 insurance companies on the market 5 largest insurance companies hold more than 77% of the market Foreign investors have strong presence on the Georgian insurance market; Vienna Insurance Group holding 100% of GPIH and Irao * Chartis branch exiting by year end 5#6ALDAGI GEORGIAN INSURANCE MARKET Health Insurance Market by GPW The launch of state insurance program in 2012 boosted strong growth of health insurance market, adding c, 900,000 new policyholders GEL min Life insurance market consists of only credit and term life insurance. No endowment schemes in the country Property & Casualty Market by GPW GEL min 66 56 94 99 103 110 101 380 247 246 201 161 45 2007 2008 2009 2010 2011 2012 Life Insurance Market by GPW GEL mln 26 19 16 14 13 8 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 Source: NBG - National Bank of Georgia 6#7ALDAGI GEORGIAN INSURANCE MARKET BY PRODUCTS Diversification by Lines | GPW 2012 Shares by GPW I 2012 Life 5.7% State Insurance Program 48.5% Private Property & Health Casualty 20.6% Insurance 25.3% GEL '000 Health 130,334 250,000 Life 25,541 Property & Casualty 109,597 ■Private State Insurance Program P&C Product Diversification | GPW 2012 Health 73.8% GEL '000 Property 41,020 Casco 31,410 Liabilites 15,348 Aviation & Marine 10,111 MTPL 4,224 Cargo 3,820 Travel 3,664 Source: NBG - National Bank of Georgia | * Aldagi estimate 7#8ALDAGI ALDAGI MARKET SHARES ALDAGI - Undisputed Leader on the Market FY 2012 Aldagi Market Share by Products GPW FY 2012 32% Market Share by Revenue Travel & PA MTPL Casco Cargo 47% Market Share by U/W Profit Property Life 31.3% Health Surety 38% Market Share by Assets Aviation & Marine 14.1% Source: NBG - National Bank of Georgia 30.0% 28.9% 29.8% 49.1% 49.0% 43.9% 43.8% 8#9ALDAGI PERFORMANCE IN INSURANCE ALDAGI Health Insurance drives revenue Source of revenue Revenue increased by 48.2% Gross revenue | GEL '000 Life 2.7% P&C 25.4% Health 71.9% Stable Loss Ratio Combined Ratio rreakdown 108,533 73,240 Sep YTD 2013 Sep YTD 2012 U/W profit increased by 48.7% U/W result | GEL '000 U/W M i 25.7% I I i 25.6% L 27,839 18,723 Sep YTD 2013 Sep YTD 2012 Combined Ratio improved by 4.1 pts. Doubled net profit Y-o-Y Combined Ratio Net Profit | GEL '000 89.4% Commission Ratio Loss Ratio 68.8% 4.0% 85.3% Expense Ratio 12.5% NPM ! 13.0% L · 10.1% L 14,136 7,390 Sep YTD 2013 Sep YTD 2012 Sep YTD 2013 Sep YTD 2012 9#10ALDAGI Business Outlook Insurance Market & Aldagi Performance Healthcare Market & Aldagi Performance Strategy Going Forward Annexes#11ALDAGI Healthcare expenditure 3Y CAGR 12.2 % Total healthcare expenditure | GEL min 1,819 2,096 2,569 2,292 HEALTHCARE MARKET IN GEORGIA Less than 6% of GDP on in- &-outpatient spending Healthcare expenditure as % of GDP 10.1% 10.1% 9.4% 9.8% 925 871 839 3.6% 646 4.0% 3.6% 3.5% 1,071 1,090 1,284 1,490 6.0% 5.3% 5.3% T T ! 2009 L 2010 In & outpatient L2011 Pharmacy 2012E__ I 2009 L Other 99% of hospitals privately owned entities Number of beds 13,600 * Includes, 996 beds of penitentiary institutions 2010 L 5.7% I 2011 2012E L ■In & outpatient ■Pharmacy ■Other Spending per capita still very low Spending per Capita | GEL 12,800 12,100 11,500* 571 511 471 419 2009 2010 2011 2012 Source: Ministry of Labor, Health and Social Affairs of Georgia | Aldagi estimate 2009 2010 2011 2012E 11 |#12ALDAGI HEALTHCARE FINANCING MODEL State (MOH) GEL min Corporate & Individuals Current setup PHI SIP 6 Insurance companies participate in State Insurance Programs Insurance companies Insured (PHI) UHP State Healthcare expenditure 2011 2012 2013 2014F State insurance program (SIP) 121 170 280 280 Universal healthcare program (UHP) 225 300 Other state expediture in healthcare 240 232 176 170 Total state healthcare expenditure 361 As % of total state expenditure 402 681 750 6.2% 5.8% 9.4% 9.7% Service providers Insured (UHP) UHP Universal Healthcare Program SIP State Insurance Program PHI Private Health Insurance MOH Ministry of Labor, Health & Social Affairs of Georgia Insured (State Programs) Source: Ministry of Finance | Aldagi estimate Additional expenditure in healthcare through UHP will increase healthcare expenditure per capita due to increased purchasing power of citizens UHP 2.0 mln insured SIP 2.0 mln insured PHI 0.5 mln insured 12#13ALDAGI Eligibility 2 Provider choice 3 Co-payment Price cap сл 5 Limit 6 Financing model STATE HEALTHCARE SPENDING MODEL Universal Healthcare Program (UHP) Urgent Treatment Planned Treatment All citizens of Georgia, except of those holding private insurance policies as of 1st July 2013 and state insurance program beneficiaries Any licensed hospital on the territory of Georgia In defined 500 medical cases 100% is covered, in other cases - 70% NO PRICE CAP | state finances costs as per service provider price list UHP provider list 70% of country's 4 the cheapest service providers' average price NO PRICE CAP for service provider, state finances its share, rest is financed by patient In most cases up to GEL 15,000 Patient enters hospital by ambulance If eligible, medical case is registered in UHP database End of each month state transfers funds to service provider Within 30 days eligibility is identified Within 60 days guarantee letter is issued Patient presents guarantee letter at service provider & pays only co-payment share End of each month state transfers funds to service provider State Insurance Program (SIP) Population below poverty line, teachers, elderly, children under 6, students, people with disabilities, refugees Provider list of respective private insurance company For 900K people 100%, for others 80%-100% NO PRICE CAP | insurance companies chose their provider list In most cases up to GEL 15,000 Each month state transfers predefined insurance premium to private insurance company Private insurer is a buyer of medical services for state insurance program beneficiaries 13#14ALDAGI ALDAGI IN HEALTHCARE INDUSTRY Proven Execution & Integration Track Record Aldagi Performance in Healthcare 2006: Enters into healthcare business by opening outpatient center in Tbilisi 2009: Operates 5 small sized outpatient clinics 2010: Invests US$ 15 mln in building 5 small-sized and 1 mid-sized hospitals 2011: Acquires 11 operating hospitals from the largest healthcare company 2012: Adds 10 new hospital through Imedi L acquisition NOW: Operates the largest hospital chain in the country 27 hospitals: 7 referral & 20 community hospitals 5 outpatient clinics 1,245 hospital beds 50% of the market share in Western Georgia 1,956,000 persons covered *Data for FY 2012 102.2 67.3 6.2 7.2 12.6 Revenue, GEL 26 27 mln 17 Number of hospitals 5 5 2009 2010 2011 2012 2013F 10% of Market Share by Number of Beds * Number of Beds 1,245 931 One of the Largest Employers in the Country Number of Employees 6,070 5,295 30.Sep.13 30.Sep.12 30.Sep.13 30.Sep.12 14#15HEALTHCARE KEY INDICATORS ALDAGI Diversified source of revenue Source of Revenue Revenue increased by 38.7% Gross Revenue | GEL '000 44.2% Y-o-Y increase in gross profit Gross Profit | GEL '000 Out of Pocket 20.8% Outpatient 34% State 19.9% Insurance Companies 59.3% Inpatient 66% EBITDA increased by 71.5% EBITDA GEL '000 67,298 48,520 GPM 34.8% 23,394 1 33.4% L 16,220 Sep YTD 2013 Sep YTD 2012 Sep YTD 2013 Sep YTD 2012 Improved Net Profit Margin Net Profit | GEL '000 Margin 1 27.5% 18,484 | 17.0% NPM 1 6.2% 1 5.5% L--- I 4,201 10,779 2,660 Improved bed occupancy Hospital Bed Occupancy 47.1% 40.7% Sep YTD 2013 Sep YTD 2012 Sep YTD 2013 Sep YTD 2012 Sep YTD 2013 Sep YTD 2012 15#16ALDAGI IN HEALTHCARE INDUSTRY ALDAGI Aldagi Hospitals by Regions 110 15 Tsalenjikha 15 15 150 Chkhorgtsku 15 Martvili Zugdidi 220 15 70 Khobi + 15 Abasha Ribuli fskaltubo Khoni Kutaisi 45 Pott 20 124 Terjola 15 15 70 15 Russian Federation + Georgia Kobuleti 50 Chakvi Adigeni Tbilisi Batumi Khulo Keda Shuakhevi Akhaltsikhe Aspindza Akhalkalaki 22 19 15 24 25 Turkey 35 Ninotsminda N Referral Hospitals N Community Hospitals + Armenia Ambulatory Clinics *Akhaltsikhe region hospital investments under negotiation with government of Georgia 1,245 hospital beds owned and operated by Aldagi 15 Akhmeta 27 70 +Kvareli N Telavi Azerbaijan Hospitals under negotiations* 16#17ALDAGI Diversified source of revenue Source of Revenue Healthcare 38.3% Health 44.4% P&C 15.7% Life 1.7% 20%+ ROAE ROAE 25.3% CONSOLIDATED KEY FIGURES Doubled EBITDA Y-0-Y Gross Revenue | GEL '000 EBITDA | GEL '000 150,025 111,865 34,364 18,242 Improved Net Profit Margin Net Profit | GEL '000 NPM 12.2% 18,332 9.0% 10,016 Sep YTD 2013 Sep YTD 2012 Sep YTD 2013 Sep YTD 2012 Sep YTD 2013 Sep YTD 2012 Balance sheet captions Leverage Assets GEL '000 Equity GEL '000 Net Debt | GEL '000 352,155 21.7% 341,852 111,519 79,988 83,974 68,114 Sep YTD 2013 Sep YTD 2012 30.Sep.13 30.Sep.12 30.Sep.13 30.Sep.12 30.Sep.13 30.Sep.12 17#18ALDAGI Business Outlook Insurance Market & Aldagi Performance Healthcare Market & Aldagi Performance Strategy Going Forward Annexes#19ALDAGI STRATEGY GOING FORWARD To fully utilize current market potential ALDAGI's direction will be: 1 Minority buy-out 2 Healthcare expansion though M&A in Tbilisi 3 P&C & Life Insurance spin-off 4 IPO Chance to increase retained earnings and gain more flexibility in expansion plans Penetrating medical district - TBILISI, not yet covered by Aldagi, gives huge opportunity for increasing market share and diminishing leakage of health insurance claims outside the group Spin off of healthcare business, increases the valuation of each line We believe, for our business model and industry, the highest value can be achieved through IPO 19#20ALDAGI Business Outlook Insurance Market & Aldagi Performance Healthcare Market & Aldagi Performance Strategy Going Forward Annexes 1. Response to Market Trends 1234 3. Consolidated Income Statement Consolidated Balance Sheet Audited Financials#21ALDAGI ! POTENTIAL CONCERNS 1 2 RESPONSE TO MARKET TRENDS ALDAGI RESPONSE Market Leadership in healthcare may not leave room for growth Extended governmental spending will increase spending per capita in regions, where Aldagi is major supplier of medical services. No presence in key medical district – TBILISI, leaves huge room for expansion through M&A 3 Prospects for P&C insurance market growth seems to be ambiguous Insurance penetration is one of the lowest in Georgia, compared to that in developed countries • Many product lines not yet presented on the market Insurance Penetration UK 11.3% US 8.2% . Planned introduction of compulsory MTPL will boost both mandatory and voluntary market (Introduction of MTPL in Armenia increased GPW/GDP by 270% in two years EU-27 Germany 7.7% 6.7% Israel 4.8% Czech Rep. 3.7% Poland 2.7% GEORGIA 2.0% Universal healthcare may cannibalize private health insurance market As universal cover is limited it leaves considerable room for private insurance supplementary products 4 Economic environment depends on political stability • Source: Sigma 3/2013 - World insurance in 2012 Profound economic reforms secured prominent results for the Georgia Economy Smooth transition of government 21 24#22ALDAGI POTENTIAL CONCERNS 5 6 Government becomes major buyer in healthcare market • • POTENTIAL CONCERNS (Cont.) ALDAGI RESPONSE Aldagi healthcare has most balanced portfolio, Government spending comprising only 20% As universal healthcare covers limited number of treatments, out-of pocket and private insurers spending will still remain high Healthcare expenditure already comprises 10% of GDP, leaving small room for health Market expansion above GDP growth Pharmacy comprises 38% of total healthcare expenditure, Far above than that in developed countries, the result of irrational pharmacotherapy, rare prescription of generic drugs etc. % of Pharmacy in Total HC Expenditure Georgia 38.0% • . Thus in & outpatient share of GDP is still low in Georgia Improved regulations on pharmacy sector will result in decreased expenditure leaving room for in & outpatient expansion Greece 24.8% Estonia 23.4% Poland 22.4% Czech 19.4% Slovenia 18.8% Germany 14.9% US 12.0% UK 10.1% Source: Syreon Research Institute 2009 | Figure for Georgia represent Y2012 data 22 22#23ALDAGI Income Statement Captions | Consolidated GEL '000 Insurance premiums written, gross SEP YTD 2013 RESULTS Sep YTD 2013 (Unaudited) Sep YTD 2012 Change (Unaudited) Y-o-Y 119,871 105,169 14.0% Change in unearned premium provision, gross (11,591) (31,929) -63.7% Revenue from healthcare 41,745 38,625 8.1% Revenue, gross 150,025 111,865 34.1% Gross revenue up by 34.1% y-o-y to GEL 150 mln, reflecting organic growth and the acquisition of Imedi L International Change in unearned premium provision, reinsurers share Insurance premiums ceded to reinsurers (6,570) (8,875) -26.0% 176 (438) -140.2% Insurance premiums revenue ceded to reinsurers (6,394) (9,313) -31.3% Net revenue 143,631 102,552 40.1% Insurance claims paid, gross (52,278) (33,010) 58.4% Change in loss provision, gross (10,260) (4,825) 112.6% COGS (27,730) (27,176) 2.0% 14.9% growth of operating expenses compares to 34.1% rise in net revenue Insurance claims expenses, gross / COGS (90,268) (65,011) 38.9% Insurance claims expenses recovered by reinsurers 1,677 1,495 12.2% Net insurance claims expenses / COGS Reinsurance commissions (88,591) (63,516) 39.5% 304 133 128.6% Cost efficiencies achieved as demonstrated in the improved expense ratio from 18.7% Sep YTD '12 to 12.5% Sep YTD '13 Agents, brokers and employee commissions Net commission income / (expense) Net underwriting profit / gross profit (4,363) (4,226) 3.2% (4,059) (4,093) -0.8% 50,981 34,943 45.9% Salaries and other employee benefits (10,548) (9,128) 15.6% Bonuses accrued (3,295) (2,615) 26.0% Selling, general administrative expenses (5,746) (6,125) -6.2% Operating taxes (108) (45) 140.0% Provisions expense for / (recovery of) bad debts (1,464) (1,097) 33.5% Other operating expenses (986) (272) 262.5% Total recurring operating costs (22,147) (19,282) 14.9% EBITDA 34,364 18,242 88.4% Depreciation and amortization expenses (854) (720) 18.6% Non-operating income / (loss) (8,328) (3,537) 135.5% Pre-tax income 21,399 11,741 82.3% Income tax expense Net profit 3,068 1,728 77.5% 18,331 10,013 83.1% 23#24ALDAGI Consolidated Balance Sheet | Assets GEL '000 BALANCE SHEET Consolidated Balance Sheet | Liabilities & Equity GEL '000 30-Sep-13 (Unaudited) 30-Sep-12 (Unaudited) Change Y-O-Y 30-Sep-13 (Unaudited) 30-Sep-12 Change (Unaudited) Y-o-Y Cash and cash equivalents 9,201 6,627 38.8% Insurance contracts 98,068 107,096 -8.4% Amounts due from credit institutions 18,076 39,828 -54.6% Reinsurance premium payable 10,027 11,321 -11.4% Investment securities 172 812 -78.8% Pension benefit obligations 9,289 7,858 18.2% Insurance premiums receivable, net 80,631 85,945 -6.2% Borrowed funds 97,976 106,711 -8.2% Reinsurance contracts, net 8,774 10,086 -13.0% Salaries and other employee benefits payable 10,631 9,047 17.5% Loans and other receivables, net 31,748 18,586 70.8% Current income tax liabilities 3,405 103 3205.8% Property and equipment, net 174,322 137,867 26.4% Deferred income tax liabilities 1,090 3,178 -65.7% Intangible assets, net 1,464 471 210.8% Accruals and other liabilities 10,150 12,564 -19.2% Total liabilities 240,636 257,878 -6.7% Goodwill 17,021 16,963 0.3% Investments in non-consolidated subsidiaries 0.0% Current income tax assets 280 663 -57.8% Share capital - ordinary shares 15,286 15,286 0.0% Share premium / (deficit) 35,021 35,021 0.0% Deferred income tax assets 1,212 702 72.6% Revaluation and other reserves 661 661 0.0% Deferred aqcuisition costs 1,446 3,750 -61.4% Retained earnings 21,658 8,587 152.2% Prepayments and other assets 7,808 19,552 -60.1% Net profit for the period 15,099 7,592 98.9% Total assets 352,155 341,852 3.0% Shareholders equity excluding minority 87,725 67,147 30.6% interest Non-controlling interests 23,794 16,827 41.4% Total shareholders equity 111,519 83,974 32.8% Total liabilities and shareholders equity 352,155 341,852 3.0% 24 24#25ALDAGI SEGMENT RESULTS | CONSOLIDATED Income Statement by Segments | Sep YTD 2013 GEL '000 Health Life P&C Healthcare Total Insurance premiums written, gross 89,146 2,174 28,804 119,871 SEGMENT CONTRIBUTIONS Revenue from healthcare 67,298 41,745 Revenue, gross 78,072 2,906 27,555 67,298 150,025 Insurance premiums ceded to reinsurers (38) (526) (6,006) (6,570) Gross Revenue Insurance premiums revenue ceded to reinsurers (50) (510) (5,834) (6,394) Net revenue 78,022 2,396 21,720 67,298 143,631 Line Sep YTD '13 Sep YTD '12 Insurance claims expenses, gross (62,885) (1,246) (7,786) (62,538) Health 44.4% Life 1.7% P&C 15.6% 36.5% 1.3% 22.4% COGS (43,903) (27,730) Insurance claims expenses, gross / COGS (62,885) (1,246) (7,786) (43,903) (90,268) Insurance claims expenses recovered by reinsurers 298 1,379 1,677 Net insurance claims expenses / COGS (62,885) (948) (6,407) (43,903) (88,591) HC 38.3% 39.8% Net commission income / (expense) (1,782) (26) (2,252) (4,059) Net underwriting profit / gross profit 13,355 1,423 13,061 23,395 50,981 Net income from pension benefit plan 114 114 Other operating income Other operating income \ (loss) 230 7 167 1,229 1,633 230 122 167 1,229 1,748 Salaries and other employee benefits (3,358) (86) (1,828) (5,529) (10,548) Bonuses accrued (1,089) (199) (1,292) (716) (3,295) Selling, general administrative expenses (2,038) (54) (1,285) (2,369) (5,746) Net Profit Operating taxes (51) (1) (24) (32) (108) Line Health Sep YTD '13 Sep YTD '12 Provisions expense for / (recovery of) bad debts (281) (26) (498) (659) (1,465) 32.6% 42.5% Other operating expenses (292) (8) (69) (618) (986) Life 5.9% 3.4% Total recurring operating costs (7,108) (374) (4,996) (9,923) (22,148) P&C 38.6% 27.5% EBITDA 6,478 1,170 8,233 18,484 34,365 HC 22.9% 26.6% Foreign exchange gain/(loss) (125) (3) (69) (829) (1,026) Depreciation and amortization expenses (321) (3) (493) (37) (854) Net interest income / (expense) 1,120 140 697 (9,350) (7,393) Non-recurring income / (costs) (48) (9) 61 Pre-tax income 7,104 1,296 8,428 Income tax expense Net profit 1,136 207 1,347 93 4,578 378 91 21,400 5,968 1,088 7,081 4,200 3,068 18,331 25#26ALDAGI AUDITED INCOME STATEMENT Income Statement | Consolidated GEL '000 FY 2012 (Audited) FY 2011 (Audited) FY 2010 (Audited) Insurance premiums written, gross 126,906 61,847 61,946 Change in unearned premium provision, gross (17,094) 216 (906) Revenue from healthcare 49,449 9,257 Revenue, gross 159,261 71,320 Insurance premiums revenue ceded to reinsurers (11,871) (10,452) 2,095 63,135 (11,129) Net revenue 147,390 60,868 52,006 Insurance claims expenses, gross (58,022) (31,605) (31,073) COGS (29,319) (5,642) (1,569) Insurance claims expenses, gross / COGS (87,341) (37,247) (32,642) Net insurance claims expenses / COGS (85,259) (35,406) (29,325) Net commission income / (expense) Net underwriting profit / gross profit Net income from pension benefit plan Other operating income Other operating income (5,538) (3,367) (3,831) 56,593 22,095 18,850 87 71 51 2,661 3,320 920 2,748 3,391 972 Salaries and other employee benefits (13,048) (7,271) (5,679) Bonuses accrued (4,223) (2,329) (1,891) Selling, general administrative expenses (8,736) (5,635) (4,532) Operating taxes (71) (253) (168) Provisions expense for / (recovery of) bad debts (3,929) (763) (591) Other operating expenses (1,141) (626) (427) Total recurring operating costs (31,148) (16,877) (13,288) EBITDA 28,193 8,609 6,534 Foreign exchange gain/(loss) Depreciation and amortization expenses Net interest income / (expense) Non-recurring income / (costs) Pre-tax income Income tax expense Net profit (703) (793) 371 (4,124) (977) (663) (4,596) (432) (749) 34 864 192 18,804 7,271 5,685 2,524 769 662 16,280 6,502 5,023 26#27ALDAGI Consolidated Balance Sheet | Assets GEL '000 AUDITED BALANCE SHEET Consolidated Balance Sheet | Liabilities & Equity GEL '000 YE 2012 (Audited) YE 2011 (Audited) YE 2010 (Audited) Liabilities YE 2012 (Audited) YE 2011 (Audited) YE 2010 (Audited) Assets Cash and cash equivalents Insurance contract liabilities 80,438 35,289 32,580 10,721 4,900 6,469 Other insurance liabilities 13,603 9,659 7,138 Amounts due from credit institutions 20,467 5,555 5,280 Current income tax liabilities 837 Insurance and reinsurance receivables 63,781 22,214 19,454 Deferred income tax liabilities 2,897 1,581 182 Loans issued 7,544 5,154 625 Borrowings 105,814 26,510 13,138 Available-for-sale investments 326 2,834 4,213 Trade payables 9,532 30,816 1,112 Reinsurance assets 7,869 8,778 7,271 Pension fund liability 8,758 6,353 4,949 Current income tax assets 91 409 212 Other liabilities 12,176 5,189 2,299 Deferred income tax assets 1,167 50 11 Total liabilities 234,055 115,397 61,398 Deferred acquisition costs 1,855 1,534 1,629 Property and equipment 149,725 63,428 10,867 Equity Prepayments for long-term assets 10,079 8,952 2,953 Share capital 15,286 7,243 7,243 Goodwill and other intangible assets 17,896 16,828 16,147 Share premium 35,022 10,565 10,565 Pension fund assets 8,758 6,353 4,949 Other reserves 431 431 431 Other assets 24,016 9,868 3,278 Retained earnings 21,677 8,587 2,473 Total assets 324,295 156,857 83,358 Total equity attributable to shareholders 72,416 26,826 20,712 Non-controlling interests 17,824 14,634 1,248 Total equity 90,240 41,460 21,960 Total equity and liabilities 324,295 156,857 83,358 27 27