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Investor Presentaiton

ALDAGI 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 (88,591) (63,516) 39.5% Reinsurance commissions 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
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