Market - Raiffeisen Bank

Intesa
Market Performance Highlights June 22 nd , 2011.
Index 1d% Ytd% pts Macroeconomic Environment:
ATX(AT)
2.29 -6.0 2,731 ATX(AT) The average net 0.62 salary in -6.4 April 2011 2,719 higher by 1.5% yoy (positive)
The Federal Government adopted the Amending Budget for 2011 (positive)
SBITOP(SI) 0.25 -10.4 762 SBITOP(SI) The Government 1.44 of RS -9.6 offered concession 769 agreement for the construction of
highway from Banja Luka to FB&H border (positive)
BELEX15(RS)
BETI(RO)
CROBEX(HR)
SOFIX(BG)
SASX10(BiH)
BIRS(BiH)
-0.39 16.9 762 BELEX15(RS) -0.39
Capital Market:
19.0 776
The issue of corporative bonds of the companies “Unis” and “Kaldera
0.48 5.8 5,574 BETI(RO) -0.27 5.5 5.557
Company” was successfully completed (positive)
0.47 6.3 2,243 CROBEX(HR) Banking Sector: 0.37 7.5 2,269
NLB Razvojna banka ad Banja Luka: Increased shareholders capital (positive)
0.46 13.2 410 SOFIX(BG) -0.54 13.9 413
-0.11 6.3 1,004
Company News:
SASX10(BiH) RiTE Ugljevik ad: 0.13 Decision 5.4 on building 994 a new thermal power plant and coal
mine in amount of BAM 550 mn was adopted (positive)
-0.26 12.7 1,078
Elektroprivreda HZHB dd Mostar: Elected the new Supervisory Board (neutral)
BIRS(BiH) 0.06 15.9 1,108
B&H
The Average Net Salary in April 2011
higher by 1.5% yoy (positive)
FB&H
The Federal Government adopted the
Amending Budget for 2011 (positive)
Market
News Flash
The Average Net Salary in April 2011 amounted to BAM 811, which
represents nominal decrease by 0.8% comparing to December 2010 and
nominal increase by 1.5% yoy. The Average Gross Salary in April 2011
reached value of BAM 1,266 representing nominal increase by 1.3%
comparing to the end of 2010 and nominal increase by 4% yoy.
Source: www.mojevijesti.ba
The Federal Government on its yesterday’s session in Mostar, considered the
Draft of Amending Budget for 2011 while final version of Amending Budget
will be submitted in Parliamentary procedure after incorporation of
suggestions and comments from yesterdays session. The Amending Budget
amounts to BAM 1,717.7 million, equal on revenues and on expenditure side.
The main goal of the adopted Amending Budget for 2011 is keeping the
budget stability which implies further harmonization of expenditures with
available revenues. The Federal Government reduced all budget positions on
which the Government has direct influence. In particular, Employees benefits
have been reduced by BAM 2.5 million, the current reserves of the FB&H
Government - reduced by BAM 0.78 million, the current reserves of the
Federal Prime Minister – reduced by BAM 50 thousand, expenditure on goods
and services – reduced by BAM 3 million, the purchase of fixed assets –
reduced by BAM 7.1 million, transfers to non-profit organization – reduced by
BAM 3.3 million, funds for political parties – reduced by BAM 1 million etc.
Due to adopted reductions, it will be possible to increase the specific budget
positions like disability transfers, transfers to PIO for minimum pensions, the
debt to non-war invalids etc.
Source: Poslovne novosti

Market News Flash
RS
The RS Government offered concession
agreement for the construction of
highway from Banja Luka to FB&H
border (positive)
BLSE
The issue of corporative bonds of the
companies “Unis” and “Kaldera
Company” was successfully completed
(positive)
NLB Razvojna Banka ad Banja Luka
(VBBB-R-A)
Increase of shareholders capital (positive)
RiTE Ugljevik ad (RTEU-R-A)
Decision on building a new thermal
power plants and coal mine in amount of
BAM 550 mn was adopted (positive)
Elektroprivreda HZHB dd Mostar
(JPEMR)
Elected a new Supervisory Board (neutral)
The RS Government officially offered concession agreement for the
construction of highway from Banja Luka to FB&H border to all potential
investors, foreign or domestic. The Public Company “Autoputevi Republike
Srpske“ last Friday announced a public call for design, financing,
construction and maintenance of the highway, while bids will be collected
during next two months (from July 4 th to September 2 2011). The concession
agreement refers on period of 30 years with possible prolongation on longer
period. The potential investor will have to submit the bank guarantee in
amount of EUR 30 million and must have annual turnover and capital higher
than EUR 500 million in last three years in order to get concession agreement.
Potential investor also must submit references related to infrastructure projects
which were financed in period „2005 – 2011“ and which exceeded EUR 1
billion.
Source: www.ekapija.ba
The companies “Unis" from Derventa and "Kaldera Company" from Laktaši
yesterday have successfully completed the issue of bonds on the Banja Luka
Stock Exchange in the amount of BAM 20 mn apropos BAM 7 mn. The
company "Unis" have sold entire issue of 20 mn bonds with a nominal value
of BAM 1 per bond, while the company “Kaldera Company” sold 70,000
bonds at price of BAM 100. Both bond issues will be listed on the BLSE after
the public offering registration process at the Commission for Securities and
the Central Registry. The bonds of “Unis” will be issued with a term of
maturity of 8 years from the date of entry program in the Central Register of
Securities ad Banja Luka. The bonds will be issued at fixed interest rate of
7.5% p.a.. The bonds of “Kaldera Company” will be issued with a term of
maturity of 20 years and fixed interest rate of 6% p.a.
Source: www.ekapija.ba
NLB Razvojna Banka ad Banja Luka, on the basis of 16th issue of shares -
the conversion of reserves and retained earnings to capital, increased the
number of shares by 10,000. With this increase, the total number of shares
increased from 52,003 to 62,003 shares, nominal value of BAM 10,000 per
share.
Source: Fokus
The coal mine and thermal power plant "Ugljevik", together with the company
"Komsar Energy Limited," which is owned by Russian Rashid Serdarov, is
going to form a joint venture company. The new company will for TPP
“Ugljevik” build a new thermal power plant of 400 megawatts. This was
decided at the Shareholders Assembly. According to approximate estimates,
the construction of a new thermal power plant "Ugljevik 3" and the coal mine
that will supply the TPP with coal, will cost about BAM 550 mn, while in the
energy facility, which construction should be completed in 30 months will be
permanently employed 800, and another 400 indirectly workers. The
company “Kosmar Energy Limited” will participates with 90% of private
capital, while TPP "Ugljevik" will invest 10% of capital. The company "Komsar
Energy Limited" is a leader in the energy sector and export-oriented, mainly
to Western Europe. It employs about 1,500 workers and generates an
average annual turnover of USD 1.5 bn.
Source: www.sarajevo-x.com
The FB&H Government at yesterday's session gave approval on appointment
of a new members of the Supervisory Board: The new members are: Midhat
Arpadžić, Ervin Vrdoljak, Marijan Bunoza, Živko Marić, Damir Leko and
Marinko Ivanković.
Source: Poslovne novosti

Impressum
Raiffeisen Research
Raiffeisen BANK d.d. Bosna i Hercegovina
Investment Banking Division
Sanja Korene, Director; Phone: + 387 33 28 71 22, e-mail: sanja.korene@rbb-sarajevo.raiffeisen.at
Ivona Kristić, Head of Research; Phone: + 387 33 28 77 84, e-mail: ivona.kristic@rbb-sarajevo.raiffeisen.at
Dragomir Grgić, Head of Custody and Fund Administration; Phone: + 387 33 28 71 26, e-mail: dragomir.grgic@rbb-sarajevo.raiffeisen.at
Lejla Baljević, Head of Capital Markets; Phone: + 387 33 28 76 48, e-mail: lejla.baljevic@rbb-sarajevo.raiffeisen.at
Nadira Cenanović, Head of Brokerage Business; Phone: +387 33 28 76 47, e-mail: nadira.cenanovic@rbb-sarajevo.raiffeisen.at
Maida Gopo, Head of Portfolio Management and Investment Advisory; Phone: + 387 33 28 76 45, e-mail: maida.gopo@rbb-sarajevo.raiffeisen.at
Raiffeisen CAPITAL a.d. Banja Luka
Nataša Majstorović, Director; Phone: + 387 51 23 14 90, e-mail: natasa.majstorovic@rbb-sarajevo.raiffeisen.at
Publisher
Raiffeisen BANK d.d. Bosna i Hercegovina
Zmaja od Bosne bb, 71000 Sarajevo
www.raiffeisenbank.ba
Raiffeisen direct info: +387 33 75 50 10 • Fax: +387 33 21 38 51
This publication was completed on June 22 th , 2011
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