8/13/2019 2013 07 24 BVB IR Presentation En
1/24
Bucharest Stock Exchange Presentation
8/13/2019 2013 07 24 BVB IR Presentation En
2/24
2 www.bvb.ro
Operator of the leading Romanian cash & derivatives markets
Integrated Group: Trading, Clearing, Settlement and Registry Systems
Market cap of approx. EUR 34.6mn, cash equals 45% of the Market Cap
100% free-float, no major shareholder
Rich cash position, close to zero leverage
Stable dividend policy with 100% payout ratio, after legal reserves
Stock price close to historical lows, but with good perspectives in privatization process
Investment positives
8/13/2019 2013 07 24 BVB IR Presentation En
3/24
Markets operated by BVB
Regulated spot market
Shares and rights (issued by local
and international entities)
Corporate and municipal bonds
Government securities
Structured productsFund units
Tradable UCITS (ETFs)
3
Regulated derivatives market
Futures contracts with shares,
indices, commodities and
exchange rates as underlying
assets
Alternative trading system
Securities issued by Romanian
companies not qualified for the
regulated market
Foreign stocks listed on developed
markets and traded at BVB
RASDAQ market
Shares and rights issued by
Romanian entities are traded, most
of them coming from the mass
privatization programme
Bucharest Stock
Exchange
8/13/2019 2013 07 24 BVB IR Presentation En
4/24
BVB indices
4
BET
Reference index for BVB
Most liquid 10 listed companies
BET-BK
Most liquid 25 listed companies
Can be used as a benchmark by
fund managers
BET-C
All companies listed on BVBs
regulated market, 1stand 2nd
Tier, excepting the SIFs
BET-FI
Sectorial index including the 5
SIFs and Fondul Proprietatea
BET-NG
Sectorial index for energy and
utilities
BET-XT
Blue chip index
Most liquid 25 listed companies
ROTX
Developed by BVB together with
Wiener Boerse
Follows the same principles as
the CECE Index family
Includes most liquid blue chip
stocks traded at the BVB
8/13/2019 2013 07 24 BVB IR Presentation En
5/24
5 www.bvb.ro
According to the current provisions of the law, BVB
shareholders may not own more than 5% of the total
voting rights (directly or indirectly).
The intention to acquire more than 5% should be
disclosed to the Stock Exchange and the market
Regulator
BVB Shareholding Structure
as of June 30, 2013
Central
DepositaryCash MarketClearing
Settlement
Registration
Bucharest StockExchange
Cash & Derivatives
Trading
Corporate
GovernanceInstitute
52.5% 62.3%69% 100%
Bucharest
Clearing HouseDerivatives MarketClearing
Investors
CompensationFund
BVB Group
Internationalinstitutionalinvestors,11.03%
Internationalprivate
individuals,1.92%
Romanianinstitutionalinvestors,69.33%
Romanianprivate
individuals,17.72%
8/13/2019 2013 07 24 BVB IR Presentation En
6/24
Board of Governors & CEO
Lucian Anghel (BCR)President
Board of Governors Chief Executive Officer
Adrian LupsanVice-President
Dan Paul (Brokers Association) Vice-President
Robert Pana (Swiss Capital)Secretary General
Valerian Ionescu (BCR)Member
Matjaz Schroll (Franklin Templeton)Member
Narcisa Oprea (Schoenherr & Associates)Member
Stere FarmacheMember
Octavian Molnar(SSIF IFB Finwest)Member
Ludwik Sobolewski
Appointed by the Board of Governors on July 1st
Mandate to start after FSA endorsement
Former President and CEO of the Warsaw Stock
Exchange between 2006 and 2013
Former Executive VicePresident of the National
Depository (and Clearing House), also serving aschairman of Supervisory Boards of, among others, the
National Depository for Securities, the Polish Power
Exchange and BondSpot (a company organizing
market for government bonds)
6
Unitary management system
8/13/2019 2013 07 24 BVB IR Presentation En
7/247 www.bvb.ro
Strategic priorities
Support the successful closing of the state companies public offers1.
List new companies on the Bucharest Stock Exchange and increase number of active investors2.
Develop capabilities, products and services offered by the Bucharest Stock Exchange Group3.
Improve the corporate governance and functioning of the Bucharest Stock Exchange as a Group4.
Simplify and improve the regulations, reduce bureaucracy and apply international best practices5.
Increase the visibility of the Bucharest Stock Exchange and of the issuers, along with increasing the
awareness of the important role that the Romanian capital market is playing6.
Develop dialog between the Bucharest Stock Exchange and relevant institutions/authorities7.
Increase the educational role of the Bucharest Stock Exchange8.
8/13/2019 2013 07 24 BVB IR Presentation En
8/248 www.bvb.ro
Main current projects
The establishment of a Central Counterparty (a joint project along with the Central Depositary and Sibex) the
opportunity of a foreign CCP is currently being analyzed
The clarification of RASDAQ markets status the process is in an advanced stage, with several draft laws
submitted to the Romanian Parliament
Encouraging short selling and securities lending (a joint project with the Central Depositary)
The separation of the trading environment from post-trading and aligning to international standards (joint project with
the Central Depositary)advanced stage
The improvement in coordination of operations at BVB Group levelincipient stage
Corporate Governance project along with EBRD, aimed at developing corporate governance and reporting practices
for Romanian listed companiesrecently launched
Promotion of corporate governance and post-listing transparency for state-owned companies to be privatized
through the capital market
Promotion of financing alternatives, a program targeting Romanian SMEs (events, oneon-one meetings, informativematerials, editorial project with wall-street.ro RomaniaDiscovers the Stock Exchange)
8/13/2019 2013 07 24 BVB IR Presentation En
9/24
Corporate Governance
9
BVBsArticles of Incorporation include all matters related to Corporate Governance, including shareholders rights,
management, functioning, shareholder meetings, special committees an so on.
There have been requests from BVBs shareholders to change the current unitary management system into a dual
system. The proposals are being analyzed by the Board, according to the legal framework in force.
In 2011, BVB adhered to The Corporate Governance Code and included a dedicated chapter in the Annual Report,
while last year BVB started preparing the Comply or Explain Statement.
CG at the Bucharest Stock Exchange
CG among market participants
BVB also supports the improvement of Corporate Governance practices among participants on the capital market.
Such efforts materialized into a cooperation agreement with OPSPI (the Office of State Ownership and Privatisation in
Industry), through which BVB, through its Corporate Governance Institute, would provide state-owned companies with
consultancy services to prepare them in view of their privatization/listing.
Moreover, a 2-year joint project with EBRD started this year, focusing on the development of the corporate governance
and reporting practices of local listed companies, under the review and implementation of the Romanian CG Code.
8/13/2019 2013 07 24 BVB IR Presentation En
10/2410 www.bvb.ro
Source: BVB, FESE
Exchange 2012 2013*
Athens Exchange 30.8% 95.7%
Bulgarian Stock
Exchange-21.1% 7.4%
CEESEG -
Budapest
7.6% -0.6%
BVB 11.7% -1.5%
CEESEG -
Ljubljana0.8% -2.2%
CEESEG -
Vienna22.4% -6.0%
Warsaw Stock
Exchange25.4% -8.1%
CEESEG -Prague
-3.5% -21.9%
*Data for Jan-Jun 2013. Calculations in EUR terms
Market Cap change
BVB in the region
4.8 5.4 11.915.6 22.0
66.6 75.6
123.8
CEESEG -Ljubljana
BulgarianStock
Exchange
BVB CEESEG -Budapest
CEESEG -Prague
AthensExchange
CEESEG -Vienna
WarsawStock
Exchange
Domestic Market Cap (EURbn) - Main market (end-Jun 13)
2852 61
80 98103
257
330
CEESEG -Prague
CEESEG -Budapest
CEESEG -Ljubljana
BVB BulgarianStock
Exchange
CEESEG -Vienna
AthensExchange
WarsawStock
Exchange
Number of listed companies - Main market (end-Jun 13)
1.2 3.1 6.221.2 30.4
74.0 77.8
258.6
CEESEG -Ljubljana
BulgarianStock
Exchange
BVB CEESEG -Prague
CEESEG -Budapest
AthensExchange
CEESEG -Vienna
WarsawStock
Exchange
Main stock market turnover in Jan-Jun 2013 (EURmn/day)
8/13/2019 2013 07 24 BVB IR Presentation En
11/2411 www.bvb.ro
Symbol Company% of
turnover
Avg. daily turnover
(EURmn)
FP Fondul Proprietatea 46.8% 3.16
SNP OMV Petrom 9.6% 0.66
BRD BRD Groupe Soc. Gen. 6.3% 0.43
TLV Banca Transilvania 5.9% 0.41
SIF3 SIF Transilvania 5.1% 0.34
EBS Erste Group Bank AG 4.8% 0.32
SIF5 SIF Oltenia 4.2% 0.29
SIF2 SIF Moldova 4.0% 0.27
TGN S.N.T.G.N. Transgaz 3.1% 0.21
SIF1 SIF Banat Crisana 2.9% 0.19
With the listing of Fondul Proprietatea, BVB achieved in
2011 one of the highest ADT growth rates in Europe. In 2012,
ADT declined on macro and political uncertainties.
The structured products segment was the most dynamic at
BVB: ADT tripled in 2011 yoy (from a small base) and
increased by 50% yoy in 2012.
Trading activity statistics
Most traded companies (YTD*)
*until July 15, 2013. Public offers are not included.
*until July 15, 2013
Average daily turnover (EURmn)
4.85.3
9.2
6.7
7.7
1.2
2.5
0.5
1.3
1.3
0.4
0.6
0.6
2009 2010 2011 2012 2013 YTD
Shares/Fund Units Bonds Structured products
8/13/2019 2013 07 24 BVB IR Presentation En
12/2412 www.bvb.ro
The turnaround settlement for OTC transactions was implemented in March 2012, possible for all listed shares on BVB
As OTC turnaround trades are linked to at least one correspondent trade concluded on BVB, such service delivers
substantial efficiencies to the market players by creating further opportunities for non-resident investors, with an easier
access to Romanian financial instruments, including those which are subject to public offerings.
Thus, it is easier to access domestic financial instruments, allowing international market players to expand their global
business with the Romanian securities.
The launch of the turnaround settlement service adds significant value to the new infrastructure improvementsdelivered by BVB Group in recent years (such as omnibus accounts), striving to be fully aligned to European industry
standards and paving the way to increased market accessibilityan important step in increasing liquidity.
As a result, EUR 78mn worth of trades were settled in H1 2013, accounting for approx. 6% of all settlements made by
the Central Depositary during the same period.
In the region, turnaround trades account for 40-45% of all settlements on average, therefore there is significant
potential for the local market to grow in terms of liquidity, supported by such trades.
Turnaround trades
8/13/2019 2013 07 24 BVB IR Presentation En
13/2413 www.bvb.ro
Company Sector
Market Cap/
Fair value(EURmn)
Gov.
stake
Stake of
the publicoffering
Offering
value(EURmn)
What is for sale Status
Transgaz1Gas
transmission534 73.5% 15%
Approx.EUR 72mn
Existing sharesFinalized
416 April 2013
Nuclearelectrica2Power
generation- 90.3% 10% >80 Capital increase
Expected in
Q3 2013
Romgaz3Gas
production
- 85.0% 15% >250 Existing sharesExpected until
end-October 2013
ElectricaElectricity
distribution- 100% 105%5 >100
Capital increase
by 105%
Expected in
Q4 2013
CE OlteniaPower
generation- 77.2% 12%5 >70
Capital increase
by 15.29%
Expected in Q4 2013
Q1 2014
Hidroelectrica4Power
generation- 80.1% 10%5 >250
Capital increase
by 12.49%
Postponed after the
company exits
insolvency (which took
place in Jun 2013).
Expected inQ1-Q2 2014
Source: Government, BVB
1. Consortium intermediating the offering: Raiffeisen Capital & Investment, Wood & Company Financial Services and BT Securities
2. Consortium intermediating the offering: Swiss Capital and BT Securities
3. Consortium intermediating the offering: Goldman Sachs, Erste Group Bank, BCR, Raiffeisen Capital & Investment and Intercapital Invest
4. Consortium intermediating the offering: Citigroup, Societe Generale, BRD-GSG and Intercapital Invest
5. Percent of the share capital before the share capital increase
Estimated Romanian privatization agenda
8/13/2019 2013 07 24 BVB IR Presentation En
14/24
International
69%
Domestic31%
Subscriptions breakdown by geography
Recent events
14
Source: Raiffeisen Capital & Investment
15% stake sold by the Romanian State
SPO period: 4-16 April 2013
Worth of approx. EUR 72mn
2-week roadshow, with more than 100 investors
contacted
3 tranches: one for institutional investors (85% of the
offer), two for retail investors, with discounts for the
small subscriptions tranche (3% and 5%, depending
on the day when the subscription was made)
SPO price for institutionals: RON 179/share
Closed book for the institutional tranche
Significant oversubscriptionfor the two retail
tranches
The notable oversubscription for all three tranches, as
well as the resulting 5 times increase in average daily
turnover after offer was finalized, proved once again the
significant interest in new shares that reach the market.
By extrapolation, any new companies listed at BVB, be
either state-owned or private, will attract similar
attention, if not higher, given the new flavor they would
represent and investors significant need to diversify
their portfolios.
8/13/2019 2013 07 24 BVB IR Presentation En
15/24
Corporate bonds at BVB
5-year, RON-denominated corporate bonds,
maturing on 30 Oct 2017
Interest rate: 7.40%/annum
Public offer period: 17-23 October 2012
Started trading at BVB on 20 November 2012
Offer value: RON 250mn (approx. EUR 55mn)
First time the closed book mechanism was used
by BVB for public offers
5-year, RON-denominated corporate bonds,
maturing on 15 Jun 2018
Interest rate: 6.35%/annum
Public offer period: 14-21 June 2013
Started trading at BVB on 2 July 2013
Offer value: RON 550mn (approx. EUR 123mn)
following the significant oversubscription (by 10%)
Closed book mechanism, with subscriptions of more
than 30 local and international institutional
investors, including EBRD and IFC, investment funds,
pension funds, insurance companies, banks
15
Both BVB and the Financial Supervisory Authority (FSA) have acknowledged the importance of bond issues as
alternatives to traditional financing through bank loans and as gateways to the capital market, and thus both institutions
have taken steps to decrease related costs with a view to encouraging such public offers, as follows:
BVB has suspended its fee for applied to the buy value for the initial sale offers, to the primary sale public offers,
to the other primary methods for bond sale, during Jun 1, 2013Dec 31, 2014, and
FSA has suspended the fee for bond offers until the end of 2013.
8/13/2019 2013 07 24 BVB IR Presentation En
16/24
BVBs alternative trading system
Provider of professional cleaning & maintenance
services for hotels, offices, commercial facilities
First Romanian company listed on BVBs ATS,Equity Sector, Base TierShares
Started trading at BVB on 3 October 2013
Provider of financial services, such as leasing,
loans, bancassurance, foreign exchange
Included in the 1st
Tier of the ATS (Equity Sector)Started trading at BVB on 11 July 2013
16
Created in 2010 to provide SMEs a flexible and simplified alternative of listing and access to financing through capitalmarket mechanisms.
Currently, there are 2 companies listed on ATS, described below, and other companies may follow suit, given the tighter
requirements for accessing bank loans and other types of financing.
8/13/2019 2013 07 24 BVB IR Presentation En
17/2417 www.bvb.ro
Source: Investors Compensation Fund
The current compensation limit is EUR 20,000, in line with EU directives
More than 90% of investor accounts have portfolios below EUR 20,000 and are fully compensated
The number of investor accounts includes the total number of accounts on the Romanian capital market, regardless if
an investor has accounts with several brokers
Investor accounts on the local capital market
87,66492,865 94,545
86,453 88,14381,559
78,253
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 31.03.2013
Number of investor accounts on the local market
Fully compensated investors Ceiling compensated investors Excluded investors Total investors
8/13/2019 2013 07 24 BVB IR Presentation En
18/2418 www.bvb.ro
Cash Equity Market Sell Buy*
Jan 2006 - May 2007 15 bps 7bps
June 2007 - Sep 2008 14bps 6bps
Oct 2008 - February
200913bps 5bps
After March 2009 11.7bps 4.5bps
*plus 8 bps CNVM fee on the value of a buy trade;
**plus RON 0.1 CNVM fee on each traded futures contract.
Note: Fees in basis points (bps) are charged on the value, to both counterparties (buy & sell);
BVB and CNVM fees do not refer to Market Makers.
Current pricing policy
Historical trading feesParticipants
annual maintaining feeRON 1,500,
including VAT
Issuers
annual maintaining fee
btw. RON 3,600 and
RON 21,000,
without VAT
Trading fees Sell Buy
Shares, Fund Units
Main Market + Deal11.7bps 4.5bps*
Structured products 12 bps 5bps*
Bonds 2.16 bps
T-bills
0.08 bps,
btw RON 1 and 81
FuturesAn average of RON 0.1 per
contract **
BVBs pricing policy
8/13/2019 2013 07 24 BVB IR Presentation En
19/24
19 www.bvb.ro
RONmn 2009 2010 2011 2012 Q1.2013Sales revenues 12.4 13.1 21.7 17.4 4.1
Operating revenues 12.4 13.2 21.7 17.5 4.1
Operating expenses 13.9 12.9 15.3 13.4 3.4
EBITDA -0.1 1.0 7.1 4.7 0.8
Operating result -1.5 0.3 6.4 4.1 0.7
Financial result 11.1 6.2 12.4 6.0 1.1
Net income 8.5 5.7 17.0 9.0 1.5
EPS 1.1 0.7 2.2 1.2 0.2
*RAS figures, acc. to EU Directive No 4
The Bucharest Stock Exchange reported a net profit of RON 1.5mnin Q1.2013, despite the lower trading activity
during the first two months of the year. In March, also influenced by the positive sentiment on developed markets,
trading values registered a notable increase, as investors accumulated stakes in some issuers before reference
dates for annual shareholders general meetings.
Sales revenues reached RON 4.1mn during the quarter, up by approx. 20% vs. the previous quarter, due to a revivalin volumes traded, but compared to the year-ago period (which was one of the best quarters of the last 5 years, partly
due to the SPO for Transelectrica) the turnover registered a decline by a similar percentage.
Operating expenses were RON 3.4mn during Q1.2013, resulting in an operating profit of RON 0.7mn, compared to
an operating loss of RON 0.7mn in the previous quarter.
The financial result amounted to RON 1.1mn in Q1.2013 (comprising interest revenues, as well as unrealized
foreign exchange gains), down by 8% y-o-y but significantly higher compared to Q4.2012.
Financial performance
8/13/2019 2013 07 24 BVB IR Presentation En
20/24
20 www.bvb.ro
Breakdown of quarterly results
BVBs Q1.2013 sales revenues were mostly driven, as usual, by trading revenues which have the highest weight in
total operating revenues (27% higher q-o-q but 20% lower y-o-y). The data vending segment and maintenance fees
charged to issuers displayed a downward trend vs. both Q1.2012 and Q4.2012.
The operating result improved from Q4.2012, when losses were reported, but vs. Q1.2012 a significant decline
was registered because of lower revenues.
BVB ended Q1.2013 with a net profit of RON 1.53mn, resulting mainly from financial activities (interest earned and
unrealized foreign exchange gains).
6.0
4.8 5.0 4.94.0
3.44.1
2.5
-0.4
1.9 1.71.1
-0.7
0.71.5 1.7 1.2
3.7
1.0 0.2 1.1
Q3.2011 Q4.2011 Q1.2012 Q2.2012 Q3.2012 Q4.2012 Q1.2013
Quarterly sales revenue and operating result (RONmn)
Sales revenue Operating result Financial result
8/13/2019 2013 07 24 BVB IR Presentation En
21/24
21 www.bvb.ro
RONmn 2009 2010 2011 2012End-Mar
2013
Non-current assets 25.4 25.4 28.7 28.6 29.2
Current assets 67.2 64.6 77.5 69.3 70.7
o/w: cash, cash
equivalents and
securities64.6 63.3 73.8 65.0 64.9
Prepaid expenses 0.3 0.1 0.1 0.1 0.1
Total assets 92.5 90.1 106.2 98.0 100.0
Shareholders equity 90.2 88.0 102.0 94.6 96.1
Short-term debt 2.2 1.5 2.6 2.4 3.0
Long-term debt 0.01 0 0 0 0
Prepaid revenues 0.5 0.6 0.7 0.7 0.7
Provisions 0 0 0.9 0.3 0.2
Total equity and
liabilities92.5 90.1 106.2 98.0 100.0
*RAS figures acc. to EU Directive No 4
Debt-free capital structure
The decrease in cash position in 2012 reflects the highest dividends
ever paid to BVB shareholders
Starting 2009 BVB had a stable dividendpolicy, with a payout ratio of 100%, after legal
reserves.
For the following years, BVB intends to
maintain the policy of distributing cash
dividends.
* Gross amounts, year paid
Individual balance sheet overview
1.30
1.02
0.70
2.14
1.12
2009 2010 2011 2012 2013
Ordinary dividend
(RON/share)
8/13/2019 2013 07 24 BVB IR Presentation En
22/24
22 www.bvb.ro
RONmn 20122013
Budget
y-o-y
change
2014
Projection
y-o-y
change
2015
Projection
y-o-y
change
Sales revenues 17.4 18.8 8% 25.6 36% 32.0 25%
Operating revenues 17.5 18.8 8% 25.6 36% 32.0 25%
Operating expenses 13.4 15.5 16% 15.9 3% 17.0 7%
EBITDA 4.7 4.2 -11% 10.6 151% 16.0 51%
Operating result 4.1 3.4 -18% 9.7 189% 15.1 55%
Financial result 6.0 2.1 -64% 1.0 -53% 2.1 107%
Net Income 9.0 4.6 -49% 9.0 97% 14.6 61%
EPS 1.2 0.6 -49% 1.2 97% 1.9 61%
*RAS figures
2013 is expected to bring about a process of modernization and improved efficiency for BVB, following the
implementation of a new organizational structure. Thus absolutely necessary expenses were accounted for, and
projects were planned (which should lead to the future development of the stock exchange as a financing alternative
for the economy), all leading to modernization and increased efficiency.
BVB will be involved in a series of projects related to the capital market architecture(such as the CentralCounterparty project), which will require significant investments with implications on the 2013 budget and also for the
future years projections.
Even though BVBs profitability for 2013 will be affected, all these measures and projects would set grounds for a
sustainable organic development which will be reflected in the future years financial results. Thus, the operating
result for 2014 and 2015 is estimated to compensate for the declines in previous years and to exceed the
10% growth rate set as target by BVBs Board of Governors.
2013 budget and projections for 2014-2015
8/13/2019 2013 07 24 BVB IR Presentation En
23/24
15
17
19
21
23
25
27
Turnover velocity(value traded average market cap)
2010 154%
2011 42%
2012 40%
Liquidity(shares traded shares outstanding)
2010 104%
2011 32%
2012 37%
23 www.bvb.ro
BVB share data and statistics
Included in several indices:
FTSE Mondo Visione Exchanges Index (Nov 9, 2010)
BET Index (Mar 21, 2011)
Dow Jones Global Exchanges Index (Jun 17, 2011)
ROTX Index (Sep 19, 2011)
BET-BK (Jul 3, 2012)
Symbol BVB
ISIN ROBVBAACNOR0
Reuters ROBVB.BX
Bloomberg BVB.RO
Bloomberg BBGID BBG000BBWMN3
Share price (15 July) RON 19.96
Market Cap (15 July) EUR 34.6mn
Outstanding shares 7,674,198
Free float 100%
BVB share evolution (12 months)
Analyst
(Company)
12M TP
(Recommendation)
Last report
Vlad Vasilescu
(NBG Securities)22.0 (Outperform) Jul 8, 2013
Raluca Negoescu
(Alpha Bank)18.0 (Hold) May 7, 2013
Andrei Radulescu
(SSIF Broker)24.96 (Buy) Feb 13, 2013
Roxana Dascalu
(SSIF IEBA Trust)22.64 (Hold) Jan 31, 2013
Analyst coverage
2012 dividend: RON 1.12/share
Registration date: 15 May
Ex-divi date: 13 May
21.9
22.93
19.66
22.48
19.96
24.39
20.27
21.97
17.27
8/13/2019 2013 07 24 BVB IR Presentation En
24/24
24 www bvb ro
Bursa de Valori Bucuresti S.A.
34 - 36 Carol I Boulevard, 14th FloorBucharest, District 2, Romania
Tel:(+40)(21) 307 95 00
Fax: (+40)(21) 307 95 19
www.bvb.ro
Contact person:
Anca Olteanu
This presentation was prepared by Bursa de Valori Bucuresti. The information contained in this document has not beenindependently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed
on the fairness, accuracy, completeness or correctness of this information. Past performance is no guarantee of future results.
This document does not constitute an offer or invitation to purchase any shares. Certain statements contained in this document
may be statements of future expectations and other forward-looking statements that are based on the managements current
views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in such statements.The exchange rate used for the average daily turnover is the official exchange rate announced by the National Bank of Romania.
Financial Calendar
2/11/20132012 Preliminary results & EarningsConference Call
4/24/2013 - 4/25/2013GSM
5/10/2013Q1.2012 Results & Earnings
Conference Call
8/12/2013Q2.2012 Results & Earnings
Conference Call
11/12/2013Q3.2012 Results & Earnings
Conference Call
Disclaimer
Financial calendar and Contact info
http://www.bvb.ro/mailto:[email protected]:[email protected]://www.bvb.ro/Top Related