2. Company Overview
First Financial Brokerage House is a leading non-
banking financial institution in the Bulgarian capital market.
• FFBH offers the complete spectrum of investment banking services
spanning brokerage services, corporate finance, mergers and
acquisitions, financial consulting, research and analysis and asset
management
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3. Company Overview
First Financial Brokerage House
• is the primary contact in Bulgaria for large international
institutional and private investors
• has developed close relations with key domestic investors
and local institutions
• has excellent working relations with all regulatory bodies
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4. Company Overview
Founded in March of 1991, First Financial Brokerage House (FFBH) is the
first brokerage house in Bulgaria
FFBH is a fully-licensed broker on the money and stock markets
FFBH is a member of, and a shareholder in, the Bulgarian Stock Exchange,
holding four brokerage seats
FFBH is a member of the Central Depository and the Bulgarian Association of
Licensed Investment Intermediaries
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5. Company Overview
Equity (in € '000)
47'285
The company is strongly capitalised, with €5.7m of equity 20 000
as of Jan ‘09 15 000
10 000
The company’s own capital has grown at an average 5 000
rate of 30% pa for the last 5 years 0
2005 2006 2007 2008
Customer assets held
FFBH holds over €250m of client assets as of Jan ‘09 by FFBH (in €m)
800
600
Assets held have grown at an average rate of over 400
90% a year over the last 5 years 200
0
2005 2006 2007 2008
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6. Company Overview
The FFBH Philosophy
Professional competence
Overall consultation approach
Creating superior decisions for our customers
Providing independent objective advice
Relationship-driven approach as evidenced by the significant
proportion of repeat business
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7. Key Business Lines
Brokerage Services
Corporate Finance and Advisory
Services
Research and Analysis
Asset Management
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8. Brokerage Services
Brokerage operations have always been the traditional mainstay of the
FFBH business.
FFBH is one of the largest non-bank institution on the BSE-Sofia
FFBH rating in terms of
turnover 2008 2007 2006 2005 2004
From the non-banking institutions #1 #2 #2 #1 #1
Overall #2 #5 #2 #4 #4
The company is the main contact point for almost all international
institutional and private investors in the Bulgarian equity market
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9. Brokerage Services
FFBH turnover has grown at an average of 33% (CAGR) per annum over the
last 5 years
FFBH and BSE turnover (in €m)
FFBH Turnover (in €m)
405
450
5 068
400
350 305
4 068
300
250 3 068
205
200
2 068
150
105
100
1 068
50
5 68
0
2000 2001 2002 2003 2004 2005 2006 2007 2008
2001 2002 2003 2004 2005 2006 2007 2008
FFBH Turnover, in €m (left-hand side)
BSE Turnover, in €m (right-hand side)
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Source: BSE
10. Corporate Finance
Key Activities in Corporate Finance
Fund raising through public and private offering of stocks and bonds
Deal screening, Valuations, and Transaction structuring in Mergers
and Acquisitions (M&A)
Private Equity and Venture Capital Investments
Tender offers
Squeeze-outs
Feasibility Studies
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11. Corporate Finance
€11.2 million €5.3 million
€17.7 million confidential
SOPHARMA NETINFO
INDUSTRIAL HOLDING BALKANTOURIST ELIT DOVERIE UNITED
(Pharmaceuticals) (IT & Media)
BULGARIA (Tourism) HOLDING
(Holding Company) (Holding Company)
ADVISOR ON THE SELL-SIDE ADVISOR FOR
LEAD MANAGER AND
PLANNED DUAL LISTING THE SALE OF 82%
BOOK-RUNNER OF THE
LEAD MANAGER AND LEAD MANAGER OF THE
OF THE COMPANY ON AN MAJORITY STAKE TO
€14.8M CAPITAL RAISE
BOOK-RUNNER OF THE CAPITAL RAISE
EU STOCK EXCHANGE SANOMA MAGAZINES
ADVISOR ON THE TENDER
CONVERTIBLE BOND
OFFER FOR THE
ISSUE
MINORITY STAKES €2.9M
Ongoing 2008 2008-2009 2008 2008
€3 million €5.6 million €21.5 million €90 million €0.7 million
INDUSTRIAL HOLDING FIRST INVESTMENT
SOPHARMA ESTATES BILLBOARD BIANOR
BULGARIA BANK
(Real Estate) (Printing & Publishing) (IT & Technology)
(Holding Company) (Banking)
CAPITAL RAISE ADVISORY LEAD MANAGER AND MANAGER AND BOOK-
AND IMPLEMENTATION BOOK-RUNNER OF THE RUNNER OF THE IPO
MANAGER OF THE MANAGER AND BOOK-
IPO CAPITAL RAISE RUNNER OF THE IPO
2007 2007 2007 2007 2007
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12. Corporate Finance
€11 million confidential €1.5 million
DUROPAK TRAKIA
CHIMIMPORT EASTERN GAS
NETINFO
AKTIV PROPERTIES
PAPIR
(Holding Company) COMPANY
(IT & Media)
(Real Estate)
(Paper & Pulp)
(Oil & Gas)
FINANCIAL ENGINEERING
STRATEGIC ADVISORY
CAPITAL RAISE ADVISORY
ADVISORY SELL-SIDE ADVISORY IN
ADVISOR AND AGENT FOR
SELL-SIDE ADVISOR FOR A
AND IMPLEMENTATION
THE SALE OF A 95%
THE PRIVATE
30% STAKE
MAJORITY STAKE IN THE
PLACEMENT OF A €1.5M
DUE DILIGENCE ON
COMPANY
CORPORATE BOND
POTENTIAL ACQUISITION
TARGETS
2006-2007 2006 2006 2006 2005
€6.9 million €8.2 million €18.3 million €12 million
BENCHMARK FUND
BULGARIA REAL ESTATES
BULGARSKA ROZA ENERGOREMONT
ALCOMET
ESTATE FUND (Real Estate)
SEVTOPOLIS RUSSE & VARNA
(Metallurgy)
(Real Estate)
(Pharmaceuticals & Cosmetics) (Energy)
ADVISOR AND
ADVISORY ON THE
FULL-SCALE UNDERWRITER OF THE
CAPITAL RESTRUCTURING ADVISORY ON THE THREE ADVISORY TO THE
IMPLEMENTATION OF IPO. FULL-SCALE
IMPLEMENTATION OF EQUITY RAISING MAJORITY OWNER
THE IPO AND THE TWO IMPLEMENTATION OF
THE CAPITAL RAISE OPERATIONS IMPLEMENTATION OF
CAPITAL RAISING THE SECOND CAPITAL
DEAL IMPLEMENTATION THE TENDER OFFERS
PROCEDURES RAISE
2005-2006 2005-2007 2005 2005-2006 2004-2006
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13. Research and Analysis
As a major advantage, our customers are able to benefit from the
premium quality research activities provided by our team of dedicated
analysts
• More than 60 investment banks, investment funds and other institutional
investors use our Equity research, macro analyses and industry studies
• FFBH’s Morning Update and Weekly Roundup publications reach almost 300
clients over different countries and continents
• We provide services to Oxford Business Group, Internet Securities and other
data providers
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14. Asset Management
FFBH offers cutting edge asset management services to local and foreign
corporations and high-net worth individual clients.
Through its asset management company – FFBH Asset Management – FFBH
also manages the assets of the closed-end Investment Company “Nadejda” and
of three mutual funds with different investment risk profiles – FIB Avangard, FIB
Classic, FIB Garant
As of end-2008, the AuM of FFBH discretionary
portfolio service totalled BGN 3.34m.
The assets managed separately by FFBH Asset
Management stood at BGN 6.9m as of the same date.
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15. Contact Details
General Managers: Krassimir Tahchiev | Stoyan Nikolov
Switchboard: (359 2) 810 64 00
Fax: (359 2) 810 64 01
e-mail: ffbh@ffbh.bg
Web site: www.ffbh.bg
Mailing Address:
2 Enos Street
1408 Sofia
Bulgaria
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