sortis invest presentation 20090715 en
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SORTIS INVEST
Corporate Presentation
Sofia
July 2009
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SORTIS Group
Corporate Presentation 3
SORTIS Invest is part of the SORTIS Group that also comprises:
Real Estate Investment Management
Company with expertise in:
Real estate investment advisory Real estate portfolio management Property fund management Mezzanine real estate financing
SORTIS Real Estate structures individual andcollective investment schemes that enable its
client-investors to benefit from the real estateopportunities the company has sourced andsecured.
Active in all major real estate sectors,including residential, office, retail, industrialand hotels.
Credit and Leasing Advisory Companywith expertise in:
Mortgage loans Investment loans Consumer loans Leasing Refinancing
SORTIS Credit offers advisory services for bank
loans and leasing to businesses andindividuals.
Partnership agreements with the leadingcommercial banks, leasing companies andnon-bank financial institutions in Bulgaria.
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Services
SORTIS Invest assists entrepreneurs in selecting and obtaining the most
appropriate type of financing for their investment plans
SORTIS is able to arrange the full spectrum of financing options andsecure100% of the investment needed through:
Private equity
Venture capital
Mezzanine loans Bank loans and other debt capital; leasing
EU grants funding
Additional services to corporate clients include consulting on:
Mergers & acquisitions
Corporate finance Company restructuring
SORTIS Invest also works on behalf of investors to identify high-yieldinvestment opportunities that match predefined investment criteria
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Private Equity
In a private equity or venture capital deal the investor:
Buys shares in the investee company Does not receive regular installments like interest on loans
Assumes part of the business risk of the entrepreneur
Makes money only when the entrepreneur also makes money
Venture Capital is given to growing companies that need externalfinancing in order to continue their expansion
Private Equity investors look for profitable and cash-flow positivecompanies
Sources of funding:
Strategic Investors
Venture Capital Funds Private Equity Funds
Buyout Funds
Business Angels, etc.
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Mezzanine Loans
Mezzanine financing is a way of attaining financing without ceding
ownership of the company. It is a blend of traditional debt financingand equity financing, reaping some benefits of both
Mezzanine financing is an unsecured debt, requiring no collateral tobe put up, unlike traditional bank loans
Like debt, mezzanine financing is very fluid and does not necessarilyinvolve giving up an interest in the company
Very high interest rates - often in the 20-30% range
Lenders often have the right to convert their stake to equity
ownership in the event of a default on the mezzanine loan
Mezzanine financing facilitates bank financing for the project, as it issubordinated to the senior debt
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Project Finance
Project Finance is financing for a particular project (such as a mine,
toll road, railway, pipeline, power station, etc.) which is repaid fromthe cash flow of that project
The financier principally looks at the assets and revenues of theproject in order to secure servicing of the loan on a stand-alone basis
Little or no recourse to the non-project assets of the borrower or thesponsors of the project
The credit risk associated with the borroweris not as important as in ordinary loantransactions
Identification, analysis, allocation andmanagement of every risk associatedwith the project is of paramount importance
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Corporate Finance
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SORTIS Invest helps its corporate finance clients to maximize the value
of their companies while keeping an eye on the firm's financial risks
Corporate Finance Services:
Mergers and Acquisitions
Business sales and disposals
Public company and take-over advice Management buy-outs
Management buy-ins
Strategic alliances
Valuations, fairness opinions and appraisals
Debt-raising and restructuring advice
SORTIS assists companies in their strategic choices aimed at growth,
market penetration and/or exit
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SORTIS Invest assists companies in obtaining
grant financing from EUs Operational
Programmes that are active in Bulgaria
The SORTIS EU Grants services include:
Eligibility evaluation
Competent choice of the most appropriate scheme for the Clients
project
Preparation of a professional business plan and financial model that
demonstrate explicitly the projects business sense and profitability
Putting together the physical application and organizing all necessarydocumentation
Assistance in attracting the needed co-financingsecuring 100% of the
investment required to implement the project
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EU Grants Funding
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Approach
Before taking a mandate and presenting an investment opportunity to
potential investors, SORTIS Invest makes an internal assessment of theproject in order to determine its:
Feasibility Bankability and finance-ability Project Sponsors creditworthiness
SORTIS Invest suggests a financing structure, which best serves theClients interests and at the same time meets the investment policiesand requirements of potential funders
Equity Mezzanine loans Project financing
Credibility and trust are a main factor in the decision making processof all financial investors
Investors heavily rely on the discretion of SORTIS Invest in selecting andproposing them high-quality projects
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Pre- & Post- Investment Support
SORTIS helps its advisory clients determine and
refine a winning business strategy and thenimplement it
Business strategy is determined based onassessment of the Clients competitive positionand taking into consideration global and localmarket conditions and long-term trends
Careful analysis of:
Competitive advantages of the Client
Problem areas
Strategic positioning
Market trends
Project characteristics
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Investment Funds
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SORTIS Invest has built up an extensive network of investment fundscomprised of:
Private equity funds
Buy-out funds
Mezzanine funds
Venture capital funds
Seed capital funds
Business angels
High net worth individuals
Network of ca. 120 investment funds throughout countries in Europe,
North America, Middle East and Asia SORTISs relationships with a wide range of investment funds
facilitates investment process by finding the optimal solution for the
Client
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Funds Investment Criteria
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Partnering funds bring to companies and businesses exposure to a
broad variety of investment criteria:
Equity investment size: from 1mln to 150+mln
Investment horizon: usually 3 to 7 years, maximum 15 years
Variety of sectors on focus
Ownership stake: controlling, majority or significant minority
Transaction types: leveraged buy-outs, management buy-outs and buy-ins, growth capital, seed and early-stage
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Strategic Investors
Corporate Presentation 14
SORTIS Invest works with a network of strategic investors that could
convey to companies and businesses substantial benefit by: Adding value to investments
Strategic partners that operate in major industries such as healthcare,telecommunications, technology, retail, food processing, beverages, etc.
Providing industry know-how and business expertise
Strategic investor may possess a brand name recognized in manycountries
Strategic investor typically brings to the firm valuable experience inmarketing, operations and sales
Providing valuable training to company employees and management
Strategic investor also provides industry and personal connections that
are beneficial for bringing in additional capital and/or assisting with thesale of the company's products and services
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Management
Martin Paev has 10+ years of investment banking, M&A and asset managementexperience gained at the ING Barings investment bank in Frankfurt/Main(Germany), ETEBA (the investment banking arm of National Bank of Greece),Balkan Advisory Company (an independent investment banking boutique inSouth-Eastern Europe).
Mr. Paev structured the first Real Estate Investment Trust in Bulgaria (TBI-BAC REIT)and acted as the REITs Executive Director from its establishment until he joinedADDRESS Group as Executive Director of ADDRESS Investment & Development in2005. In November 2006 he established his investment advisory firm, SORTIS Invest.In March 2007 SORTIS Real Estate was set up as a real estate asset managementand investment advisory company.
Educated in Bulgaria, the Netherlands and Germany, Mr. Paev holds a Mastersdegree in Banking and Finance and a Bachelors degree in BusinessAdministration. He is CFA Charterholder and served two mandates as Boardmember of the Bulgarian CFA Society.
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Mr. Martin Paev, CFA
Born 1975, BulgarianOwner and General Manager
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Key Team Members
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Dimcho G. Dimitrov, Investment Banking Associate, brings experience to theSORTIS team in strategic market research, analysis and forecasting, newproduct market sizing through financial modeling and company due diligenceon M&A transactions. Prior to joining SORTIS, Dimcho was Strategy Analyst withW. R. Grace & Co., a $3B public specialty chemicals company, where heprovided analytical support for the organic and external growth initiatives ofthe organization. Mr. Dimitrov holds a Master of Business Administration (MBA)
degree from Northeastern University, Boston, USA.
Krasimir Goranov, Investment Banking Associate, is an expert in finance andaccounting, including investment analysis, project and company valuations,hedging and risk control and portfolio management. Prior to joining SORTISInvest, Krasimir worked in the US as a Financial Analyst for Q Investments, L.P., a
privately-held hedge fund with $2.7B of assets under management. Mr.Goranov held similar positions also at Bear Stearns & Co. and William C. ConnorEducational Investment Fund. Mr. Goranov completed his Bachelors degree inAccounting and Finance at Texas Christian University, Fort Worth, USA.
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Track Record
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WiMax Telecom Operator
Investor: Dekol
Amount: n.a.
Financial Advisor toAtlantis.bg (Project Sponsor)
August 2007
LAN Internet Provider
Investor: Advance EquityHolding
Amount: 4,000,000
Financial Advisor toSpeedy Net
December 2007
Speedy Net
Risk Management Software
Investor: New EuropeVenture Equity (NEVEQ)
Amount: $ 5,000,000
Financial Advisor toFinAnalytica
March 2008
Selected private equity and venture capital deals:
As well as projects in food processing, retail trade,
information and communication technologies, healthcare and other sectors.
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Contacts
Mr. Martin Paev, CFAGeneral Manager
E-mail: paev@sortis.bg
Cell: +359 88 50 50 200
www.sortis.bg
Tel: +359 2 943 90 70
Fax: +359 2 943 90 71
49 Madrid Blvd., Floor 1
Sofia 1505, Bulgaria
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