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CROATIA | SLOVENIA | ROMANIA | BULGARIA FIMA Daily Insight June 19, 2017 CROATIA BENCHMARKS DAILY CHANGES % Croatian equities closed higher on Friday with both indices increasing; CROBEX increased 0.11% to 0,73% 1,857.87 pts and blue chip CROBEX 10 increased 0.10% to 1,107.93 pts. Regular stock turnover amounted to HRK 4.86 million. (Positive) Croatian oil and gas company INA (INARA CZ) topped the liquidity board collecting HRK 3.2 million in 0,21% turnover and its price decreased 0.78% to HRK 3,175.00. 0,11% Adris’ (ADRSRA CZ) insurance company Croatia osiguranje (CROSRA CZ) finished with restructuring process and stopped negative trends. In the period Jan-Apr, Croatia osiguranje increased net profit by 61% yoy. For 2017, Management board expects GWP to increase by 4% yoy and net profit to reach HRK 226 mln. Insurance market in Croatia has been showing improvements, therefore in May, insurance -0,25% companies recorded total gross premiums in the amount of HRK 4.14 bln, which was an increase of CROBEX SBI BET SOFIX 2.24% yoy. Non life insurance premiums grew by 2.93% yoy to HRK 2.85 bln, while life insurance premiums increased by 0.75% to HRK 1.28% yoy. (Positive) BENCHMARKS 3Y CHARTS This year Podravka (PODRRA CZ) marked again a great success on international quality evaluation and received 18 Superior Taste Awards, the most distinguished world award in food segment. All the 140 products that were being evaluated, were rewarded, which is Podravka's greatest success since it started participating on this competition and confirmation of excellence in the categories in which they 120 have been competing. (Neutral) 100 The Croatian National Bank Council (HNB) on Wednesday considered the latest economic and monetary trends and established that statistics from April hinted at less favorable dynamics in the trends at the start of the second quarter. Lending for the purpose of corporate investment increased this April 80 by 1.1% yoy, which put an end to a five year long negative streak, according to the figures released by the Croatian central bank (HNB). (Positive) 60 Jun-14 Jun-15 Jun-16 Jun-17 The Excessive Deficit Procedure (EDP) was officially closed for Croatia on Friday, it was confirmed at a CROBEX SBI BET SOFIX session of the Economic and Financial Affairs Council (ECOFIN) in Luxembourg on Friday. (Positive) In May, consumer prices in Croatia increased by 1.1% yoy, which is lower than a month earlier, with the BENCHMARKS 1Y % RETURNS highest rise in prices in restaurants and hotels, according to data released by the Central Bureau of Statistics (DZS). (Neutral) SLOVENIA 50,0% Rating agency S&P has raised Slovenia's rating one notch to A+ with a stable outlook on the back of 30,5% improved debt dynamics and strong economic growth. (Positive) 15,2% ROMANIA 10,7% In May, Fondul Proprietatea (FP RO) reached NAV in the amount of RON 11.4 bln and was 5% higher mom. In May, FP posted a net profit of RON 968.55 mln, compared to RON 95 mln loss in May 2016. CROBEX SBI BET SOFIX The current portfolio of companies counts a total number of 43 companies, of which 5 are listed on the regular market. (Positive) SALES AND TRADING DESK CONTACTS BULGARIA Leading land REIT Advance Terrafund (6A6 BU) sold 2834 dca of land with deferred payments in May Vlatko Kesegić 2017. The Company has sold 8697 dca in total year to date both, direct and deferred sales, at an Phone: +385 31 636 510 average price of BGN 1450 per dca. Direct sales totaled 4689 dca for the period. The Company has also acquired in total 1834 dca of land at an average price of BGN 844 per dca. (Neutral) E-mail: [email protected] Securities and Exchange Commission approved of Sopharma’s (3JR BU) Tabex US rights holder Darko Horvat merger, according to an announcement by Sopharma. The SEC approved the merger between Achieve Phone: +385 42 66 09 62 Live Science and OncoGenex Pharmaceuticals with the latter expected to be approved by OncoGenex’ E-mail: [email protected] shareholders on Aug 1. In 2015 Sopharma sold its Tabex US rights holder to Achieve Life Science keeping a minority stake with the goal of attractive a US based specialized team for getting the tobacco cessation drug approved for sale in the US. Late in 2016 Achieve partnered with OncoGenex to initiate [email protected] FDA approval. (Neutral) Important: Please see important disclaimer and disclosures at the end of the document 1 FIMA Daily Insight Trading day recap CROATIA Market Trunover ( EUR mn): 0,66 Volume (€mn) Leaders Laggers 1 Ina 0,15 Imunoloski zavod 19,05% Puljanka -13,17% 260 2 Koestlin 0,14 HTTP Korcula 6,58% IGH -6,50% 230 3 Valamar 0,07 SNH Gama 6,34% Viadukt -6,22% 200 4 HT 0,05 Slavonski ZIF 5,48% Optima -6,01% 170 5 ZABA 0,04 Hoteli Medena 3,45% Viktor Lenac -4,80% 140 6 Adris - pfd 0,03 Liburnia 3,26% Luka Rijeka -3,37% 110 7 Optima 0,03 Varteks 2,74% Spin Valis -3,33% 80 8 PBZ 0,02 Petrokemija 2,57% Ingra -3,22% 50 9 Arenaturist 0,02 IKB 2,33% Pectinatus -2,93% Jun-14 Jun-15 Jun-16 Jun-17 10 Excelsa 0,02 Hidroelektra 2,05% Kras -2,27% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,54 Volume (€mn) Leaders Laggers 150 1 Krka 0,27 KS Nalozbe 4,00% Sava Re -5,25% 140 2 Sava Re 0,11 Petrol 0,73% Kmecka Druzba -3,91% 130 3 Triglav 0,08 Krka 0,06% Cinkarna Celje -1,29% 120 4 Cinkarna Celje 0,03 Telekom Slo. 0,00% Unior -0,56% 110 5 100 Petrol 0,02 Mercator 0,00% Triglav -0,16% 90 6 KS Nalozbe 0,01 Luka Koper 0,00% Telekom Slo. 0,00% 80 7 Unior 0,01 Gorenje 0,00% Mercator 0,00% 70 8 Gorenje 0,01 Salus 0,00% Luka Koper 0,00% 60 9 Luka Koper 0,00 Hotel Union 0,00% Gorenje 0,00% 50 Jun-14 Jun-15 Jun-16 Jun-1710 Datalab 0,00 Melamin 0,00% Salus 0,00% SBI ROMANIA Market Trunover ( EUR mn): 9,40 Volume (€mn) Leaders Laggers 150 1 BRD 2,93 Constructii Fe 8,5% Confectii Vasl -57,58% 140 2 Romgaz 1,68 Napochim Imobi 7,14% Industrie Mica -55,56% 130 3 120 Banca Trans. 1,35 Impact Develop 6,95% Neptun Olimp -20,00% 110 4 Fondul Prop. 1,09 Perla Covasnei 6,38% Bucur Bucures -7,93% 100 5 OMV Petrom 0,82 Comat Galati 6,25% Mecanica Ceahl -7,69% 90 6 Transgaz 0,28 Braiconf 4,28% Athenee Palace -7,38% 80 70 7 Sif 2 Moldova 0,24 Prebet Aiud 3,40% S.C Alumil Rom -3,94% 60 8 Conpet Ploies 0,23 Vrancart Adjud 3,27% Icmrs -3,09% 50 9 Jun-14 Jun-15 Jun-16 Jun-17 Sif 1 Banat-Cr 0,14 Forma Botoni 3,10% Iar Brasov -2,35% 10 Prebet Aiud 0,08 Zentiva 2,93% Compa -2,00% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,42 Volume (€mn) Leaders Laggers 150 1 Sopharma 0,14 Billboard 9,43% Vance Equity H -20,37% 140 2 Chimimport 0,07 Fazerles 8,27% Bulland Invest -10,85% 130 120 3 Vance Terrafun 0,05 Doverie Holdin 4,28% Synergon Holdi -5,18% 110 4 Industrial Hol 0,03 Bulgaria Compe 2,31% Sopharma Prope -4,48% 100 90 5 Sirma Group Ho 0,02 FIB 1,81% Balkancar-Zary -4,13% 80 6 FIB 0,02 CCB 1,80% Sirma Group Ho -3,19% 70 7 60 Euroholding Bl 0,02 Industrial Hol 1,27% Monbat -2,67% 50 8 Bulgartabak Ho 0,01 Vance Terrafun 0,98% Zlatni Pyasatz -2,63% Dec-14 Dec-15 Dec-16 9 Insurance Comp 0,01 Sopharma 0,70% Formoplast Ka -2,00% SOFIX BGBX40 index 10 Bulgaria Compe 0,01 Bulgarian Real 0,60% Alcomet -Shume -2,00% Important: Please see important disclaimer and disclosures at the end of the document 2 FIMA Daily Insight Fundamentals - overview of selected companies SIZE PRICE VALUATION & PERFORMANCE INDICATORS Mcap TTM PAT EV/ ND / EBITDA Name Last Price 1D Δ YTD P/E EV/S P/BV ROE Dy €mn € mn EBITDA EBITDA Margin CONSTRUCTION T57 BU 53,3 -5,8 4,3 - -18,1% -9,2 23,5 0,4 1,1 -5,4 1,7% -11,3% 3,4% DLKVRA CZ 80,1 7,0 24,0 -0,25% 76,6% 11,4 7,8 0,5 2,3 2,8 6,7% 17,4% - VDKTRA CZ 8,0 1,5 129,3 -6,22% -57,9% 5,3 4,7 0,4 - 2,8 9,1% - - INGRRA CZ 8,8 1,3 4,8 -3,22% 57,2% 6,5 -211,5 7,5 0,6 -194,6 -3,6% 10,3% - THNKRA CZ 15,2 0,1 593,9 -0,44% 29,0% 120,3 15,6 0,9 0,4 12,2 6,0% 0,3% - IGHRA CZ 24,5 -7,5 295,5 -6,50% 63,9% -3,3 50,0 3,2 - 40,0 6% -164,9% - DIVERSIFIED ADRSPA CZ 1159,5 70,2 464,9 0,13% 1,9% 16,5 1,5 0,4 0,5 -4,1 27,1% 6,1% 3,7% 6C4 BU 216,6 26,1 1,8 0,45% 5,9% 8,3 - -0,9 0,2 - - 3,2% 3,1% 4HS BU 8,8 0,2 3,5 - 6,1% 56,7 - - 3,4 - -20,5% 6,1% - 5V2 BU 87,3 1,0 32,6 0,16% -1,2% 89,7 44,0 6,8 1,1 15,0 15,3% 1,3% - 4EH BU 86,5 3,4 1,0 0,19% 60,6% 25,6 16,7 1,3 1,5 8,6 7,9% 6,6% 1,0% 5SR BU 88,5 3,8 8,2 -0,12% 27,0% 23,1 - 1,0 1,9 - - 8,5% 2,6% ENERGY & UTILITY SNG RO 2733,3 #N/A N/A 32,5 -0,15% 30,0% 8,8 - 1,9 1,3 - - - 11,8% SNP RO 4041,7 304,9 0,3 0,00% 25,3% - 3,0 1,0 0,7 0,0 30,8% 5,1% 4,6% TGN RO 1158,7 132,7 451,0 1,35% 53,4% 8,7 2,7 1,4 1,4 -1,0 52,0% - 10,3% EL RO 1013,0 79,4 13,4 0,15% 2,0% 12,8 3,1 0,5 0,8 -2,5 16,9% 6,3% 5,5% TEL RO 455,9 - 28,5 -0,35% -2,4% - - - 0,7 - - - 7,9% COTE RO 245,6 - 130,0 -1,52% 65,0% - 1,9 - 1,6 -2,2 - - 12,8% INARA CZ 4322,5 48,8 3.198,2 -0,06% 10,3% 88,5 11,0 1,8 2,9 0,9 16,0% 3,4% 0,5% SNN RO 437,5 24,7 6,7 0,30% 38,4% 17,7 1,9 0,7 0,3 -0,3 40% 1,5% 5,0% JNAFRA CZ 776,3 40,8 5.700,0 0,00% 7,6% 19,0 9,1 7,0 1,5 -1,2 76,8% 8,2% 2,3% FOOD & BEVERAGE PODRRA CZ 304,3 18,7 316,2 0,66% -16,6% 16,3 8,8 0,9 0,8 2,4 10,5% 4,9% 2,2% ATGRRA CZ 347,0 22,6 770,0 0,32% -12,9% 15,3 8,7 0,8 1,3 3,2 9,2% 8,6% 1,8% LEDORA CZ #N/A N/A 38,1 #N/A N/A - #VALUE! - 9,4 1,6 - 1,0 17,1% 15,7% 12,1% JMNCRA CZ #N/A N/A 40,8 #N/A N/A - #VALUE! - 8,4 1,2 - 0,6 13,9% 17,3% - KRASRA CZ 88,5 3,5 476,4 -2,27% -11,7% 25,2 10,3 1,0 1,0 3,5 9,3% 4,4% - CKMLRA CZ 88,0 8,4 6.200,5 0,00% -4,0% 10,5 8,0 0,6 1,2 0,9 8% 11,8% 1,0% BLJERA CZ #N/A N/A -4,5 #N/A N/A - #VALUE! - 15,6 1,5 - 8,2 9,4% -1,7% - ZVZDRA CZ #N/A N/A 3,3 #N/A N/A - #VALUE! - 15,0 1,2 - 2,4 8% 2,7% - Important: Please see important disclaimer
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    FIMA Daily Insight Wednesday, March 18, 2015 Croatia Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.35% to 1,745.30 pts and blue chip CROBEX 10 declined 0.52% to 1,012.93 pts. Regular ZAGREB STOCK EXCHANGE stock turnover amounted to HRK 6.05 million. (Negative) CROBEX Last 1.745,30 Integrated telecom operator HT (HTRA CZ) topped the liquidity board collecting HRK 1.6 million daily -0,35 in turnover and its price decreased 0.43% to HRK 162.80. YTD -0,01% According to the article published in today´s newspaper Poslovni dnevnik, Podravka CROBEX10 Last 1.012,93 (ZSE:PODR-R-A) is considering share capital increase in the amount EUR 100 mln. The aim of daily -0,52 the share capital increase is to collect funds for new investments; for the acquisition of Zito and for the construction of new Belupo facilities. Podravka said yesterday that formal decision YTD 0,57% on share capital increase is not yet made. According to the media, share capital increase Stock Turnover (EUR m) 0,79 should be complete by the end of the July this year. Share capital increase will be carried out MkCap(%of GDP) 56,91% through Zagreb Stock Exchange and Warsaw Stock Exchange. Podravka will issue new shares and the nominal price will be probably HRK 200 per share. (Positive) Source:www.zse.hr Croatian builder Viadukt [ZSE:VDKT-R-A] said on Tuesday it has signed a EUR 15.7 mln road construction contract with state-owned motorway operator Hrvatske Autoceste (HAC).
  • Integrated Annual Report and Corporate Social Responsibility

    Integrated Annual Report and Corporate Social Responsibility

    2017 INTEGRATED ANNUAL REPORT AND CORPORATE SOCIAL RESPONSIBILITY EU Ecolabel : SE/011/05 In accordance with Valamar Riviera's mission, core values and strategic initiatives, this report has been printed on EU Ecolabel, FSC™ and PEFC certified wood-free Munken Lynx paper. 2017 INTEGRATED ANNUAL REPORT AND CORPORATE SOCIAL RESPONSIBILITY Valamar riViera d.d. 4 [G4-1] Message froM the ChairMan For the third consecutive year, it is my great expanded strategic partnerships, we continued pleasure to present Valamar Riviera's integrated upgrading our service quality and developing our annual report in which we encompassed business destinations and we focused especially on our reporting and sustainability reporting, thus employees. As the leading company in tourism, we presenting non-financial information on the continually work on initiatives aimed at human company’s environmental and social impacts by resource development in order to be recognized as using the Global Reporting Initiative G4 standard as the most desirable employer in Croatia’s tourism. a general guideline in order to manage our business in a sustainable way. When looking back on 2017, I am very proud to say that Valamar Riviera delivered excellent results that The principles of sustainability and social exceeded our expectations in all operating responsibility are a fundamental part of our vision, indicators and increased further the value of our GustaV Wurmböck, our mission, our values, our business model and enterprise and share. We grew revenues and Supervisory Board our daily practices. Valamar Riviera achieved operating profit in spite of the VAT rate growth in Chairman exceptional results in all key financial indicators in hospitality and a very unfavorable foreign exchange 2017 and continued its strategic path to growth and rate.