IR UPDATE SEPTEMBER 2017

Transcription

1 IR UPDATE SEPTEMBER 2017

2 Contents 1. Company Highlights 3 2. Recent Accomplishments 8 3. Business Strategy Romanian Capital Market Overview Appendix: Financial Data IR contacts 28 2

3 Company Highlights

4 Company Highlights Bucharest Stock Exchange BVB Indicator BVB ISIN ROBVBAACNOR0 Reuters ROBVB.BX Bloomberg BVB.RO Bloomberg BBGID BBG000BBWMN3 Share price ( August 17, 2017) EUR 7.5 / RON 34.6 Market Cap (August 17, 2017) EUR 57 mn / RON mn No. of outstanding shares 7,674,198 ADT 12TM (ended August 17, 2017) RON 0.08 mn P/E (price as of August 17, 2017, 12TM EPS) 24x*** P/BV (price as of August 17, 2017) 2.5x*** Turnover velocity (2016)* 10% Liquidity (2016)** 7% * value traded average market cap ** no. of shares traded no. of shares outstanding *** P/E and P/BV are calculated based on BVB Group financials as of March 31, dividend: RON 0.87/share Ex-div date: 16 May BVB share performance [YTD, August 16, 2017] 2016 dividend: RON 0.92/share Ex-div date: 15 May 1/13/2016 4/8/2016 7/6/2016 9/29/ /28/2016 3/24/2017 6/23/ % free-float, listed since % ownership threshold, majority institutional shareholders BVB main shareholders*: Romanian institutional investors 71.08% Foreign institutional investors 14.84% Romanian private investors 12.81% Foreign private investors 1.27% *Data as of July 31, 2017 Analyst (Company) Hai Thanh Le Phoung (Concorde) Lucian Albulescu (Wood&Co) Mihaela Podgorski (Swiss Capital) Catalin Diaconu (Raiffeisen Bank) Analyst coverage 12M TP (Recommendation) 39.5 (Buy) 37.0 (Buy) (Buy) 30.4 (Hold) Last report 20-Jun Mar Aug May-16 4

5 Company Highlights Why Bucharest Stock Exchange? Emerging Market Watchlist As per the decision of FTSE Russell published on the 29th of September 2016, the Romanian capital market has been put on the list of countries that have a substantial potential to be upgraded to the status of the Emerging Market. In the case of Romania, the upgrade will depend on the progress as regards the market liquidity and the presence on the market of largest companies with significant individual liquidity. Largest dividends in the world Romanian Capital Market has recorded the highest dividend yields in the world in 2016 and the trend continued also this year. BET Total Return (BET-TR) index, which includes the dividends granted by the most liquid companies listed on BVB, has jumped by over 40% in USD terms in H1.2017, reporting the fastest growth among all 23 MSCI Frontier Markets Index countries, a Berenberg analysis shows based on Bloomberg data. Growing Domestic Potential Wide market reforms Potential privatizations and a pipeline of private companies Advance of 18% of pension funds total assets (pillar II and III) during the first seven months of 2017, after another comparable increase of 28% Y-o-Y in The AuM of the Romanian investment funds equal EUR 5.7 bn as of April 30, There is also a big potential vested in the currently small, but very active local retail investors base. Constant work on ameliorating the investment landscape, with focus on: easing investors access to the market and fiscal compliance, reducing the cost of the market, improving the servicing of investors rights, simplifying procedures related to primary markets for equities and bonds and developing the market infrastructure. New regulations regarding lending & borrowing operations were approved. Rich portfolio of state-owned companies as the state has majority stake in 250 companies in total. Some are currently pending the privatization. Some of the expected companies: Source: ASF, AAF 5

6 Company Highlights Main financial indicators Main financial indicators,1h 2017 vs. 1H 2016 (RON mn) H H 2016 Operating revenues Operating profit Net profit Dividends and dividend yield 1.8 Business model BVB is the leading stock exchange in Romania and operates several markets: The Regulated Market - where financial instruments such as shares and rights issued by international and Romanian entities, debt instruments (corporate, municipality and government bonds issued by Romanian entities and international corporate bonds), UCITs (shares and fund units), structured products, tradable UCITS (ETFs) are traded; AeRO Market - designed for start-ups and SMEs, launched on 25 February BVB s operating revenues are generated mainly from the trading of all the listed financial instruments, from fees charged to issuers for the admittance and maintenance to the trading system, as well as from data vending to various users % % 4.4% % % 2.7% % 7% 6% 5% 4% 3% 2% 1% Stable dividend policy Stable dividend policy, with a payout ratio of 100%, after legal reserves The gross dividend distributed for 2016 was RON /share. The dividend policy is expected to remain unchanged % Dividend/share [RON] Dividend yield [%] 6

7 Company Highlights Latest developments New sources of short-term revenues Intensify retail dedicated projects in order to bring new liquidity to the market Support the implementation of short selling, market making New products launched, such as warrants Expand data vending and IT&C services Attract partnerships for current events Expense management discipline Increased attention paid to cost management discipline Budget of CSD pre-approved by the Bucharest Stock Exchange Transparency Operational developments BVB becomes one of the first IRIS (new reporting system) user Include Corporate Governance compliance Report in the Annual Report Quarterly analysts calls and yearly meetings Live audio casts of financial results meetings Annual meetings with investors and roadshows (London, Warsaw, Budapest and New York) Reporting in both Romanian and English languages New IFRS standard consolidated reporting Reducing the multitude of trading venues through the merger with SIBEX, the Sibiu Stock Exchange Plans for CCP services establishment for both spot & futures markets 7

8 Recent Accomplishments

9 Recent accomplishments Bucharest Stock Exchange, key figures Over 17.7% BET index evolution in 2017* 27.2% BET-TR index evolution in 2017* (BET Total Return index includes the dividends distributed by companies included in the main index of the market, BET) 7% BET companies are expected to pay 7% DivY in 2017 The biggest dividend yield in the world EUR 10.5 mn/day, +30% Average value traded in shares in 2017** Proven growth story Future Emergent Market Romanian Capital Market put on FTSE Russel Emerging Market Watchlist (September 2016) 3 companies, the minimum criterion imposed by MSCI for promoting the local market to the Emerging Market status RON 1.2 bn (EUR 260 mn) The private companies IPO s in the last nine months RON 944 mn 25,6% shares as of May 2017 RON 230 mn 44% shares as of December 2016 Significant transactions RON 5.49 mn 15% shares as of June 2017 High potential local growth Steps to improving the market Reforms for local market modernization and development projects Suporting listing of state owned and private companies Modernization according to EU regulation and standards Expanding the individual investors base Improvement of the corporate governance * Including the offers, as of August 17th,

10 Recent accomplishments Second place in the region by number and value of IPOs in H Digi Communications and AAGES place Romania on the second place in Central and Eastern Europe by number of IPOs while Bucharest Stock Exchange and Warsaw Stock Exchange are the only two CEE markets with successful IPOs in Q IPOs by market*: Indicator Q Q IPOs Value ( mn) IPOs Value ( mn) Warsaw Bucharest ** Prague Zagreb Wiener Börse Sofia Athens Budapest Recent transactions: RON 944 mn / EUR 207 mn 25,6% shares as of May 2017 RON 230 mn / EUR 51 mn 44% shares as of December 2016 RON 5.5 mn / EUR 1.2 mn 15% shares as of May 2017 *Source: IPO Watch Europe Q2 2017, a PwC analysis **According to the value of IPOs transactions 10

11 Recent accomplishments Recent events Wood&Co becomes 15 companies chosen Super Market Maker on as part of Made in BVB shares Romania 30% gain for the winner of the first live trading competition Launch of InvestingRomania.com Listing of DIGI, telekom company, after the completion of the largest IPO of a private company BET extended to 13 companies 7/24 Capital, a weekly TV online show stock market, unconventional 3 Mar 20 March 6 April 17 May 19 June 13 April 17 August 5 Jan 7 Mar 4 April 11 April 16 May 19 June Monthly BET extended to 12 companies 500 participants at 6 th Individual Investors Forum Launch of an online petition to support the National Investment Day on May 15 GSM approves the merger with SIBEX, change of tariffs and buy-back program BVB and National Trade Registry launch a common project AAGES shares began trading on the BVB following a bid through which shareholders have sold 15% of the company for RON 5.49 million. My first investment. 10 stories about stock market, book release 11

12 Recent accomplishments Recent regulatory changes related to lending and borrowing in securities In August 2016, a breakthrough reform of the securities lending/borrowing and short selling was adopted; The Romanian FSA updated (July 2017) recently the regulation related to lending/borrowing activities, by ensuring a more extended framework, in line with the diversity of the situations that can occur in practice, with regard to: the financial instruments object of those operations; the type of participants involved and the types of operations available to them and their clients. It is a more flexible regulatory support, in line with various market needs, and it provides grounds for a larger use of lending/borrowing operations; It ensures an adequate and improved structure needed for the involvement of the international investors in carrying out these operations. The regulatory updates consist mainly in the following: to extend the financial instruments that can make the object of a loan granted by an investment firm/custodian (with those instruments that belong to the clients of other investment firm/custodian that were borrowed by that firm/custodian from them); to ensure the support for carrying out the lending/ borrowing operations by the intermediaries/ custodians which are not participants at the DC's system, under the condition of the agreement with a participant at DC s system; to provide the framework that lending/ borrowing operations to be performed between the clients of different investment firms/custodians. At this moment, a platform for facilitating the lending/ borrowing operations is available to the DC participants, based on the displaying the indicative offers of the lenders/ borrowers; 12

13 Business Strategy

14 Business strategy Key focus Developing retail investors base Enlarging the domestic retail base Expanding the educational projects ( Fluent in Finance ) and events (Investor Forums), platforms and an online TV channel, 7/24 Capital National Investment Day: a BVB initiative to establish a special day dedicated to all kind of investments Launching the book My first investment with ten stories about stock market. Attracting private issuers to the main market and AeRO Attracting new potential issuers for both the Regulated Market, as well as continue approaching the SMEs for listings on the AeRO market New projects to be launched: AeRO Fundraising Solution, various projects for ypung entrepreneurs and prospective listing companies on the AeRO market Improving issuers transparency Full enforcement of Corporate Governance in force starting with February 4 th, 2016 Training of listed companies on Investor Relations management, global trends, good governance Improve the reporting system of issuers, through launching a new Issuers Reporting Information System (IRIS) Increasing the importance of sustainability and ESG reporting through UN SSE partnership Launching new products and trading mechanisms Short-selling, trading on margin Lending and Borrowing Warrants Stimulating revenue from data vending Other major projects Acquiring CCP services Relaunching of the derivatives market Merger with Sibex, the Romanian derivatives exchange Mid-term strategic objective: Upgrade to the Emerging Market Status Resuming the privatization process to bring new pipeline of listed companies and improve the free float of those already listed through SPOs Improving the market liquidity through increase in the local retail investors base 14

15 Business strategy Steps towards Emerging Market Status Institutions evaluating Romania Main criteria to be fulfilled by Emerging Markets MSCI FTSE Russell S&P Dow Jones STOXX All the institutions assess Romania as a Frontier market mainly due to Low free float of the listed companies Reduced total market liquidity Lack of possibility to do sizeable investments in Romania Promotion of the local capital market reform: Permanent communication with MSCI, FTSE, STOXX and S&P Dow Jones Organizing a communication platform with international investing community, supported by EBRD and Bloomberg The upgrade to a superior classification is voted by global players: large institutional investors and custodians MSCI FTSE S&P Min. 3 companies fulfilling the following: Company size [full market cap] of USD 1,375 mn Free Float value of USD 687 mn ATVR (Annualized Traded Value Ratio) of min. 15% Romania placed on Emerging Market Watchlist Min. 3 companies meeting eligibility tests (size, free float and liquidity criteria) Qualitative criteria checked by BVB in : fair and non-prejudicial treatment of minority shareholders free and well-developed foreign exchange market transaction costs implicit and explicit costs to be reasonable and competitive Full domestic market capitalization over USD 2.5 bn Domestic annual turnover value over USD 1 bn Exchange development ratio (Mcap to GDP) over 5% 15

16 Romanian Capital Market Overview

17 Romanian Capital Market Overview Regional perspective Warsaw Stock Exchange MCap: EUR bn Avg. daily turnover: EUR mn/day CEESEG Vienna MCap: EUR bn Avg. daily turnover: EUR mn/day CEESEG Prague MCap: EUR 23.9 bn Avg. daily turnover: EUR 21.9 mn/day Budapest Stock Exchange MCap: EUR bn Avg. daily turnover: EUR 34.6 mn/day Ljubljana Stock Exchange MCap: EUR 5.3 bn Avg. daily turnover: EUR 1.6 mn/day Bucharest Stock Exchange MCap: EUR 20.2 bn Avg. daily turnover: EUR 7.9 mn/day Bulgarian Stock Exchange MCap: EUR 5.2 bn Avg. daily turnover: EUR 0.6 mn/day Source: FESE (data as per July 2017), LJSE, BSE. 17

18 Romanian Capital Market Overview Positive macroeconomic outlook Indicator f** 2018f** Real GDP, yoy change (%) Inflation rate (%) ,4 Key interest rate (%) Population (mn) Exchange rate, eop (RON/EUR) Long-Term Credit Rating Credit ratings Outlook Standard & Poor s (May 16, 2014) Moody s (April 21, 2017) Fitch (July 4, 2011) BBB- Baa3 BBB- stable stable stable Notes: * Average rate of consumer prices over the last 12 months as compared to the previous 12 months ** Romanian National Commission for Prognosis estimates for 2017 and 2018 Capital Markets in the CEE Market cap (EUR bn) YTD Bucharest Stock Exchange Budapest Stock Exchange Bulgarian Stock Exchange Ljubljana Stock Exchange CEESEG - Prague Sources: Erste Research, ECB, Eurostat, NBR, National Statistics Office, Romanian National Commission for Prognosis, rating agencies, FESE, BVB, LJSE, ZSE 18

19 Romanian Capital Market Overview High dividend yields BET vs. BET -TR index ( YTD)* % 16.0% DivY % % 7.0% 9.4% 9.1% 11.3% 13% 11.8% 9.1% 6.8% 6.3% 6.87% 4.76% 4.53% 5.11% 3-Jan-14 3-Jul-14 3-Jan-15 3-Jul-15 3-Jan-16 3-Jul-16 3-Jan-17 3-Jul-17 BET BET-TR Average yield 0.0% COTE TGN SNN SNP EL TEL SNG DivY2016 (Oct.16) DivY2017 (Mai.17) In H1.2017, BVB expanded its main indices, BET and BET-TR, to 13 companies, after the additions of CONPET (symbol COTE) and MedLife (symbol M) and Digi Communications (DIGI). The main indices of the BVB, BET and BET-TR recorded the 9 years heights. The BET index reached 8,769 points in May, the highest value recorded in the first half of Romanian Capital Market has recorded the highest dividend yields in the world in 2016 and the total return index, which includes dividends as well, had the highest growth in the world in H1.2017, of 40%. Note: Chart for BET-TR uses back-tested values before Sept 19, 2014 (index launch date). The chart is rebased at 100 and uses until August 3rd, 2017 Source: BVB 19

20 Romanian Capital Market Overview Growing pension funds and asset management industry % Pension funds: total assets and allocation in equities 2013-July 31, 2017* [EUR bn, %] 19.2% 19.3% 18.8% 20.0% 21.0% 16.0% ,024 Asset managers: net assets (EUR bn), number of investors, , , , , % , % 1.0% , , , % Total assets (EUR bn) Investments in equities (EUR bn) 0.0 Dec-14 Dec-15 Dec-16 Apr ,000 Investments in equities (%) Total assets [EUR bn] Total number of investors Advance of 18% of pension funds total assets (pillar II and III) during the first seven months of 2017, after another comparable increase of 28% Y-o-Y in 2016 During 2017, investments in equities increased in value (from EUR 1.4 bn registered in 2016 to EUR 1.7 bn), and also in percentage of funds total assets from 18.8% to 20%. Strong growth rate of net assets starting from From the begining of 2017, the growht rate continued the trend set in previous years The number of investors slightly decreased in Q1 2017, after the industry gained over 23,000 new investors between Sources: FSA, AAF 20

21 Appendix: Financial Data

22 Appendix: Financial Data BVB Group and the operated markets Bucharest Stock Exchange Bucharest Stock 100% Exchange free float 100% free float Markets operated by BVB Central Depository Central Depository 69.04% Bucharest Clearing House Bucharest Clearing House 52.5% Compensation Investors Compensa- Fund 62.3% tion Fund Corporate Governance Institute 100% Corporate Governance Institute 69.04% 52.51% 62.45% 100% Main Market Listed companies: 85 domestic and 1 foreign Domestic market cap: EUR 20.4 bn Total market cap: EUR 36.2 bn AeRO market for SMEs Listed companies: 277 domestic and 2 foreign Domestic market cap: EUR 1.12 bn Total market cap: EUR 1.15 bn Entities included in the consolidation process Segments within BVB Group: Trading segment Bucharest Stock Exchange Not included in the consolidation process Post-trading segment - Clearing & settlement services of the Central Depository Registry segment Registry activities of the Central Depository FCI services & other services Activities of the Investors Compensation Fund and of the Bucharest Clearing House Instruments: shares, rights, corporate and municipal bonds, government securities, structured products, fund units, tradable UCITS (ETFs), warrants Instruments: shares, rights, bonds Data as of 18 August

23 Appendix: Financial Data Market size and structure Average daily turnover YTD* [EUR mn/day] SIF Banat Crisana, 2.0% SIF Moldova, 2.99% Digi Communications, 4.9% Electrica, 5.6% Transgaz, 6.26% Most traded stocks at BVB in 2017(%) Others, 13.3% Banca Transilvania, 19.4% Fondul Proprietatea, 17.78% YTD Shares/Fund Units Bonds Structured products OMV Petrom, 6.8% Note: Public offers included.*as of August 18, 2017 Note: Public offers included. Data for 1 Jan 16 Aug 2017 BRD Gr- Soc., 10.1% Romgaz, 10.92% Equity market has the largest share in total turnover. Structured products segment gained importance, with the adition of new products. Banca Transilvania (TLV) continued to be most the most traded company on the Bucharest Stock Exchange, followed by Fondul Proprietatea (FP) and Romgaz (SNG). 23

24 Appendix: Financial Data 1H 2017 BVB Group financial results June 2017 Dec 2016 Main financial indicators H 2017 (RON mn) Non-current assets Current assets Total assets Shareholders equity attributable to owners of the Company Minority interest Short-term liabilities Total equity and liabilities H 2017 Operating revenues Net financial revenues Net profit At the end of June 2017, total assets of the BVB Group amounted to RON mn (31 December 2016: RON mn), up by 7% compared with the beginning of the year. Fixed assets decreased by 3% compared to the beginning of the year, while current assets increased by 17% to RON mn (31 December 2016: RON mn). The amounts available for dividends payment to the Central Depositary's clients were shown in Other restricted assets and represented at the end of June 2017 the amount of RON mn (31 December 2016: RON mn). Note: Consolidated financial results, prepared in accordance with IFRS. The financial figures for 1H 2017 are restated to IFRS and are not audited In the first half of 2017, the BVB Group recorded operating revenues of over RON mn (1H.2016: RON mn), an increase by 43% generated by all operating segments of the Group. The revenues generated by BVB, representing the Group's trading segment, amounted to RON mn (excluding intragroup transactions) in the first half of 2017, a 57% y-o-y increase. The operating profit of the BVB Group amounted to RON 5.98 mn, almost 5 times higher than the result obtained in the similar semester of The net profit amounted RON 5.15 mn (1H.2016: RON 1.80 mn). 24

25 Appendix: Financial Data 1H 2017 BVB Group financial results Breakdown of operating revenues, H 2017 (RON mn) H 2017 Trading Post-trading Registry FCI services % Net profit, operating and net margins, H % 36% 28% % % 25% % 31% H 2017 Net profit Operating margin (%) Net margin (%) 26% 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% Distribution of operating revenues and result, by segment, 1H 2017 (RON mn) 4.60 Operating revenues Operating profit The trading activity at BVB was more intense in the first half of the year, registering an increase by 37% compared to the first half of 2016 to a level of RON 6.70 bn. For the regulated market of shares, the average daily trading value was RON mn. The fixed-income instruments market (bonds and government securities) registered a decrease compared to the same period last year, to the value of RON 87 mn (1H.2016: RON 286 mn). The structured products market declined by 36% compared to the first half of 2016, to the amount of RON 150 mn (1H.2016: RON 233 mn). Trading Post-trading Registry FCI services 25

26 Appendix: Financial Data Trading segment overview Breakdown of trading segment revenues in 1H 2017 (%) Historical trading fees (bps) Data vending, 5% Issuers fees, 9% Other, 4% Trading fees, 82% Sell Buy Sell Buy Sell Buy Note: Fees in bps are charged to the value of the trade (buy & sell) and do not refer to Market makers and DEAL trades. Drivers of the trading segment revenues On the Bucharest Stock Exchange 2 initial public offerings (IPOs) has successfully completed in the second quarter, with a cumulative value of more than EUR 208 mn - Digi Communications (DIGI), an important provider of telecommunication services in Romania and Hungary, with an offer of RON 944 mn and AAGES (AAG), a company that designs and manufactures induction heating installations for a wide range of applications, with an offer of RON 5.49 mn. The January-June 2017 period was one of significant increases for both the number of transactions and traded values. Thus, the best first semester in the last 6 years was registered in terms of number of transactions (418 thousands). Operating revenues and profit, trading segment in 1H 2017 (RON mn) H H 2016 Op. revenues, RON mn Op profit, RON mn Net result 26

27 Notes 27

28 IR Contact Daniela Serban, Director IR&PR Natalia Negru, IR&PR Specialist Phone: Fax: BURSA DE VALORI BUCURESTI SA Bulevardul Carol I nr , Etaj 13-14, Sector 2, , Bucuresti, Romania Tel.: Fax: Website: bvb@bvb.ro Registrul Comertului: J40/12328/2005 CUI: Capital social, integral subscris si varsat: lei Decizia CNVM Nr. 369 / THIS PRESENTATION WAS PREPARED BY BURSA DE VALORI BUCURESTI. THE INFORMATION CONTAINED IN THIS DOCUMENT HAS NOT BEEN INDEPENDENTLY 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 FUTURES 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 MANAGEMENT S 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. EXCHANGE RATE USED FOR ADT IS THE DAILY EXHANGE RATE AS ANNOUNCED BY THE NBR. ACEASTA PREZENTARE A FOST REALIZATA DE BURSA DE VALORI BUCURESTI. INFORMATIILE CONTINUTE IN ACEASTA PREZENTARE NU AU FOST VERIFICATE DE CATRE O TERTA PARTE INDEPENDENTA, ASTFEL NU EXISTA NICIO GARANTIE SI NU TREBUIE LUATA CA ATARE ACURATETEA, CORECTITUDINEA SI COMPLETITUDINEA ACESTOR INFORMATII. PERFORMANÞA ANTERIOARA NU ESTE O GARANTIE A REZULTATELOR VIITOARE. ACEST DOCUMENT NU REPREZINTA O OFERTA DE A CUMPARA ACTIUNI. ANUMITE DECLARATII DIN ACEST DOCUMENT POT FI DECLARATII DESPRE ASTEPTARILE VIITOARE SAU ALTE EVOLUTII VIITOARE SI SE BAZEAZA PE VIZIUNEA SI IPOTEZELE ACTUALE ALE CONDUCERII COMPANIEI SI IMPLICA RISCURI CUNOSCUTE SI NECUNOSCUTE, PRECUM SI INCERTITUDINI CARE POT DETERMINA CA REZULTATELE EFECTIVE, PERFORMANÞA SAU EVENIMENTELE VIITOARE SA DIFERE SEMNIFICATIV DE CELE EXPRIMATE SAU INTELESE IN ACESTE DECLARATII. 28