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Tehran Stock Exchange Annual Report Fiscal Year Ended 20 March 2015

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Tehran Stock Exchange Annual Report Fiscal Year Ended 20 March 2015 In the Name of God Tehran Stock Exchange Annual Report Fiscal Year Ended 20 March 2015 1 Contents TSE at a glance 4 Financial digest 6 Market information 7 Time line 8 Board message 11 1-Iintroduction to TSE and financial performance 12 2-Market operations overview 16 3-Corporate governance 26 4-Annual achievements 32 5-Board proposal 34 6-Future plans 34 Financial statements, independent auditor’s 41 report and explanatory notes 2 Tehran Stock Exchange Annual Report Fiscal Year Ended 20 March 2015 3 TEHRAN STOCK EXCHANGE TSE at a glance Trading Trading days Saturdays - Wednesdays Trading hours )pre-opening 8:30 – 9:00( 9:00 – 12:30 Trading system Fully automated order based Trading mechanism Opening auction / continuous Market making Arbitrary Tradable instruments Shares, rights, participation bonds, single stock futures, embedded put options, ETFs, sukuks and CDs Currency Iranian Rial Online accessible information Opening, minimum, maximum and closing( prices,( indices, listed companies information, trading data and quotes Depository, clearing and settlement Entity Central Securities Depository of Iran (CSDI) Settlement period T+3 (shares, derivatives and ETFs), T+1 (bonds, fixed-in- (come securities Settlement Funds settlement at broker level, securities dematerialized settlement at client Clearing Multilateral netting Short selling N/A Tax Dividends Exempted Capital gain Exempted Transaction )seller( of trading value 0.5% Structure and regulations Legal structure Public company Regulations Self-regulated under SEO’s surveillance Daily price fluctuation limit Shares: ±4%, rights: ±8%, bonds: ±1% Closing price calculation Weighted average based on base volume Foreign investment Available )Foreign investment bylaw( 4 Trading Commission Buyer )%( Seller )%( Total )%( SEO 0.032 0.048 0.08 TSE 0.032 0.048 0.08 Brokerage Firm 0.4 0.4 0.8 CSDI 0.01 0.015 0.025 TSETMC 0.012 0.018 0.03 Total 0.486 0.529 1.015 Markets and Listing Requirements First Market / main board First market / secondary board Second market Minimum paid-in Capital 1,000 500 200 )IRR billion( Minimum years of busi- 3 2 1 ness activity Minimum free-float )%( 20 15 10 Minimum number of 1,000 750 250 shareholders Profitability )years( 3 2 1 Equity/total assets )%( 30 20 15 Issuers information First Market main board First market secondary board Second market Total Listed companies 63 61 190 314 Brokerage firms Tehran Provinces - regions Total Number of brokerage firms )entities( 97 4 101 Trading stations 703 711 1,414 On-line trading access providers 89 4 93 5 Board of directors Member Delegate Position Mellat Financial Group Mr. Mohammad Ebrahim Mohammad Chairman of the Board Pourzarandi Mofid Brokerage Firm Mr. Ali Yar Salehi Vice Chairman of the Board Bank Tejarat Brokerage Firm Mr. Seyed Mojtaba Fahim Hashemi Member of the Board Bahman Investment Company Mr. Ali Rostami Member of the Board Saba Ta’min Investment company Mr. Mohammad Reza Rostami Member of the Board Pasargad Arzesh Afarinan Group Mr. Ali Akbar Amin Tafreshi Member of the Board Tadbir Investment company Mr. Mojtaba Taghipour Member of the Board ------------------- Hassan Ghalibaf Asl CEO and President Financial digest A summary of financial information (IRR billion) Operations Fiscal Year 20 Mar. Fiscal Year 20 Mar. Fiscal Year 20 Mar. 2015 2014 2013 Operating revenues 514 684 295 Total expenses 272 221 162 Operating income 242 463 146 EBIT 389 574 199 Net income 327 458 162 Cash flows from operations 230 534 146 EPS )IRR( 364 509 360 Financial status Current assets 510 619 233 Total assets 1,451 1,228 692 Total liabilities 171 226 89 Registered capital 900 450 300 Total equities 1,280 1,002 603 Equity shares Number of shares )million( 900 450 300 Last EPS forecast )IRR( 463 1,080 476 Real EPS )IRR( 364 1,018 545 DPS )IRR( - 110 200 Other information Number of staff 267 263 258 6 Market information Market indicators Fiscal Year 20 Fiscal Year 20 Fiscal Year 20 Mar. 2015 Mar. 2014 Mar. 2013 Market capitalization )IRR billion( 2,813,156 3,865,970 1,707,498 Nominal Value )IRR billion( 954,198 725,810 506,498 Market cap / nominal value 2.9 5.3 3.4 Average P/E 5.43 7.06 5.35 Trading information Fiscal Year 20 Fiscal Year 20 Fiscal Year 20 Mar. 2015 Mar. 2014 Mar. 2013 Normal trading value )IRR billion( 377,119 701,846 219,615 Normal trading volume )million shares( 144,646 164,433 68,856 Total trading value )IRR billion( 542,522 975,715 364,334 Total trading volume )million shares( 165,184 189,780 80,163 Number of transactions )thousand( 12,916 17,142 5,241 Daily average trading value )IRR billion( 2,251 4,015 1,106 Average daily trading volume )million shares( 685 781 335 Daily average number of trades )thousand( 54 70 22 Number of trading days 241 243 239 Number of issued trading codes 151,540 229,438 173,131 Total index Fiscal Year 20 Fiscal Year 20 Fiscal Year 20 Mar. 2015 Mar. 2014 Mar. 2013 End of year 62,532 79,015 38,041 Highest 79,014 89,501 38,739 Lowest 61,533 38,603 23,787 Monthly trading trend 160,000 146,774 140,000 120,000 Volume )Million Shares( 100,000 Value )IRR Billion( 80,000 60,000 55,315 40,000 20,000 0 7 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Time line 18 May 2014 – Saba Nour Steel Raw Materials Supply- ing Company was transferred from Iran Farabourse )IFB( to Tehran Stock Exchange )TSE(, and its equities started trading at IRR 14,620 per share. 26 May 2014 – 10 percent of Sepahan Oil Company’s shares, as equivalent to 105 million equities were of- fered at TSE after being listed at IRR 17,500 per share. 3 June 2014 – TSE’s Listed Companies Affairs calculated corporate governance index for the first time at the Ex- change after finalizing its rating methods. 14 June 2014 – Jey Oil Refinement Company and Mo’in Mellat Investment Company were listed at TSE. 16 June 2014 – Tehran Stock Exchange held its AGM for the fiscal year ended 20 March 2014. The new members of the board were elected, TSE’s capital increase from IRR 450 billion to IRR 900 billion from prudential re- serve and retained earnings was ratified and the share- holders accepted to receive IRR 110 DPS. 25 June 2014 – Shomal Shargh Housing Investment Company was transferred from IFB and its shares were traded for the first time at TSE at IRR 2,179 per share. 3 July 2014 – TSE started its shareholders dividend pay- ments for the fiscal year ended 20 March 2014. 16 September 2014 – South Kish Kaveh Steel Company shares were admitted at TSE, and the company’s Ijarah sukuk was listed on 17 September 2014. The sukuk’s secondary market trading started on 19 October 2014. 1 November 2014 – Ghadir Capital and Industry De- velopment Company was admitted at Tehran Stock Exchange. 8 Time line 16 November 2014 – 400 million as equivalent to ten percent of Cement Industries Investment and Devel- opment Company’s equity shares were offered at IRR 1,500 per share in TSE. 17 November 2014 – Second cement industry round- table was held at the Exchange in order to review the latest status, to tackle the existing challenges and to improve the industry’s business environment. 18 November 2014 – Shiraz municipality offered 116,000 bonds through book building at IRR 960,000 each for trading at TSE. 27 January 2015 – Firouzeh )Turquoise( 30 largest-com- pany-index fund, TSE’s first index-based ETF was under- written as amounted IRR 500 billion. 1 February 2015 – Mobin Petrochemical Company was admitted at TSE. 10 February 2015 – Brokerage firms were provided with group on-line trading access in order to monitor their branches and clients activities more efficiently and -ex actly. 16 February 2015 – Kardan index ETF units were under- written at Tehran Stock Exchange. 20 February 2015 – In order to increase market liquid- ity, TSE declined its listed companies’ base volume to stay at 4/10,000 of total share numbers. The highest base volume was set at IRR 10 billion and the lowest at IRR 500 million. 23 February 2015 – Kavian Steel Company was trans- ferred from TSE to IFB due to Listing Committee resolu- tion on 8 October 2014. 9 Time line Three new indices were launched at TSE, including Price Index, Price Index )equal weighted( and Price and Dividend Index )equal weighted(. 8 March 2015 – Isfahan Petrochemical Company was transferred from TSE to IFB due to Listing Committee resolution on 3 September 2015. 15 March 2015 – Ma Insurance Company was listed at TSE. 16 March 2015 – More than 2 million equity shares as equivalent to IRR 4,387 million of Middle East Bank were transferred from IFB to TSE and traded for the first time at IRR 1,876 per share. 18 March 2015 – About 617,000 equity shares of Ka- vir Tire Company were transferred from IFB to TSE and traded at IRR 14,400 per share. Foreign Investors Visit to TSE During the fiscal year, 175 foreign delegates in 36 groups from policy-makers, regulators, Exchanges and investment societies visited TSE, including delegations from IMF and some embassies in Iran. Other events TSE participated in the first Islamic Investment Confer- ence of Iran, Invest Exhibition in Stuttgart, Germany and Iran’s capital market roadshow in London during the fiscal year ended 20 March 2015. 10 TSE Board of Directors 2014 Message from board of directors Past year was an important period for Tehran Stock Exchange and the investors of this market.
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