Pension Reserve Fund of the Republic of Srpska & Capital Market of the Republic of Srpska
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1 Moscow, 17 March 2016 Pension Reserve Fund of the Republic of Srpska & Capital Market of the Republic of Srpska Darko Lakić, CEO The Pension Reserve Fund of Republic of Srpska
2 Republic of Srpska (Banja Luka Stock Exchange) Federation of Bosnia and Herzegovina - Sarajevo Stock Exchange 2
3 Indicator * GDP (billion EUR) - current prices GDP growth 15.00% 12.30% 15.49% -3.00% 0.99% 4.38% -1.12% 2.06% 0.98% 0.30% Population (mil.) GDP per capita (EUR) 2,319 2,611 3,020 2,934 2,968 3,105 3,071 3,142 3,183 3,192 Inflation rate 6.40% 1.1% 7.20% -0.40% 2.5% 3.9% 2.1% 1.00% -0.80% -1.60% Total debt / GDP 49.15% 43.24% 40.35% 44.70% 46.26% 48.94% 54.39% 53.69% 57.14% 60.31% Industrial output growth 19.10% 1.40% 16.80% 19.00% 5.00% 4.70% -4.20% 4.10% 2.20% 2.70% Export growth 36.20% 8.60% 15.00% % 30.20% 17.60% -7.30% 9.00% % * Estimation 3
4 Pension income derives primarily from first-pillar public schemes financed on a pay-as-you go (PAYG) basis. Currently, there is no second or third pillar; During 2016, we expect first voluntary pension fund, which will be established by EBRD, Skupna Fund Ljubljana (Slovenia) and PREF; From 2016, there are no taxes and contributions for employers who paid contributions for employees in voluntary pension fund (max 600 per year). 4
5 employees retired people Workers to pensioners (dependency ratio) 1,14 Average Pension 201 (without disability income) Replacement ratio 41,54% Pension contribution 18,5% Pension system deficit cca. 20% (Transfer from budget) 5
6 In process of privatization in Republic of Srpska (Bosnia and Herzegovina) 10% of all State-owned companies went to Pension Fund (1st pillar); In the beginning ( ) there were shares in cca. 800 companies; From 2002 to 2011 it was part of State-owned Pension Fund without professional Management Company; Pension Reserve Fund (capital 140 mio ) owned by State owned Pension Fund (1st pillar) and Management Company was established in 2011; PREF pays dividend to owner every year (3,4 mil. on average per year). 6
7 Millions EUR Deposits T-bills Bonds Shares Deposits 0,00 3,80 5,41 7,20 4,17 5,77 T-bills 0,00 0,00 0,00 1,52 3,38 0,00 Bonds 0,00 6,08 10,99 16,30 24,87 33,45 Shares 140,51 125,15 115,90 108,62 101,77 94,87 7
8 During first Voluntary Pension Fund Management Company (33%); Government Bonds Infrastructure projects; Municipal Bonds - Infrastructure projects; New Infrastructure Fund with other financial institutions; 8
9 Individuals (domestic and foreign) debt securities - no taxes on interest earned, capital gain is taxed at 10% rate stocks no taxes on dividends, capital gain is taxed at 10% rate, free profit repatriation. Legal entities (domestic and foreign) corporate tax 10%, no taxes on dividends and interest earned. 9
10 Millions (EUR) Equity Debt
11 BIRS
12 Issuer Industry Mcap (mil. EUR) P/E P/B Dividend YLD Telekom Srpske ad Banja Luka Telecommunications ,90% Hidroelektrane na Trebišnjici ad Trebinje Hidro-power plant ,60% Hidroelektrane na Drini a.d. Višegrad Hidro-power plant ,68% Nova banka ad Banja Luka Bank ,5 0,41 Rafinerija ulja ad Modriča Oil Rafinery Hidroelektrane na Vrbasu ad Mrkonjic Grad Hidro-power plant Banjalučka pivara a.d. Banja Luka Brewery R I TE Ugljevik ad Ugljevik Termo-power plant ZTC Banja Vrućica ad Teslić Human health activities ,90% R I TE Gacko a.d. Gacko Termo-power plant More information on: 12
13 Symbol Bonds Nominal Amount EUR Nominal Interest Rate Maturity RSBD-O-A Republika Srpska 5% 18/11/18 61,355, RSBD-O-B Republika Srpska 6% 26/04/19 12,015, RSBD-O-C Republika Srpska 6% 29/06/19 3,323, RSBD-O-D Republika Srpska 4,5% 11/04/18 33,233, RSBD-O-E Republika Srpska 6% 18/06/19 20,451, RSBD-O-F Republika Srpska 6% 24/09/18 15,338, RSBD-O-G Republika Srpska 5,5% 03/12/19 25,564, RSBD-O-H Republika Srpska 4,5% 11/03/19 30,677, RSBD-O-I Republika Srpska 4,75% 05/06/20 28,632, RSBD-O-J Republika Srpska 4% 08/07/19 23,008, RSBD-O-K Republika Srpska 4,25% 21/10/20 23,008, RSDS-O-D Republika Srpska - frozen savings accounts 4 39,297, RSDS-O-E Republika Srpska - frozen savings accounts 5 33,892, RSDS-O-F Republika Srpska - frozen savings accounts 6 26,871, YTM 13
14 Symbol Bonds Nominal Amount EUR Nominal Interest Rate Maturity RSIO-O-A Republika Srpska - settlement of obligations 1,486, RSOD-O-A Republika Srpska - settlement to suppliers 1 887, RSOD-O-B Republika Srpska - settlement to suppliers 2 277, RSRS-O-A Republika Srpska - war damage 1 20,842, RSRS-O-B Republika Srpska - war damage 2 14,249, RSRS-O-C Republika Srpska - war damage 3 41,182, RSRS-O-D Republika Srpska - war damage 4 18,404, RSRS-O-E Republika Srpska - war damage 5 14,880, RSRS-O-F Republika Srpska - war damage 6 28,350, RSRS-O-G Republika Srpska - war damage 7 11,155, RSRS-O-H Republika Srpska - war damage 8 13,959, RSRS-O-I Republika Srpska - war damage 9 16,455, YTM 14
15 Millions (EUR) Nonresidents buy Nonresidents sell Residents buy/sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell *Turnover without Public Offerings and Takeovers 15
16 Thank you for your attention Darko Lakić, CEO The Pension Reserve Fund of Republic of Srpska 16
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