ELANA Group Bulgaria - Corporate Profile 2014 (EN language)

www.elana.net www.elana.net/trading www.elana.net/fund-management www.elana.net/investment agrocredit.elana.net


23 years: Tradition & innovation

ELANA is one of the largest groups in the non-banking financial sector in Bulgaria comprising companies in the lead of their markets

ELANA was started 23 ago as a brokerage and has grown into a family of market leaders in: financial markets’ services, asset management, EU funding consultancy, farm land investment and financial services related to agricultural sector, renewable energy investment, public funds management

ELANA group has established itself as an innovative institution in Bulgarian finance and investment, holding the responsibility for a series of start ups in the sector, such as: founding some of the first mutual funds, managing the first public offering on the Bulgarian Stock Exchange as well as implementing the first corporate bond issue, establishing the first fund for investing in agricultural land, being selected to be the first private fund manager of a public financial institution, etc.

ELANA group companies were recognized by industries and public via 25 awards for 23 years


Group mission

Our mission

Is to provide a wide range of investment products & services to institutional and individual investors and help them achieve their objectives by constantly maintaining the highest standards of professionalism and performance

We believe

Our human capital and our integrity in building partnerships with our customers are the key factors to our success as well as the reason for upholding a leading position on the Bulgarian financial market

Our vision

We maintain the position of a premier Bulgarian investment company, which is always the preferred credible partner by offering the highest quality investment solutions based on professionalism, integrity, transparency and solid experience. Building stable relationships with our business partners is our foremost objective


Scope of business

Asset managementELANA Fund Management

12 years in the lead Started the first mutual fund Manages 6 UCITs funds and individual

portfolios Approx. EUR 25 mln. AUM Recognized by 8 national and international

awards Strong retail orientation and customers

base

Brokerage & investment bankingELANA Trading

23 years a licensed broker in the top 3 Full-service provider on Bulgarian and

international financial markets The Best Bulgarian Broker of the Year 2010

and 2013 Trusted long-term partner to international

institutions

EU funding consultancyELANA Investment

15 years successful EU-funded projects for business and public administration

Consulted over 500 enterprises, agricultural producers and municipalities

Contributed to EUR 110 mln. aid investment in BG industry and agriculture

Public funds managementBulgarian Energy Efficiency and Renewable Sources Fund

9 years promotion of energy efficiency Fund Management granted via World Bank Selected as the first private fund manager

of a public fund

Regional Urban Development Fund Jessica Funds granted by EIB Partner of Societe Generale Expressbank 4 years – EUR 55 mln.

Farmland investment ELANA Agrocredit

First farmland financial leasing company Registered as a financial institution in 2012 Awarded The Best IPO in 2013 Based on the first REIT investing in

farmland founded by ELANA – 150% profit for investors 2005 – 2013

Renewable energyELANA Energy Management

RE projects since 2004


Highlights of local partnerships

ELANA is a member of the Confederation of Employers and Industrialists in Bulgaria – CEO Kamen Kolchev is a member of the Board of CEIB

ELANA Trading is a member of the Bulgarian Association of Licensed Investment Intermediaries – Chairperson Radoslava Maslarska is a member of the Board of BALII

ELANA Fund Management is a member of the Bulgarian Association of Asset Managers – Board member Georgi Malinov is a member of the Board of BAAM

ELANA Investment is a member of the Bulgarian Association of EU Funding Consultants – Executive Director Kristina Tsvetanska is the Chairperson of BAEUFC

ELANA Trading is a member of the Bulgarian Stock Exchange and The Central Depository


Highlights of international partnerships

ELANA Trading is the exclusive partner for Bulgaria of US broker Auerbach Grayson since 1998 – a member of brokers’ network on 130 markets

ELANA Trading is a long-term partner of Saxo Bank in online trading and services for institutional investors

ELANA Trading has been granted mandates for M&A projects by EBRD since 2002

ELANA Holding and ELANA Investment are partners with Societe Generale Expressbank in managing the Regional Urban Development Fund since 2011 – Jessica funds granted by tender from European Investment Bank

ELANA Holding is part of the consortium selected for management of the Bulgarian Energy Efficiency and Renewable Energy Fund – granted by tender from the World Bank

Traditional partners include: Deutsche Bank, Merryll Lynch, Barclay’s Capital, UBS, Raiffeisen Bank International, UniCredit Bank, DZ Bank AG, Royal Bank of Scotland, Royal Bank of Canada, Societe Generale London, VTB Capital, Tradition Financial London, Finacor, Carl Kliem Luxembourg, Jefferies International, KBC Securities, Cowen Group.


ELANA Financial Holding Board of Directors - Financial services structure

Chairman of the Board of Directors and CEO Kamen Kolchev Kamen Kolchev founded ELANA in 1991. Originally, the company started with brokerage services and developed into one of the largest institutions in the non-bank sector with a diverse portfolio of financial services. Kamen Kolchev had been actively involved in shaping the newly emerged local financial market in 1990s by providing expertise for the development of the new legislation and regulatory bodies. He is currently a member of the Board of the Confederation of Employers and Industrialists in Bulgaria. Graduated Mathematics at Sofia University. Capital markets and corporate governance specialisation programme in New York and Prague. Board Member Radoslava Maslarska is the Chairperson of brokerage ELANA Trading. Her career in finance started in ELANA back in 2001 when she joined the company as an associate at the International Markets Department. Later she became dealer on international markets and in 2004 she was promoted as the head of the department. In 2007 she took over as the Executive director of the company and in 2010 became the Chairperson. Radoslava Maslarska graduated Finance and Banking at Sofia University. She holds a license for investment consultant by the Bulgarian Financial Supervision Commission.

Board Member Martin Nikolov is the Executive Director of ELANA Fund Management Martin Nikolov joined ELANA from the very start of the company and had developed the brokerage operations as the executive director of ELANA Trading up to 2006. From then on he has been managing the asset manager ELANA Fund Management. Graduated Economics at The New Bulgarian University. Specialisation at Merrill Lynch and ING Bank-Vienna.


Board Member Kristina Tsvetanska is the Executive Director of the consultancy ELANA InvestmentKristina Tsvetanska is a EU funding consultant with 13 years of experience on EU structural funds, pre-accession programmes, international donor programmes. She joined the team of the company in 2002 as the head of Financial Analysis Department. In 2006 she became the Executive Director of ELANA Investment. Before joining ELANA, she has worked for State Agriculture Fund and for 7 years in the banking sector. Kristina Tsvetanska is currently the Chairperson of the Bulgarian Association of EU Funding Consultants. Graduated Banking at the University for National and World Economics – Sofia. Board MemberGeorgi Malinov is the Head of Legal Department of ELANA Financial Holding.

Georgi Malinov is the Head of the Legal Department of ELANA Financial Holding. He joined ELANA team in 2003 after having legal positions in private businesses.Graduated Law at Sofia University.

ELANA Financial Holding Board of Directors - Financial services structure


ELANA Holding Board of Directors – Green business structure

Member of the Board Gergana Kostadinova is the Executive Director of ELANA Holding. Gergana Kostadinova is also the Executive Director of ELANA Agrocredit since the beginning of 2014. She is a finance expert with long-standing experience. Kostadinova joined ELANA team in mid-2007 as an accountant and a few years later she was promoted to the position of chief financial officer of the holding company. Before becoming part of ELANA team, she had worked as an accountant for private companies. Graduated at the University for National and World Economics - Sofia.

Member of the Board Georgi Georgiev is the Executive Director of AgroManagement Georgi Georgiev is the Executive Director of AgroManagement, which is the management company of ELANA Agrocredit. In 2006 – 2009 he was the Investor Relations Director of the first REIT investing in agricultural land - ELANA Agricultural Land Opportunity Fund. Before joining ELANA team, Georgiev used to work as legal expert for regional public administration and corporate organizations. Graduated Law at the Sofia University.

Chairman of the Board of DirectorsKamen Kolchev Kamen Kolchev founded ELANA in 1991. Originally, the company started with brokerage services and developed into one of the largest institutions in the non-bank sector with a diverse portfolio of financial services. Kamen Kolchev had been actively involved in shaping the newly emerged local financial market in 1990s by providing expertise for the development of the new legislation and regulatory bodies. He is currently a member of the Board of the Confederation of Employers and Industrialists in Bulgaria. Graduated Mathematics at Sofia University. Capital markets and corporate governance specialisation programme in New York and Prague.


Bulgaria: Country Overview

Territory – 110 994 sq.km. Population – 7.364 mln. as per 2011 census, 72.5% urban

Political system – Parliamentary Republic

EU member since 1.1.2007, NATO member since 29.4.2004

Currency: Bulgarian Lev, pegged to EUR @ 1,95583

Currency Board Arrangement, strongly supported by all institutions and with solid coverage ratios; reserves are 150% of ST external debt and cover 6 months of imports as of June 2014

Ease of doing business score (WB ranking): No. 58 – in front of regional peers Turkey (69), Greece (72), Romania (73), Serbia (93) and Russia (92)

Sound public sector with government debt/GDP below 20% and budget deficit below 2%

Stable Banking Sector with high capital and liquidity standards; CAR of 21% and liquid asset ratio of 29% as of June 2014

Flat 10% income and corporate tax, 0% capital gains tax, 5% withholding dividend tax

6.7% 6.4% 6.5% 6.4% 6.2%

-5.5%

0.4%

1.8%

0.6% 0.9%1.4%

2.5%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014(f)

2015(f)

BG, annual growth %

EU, annual growth %

GDP Growth Bulgaria vs EU

Source: NSI, Eurostat


ELANA Trading: 23 years full-service provider to investors

Trading on the Bulgarian Stock Exchange – Sofia (BSE)Brokerage services and online trading products – offers own Internet-based trading platform ELANA BG Trader and BSE-developed COBOS trading platform for all instruments traded on BSE. Awarded The Best Bulgarian Broker 2013 and 2010 via national brokerage ranking. Traditionally awarded for annual contribution in deals on Bulgarian Stock Exchange since 2005

Online trading with over 30 000 instruments on global financial markets 24-hours access to trading with FX, CFDs, ETFs, stocks, futures, options and other derivatives via online trading platforms ELANA Global Trader and ELANA MetaTrader

Focus on Institutional investorsELANA Trading provides a wide range of services to institutional investors from US and Western Europe in facilitating their investment on the Bulgarian stock market. Investors are provided with brokerage and regular and thorough research services as well as organisation of conference calls and personal meetings with CEOs of Bulgarian public companies


ELANA Trading: 23 years full-service provider to investors

Fixed income & Money Markets Primary and secondary bond market (government, municipal, corporate, mortgage, global bonds)

Investment banking Structuring, placement, underwriting of equities and bonds. 30 bond issues for the last 14 years. 20 IPOs and SPOs since 1998 (the start of local licensed stock exchange). Awarded for contribution to local investment banking in 2005 and 2007 by BSE as well as prize for The Best IPO of 2013. Mandated by EBRD for M&A projects since 2002

Research and Analysis Professional research on the Bulgarian stock market. Provision of market and company reports for local and international investors. Analysts’ team considered by local media as number one choice expert opinion on the topics of economy development and financial markets. Research reports are published by Thomson Reuters, Bloomberg, Standard & Poor’s Capital IQ, Factset and other financial information companies


ELANA Trading: Covering 130 markets


ELANA Trading: Market position within Top 3

Turnover on the Bulgarian Stock Exchange

Deals on the Bulgarian Stock Exchange

Source: Bulgarian Stock Exchange, 30.09.2014


Bulgarian Stock Market – size and advantages

0% tax on capital gains from transactions with securities on a regulated market.

10% corporate income tax. 10% flat personal income tax.


ELANA Fund Management: 12 years in the lead

One of the first licensed asset managers in Bulgaria founded 2002. Started the first mutual fund in the country

A member of the Bulgarian Association of Asset Managers. Member of the Board of BAAM

Offers 6 mutual funds and individual portfolio management covering a full range of investment strategies and offering various opportunities for diversification

Total assets under management – approx. EUR 30 mln. (Data: 30 September 2014, BAAM)

8 annual industry awards and leader of rankings for asset manager and funds Among the top 5 players by AUM on the Bulgarian mutual funds market – the only

asset manager from non-banking sector 2013 Performance of individual portfolios: Low-risk 8% - 14%; Balanced 12% - 31%;

High-risk 23% - 50%Business New Europe:

Best Balanced Fund in CEE 2013 Business New Europe:

Best Fixed-Income Fund 2009 Banks, Investments, Money: Best Investment Product 2007

Banks, Investment, Money: Best Financial Product 2003


Bulgarian Mutual Funds – Potential for growth

Source: BNB, BSE, NSI


ELANA Investment: 15 years successful projects

ELANA Investment was founded in 1999 to provide expertise on EU funding and support business, agricultural producers and public administration in raising funds for their investment programmes and development

ЕLANA Investment is a founder of the Bulgarian Association of EU Funding Consultants - Kristina Tsvetanska, the Executive Director of the company, is the Chairperson of the association.

Over 500 enterprises, agricultural producers and municipalities have acquired EU funding for investing in their business development through ELANA Investment consultancy

Over EUR 110 mln. of EU funding was raised for Bulgarian business and municipalities through ELANA Investment expertise

ELANA Investment is certified by the ISO 9001:2008 standard with UKAS (UK) accreditation and ANAB (USA) accreditation: Certificate No. BG18391Q ISO 9001:2008


7 years of EU Structural Funds in Bulgaria – approx. 260 successful projects with total aid of over EUR 75 mln. raised for businesses and municipalities

Over 120 successful projects within the EU pre-accession programmes – beyond EUR 40 mln. raised for agriculture and business

ELANA Investment is part of the consortium with the leading partner Societe Generale Expessbank – granted by tender from EIB the fund management of the Regional Urban Development Fund (JESSICA resources)

Managed the implementation of the first Phare technical assistance project in Bulgaria (EUR 3 mln. contract) for providing consultancy support to 150 SMEs

Prizes “Competitive Bulgaria” - in 2013 four customers of ELANA Investment were awarded by the Ministry of Economy and Energy for the best investment projects within OP Competitiveness

ELANA Investment: 15 years successful projects


ELANA Agrocredit: The new “green” finance

ELANA Agrocredit is the new “green” investment product by ELANA, started in 2012. The first specialised farmland financial leasing company. Registered by the Bulgarian National Bank as a financial institution

Offers financial leasing on agricultural land – loans to agricultural producers who would like to purchase the land they work on

Business model based on previous successful investment product in agriculture - the first REIT investing in farmland established by ELANA in 2005. Contributed 150% return to investors in 2005-2013

Low-risk investment product with planned return 10-12%

Liquid investment – ELANA Agrocredit was listed on the Bulgarian Stock Exchange in 2013

Awarded by the Bulgarian Stock Exchange for The Best IPO in 2013

http://agrocredit.elana.net

http://agrocredit.elana.net/


ELANA Energy Management: Renewable energy projects

ELANA Energy Management develops and manages renewable energy projects - ELANA renewable energy business was started in 2004

ELANA Energy Management has developed 31 photovoltaic projects with total capacity of over 3MW;

ELANA Energy Management has developed 4 wind energy projects with total capacity of 170.5 MW

Popsko Wind Power project and Chal Wind Power project were awarded Certificate for Investment Class A by the Ministry of Economy, Energy and Tourism and the Bulgarian Investment Agency


Bulgarian Energy Efficiency & Renewable Sources Fund

ELANA Holding manages the Bulgarian Energy Efficiency and Renewable Sources Fund (BEERSF) as part of the World Bank selected fund management consortium Econoler-EnEffect-Elana (EEE) since 2005

This was the first selection of a private fund manager to a public institution in the country

BEERSF is a lending institution established in 2004 by the Energy Efficiency Act to provide credits and credit guarantees for energy efficiency investment projects to municipalities, businesses and individuals

The fund manages resources from the UN & WB Global Environmental Facility, the Governments of Bulgaria and Austria, and private Bulgarian donors

http://www.bgeef.com/




Regional Urban Development Fund

On 29 December 2011 European Investment Bank, in its capacity as the Manager of the JESSICA Holding Fund Bulgaria, concluded an agreement for the establishment of Regional Urban Development Fund (RUDF) by the shareholders of the consortium: Societe Generale Expressbank, ELANA Holding, ELANA Investment and Balkan Advisors

A total of EUR 55 mln. is planned to stir regional urban development by 2015

RUDF promotes urban development in 6 major cities of Bulgaria - Plovdiv, Varna, Bourgas, Rousse, Stara Zagora, Pleven through low-interest loans and capital

The JESSICA investment portfolio may include projects with the following scope: rehabilitation of deprived urban areas, basic infrastructure works, energy networks and energy efficiency in the context of a wider urban development plan, etc.

http://www.jessicafund.bg/





ELANA Awards

ELANA Trading – The Best Bulgarian Broker 2013 - awarded for ranking first within the annual ranking of Bulgarian brokerages by The Banker Weekly

ELANA Agrocredit – The Best IPO in 2013 - awarded by the Bulgarian Stock Exchange for contribution to the development of the local stock market

ELANA Balanced EUR Fund was ranked BNE Best Balanced Fund 2013 among CEE funds by annual return of 18.5%

ELANA Trading – The Best Bulgarian Broker 2010 - awarded for ranking first within the annual ranking of Bulgarian brokerages by The Banker Weekly

ELANA Cash Fund (former ELANA Money Market Fund) was awarded Business New Europe 2009 Best Fixed Income Fund among funds investing in CEE and CIS

ELANA Trading was granted the 2006 to 2013 annual prizes by the Bulgarian Stock Exchange for top 3 brokerage by number of deals on the local stock market

ELANA Fund Management was awarded The Asset Manager of the Year four years in a row (2006 - 2009) within the annual rankings of the industry by The Banker Weekly


ELANA Awards

ELANA Cash Fund (former ELANA Money Market Fund) was granted the prize Investment Product 2007 at the International Financial Exhibition Banks, Investments, Money

ELANA Agricultural Land Opportunity Fund REIT was awarded REIT with Best Corporate Governance 2007 by the Bulgarian Association of Investors

ELANA Holding was awarded for ELANA Agricultural Land Opportunity Fund REIT by The Financial Product of 2005 at the International Financial Exhibition Banks, Investments, Money

ELANA Trading got the annual prize of the Bulgarian Stock Exchange for contribution to investment banking in 2005 and 2007

ELANA Trading got the award Financial Product of the Year for its web-based trading platform ELANA Trader 2.0 at the International Financial Exhibition Banks, Investments, Money (2003)

ELANA Fund Management got the award Financial Product of the Year for its first mutual fund ELANA Eurofund at the International Financial Exhibition Banks, Investments, Money (2003)


Contact us

Address:

Sopharma Business Towers5, Lachezar Stanchev St., Tower BSofia 1756, Bulgaria

Tel.: +359 2 81 000 20Fax: +359 2 95 815 23E-mail: [email protected]

Web:

Corporate website:http://www.elana.net/

Companies’ websites:

http://www.elana.net/trading http://www.elana.net/fund-management http://www.elana.net/investmenthttp://agrocredit.elana.nethttp://res.elana.net

Public fundshttp://www.bgeef.com/ http://www.jessicafund.bg/

Information & Communication:

Skype: elana.trading

blog.elana.netanalysis.elana.net Youtube.com/ELANATrading Facebook.com/ElanaTrading

mailto:[email protected]

mailto:[email protected]

http://www.elana.net/

http://www.elana.net/trading

http://www.elana.net/trading

http://www.elana.net/fund-management

http://www.elana.net/fund-management

http://www.elana.net/investment

http://www.elana.net/investment

http://agrocredit.elana.net/

http://res.elana.net/




ELANA Group Bulgaria - Corporate Profile 2014 (EN language)

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Transcript of ELANA Group Bulgaria - Corporate Profile 2014 (EN language)