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30. 6. 2015 Balance Current Report 30. 6. 2015 BALANCE CURRENT REPORT Photo by Jiří Kolbaba 1. INTRODUCTION Dear tradING partnerS and FRIendS You are now holding a review report of the DRFG investment group that assesses the first half of 2015. A period in which there were turning points for us in many respects. We succeeded in acquiring into our investment portfolio further notable companies that cemented our position in the market, while making an important decision concerning our further course. Ever since its formation, DRFG has been projects with a multiply greater volume than giving an opportunity to promising projects the Šternberk CHP Plant. across diverse fields. The investment group continues to remain open to all attractive We made a key transaction in the opportunities but we have decided to telecommunications area. We entered this devote ourselves primarily to four areas, field through DRFG Telco that had controlled which are real estate, power engineering, 100% of Suntel Group, one of the leading telecommunications and financial services. companies engaged in the construction This is a strategic decision of capital and modernisation of telecommunications importance. We will continue to administer networks. The founder of Suntel Group, the current firms from other areas of our Roman Řezníček, who had been around portfolio, or quit projects so that we have in this sector for fifteen years now, thus enough time, energy and financial resources became our partner in DRFG Telco. We for the development of the said four areas in believe that his extraordinary experience which we find the greatest potential. with the construction of mobile networks will help us to successful development Through DRFG Real Estate s.r.o., we entered in this field with great prospects. Suntel Retail Arena CHODOV s.r.o. in the real Group has long-standing experience with estate market. It is the owner and operator the topology, building and operation of of a property that is used for commercial telecommunications elements both in purposes by Decathlon, one of the biggest the area of a last mile and in backbone sports equipment traders in Europe. Other networks. We have been aiming, over a tenants include Baumax, Waerme with long period, at building and supporting sanitary equipment, and GolfHause, the both existing and new telecommunications biggest manufacturer of golf equipment in infrastructures. The company now operates Germany. The premises of ProStorage s.r.o. not only in the Czech market but also in in the Prague district of Hostivař, which Slovakia, Germany, Austria and Switzerland. offer a balanced combination of production, storage and administrative spaces covering The sphere of investment unit trusts an area of nearly 32,000 m2 suitable for remains strategic to us as well. This year we both manufacturing and business firms, launched the first bond fund DRFG UCITS have undergone the first stage of re- Bond Fund and its distribution is currently development. Furthermore, we implemented taking place according to the set plan. The the JYSK Mělník and JYSK Vyškov projects, fund focuses on state and corporate bonds and the renovation of Pekařská 21, which is traded on public stock markets in the EU. planned to be finished in the spring of 2016, CAIAC Fund Management, a Lichtenstein started. investment company, is the administrator and investment manager of the fund and In power engineering, we are finalising the Volksbank Liechtenstein is the depository. Šternberk Combined Heat & Power Plant The fund is subject to the most stringent project, which we will put into operation in form of funds regulation in the EU – UCITS – the autumn. At the same time, we continue and is regulated by FMA in Lichtenstein. Its seeking further investment opportunities, auditor is the renowned company Deloitte. and we are now close to investing in two The bond fund expects an annual yield of 4 www.drfg.cz 6% in the medium term. The DRFG UCITS the best of the cultural scene in Brno for the Bond Fund has been approved by the Czech fourteenth year. We also continue to support National Bank for sale in the Czech Republic traveller Jiří Kolbaba and ski mountaineer and it is the first publicly tradable CZK bond Jiří Švihálek. We are also active in the field fund from the DRFG investment group. In of charitable projects where we support, for the autumn we are launching the sale of example, the Diaconia of the Evangelical our second fund – DRFG AIF Real Estate Church of Czech Brethren and Domov Fund. It will start with a real estate portfolio Horizont in Kyjov. worth approximately a half a billion crowns, and investors can already now count on We consider the first half of 2015 to be a subsequent dynamic expansion of our exceptionally successful. We appreciate what property portfolio. we have achieved in it but it is now history for us, for we look mainly into the future. DRFG made itself visible in the eyes of We expect the completion of significant the general public thanks to acquiring A acquisitions shortly and there is a whole PLUS, a respected architectural office. Our range of other challenges and opportunities definite goal is to keep the firm at the top ahead of us too. Considering the dynamic of the sector in Brno. A PLUS has executed development of our investment group, it is essential construction projects in the past, hard for me to imagine that the second half and we firmly believe that designing other of the year should be less successful for DRFG very significant investments is ahead of it. than the first. The attractive sites for which A PLUS will tender include, among others, the Brno Exhibition Centre. We share the opinion with A PLUS architects as to what the exhibition centre should look like in the future and David Rusňák we will be presenting this viewpoint at the předseda představenstva earliest opportunity. a majoritní akcionář Also, we have invested in exceptional works of art from Czech painting and photography of the 2nd half of the 19th century and the 1st half of the 20th century through DRFG Galerie českého umění over the last half year. Ever since its formation, our investment group has also been supporting further successful projects and individuals. It was not any different in the first half of 2015. We decided to boost our support of ice- hockey club Kometa Brno and we believe that Kometa will celebrate winning the long-desired title in the very DRFG Arena thanks to it as well. The contract has been signed for at least three years but I believe that our cooperation will last much longer. We want to be a long-term and stable partner of the club with such a rich history and promising future. As we like supporting personalities and projects that exude enthusiasm and creativity, we were delighted to extend this family by JazzFestBrno. It was a great pleasure for us to become the general partner of this international music festival that ranks amongst 2. DRFG INVESTMENT GROUP ACTIVITIES AND OBJectIVES The objective of the DRFG investment group is to create values beneficial to our investors, portfolio companies and the general public. Thanks to a thorough investment process, emphasis on the highest standards of professionalism and an experienced team of highly qualified experts, we have been successful over a long period in reaching above-average yields. We follow an investment philosophy based on giving preference to investments in the fields we understand well, at locations that are close to us both culturally and geographically and in projects where we can obtain a significant decision- making participation. We prefer investments in financial services, power engineering, real estate and telecommunications. The DRFG group operates in these fields as a strategic investor and applies both its know-how and many years’ experience. FInancIAL SerVIceS namely at least in the first year of operation In the forthcoming period we intend to invest of the fund, or upon reaching a determined in the financial consulting area to strengthen limit of property administered. The second our position in the market. We focus mainly of our funds, DRFG AIF Real Estate Fund, on companies engaged in the intermediation allows affordable and conservative investing of investments. The financial consultancy in real estate during which clients really market is currently undergoing very marked see in what they hold their investment. In changes, and DRFG perceives this situation the initial phase of the fund, commercial as a unique opportunity to exploit our many properties from Brno, Prague and environs years’ experience in this area. An important offering investors a net yield of 5% p.a. with part of our portfolio in the finance area is a very low risk rate are selected for this also represented by the funds DRFG UCITS purpose. Bond Fund and DRFG AIF Real Estate Fund. The former fund is aimed at reaching an Power ENGIneerING average yield of 6% p.a. on a long-term basis The main objective of the group in by utilising active portfolio management power engineering is investing in local in the context of the legislative limitations decentralised sources of heat and power. of UCITS. Such active management is also As part of our focus on sustainable associated with the duration of the portfolio, development we enter especially into the value of which is being kept below level facilities having a permanent and long- 4 and foreshadows a lower sensitivity of term customer base and sufficiently the fund portfolio to oscillations of interest secured inputs. The priority sphere is rates. The most important aspect for us is energy production from biomass and waste affordability; that is why we want to offer management, or other renewable resources.
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