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FIMA Daily Insight

IN FOCUS - STOCK EXCHANGE July 25, 2013 Mirroring performance of their European peers both domestic stock

ZSE STOCK MARKET indices declined; CROBEX by 0.27% to 1,846.03 pts and blue chip CROBEX Last 1.846,0 CROBEX10 by 0.26% to 1,040.55 pts. Regular turnover was lower than % daily -0,27 previous days and amounted to HRK 5.7 million. % YTD 6,07% CROBEX10 last 1.040,6 Tobacco and tourism Adris group preferred share (ADRSPA CZ) topped % daily -0,26 the liquidity board collecting HRK 1.2 million in turnover and slipped % YTD 7,10% 0.18% to HRK 282.50. CROBEX plus 963,7 % daily -0,03 Integrated telecom operator HT (HTRA CZ) followed collecting HRK 0.8 % YTD -3,63% million in turnover while price decreased 0.2% to HRK 179.60. Stock Turnov er (HRK m) 5,74 Tourism holding company Valamar Adria Holding (KORFRA CZ) followed Source: w w w .zse.hr

-4,0% -2,0% 0,0% 2,0% 4,0% 6,0% collecting HRK 0.5 million in turnover while price advanced 0.1% to HRK

DIOK-R-A 160.10. In last weeks interview, Croatian tourism minister stated that VDKT-R-A INGR-R-A ’s tourism services revenues rose 11.4% to HRK 6.79 billion in DLKV-R-A

KOEI-R-A the first five months of 2013.

KRAS-R-A ATGR-R-A Electrical engineering Company Končar Elektroindustrija (KOEIRA CZ) ATPL-R-A LKPC-R-A posted 2Q13 results showing 13.6% increase in sales while revenues BLJE-R-A KORF-R-A increased 11.6%. Cumulative sales advanced 9.5% to HRK 1.212 million PTKM-R-A

TISK-R-A mainly due to the 11.4% increase in foreign markets while domestic INA-R-A sales advanced 7.7%. Operationally, Quarterly EBITDA rose 71.2% to -R-A VPIK-R-A HRK 63 million as sales growth significantly outpaced OPEX which grew LKRI-R-A ADRS-P-A 7.8% due to higher COGS, employees’ wages and higher adjustment in HT-R-A ERNT-R-A value of inventory. EBITDA margin stood at 9.1% (+320bps). Quarterly -R-A ADPL-R-A EBIT soared 120.2% to HRK 44 million. EBIT margin equaled 6.3% DDJH-R-A ZABA-R-A (+310bps). Quarterly Net Income after minority interests increased PODR-R-A 46.5% to HRK 29 million while net margin stood at 4.2% (+100bps). * data is calculated using last traded price Source: www.zse.hr Quarterly diluted earnings per share amounted to HRK 11.4. CROBEX 3 MONTH MOVEMENT Schedule of publication of 2Q2013 results: 2.100 80 26.07.2013 (HTRA CZ) 2.000 70

60 1.900 26.07.2013 (ERNTRA CZ) 50

1.800

pts 40

30 1.700 HRK Millions

20 1.600 10

1.500 0 Turnover CROBEX

source: www.zse.hr

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FIMA Daily Insight

IN FOCUS -

Croatia accepts Romanian bid for HZ Cargo rail company LIQUIDITY TOP 5 ADRS-P-A 1.211.450 HRK The Croatian government on Thursday accepted the bid from the Romanian HT-R-A 826.189 HRK company S.C. Grup Feroviar Roman S.A. for the purchase of a 75% stake in KORF-R-A 505.192 HRK the HZ Cargo rail company. Three bids have been submitted following the ERNT-R-A 227.553 HRK invitation for 75% of HZ Cargo in May and only that of the Romanian KRAS-R-A 179.779 HRK company was assessed as complete and valid, having met all 11 tender

Source: w w w .zse.hr terms, said the Minister of Maritime Affairs, Transport and Infrastructure,

MARKET SENTIMENT Sinisa Hajdas Doncic. According to the bid, Grup Feroviar Roman would buy No. of traded stocks 71 HZ Cargo within 30 days of signing the contract, it would pay 30 million Increase 37 euros to repay the principal sum of a loan covered by a state guarantee, 10 Decrease 31 million euros would go towards operating capital to cover the liabilities to w/o change 3 suppliers and workers' wages, and a further 20 million euros for investment.

Source: w w w .zse.hr Within the next year the Romanian partner would assume long-term loans MACROECONOMIC PARAMETERS covered by state guarantees in the amount of 80 million euros, for which it GDP estimate (2013) 0,3% has a guarantee from the Romanian Development Bank, Hajdas Doncic said. Real GDP (Q2 2012)* -2,2% The government approved guarantees to HZ Infrastructure and HZ Real GDP (2011)* 0,0% Passenger Transport for borrowing HRK 650 million and HRK 250 million CPI ( Q2 2012)** 3,4% respectively. Both loans are to be repaid over a period of five years, with a Unemployment ( Q2 2012) 18,2% one-year grace period. Hajdas Doncic said that HZ Infrastructure would use FX RATE HRK per EUR 7,55 the loan funds for investment, while HZ Passenger Transport would use half FX RATE HRK per USD 5,70 the amount of its loan to pay HZ Infrastructure for the lease of railway lines

Source: w w w .dzs.hr, w w w .hnb.hr and the other half for modernisation. (Source: daily.tportal.hr) * % change, y oy ** % change, y oy , end of period Gov't plans to sell or rent 200-300 flats this autumn CROATIA LT CREDIT RATING The State Property Management Office plans to advertise a tender for the FitchRatings: BBB- Standard&Poor's: BB+ sale or lease of state-owned flats in October, after it estimates the value of Moody's: Baa3 the property and defines the criteria its the sale or lease, the Office has

Source: w w w .hnb.hr announced on its website. At the first stage, between 200 and 300 vacant flats, in good condition, with no need for renovation and with proper paperwork, will be the subject-matter of the tender. The government has 8,0 4,773 flats at its disposal, of which 598 are vacant while 4,175 are occupied.

7,0 It fully owns 4,130 flats and co-owns 640. The Office said that the statistics were regularly updated. It also said that about 800 state-owned flats are 6,0 occupied unlawfully and a number of them are in need of refurbishment.

5,0 (Source: daily.tportal.hr)

4,0

HRK-EUR HRK-USD Source: www.hnb.hr For more information please contact us via mail [email protected] or on tel. +385 42 66 09 60 2

FIMA Daily Insight

IN FOCUS - ZAGREB STOCK EXCHANGE

CROATIAN EQUITIES (FUNDAMENTAL MULTIPLES)

Average Mk cap Mk cap P/E P/S P/Bv EV/EBITDA EV/S Yd price (HRK m) (EUR m) (HRK) 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 Industry AD Plastik 120,9 507,5 68 7,8 9,0 0,7 0,7 0,7 0,7 7,1 9,1 1,0 1,1 6,6% 3,3% (preferred)* 283,9 5.003,2 667 10,0 9,9 1,8 1,7 0,7 0,7 8,6 7,7 1,9 1,9 2,5% 2,5% ĐuroĐaković 73,0 236,1 31 388,4 59,0 0,3 0,2 1,1 1,1 28,7 14,3 0,6 0,4 0,0% 0,0% 1558,6 2.075,5 277 74,1 16,4 1,8 1,1 2,4 2,7 42,6 10,1 1,3 0,8 10,9% 10,9% INA 4292,6 42.925,7 5.722 23,8 62,5 1,4 1,4 3,0 2,9 9,0 14,4 1,7 1,6 0,0% 0,0% Končar DiST 1035,4 287,0 38 8,5 8,6 0,4 0,4 1,6 1,4 5,8 8,2 0,4 0,5 5,1% 5,0% Končar Elektroindustrija 735,0 1.890,5 252 9,8 10,7 0,8 0,8 1,0 0,9 15,0 11,3 0,8 0,8 1,6% 0,0% 219,3 732,6 98 6,9 -4,1 0,3 0,2 1,0 1,2 4,5 -19,8 0,4 0,4 0,0% 0,0% Food Belje 66,5 546,0 73 -7,7 -5,3 0,4 0,4 0,5 0,5 5,9 4,9 0,5 0,4 0,0% 0,0% Čakovečki mlinovi 3220,0 338,1 45 39,2 12,1 0,3 0,3 0,7 0,6 6,6 6,1 0,4 0,4 2,3% 2,3% Jamnica 58000,0 1.283,3 171 12,8 9,5 1,1 1,0 1,4 1,2 7,0 6,7 1,0 0,9 0,0% 0,0% Kraš 401,3 551,2 73 21,9 300,5 0,5 0,6 0,8 0,9 8,8 11,3 0,8 0,8 3,2% 0,0% Ledo 7915,0 2.484,7 331 19,6 18,7 2,1 2,2 2,9 1,4 12,3 12,3 1,6 1,7 0,0% 0,0% 237,0 1.284,6 171 29,9 -59,8 0,4 0,4 0,8 0,8 8,6 10,6 0,8 0,7 0,0% 0,0% Viro 633,6 878,6 117 6,7 6,9 0,7 0,6 1,4 1,4 5,2 5,1 0,9 0,8 3,2% 0,0% Vupik 134,5 202,5 27 3,5 19,3 0,8 0,6 0,4 0,4 2,2 3,2 0,9 0,7 0,0% 0,0% Zvijezda 3600,7 361,0 48 8,8 11,1 0,3 0,3 0,4 0,4 6,0 7,4 0,4 0,4 0,0% 0,0% Telecom HT-Hrvatske Telekomunikacije 180,0 14.736,7 1.964 8,1 8,8 2,0 2,1 1,3 1,3 3,9 4,5 1,9 2,1 12,3% 11,4%

Construction 25,5 73,2 10 -0,3 -0,2 0,1 0,1 0,1 0,3 -6,9 -4,4 0,9 0,8 0,0% 0,0% Hidroelektra Niskogradnja 100,1 62,5 8 217,4 -2,6 0,1 0,1 0,3 0,4 4,7 -14,0 0,2 0,2 0,0% 0,0% Institut IGH 195,1 30,9 4 18,2 -0,1 0,1 0,1 0,1 0,1 9,6 -2,2 1,1 2,0 0,0% 0,0% Ingra 3,1 41,6 6 -0,5 -0,3 0,2 0,3 0,1 0,1 -30,9 -9,2 4,1 4,9 0,0% 0,0% 640,8 121,4 16 137,5 95,9 0,2 0,2 0,4 0,4 76,7 67,5 0,8 0,9 0,0% 0,0% 340,0 155,3 21 74,1 70,0 0,2 0,2 0,8 0,8 5,3 4,5 0,3 0,3 0,0% 0,0% Transportation 316,0 441,0 59 30,2 -5,9 0,8 0,9 0,3 0,3 5,3 18,4 2,1 3,6 0,0% 0,0% Jadranski naftovod 2318,0 1.721,9 230 28,1 17,8 4,2 4,3 0,5 0,5 7,4 7,3 4,1 4,6 0,0% 0,0% Luka Ploče 531,0 224,6 30 8,4 -7,8 1,5 2,1 0,6 0,6 12,3 -41,6 1,7 2,3 0,0% 0,0% 118,1 706,1 94 5,9 143,3 4,3 4,1 1,6 1,5 82,6 50,4 4,8 4,6 0,0% 0,0% 184,0 106,7 14 -13,7 -1,3 0,5 0,5 0,2 0,2 14,4 21,6 5,9 6,9 0,0% 0,0% Retail&Wholesale 601,2 2.004,7 267 36,5 30,3 0,4 0,4 1,3 1,4 8,4 4,6 0,9 0,5 0,0% 0,0% Konzum 144,9 3.289,6 439 9,5 16,1 0,3 0,3 1,3 1,2 3,5 3,8 0,3 0,3 1,2% 0,0% Tourism Arenaturist 165,0 360,1 48 -19,0 670,8 1,5 1,3 0,5 0,5 13,5 8,1 1,8 2,0 0,0% 0,0% HUP Zagreb 1200,0 544,0 73 -7,8 16,9 2,4 2,3 0,8 0,8 -19,4 7,3 2,8 2,5 1,3% 0,0% Imperial 200,6 127,6 17 48,8 21,3 1,2 1,1 0,4 0,4 7,6 7,2 2,6 2,4 1,0% 1,0% Jadranka 571,7 190,1 25 16,2 12,3 0,6 0,6 0,3 0,3 5,5 7,1 1,0 1,3 0,0% 0,0% Liburnia Riviera Hoteli 2240,0 677,9 90 163,5 41,2 3,4 3,2 0,8 0,8 15,1 11,3 2,9 2,7 0,0% 0,0% Maistra 80,0 875,5 117 -115,0 15,8 1,5 1,4 0,9 0,9 6,1 4,6 1,7 1,6 0,0% 0,0% Hoteli Makarska 179,0 200,4 27 81,4 28,0 3,3 3,1 1,0 1,0 12,9 9,6 2,9 2,6 0,0% 0,0% Plava Laguna 2350,0 1.420,9 189 18,9 19,2 2,8 2,6 1,0 1,0 6,9 6,6 2,6 2,6 3,9% 0,0% Riviera Adria 14,0 1.491,6 199 -45,5 30,6 2,1 1,5 0,9 0,9 12,0 7,7 3,0 2,2 0,0% 0,0% Solaris 489,1 302,1 40 -12,1 -44,5 1,7 1,6 0,4 0,4 9,2 8,1 2,8 2,7 0,0% 0,0% Valamar Adria Holding 159,9 1.193,8 159 -43,2 22,8 1,4 1,2 0,6 0,6 8,7 6,2 2,0 1,7 0,0% 0,0%

“ - “ stands for negative value of multiple

* multiples for Adris Group calculated on diluted basis

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FIMA Daily Insight

IN FOCUS - ZAGREB STOCK EXCHANGE

CONTACTS FOR INSTITUTIONAL IN VESTORS:

GORAN BRODAR [email protected] +38542 66 09 61

IRENA FIŠTREK [email protected] +38542 66 09 64

KREŠIMIR ČULO [email protected] +385 1 63 98 357

TRADING DEPARTMENT: [email protected] Phone : +385 42 66 09 60

RESEARCH DEPARTMENT:

NIKOLA BAKŠAJ [email protected] +385 42 66 09 74

STIVEN TOŠ [email protected] +385 42 66 09 75

DISCLAIMER For more information please contact us via mail [email protected] or on tel. +385 42 66 09 60 4

FIMA Daily Insight

IN FOCUS - ZAGREB STOCK EXCHANGE

FIMA Daily Insight is a daily publication of FIMA Securities Ltd. which comments for the needs of its users dynamics of trading financial instruments on capital markets in the Republic of Croatia, transfers and publishes parts or entire selected news from various publicly available sources and media of interest for the investor community, and offers overview of the selected parameters of financial instruments trading on Zagreb Stock Exchange, as also selected basic macroeconomic indicators. The content uses publicly available records published by the selected relevant sources and public information services (Zagreb Stock Exchange, Bloomberg, Reuters, publicly available financial reports of the Issuer, publicly available opinions of representatives of the Issuers etc.). Although we believe that the stated information and other records are reliable, we do not guarantee for their accuracy, completeness or timeliness.

The publication has been of informative character and may not be deemed to be an invitation for purchase or sale of financial instruments being mentioned in it. Prices of financial instruments, and there from also return on investment from financial instruments may vary and cause profit or loss. Investment in financial instruments commented in this publication include certain risk (more about risks available in General Operating Conditions at Internet page (http://www.fima- vrijednosnice.hr/UserDocsImages/General%20conditions_FMVR%20novo.pdf), financial instruments are not necessarily available in all legal-regulatory environments, they may be illiquid and may be inadequate for some investors. Value or profit realized based on any financial instrument may vary and/or be under the influence of exchange rate differentials and other risks. Investment returns from the history are not indicators of future returns. Investors should independently make their decisions on investment, without relying on this publication.

By publishing this publication FIMA Securities Ltd. does not bear any responsibility for the consequences, or for the possible damages resulted from usage of the information and records published in this publication. Single opinions stated in this publication may change without prior notice.

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