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1 p t s HRK Millions August 3, 2011 ZSE STOCK MARKET CROBEX Last 2.144,1 % daily -0,79% % YTD 1,57% CROBEX10 last 1150,9 % daily -0,55% % YTD -0,29% Stock Turnover (HRK m) 7,38 Total MCAP (HRK bn) 194,26 w Investors on ZSE continued the week in negative mood with both indices declining, CROBEX lost 0.79% to 2, pts while blue chip CROBEX10 decreased 0.55% to 1,150,92 pts. Regular stock turnover amounted to HRK 7.4 million. Preferred issue of tobacco and tourism Adris Grupa (ADRSPA CZ) topped liquidity board collecting HRK 1 million in turnover while price declined 1.65% to HRK after Croatian Competition Agency (AZTN) concluded that Adris was abusing its dominant market position in terms of special rewards for store placements during time period In case Adris found guilty potential consequence is fine in amount of 10% of revenues in the year preceding start of offense (Adris s sales reached HRK 2.69 bln). CROBEX MOVERS ATPL-R-A KOEI-R-A IGH-R-A PODR-R-A KNZM-R-A ULPL-R-A INA-R-A CKML-R-A KRAS-R-A HT-R-A PTKM-R-A ERNT-R-A ADRS-P-A LEDO-R-A INGR-R-A VIRO-R-A ATGR-R-A LKPC-R-A KORF-R-A THNK-R-A ZABA-R-A DLKV-R-A ISTT-R-A JDPL-R-A JNAF-R-A CROBEX 3 MONTH MOVEMENT ,0% -6,0% -5,0% -4,0% -3,0% -2,0% -1,0% 0,0% 1,0% * data is calculated using last traded price 70 Integrated telecom HT (HTRA CZ) followed collecting HRK 0.9 million in turnover followed by 0.11% decrease in price to HRK Tourism holding company Dom Holding (KORFRA CZ) decreased 2.63% to HRK 74 after posting 2Q results showing 13.8% increase in sales as a result of better start of tourism season in Croatia while revenues gained 14.1%. Cumulatively sales increased 10.9% while revenues increased 9.5%. 2Q EBITDA soared 74.5% to HRK 42 million as sales growth outpaced OPEX which increased 6.5% to HRK 202 million. Cumulatively EBITDA amounted to HRK -22 million (1H10 HRK -33m). 2Q EBIT amounted HRK -5 million (2Q10 HRK -23m). Cumulatively EBIT amounted to HRK -115 million while EBIT margin stood at -44.4% Quarterly Net Income amounted to HRK -8 million (2Q10 HRK -54m) despite of lower financial expenditure. Quarterly increase of Net Income impacted cumulative result which is now higher and amounts to HRK million (1H10 HRK 159). Dom Holding reminded investors about merging its 3 hotel companies; Riviera Poreĉ (RIVPRA CZ) d.d., Rabac (HRBCRA CZ) and Zlatni otok (ZLTORA CZ), into 1 hotel company called Riviera Adria. At the time of merging, stock split will also be performed in a way that RIVP shareholders will receive 20 shares of new company for 1 of RIVP, HRBC shareholders will receive 24,59 for each held while ZLTO shareholders 24,01 for each share held. Debt burdened electronics retailer HG Spot (HGSPRA CZ) was among very few gainers, soaring 5% to HRK however on negligible turnover after yesterday s interview with company s CEO in which he stated plans for restructuring which include debt to equity swap. Apparently company is near conclusion with creditors. In case the deal goes through HG Spot will open stores immediately Daily news headlines (more available on Italy, under market attack, seeks EU political support Security Firm Identifies Global Cyber Spying Japan Passes Law Supporting Nuclear Plant Operator Turnover CROBEX 0 Private sector added 114,000 jobs in July MasterCard profit jumps 33 percent For more information please contact us via mail trading@fima.com or on tel

2 LIQUIDITY TOP 5 ADRS-P-A HRK HT-R-A HRK BLJE-R-A HRK PTKM-R-A HRK DLKV-R-A HRK MARKET SENTIMENT No. of traded stocks 60 Increase 21 Decrease 39 w/o change 0 Agrokor finalizing project to protect Neretva tangerine More than two years ago, Agrokor launched a project together with the Zagreb Faculty of Food Technology to protect the geographical status of the Neretva tangerine. This complicated and demanding procedure for protecting autochthonous agricultural produce is important because such products instantly shift to a higher price range, and Agrokor purchases around 35,000 tonnes of tangerine a year. Although Agrokor is the largest domestic agricultural producer with annual output worth about HRK 3 billion, in case of tangerines it is a buyer only. The UK and Russia are its main export markets for this product. So far, only a third of the Neretva valley s capacity in tangerine growing has been used. It is estimated that 150,000 tonnes of tangerine could be grown in the valley annually. (Source: original text was published in Poslovni dnevnik) MACROECONOMIC PARAMETERS Real GDP (Q2 2010)* 0,2% Real GDP (2009)* -5,8% CPI (September 10)** 1,4% Unemployment (October 10) 17,8% FX RATE HRK per EUR 7,21 FX RATE HRK per USD 5,82 Source: * % change, yoy ** % change, yoy, end of period CROATIA LT CREDIT RATING FitchRatings: BBB- Standard&Poor's: BBB- Moody's: Baa3 Source: MIDPOINT EXCHANGE RATES OF THE CNB 9,0 8,0 7,0 6,0 5,0 4,0 Baker invests HRK 70m to expand A bakery company Mlinar had total revenue of HRK 120.9m in H1, which was an increase by 35.5 per cent y/y. Its profit reached HRK 601,000. It is evident from a comment by general manager Dominik Nikolic, complete with the financial statement, that the company invested HRK 71.5 million in this period, primarily in the remodelling and opening of its bakery product shops, as well as in a new plant which is being built in Zagreb. Since 2010, Mlinar s retail network increased from only four shops to over 70. The company currently employs 900 people, and says its Zagreb plant would be "the most advanced bakery plant in the region". (Source: original text was published in Poslovni dnevnik) Only HRK 124 million approved in four tenders for IPARD means Since the first tender for IPARD means in March 2010 until July this year, 53 projects with granted HRK million worth incentives were approved in four tenders. There were a total of 120 requests for investments worth HRK 493 million. Although the IPARD programme gives an opportunity to withdraw more than HRK 1.3 billion, the first experience does not show and optimism. Nearly half of the deadline period has expired and Croatia withdrew less than 10 percent of the offered fund. Croatia also failed to use IPARD s predecessor, SAPARD, which offered HRK 183 million, of which Croatia used only HRK 93 million. There are numerous reasons for this, from age structure to lack of information and means. (Source: original text was published in Poslovni dnevnik) 3,0 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 (HRK) Mk cap (HRK m) P/E P/S P/Bv EV/EBITDA EV/EBIT EV/S Yd 09 10e 09 10e 09 10e 09 10e 09 10e 09 10e 09 10e Industry Adris Grupa (preferred)* 237, ,7 8,6 7,2 1,5 1,4 0,7 0,6 3,4 2,8 4,9 3,8 0,9 0,8 2,9% 2,9% Belišće 684,0 796,4 288,1 0,8 1,4 23, ,0 1,7 0,0% Ericsson Nikola Tesla 1.310, ,4 13,9 1,2 1,5 9,3 18,5 0,9 9,2% INA 4.191, ,0-1,8 3,6 32, ,9 2,1 0,0% Konĉar DiST 1.251,4 314,3 9,6 0,5 2,3 5,9 8,8 0,5 8,2% Konĉar Elektroindustrija 600, ,3 13,7 0,6 1,1 13,9 44,4 0,6 0,0% Petrokemija 191,1 638,5-0,3 0, ,5 0,0% Food Ĉakoveĉki mlinovi 3.802,6 399,3 16,9 0,6 1,0 7,3 13,6 0,6 3,2% Kraš 480,0 659,3 17,4 0,6 1,0 7,9 14,6 0,9 4,2% Ledo 6.042, ,3 13,1 1,2 2,0 14,3 19,4 1,9 0,0% Podravka 314, ,5-0,5 1, ,9-0,8 0,0% Viro 445,5 617,8 176,4 1,1 2,5 13,6 21,3 1,8 0,0% Telecom HT-Hrvatske Telekomunikacije 253, ,4 10,2 11,2 2,3 2,4 1,7 1,9 4,5 4,6 7,2 7,3 1,9 2,0 13,5% 9,9% Construction Dalekovod 193,1 442,9 5,0 5,3 0,2 0,2 0,7 0,6 4,4 4,7 5,8 6,2 0,4 0,4 0,0% 0,0% Hidroelektra Niskogradnja 130,7 81,5 15,0 0,1 0,4 2,5 4,6 0,1 0,0% Institut IGH 1.385,0 219,6 20,6 0,3 0,6 13,6 30,2 1,4 0,0% Ingra 13,1 98,2-0,2 0,2 22,4 26,1 1,7 0,0% Tehnika 1.368,1 259,2 21,7 0,2 0,8 33,7-0,5 0,0% Viadukt 200,2 91,5-0,1 0,6 4,3-0,2 6,8% Transportation Atlantska Plovidba 600,5 838,0-17,2 1,1 1,0 0,6 0,6 11,5 7,6 368,5 20,4 2,6 2,4 3,3% 3,3% Jadroplov 120,2 196,8-0,9 0, ,4-1,0 0,0% Jadranski naftovod 2.780, ,2 17,4 4,6 0,7 6,7 13,1 4,3 0,0% Luka Ploĉe 857,4 190,9 46,4 1,2 1,0 10,6 35,2 1,4 0,0% Luka Rijeka 152,6 912,7 255,1 4,0 2,6 36,6 88,2 4,4 0,0% Uljanik Plovidba 541,6 314,1 6,0 1,4 0,6 8,7 22,1 4,6 7,3% Retail/Wholesale Atlantic Grupa 688, ,2 27,0 18,7 1,0 1,0 3,2 2,8 12,6 10,2 15,9 12,4 1,1 1,1 1,2% 1,3% Konzum 200, ,6 13,3 0,4 2,6 8,0 10,1 0,5 0,0% Magma 6,1 29,5-0,0 1, ,6 0,0% Tourism HUP - Zagreb 1.348,0 635,4 24,9 2,3 1,2 12,4 32,6 3,4 1,3% Istraturist Umag 270, ,2 33,6 3,4 1,7 14,3 27,0 4,7 0,0% Liburnia Riviera Hoteli 1.800,9 545,0 596,3 2,7 0,6 19,5 123,6 3,1 0,0% Maistra 64,1 701,8-1,5 0,8 19,8-3,3 0,0% Plava Laguna 1.501,0 907,6 18,3 1,9 0,6 5,3 14,8 1,9 5,0% Riviera Poreĉ 235,0 858,6-1,4 0,7 17,2-3,0 0,0% - 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: KR EŠIMI R ĈULO kculo@fim a.com I R ENA FIŠTREK ifis trek@fima.com GORDAN TOMLJE NOVIĆ gtomlje novic@f ima.com TRADING DEPARTMENT: trading@fim a.com Phone : RESEARCH DEPARTMENT: NEVEN ŠALA MON nsalamon@f ima.com For more information please contact us via mail trading@fima.com or on tel

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