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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 BANJA LUKA STOCK EXCHANGE Milan Bozic CEO As a result of improvement of the financial disclosure, the participations of foreign institutional investors have significantly increased, which indicates the internationalization of the BLSE market. 2004 was a year of significant improvement in the Banja Luka Stock Exchange (BLSE) market performance. BLSE obtained an important role in the transitional processes in Bosnia and Herzegovina. The most important results are related to an increase in turnover, which amounted to US$ 65.3 million, showing an increase of 50% in comparison with 2003. During 86 trading days in 2004 there were over 80,000 transactions concluded, which is 300% more than in 2003. Significant progress was also made in regard to the structure of turnover. More than 45% of total turnover was achieved on the official market, which is a consequence of admitting to this market segment 3 companies and 13 Privatization Investment Funds (PIFs). Total market capitalization also increased from US$ 522.7 million on December 31, 2003 to US$ 1.3 billion on December 31, 2004. More than 60% of the above mentioned amount is related to the official market. During 2004, two BLSE indices were created. The Stock Exchange Index of The Republic of Srpska (BIRS), which includes 10 companies with the largest market capitalization, indicated an increase of 15% for an 8 month period. Total return on BIRS for this period was over 20%. The Privatization Investment Funds Index (FIRS) includes 13 shares of Privatization Investment Funds (PIFs). FIRS increased from September 1st to December 31, 2004 by 85%. Positive growth indicates increasing investor’s interest and confidence in the BLSE, which is largely due to the BLSE’s promotional and educational activities. As a result of improvement of the financial disclosure requirements (Financial statements for PIFs are disclosed on a monthly basis), the participation of foreign institutional investors has significantly increased, which indicates the internationalization of BLSE market. We are especially proud of the increasing number of small local investors, which indicates the success of the BLSE in educational activities. This has not been an easy task, bearing in mind that almost all citizens had a reason not to believe in new things such as investing in capital markets, because of the frozen saving accounts issue. An important result during 2004 was participation in the privatization of more than 60 state owned companies. Finally, the BLSE became a full member of FEAS in November 2004. Note: Please note that there is a difference between BLSE reported numbers in the message from the CEO and the FEAS statistics based on auction for state owned capital and block transactions reported to BLSE which are not included in the FEAS statistics. HISTORY AND DEVELOPMENT 15.07.1998 The adoption of the Law on Securities provided the necessary legal framework to establish the capital market of the Republic of Srpska. 04.05.2000 The National Assembly of the Republic of Srpska appointed the first members of Republic of Srpska Securities Commission. 26.02.2001 Established Central Registry of Securities. 09.05.2001 Eight banks and one company trading in securities signed the Contract that established the BLSE. 09.08.2001 Republic of Srpska Securities Commission issued working permit to the BLSE. 29.11.2001 The first equity from the privatization program was registered in the Central Registry of Securities (CRHOV). 05.03.2002 Signed contract on transfer of license between the Directorate for Privatization and the BLSE that provided BLSE with electronic trading system (BTS) developed by the Ljubljana Stock Exchange (LJSE). 14.03.2002 The first BLSE trading session took place, involving six members that traded 20 listed securities. 12.11.2002 The BLSE purchased 7% of stocks of the Central Registry of Securities. 12.09.2002 The law on takeover came into force. 30.09.2002 The BLSE and the LJSE signed memorandum on cooperation and exchange of information. 10.12.2002 A contract on regional cooperation in field of education and financial markets was signed at the Belgrade Stock Exchange. 24.01.2003 The first session of the Listing Commission took place and stocks of 13 Privatization Investment Funds admitted to the official market of the BLSE. 11.02.2003 The first transactions concluded with shares of PIFs. 24.04.2003 Shares of Telekom Srpske a.d. Banja Luka and Banjaluka pivara a.d. Banja Luka were listed on the free market of the BLSE. 30.04.2003 Bobar Bank a.d. Bijeljina became 10th member of BLSE. 20.08.2003 The first auction for state owned capital took a place on the BLSE. 23.09.2003 Shares of Rafinerija ulja a.d. Modrica were listed on the official market of BLSE as the first company listed on official market in BiH. 30.10.2003 The BLSE presented Internet portal www.sem-on.net (project of exchange of information between seven Exchanges from the region). 01.06.2004 The BLSE established BIRS, consisted of 9 companies and 2 banks. 07.06.2004 First bond in BiH (Slateks Slatina) listed on the market of the BLSE. 01.08.2004 The FIRS was introduced. FIRS included shares of 13 PIFs from Republic of Srpska. 17.09.2004 On the 10th General Meeting of the FEAS held in Novigrad, Croatia, the BLSE was accepted in full membership of FEAS. 30.05.2005 Shareholders Assembly of the Stock Exchange appointed new Managing and new Supervisory Board. 03.10.2005 Continuous Trading Method introduced for shares listed on the official market of the BLSE. 16.11.2005 Third regular revision of both indexes was made and structure of the indexes did not changed 28.12.2005 Listing of Elektroprenos Banja Luka shares on the Free Market–the end of process of listing shares from the Power Utility System of the Republic of Srpska. 29.12.2005 On the Banja Luka Stock Exchange recorded a new highest value on the amount of BAM at 60,532,673. 20.03.2006 Introduction of continous trading in shares from the Free Market which fulfill the liqidity criteria 17.05.2006 First International Conference of the Banja Luka Stock Exchange was held. FUTURE OUTLOOK In 2006 the BLSE plans to: • initialize creation of national corporate governance standards; • introduce new market instruments such as long term governments bonds issued on the basis of the frozen savings; • install a new web information portal, which will enable investors to access a large scope of data, such as the macroeconomic situation in Bosnia and Herzegovina, trading information, financial statements and ownership structure of the listed; • encourage listing of successful local companies on the official market; • continue with educational and promotional activities; and • further develop methods of continuous trading with listed securities. PAGE 52
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 BANJA LUKA STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jan-06 4.5 0.28 16.4 1.0 Feb-06 6.3 0.39 25.3 1.6 Mar-06 9.5 0.53 41.6 2.3 Apr-06 16.1 1.1 70.8 4.7 May-06 13.5 0.79 62.3 3.7 Jun-06 14.7 1.0 44.9 3.0 TOTAL 64.7 0.68 261.3 2.7 Bonds Jan-06 n/a n/a n/a n/a Feb-06 n/a n/a n/a n/a Mar-06 n/a n/a n/a n/a Apr-06 n/a n/a n/a n/a May-06 n/a n/a n/a n/a Jun-06 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Other Jan-06 n/a n/a n/a n/a Feb-06 n/a n/a n/a n/a Mar-06 n/a n/a n/a n/a Apr-06 n/a n/a n/a n/a May-06 n/a n/a n/a n/a Jun-06 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jan-06 1,746.7 802.5 Feb-06 1,821.6 798.2 Mar-06 2,099.1 832.6 Apr-06 2,331.6 889.9 May-06 2,635.3 958.0 Jun-06 2,605.6 917.1 CONTACT INFORMATION 18 16 14 12 10 8 6 4 2 0 1,000 3,000 900 800 2,500 700 2,000 600 500 1,500 400 300 1,000 200 500 100 0 0 Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun Contact Name Mr. Nebojsa Vukovic E-mail nebojsa.vukovic@blberza.com Website www.blberza.com PAGE 53
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