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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 ZAGREB STOCK EXCHANGE The Zagreb Stock Exchange remains well positioned to face the future with confidence, and even exceed expectations. Ivana Gazic General Manager The year 2011 is an occasion to celebrate 20 years since the revival of the stock exchange trading in Croatia and the Zagreb Stock Exchange remains well positioned to face the future with confidence, and even exceed expectations. Zagreb Stock Exchange has strong fundamentals to continue to act as an efficient and rule-based market harmonized with the European standards and will maintain its work on implementation of new products and services as well on raising the quality of Croatian capital market and meeting the ever increasing investors’ demands on transparency and quality. HISTORY AND DEVELOPMENT The stock exchange trading in Croatia was active since 1907 till 1911 and again since 1919 till 1945. After the World War II The Zagreb Stock Exchange was revived in 1991 as a joint-stock company with 25 commercial banks and insurance companies. From the initial 25 members (brokerage companies), thanks to the trade growth and development the number of members has climbed to some forty-odd active traders today: banks and private brokerage companies, and 43 shareholders. At the very beginning, trading took place at big auctions held at the Exchange head office with all brokers actually physically present and in 1994, an electronic trading system was introduced. In 2007, the Croatian financial market consolidated as the Varazdin Stock Exchange merged with the Zagreb Stock Exchange. These new circumstances, resulting in a larger number of listed securities and greater trading volume, along with a natural development of the financial market that saw the investment climate improve and gave rise to a stronger interest of all market participants in new financial products, highlighted the need for the implementation of a new system that would be able to meet the needs of the small, but extremely fast-growing Croatian market. The new trading platform, launched in autumn 2007 after several months of preparations, represents an unprecedented technological enhancement. Zagreb Stock Exchange annual trading report 2010: Until December 2010 it seemed that one more difficult year for the Croatian capital market was about to end but mid-December has brought an unexpected twist for the Zagreb Stock Exchange trading statistics due to Hungary’s largest refiner MOL Nyrt. offer to buy an outstanding shares of Croatian oil company, INA, Plc (ZSE: INA-R-A) where Mol is a single largest shareholder: some of the December’s daily turnovers entered the top ten daily turnovers in the history of ZSE and the indices recorded double-digit percentage growth which ultimately resulted with the total turnover increase of +18.2%, an excellent growth in comparison with the previous year when total turnover suffered a decline of almost -65%. On a yearly basis 25-share benchmark CROBEX index recorded a noticeable growth of +5.3% and the blue-chip index CROBEX10 ended in the green by +9.5% which is an increase that no other comparable regional stock exchange noted for the 2010. Insight into the 2010 trading overview reveals that the correction of the -22% decline in regular stock turnover is actually an improvement compared to the 2009 double decline of -56% and the trading witnessed a total volume increase of +94% as well as the market capitalization of almost +13%. Croatian Telecom Inc. (ZSE: HT-R-A) shares headed the list of the most liquid shares all throuh the year (except December) and achieved an annual price growth rate of +5.18% while INA, Plc shares recorded the highest growth rate among the most liquid shares with +93.37% increase. Some companies have recognized the value of higher market segment listing and since 2010 shares of Uljanik Plovidba d.d. (ZSE: ULPL-R-A), AD Plastik d.d. (ZSE: ADPL-R-A) and Koncar Elektroindustrija (ZSE: KOEI-R-A) are traded within the Zagreb Stock Exchange Official Market. Zagreb Stock Exchange continues the intense work on the new Stock Exchange Rules which will open the possibility of new products and services in the Croatian capital market such as structured products, short selling or regional MTF. The Zagreb Stock Exchange has intensified it educational activities: the Zagreb Stock Exchange Academy has begun with its educational programs in May 2010 and there was also a very extensive issuers’ training held in cooperation with Croatian Financial Services Supervisory Agency (CFSSA). There was also a successful 20th Zagreb Stock Exchange conference held in autumn and cooperation with the regional stock exchanges through the international Day of the Regional SEE Capital Markets continues. The Zagreb Stock Exchange has also intensified its cooperation with Official Market issuers, there was a new Code of Corporate Governance published (also in collaboration with CFSSA), the ZSE website was redesigned and calendar of dividend payments available, service for entering OTC transactions was introduced, and all of that is just a part of everyday efforts of the Zagreb Stock Exchange to contribute to the development and transparency of the Croatian capital market. FUTURE OUTLOOK The slow recovery is ahead the global economy but the concern still remains and global investors fear could affect domestic capital market, liquidity and stock prices. Further policy actions, especially in the financial sector in this election year (The next parliamentary election to the Croatian Parliament is scheduled to take place sometime in 2011, presumably in the fourth quarter of the year), will be essential to induce the recovery. We anticipate further government action as well as the use of other tools to stimulate growth. Positive moments undoubtedly persist but certain risks remain, challenging sustainable market recovery. The Zagreb Stock Exchange will carefully observe global as well as regional economy and equity market trends and remain in line with market expectations. Year 2011 will test the capabilities of market and stock exchange flexibility. Narrowing the targets and carefully selecting priorities to stabilize the system, and regain the investors’ confidence are the primary tasks. Trading conditions for the 2011 will probably remain challenging and the economic outlook for 2011 is uncertain but we believe that our leading regional position leaves us well placed for the eventual recovery. PAGE 128
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 ZAGREB STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-10 50.28 2.29 1.61 0.07 Aug-10 39.00 1.95 1.32 0.07 Sep-10 69.21 3.15 2.09 0.10 Oct-10 53.09 2.65 1.49 0.07 Nov-10 68.40 3.26 2.36 0.11 Dec-10 274.60 11.94 3.44 0.15 TOTAL 554.57 4.21 12.31 0.10 Bonds Jul-10 103.28 4.69 201.74 9.17 Aug-10 118.57 5.93 200.09 10.00 Sep-10 108.18 4.92 261.85 11.90 Oct-10 90.12 4.51 242.38 12.12 Nov-10 85.74 4.08 287.66 13.70 Dec-10 109.34 4.75 398.62 17.33 TOTAL 615.22 4.81 1,592.33 12.37 Other Jul-10 0.00 0.00 0.00 0.00 Aug-10 0.00 0.00 0.00 0.00 Sep-10 0.00 0.00 0.00 0.00 Oct-10 0.00 0.00 0.00 0.00 Nov-10 0.00 0.00 0.00 0.00 Dec-10 0.00 0.00 0.00 0.00 TOTAL 0.00 0.00 0.00 0.00 Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jul-10 22,490.40 1,856.55 Aug-10 21,786.50 1,848.10 Sep-10 22,732.60 1,915.60 Oct-10 22,519.70 1,869.40 Nov-10 20,935.30 1,787.20 Dec-10 25,295.30 2,110.90 300 250 200 150 100 2,500 2,000 1,500 1,000 30,000 25,000 20,000 15,000 10,000 50 500 5,000 0 0 0 Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec CONTACT INFORMATION Contact Name Mr. Zeljko Kardum E-mail zeljko.kardum@zse.hr Website www.zse.hr PAGE 129
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