FIMA Daily Insight

Wednesday, December 23, 2015

Croatia

ZAGREB STOCK EXCHANGE Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.55% to CROBEX Last 1.647,67 1,647.67 pts and blue chip CROBEX 10 declined 0.48% to 975.69 pts. Regular stock turnover amounted to HRK 22.05 million. (Negative) daily -0,55% YTD -5,60% Atlantic Grupa (ATGRRA CZ) topped the liquidity board collecting HRK 7.0 million in turnover while its price decreased 0.86% to HRK 812.00. CROBEX10 Last 975,69 daily -0,48% Cedevita, operating company of Atlantic Grupa (ZSE: ATGR-R-A), signed an agreement with Spider Group on the sale and purchase of its tea business. The transaction implies consolidating the YTD -3,12% assortment under the unified Naturavita, which as of Jan 1, 2016 will be owned by Spider Stock Turnover (EUR m) 2,83 Group, while the strategic cooperation of the two companies will continue through a distribution MkCap(%of GDP) 56,91% partnership. Atlantic Grupa adopted a decision on the spin-off and sale of the total tea business so Source:www.zse.hr that the business focus of Cedevita could be entirely dedicated to its core operations –instant vitamin drinks. (Positive)

Croatian builder (ZSE:VDKT-R-A) said on Tuesday its offer for the reconstruction of state road LJUBLJANA STOCK EXCHANGE DC 206, location Pregrada was picked by state-owned motorway operator Hrvatske Ceste as most favorable. Viadukt said in a bourse filing its offer was priced at HRK 13.7 million. (Positive) SBI TOP Last 685,02 daily -0,62 The World Bank (WB) expects 's GDP to grow 1.5% this year and 1.9% on average in 2016 and 2017, WB senior economist for Croatia Sanja Madzarevic Sujster said at a presentation of the YTD -12,64% bank's regular semi-annual economic report on the European Union in on Tuesday. (Positive) Stock Turnover (EUR m) 1,04 Croatian hotel group Suncani Hvar [ZSE:SUNH-R-A] plans to invest HRK 50 mln in the reconstruction MkCap(%of GDP) 50,95% of its hotel Pharos. (Positive) Source:www.ljse.si

Luka Koper (LJE:LKPG) has exceeded the historical amount of an yearly throughput of 20 million BUCHAREST STOCK EXCHANGE tonness already in the middle of this month, as well as this year's plan. The company estimated that it BET Last 6.951,53 will conclude the business year with a throughput of 20.5 million tonnes. (Positive) daily 0,73% Romania

YTD -1,86% KMG International has reconfirmed its commitments assumed in the memorandum of understanding BET BK Last 1.335,42 signed with Romanian government regarding the investment fund and the participation in the daily 0,46% privatization of a 27% stake of Rompetrol Rafinare, the company said in a statement. (Neutral) YTD 2,08% New RON-denominated loans weight in total loans increased to 75% in 2015 from 49% in 2008. In BET TR Last 7.917,82 the first ten months of the year, RON and FX denominated loans of RON 53.5 bln were granted to retail and the corporate segment, out of which 75% represents new loans. The boost in lending was daily 0,73% determined by low interest rates, as well as increased revenues and consumer confidence. (Neutral) YTD 2,36% The net profit of Romania's insolvent hydro power producer Hidroelectrica increased 7.3% to RON 709 Stock Turnover (EUR m) 16,30 million (EUR 157 million) in 9M 2015, the company's insolvency administrator, Euro Insol, said on MkCap(%of GDP) 21,47% Tuesday. Turnover fell by 0.4% RON to 2.5 billion through Sept with the company delivering 13.3 Source:www.bvb.ro million MWh of electricity worth RON 2.1 billion. The company's total debt reached RON 675 million at the end of Sept, down from RON 1.2 billion at the end of last year. (Positive)

Romania's unemployment rate edged down to 6.5% in the third quarter of 2015 from 6.7% in the BULGARIAN STOCK EXCHANGE previous quarter, the country's statistics bureau said on Tuesday. The number of unemployed in the SOFIX Last 443,05 country of 9.3 million active people was 613,000 at the end of September. (Positive) daily 0,19% Bulgaria

YTD -15,14% Bulgarian gas monopoly Bulgargaz raised to 2.32% the cut it is seeking in the price at which the Stock Turnover (EUR m) 4,50 company will sell natural gas to its wholesale clients in 1Q 2016. Earlier in Dec, Bulgargaz said it has MkCap(%of GDP) 12,39% proposed to the country's energy regulator a 2.1% decrease to BGN 406.49 per 1,000 cu m for 1Q 2016. Natural gas will further depreciate at the beginning of Apr 2016 by more than 10%. For the 4Q Source:www.bse-sofia.bg of the year, the energy regulator cut the price of natural gas by 14.26%. The adjustment in the wholesale tariff, made on a quarterly basis, must be approved by the energy regulator to take effect. According to local media, the regulator is expected to take a decision on the 1Q gas prices on Dec 30, 2015. (Neutral)

Bulgaria's M1 money supply, which includes cash in circulation and demand deposits, rose by 12% on the year in November, central bank data indicated on Tuesday. The M2 money supply rose to BGN 72.7 billion (EUR 37.15 billion) in November from BGN 65.4 billion a year earlier. The M3 broad money increased by an annual 11.2% to BGN 72.7 billion. (Positive)

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FIMA Daily Insight

Wednesday, December 23, 2015

TOP 5 Companies ZAGREB STOCK EXCHANGE 22 December 2015 turnover (HRK) by price - Gainers (CROBEX) by price - Decliners (CROBEX)

Symbol Price Volume (mln) Change Symbol Price Change Symbol Price Change

ATGR-R-A 812,00 7,01 -0,86% HMST-R-A 221,00 11,62% ATPL-R-A 187,17 -6,71% ERNT-R-A 982,00 6,70 -1,31% LRH-R-A 4.300,00 4,72% DDJH-R-A 22,58 -2,00% PODR-R-A 323,00 2,31 0,31% ZABA-R-A 38,44 3,86% ARNT-R-A 334,00 -0,89% RIVP-R-A 23,55 1,38 -0,42% ERNT-R-A 1.099,90 2,22% ADRS-P-A 403,49 -0,76%

ADRS-P-A 360,01 1,11 0,00% BLJE-R-A 24,49 2,00% ADPL-R-A 95,73 -0,28%

TOP 3 Companies LJUBLJANA STOCK EXCHANGE 22 December 2015 turnover (EUR) by price - Gainers by price - Decliners

Symbol Price Volume (000) Change Symbol Price Change Symbol Price Change ZVTG 22,92 363,53 -0,35% KDHR 7,010 19,22% DATR 2,1 -15,66% TLSG 74 139,93 0,00% SAVA 0,510 18,60% MTSG 32,1 -7,76%

PILR 25,37 132,98 0,06% UKIG 10,950 3,30% KSFR 0,6 -1,64%

TOP 3 Companies BUCHAREST STOCK EXCHANGE 22 December 2015 turnover (RON) by price - Gainers by price - Decliners

Symbol Price (RON) Volume (000) Change Symbol Price Change Symbol Price Change TLV 2,4100 29.444 2,99% PTR 0,3540 9,60% ELJ 0,0850 -15,00%

FP 0,8080 7.594 0,12% EPT 0,0250 7,76% VESY 0,0428 -4,04%

EL 11,9400 4.018 0,51% OLT 0,4350 6,36% BRM 0,9700 -3,00%

TOP 3 Companies BULGARIAN STOCK EXCHANGE 22 December 2015

turnover (BGN) by price - Gainers by price - Decliners

Symbol Price (BGN) Volume (000) Change Symbol Price Change Symbol Price Change

5IC 1,000 818,28 16,28% 5IC 1,000 16,28% 4I8 2,954 -5,83%

5V2 24,000 61,24 3,23% 6S7 1,249 9,56% 4EH 0,720 -1,91% 6C4 1,350 50,96 -0,88% T43 0,380 5,56% 5DOV 0,735 -1,21%

Investments stories

Sirma Group Holding - IPO from September 16th until October 15th 2015. The company plans to raise BGN 26.4 mln by issuing 16 mln new shares at a price range of BGN 1.20-1.65 per share. Sirma is the biggest Bulgarian IT developer with over 20 years of successful operations.

Corporate events

23.12.2015. Cakovecki mlinovi (CKML-R-A) – Cash dividend: HRK 50.0

30.12.2015. Adriatic Croatia International Club (ACI-R-A) – Cash dividend: 142.06

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FIMA Daily Insight

Wednesday, December 23, 2015

Long-term credit Croatia Slovenia Bulgaria Romania rating

Fitch BB BBB+ BBB- BBB-

Standard&Poors BB A- BB+ BBB-

Moody's Ba1 Baa3 Baa2 Baa3

Exchange rates

FX RATE HRK per EUR 0,1325

FX RATE BGN per EUR 0,5113

FX RATE RON per EUR 0,2264

FX RATE EUR per USD 1,1280

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FIMA Daily Insight

Wednesday, December 23, 2015

CONTACTS FOR INSTITUTIONAL INVESTORS IRENA IVANKOVIĆ [email protected] +38542 66 09 64 DARKO HORVAT [email protected] +38542 66 09 05 TRADING DEPARTMENT: [email protected] +385 42 66 09 60 RESEARCH DEPARTMENT: HANA HORVAT [email protected] +385 42 66 09 67

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