FIMA Daily Insight

CROATIA | SLOVENIA | ROMANIA | BULGARIA FIMA Daily Insight

December 21, 2017

CROATIA

BENCHMARKS DAILY CHANGES % Croatian equities closed mixed yesterday; CROBEX increased 0.02% to 1,845.53 pts and blue chip CROBEX 10 decreased 0.10% to 1,076.87 pts. Regular stock turnover amounted to HRK 9.04 million. (Neutral) 0,53% Croatian drug wholesaler Medika (MDKARA CZ) topped the liquidity board collecting HRK 3.46 million in turnover while its price decreased 1.43% to HRK 13,800.00. 0,40%

The Temporary Creditors' Council of Agrokor group endorsed a draft settlement plan under which a simple centralised holding company would be established to maintain operational profitability and the creditors would become its shareholders, while the group would be refinanced and a portion of its debt written off. The new holding will consist of all 0,15% healthy Agrokor companies free from guarantees and debts and will be fully owned by suppliers, banks and bondholders. According to the draft, the priority will have procedural costs and workers' claims, then secured claims, 0,02% followed by roll-up creditors, then unsecured claims and shareholder loans to the companies in difficulty, while the capital of owners will be at the bottom of the priority list. Meaning that the existing owner of Agrokor Ivica Todoric, as well as minority shareholders in affiliated companies such as Ledo, Jamnica, Zvijezda and others, will be the last on the CROBEX SBI BET SOFIX list and their capital will probably be deleted or reduced to the symbolic value. This draft would be the starting point for drawing up final propositions of the settlement in the next three months. (Negative)

BENCHMARKS 3Y CHARTS Adriatic Croatia International Club (ACIRA CZ) signed a concession agreement with the Sibenik-Knin county for the development of a nautical tourism port. The concession for the development of a nautical tourism port in the Vozarica 160 and Srednja Draga bay has a 12-year term. Furthermore, ACI has been granted permission by the country's ministry of sea, transport and infrastructure to obtain a location permit for construction of a port for nautical tourism in Novalja. 140 (Positive)

120 Port operator Luka Rijeka (LRIRA CZ) opened new warehouses at the Skrljevo terminal outside Rijeka on Wednesday, an investment worth about EUR 30 mln. (Neutral) 100 GA of Cakovecki mlinovi (CKMLRA CZ) approved dividend payment in the amount of HRK 70 per share from the 2008 80 and 2009 retained earnings, implying dy 1.13% (2016: HRK 65). Record date is December 28, ex dividend date is December 27 and payment date is December 29. (Positive)

60 The Croatian National Bank (HNB) expects the national economy to grow by 3.1% in 2017, while in 2018 GDP growth is Dec-14 Dec-15 Dec-16 Dec-17 expected to slow down to 2.9%. (Neutral) CROBEX SBI BET SOFIX Total investment in Croatia's tourism sector is expected to increase by 19% yoy to EUR 950 mln next year, according to prime minister Andrej Plenkovic. Next year he expects the Croatian tourist trade to achieve even better results and ensure the continuation of investments. Croatia has registered a record high 101 mln overnight stays this year and their BENCHMARKS 1Y % RETURNS number is expected to increase next year. (Positive)

SLOVENIA 15,5% 12,5% 11,1% Telekom Slovenije (TLSG SV) unit for telecommunications equipment supplies, GVO, has become the sole owner of local company OPTIC-TEL telekomunikacije. GVO, as the sole owner, will carry out OPTIC-TEL's activities which include work on the Juzna Primorska open access network. Telekom Slovenije explained that GVO will continue to install open backbone and access networks that provide bitstream broadband access to people in the municipalities of Komen, Sezana, Hrpelje-Kozina and Ilirska Bistrica. (Neutral)

In November, number of building permits issued in Slovenia increased by 7% mom to 704, according to the national -7,0% statistics office. (Positive) CROBEX SBI BET SOFIX ROMANIA

OMV Petrom (SNP RO) completed construction works on two new natural gas treatment stations located in Burcioaia SALES AND TRADING DESK CONTACTS (Vrancea County), and in Madulari (Valcea County), which engulfed investments of over EUR 130 mln. (Neutral)

MedLife (M RO) successfully completed the process of increasing its share capital. Therefore 753,082 shares were Vlatko Kesegić subscribed pursuant to exercising of the preference right by the shareholders. To these are added a number of 1.3 mln shares offered within a private placement. Subsequently, the total amount collected by MedLife on the capital market is Phone: +385 31 636 510 of RON 67.56 mln. (Neutral) E-mail: [email protected] SIF Moldova (SIF2 RO) acquired 18% of the share capital of the company Nord, controlled by the Pogonaru Family, which developed Veranda shopping mall in capital Bucharest following the liquidation of Real Estate Asset SA and the Darko Horvat transfer of the ownership right over the stake, according to the Central Depository. (Neutral) Phone: +385 42 66 09 62 E-mail: [email protected] BULGARIA

In 3Q, hourly labour costs in Bulgaria increased by 10.7%, according to the National Statistical Institute (NSI). Salary [email protected] costs grew by 10.6% yoy in the July-September period, while other labour costs increased by 11.1% yoy. (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): 1,16 Volume (€mn) Leaders Laggers 1 Medika 0,46 Luka Rijeka 11,29% Jamnica -13,73% 260 2 Valamar 0,10 DDJH 6,65% Badel -9,21% 230 3 Atlantska plov. 0,09 Slavonski ZIF 6,06% Tekstilpromet -7,71% 200 4 Ledo 0,06 IGH 4,42% Viro -7,40% 170 5 Ericsson NT 0,05 Tankerska NG 3,84% Optima -6,69% 140 6 Jamnica 0,05 Solaris 3,15% Ingra -5,83% 110 7 HT 0,04 Pectinatus 2,88% SNH Beta -4,52% 80 8 Podravka 0,03 Ericsson NT 2,08% Hidroelektra -4,50% 50 9 Granolio 0,02 Liburnia 1,94% Tehnika -3,91% Dec-14 Dec-15 Dec-16 Dec-17 10 Adris - pfd 0,02 ZABA 1,36% Pevec -3,42% CROBEX CRO Tourism CROPLUS Index

SLOVENIA Market Trunover ( EUR mn): 0,85 Volume (€mn) Leaders Laggers 150 1 Cinkarna Celje 0,27 Intereuropa 3,00% Triglav -1,72% 140 2 Krka 0,25 Gorenje 2,80% Salus -1,57% 130 3 Triglav 0,12 Petrol 2,38% Terme Catez -1,11% 120 4 Petrol 0,09 Cinkarna Celje 0,83% Sava Re -0,59% 110 5 100 Gorenje 0,07 Telekom Slo. 0,37% Datalab -0,39% 90 6 Intereuropa 0,02 KS Nalozbe 0,19% Luka Koper -0,20% 80 7 Telekom Slo. 0,01 Krka 0,00% Krka 0,00% 70 8 Salus 0,01 Mercator 0,00% Mercator 0,00% 60 9 Luka Koper 0,01 Unior 0,00% Unior 0,00% 50 Dec-14 Dec-15 Dec-16 Dec-1710 Datalab 0,00 Hotel Union 0,00% Hotel Union 0,00% SBI ROMANIA Market Trunover ( EUR mn): 17,05 Volume (€mn) Leaders Laggers 150 1 Banca Trans. 8,86 24 Ianuarie P 291,0% Spit Bucovina -86,00% 140 2 Fondul Prop. 2,92 Napochim 96,43% Feper -38,65% 130 3 120 BRD 2,37 Electrometal 37,04% Avioane Craio -26,00% 110 4 OMV Petrom 1,42 Inox 24,62% Bricomat Sibi -22,22% 100 5 Electrica 0,44 Mat Craiova 20,00% Electroconstru -12,50% 90 6 Romgaz 0,24 Generalcom 17,60% Constructii Co -11,70% 80 70 7 Transgaz 0,14 Uztel 15,00% Amylon -6,98% 60 8 Prospectiuni 0,09 Oltchim Rm Va 12,00% Foraj Sonde V -6,00% 50 9 Dec-14 Dec-15 Dec-16 Dec-17 S.C Alumil Rom 0,06 Atelierele Cfr 9,67% Comelf -5,80% 10 Transelectrica 0,05 Mecanica Ceahl 8,52% Romradiatoare -5,80% BET BET-BK Index

BULGARIA Market Trunover ( EUR mn): 0,81 Volume (€mn) Leaders Laggers 150 1 Investor.Bg 0,48 Bulgaria Housi 20,69% Kauchuk -9,26% 140 2 Sopharma 0,11 Fund Estates R 7,69% Bulgaria Compe -8,39% 130 120 3 Sopharma Tring 0,04 Bulgaria Stock 6,81% Bg Agro -8,22% 110 4 Vance Terrafun 0,02 Synthetica 6,20% Fairplay Prope -7,14% 100 90 5 Industrial Hol 0,02 Euroholding Bl 4,62% Bulgarian Rive -5,97% 80 6 CCB 0,02 Elhim Iskra 4,00% Zlatni Pyasatz -5,88% 70 7 60 Chimimport 0,02 Alcomet -Shume 3,90% Sofia Commerce -4,38% 50 8 Bulgaria Compe 0,02 Solarpro Holdi 3,65% Bulgaria Reg C -2,11% Jun-15 Jun-16 Jun-17 9 Euroholding Bl 0,01 Trace Group 2,88% Agria Group Ho -2,00% SOFIX BGBX40 index 10 Bulgarian Amer 0,01 Holding Varna 2,21% Nov Vek Holdin -1,75%

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 56,1 -2,6 4,5 2,88% -13,9% -21,8 30,3 0,4 1,2 -6,7 1,2% -5,3% -

DLKVRA CZ 61,3 0,9 18,7 -0,27% 37,7% 68,8 9,3 0,7 1,7 4,3 7,5% 2,1% -

VDKTRA CZ #N/A N/A -17,9 #N/A N/A - #VALUE! - -1,4 0,5 - -1,6 -32,8% - -

INGRRA CZ 6,1 0,3 3,4 -5,83% 10,8% 20,0 88,1 8,6 0,5 76,1 9,8% 2,5% -

THNKRA CZ 3,3 0,6 131,6 -3,91% -71,4% 5,7 17,3 0,8 0,1 11,0 4,5% 1,4% -

IGHRA CZ 15,5 -4,4 190,1 4,42% 5,4% -3,5 16,4 2,6 - 12,2 16% - -

DIVERSIFIED ADRSPA CZ 982,4 66,4 425,0 -0,70% -6,9% 14,8 0,5 0,1 0,4 -4,4 20,1% 5,4% 4,0%

6C4 BU 208,3 26,8 1,7 1,19% 1,8% 7,8 - 1,6 0,2 - - 3,2% 3,2%

4HS BU 9,1 0,2 3,6 0,00% 9,1% 58,3 - - 3,5 - -20,5% 6,1% -

5V2 BU 93,0 0,1 34,8 2,21% 5,3% 1399,7 38,6 6,4 1,2 13,0 16,5% 0,1% -

4EH BU 112,2 -0,7 1,4 4,62% 108,3% -156,4 14,7 1,6 1,9 5,8 10,9% -1,3% 0,7%

5SR BU 85,4 4,2 8,0 -1,06% 22,6% 20,5 - 1,1 1,9 - - 9,5% 2,7%

ENERGY & UTILITY SNG RO 2627,4 #N/A N/A 31,6 0,16% 34,4% 8,8 - 1,5 1,3 - - - 12,1%

SNP RO 3439,2 442,8 0,3 -0,71% 7,7% - 2,3 0,7 0,6 0,0 32,4% 7,4% 5,3%

TGN RO 989,6 132,7 389,0 0,00% 32,3% 7,5 2,7 1,4 1,2 -1,0 52,0% - 3,7%

EL RO 838,7 79,4 11,2 1,08% -14,7% 10,6 3,1 0,5 0,7 -2,5 16,9% 6,3% 6,6% TEL RO 398,3 - 25,2 -0,79% -13,9% - - - 0,6 - - - 9,2% COTE RO 186,7 - 99,8 0,20% 39,4% - 2,9 - 1,2 -2,1 - - 16,6%

INARA CZ 4307,4 132,6 3.250,0 0,00% 12,1% 32,5 10,1 1,9 2,8 0,7 18,3% 8,8% 0,5%

SNN RO 469,1 24,7 7,2 -0,55% 49,8% 19,0 1,9 0,7 0,3 -0,3 40% 1,5% 5,1%

JNAFRA CZ 694,5 40,3 5.200,0 0,00% -1,9% 17,2 9,2 6,9 1,4 -1,4 75,2% 8,1% 3,2%

FOOD & BEVERAGE PODRRA CZ 264,2 #N/A N/A 280,0 0,00% -26,2% - - - 0,7 - - - 2,5%

ATGRRA CZ 380,5 22,7 861,0 0,00% -2,6% 16,8 8,3 0,8 1,3 3,1 9,2% 7,9% 1,6%

LEDORA CZ 27,9 -40,4 670,0 -2,93% -93,7% -0,7 - - 0,1 1,2 19,4% -16,8% -

JMNCRA CZ 32,3 -51,4 11.000,0 -13,73% -92,1% -0,6 - - 0,2 0,2 40,3% -22,9% -

KRASRA CZ 82,9 3,6 455,1 0,16% -15,7% 23,3 9,2 0,9 0,9 3,4 9,5% 4,4% 1,8%

CKMLRA CZ 86,3 8,1 6.200,0 0,00% -4,0% 10,7 7,5 0,6 1,1 0,9 8% 10,7% 1,1%

BLJERA CZ 4,8 5,2 4,4 -2,65% -81,1% 0,9 - - 0,1 4,4 17,3% 2,3% -

ZVZDRA CZ 7,9 -29,1 595,0 0,00% -87,3% -0,3 - - 0,1 -30,7 -1% -27,3% -

Important: Please see important disclaimer and disclosures at the end of the document 3 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 INDUSTRIAL GRVG SV 134,3 8,5 5,5 2,80% -8,3% 15,8 6,4 0,4 0,4 3,8 6,6% 2,3% 0,2%

ERNTRA CZ 208,3 14,0 1.180,0 2,08% 1,4% 14,9 8,0 0,9 7,2 -1,6 10,9% 46,1% 9,0%

CICG SV 173,3 19,3 212,8 0,83% 31,3% 9,0 3,0 0,6 1,1 -0,9 20,7% 13,1% 18,9%

DDJHRA CZ 27,2 -2,8 20,2 6,65% -55,2% -9,8 26,4 1,0 1,3 15,6 3,9% - -

ADPLRA CZ 93,5 8,1 168,0 0,10% 21,2% 11,6 6,6 1,1 1,0 2,4 16,0% 8,8% 5,1%

5MB BU 214,9 15,7 10,8 -0,19% 11,6% 13,7 11,6 1,7 2,0 2,2 15% 15,3% 2,6%

KODTRA CZ 54,6 5,3 1.639,0 -0,06% 7,1% 10,4 4,6 0,3 1,1 -0,7 6,2% 14,4% 3,4%

5MH BU 159,7 6,7 8,0 -1,11% 20,4% 23,7 13,6 2,9 4,7 -0,8 21,3% 20,1% 3,2%

KOEIRA CZ 240,7 17,2 706,0 0,62% 2,3% 14,0 11,4 0,7 0,8 -3,8 5,8% 5,9% 1,7%

INFRASTRUCTURE LKPG SV 420,7 51,0 30,1 -0,20% 20,2% 8,2 6,5 2,6 1,2 1,3 39,6% 15,0% 2,9%

LKPCRA CZ 28,0 0,6 500,0 0,00% -12,4% 44,6 -15,4 0,9 0,5 1,5 -5,7% 1,1% -

LKRIRA CZ 87,5 2,9 49,0 11,29% 2,3% 29,7 82,0 4,5 0,9 6,7 5,4% 3,1% -

MARINE ATPLRA CZ 119,5 -2,0 645,9 -1,39% 128,6% -59,4 14,9 3,9 1,7 6,9 26,2% -2,6% -

TPNGRA CZ 68,8 4,0 59,4 3,84% -20,7% 17,2 10,1 4,0 0,9 6,5 39,3% 4,9% 2,7%

LPLHRA CZ 14,5 0,0 165,0 0,00% -17,5% -688,7 10,0 1,2 0,7 -1,7 11,6% -0,1% -

JDPLRA CZ 5,9 -7,6 27,0 -1,32% -33,7% -0,8 42,1 4,4 0,2 41,7 10,4% -18,6% -

5BR BU 11,5 -0,6 0,6 -5,97% -5,0% -20,2 8,6 1,3 0,3 -0,2 14,6% -1,4% -

PHARMA KRKG SV 1793,8 138,2 54,7 0,00% 3,4% 13,0 6,3 1,4 1,2 -0,1 22,3% 9,7% 5,7%

3JR BU 294,3 23,0 4,3 -0,02% 43,3% 12,8 9,6 0,9 1,2 2,0 9,1% 9,9% 2,3%

ATB RO 79,5 - 0,5 -0,72% 5,4% - - - 0,9 - - - 7,0%

BIO RO 61,3 - 0,3 0,00% 6,7% - - - 1,4 - - - 5,9%

SCD RO 307,2 - 3,4 0,00% 74,9% ------4,6%

53B BU - 8,7 - - - - - 0,6 - - - 13,7% -

RETAIL & DIST. RPH RO 42,0 - 0,4 4,97% 39,7% - - - 1,4 - - - -

MELR SV 134,0 -70,8 22,0 0,00% -67,6% -1,9 10,7 0,5 0,2 6,9 - -11,7% -

PETG SV 717,7 77,2 344,0 2,38% 5,8% 9,3 6,3 0,2 1,1 2,1 4,0% 12,7% 29,2%

TISKRA CZ 31,6 -64,2 100,0 0,00% -35,5% -0,5 - - - -0,3 -7,7% - -

MDKARA CZ 55,2 6,5 13.800,0 -1,43% -19,7% 8,5 6,5 0,2 0,9 3,4 3,0% 10,7% 7,2%

PVCMRA CZ - 3,0 195,1 -3,42% 9,9% - - - 1,0 - 3,1% 9,0% - Important: Please see important disclaimer and disclosures at the end of the document 4 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 TELECOMS HTRA CZ 1793,7 122,9 165,3 0,07% -2,2% 14,6 3,9 1,5 1,1 -1,2 38,7% 7,7% 3,6%

TLSG SV 538,5 48,4 82,4 0,37% 15,9% 11,1 3,9 1,1 0,8 1,8 28% 6,9% 10,4%

OPTERA CZ 22,3 0,3 2,7 -6,69% -1,5% 70,4 5,1 1,1 2,0 2,6 22,4% 3,5% -

TOURISM RIVPRA CZ 727,9 44,0 43,6 -0,27% 26,0% 16,5 7,7 4,1 2,1 1,5 52,6% 13,6% 1,8%

TUHORA CZ 155,5 11,2 3.200,0 0,00% 8,5% 13,8 9,5 4,4 2,7 -0,6 46% 20,7% 1,9%

HIMRRA CZ 68,7 1,7 815,0 0,00% 0,1% 39,5 9,9 3,9 1,3 2,3 39,1% 3,4% -

ARNTRA CZ 310,6 -7,9 457,0 -0,87% -2,5% -39,4 12,4 3,8 1,4 2,6 31% -4,9% -

PLAGRA CZ 499,0 35,2 6.700,0 -0,04% 21,8% 14,2 9,7 4,0 1,6 1,5 41,4% 12,1% 0,0%

LRHRA CZ 168,5 4,5 4.200,0 1,94% 14,4% 37,3 8,2 3,9 1,6 0,6 47% 4,2% -

HUPZRA CZ 191,2 12,5 3.339,0 -0,03% 19,3% 15,3 - 4,1 1,7 - - 11,5% 0,5%

MAISRA CZ 413,4 24,3 285,0 -0,70% 12,6% 17,0 10,8 3,8 1,8 2,5 35% 11,1% -

6AB BU 134,3 7,3 61,5 -1,13% 0,1% 18,3 15,1 3,2 0,6 2,8 21,1% 3,4% -

HMSTRA CZ 22,9 0,5 335,0 0,00% 19,7% 43,1 6,3 2,7 1,2 0,3 42% 2,9% -

ACIRA CZ 79,5 1,5 5.400,0 0,00% -15,6% 52,9 6,3 2,9 1,2 -0,7 46% 2,4% -

SLRSRA CZ 69,9 -2,9 854,1 3,15% -5,0% -23,9 8,2 - 0,6 3,8 - -2,5% -

ILRARA CZ 52,0 4,9 1.300,0 -0,76% -0,2% 10,7 - 3,7 1,2 - - 12,6% 1,5%

Mcap TTM PAT NPL BANKS €mn € mn Last Price 1D Δ YTD P/E P/Bv ratio TE/TA L/D ROE ROA Dy TLV RO 2063,7 309,2 2,2 1,38% 9,8% 6,7 1,4 11,6% 11,7% 0,7 22,2% 2,7% 2,3%

BRD RO 1939,4 267,4 12,9 0,63% 8,4% 7,4 1,3 12,8% 12,6% 0,7 18% 2,4% 5,7%

ZABARA CZ 2304,3 141,6 54,3 1,36% 0,5% 16,5 1,0 - 14,4% 1,0 5,8% 0,8% 9,8%

BCC RO #N/A N/A -9,4 0,2 0,00% #VALUE! #N/A- Field Not Applicable- 3,4% 0,4 -45% -2,4% -

PBZRA CZ 1896,1 177,7 750,0 0,00% -2,5% 10,7 1,0 - 17,6% 0,9 9,1% 1,5% 3,4%

5F4 BU 289,3 23,4 5,1 0,94% 53,5% 12,3 0,6 - 9,3% 0,7 5% 0,5% -

Mkcap TTM PAT Com. INSURANCES (€mn) € mn Price 1D YTD P/E P/Bv P/GPW TE/TA ratio ROE ROA Dy ZVTG SV 648,0 81,0 28,5 -1,72% 22,8% 8,0 0,9 0,7 0,2 0,9 11,2% 2,2% 5,2%

POSR SV 273,8 31,1 15,9 -0,59% 20,3% 7,1 0,8 0,6 0,2 0,9 10% 1,8% 1,7%

CROSRA ZA 717,7 77,2 344,0 2,38% -0,9% 9,3 6,3 0,2 1,1 2,1 4,0% 12,7% 0,0%

Mkcap TTM PAT Avg. 1Y Dsc. to FUNDS (€mn) € mn Price 1D YTD P/E NAV Discount to NAV NAV Sortino Dy FP RO 1640,4 2.298,2 0,9 0,12% 22,4% 6,0 1,2 0,3 0,3 155,2% -

Important: Please see important disclaimer and disclosures at the end of the document 5 CROATIA | SLOVENIA | ROMANIA | BULGARIA FIMA Daily Insight

INSTITUTIONAL SALES AND TRADING DESK CONTACTS:

VLATKO KESEGIĆ [email protected] +385 31 63 65 10

DARKO HORVAT [email protected] +385 42 66 09 62

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

DISCLAIMER

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FIMA Daily Insight is prepared by the employees of FIMA Securities Ltd. The first issue of FIMA Daily Insight was published on 16TH January 2009. Additional information is available upon request.