Chimimport Ad · BSESOF:CHIM

Chimimport Ad — Investor Presentation (June 2008)

22 slides from Chimimport Ad's investor presentation, Jun 17, 2008

  1. Slide 1: Chimimport AD – More than the Sum-of-the-parts

    CHIMIMPORT AD More than the Sum-of-the-parts Company presentation 17 June 2008 1

  2. Slide 2: Disclaimer

    Disclaimer This presentation (including its appendices) ( this “presentation”) is prepared by Chimimport AD (“Chimimport”) for information purposes only and does not constitute any offer or solicitation by or on behalf of Chimimport relating to any of its securities. This presentation is protected b

  3. Slide 3: Chimimport at a glance

    Chimimport At a glance  Largest holding in Bulgaria (67 companies fully consolidated, 6 associated): consolidated revenues represent 1.7% of Bulgaria’s GDP in 2007  2nd largest and most liquid (EUR 0.9mn/session) company on the Bulgarian Stock Exchange (15% of SOFIX Index)  Market leader in Bulga

  4. Slide 4: At a glance – cont'd: shareholder structure

    Chimimport At a glance – cont’d  Chimimport completed IPO Chimimport Shareholder Structure, 31 Mar 2008 in Oct 2006 Julius Baer  Rights issue of EUR112mn in Sep 2007 7.57% Chimimport  Market cap of EUR775mn (Jun 2008) Invest EFG EUROBANK  Major shareholder - Chimimport Invest 76.38% 1.91% (76.38

  5. Slide 5: Investment case – Size matters

    Investment case Size matters  Unique, highly diversified group – present in more than 10 sectors  Dynamic growth rates – 267% increase in profits in 3 years  Impressive asset base  Extensive expertise in acquisition, restructuring, consolidation and management of assets  Large strategic facilit

  6. Slide 6: Holding structure

    Holding structure Classification as per the audited consolidated CHIMIMPORT INVEST report 2007 (Pension fund) PIC Lukoil Garant Bulgaria CHIMIMPORT HOLDING Finance/Treasury 84.6% (*) 76.38% Financial Sector Trade&Production Sector Transport Sector Real Estate CCB GAM CHIMIMPORT GROUP 100% 100% BULGA

  7. Slide 7: The right strategy and execution

    Chimimport The right strategy and execution  Built on Bulgaria’s traditional competitive advantages  Transportation  Crossroad between Europe and Asia/Mid-East, five out of Europe’s ten trans- European corridors go through Bulgaria  Agriculture  Strategic position geographically, allowing to pl

  8. Slide 8: Key Financials – Continuous Growth

    Chimimport Key Financials – Continuous Growth in EUR mnFY 2006 FY 2007 YoY % Chimimport's key financials, EURmn 1 000 100 Total Revenues 262.2 493.2 +88% Income from non-financial activities 131.0 265.9 +103% CAGR 113% Insurance income 43.7 69.3 +59% Interest income 34.2 47.9 +40% 500 50 Gains from

  9. Slide 9: Key Financials – Sector Breakdown

    Chimimport Key Financials – Sector Breakdown Production Trade Transport Insurance Banking Finance Pension Funds  Strong growth across sectors  Remarkable positive impact of 13% 3% 9% 3% 42% 27% 3% Assets restructuring in Production and Trade (Agriculture, ZHBG) Profit 12% 3% 1%9% 12% 53% 10%  Imp

  10. Slide 10: Transportation – Aviation

    Transportation Aviation  Consolidated in Bulgarian Aviation Passengers on international flights (million) 8 20% Group (BAG) 20% 6 15%  Chimimport through BAG owns the 16% 4 10% major Bulgarian airlines: 11% 11%  Bulgaria Air (bought for EUR6.6mn, Jan 2007) 2 5%  Hemus Air (2001/2003, EUR7.3mn) 0

  11. Slide 11: Transportation – Airports and Ground Services

    Transportation Airports and Ground Services Airports Ground Services  Varna and Burgas accounted for 54.7%  Lufthansa Technik Sofia (Lufthansa of total passenger traffic in 2007: Technik AG 80%, Bulgarian Aviation  31,000 flights Group 20%)  3.4 million passengers  Full range of MRO operations,

  12. Slide 12: Transportation – Bulgarian River Shipping Company (BRP)

    Transportation Bulgarian River Shipping Company (BRP) in EUR mn FY 2006 FY 2007 YoY %  Listed on BSE in 2004 (BRP) Total Revenues 17.2 23.2 +34%  Acquired by Chimimport: Net Profit 1.5 2.4 +59% Profit Margin 9% 10%  30% in December 2005  70% in July 2006 (EUR11.2mn) Total Assets 25.0 26.9 +8% Ca

  13. Slide 13: Transportation – Sea ports, ship repair yards

    Transportation Sea ports, ship repair yards Ports Shiprepair yards and related  Lesport  Shiprepair Yard Odessos (separately listed)  Chimimport has a 30-year concession  Chimimport controls ~30% for the port of Lesport, an important  Participates (via Bulgarian Shipping port in Northern Bulgar

  14. Slide 14: Trade and production – Agribusiness

    Trade and production Agribusiness  Consolidated into Zarneni Hrani AD, separately listed (ZHBG) – largest SPO on the Bulgarian market to date, EUR98mn raised (Dec’2007)  Vertically-integrated business model, covers all stages of the farmer-to-end-user chain  Zarneni Hrani AD Bulgaria:  Market le

  15. Slide 15: Trade and production – Oil & Gas Exploration & Production AD-Sofia

    Trade and production Oil & Gas Exploration & Production AD-Sofia  Separately-listed company (GAZ) Total Revenues in EUR mn FY 2006 17.0 FY 2007 18.7 YoY % +10%  Market leader in its segment, 50+ years Net Profit Profit Margin 2.6 16% 3.0 16% +14% expertise (state-owned monopolist Total Assets 39.4

  16. Slide 16: Financial Services – Overview

    Financial Services Overview Largest domestically-owned financial group offering the full spectrum of services:  Banking  Non-life Insurance  Pension fund management  Mutual funds (licensed 2007)  Life insurance and health insurance (with the French AG2R Prévoyance, established 2007) 16

  17. Slide 17: Financial services: Banking – Central Cooperative Bank

    Financial services: Banking Central Cooperative Bank (CCB) CAGR  Fast-service model mid-sized bank in EUR mn FY 2004 FY 2005 FY 2006 FY 2007 2004/0  Market share: 2.7% assets; 2.8% Total assets 284.2 413.6 578.8 801.1 +41% deposits; 18% cards Loans to customers, net 129.4 196.3 277.3 343.9 +39% Mo

  18. Slide 18: Financial services: Insurance – Armeec

    Financial services: Insurance Armeec Insurance & Reinsurance Co.  Established in 1996 by the Ministry of Defense, Bulgaria:Non-life insurance premiums(EURmn) 1 000 10% privatized in 2002 (MoD kept minority share) 7.1%  One of the most dynamic non-life insurance 4.9% 5.5% companies, constantly outp

  19. Slide 19: Financial services: Pension funds

    Financial services: Pension funds CCB Sila, Saglasie and Lukoil Garant  Chimimport controls three of the nine private Market Share by Assets Under Management pension funds in Bulgaria (CCB-Sila, Saglasie and PIC DSK- ING PIC Lukoil Garant) Rodina PIC Doverie 9% 8%  Combined market share ~20% (memb

  20. Slide 20: Developing the potential – Real Estate Projects

    Developing the potential Real Estate Projects Current situation Planned projects  Real estate kept at historic cost on the books  Sport Center Varna (Stage II):  Real Estate operations are being consolidated:  Add 120,000m2 (retail, office, 5-star hotel,  Non-core real estate properties into th

  21. Slide 21: Appendix 1: Chimimport financials (standalone, IFRS)

    Appendix 1: Chimimport financials (standalone, IFRS) EUR mn 2005 2006 2007 31-Mar-08 EUR mn 2005 2006 2007 31-Mar-08 Non-current assets 91.5 125.1 254.4 286.0 Gains from transactions with financial instruments 14.8 9.4 40.0 6.5 Property, plant and equipment 6.7 10.3 11.2 15.1 Losses from transaction

  22. Slide 22: Appendix 2: Chimimport financials (consolidated, IFRS)

    Appendix 2: Chimimport financials (consolidated, IFRS) EUR mn 2005 2006 2007 31-Mar-08 EUR mn 2005 2006 2007 31-Mar-08 Non-current assets 289.6 376.5 622.3 728.1 Income from non-financial activities 90.4 131.0 265.9 71.0 Property, plant and equipment 63.1 103.0 222.0 236.3 Expenses on non-financial

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