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