F I M A D a i l y I n s i g h t

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1 pts HRK Millions October 18, 2013 ZSE STOCK MARKET CROBEX Last 1.768,1 % daily 0,17 % YTD 1,59% CROBEX10 last 1.001,0 % daily -0,04 % YTD 3,03% CROBEX plus 886,8 % daily 0,22 % YTD -11,32% Stock Turnov er (HRK m) 4,53 Source: w w w.zse.hr -10,0% -5,0% 0,0% 5,0% 10,0% 15,0% DLKV-R-A THNK-R-A ZABA-R-A KRAS-R-A VPIK-R-A ADRS-P-A INGR-R-A ATGR-R-A PODR-R-A ADPL-R-A DDJH-R-A ULPL-R-A Domestic indices went in different directions with CROBEX increasing 0.17% to 1, pts while blue chip CROBEX10 slipped 0.04% to 1, pts. Trading was in low gear with regular stock turnover totaling to HRK 4.5 million. Growing expenditures on interest and on the cost of Croatia's European Union membership in 2014 will lead to an increase in the budgetary deficit of some HRK 8 billion, with overall expenditures expected to reach HRK billion and the budget deficit to amount to HRK 17.4 billion or 5.5 % of GDP next year, Finance Minister Slavko Linic said at a government meeting in Zagreb. Diversified producer & distributor Atlantic Group (ATGRRA CZ) topped the liquidity board collecting HRK 0.8 million in turnover and increasing 1% to HRK Integrated telecom operator HT (HTRA CZ) followed collecting 0.7 million in turnover and decreasing 0.5% to HRK Port operator Luka Ploče (LKPCRA CZ) declined 0.2% to HRK Potential bankruptcy of Aluminij Mostar might cause Luka Ploče 20% fall in revenues, according to the media. ERNT-R-A LEDO-R-A LKRI-R-A KOEI-R-A KORF-R-A HT-R-A INA-R-A PTKM-R-A BLJE-R-A ATPL-R-A DIOK-R-A * data is calculated using last traded price Source: Zagreb Stock Exchange notification: Since October 16, 2013, new Zagreb Stock Exchange trading hours are effective; Opening session: from 9:00 am till 9:15 am plus variable ending Continuous trading session: from 9:15 am till 4:30 pm OTC trade reporting: from 8:30 am till 4:30 pm CROBEX 3 MONTH MOVEMENT Turnover CROBEX 0 source: For more information please contact us via mail trading@fima.com or on tel

2 Croatia Will Favour Partner Over Price in Airline Sale Croatia will begin the sale of a minority stake in national flag-carrier Croatia Airlines d.d. in a process that favors bringing in a strategic partner over price, Transport Minister Sinisa Hajdas Doncic said. Prime Minister Zoran Milanovic s cabinet agreed today to start seeking a buyer for 49 percent in the money-losing carrier, part of a plan to shore up Croatia s public finances by selling state companies. It will keep a percent stake, it said in materials distributed to reporters, and Hajdas Doncic said he expected the sale to be concluded by mid A fair offer would include creating a regional hub, fresh capital and new planes to refurbish Croatia Airlines, whose routes are limited to European cities with code-sharing agreements to four U.S. destinations, Hajdas Doncic said. As many as four international companies have expressed interest, including PT Garuda Indonesia Ltd., he said. We are willing to look into all the possible models, Hajdas Doncic told reporters after the cabinet meeting, without giving a timetable for the start of the sale. The priority is that the money will not go into the budget but be invested into the company. A state agency will determine the value of the company in the next four months, he said, declining to elaborate on the price. In August he said the company had been valued at 350 million kuna ($64 million). The Zagreb-based company, founded in 1990 as the former Yugoslavia was breaking apart, posted a net loss of 475 million kuna ($85 million) in (Source: Bloomberg.com) 8,0 7,0 6,0 5,0 4,0 HRK-EUR HRK-USD Source: For more information please contact us via mail trading@fima.com or on tel

3 CROATIAN EQUITIES (FUNDAMENTAL MULTIPLES) Average price Mk cap (HRK m) Mk cap (EUR m) Industry AD Plastik 125,0 524,7 69 8,1 9,4 0,7 0,7 0,7 0,7 7,1 9,1 1,0 1,1 6,4% 3,2% Adris Grupa (preferred)* 261, , ,9 8,7 1,6 1,5 0,6 0,6 8,6 7,7 1,9 1,9 2,7% 2,7% ĐuroĐaković 60,3 195, ,0 48,8 0,3 0,2 0,9 0,9 28,7 14,3 0,6 0,4 0,0% 0,0% Ericsson Nikola Tesla 1443, , ,7 15,1 1,6 1,0 2,3 2,5 42,6 10,1 1,3 0,8 11,8% 11,8% INA 4049, , ,5 58,9 1,3 1,4 2,8 2,7 9,0 14,4 1,7 1,6 0,0% 0,0% Končar DiST 989,1 276,3 36 8,2 8,3 0,4 0,4 1,5 1,4 5,8 8,2 0,4 0,5 5,3% 5,3% Končar Elektroindustrija 710, , ,5 10,3 0,8 0,7 0,9 0,9 15,0 11,3 0,8 0,8 1,7% 0,0% Petrokemija 178,2 595,4 78 5,6-3,3 0,2 0,2 0,8 1,0 4,5-19,8 0,4 0,4 0,0% 0,0% Food Belje 52,9 434,7 57-6,1-4,2 0,3 0,3 0,4 0,4 5,9 4,9 0,5 0,4 0,0% 0,0% Čakovečki mlinovi 3200,0 336, ,9 12,0 0,3 0,3 0,7 0,6 6,6 6,1 0,4 0,4 2,3% 2,3% Jamnica 60000, , ,2 9,8 1,1 1,1 1,4 1,3 7,0 6,7 1,0 0,9 0,0% 0,0% Kraš 399,6 548, ,8 299,2 0,5 0,6 0,8 0,9 8,8 11,3 0,8 0,8 3,3% 0,0% Ledo 7900, , ,6 18,7 2,1 2,2 2,9 1,4 12,3 12,3 1,6 1,7 0,0% 0,0% Podravka 237, , ,9-59,8 0,4 0,4 0,8 0,8 8,6 10,6 0,8 0,7 0,0% 0,0% Viro 601,2 833, ,4 6,5 0,6 0,6 1,3 1,3 5,2 5,1 0,9 0,8 3,3% 0,0% Vupik 109,5 164,8 22 2,8 15,7 0,7 0,5 0,3 0,3 2,2 3,2 0,9 0,7 0,0% 0,0% Zvijezda 3931,8 394,2 52 9,6 12,2 0,4 0,4 0,5 0,4 6,0 7,4 0,4 0,4 0,0% 0,0% Telecom HT-Hrvatske Telekomunikacije 173, , ,8 8,5 1,9 2,1 1,3 1,3 3,9 4,5 1,9 2,1 12,8% 11,8% Construction Dalekovod 23,7 67,9 9-0,2-0,2 0,1 0,1 0,1 0,3-6,9-4,4 0,9 0,8 0,0% 0,0% Hidroelektra Niskogradnja 99,8 62, ,8-2,6 0,1 0,1 0,3 0,4 4,7-14,0 0,2 0,2 0,0% 0,0% Institut IGH 143,7 22,8 3 13,4-0,1 0,0 0,1 0,0 0,1 9,6-2,2 1,1 2,0 0,0% 0,0% Ingra 3,2 42,8 6-0,5-0,3 0,2 0,3 0,1 0,2-30,9-9,2 4,1 4,9 0,0% 0,0% Tehnika 550,9 104, ,2 82,4 0,1 0,1 0,3 0,3 76,7 67,5 0,8 0,9 0,0% 0,0% Viadukt 278,9 127, ,8 57,4 0,2 0,1 0,6 0,6 5,3 4,5 0,3 0,3 0,0% 0,0% Transportation Atlantska Plovidba 353,3 493, ,7-6,6 0,9 1,0 0,3 0,3 5,3 18,4 2,1 3,6 0,0% 0,0% Jadranski naftovod 2290, , ,7 17,6 4,1 4,2 0,5 0,5 7,4 7,3 4,1 4,6 0,0% 0,0% Luka Ploče 427,7 180,9 24 6,8-6,3 1,2 1,7 0,4 0,5 12,3-41,6 1,7 2,3 0,0% 0,0% Luka Rijeka 107,4 642,3 84 5,4 130,4 3,9 3,8 1,4 1,4 82,6 50,4 4,8 4,6 0,0% 0,0% Uljanik Plovidba 178,6 103, ,3-1,2 0,5 0,5 0,2 0,2 14,4 21,6 5,9 6,9 0,0% 0,0% Retail&Wholesale P/E P/S P/Bv EV/EBITDA EV/S Atlantic Grupa 634, , ,6 32,0 0,4 0,4 1,4 1,4 8,4 4,6 0,9 0,5 0,0% 0,0% Konzum 126, , ,3 14,0 0,2 0,2 1,1 1,1 3,5 3,8 0,3 0,3 1,3% 0,0% Tourism Arenaturist 188,0 410, ,7 764,3 1,7 1,5 0,6 0,6 13,5 8,1 1,8 2,0 0,0% 0,0% HUP Zagreb 1295,6 587,3 77-8,4 18,2 2,6 2,5 0,9 0,9-19,4 7,3 2,8 2,5 1,2% 0,0% Imperial 222,2 141, ,1 23,6 1,3 1,3 0,5 0,5 7,6 7,2 2,6 2,4 0,9% 0,9% Jadranka 560,0 186, ,8 12,0 0,6 0,6 0,3 0,3 5,5 7,1 1,0 1,3 0,0% 0,0% Liburnia Riviera Hoteli 2311,4 699, ,7 42,5 3,5 3,3 0,8 0,8 15,1 11,3 2,9 2,7 0,0% 0,0% Maistra 90,5 990, ,1 17,8 1,7 1,6 1,1 1,0 6,1 4,6 1,7 1,6 0,0% 0,0% Hoteli Makarska 184,0 206, ,7 28,8 3,4 3,2 1,0 1,0 12,9 9,6 2,9 2,6 0,0% 0,0% Plava Laguna 2363, , ,0 19,4 2,8 2,7 1,0 1,0 6,9 6,6 2,6 2,6 3,9% 0,0% Solaris 668,0 412, ,5-60,8 2,3 2,1 0,5 0,5 9,2 8,1 2,8 2,7 0,0% 0,0% Valamar Adria Holding 158, , ,8 22,6 1,3 1,2 0,6 0,6 8,7 6,2 2,0 1,7 0,0% 0,0% Yd - s t a n d s f o r n e g a t i v e v a l u e o f m u l t i p le * m u lt i p l e s f o r A d r i s G r o u p c a l c u l a t e d o n d i l u t e d b a s i s For more information please contact us via mail trading@fima.com or on tel

4 CONTACTS FOR INSTITUTIONAL IN VESTORS: I R ENA FI ŠTREK ifistrek@fima.com KR EŠIMI R ČULO kculo@fima.com TRADING DEPARTMENT: trading@f ima.com Phone : RESEARCH DEPARTMENT: NI KOLA BAKŠAJ nbaksaj@fima.c om STI VEN TOŠ stos@fima.com For more information please contact us via mail trading@fima.com or on tel

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