veles capital group: add value ГРУППА · pdf file · 2016-01-21veles capital...
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Veles Capital Group:
add value
ГРУППА КОМПАНИЙ «ВЕЛЕС КАПИТАЛ»:
сложи преиму
Equity Market > Private Equity > Real Estate Investment >
► Commercial Real Estate mutual
funds as a stable source of income
and capital saving
► Real estate funds forming and
management
► Commercial Real Estate
management
► Management of non-core assets
(land, real estate)
► Investments in real estate abroad
(high street retail)
► Private equity
► Private equity mutual funds
► M&A
► IPO / SPO
► Corporate debt financing (bonds, promissory
notes)
► Organization and management of closed-end
mutual funds
Veles Capital Group
VELES TRUST
Veles Development
Veles Management
► Brokerage services on stock and
debt market
► Electronic trading
► Operations on foreign markets
► Asset management
► Wealth management
► Structured products
► Access to global markets
for Multi Family Offices
Private equity Real estate investment
Veles Capital Investment Company
Veles Management Asset Management
Company
Veles International Limited
Veles Capital Investment Group
Veles Capital Investment Company
Veles Management
2
Equity market
1,6
4,3 4,45,1
7,7
10,2 10,0
2009 2010 2011 2012 2013 2014 3Q2015
1,2
3,0
2,2
3,1
5,2
6,3
5,4
2009 2010 2011 2012 2013 2014 3Q2015
1,2
2,6
3,3 3,53,9
4,7 4,9
2009 2010 2011 2012 2013 2014 3Q2015
Equity market: brokerage services
TOP-5 largest investment
companies by brokerage turnover1
(growth +43% in 9 months 2015)
Exchange market
► Stocks
► Futures and options,
including commodities market
► Bonds and Eurobonds
► Promissory notes nominated in RUR,
USD
► 2nd, 3rd tier and non-traded stocks
► Units of mutual funds
OTC market Foreign markets
► Brokerage services on markets in
CIS, Europe, USA, Canada and
Australia are rendered by
Veles International Limited
TOP-6 largest investment companies
by exchange market turnover1
(growth +57% in 9 months 2015)
TOP-3 largest investment companies by
OTC market turnover1
(growth +23% in 9 months 2015)
OTC market turnover
(trln RUB)Brokerage turnover
(trln RUB)
3
1 NRA ranking, Q1 2015
Exchange market turnover
(trln RUB)
► Direct electronic access to the MICEX and FORTS exchanges
via Quik trading system
► Personal consultations and support of professional traders
does not depend on the size of the brokerage account
► Daily stock and debt markets’ research units
Equity market: brokerage services
Available markets
Individual brokerage services Internet trading
Stock market turnover (trln RUB)
(growth +40% in 9 months 2015)
► The opportunity to open an individual investment account (for Russian citizens only), providing tax
deductions + 9% APR on the cash balance in the account1 (for the clients of Veles Capital IC)
► Own depositary with the highest reliability rating АAА by PARTAD
► Brokerage services on foreign markets are rendered by Veles International Limited licensed in EU
► Broker’s liability assured by Ingosstrakh insurance company
CANADA
EUROPE
LSE, XETRA,
EURONEXTRUSSIA
MICEX-RTS
KAZAKHSTAN
UZBEKISTAN
UKRAINE
AUSTRALIA
USA
NYSE, NASDAQ,
AMEX
4
1 with deduction a personal income tax in accordance with the current legislation of the Russian Federation
0,3
1,0
2,82,5 2,5
4,2
7,36,6
2008 2009 2010 2011 2012 2013 2014 3Q2015
Equity market: debt instruments
One of the leading Russian investment companies on the
bond marketThe leading investment company on the promissory notes
market with 60% of market turnover
► Full range of debt market instruments including promissory notes nominated
in RUR and USD, bonds and Eurobonds
► One of the leading Russian investment companies which render services on
debt market
► In-house professionals in promissory-notes verification
► Strong risk management system
5
Promissory notes turnover
(trln RUB)Bonds turnover
(trln RUB)
The 3rd best bond market broker for institutional investors (Cbonds Awards, 2014)
The 3rd best brokerage on the bond market (Cbonds Awards, 2015)
1,0
1,3 1,3
1,92,0
1,0
0,7
2009 2010 2011 2012 2013 2014 3Q 2015
0,4
1,3
1,7
2,2
2,62,4
2,8
2009 2010 2011 2012 2013 2014 3Q 2015
Asset Management
«Priority of yield” - products
focused on maximum yield
6
TOP-10 individual discretionary asset management companies
(RA “Expert” ranking, Q3 2015)
TOP-20 largest asset management companies in Russia
according to Institutional Investor ranking (as of 30.06.2012)
MONEY MARKET STOCK AND DERIVATIVES MARKETDEBT MARKET
Short-term
investments
«Saving is priority» -
projects focused on
capital protection with
expected yield
exceeding that of bank
deposits and debt
market rates
Structured products
with absolute
capital protection
“Rentier”
investment
portfolio
Bonds portfolio
active management
Expected yield
Expected risk
Structured products
with partial or
unconditional protection
of capital
Wealth Management
► All transactions are pre-approved
► Personal manager is available 24/7
► Confidentiality is supported by separate client area
All types of operations on the financial market
Investment ideas
High quality service
Additional services
► Tax advising
► Alternative investments
► Legal support
7
TOР- 10 companies providing family office services
(Forbes, September 2015)
Additional services
Custody
► АAA highest reliability rating
of Veles Capital depositary according to
National depositary reliability rating as of
30.06.20152
► TOP-15 largest depositaries by market
value of client securities in custody
(33,6 bln RUB as of 30.06.2015)
Research
► Daily stock and debt market reports
► Weekly promissory notes and money
market research
► Company reports
► Industry reports
► Microeconomic monthly review
► TOP-15 rating of stock market
analysts in 2015, Finam.ru
1 Data: Moscow Exchange2 Fund for financial research development “Infrastructure institute (INFI) in cooperation with PARTAD
8
Active custody accounts
Аccess to
foreign exchange trading
► Ability to make currency transactions on
Moscow Exchange at the exchange rate
through QUIK (system of Internet
trading)
► Available instruments :
USD, EUR, GBP, CNY
► Cost-cutting due to low commissions
► Free cash withdrawal
► Safety of transactions is ensured
through the supervision by the Bank of
Russia
ТОР-10 Moscow Exchange operators
by volume of client operations on the foreign
exchange market1 (December, 2015)
ТОР-3 operators of the CNY/RUB
market1 (December, 2015)
673
1239
2008 2015
► Syktyvkar Tissue Group – one of the leading producers of tissue products (toilet paper and base paper for sanitary purposes)
► RUNAKO – oilfield service holding, including Bugulminskiy electropump Plant (Tatarstan), service enterprises in Russia, Ukraine,
Kazakhstan and Azerbaijan, as well as science and technical center
► National Medical Corporation – the company operates in recreational services and unites the sanatoriums in the Moscow and Kirov
regions
► Vorobevo – breeding farm in the Kaluga region. The main consumers are OJSC "Obninsk dairy factory" and the Kaluga meat-packing
plant.
► EMAlliance – financial consultant of Dura Dukovich (Croatia) buying, listing organization on RTS
► Orion – financial consultant of 60% of company’s stocks portfolio buying
► Yamalgeofizika – financial consultant of 65% of company’s stocks portfolio selling to Integra group
► Tyumenneftegeofizika – financial consultant of 75% of company’s stocks portfolio selling
► Blagoveshensk valves plant – financial consultant of controlling stocks portfolio selling
► Don-Agro - financial consulting of purchasing of Don Agro company by the group of private investors
► STG - financial and legal support of the transaction on the Fund VIYM in the capital of JSC "Syktyvkar Tissue Group"
► Shaturatorf – consolidation of 38% of stocks portfolio for strategic investor
► Omskavia – consolidation of 16% of stocks portfolio for private investor
► Belorechenskoe agricultural plant – consolidation of 9% stocks portfolio
► Ukrrechflot – consolidation of 70% portfolio for strategic investor
► Pharmsintez – co-organizer of IPO (30% of authorized capital was placed on MICEX)
Private equity and corporate financing
Private equity and financial consulting
M&A, IPO, stock portfolio consolidation
9
Management of investment portfolio over 500 mln USD in Russia, CIS and Europe
10 current private equity projects in real economy enterprises
Since 1995 on debt market Large contact base of issuers and investors Strong risk management
Highly professional traders and back-office personnel In-house professionals in promissory notes verification
Corporate finance and fund raising:
corporate debt financing
Promissory notes programs Bond programs
1 Cbonds by the end of 2013 2 Cbonds, 3Q 2015
► TOP-30 arrangers and underwriters of bond issues2
► 16 bln RUB – the volume of bond issues with Veles
Capital participation in 2014
Co-organizer
Underwriter and Co-underwriter
► II place among public promissory notes program
organizers for corporate clients1
► 125 bln RUB – the volume of promissory-notes
issues with Veles Capital participation in 2014
10
Our clients Last bond programs:
Fund raising: mutual funds
Real Estate funds
► Resources for non-debt financing of projects
► Liquid instrument for sale
► Limit (if necessary) amount of co-investors
► Confidentiality
► Deferral of tax payments, opportunity of reinvestment of profits
► Securitized financial instrument, profits from real estate market
► Liquid derivative instrument, it is not necessary to buy real estate
property itself
► Available threshold of access to new profitable markets
► The chosen assets may be separated from the other businesses of
the fund originator to limit risks
Closed-end funds of securities,
direct and venture investments
► Non-debt financing of projects
► Consolidation of non-traded and law-liquid securities portfolio
not exposing the investor
► Active investments on securities market with deferral of tax
payments
► Transparent, effective and correct distribution of income
among partners
► Investments in equity capital without affiliation with the
investor and the issuer
Veles Management is experienced in creating and management of mutual funds of securities, real estate, direct and venture
investments for construction and development companies,
strategic corporate and private investors.
11
► Atrium shopping and
entertainment complex
is one of the largest shopping center in
Moscow with good location, concept and
brand recognition. Atrium is one of the best
examples of stability of asset value in volatile
market conditions.
► Perlovsky shopping center
is the most visited shopping center with
favorable location at the station Perlovka
(Mytishchi, Moscow region) and is highly
popular with tenants.
Commercial Real Estate investment: mutual funds
Basic assets
Investor base is limited and includes institutional investors and several major shareholders
invited by individual investment proposal.
Rental income
► Participation in the dynamics of the asset
value receiving a monthly income from rental
payments
► The source of rental cash-flow is the monthly
payments on long-term lease agreement (the
rate for the whole period is fixed in USD)
► Stable long-term alternative to deposits (bank
deposits are limited to 2-3 years and involve
the interest rate risk)
Since 2012 Veles Capital Group has been offering its investors a new format of real estate investment – rental mutual funds under
management of VELES TRUST allowing not only to become a co-owner of a high-quality asset – commercial real estate,
but also to receive stable income from rental payments.
12
2,2 2,4
5,6 5,56,6
9,1
11,010,4
2008 2009 2010 2011 2012 2013 2014 3Q2015
Veles Capital Investment Company
ВB-/B/ruAA-
outlook negative
«The individual approach to every project and trustful relationship with clients
have always been the distinguishing feature of Veles Capital
Investment Company. These principles have been the basis
of our work for 20 years and we are going
to put them into practice henceforth»
Alexey Gnedovsky
Veles Capital CEO
► TOP-6 largest investment companies by total turnover of securities1
(10,4 trln RUB in 9 months 2015, growth +37%)
► ТОР-10 largest investment companies by equity capital1
(2,8 bln RUB as of 30.09.2015, growth +7%)
► ТОР-15 largest investment companies by net profit2
(92 mln RUB as of 30.09.2015)
► 1st place - Best corporate strategy (Investor Awards 2014)
► «Company of the year - 2014» award in the Investment company category
1 NRA ranking, Q1 2015 2 NRA ranking, Q3 2014
Veles Capital IC is one of the oldest Russian investment companies. The company renders a full range of
services on the Russian financial market, and its clients can benefit from operations with all types of financial
instruments.
Veles Capital IC is a dynamically developing and fully independent company that is owned by it’s top-managers.
AAA
maximum reliability
13
NATIONAL
RATING
AGENCY
Total turnover of securities
(trln RUB)
Veles Management Professional team is providing asset management services within Veles Capital group of companies offering
conservative investment strategies with capital protection (e.g. structured and rental products) as well as more risky ones aimed to
maximize the potential investment. Veles Management has proven to be an effective management company in creating and
maintaining closed-end mutual funds. Veles Management has also been developing the business of compensation fund management
and endowment fund management.
Veles Management Asset Management companysince 2004
«The art of asset management is to be able to earn not only
in emerging markets but also in the most adverse market conditions.
We are able to offer our clients investment products that will
definitely meet their objectives and expectations»
Beyshen Isaev,
Veles Management CEO
АA
very high reliability
second level
► 6 closed-end mutual funds are being managed. All funds are for qualified investors (real estate, long-term direct investment). Since 2004
the company has established 17 funds.
► ТОР-20 largest endowment fund management companies1
► ТОР-20 most qualified asset management companies2 (the amount of assets under management of qualified investors as
of 31.12.2015 – 6,7 bln RUB)
► Crisis Management of one of the largest real estate market funds AG Capital Interra (this fund was transferred to the Veles
Management Asset Management Company at the initiative of the shareholders in 2010)
► ТОР-20 largest asset management by companies own capital3
► 33,2 bln RUB is the total amount of assets under management of the group of companies as of 30.09.2015
► TOP-30 largest Russian companies by volume of assets under management4
► ТОP-15 companies by asset volume in closed-end funds5
14
NATIONAL
RATING
AGENCY
1 NRA, Q2 2015 2 Kommersant, 2014 3 NRA, Q3 2015 4 RA “Expert” ranking, Q3 2015 5 RA “Expert” ranking, Q1 2015
VELES TRUST team has been working on real estate market for more than 15 years. During last 8 years it has been specializing in
closed-end real estate investment funds management. Experience and qualifications of the VELES TRUST team can provide quality
support on all stages of the investment process, including technical and financial evaluation, commercial real estate acquisition and
management.
TOP-10 largest asset management companies by number of real estate funds1
VELES TRUST Asset Management companysince 2007
«We are one of the first and few companies that offers clients different ways to invest in real estate as a
financial instrument on the Russian market. We are specializing on rental real estate funds - one of
the most popular and attractive investment instrument in the world
for both institutional and private investors.
Ekaterina Chernykh,
VELES TRUST CEO
15
Current projects (market capitalization is more than 7 bln RUB by 31.12.2015):
► Commercial Real Estate rental closed-end
investment fund. Area in Atrium shopping center in
Moscow
► Atrium rental closed-end investment fund. Area in
Atrium shopping center in Moscow
► Mart Realty closed-end investment fund.
Rental areas in Moscow, Saint-Petersburg,
Ekaterinburg
► TRC Petrovsky rental closed-end investment fund.
Area in the large shopping center at the station
Perlovka Mytischi, Moscow Region
► Region Estate closed-end investment
fund. Units are limited in circulation
► Capital Estate closed-end investment
fund. Units are limited in circulation
► Citi Real Estate closed-end investment
fund. Units are limited in circulation
► Interindustry real estate closed-end
investment fund. Buildings and non-
residential premises in Voronezh and
Kaliningrad regions and Ekaterinburg
1 Kommersant, July, 2014
Veles Capital Investment Group was founded in 2008 on the basis of professional team of Veles Capital IC which had vast
experience of operating in corporate finance sphere. Today Veles Capital IG renders a wide range of corporate finance services:
support of M&A transactions, sale of company’s shares, IPO, SPO, direct and strategic investments.
At the moment company is implementing more than 10 investment projects for the business enterprises of the real economy (see
slide 9).
Veles Capital Investment Groupsince 2008
«Veles Capital is one of the few full independent investment companies on the market, as today many
companies depend on big corporations or government structures. The company has confirmed it’s mobility in
decision making and readiness to fulfill all the obligations even in the situation of financial crisis. Today the
company has a good opportunity for further development and expanding of service line»
Sergey Zhdanov
Veles Capital IG CEO
Veles Capital IG specializes in mid-cap companies, providing them
with the same high level of service as leading foreign investment
banks provide to the largest Russian corporations.
The company also renders supporting services: legal and research
support, negotiations with investors, due diligence etc.
16
TOP-10 M&A advisers in Russia1
Investor Awards 2013 in nomination
“Equity and Venture Capital: Deal of the Year”
1 Mergers.ru, 1H 2015
Available instruments:
► Securities, units in mutual funds
► Instruments of money market
► Futures and options
► Currency and equity swaps
Veles International Limited is a licensed professional participant in the European financial market. The company renders
brokerage, asset management and depositary services on the leading European and US markets. Also, Veles International
provides foreign investors with the access to the Russian market.
Today it is impossible to imagine successful investment company which is not able to provide services on
foreign markets. Veles International Limited has been operating on financial markets for 10 years already
and follows demands of Russian investors in foreign markets.
Veles International Ltd (Cyprus)since 2005
Anna Dotsa,
Veles International CEO.
17
Veles International’s
total turnover of securities
(trln RUB)
0,2 0,20,4 0,4
0,70,8
2,3
1,2
2008 2009 2010 2011 2012 2013 2014 2015
Commercial
Real Estate
”Panorama park” housing estate - Krasnodar
region, Sochi. Flats from 81 sq. m
Land without a contract for construction in
cottage village “Mayak” - Krasnodar region,
Kabardinka village. 30 plots from 4 000 to 10
000 sq. m
“Oliva Village” housing estate – Chernogoria,
Montenegro, Petrovac. 140 flats from 30 till 140
sq. m
Mark Twen Townhouses village – Moscow,
Yuzhnoe Butovo
Gubailovo housing estate – Moscow region,
Krasnogorsk. Flats
Land with utility lines in village “Papushevo” –
Moscow region, Istra region. Plots from 1 300 to
10 000 sg. m
“Forest and River” Land without a contract for
construction – Moscow region, Istra region, plots
from 9 000 to 60 000 sg. m
Veles Development is operating projects in the real estate market in Russia and abroad since 2004.
The company is involved with construction and management of residential and commercial
real estate, land developing and implementation of ready objects. The company is also
considering the possibility of co-investment in the long-term projects.
Veles Developmentsince 2004
Eugeny Stogov,
Veles Development CEO
“Park” shopping and leisure center, I and II
stage of construction – Moscow region,
Krasnogorsk, 120 000 sq. m and 250 000
sq. m
“Perlovsky” shopping and leisure center –
Moscow region, Myitishi, 22 000 sq. m
“Lemuria-1” and “Lemuria-2” – Krasnodar
region, Gelendgik, Kabardinka. Plots of 6 and
6,5 ha
“Malinovka” – Moscow region. Plot of 70 ha
“Sinichka” – Moscow region. Plot of 1,75 ha
Investment
projects
Residential
real estate
18
Licenses of a professional participant of the securities market (issued by the Federal Financial Markets Service on 14
October 2003 for an unlimited effective term) for the performance of brokerage activity number 077-06527-100000; for
the performance of dealership activity number 077-06541-010000; for the performance of securities management
activity number 077-06545-001000; for the performance of custody activity number 077-06549-000100.
Licenses for encryption services number 10285U, for cryptographic hardware providing number 10284R and for
cryptographic hardware technical support number 10283X issued by the Federal Security Service of Russia on 16
March 2011.
Licenses
«IC VELES Capital» LLC
«VELES Management» LLC
License No. № 21-000-1-00656 from 15 September 2009, issued by FFMS for Investment Funds, Mutual Investment
Funds and Private Retirement Funds Management.
Veles International Limited
Authorization № “KEPEY” 075/06 issued by CySEC on 20 September of 2006.The principal activities of Veles
International are the provision of the Brokerage and Asset Management services in accordance with the provisions of
the applicable legislation and requirements issued by the Cyprus Securities and Exchange Commission (CySEC).
19
VELES TRUST LLCLicense No. № 21-000-1-00842 from 20 December 2011, issued by FFMS for Investment Funds, Mutual Investment
Funds and Private Retirement Funds Management.
12 Krasnopresneskaya emb, entrance 9, floor 5, Moscow 123610
Tel. +7 (495) 258-18-88, sale dep. +7 (495) 967-07-77
fax +7 (495) 258-24-25
[email protected] www.veles-development.ru
Contacts
Veles Capital IC
12 Krasnopresneskaya emb, entrance 7, floor 18, Moscow 123610
[email protected] www.veles-capital.ru
Veles Management
12 Krasnopresneskaya emb, entrance 7, floor 14, Moscow 123610
[email protected] www.veles-capital.ru
Veles Capital IG
12 Krasnopresneskaya emb, entrance 7, floor 14, Moscow 123610
[email protected] www.veles-management.ru
Veles Development
Tel.:+7 (495) 258-19-88
+7 (495) 967-07-70
Fax +7 (495) 258-19-89
20
VELES TRUST
16/1 Khokhlovsky per., Moscow 109028
21/1 str. 1 Leontievsky per., Moscow 125009
Tel. +7 (495) 775-90-46
[email protected] www.veles-trust.ru
Veles International Ltd (Cyprus)
16, John Kennedy Ave, 1st floor, 1703, Nicosia, Cyprus
Tel. +357 (22) 87-33-27, fax: +357 (22) 66-11-64
[email protected] www.veles-int.com