November 21, 2014 The last day of this trading week at the Belgrade Stock Exchange was marked by the for 22% bigger turnover compared with previous trading day, while the main indices have ended this week in a green zone. Index of the most liquid stocks BELEX15 has increased by +0.30%, while index BELEXline went up by +0.26% of its value, reaching the value of 689.25 and 1,369.50, respectively. Total turnover amounted in RSD 39.80 million (€ 0.33 million), and all was made in trading with shares. The most active were stocks of Prime Listing member, our biggest construction company, Energoprojekt holding (ENHL): 935; +1.63% with turnover amounted to RSD 12.71m and volume of 13,603 stocks traded, which was responsible for 31.94% of the total daily turnover. On the Standard Listing the most traded were shares of heating devices manufacturer, Alfa plam from Vranje (ALFA): 18,000; +2.86%; RSD 10.76m, while on the Open Market, turnover of RSD 9.45m was made by the regular stocks of financial institution from Nis, AIK banka (AIKB): 1,890; +0.43%. Two more members of the Prime Listing have made turnover that was bigger than RSD 1.00m, Naftna industrija Srbije (NIIS): 818; +0.99% and Aerodrom ‘Nikola Tesla’ (AERO): 852; -0.23% with RSD 3.65m and RSD 1.05m made in realization, respectively. The winners were led by the stocks of Luka Dunav (LKDN): 7,999; +14.27% and Progres u restrukturiranju (PRGS): 21; +5.00%, while among the losers, the worst results were made by the shares of Impol Seval (IMPL): 900; 6.25% and Mlekara from Subotica (MLSU): 1,500; -3.23%. 800 Belex15 600 400 200 0 jan mar maj jul sep nov jan mar maj jul sep nov Easier domestic defense industry products placemnet - Serbia gets certificate on codification IEL starts construction of wind park in Basaid in 2015 - French investor pours EUR 50 m in the… Truck lite trains new staff - Cuprija verifies contract with German investor for the construction... 1 2 3 Symbol Price ENHL ALFA AIKB NIIS AERO Change 935 18.000 1.890 818 852 High 1,63% 2,86% 0,43% 0,99% -0,23% Low 935 18.000 1.890 825 860 Ask 913 18.000 1.890 810 850 Bid 23.661 684 8.378 16.982 5.111 Value (in 000 EUR) 105,94 89,69 78,74 30,43 8,73 Volume 15.705 927 5.185 11.222 5.252 13.603 598 5.000 4.473 1.230 Index Index Close Daily Change 1-m Change 3-m Change YTD Change Belex15 BelexLine 689,25 1.369,50 0,30% 0,26% -1,24% -1,73% 11,28% 10,89% 23,53% 23,95% SRX 208,42 0,45% -1,95% 7,53% 19,36% Turnover IMPL 14,27% -6,25% MLSU -3,23% KOPB -3,13% IMLK 5,00% -8% -6% 4,00% -4% -2% 0% 0% 5% Series A2015 A2016 Yield 3,00% Bonds 0 PRGS Total Total EUR SJPT 1,91% -0,23% LKDN PLNN 2,38% AERO 39.804.502 ALFA 2,86% -2,27% Stocks 10% Price Change 98,55 94,80 - 15% Value 0 0 Yield 2,83% 3,56% 39.804.502 331.650 Stocks performance Active Gainers Loosers No Change 23 11 6 6 Foreign Investors Participation FIS 65,63% FIB 0,00% FIT 65,63% Exchange rate EUR/RSD USD/RSD 2,00% 1,00% 125,00 0,00% 120,0195 95,6636 Daily change -0,29% -0,29% EURO A2016 A2015 115,00 105,00 95,00 NOTE: block trading excluded from report, BELEXline members included; All prices is in RSD 85,00 jan mar maj jul sep nov jan mar maj jul sep nov Symbol AERO AIKB ALFA ENHL FITO GMON IMLK JESV KMBN MTLC NIIS SJPT TGAS Price 852 1.890 18.000 935 3.600 2.251 4.300 6.002 2.616 2.200 818 694 5.450 Change High -0,23% 0,43% 2,86% 1,63% 0,00% 0,00% -2,27% 0,00% 0,00% 0,00% 0,99% 1,91% 0,00% 860 1.890 18.000 935 3.600 2.251 4.300 6.002 2.616 2.200 825 700 5.450 * Data are from the financial statements for Q2 2014. Low Volume Value (in 000 EUR) 850 1.890 18.000 913 3.600 2.251 4.300 6.002 2.616 2.200 810 675 5.450 1.230 5.000 598 13.603 0 0 1 0 0 0 4.473 617 0 8,73 78,74 89,69 105,94 0,00 0,00 0,04 0,00 0,00 0,00 30,43 3,57 0,00 MCAP (in mln EUR) 243,41 142,45 26,22 85,16 39,59 4,82 287,97 15,24 189,83 18,70 1.111,35 86,13 47,07 1,32 0,38 0,58 1,27 1,03 0,48 3,37 0,82 0,69 0,74 0,75 0,97 0,45 P/E ttm* 61,03 13,24 6,95 8,89 6,48 4,14 8,25 6,26 4,97 7,03 2,38 - Median 0,75 6,48 P/B * ROA ttm* 1,84% 0,80% 6,84% 3,66% 11,59% 8,86% 11,05% 2,97% 1,21% 4,38% 15,79% -2,14% -5,48% ROE ttm* 2,05% 2,38% 8,18% 8,51% 13,78% 13,51% 29,38% 5,97% 6,79% 7,40% 32,81% -3,82% -6,30% 3,66% 7,40% Powered by: EASIER DOMESTIC DEFENSE INDUSTRY PRODUCTS PLACEMNET - SERBIA GETS CERTIFICATE ON CODIFICATION The Serbian Ministry of Defense and NATO agency for support, signed in Luxembourg a certificate (Tier 2) on full capability of Serbia in NATO codification system for the affairs of codification of arms and military equipment. The document, which will facilitate placement of products of domestic defense industry abroad, was signed at the meeting of the Main group of NATO committee for codification, the Ministry of Defense reported at its website today. The certificate was signed by the NATO committee for codification, colonel, Marek Dalkovski and the head of the Directorate for standardization, codification and metrology, colonel Zoran Spasojevic. The NATO codification system implementation process at the Ministry of Defense and the Army of Serbia started in 2010, and it ended in May 2013 with the testing of ability of National codification Bureau of Serbia. IEL STARTS CONSTRUCTION OF WIND PARK IN BASAID IN 2015 - FRENCH INVESTOR POURS EUR 50 M IN THE FACILITY WITH 50 MW French IEL OIE Balkan Renewable Energy will start in 2015 a construction of wind park in Basaid at Kikinda, eKapija finds out at the company. - The construction should start in 2015, but the exact date depends on all necessary permits - Natasa Lazarevic, the head of IEL in Serbia said for our portal. The project as for now has been running in line with the planned dynamics. Namely, November 19, the Detailed regulation plan of wind park in Basaid developed by Nis-based "IST urban" was presented. As Dejan Rajcic, a co-owner of IST urban told us, Detailed regulation plan of wind parks has been at public inspection which will last until December 8. - We expect that during December, the Plan will be distributed to the Assembly of Kikinda for adoption. After that, the investor will ask for location and construction permit. We expect that with the new Law on planning and construction, investors can get permits more easily. The power of the wind park at Kikinda will be of some 50 megawatts. The planned wind park complex comprises up to 24 wind generators with internal power transmission station with a road network and infrastructure for wind parks functioning. According to Detailed regulation plan, the suface of the base of the wind generator ground is in the shape of a circle with a diameter of 30 m, the biggest allowed power of individual wind generator totals 3 MW. Maximal height of wind generators with a propeller totals 207 m, while maximal rotor propeller diameter is planned to be 122 m. The French investor is planning investments in wind park of 36 MW in Mali Crnic As we were told at IEL, Detailed regulation plan development for the facility has been in progress. TRUCK LITE TRAINS NEW STAFF - CUPRIJA VERIFIES CONTRACT WITH GERMAN INVESTOR FOR THE CONSTRUCTION OF NEW PLANT By March next year, Truck lite should get a permit for the construction of the plant in Cuprija. Deadline for the plant construction end is the end of next year, it was defined in the contract signed yesterday in Belgrade by the president of municipality, Ninoslav Eric and GM of the company in the field of production of automotive lightning, Truck lite, Sven Milhauzen. The town at the Velika Morava river will thus get the first “greenfield investment after a century. Municipal management sees the investment as the beginning of town industrialization. - The year of 2015 will be developmental year for Cuprija - Ninoslav Eric says. - The Government of Serbia in August committed with the contract that it will subsidize the first five hundred vacancies. The first staff will, however, be hired months before production starts. Job advertisements have already been published for five managers and four students of Technical school as well who should travel on a three-year training with paid accommodation and training. When production starts, five hundred new vacancies more are expected. Thousand salaries per month would be serious refreshment for Cuprija and this huge investment will mean a lot for SMEs which would generate profit through service activities. New investments According to president of Cuprija municipality, local self-governance has been negotiating with another company which would hire even bigger number of people than the mentioned German multinational company. CENTRGAZ IS LOOKING FOR SUBCONTRACTORS FOR SOUTH STREAM CONSTRUCTION IN SERBIA Centrgaz, which won the tender for design, procurement of equipment , materials, construction and assembling works, staff training and putting the main gas pipeline South stream into operation in the territory of Serbia has released a public call for participation in the process of pre-qualification for associates on this work. Companies in the field of welding in assembling process, ground works and general construction works can apply. HUNGARIAN MASTERPLAST EXPANDS SECTION IN SUBOTICA Hungarian Masterplast will pour EUR 400.000 in expansion of the plant for thermal insulation materials in Subotica, Budapest Business Journal has reported today. As Hungarian portal reported, Masterplast will fund the investment in the section in Serbia from their own funds. Masterplast was set up in 1997 and last year it generated profit of EUR 81 m. Disclaimer: This report is provided only for information purposes. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security. The information and any opinions, estimates and forecasts have been obtained from sources believed by us to be reliable, but without representation or warranty, express or implied is made by us as to their accuracy or completeness. The information, opinions, estimates and forecasts may well be affected by subsequent changes in market conditions. This document may not be reproduced in whole or in part, or published for any purpose. Your broker Broker - Dealer Company M&V Investments Member of the Belgrade Stock Exchange Contact: Bulevar Mihajla Pupina 115e, 11070 Novi Beograd Phone/Fax: +381 11 3530 900 www.mvi.rs [email protected]