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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 ZAGREB STOCK EXCHANGE The ZSE, measured by market size (market capitalization) is one of the leading non- European Union markets in the region. Marinko Papuga General Manager The year 2004 was extremely successful for the Zagreb Stock Exchange (ZSE). Turnover in equities rose 75%, the number of new shares listed in the Official Market doubled and market capitalization is up 66.3%. Value of new corporate bond issues listed exceeds US$ 502.5 million (HRK 2.8 billion). Four new government bonds issues together with previously listed issues created a US$ 3.5 million (HRK 19.6 billion) large government debt market on the ZSE. The number of transactions increased 47%, and last but not least the official equity index CROBEX hit a record high of more than twenty times its starting value in 2004, and finally set at new 30% higher level. All of these statistics combined with increased retail investor’s interest for equities is a solid platform for further capital market development. The ZSE, measured by market size (market capitalization) is one of the leading non-EU markets in the region. In year 2005 we will focus our efforts on further improvement on technology side, introduction of a new financial instruments and continuous care for market transparency and efficiency. HISTORY AND DEVELOPMENT The ZSE was incorporated in 1991 as a joint-stock company with 25 commercial banks and insurance companies. Today, the ZSE has 46 shareholders and 38 members. Prerequisites for ZSE membership include: compliance with the Securities Law, licensing with CROSEC and acceptance of the ZSE rules. A seat on the ZSE currently costs approximately US$ 13,000. Members are required to comply with the rules and regulations of the ZSE and must register at least one licensed broker. In 2004 there were many new developments on the ZSE. • The number of bonds listed almost doubled as compared to 2003 and for the first time two new municipal bond issues “City of Koprivnica” and “City of Zadar” were listed on the ZSE. • In 2004 four new (additional) government bond issues were listed on the ZSE, thus creating a US$ 3.5 million (HRK 19.6 billion) large government debt market. • Four new corporate bond issues were listed on the ZSE. The total amount of new corporate bonds issues issued by the largest Croatian companies PLIVA, Agrokor, Podravka & Atlantic exceeds US$ 0.5 million (HRK 2.8 billion) (total corporate bonds market capitalization is US$ 0.9 million (HRK 4.7 billion)). • Turnover in shares rose 75%. • In 2004, the official equity index CROBEX’s value increased twenty times to set a new all time high level. FUTURE OUTLOOK In 2005 ZSE plans to: • focus efforts on further improvement in technology • introduce new financial instruments • continue care for market transparency and efficiency PAGE 144
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 ZAGREB STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jan-06 49.4 2.4 0.60 0.03 Feb-06 89.9 4.5 1.4 0.07 Mar-06 190.2 8.3 2.3 0.10 Apr-06 120.8 6.7 709.3 39.4 May-06 170.1 7.7 1.7 0.08 Jun-06 364.9 18.2 3.0 0.15 TOTAL 985.4 8.0 718.4 6.6 Bonds Jan-06 513.9 24.5 1,629.8 77.6 Feb-06 557.3 27.9 1,566.8 78.3 Mar-06 582.4 25.3 1,242.9 54.0 Apr-06 440.1 24.4 2,583.4 143.5 May-06 913.1 41.5 3,810.9 173.2 Jun-06 338.4 16.9 975.4 48.8 TOTAL 3,345.1 26.8 11,809.1 95.9 Other Jan-06 0.0 0.0 0.0 0.0 Feb-06 0.20 0.01 1.6 0.08 Mar-06 0.0 0.0 0.0 0.0 Apr-06 0.24 0.01 1.4 0.08 May-06 0.43 0.02 3.1 0.14 Jun-06 0.0 0.0 0.0 0.0 TOTAL 0.87 0.02 6.1 0.15 Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jan-06 14,034.7 2,090.9 Feb-06 14,258.3 2,147.9 Mar-06 16,675.1 2,433.0 Apr-06 17,903.3 2,513.6 May-06 19,117.2 2,494.1 Jun-06 19,142.1 2,713.5 CONTACT INFORMATION 400 350 300 250 200 150 100 50 0 3,000 20,000 18,000 2,500 16,000 2,000 14,000 12,000 1,500 10,000 8,000 1,000 6,000 500 4,000 2,000 0 0 Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun Contact Name Mr. Zeljko Kardum E-mail zeljko.kardum@zse.hr Website www.zse.hr PAGE 145
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