Korporativni Pregled ENG 2020 Final.Indd
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Dobri Rezultati Javnih Preduzeća
2008 - 2015 2008 - 2015 SADRŽAJ str 6. PROF. DR ZORAN JEREMIĆ, autor istraživanja Najveći i najprofitabilniji u periodu 2008-2015. godine str 28. NEBOJŠA SAVIĆ Rast srpske privrede treba dalje ubrzavati str 30 . JORGOVANKA TABAKOVIĆ Niska inflacija i sledeće godine str 32. ZORANA MIHAJLOVIĆ Sledeća godina biće godina infrastrukture str 34. ANA BRNABIĆ Razvoj eUprave jedan od prioriteta str 36. GORAN KNEŽEVIĆ Dobri rezultati javnih preduzeća str 38. MIHAILO CRNOBRNJA Javna preduzeća su najveća boljka naše privrede NAZIV IZDANJA: 100 najvećih 100 najboljih str 40. DUBRAVKA NEGRE EIB Strukturne reforme od najveće važnosti UREDNIK Biljana Stepanović str 42. DANIEL BERG EBRD Treba osnažiti poverenje investitora AUTOR RANGOVA I ANALIZA PODATAKA Zoran Jeremić str 44. MILOJKO ARSIĆ Na osnovu podataka APR-a i Uprave carina Srbije Treba podsticati rast investicija i izvoza NOVINAR str 46. DEJAN ERIĆ Miloš Obradović Stalno počinjemo iz početka str 48. RONALD ZELIGER UREDNIK FOTOGRAFIJE Izazovi mogu biti i pozitivni Dragan Milošević str 50. DRAGAN FILIPOVIĆ DIZAJN Treba preuzeti odgovornost za zdravlje, život i imovinu Jovana Bogdanović str 52. ERNST BODE LEKTURA I KOREKTURA I dalje verujem u Srbiju Mirjana Radaković str 54. VLADIMIR ČUPIĆ MARKETING Čeka nas dobra godina Dušanka Ćetković, Nevena Prokić str 56. ZORAN BLAGOJEVIĆ ŠTAMPA Potrebna je bolja promocija osiguranja Štamparija Caligraph str 58. ZORAN DALJEVIĆ Treba ulagati u tradicionalne proizvode IZDAVAČ Business Info Group, str 62. DRAGICA MIHAJLOVIĆ Bulevar despota Stefana 12 Beograd pozitivni pomaci na bankarskom tržištu www.big.co.rs www.novaekonomija.rs tel +381 11 2258 891 str 64. MARINOS VATIS Sva prava rezerevisana Banke su opreznije u kreditnoj aktivnosti Najvećih 100 po prosečnim poslovnim prihodima u periodu 2008-2015. -
Koste Glavinića 8A, 11000 Belgrade
Koste Glavinića 8a, 11000 Belgrade, Serbia Phone: +381 11 3691 477 Fax: +381 11 3690 823 http://www.ieent.org Company Information GENERAL In the year 2006 it has been 150 years since the birth of Nikola Tesla scientist, inventor and visionary, whose work have changed the world and significantly contributed development and speed progress of manhood and electrical engineering. At the same time, it has been 70 years since the president of Serbian Royal Academy of sciences, Mr Bogdan Gavrilovic, declared the establishment of Institute "Nikola Tesla" - "as a temple of science in the glory of his name and eternal beauty of his work". In its history that lasts more than seven decades, Institute passed through great number of changes and transformations in order to accommodate to changes in its surrounding and during that time changed its name and working area. Today, Electrical Engineering Institute "Nikola Tesla" is independent scientific - research joint - stock organization (98% owned by state, 2% owned by small shareholders) which activity covers a wide spectra of problems in the area of production, transmission, distribution and implementation of electrical energy. Nikola Tesla Institute Building At Koste Glavinića 8a St. in Belgrade 1 Company Information R&D PROFILE Our R&D profile presents synthesis of scientific and expert knowledge across a wide spectrum of disciplines: energy, high voltage, high power electronics, automation, computer science, measurement, information systems, and software engineering. By synthesis of scientific and engineering knowledge and experience Institute become admirable and authoritative scientific institution in our country and abroad in the area of electrical engineering, always ready to answer to the challenges of modern science and at the same time to respond to the necessities of domestic economy. -
Investing to Integrate Europe & Ensure Security of Supply PE
11/20/2014 Public enterprise "Electric power industry of Serbia" Europe‘s 8th energy region: Investing to integrate Europe & ensure security of supply Brussels, 19th November 2014 PE EPS is nearly a sole player in the Serbian electricity market Hydro power 2,835 MW plants Thermal power 5,171 MW* 3,936 MW** plants Combined heat and power 353 MW plants Total 8,359 MW* 7,124 MW** Electricity 37.5 TWh** Production Number of 3.5 mil ** customers Number of 33,335** employees Last power plant built in 1991. *With K&M ** Without K&M, end of 2013 As of June 1999 PE EPS does not operate its Kosovo and Metohija capacities (K&M) 2 1 11/20/2014 EPS facing 1200MW capacity decommissioning until 2025 Due to aging fleet and strict EU environmental regulations1 Net available EPS generation capacity, MW Successful negotiation about 8,000 -1,218 MW LCPD and IED implementation 20 eased the timing of lignite 7,239 25 111 decommissioning 208 210 630 100 6,021 6,000 20 25 280 Old gas-fired CHP capacity decommissioning 612 • Current Novi Sad gas/oil CHP (210 MW) and EPS small HPPs 1,200 Zrenjanin gas/oil CHP (111 MW) to terminate CHP SREMSKA MITROVICA - 321 MW 1,230 production CHP ZRENJANIN 4,000 CHP NOVI SAD 1,560 TPP MORAVA Old lignite-fired capacity decommissioning 1,239 (capacities to be closed in 2023 latest and to operate TPP KOLUBARA 211 20ths hours in total between 2018-20231) 211 TPP KOSTOLAC B TPP KOSTOLAC A 1,126 • Kolubara A1-3, A5 (208 MW) 1,126 2,000 • Nikola Tesla A1-2 (360 MW) TPP NIKOLA TESLA B • Kostolac A1-2 (280 MW) TPP NIKOLA TESLA A HPP -
NEDELJNI IZVEŠTAJ BROKERSKO-DILERSKO DRUŠTVO ČLAN BEOGRADSKE BERZE AD BEOGRAD ČLAN CENTRALNOG REGISTRA, DEPOA I KLIRINGA Hov Od 30
INTERCITY BROKER A.D. NEDELJNI IZVEŠTAJ BROKERSKO-DILERSKO DRUŠTVO ČLAN BEOGRADSKE BERZE AD BEOGRAD ČLAN CENTRALNOG REGISTRA, DEPOA I KLIRINGA HoV Od 30. Avgusta do 03. Maksima Gorkog 52, Beograd, Srbija Tel: +381 (11) 3083-100, 3087-862; Fax: +381 (11) 3083-150 Septembra 2010. godine e-mail: [email protected]; www.icbbg.rs Septembra 2010. godine Intercity broker je u saradnji sa IT stručnjacima Međunarodnog centra, po prvi put u Srbiji pustio u rad potpuno automatizovan ONLINE sistem trgovanja na Beogradskoj berzi Dugo očekivani izlazak Naftne industrije Promena vrednosti regionalnih berzanskih indeksa - 30 dana (u%) Srbije na Beogradsku berzu Sa nestrpljenjem iščekivani početak trgovanja akcijama Naftne (%) industrije Srbije obeležio je proteklu nedelju na Beogradskoj berzi. 4 Početni dani trgovanja na ovoj akciji pokazali su zrelost domaćih investitora, ali i odsustvo interesovanja investitora iz inostranstva. Usled velike količine akcija na strani prodaje, domaći investitori su 3 pokazali odmerenost i nije ni prvih dana došlo do većeg rasta cene, naprotiv – ulagači su uzdržani i došlo je i do pada cene ispod 2 početnog nivoa. Prvog i drugog dana trgovanja zabeleženi su prilično veliki obimi trgovanja, narednih dana je već postalo jasno da je dosta 1 ljudi odlučno da proda ove akcije po početnoj ceni i ispod nje, pa je interesovanje za kupovinu značajno opalo u iščekivanju još niže cene. Nedelja za nama, ostaće upamćena i po konačno održanoj 0 Skupštini akcionara kompanije Energoprojekt holding, čije ćemo 04.avg 10.avg 16.avg 22.avg 28.avg 03.sep odjeke tek videti u narednim danima. Posle dužeg vremena, u -1 značajnom obimu se ove nedelje trgovalo akcijama kompanije Informatika, čija je cena na nedeljnom nivou u padu 7,43%, dok su -2 nakon prošlonedeljnog rasta cene akcije Jubmes banke u nedeljnom padu od 9,21%. -
Quantifying CO2 Abatement Costs in Serbian Power Sector in 2014
Quantifying CO2 abatement costs in Serbian power sector in 2014. [Document Subtitle] Aleksandar Macura RES Foundation T: +381 (0)11 218 8897 Matični broj: 28828357 Zmaja od Noćaja T: +381 (0)11 2910362 PIB: 108822050 3a www.resfoundation.org Račun broj: 11000 Beograd 275001022539489576 Table of Contents TABLE OF TABLES 2 TABLE OF FIGURES 3 1 DISCLAIMER 5 2 INTRODUCTION 6 3 SUMMARY OF RESULTS 7 4 BASIC PLANT DATA- 2014 12 5 DEVELOPMENTS IN 2014. 13 6 ELECTRICITY AND COAL BALANCES 14 6.1 ELECTRICITY BALANCES 14 6.1.1 ELECTRICITY IMPORTS AND EXPORTS DATA AND EXPLANATIONS 15 6.2 COAL BALANCES 17 7 CO2 BALANCES 18 7.1 GHG EMISSIONS IN SERBIA 18 7.2 AVOIDED EMISSIONS IN 2014 19 8 POWER SECTOR FINANCIAL DATA 19 9 CALCULATION OF ABATEMENT COSTS 22 9.1 METHODOLOGY DESCRIPTION 22 9.1.1 ADDITIONAL NET IMPORT COSTS 25 9.1.2 AVOIDED ELECTRICITY PURCHASES 26 9.1.3 LOST PROFIT 28 9.2 RESULTS 29 TABLE OF TABLES TABLE 1 EPS NET OUTPUT PLANT CAPACITY (MW). SOURCE: EPS .......................................................... 12 TABLE 2 2014. ELECTRICITY PRODUCTION OF EPS POWER PLANTS. SOURCE: EPS ........................ 12 TABLE 3 ELECTRICITY PRODUCTION IN SERBIA IN THE PERIOD FROM 2008. TO 2014. .............. 14 TABLE 4 ELECTRICITY CONSUMPTION IN SERBIA IN THE PERIOD FROM 2008. TO 2014. ........... 15 TABLE 5 ELECTRICITY EXPORTS AND IMPORTS IN SERBIA. SOURCE: STATISTICAL OFFICE ...... 16 TABLE 6 NET ELECTRICITY IMPORTS . SOURCES: STATISTICAL OFFICE (RZS), REGULATORY ENERGY AGENCY (AERS), ELECTRICAL UTILITY (EPS), TRANSMISSION UTILITY (EMS) .... 17 TABLE 7 COAL BALANCES IN THE YEARS 2008-2014. .................................................................................... 17 2 Quantifying CO2 abatement costs in Serbian power sector in 2014. -
Voluntary Pension Funds Sector in Serbia
Supervision of Voluntary Pension Fund Management Companies VOLUNTARY PENSION FUNDS SECTOR IN SERBIA Second Quarter Report 2008 July 2008 Supervision of Voluntary Pension Fund Management Companies CONTENTS 1. INTRODUCTION......................................................................................................... 3 2. MANAGEMENT COMPANIES ................................................................................... 4 Market participants................................................................................................... 4 Ownership structure of management companies................................................. 5 Organizational network of management companies ............................................ 5 Fees charged by companies ................................................................................... 6 Transaction costs..................................................................................................... 7 3. VOLUNTARY PENSION FUNDS ............................................................................... 7 Net assets of voluntary pension funds .................................................................. 7 Composition of assets of voluntary pension funds.............................................. 9 Stock exchange trading by pension funds ..........................................................10 Number and structure users of VPF services .....................................................11 Contribution payments, disbursements and transfers among funds...............16 -
Security of Supply I: Generation Adequacy in Serbia And
SecuritySecurity ofof supplysupply I:I: GenerationGeneration adequacyadequacy inin SerbiaSerbia andand SEESEE Harrisburg, 31 March 2008 1 MainMain PurposePurpose ofof thethe presentationpresentation z Describe elements for Generation Adequacy in Serbia and SEE z How to fulfill requests for Security of supply z Generation capacity production forecast 2 ContentsContents z ObjectivesObjectives andand overviewoverview ofof powerpower systemsystem planningplanning inin SerbiaSerbia andand SEESEE z ComplianceCompliance withwith EUEU legislationlegislation z ForecastingForecasting electricityelectricity demanddemand (annual,(annual, varying,varying, peak)peak) z CapacityCapacity mechanismsmechanisms toto stabilizestabilize thethe generationgeneration volumesvolumes z PowerPower productionproduction capacitycapacity reportingreporting byby generators,generators, interfaceinterface withwith thethe transmissiontransmission gridgrid z GenerationGeneration plantplant availabilityavailability (scheduled(scheduled maintenance,maintenance, forcedforced outages)outages) o BasicBasic modelingmodeling approachesapproaches o SpecialSpecial modelingmodeling forfor variablevariable (wind)(wind) generationgeneration o ProcessProcess ofof commissioningcommissioning newnew generationgeneration capacitycapacity 3 ObjectivesObjectives andand overviewoverview ofof powerpower systemsystem planningplanning inin SerbiaSerbia andand SEESEE 4 SEESEE GeneratingGenerating SourcesSources -- 20052005 5 SEESEE PeakPeak demanddemand andand sources:sources: 20052005--20202020 -
Energoprojekt Holding Plc. Semi-Annual Consolidated Report for 2018
Energoprojekt Holding Plc. Semi-Annual Consolidated Report for 2018 Belgrade, August 2018 Pursuant to Article 53 of the Law on Capital Market (RS Official Gazette, No. 31/2011, 112/2015 and 108/2016) and pursuant to Article 5 of the Rulebook on the Content, Form and Method of Publication of Annual, Semi-Annual and Quarterly Reports of Public Companies (RS Official Gazette, No. 14/2012, 5/2015 and 24/2017), Energoprojekt Holding Plc. from Belgrade, registration No.: 07023014 hereby publishes the following: ENERGOPROJEKT HOLDING PLC. SEMI-ANNUAL CONSOLIDATED REPORT FOR 2018 C O N T E N T S 1. SEMI-ANNUAL CONSOLIDATED FINANCIAL STATEMENTS OF THE ENERGOPROJEKT HOLDING PLC. FOR 2018 (Balance Sheet, Income Statement, Report on Other Income, Cash Flow Statement, Statement of Changes in Equity, Notes to Financial Statements) 2. BUSINESS REPORT (Note: Business Report and Consolidated Business Report are presented as one report, containig information of significance for the economic overview) 3. STATEMENT BY PERSONS RESPONSIBLE FOR PREPARATION OF REPORT 4. DECISION OF COMPETENT CORPORATE BODY TO ADOPT THE SEMI- ANNUAL CONSOLIDATED REPORT OF THE ENERGOPROJEKT HOLDING PLC. FOR 2018 * (Note) 1. SEMI-ANNUAL CONSOLIDATED FINANCIAL STATEMENTS OF ENERGOPROJEKT HOLDING PLC. FOR 2018 (Balance Sheet, Income Statement, Report on Other Income, Cash Flow Statement, Statement on Changes in Equity, Notes to Financial Statements) BALANCE SHEET at day 30.06.2018. RSD thousand Total DESCRIPTION EDP End of quarter 31.12. previous year current year 1 2 3 4 ASSETS A. SUBSCRIBED CAPITAL UNPAID 0001 B. NON-CURRENT ASSETS (0003+0010+0019+0024+0034) 0002 16,264,880 16,674,525 I. -
Mesečni Izveštaj / Monthly Report Jun 2020. Indeksi / Indices
MESEČNI PROMET / MONTHLY TURNOVER Promet RSD / Promena % / Promet EUR / Promena % / Broj transakcija / TRŽIŠNI SEGMENT / MARKET SEGMENT Turnover RSD % Change (RSD)* Turnover EUR % Change (EUR)* No of Transactions PRIME LISTING-akcije 42,465,151 -32.18% 361,132 -32.18% 1,364 PRIME LISTING-obveznice Republike Srbije 1,085,087,349 -62.57% 9,227,925 -62.57% 9 STANDARD LISTING-akcije 156,724,559 +16.64% 1,332,866 +16.65% 96 OPEN MARKET—akcije 61,939,404 +14.22% 526,746 +14.23% 199 MTP—akcije 18,295,881 +505.44% 155,601 +505.48% 194 * mesečna promena / * monthly change Promet RSD / Promena % / Promet EUR / Promena % / Broj transakcija / METODE TRGOVANJA / TRADING METHODS Turnover RSD % Change (RSD)* Turnover EUR % Change (EUR)* No of Transactions Kontinuirano trgovanje / Continuous trading method 1,359,171,445 -56.89% 11,558,844 -56.89% 1,859 Blok trgovanja / Block trading 5,340,899 +100.00% 45,426 +100.00% 3 Ukupno / Total 1,364,512,344 -56.73% 11,604,270 -56.72% 1,862 * mesečna promena / * monthly change Učešće u ukupnom Učešće u ukupnom broju Učešće u prometu Učešće u broju transakcija STRUKTURA TRGOVANJA / prometu / Total transakcija / Total No. Of akcijama / Turnover - akcijama / No of Trades - TRADING STRUCTURE Turnover Trades Shares Shares Regulisano tržište / Regulated Market 98.66% 89.58% 93.45% 89.53% MTP 1.34% 10.42% 6.55% 10.47% METODE TRGOVANJA / TRADING METHODS Kontinuirano trgovanje / Continuous trading 99.61% 99.84% 98.09% 99.84% Blok trgovanja / Block trading 0.39% 0.16% 1.91% 0.16% VRSTE HOV / SECURITY TYPE Akcije / Shares 20.48% 99.52% - - Obveznice Republike Srbije / RS Bonds 79.52% 0.48% - - Korporativne obveznice / Corporate Bonds 0.00% 0.00% - - INDEKSI / INDICES BELEX15 18.41% 83.73% 89.90% 84.13% BELEXline 19.03% 87.54% 92.92% 87.97% PROMET U PRETHODNIH 12 MESECI / TURNOVER IN PREVIOUS 12 MONTHS Regulisano / Regulated Br. -
10 Dana / 10 Days 10 Dana / 10 Days DEVIZNO TRŽIŠTE / FX MARKET
Datum/Date: Erste bank a.d. Novi Sad 4.mar.19 VESTI / NEWS ► SREDNJI KURS EUR/RSD : Dinar ojačao u odnosu na evro za 0,0657 dinara, srednji kurs 118,0634. Obim međubankarske trgovine evrom na dan 1. mart do 12:30h iznosio je 7,1 miliona evra. NBS nije intervenisala na međubankarskom tržištu (od početka godine ukupno prodala 130 miliona evra i kupila 30 miliona evra). ► BEOGRADSKA BERZA: Indeksi zabeležili rast vrednosti, BELEX15 viši za 0,18 odsto, BELEXline za 0,33 odsto. Promet manji u odnosu na prethodni dan, na regulisanom tržištu najviše trgovano akcijama Valjaonice bakra Sevojno, NIS-a, Energoprojekta, Jednistva Sevojno i Philip Morris Operationsa. ► INFLACIJA : Prema podacima Republičkog zavoda za statistiku međugodišnja inflacija merena indeksom potrošačkih cena u januaru je iznosila 2 ,1 odsto dok su u odnosu na prethodni mesec cene u proseku više za 0,4 odsto. ► RZS: Realni rast bruto domaćeg proizvoda (BDP) u četvrtom kvartalu 2018.godine u odnosu na isti period prošle godine iznosio je 3,4 odsto (fleš ocena) . DEVIZNO TRŽIŠTE / FX MARKET EUR / RSD (Srednji kurs / Official Middle Rate ) ► 10 dana / 10 days 119,00 118,90 118,80 118,70 118,60 118,50 118,40 118,30 118,2158 118,2437 118,1918 118,1836 118,1291 118,20 118,1396 118,1516 118,1291 118,0594 118,10 118,0471 118,00 19.feb 20.feb 21.feb 22.feb 25.feb 26.feb 27.feb 28.feb 01.mar 04.mar Izvor/Source: NBS EUR / RSD (Srednji kurs/ Official middle rate ) ► Jan - …. 125,00 123,00 121,00 119,00 117,00 115,00 113,00 111,00 109,00 2012 2013 2014 2015 107,00 105,00 2016 2017 2018 -
Preference Based Portfolio for Private Investors: Discrete Choice Analysis Approach
mathematics Article Preference Based Portfolio for Private Investors: Discrete Choice Analysis Approach Marija Kuzmanovic 1,* , Dragana Makajic-Nikolic 1 and Nebojsa Nikolic 2 1 Department of Operations Research and Statistics, Faculty of Organizational Sciences, University of Belgrade, 11000 Belgrade, Serbia; [email protected] 2 Department of Mathematics, Faculty of Organizational Sciences, University of Belgrade, 11000 Belgrade, Serbia; [email protected] * Correspondence: [email protected] Received: 29 November 2019; Accepted: 16 December 2019; Published: 24 December 2019 Abstract: Behavioral finance literature shows that in addition to Markowitz’s rate of return and risk, private investors consider various other stock features. This paper discusses the problem of determining investors’ preferences for portfolio selection criteria, as well as the problem of optimal portfolio determination from the investors’ point of view. The study primarily focuses on private investors who are interested in one-time investments rather than stock trading. We use a discrete choice analysis and hierarchical Bayes method to measure individual investors’ preferences, and a logit model to determine individual shares of preferences. We treat the share of preferences as the share of certain stocks in an optimal portfolio. The proposed methodology is illustrated by the example of companies whose stocks are traded on the Belgrade Stock Exchange. We measure respondents’ preferences for companies, preferences for return rates, riskiness of stocks, and dividend rates. The results of comparing the performance of the resulting portfolio with the efficient frontier obtained using Markowitz’s portfolio theory indicate its high efficiency, thus validating the proposed approach. -
Ms Erica Bach PCM Officer Project Complaint Mechanism European Bank for Reconstruction and Development 1 Exchange Square London, UK
Ms Erica Bach PCM Officer Project Complaint Mechanism European Bank for Reconstruction and Development 1 Exchange Square London, UK 25th April 2017 Dear Ms Bach, CEE Bankwatch Network and CEKOR are hereby requesting a compliance review for the EPS Restructuring project (#47318). Although the investment is on corporate level and not directed at specific physical assets, the project has caused harm and has the potential to cause further harm due to “freeing up resources to allow the Company to focus on and boost the implementation of its long term capital expenditure program”1 which includes lignite mine expansion and construction of several thermal power plants, the most advanced one being the Kostolac B3 TPP. The EBRD has provided technical cooperation to EPS and has put great effort into monitoring and helping EPS develop a strategic approach to managing environmental and social issues. It has requested its client to do regular corporate audits of each of its subsidiary companies and develop costed action plans. However, these improvements have not achieved full implementation by EPS of the EBRD’s E&S standards, which has resulted in continued negative impacts on air quality and harm to communities in mining basins living in unacceptable environmental conditions and bearing significant health and safety risks. Moreover, in the absence of EPS’s plans to decarbonise in the foreseeable future, the climate impact of EPS’s capital expenditure programme is questionable. The EBRD has failed to ensure the resettlement of mining-impacted communities and to assess the strategic impact of its investments on Serbia’s energy sector, and how it could impact the sector’s reliance on lignite, the most polluting of fossil fuels.