Transcript Wstępne tezy inwestycyjne

BOŚ S.A.
Presentation
Warsaw, June 2012
Bank Ochrony Środowiska S.A.
(Bank for Environmental Protection)
is a universal commercial bank
supporting sustainable development
specialising in financing
environmentally friendly projects
established in 1991
since 1997 listed at Warsaw Stock Exchange
19th position in terms of balance sheet and equity among Polish
banks
Ownership structure and overview of principal activities
Business overview
Ownership structure as of June 2012
56.6%
39.1%
Others
National Fund for
Environmental
Protection and
Water Management
Public
Finance
Retail
business
% of total loan portfolio
32%
• Project
finance
• Financing of
municipalities
4.3%
State Forests
National Forest
Holding
68.2% of our shareholders are
representatives of the State Treasury
Corporate
business
40%
• Mortgage loans
• Deposit and
current accounts
• Credit cards
28%
• Project
finance
• Investment
loans
• Factoring
• Trade finance
• Innovative brokerage house
• Leading position in the market of
forward contracts
• Capital investments
• Business consulting
Our key focus across all three key business
areas is environmentally friendly projects
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Organisational structure of BOŚ
By the end of 2011,
17 main branches, 83
operative branches and 11
corporate Centres were
active.
In order to reach its
clients in broader scope
the Bank cooperated with
financial intermediaries
and partner advisors.
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Our strenght – proecological projects financing
Unique capabilities
in eco-finance
projects
Support of NFOŚ
Environmental
protection as the
image of the Bank
• Undisputed leader on the eco-finance market (more than PLN10bn loans granted in
1991-2011; PLN37bn worth of investments co-financed); 50% market share in proecological projects financing.
• Unique in the scale of the country, activity of group of experts, specialised in ecological
project financing, offering financial and legal consultation in the field of environmental
protection investment to corporate and individual clients.
• Support of National Fund for Environmental Protection and Water Management
(NFEP&WM) – assets related to the cooperation with NFOS and its local branches
(VFEP&WM) amount to ca. PLN1bn (2011)¹
• Ecological image, supported by rich proecological offer for all the clients of the Bank.
• Promotion of the corporate governance initiative, through support of BOŚ Foundation
activity, monitoring and compensation of greenhouse gas emission, proecological reports
publishing and ecological waste management.
1. Consolidated data
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Growth drivers for pro-ecological projects
EU
requirements
and Poland’s
commitments
•
•
•
•
•
Increase of
demand
• Growth in demand for electricity and heat by 4.5% and 9% respectively in 2010-2015
• Increase in generated municipal waste volume by 18% in 2011-2022
Price increase
• Renewable energy sources and cogeneration – alternatives to conventional energy sources
Co-financing
from national
and foreign
sources
• EU support for pro-ecological initiatives – c. EUR18bn in 2011 - 2014
• National programmes – c. PLN 4.5bn in 2010, may reach c. PLN38bn in 2011- 2014
Regulations
• Ability to obtain and sell certificates, compulsory purchase of green certificates
• Revolution on the municipal waste management market resulting from legal environment change
Technology
development
• New eco-friendly technology solutions, increasing efficiency of pro-ecological projects
Increase in ecoconsciousness
• Public support for pro-ecological initiatives
• Popularisation of the concept of corporate social responsibility
CO2 emissions reduction by 20% by 2020 from 1990 levels
19%1 share of renewable energy sources by 2020 (from c. 7% in 2010)
9% reduction in the national energy consumption by 2016 compared to 2001-2005 average
Reduction of biodegradable waste disposed of at landfills by 70% by 2020 (from 1995 levels)
60% packaging reuse and 55% recycling level targets for 2014 (currently 53% and 35%
respectively)
The main growth drivers are EU regulations and standards
Source: Deloitte analysis; 1. According to the draft of Regulation of the Minister for the Economy
PU\Warsaw\Bos\C20120377
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Estimated market size of pro-ecological projects
Segment
Estimated expenditure for 2011-2020
2010
Wastewater treatment and
water protection
Cogeneration
Waste management
Renewable energy sources
2013
2015
2016
2020
52 billion PLN
5 billion PLN
6 billion PLN
20 billion PLN
11 billion PLN
6 billion PLN
17 billion PLN
Expected volume of BOŚ pro-ecological loans in 2011-2020 is PLN 8bn, of which PLN 3.5bn by 2015
Source: Deloitte analysis based on: GUS, Ochrona Środowiska 2010, Warszawa, 2010 r.; Krajowy plan gospodarki odpadami 2014, Warszawa,
2010 r.; Deloitte, Fortum, 4P Research Mix: Gospodarka odpadami w Polsce 2011, Warszawa, 2011 r.; Andrzej Reński: Perspektywy rozwoju
skojarzonego wytwarzania ciepła i energii elektrycznej w Polsce, Rynek Energii, nr 6/2008; Instytut Energetyki Odnawialnej: Atrakcyjność
inwestycji w energetyce odnawialnej do 2020 r., 2010 r.; Ministerstwo Gospodarki: Krajowy plan działania w zakresie energii ze źródeł
odnawialnych, Warszawa 2010 r.,
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Our strength – other markets
Knowledge and
experience
in financing public
finance sector
Recognised Brokerage
House
• Well-established relationship with customer – a significant market share in financing local
governmental units and municipal companies (around 10% at the end of 2010)¹
• High position in a growing market of municipal bonds (5th place in 2011 among the agents
in terms of the number of programs – 79 programs with a value of 628 mln PLN)²
• Strong DM BOŚ position on the derivatives market (14.5% shares in 2011), NewConnect
(3rd place and 11.3 % share in 2011)³ and IPO small and medium enterprises (during
years 2009-2011 - 10 offers including 7 IPO)
• Innovative and coherent offer for the customers, confirmed by high rankings positions
– for 5 years among top three in the ranking SII4 and Forbes5; first place in 2011
Cooperation with
European financial
institutions
• Cooperation with European financial institutions (EIB, CEB, KfW, NIB – the cooperation
concentrates on raising funds, that can be used to finance investment projects (value of
assets accuired through cooperation with foreign commercial banks amounted to 85.3 mln
EUR i 37.5 mln CHF6).
• Participation in the implementation of the JESSICA initiative – initiative resources: 371 mln
PLN, - BOŚ S.A. resources: 575 mln PLN.
Apart from financing of pro-environmental projects, the Group stands out with its experience in the public
finance sector, recognised Brokerage House and longlasting cooperation with European financial
institutions
Sources: 1. BOŚ Group, 2. BOŚ, Rzeczpospolita; 3. GPW; 4. Individual Investors association 5. Brokerage Houses Ranking;
6. Financing resulting from contracts
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Our business has grown significantly over the recent years
Total Assets
billion PLN
15,2
18
15,6
billion PLN
14
12
15
11,2
12
9
Loans
7,5
8,2
12,1
11,0
+100%
9,3
10
9,2
+108%
8
11,4
7,9
5,7
5,8
6
2005
2006
2007
6
6
4
3
2005
2006
2007
2008
2009
2010
2011
Total Deposits
2008
2009
2010
2011
Loan Portfolio Composition by Currency
billion PLN
15,1%
CHF
12,2
11,4
9,2
9,4
11,5%
EUR
7,6
0,8%
USD
6,7
5,8
72,6%
PLN
2005
2006
2007
2008
2009
2010
2011
Source: BOS Bank’s IFRS financial statements
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