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Presented by Capital Lounge Gmbh PRESENTED BY CAPITAL LOUNGE GMBH dated April 2020 THE STOCK EXCHANGES OF THE BALKANS 3 THE STOCK EXCHANGES OF THE BALKANS 3 THE BULGARIAN STOCK EXCHANGE 6 DEVELOPMENT 8 SET-UP 13 BGBX40 19 BEAM 61 PERFORMANCE 74 INDUSTRY SECTORS 70 COSTS 74 APPENDIX 76 76 THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge SET-UP : THE STRUCTURE OF THE BULGARIAN STOCK EXCHANGE THE STOCK EXCHANGES OF THE BALKANS THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 3 OVERVIEW : THE STOCK EXCHANGES OF THE BALKANS EXCHANGE BOSNIA & HERZEGOVINA BULGARIA CROATIA GREECE HUNGARY FOUNDATION 2001 1991/1918 1907 1876 1864 EQUITIES 863 310 101 296 46 EXCHANGE MACEDONIA MONTENEGRO ROMANIA SERBIA SLOVENIA FOUNDATION 1995 1993 1839 1894 1989 EQUITIES 368 296 400 488 89 THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 4 OVERVIEW : THE STOCK EXCHANGES OF THE BALKANS The accumulated Market Capitalization of all included Stock Exchanges sums up to 113,2 billion Euro. Bulgaria ranks with a Market Capitalization of almost 13 billion Euro in the centre (rank five) of all ten Stock Exchanges. The biggest exchange is the Athens Exchange Group (Greece) with a Market Capitalization of more than 30 billion Euro. Romania is on rank two with a Market Capitalization of close to 20 billion Euro. 35.000.000.000 € 30.000.000.000 € 25.000.000.000 € 20.000.000.000 € 15.000.000.000 € 10.000.000.000 € 5.000.000.000 € 0 € BOSNIA & BULGARIA CROATIA GREECE HUNGARY MACEDONIA MONTENEGRO ROMANIA SERBIA SLOVENIA HERZEGOVINA THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 5 SET-UP : THE STRUCTURE OF THE BULGARIAN STOCK EXCHANGE THE BULGARIAN STOCK EXCHANGE THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 6 INTRODUCTION : THE BULGARIAN STOCK EXCHANGE The history of the Bulgarian capital market dates back from the beginning of the 20th century. The first provisional Stock Exchange Act was adopted in 1907 and regulated the structure and functions of both the stock and commodity exchanges in the country. On April 15th 1914, under the King's Decree №7 was established the first real Bulgarian stock exchange, named Sofia Stock Exchange. It was a market place for trading public and private securities. Sofia Stock Exchange started its activity in January 1918. Initially there were 21 companies listed on the exchange. Trading on Sofia Stock Exchange ceased during the period November 1925 - September 1928 due to political reasons. During the world economic crisis of 1929-1933 the Exchange worked on a small scale due to the bankruptcy of a large number of local companies and low liquidity. In 1947 Sofia Stock Exchange ceased its operations and during the communistic regime there was no capital market in Bulgaria. The latter was re-established with the introduction of the Commerce Act in 1991. THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 7 SET-UP : THE STRUCTURE OF THE BULGARIAN STOCK EXCHANGE DEVELOPMENT THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 8 BELOW YOU WILL FIND THE IPO-HISTORY OF THE BULGARIAN STOCK EXCHANGE 60 50 40 30 20 10 0 2000 2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Between 1991 and 1999, a total of 74 issuers went public on the Bulgarian Stock Exchange. So far, there are only companies fromBulgaria traded on the BSE. THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 9 DEVELOPMENT : BRIEF TIMELINE OF IMPORTANT MILESTONES May 1995 First Bulgarian Stock Exchange became one of the founders of the Federation of Euro-Asian Stock Exchanges (FEAS). July 1995 The Securities, Stock Exchanges and Investment Companies Act (SSEC) was adopted setting up the basis of the Bulgarian regulated capital market. Dezember 1995 BSE = First Bulgarian Stock Exchange, Plovdiv Stock Exchange, Black Sea Stock Exchange, Dunav Commodity Exchange and Sever Stock Exchange. August 1996 Central Depository AD was established. It is the only institution in Bulgaria that provides settlement of corporate securities in book-entry form. October 1996 SSEC introduced the prospectus requirement. As no company complied, trading on the Bulgarian Stock Exchange was ceased. July 1997 Bulgarian Stock Exchange AD changed its name to Bulgarian Stock Exchange - Sofia (BSE-Sofia) AD. October 1997 BSE-Sofia AD was officially licensed. More than 1,000 companies were listed on the Free Market as a result of the Mass Privatization Program. January 1998 The Privatization Program on the stock exchange initiated with the sale of 60% in the capital of Elkabel AD - a Burgas cable producer. August 1999 BSE-Sofia introduced an official bonds market segment on which the first public corporate bond issue (IT company ProSoft AD) was registered. Dezember 1999 Public Offering of Securities Act was adopted by the Parliament repealing the former Securities, Stock Exchanges and Investment Companies Act. BSE-Sofia launched a new trading system based on the NASDAQ quotation system. On October 20, 2000 the calculation of the SOFIX index started. October 2000 The first mortgage bond issue was listed on BSE-Sofia issued by Bulgarian American Credit Bank AD. October 2001 BSE-Sofia obtained a license to organize an unofficial market of securities, which replaced the existing Free market. December 2001 BSE-Sofia launched its internet-based application for an authorized and secure access to the BSE Trading System in real time, named COBOS. February 2003 Financial Supervision Commission (FSC) pulled together the regulation of a number of financial (non-banking) sectors under one body. March 2003 The first initial public offering was carried out on the Bulgarian Stock Exchange by the Internet company Investor.BG AD. July 2004 A stake of 34.78% in Bulgarian Telecommunication Company (BTC) AD was privatized; BTC became the largest Bulgarian public company. January 2005 BSE-Sofia started the BG40 index, including the Top 40 companies graded by the number of transactions executed in the last 6 months. February 2005 THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 10 DEVELOPMENT : BRIEF TIMELINE OF IMPORTANT MILESTONES June 2005 BSE-Sofia introduced a new product, named BSE Charts, which gave an opportunity for analysis of the exchange trade in real time. October 2006 BSE Sofia adopted the first Code of Corporate Governance for the capital market. It was intended for the public companies, listed on the Exchange. January 2007 BSE-Sofia officially launched EXTRI, a system for information disclosure by public companies and other issuers of securities. June 2007 BSE-Sofia became a full member of the Federation of European Securities Exchanges, representing operators of the European regulated markets. September 2007 BSE-Sofia started two new indices BG Total Return 30 and BG REIT, showing the fluctuations in the prices of real estate / land companies. October 2007 BSE-Sofia and Deutsche Boerse AG signed on October 30, 2007 an agreement for the implementation of the electronic trading system XetraA®. January 2008 BSE-Sofia launched X3News to fulfill legal obligations for information disclosure to the public according to the Law on public offering of securities. April 2008 BSE-Sofia launched X3Analyses, a financial analyses application. June 2008 BSE-Sofia successfully launched the Deutsche Boerse electronic trading system Xetra. November 2009 BSE-Sofia AD was officially awarded the certificates for the international standards ISO 9001:2008 and ISO/IEC 27001:2005. September 2010 BSE-Sofia increased its capital from BGN 5,867,860 to BGN 6,582,860. All subscribed by the Ministry of Finance of the Republic of Bulgaria. December 2010 BSE-Sofia starts a Disaster Recovery Centre. January 2011 BSE Sofia becomes a publicly listed company (stock symbol: BSO). July 2011 The duration of the trading sessions was extended till 5.30 p.m aiming at synchronization with the European markets. December 2011 33% government stakes in the electricity distribution companies were successfully privatized through BSE-Sofia. March 2012 New market segmentation in the main market BSE (www.bse-sofia.bg) and the alternative market BaSE (www.basemarket.bg). October 2012 33% government stakes in the electricity distribution companies Energo-Pro Grid and Energo-Pro Sales were successfully privatized by BSE-Sofia. 33% government stakes in the electricity distribution companies CEZ Electro Bulgaria and CEZ Distribution Bulgaria were privatized by BSE-Sofia. November 2012 THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 11 DEVELOPMENT : BRIEF TIMELINE OF IMPORTANT MILESTONES May 2014 BSE, Macedonia & Croatia signed a grant agreement with the European Bank for Reconstruction & Develop. for the creation of a regional platform. April 2016 SEE Link (www.see-link.net) became fully operational with the launch of an order-routing system that connected BSE, Croatia and Macedonia. September 2016 The first Bulgarian Exchange Traded Fund was listed: Expat Bulgaria SOFIX UCIT ETF by the local fund manager Expat Asset Management. October 2016 Establishment of the Bulgarian Capital Markets Development Board by Central Depository, FSC, Mr. Delyan Dobrev and numerous NGOs. November 2016 Adoption of Bulgarian Capital Market Development Strategy October 2017 Start of Trading in Government Securities on the BSE-Sofia February 2018 BSE-Sofia acquires Independent Bulgarian Energy Exchange June 2018 The GAM of the Bulgarian Stock Exchange-Sofia has decided to change the name by removing the word "Sofia" from the name of the institution. August 2018 Successful IPO: the producer of chicken meat Gradus raised nearly BGN 81.4 M, the company’s shares were listed on the BSE. December 2018 BSE has been granted an approval by the FSC to create a new SME Growth Market called BEAM (Bulgarian Enterprise Accelerator Market). March 2019 BSE and ELITE signes a Memorandum to create an agile ecosystem of prosperous SMEs in Bulgaria. June 2019 Deutsche Bоerse's T7 enables market participants of BSE first in Eastern Europe to benefit from state-of-the-art trading technology.
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