Godišnji izveštaj za 2005. godinu - Beogradska berza

Despot’s Stefan LazarevicBrought up in an aristocratic family by nobleand wise parents, Stefan Lazarevic was educatedand trained to become a knight and artist, poetand patron, diplomat and reformer, warrior andeconomist, renovator and builder. All these callingsand gifts were woven into the versatile character ofStefan Lazarevic, the much celebrated and equallyunfortunate ruler over Serbian lands, who took thethrone upon the death of his father Lazar in theBattle of Kosovo in 1389.

Despot Stefan Lazarevi}Odrastao je u kne`evskoj porodici plemenitihi umnih roditeqa, vaspitavan i podu~avan dabude vitez i umetnik, pesnik i mecena, diplomatai reformator, ratnik i ekonomista, obnoviteq igraditeq. Sva ova zvawa i svojstva bila su utkana umnogostruko obdarenu li~nost Stefana Lazarevi}a,slavnog i isto toliko nesre}nog vladara nad srpskimzemqama posle pogibije oca Lazara 1389. godine naKosovu poqu.Naslednik kneza Lazara je najlep{i vladalackojeg je Srbija imala. Konstantin Filozof ovakoslika Stefana: „Bilo da je re~ o ratovawu, borbi iumetnosti, svemu ovome bio je prvi i druge upu}iva{e.U svemu be{e savr{en. I po lepoti tela i snage bio jeme|u vr{wacima kao sunce posred zvezda...“ Ostaloje zapisano i divqewe koje je Stefan svojom lepotomi visinom izazvao me|u Dubrov~anima 1422. godine,a sli~an zapis sa~uvan je i od trgovca iz UgarskeEberharta Vindekea: „Neobi~no lep ~ovek, iskren,pravedan i miroqubiv“Vladao je u doba porobqene dr`ave hrabro nose}ivazalstvo malih i ubogih prema velikim i mo}nim,ali sa ~asnom idejom da spasava {to se spasiti mo`e,i da, vi{e diplomatijom nego borbom i prkosom,omogu}i svom plemenu dostojniji i lak{i `ivot.Zbog toga se Visoki Stefan, nikad nije do`ivqavaou na{oj istoriji kao ~ovek koji je zbog statusa iprivilegija bio vazal, nego je postao simbol mu~enikai hrabrog viteza koji je svesno prihvatao vazalstvo isebe na krstu uzneo u besmrtnost.Priznavao je vrhovnu vlast turskog sultana Bajazitado 1402. godine, u~estvuju}i na wegovoj strani umnogim, znanim i neznanim, bitkama, a sposobno{}ui hrabro{}u ratnika proslavio se na Rovinama,Nikopoqu i Angori. Te godine se osamostaquje,okre}e Vizantiji i od wih dobija titulu despota.Nekoliko godina kasnije pribli`ava se Ugarskoj akraq Zigmund mu poklawa Ma~vu i Beograd.Ve} tada je bilo jasno i wegovim sunarodnicima ivladarima drugih zemaqa, a vreme je to i potvrdilo, daje Srbija dobila gospodara, prvog takvog kova posle caraDu{ana, koji je znao da se pokori ali i da vlada, strogihzahteva prema drugima a jo{ stro`iji prema sebi.„Vo|a naroda kao cvet procveta i otpade“ veliKonstantin Filozof, biograf despota Stefana,o wegovoj iznenadnoj smrti 1427. godine koja ga jestigla u lovu, na kowu, sa sokolom u ruci.Despot’s Stefan LazarevicStefan is the finest looking ruler Serbia has ever had.Here is the portrait of Stefan given by Constantin thePhilosopher: «In waging wars, in struggles and artalike he was always ahead of others and guided themall. He was perfect in everything. In the beauty of hisbody as well as in his strenght Stefan stood amidst hispeers like the sun amidst the stars...» There is evidenceof great admiration Stefan’s looks and stature arousedin the citizens of Dubrovnik in 1422, and a similaraccount was given by a Hungarian trader, EberhartVendeke: «An exceptionally handsome man, honest,just and peaceloving».Stefan ruled at a time when the defeated Serbianstate bravely endured the vassalage of the smalland the poor to the big and the mighty, but withan honourable idea of saving whatever remainedto be saved and enabling his people, more throughdiplomacy than through fights and defiance, a moredignified and easier life. This is the reason why in ourhistory Stefan the Tall has never been regarded as avassal, in spite of his status and privileges, but becamethe symbol of a great martyr and valiant knightwho consciously accepted the vassalage and elevatedhimself on the cross into immortality.Stefan recognized the supreme authority of theTurkish sultan Bayazid until 1402, and participatedon his side in numerous, more or less famous, battles,gaining the reputation of a capable and brave soldierat Rovine, Nikopolis and Angora. The same yearStefan became independent and turned to Byzantiumwhich granted him with the title of despot. Severalyears later he strenghtened ties with Hungary andreceived Macva and Belgrade from King Sigismund.It was evident to his compatriots as well as to therulers of other countries - and future was to confirmit - that Serbia obtained a true statesman, the first ofthe kind after czar Dusan, who combined obedienceand skillful statesmanship and placed strong demandson others, stronger yet on himself.«The people’s leader bloomed like a flower andfell off» says Stefan’s biographer, Constantin thePhilosopher, upon Stefan’s sudden death in 1427,which befell him in hunting, on his horse, holding afalcon in his hand.

UVODNA REČEkonomsko-finansijski razvoj Srbije je preduslovrazvoja Beogradske berze, kao centralne institucijetržišta kapitala. Beogradska berza, sa druge strane,je i u 2005. godini uspešno anticipirala razvoj tržištahartija od vrednosti sopstvenim internim razvojemi usavršavanjem, unapređenjem organizacije iposlovanja.U prilog ubrzanog razvoja tržišta kapitala Srbijedovoljno govori rast vrednosti prometa u odnosuna prethodnu godinu, kao i promena struktureprometa u korist akcija.Beogradska berza se okolnostima na „mladom”tržištu brzo prilagođava, ispunjavajući svoj„deo zadatka”. O tome govore i napori Berze umaksimiziranju organizacione efikasnosti, kao„servisa” za učesnike tržišta hartija od vrednosti.U tom pravcu, izvršeno je više modifikacijaelektronskog sistema (BELEX), što je doprineloefikasnijem procesu trgovanja, povećanju brzine ikvaliteta informacija, kao i otvaranju mogućnosti zadistribuciju širokog spektra informacija u realnomvremenu.Tokom godine, normativna aktivnost Beogradskeberze pretežno je realizovana u delu izmena idopuna osnovnih opštih akata usvojenih u postupkuusaglašavanja Berze sa Zakonom o tržištu hartija odvrednosti i drugih finansijskih instrumenata, naročitou smislu usklađivanja istih sa potrebama prakse ipreciziranja pojedinih odredbi, saglasno unapređenjusistema za trgovanje.Izuzetno dobre rezultate dao je i novi korisničkiservis BELEX.info, koji omogućava praćenjeFOREWORDEconomic and financial development of Serbia is aprecondition of a development of the Belgrade StockExchange as central institution of the capital market.On the other side, the Belgrade Stock Exchangeagain successfully anticipated development ofthe securities market in 2005 with its internaldevelopment and improvement of organization andactivities.An increase in the turnover, compared to thelast year, and the change in the turnover structurein favour of equities contributed to the accelerateddevelopment of the Serbian capital market, as well.The Belgrade Stock Exchange is adjusting quicklyto the emerging market circumstances performingits „part of a task“. This could be seen from theBelgrade Stock Exchange exertions to maximizeorganizational efficiency as a service for thesecurities market participants. Following that path,several modifications of the electronic platformBELEX were made, each adding to the efficencyof the trading process, increasing of the speed andquality of information and opening possibilitiesfor real-time dissemination of vast range ofinformation.During the 2005 activity of the Belgrade StockExchange regarding the regulatory framework wasmainly focused on changing and amending basicrules adopted in the process of harmonization ofthe Exchange organization and operations with theLaw on Securities and Other Financial InstrumentsMarket, especially in the sense of their adjustmentsto the practice and the upgrade of the tradingsystem.3

trgovanja u realnom vremenu, kao i Data Feedservis, namenjen profesionalnim korisnicima, kojipreuzete podatke zatim obrađuju i koriste premasopstvenim potrebama.Razvoj novih pokazatelja i indikatora takođe jebio u centru pažnje tokom 2005. godine; sredinomgodine prvi put su predstavljeni; BELEXsentiment– indikator koji oslikava očekivanja u pogledu opštihtržišnih trendova i FIT, FIS i FIB – pokazatelji učešćastranih investitora u trgovanju na Berzi.Beogradska berza je od oktobra 2005. započelapublikovanje novog indeksa akcija: BELEX15,koji predstavlja prosečno kretanje najlikvidnijegsegmenta tržišta kapitala – akcija koje se nalaze ukontinuiranom trgovanju.U poslednjem kvartalu 2005. godine, Berza jeaktivno radila na novoj internet prezentaciji, koja jeaktivirana prvog radnog dana januara 2006. godine.Korisnicima je ponuđen povećan broj analitičkihpokazatelja i grafičkih sadržaja, kao i savremendizajn i jednostavniji pristup svim podacima.New customer service BELEX.info, with accessto real-time trading information, gave extremelygood results; and Data Feed Service, meant forprofessional users which process the transmitteddata and use them according to their needs, as well.Development of new indicators and indicesmarked the 2005: by mid of year BELEXsentiment– indicating sentiments of general market trends,and FIT, FIS and FIB - indicating foregn investorsparticipation in trading on the Exchange, wereintroduced.As of October 2005 the Belgrade Stock Exchangecommenced with a new equity index BELEX15,showing average movement of the most liquidsegment of the capital market – shares trading incontinuous trading method.In the last quarter the Exchange was activelyengaged on a new internet presentation, launchedon the first working day in January 2006. Thismodern-designed presentation with user-friendlyaccess to the data offers enlarged number of analyticindicators and charts.Gordana DostanićGordana Dostanić4

KalemegdanAfter the Battle of Angora, Stefan Lazarevic was given the title ofdespot from the Byzantine Emperor and Belgrade to rule over from theHungarian King Sigismund. Thus, through diplomacy, Belgrade becamethe capital of the Serbian state for the first time in 1404. Despot Stefanundertook the restoration of the already existing fortification and builta fortrees, defensive walls and towers. Belgrade was divided into theUpper and Lower town. In the Upper town, Despot Stefan built a castle,fortified by walls with towers and trenches, with the entrance over adrawbridge. Inside the castle there was a court, Nebojsha’s and Bojsha’stowers, a library, houses of the nobility, a chapel, a treasury ...Duringthe reign of Despot Stefan Belgrade enjoyed both economic and culturalprosperity.

Despot’s BelgradeDespot Stefan Lazarevi} - BeogradSporazumom o vazalskim obavezama prema ugarskomkraqu Zigmundu despot Stefan Lazarevi} dobijaBeograd i Ma~vu. Iz Kru{evca prestonicu preme{tau Beograd 1403. godine.U Poveqi gradu Beogradu despot Stefanobja{wava tu svoju odluku: „Od Kosova bejah pokorenismaiq}anskom narodu, dok ne do|e car Persijanacai tatara i wih razbi, a mene iz wihovih ruku Bogmilo{}u svojom oslobodi. Odakle, dakle, do{av{i,na|oh najlep{e mesto, od davnina preveliki gradBeograd, slu~ajno razru{en i zapusteo, sazdah ga iposvetih presvetoj Bogomateri“Veoma brzo je razru{en i opusteli grad pretvorio usre|enu srpsku prestonicu koja je postala svojevrstanevropski centar kojeg Konstantin Filozof poredisa Jerusalimom. Svoju prestonicu despot Stefan jeosmislio kao Zapad na Istoku. Beograd postaje vojnoutvr|ewe, gradsko naseqe, privredni, kulturni icrkveni centar dr`ave.Za 23 godine koliko }e Beograd biti prestonica podStefanovim budnim okom gradi se dvorac-tvr|ava uGorwem gradu na Kalemegdanu sa riznicom. U dvorcuje imao bogatu biblioteku i to je verovatno bila prvabiblioteka u gradu. Ni~u Mitropolija, pristani{tena Dunavu i dve crkve / Uspenija pre~iste Vladi~icei Svete Petke/. O naprednoj i daleko ispred svogvremena viziji glavnog grada Stefanove despotovinegovore i slede}i objekti koji su sazidani u tomperiodu: Bolnica, Prihvatil{te za strance i brojnivrtovi , posebno oko dvora i Mitropolije.Kao dobar graditeq i ratnik Stefan pravi i skrivenput - specifi~nost Gorweg grada - me|uprostorizme|u dva bedema kojim su komunicirali branioci.I uop{te celo utvr|ewe oko Beograda bilo je izuzetnostrata{ki ura|eno i dugi niz godina odolevalonapadima Turaka.By accepting his vassal duties to the Hungarianking Sigismund, Despot Stefan received in returnBelgrade and Macva. In 1403, he moved his capitalfrom Kruševac to Belgrade.In his Charter to the town of Belgrade Stefanexplains his decision: «Since Kosovo I have beenconquered by the Ismailis, until the Emperor ofPersians and Tatars defeated them, and from theirhands God by his mercy set me free. I came and foundthe noblest town from ancient times, the great townof Belgrade, by sorry fate destroyed and nearly void.Having rebuilt it, I consecrated it to the Holy Motherof God».He soon turned the devastated and empty town intoan organized Serbian capital, a particular Europeancenter, which Constantin the Philosopher comparedwith Jerusalem. Stefan envisaged his capital as theWest in the East. Belgrade became a military fortress,a township and an economic, cultural and religiouscenter of the state.Over a period of 23 years during which Belgradewas the capital, a fortified castle in the Upper townin Kalemegdan and a treasury were erected underStefan’s close supervision. The castle housed a richlibrary, probably the first library in the town. Theywere followed by the Metropolitan Palace, the porton the Danube and two churches (Assumptions of theVirgin and St. Petka). The following objects raised inthat period testify to the progressive and avant-gardevision of the capital of Stefan’s despotate: Hospital,Residence for Foreigners and numerous gardens,particularly around the court and the MetropolitanPalace.As an exceptional builder and soldier, Stefanconstructed a hidden passage – specific feature of theUpper town – which linked two defensive walls andwas used by defenders for communication. Generally,all fortifications around Belgrade were strategicallywell designed and for many years resisted the attacksof the Turks.

O 2005. GODINU U SRBIJIMinistrastvo finansija Republike Srbije iskazalo jeveliko zadovoljstvo proteklom fiskalnom godinom.Kako je istaknuto, prvi put u modernoj istorijifinansija Srbije ostvaren je budžetski suficit i iznosioje 26,8 milijardi dinara. Ostvareni suficit stvoren je,prema rečima resornog Ministra, smanjenjem javnepotrošnje, a omogućio je vraćanje nagomilanihdugova države kao i finansiranje podsticajnihprograma privrednog rasta.Ukupni javni prihodi Srbije su 733,0 milijardidinara.Inflacija je za posmatrani period iznosila 16,5%.Iz izveštaja Narodne banke Srbije, saznajemo dasu devizne rezerve zemlje na kraju 2005. godineiznosile oko 5,5 milrd. €, pokrivajući novčanu masusa 292 odsto.Narodna banka je istakla da je u toku 2005.godine, dinar nominalno depresirao prema evru za7,5 odsto. Od privatizacije u devizne rezerve se slilo298 mil.€, od kredita 276, od donacija skoro 81, a oddeblokade deviznih sredstava 64 mil.€.Iz deviznih rezervi prošle godine je na imeinostranih dugova isplaćeno je 371 mil.€, a zadomaće poverioce dato je 235 mil.€.Promet na Međubankarskom deviznom tržištuiznosio je 1,9 mlrd.€.Ministarstvo privrede RS - Agencija zaprivatizaciju , upoznaje nas sa sledećim rezultatima:YEAR 2005 IN SERBIAThe Ministry of Finance of the Republic of Serbiaexpressed great satisfaction with the past fiscalyear. As it was highlighted, budget was in surplusfor the first time in the history of finance in Serbiaamounting CSD 26.8 bn. Realized surplus accordingto the Ministry, induced by the decrease in publicspending, opened the path for reimbursement ofthe previously accumulated government debt andfor financing projects on supporting economydevelopment.Total public revenue in Serbia was CSD 733,0 bn,budget expenses were CSD 391.6 bn.Inflation rate in the same period was 16,5%.From the National Bank of Serbia reports welearned about the foreign currency reserves at theend of 2005 amounting to EUR 5,5 bn, coveringmoney supply with 292 % at the end of 2005.The National Bank of Serbia emphasized that in2005 national currency (dinar - CSD) nominallydepressed towards the euro by 7,5 %. Foreigncurrency reserves gained from privatization EUR298 mn, from loans 276, from donation almost 81,and from unblocked foreign currency EUR 64 mn.External debt was reimbursed from the foreigncurrency reserves in the amount of EUR 371 mn,while domestic creditors were paid EUR 235 mn.Interbank foreign exchange market revenuereached EUR 1,9 bn, an increase of 23% comparedto 2004.7

preduzeće sa ukupnno realizovanom cenom od390,6 mil.€, privatizovao je 15 preduzeća, aukcije, od kojih je 48% bilo uspešnih prihodovano je 122,3 mil.€, 1,286 mlrd. $, prevashodno u novcu i delimičnou opremi,A šta je od značajnih događaja obeležilo 2005.godinu u Srbiji?Izdvajamo nekoliko najznačajnih događaja kojipokazuju intenzivnost odnosa Srbije i EU i naosnovu kojih analitičari ocenjuju proteklu godinuuspešnom za Srbiju:1. Savet ministara usvojio je pozitivnu Studijuizvodljivosti za Srbiju i Crnu Goru - 25. aprila2005.godine2. Započeti pregovori o Sporazumu o stabilizacijii pridruživanju,3. Vlada Srbije usvojila Nacionalnu strategiju zapridruživanje EU -17. juna 2005.godine4. Zaključen Sporazum o tekstilu EU i Srbije.Ministry of Economy of the Republic of Serbia –Privatization Agency posted the following results: mn, offers, 204 companies, 48 % of which completedsuccessfully, government portfolio EUR 122,3 mn, bn, mainly in money, partially in equipment,What else marked the 2005 in Serbia?We extract several most important events showingthe intensity of relationship between Serbia and EU,based on which analysts assess successfulness of thelast year:1. Councel of Ministers adopted a positiveFeasibility Study for SCG on 25 April 2005,2. Negotiations about the Agreement onStabilization and Association with the UNcommenced,3. Government of Serbia adopted the NationalStrategy for SCG Joining the UN on 17 June2005,4. Law on ratification of the textile agreementwith the EU signed.8

"Ruzica" Church(Belgrade Fortress, Upper town)It is located near north-east walls of theBelgrade Fortress, under the Zindan gate.Tradition has it that it was built on the siteof the original church of the same name, builtin the XV century during the reign of StefanLazarevic. The Church was restored in 1925.In the vicinity of the Church there is the Chapelof St. Petka, erected in 1867 above the so-called"miraculous spring"

Despot Stefan Lazarevi} - GraditeqDespot Stefan Lazarevi}, iako u vazalskom odnosuprema Turskoj a kasnije i Ugarskoj, razapet kao vojniki vladar u te{kom istorijskom periodu za zemqu,duboko je predan hri{}anstvu i tradiciji svojihpredaka Nemawi}a, jer je, po majci Milici, wihovdirektan potomak. Zbog toga je i veliki graditeqcrkava i manastira koji su bili i steci{te duhovnostii obrazovawa.U manastirima koji su izgra|eni za wegova `ivota,iako su freske o{te}ene, mo`e se, sa velikompouzdano{}u, utvrditi izgled Stefana Lazarevi}a.U manastiru Ravanica Stefan je prikazan kaode~ak od 6-7 godina, dok je u manastiru Koporin (uResavi) kod Velike Plane lice sasvim uni{teno. Umanastirima Qubostiwa ( zadu`bina wegove majkeMilice) i manastir Kaleni} naslikan je kao mlad~ovek ri|e- plave grgurave kose sa retkom bradomi jedva vidqivim brkovima. U manastiru Rudnciprikazan je kao krupan mlad plav ~ovek, likom istikao u Ravanici. Najinteresantniji portret dat je umanastiru Manasija: natprirodna veli~ina freske,duguqasto lice, ~etvrtaste o~ne dupqe, desnajabu~ica ne{to vi{e izbo~ena, nagla{eno ispup~ewebrade, koren nosa uzan, Kosa crvenkasto `uta, crtelica pravilne, o~i plave, obrve tanke.Stefan the BuilderIn spite of his vassalian relationship with Turkeyand later with Hungary and his being torn betweenthe roles of soldier and statesman in these turbulenttimes for the country, Stefan Lazarevic was deeplydevoted to christianity and the tradition of hisancestors, the Nemanics, being, by his mother Milica,their direct discendant. This probably accounts forhis unrelenting dedication to building churches andmonasteries as centers of spirituality and education.From the monasteries built in his lifetime, in spiteof the rather damaged frescoes, Stefan’s physicalappearance can be determined with great certainty.In the Ljubostinja (legacy of his mother Milica) andKalenic monasteries he is depicted as a young manwith curly reddish hair, sparse beard and a hardlyvisible moustache. In the Rudinci monastery he isportrayed as a sturdy young man with fair hair,resembling the rendition in Ravanica. The mostinteresting portrait can be found in the Manasijamonastery: unnatural proportions of the fresco, longface, square eye sockets, the right eye-ball slightly moreprominent, the chin somewhat protruded, the root ofthe nose narrow, the hair reddish-yellow, regularfeatures, blue eyes and thin eyebrows.

ZNAČAJNI DATUMI I DOGAĐAJIBEOGRADSKE BERZEČetvrta Međunarodna Konferencija Beogradske berze02-03. novembar – Održana je 4. Međunarodnakonferencija Beogradske berze: »Očuvanjeintegriteta i efikasnosti tržišta kapitala«. Konferencijije prisustvovalo preko 480 domaćih i stranihučesnika kao i 30 uglednih uvodničara i predavačaiz zemlje i sveta.Tradicionalna, četvrta po redu Međunarodnakonferencija Beogradske berze je događaj koji jeprivukao značajnu pažnju stručne i investicionejavnosti, a naziv konferencije „Očuvanje integritetai efikasnosti tržišta kapitala” označio je njen osnovnisadržaj.U okviru predviđenih panel diskusija, tokomKonferencije posebno su obrađene sledeće teme: tržišta kapitala manipulacija, slučajevi manipulacija i prevara standardi, utvrđivanje manipulacija u praksi isankcionisanje pojava finansijsko izveštavanje – uloga i obezbeđivanjeefikasnosti tržišta kapitala i IMPORTANT DATES AND EVENTSFOR THE BELGRADE STOCKEXCHANGEIV International Belgrade Stock ExchangeConference02 - 03 November – Fourth InternationalBelgrade Stock Exchange Conference «Preservingthe Integrity and Efficiency of the Capital Market«was held. More than 480 domestic and foreignattendees and 30 prominent participant-panelistsand lecturers, both from Serbia and abroad, tookactive part in the Conference.Traditional, the fourth year running InternationalBelgrade Stock Exchange Conference attractedsignificant amount of attention, both from expertand investment public, and the title »Preservingthe Integrity and Efficiency of the Capital Market«labeled its main content and intention.The following topics were in focus of paneldiscussions during the Conference: Preserving the Integrity of the Capital Market Manipulation, Examples of Manipulation andFraud Standards, Substantiating Manipulation inPractice and Sanctioning its Occurrence Companies and Financial Reporting – their Rolesin Ensuring the Efficiency of the Capital Market 11

Takođe, dvodnevni rad Konferencije obeležen je iodržavanjem dva okrugla stola, na teme: „Problemitržišta kapitala Srbije” i „Perspektive razvoja tržištakapitala Srbije”, kao i specijalnim predavanjemkoje su održali predstavnici NASD-a na temu„Insajdersko trgovanje - kako sprovesti istragu iprikupiti dokaze”. U toku Konferencije, najuspešnijekompanije čijim se akcijama trguje na Beogradskojberzi imale su prilike sa se predstave stranim idomaćim investitorima – učesnicima Konferencijekratkim i efektnim prezentacijama.Tokom rada Konferencije, razmenjena su znanjai iskustva velikog broja učesnika, stečena narazličitim tržištima kapitala. Može se reći da je tihdana Beogradska berza bila finansijski deo svetajer su povodom Konferencije u Beogradu boravilapoznata imena priznatih svetskih stručnjaka izoblasti berzanskog poslovanja.I sam slogan „Tržište koje se širi” rečito govori otrendovima Beogradske berze i investicionoj klimiu Srbiji što je potvrđeno i prisustvom gostiju izAmerike, Kanade i predstavnicima evropskih iazijskih finansijskih centara.Ostali značajni datumi18. februar – Beogradska berza je primljena učlanstvo FESE01. mart – Pušten je u rad servis BELEX.info, koji korisnicima omogućava da trgovanjena Beogradskoj berzi prate u realnom vremenu,posredstvom interneta. Istog dana, u holu zgradeotvoren je Info centar. Posetioci imaju mogućnostpreuzimanja raznih izveštaja Berze, propagandnihi reklamnih materijala, edukativnih materijala, aliTwo-day conference was complemented with2 round tables focussing the following topics„Problems of the Serbian Capital Market” and„Prospects for the Development of the SerbianCapital Market” and with the special presentation“Insider Trading – How to Investigate andGather Evidence to Prove Your Case” made byrepresentatives from NASD. During the Conferencethe most successful companies which shares aretraded on the Belgrade Stock Exchange had anopportunity to present themselves to both foreignand domestic investors – conference participants.During the Conference vast number of participantsshared their knowledge and experience, obtainedon different capital markets. It could be said thatduring these days the Belgrade Stock Exchange wasthe part of the world of finance due to the fact thatprominent experts in the field of securities businesscame to Belgrade to participate the Conference.And the „Expanding market“ motto speaks itselfabout the Belgrade Stock Exchange trends andthe investment climate in Serbia, which were alsoconfirmed by the presence of guests from the USA,Canada and representatives from financial centersof Europe and Asia.Other imortant dates18 February – Belgrade Stock Exchange became aCorresponding Member of the FESE01 March – BELEX.info Service launched,offering users a possibility to follow trading on theBelgrade SE in the real-time, via Internet. On thesame day, Info Center, located in the hall of thebuilding, was opened. Visitors have a possibilityto obtain various Exchange reports, advertising12

i mogućnost bližeg upoznavanja sa pojedinostimaberzanskog poslovanja.Od 21. marta – Omogućena je provera poslednjecene hartije od vrednosti, promene cene i dnevnogobima trgovanja, putem SMS poruke. Svimzainteresovanim korisnicima omogućeno je ipreuzimanje BELEX Tiker-a.Tokom marta prvi put su objavljeni podacio učešću stranih investitora na Beogradskojberzi – pokazatelji FIT, FIS i FIB. Martovski brojBiltena je inoviran drugačijim pristupom obradi ipublikovanju podatka.13. april; 14. jul; 11. oktobar; 25. oktobar i 20.decembar – Održane su redovne konferencijeza štampu, na kojima su predstavljeni izveštaji oposlovanju, aktuelna dešavanja, novine sa Berze,najave značajnih događaja i sl. Na prvoj konferencijisvečano je otvoren Press centar Beogradske berze,posebno pripremljena sala za izveštavanje i praćenjedešavanja na domaćem i svetskim tržištima.05. maj - Zvanično je pušten u rad Data Feedservis, kojim je omogućena distribucija paketapodataka iz trgovanja u realnom vremenu svimzainteresovanim korisnicima, koji podatke obrađujui koriste prema sopstvenim potrebama.Krajem maja objavljena je prva analizapredviđanja kretanja tržišta – danas pokazateljBELEXsentiment.23. jun - Beogradskoj berzi je uručeno priznanjePrivredne komore Beograda, za ostvarene rezultateu 2004. godini.materials and booklets, educational materials, andan opportunity to get familiar with the exchangeactivity.As of 21 March – information on the last price ofa security, change of price and daily trading volumewas made available through the SMS. All interestedusers can download the BELEX Ticker, as well.During March for the first time data on foregninvestors participation on the Belgrade SE – FIT,FIS, and FIB indicators were published. March issueof the Bulletin brought inovations in processingand publishing data.13 April; 14 July; 11 October; 25 October i 20December –Regular press conferences were held, topresent activity reports, current events, news fromthe Exchange, announcements of important events,etc. The Press Center, specially designed auditoryfor reporting and covering events both on domesticand foreign exchanges, was officially opened on thefirst press conference.05 May - Data Feed Service was officiallylaunched, distributing data packages on trading inthe real time to interested users, which process anduse data according to their needs.End of May - first analysis of marketmovements predictions were presented – todaysBELEXsentiment indicator.23 June - Belgrade Stock Exchange was given anaward of the Chamber of Commerce of Belgrade forthe results accomplished in the 2004.13

16 - 18. septembar – U okviru 11. GeneralneSkupštine FEAS-a (Federacije evro-azijskih berzi)koja je održana u Širazu, u Iranu, Beogradskoj berzije poverena organizacija 13. Godišnje SkupštineFEAS-a u septembru 2007. godine.04. oktobar – Počelo je objavljivanje podataka oBELEX15 indeksu, koji sadrži najlikvidnije hartijesa domaćeg tržišta, kojima se trguje kontinuiranimmetodom.18. novembar – U krugu prijatelja i poslovnihpartnera, obeležena je Slava Beogradske berze i111. godišnjica od njenog osnivanja.17. decembar – Direktoru Beogradske berze,gospođi Gordani Dostanić uručeno je priznanjeMenadžer godine u oblasti bankarstva i finansijaza ostvarene rezultate u 2005. godini. Priznanjedodeljuje žiri sačinjen od novinara iz oblasti privredei ekonomije.16 – 18 September – Within the 11th FEASGeneral Assemby held in Shiraz, Iran, the BelgradeStock Exchange was trusted with organization of the13th FEAS General Assembly in September 2007.04 October – BELEX15 Index was launched,compounding of most liquid securities on thedomestic market traded on continuous tradingmethod.18 November – Within the circle of friends andbusiness partners Belgrade SE celebrated its SlavaFeast and the 111 th Anniversary of the founding ofthe Exchange.17 December– Belgrade Stock Exchange ManagingDirector, Ms Gordana Dostanić was given a Managerof the Year Award for results accomplished in 2005 inbanking and finance sector. This award gives a jurymade of journalist from the industry and economysector.14

ManasijaThe Manasija monastery with the Church ofthe Holy Trinity was erected and surroundedby high defensive walls by Despot StefanLazarevic between 1406 and 1418. It islocated on the river of Resava in the vicinity ofDespotovac. In this monastery Despot Stefanfounded a copying school known as the ResavaSchool.

Despot Stefan Lazarevi} - Vladar umetnikDespot Stefan je bio, ne samo prosve}eni vladar,ve} i kwigoqubac, mecena i kwi`evnik. Poznato jeda se u svom dvoru gostio dru`io se sa slikarima,arhitektama i najpoznatijim piscima tog doba:pesnik Andonije Rafail iz Gr~ke, Grigorije Camblaki Konstantin Filozof iz Bugarske.U manastiru Resavi, dana{woj Manasiji, osnovaoje nadaleko ~uvenu {kolu prepisivawa i tuma~ewagr~kih tekstova.Stefan Lazarevi} je govorio gr~ki, latinskii staroslovenski jezik, a sasvim je mogu}e da jeznao jo{ neki od evropskih jezika. Bio je jedan odnajobrazovanijih qudi svog doba i po shvatawima,interesovawima i svojim delima s pravom se mo`ere}i da je bio srpski predstavnik renesanse.Ruler and ArtistNot only was Stefan an enlightened ruler, he wasalso a lover of literature, patron and writer. It isknown that in his court he received painters, architectsand the most distinguished writers of the time: poetAndonije Raphael from Greece, Grigorije Tsamblakand Constantin the Philosopher from Bulgaria.In the Resava monastery, present-day Manasija,he organized a widely known school for transcribingand interpreting Greek manuscripts.Stefen Lazarevic spoke Greek, Latin and theold Slavonic language, and it is quite likely that heknew some other European languages as well. Hewas one of the most educated people of his time and,considering his views, interests and achievements, wecould rightly say that he was a true representative ofthe Serbian Renaissance.

POSLOVANJE U 2005.GODINIBUSINESS ACTIVITY IN 2005Listing AU okviru ovog tržišta Beogradske berzeorganizovano je trgovanje obveznicama RepublikeSrbije emitovanih 2002. godine. Obveznice imajuoznaku serije A bez kupona, s rokovima dospeća nadan 31. maj svake godine do 2016. godine.U maju je izvršen delisting obveznica RepublikeSrbije - serije A2005, kojima se na berzanskomtržištu trgovalo do 20.05.2005. godine. Zaključno sakrajem decembra na Listingu A nalazilo se 11 serijaobveznica Republike Srbije.Slobodno berzansko tržišteAkcijeTokom godine na slobodno berzansko tržišteuključene su akcije 454 preduzeća, od čega je za 25preduzeća izvršeno uključivanje više različitih klasaakcija, tako da je ukupno uključeno 487 različitihakcija. U skladu sa utvrđenim proceduramaPravila poslovanja, akcije 7 izdavaoca su, na zahtevakcionara, uključene na slobodno berzansko tržištebez prospekta.Sredinom godine, nakon otvaranja emisionogračuna kod Centralnog registra, akcije Beogradskeberze uključene su na slobodno berzansko tržište, atrgovanje je organizovano kroz periodične aukcijesa jednom cenom ili aukcije sa kontinuiranimtrgovanjem.Zbog promene pravne forme i zatvaranjaakcionarskog društva, tokom godine isključeno jeiz trgovanja 12 vrsta akcija pojedinih izdavaoca saListing AWithin the best quality market segment of theBelgrade SE trading in bonds of the Republicof Serbia issued in 2002 is organized. Bonds aredenoted as zero-coupon series A, with a maturitydate on 31 May each year until 2016.Republic of Serbia Bonds – series A2005 (tradedon the exchange market until 20 May 2005) weredelisted in May. At the end of December therewere 11 series of Republic of Serbia Bonds listed onListing A.Free Exchange MarketSharesShares of 454 companies were admitted to the freeexchange market during the year, which including25 companies issuing different class of shares totalsto 487 different shares. Shares of 7 issuers, on therequest of shareholders, were admitted to the FreeExchange Market without prospectus, due to theprovisions of the Rules on Business Operations.By mid of 2005 shares of the Belgrade SE wereadmitted to the Free Exchange Market. Trading isorganized in periodical mode using continuoustrading method.During 2005 shares of 12 issuers were excludedfrom trading on organized market, mostly due tothe change of the legal form of the issuers frompublic to private companies. On 31 December 2005there were 887 shares and 843 issuers quoted on theFree Exchange Market.17

organizovanog tržišta, tako da se na dan 31.12.2005.godine na slobodnom berzanskom tržištu nalazilo887 akcija 843 izdavaoca.Kratkoročne hartije od vrednostiOd kratkoročnih hartija od vrednosti tokom 2005.godine na slobodno berzansko tržište uključene susamo dužničke hartije od vrednosti preduzeća Etikoprodukt d.o.o. Beograd, sa rokom dospeća od 360dana.Short-term SecuritiesAs far as short-term securities are concernedin 2005 only Etiko Produkt Llc. Company’s debtsecurities with the maturity of 360 days wereadmitted to the Free Exchange Market.Broj kompanija na slobodnom berzanskom tržištu po mesecimaNumber of Companies on the Free Market on Monthly Basis18

RavanicaThe Ravanica monastery was built byPrince Lazar Hrebeljanovic in 1389, andpainted soon afterwards. The narthex, addedsubsequently, was restored and painted at thebeginning of the 18th century. The Monasteryis situated near Cuprija and its Church housesthe relics of Prince Lazar.

Stefan despot,najsla|emu i najqubaznijemu,i od srca moga nerazdvojnome,i mnogo, dvostruko `eqenome,i u premudrosti obilnome,carstva mojega iskrenome,(ime rekav{i),u Gospodu qubazan celiv,ujedno i milosti na{e,neoskudno darovawe.Leto i prole}e Gospod sazda,kao {to i psalmopevac re~e,i u wima krasote mnoge:Stefan,To the sweetest, most beloved one,Inseparable from my heart,Always wished for, and muchPossessed of wisdom andTo my kingdom true,(The name being said)A warm greeting in the LordAnd unsparingly thereinOur merciful gifts.The Lord hath made bothspring and summer,As also the Psalmist sang,And all their delights:Despot Stefan Lazarevi} - Slovo qubaviSrpskoj kwi`evnosti podario je i jednu od najlep{ihlirskih pesama, napisanu 1409. godine. Slovoqubve (Slovo qubavi) je poetska poslanica upu}ena,najverovatnije, bratu Vuku Lazarevi}u kao poziv napomirewe. Pesma ima 10 strofa ~iji inicijali dajuakrostih Slovoqubve. Govore}i o qubavi pesnikni{ta ne ka`e do kraja, sve ostaje u nagove{taju {topesmi daje eleganciju i tajnovitost. Tekst je lirskesugestivnosti, tananosti i deskriptivnosti- slikepune pokreta, {irine i radosnog do`ivqaja obnoveprirode, u kojima se ose}a dah prole}a i qubavi.Pohvalno slovo knezu Lazaru je prvi sa~uvanStefanov tekst napisan po povratku iz Angore 1403-4. godine. Govori o Vidovdanu u Vaznesewskoj crkviu Ravanici.Natpis na mramornom stubu na Kosovu, bezpouzdanih podataka, pripisuje se Stefanu sapredpostavkom da ga je pisao 1404. godine, kao iprevod gr~kog dela „O budu}im vremenima“.Izdao jei zakon o rudnicima 1412. godine.A Homage to LoveHe gave to Serbian literature one of the mostbeautiful poems, written in 1409. A Homage to Loveis a poetic epistle whose initial letters form the acrosticAhomagetolove. Speaking of love, the poet does notexplain anything fully, giving us only hints whichpervade the poem with elegance and mystery. The textis lyrically suggestive, subtle and descriptive – theimages are vivid and express joyful indulgence in therevival of nature, filled with the spirit of spring andlove.The Grave Sobbing for Prince Lazar is the fistsurviving Stefan’s text, written on his return fromAngora between 1403-4. It speaks about St. Vitus’Day (anniversary of the Battle of Kosovo) in the HolyAssumption Church in Ravanica.The Inscription on the Kosovo Marble Column,without any reliable data, is ascribed to Stefanassuming that it was written in the year of 1404,and the same can be said of the translation of a Greekwork, «On future times». In 1412 Stefan issued aCode of Mines.

TRGOVANJENa Beogradskoj berzi je tokom 2005. godinizabeležen rast obima prometa, uz povećan brojzaključenih transakcija u odnosu na prethodnugodinu. Realizovan je promet u vrednosti od48,4 milijardi dinara (preko 580 miliona evra),što predstavlja povećanje za 19,1% u odnosuna prethodnu godinu. Zaključeno je 173.485transakcija, odnosno za 25% više nego u prethodnojgodini.Trgovalo se akcijama kompanija kao i obveznicamaRepublike Srbije. U strukturi prometa dominantanznačaj imaju akcije, sa 81% ukupnog prometa i 73%ukupnog broja transakcija. Sa druge strane, učešćeobveznica Republike Srbije iznosi 19% od ukupnevrednosti prometa i 27% ukupnog broja transakcija.TRADINGIn 2005, turnover value on the Belgrade StockExchange increased, as well as the number oftransactions, compared to the previous year. Theturnover was worth of CSD 48,4 bn (over EUR 580mn), increasing by 19,1% compared to 2004. Therewere 173.485 transactions made, representing anincrease of 25 % compared to the year before.Companies’ shares and government bondstraded on the Exchange. In the turnover structureshares predominated, accounting 81% of value ofthe total turnover and 73% of the total number oftransactions. On the other side, Republic of SerbiaBonds participated in the total turnover with19% and accounted 27% of the tolal number oftransactions.Struktura prometa prema vrstama tržištaTurnover Structure, by Markets21

Struktura broja transakcija prema vrstama tržištaNumber of Transaction Structure, by MarketsNa Beogradskoj berzi je prosečno mesečnozaključen promet u vrednosti od 4,0 milijardedinara odnosno 48,5 miliona evra, a rekordanmesečni promet ostvaren je u novembru i iznosio je6,15 milijardi dinara odnosno 71,4 miliona evra.The value of average monthly turnover reachedCSD 4bn, or EUR 48,5 mn. Monthly turnover hitthe record in November reaching CSD 6,15bn orEUR 71,4 mn.Vrednost prometa i broj transakcija po mesecimaTurnover and Number of Transaction on Monthly Basis22

Trgovanje akcijamaTokom godine u trgovanju akcijama zaključenje promet od 39,2 milijarde dinara, odnosno 470,8miliona evra. Time je vrednost prometa premašilačak i „privatizacionu” 2003. godinu, a u odnosu na2004. zabeležen je porast prometa za preko 50%.Ukupna tržišna kapitalizacija akcija na dan 31.decembar 2005. godine iznosila je 388,9 milijardidinara (odnosno gotovo 4,57 milijardi evra).U prvoj polovini godine na kontinuirano trgovanjeuključene su akcije 16 najlikvidnijih srpskihizdavaoca, da bi u drugoj polovini godine još 11izdavalaca steklo isti status, tako da se zaključno sa31. decembrom metodom kontinuiranog trgovanjatrgovalo akcijama ukupno 34 izdavaoca.Pored svakodnevnog trgovanja akcijamaevidentirana je i 157 blok transakcija akcijama 66izdavalaca, kojima je zaključen promet u vrednostiod 5,01 milijardi dinara.Shares TradingDuring the year the value of shares turnoverreached CSD 39,2bn or EUR 470,8 mn, surpassingthe 2003 »year of privatization« and increasing by50% compared to 2004.The total market capitalization of shares as ofDecember 31, amounted to CSD 388,9bn, equalingalmost EUR 4,57bn.In the first half of the year shares of 16 most liquidSerbian companies were admitted to continuoustrading, followed by another 11 with the same statusin the second part of the year. As of December 31,there were 34 shares trading in continuous tradingmethod.In addition to everyday equity trading, 157 blocktransactions in shares of 66 issuers were registered,with the value of turnover of CSD 5,01 bn.Vrednost prometa prometa i broj transakcija akcijama po mesecimaShares Turnover and Number of Ttransactions on Monthly Basis23

Obveznice Republike SrbijeU 2005. godini u trgovanju obveznicamaRepublike Srbije zaključen je promet u vrednosti od110,7 miliona evra (9,19 milijardi dinara). Prosečandnevni promet iznosio je 442,6 hiljada evra izaključen je kroz prosečno 250 transakcija dnevno.Na tržištu obveznica nastavljen je rast cena svihserija kojima se trgovalo, što nedvosmisleno ukazujena poverenje investitora u ove hartije od vrednosti. Uperiodu od 1. januara do 31. decembra 2005. godinenajviše je trgovano obveznicama serije A2016, čijije porast cena na godišnjem nivou iznosio 10,38%nominalne vrednosti.Stope prinosa na dan 31. decembar 2005. godineza sve serije obveznica kretale su se u rasponuod 4,54% (za seriju A2007) do 5,62% (za serijuA2006).Republic of Serbia BondsTrading in Republic of Serbia Bonds in 2004resulted in a turnover of EUR 110,7 mn, CSD 9,19bn.Average daily turnover was EUR 442,6 thousandswith the average daily number of transactionsequaling 250.Constant increase of prices of all series trading onthe market continued, explicitly indicating investorsconfidence in these securities. Between 01 Januaryand 31 December 2005 series A2016 were the mosttraded, with the annual price increase of 10,38% offace value.Yield rates on 31 December 2005 for all series ofbonds ranged from 4,54% for series A2007 to 5,62%for A2006.Pet najprodavanijih serija obveznica Republike Srbije u 2005. godiniFive most active RS bonds in 200524

Stope prinosa na obveznice RSRS Bonds Yield CurvesTržišna kapitalizacijaTržišna kapitalizacija Beogradske berze je tokom2005. godine porasla za 53,9% odnosno sa 370,početkom godine, na 570 milijardi dinara na krajuiste godine. Za navedeni trend rasta, u velikoj meri,zaslužan je rast tržišne kapitalizacije akcija, čija jevrednost od januara do decembra, porasla sa 215 na389 milijardi dinara odnosno za 80,9%.Razlozi za rast tržišne kapitalizacije akcijasadržani su u povećanju broja izdavalaca, kao i uporastu cena akcija preduzeća sa visokom tržišnomkapitalizacijom, što se pre svega odnosi na akcijekojima se trguje metodom kontinuirane prodaje.Kada se radi o obveznicama Republike Srbije,rast tržišne kapitalizacije rezultat je prevashodnopovećavanja cena ovih hartija od vrednosti, dok jepad kapitalizacije evidentiran samo u maju, prilikomdelistiranja serije A2005.Market CapitalizationBelgrade Stock Exchange market capitalization in2005 increased by 53,9% year-on-year , from CSD370bn at the beginning of the year to CSD 570 bnat the end of 2005. Underlining upward trend ismostly due to the increase of market capitalizationof shares, which value rose from CSD 215 bn inJanuary to CSD389 bn in December, representingan 80,9 % increase.Market capitalization upward is due to theincrease in the number of issuers and share prices ofcompanies with high capitalization, predominatelytrading on continuous trading method.As far as the Republic of Serbia bonds areconcerned, increase of market capitalization ismainly due to the prices increases, while decreaseof capitalization was registered only in May, whenseries A2005 were delisted.25

Tržišna kapitalizacija po mesecimaMarket Capitalization on Monthly BasisFIS, FIB i FITIndikatori ušešća stranih investitora u prometuna Beogradskoj berzi su prvi put objavljeni u martu2005. godine i daju prikaz učešća u trgovanjuakcijama (FIS), obveznicama Republike Srbije (FIB)i u ukupnom trgovanju (FIT). Pokazatelji učešćastranih investitora izračunavaju se kao procentiu ukupnom trgovanju (prodaja i kupovina), dokdetaljnije analize mogu obezbediti i podatak oprispelim stranim investicijama putem tržištakapitala.Prosečne vrednosti indikatora pokazuju da jeučešće stranih investitora u ukupnom prometuakcija na godišnjem nivou iznosilo 52,7%, u prometuobveznicama Republike Srbije 14,3% i u godišnjemprometu 44,6%.FIS, FIB i FITIndicators od foreign investors participation inBelgrade SE turnover were launched in March 2005giving foreign participation in shares trading (FIS),Republic of Serbia Bonds trading (FIB) and intotal securities trading (FIT). Indicators of foreigninvestors participation are calculated as percentageof the total value of turnover (buying and selling),while more detailed analysis can provide informationon new foreign investments via capital market.Average values of indicators show foreign investorsparticipation in total equity turnover of 52,7% onannual level, in RS Bonds turnover of 14,3% and inthe total annual turnover of 44,6%.26

Pokazatrelji učešća stranih investitora u prometuThe Indicators of Foreign Investors Participation in TurnoverBELEXsentimentU nameri da identifikuju i javnosti prezentujutržišna očekivanja investitora i analitičarafinansijskog tržišta u Srbiji, Beogradska berzaje sredinom godine kreirala indikator nazvanBELEXsentiment koji predstavlja pokazateljočekivanja relevantnih tržišnih učesnika u pogledutrenda tržišnih kretanja u narednom mesecu.BELEXsentiment se dobija kao ponderisanavrednost glasova različitih grupa glasača. Njegovaravnotežna vrednost iznosi 100 poena, vrednostniža od 100 ukazuje na negativna i pesimističnaočekivanja tržišnih učesnika, dok vrednostBELEXsentiment-a od preko 100 poena govorida će se tržište, u skladu sa očekivanjima tržišnihučesnika, kretati u pozitivnom smeru.BELEXsentimentWith the aim to identify and present marketexpectations of investors and analysts of financialmarket in Serbia to the public, by mid of yearthe Belgrade Stock Exchange created indicatorof sentiments of relevant market participants inregard to the next month market movements –BELEXsentiment.BELEXsentiment is weighted value of votescoming from different groups of voters. It has basisvalue of 100 points. Value less than 100 indicatesnegative and pesimistic expectations of marketparticipants, while value over 100 points showspositive market participants’ expectations towardmarket movements.27

Vrednosti BELEXsentimenta pokazuju da jeinvesticiona javnost tokom 2005. godine uglavnomimala optimistička očekivanja budućih kretanja natržištu kapitala.The values of BELEXsentiment in 2005 indicatemainly optimistic expectations of investing publicin future movements in the capital market.Vrednost BELEXsentimentThe Value of BELEXsentimentIndeksiBELEXfmTokom godine, indeks BELEXfm je u potpunostiopravdao očekivanja koja je Berza imala prilikomnjegove izrade. Prihvaćen je od strane domaćihi stranih analitičara, kao i medija - merodavnih„glasnogovornika” tržišta kapitala Na taj načinomogućeno je i poređenje performansi domaćegtržišta kapitala sa ostalim tržištima.Početkom godine, indeks BELEXfm bio je na nivouod 1.142,10 indeksnih poena. Od tada, indeks uIndicesBELEXfmDuring the year 2005 BELEXfm fully met targetsset by the Exchange during its construction. Bothdomestic and foreign analysts and medias, likevalid spokesmen of capital market accepted theindex. In that sense benchmarking perfomances ofa domestic market against other markets was madepossible.At the beginning of the year BELEXfm was onthe level of 1.142,10 index points. Ever since index28

kontinuitetu beleži 24 istorijska maksimuma, a nakonkratkotrajne stabilizacije tržišta, koju je obeležilouvođenje novih hartija na kontinuirano trgovanje iiščekivanje novih finansijskih rezultata kompanija,indeks nastavlja svoj snažan uzlazni trend, dostižućiistorijski maksimum od 1.611,09 poena na dan30. novembra 2005. godine. Na godišnjem nivouBELEXfm je zabeležio rast u iznosu od 39,61%.U poređenju sa indeksima tržišta u okruženju,BELEXfm je ostvario najveću dinamiku rasta, štosvakako doprinosi privlačenju novih domaćih istranih investitora na tržište akcija Srbije.Ipak, pored navedenih uspeha BELEXfm i daljeposeduje značajna ograničenja koja se prevashodnoočitavaju u njegovoj strukturi, u čestim promenamaindeksne korpe, kao i činjenici da je opšti nivolikvidnosti tržišta akcija, iako u blagom porastu, idalje veoma nizak.hit 24 consecutive all-time highs, and after a shortstabilization of a market due to the introductionof new securities to continuous trading andexpectations of new financial results of companies,index continued to surge hitting new all-timehigh of 1.611,09 points on 30 November 2005. Onthe annual level BELEXfm increased by 39,61%.Compared to the regional indices BELEXfm scoredthe strongest dynamics of growth, attracting new,both domestic and foreign, investors to the Serbianshare market.However, beside the aforementionedachievements, BELEXfm has certain limitationsprimarily regarding its structure, frequent changesin the index basket, and a fact that a general level ofshare market liquidity, although in slight increase, isstill very low.Kompozitni indeks BELEXfmBELEXfm Composite Index29

BELEX15U cilju unapređenja procesa informisanjainvesticione javnosti, Beogradska berza jepristupila izradi nove kategorije indeksa, koji bisvojim kvalitetom nastavili pozitivne trendoveuspostavljene formiranjem indeksa BELEXfm. Prviindeks nove kategorije je indeks BELEX15. Očekujese da nova metodologija bitno unapredi prisustvoinstitucionalnih i pojedinačnih investitora, krozolakšane pristupe praćenja performansi kretanjatržišta.U izračunavanje BELEX15 indeksa ulaze akcijekoje se nalaze u metodu kontinuiranog trgovanja,a koje ispune kriterijume propisane metodologijomindeksa. Ponderisan je tržišnom kapitalizacijomakcija u slobodnom prometu (free float). Poredtoga, BELEX15 opisuje kratanje samo onih akcijakoje imaju visok stepen redovnosti u trgovanju,odnosno 80% dana sa zaključenim transakcijamatokom prethodnih šest meseci. Bitna karakteristikaovog indeksa je stabilnost indeksne korpe, kojase obezbeđuje kroz procedure revizije - redovnekvartalne i vanredne koje su izazvane značajnimpromenama u strukturi kapitala izdavaoca.BELEX15 je objavljen 01. oktobra 2005. godine sabaznom vrednošću od 1.000,00 indeksnih poena ifree-float tržišnom kapitalizacijom od 39,3 milijardidinara. Najviša vrednost indeksa je zabeležena 30.decembra, kada je dostigao vrednost od 1.060,48indeksnih poena. Paralelno sa indeksom BELEX15započelo je i izračunavanje koeficijenta P/E (kojise kretao u rasponu od 14,5 do 16) i koeficijentaP/B (koji se kreatao u rasponu od 1,4 do 1,9), zapojedinačne hartije, kao prvih analitičkih podatakana nivou portfolia.BELEX15In course of improving information for investmentpublic the Belgrade Stock Exchange started aprocess of creation of a new category of indices,which should, on basis of their quality, continue todevelop positive trends established by creation ofindex BELEXfm. First of the new category indices isBELEX15. It is expected that modern methodologywill significantly enhance presence of institutionalinvestors, as well as individual investors, througheasier possibility of following performances ofmarket movements.BELEX15 consists of shares traded on continuoustrading method that meet the criterias defined bythe index methodology. It is a free float marketcapitalization weighted index. Furthermore,BELEX15 shows movement of shares with the highlevel of trading frequency, i.e. which during the last6 months have had 80% of succesfull trading days.Important feature of this index is a stability of indexbasket, ensured by the revision procedures, bothregular which are conducted quarterly and irregular,induced by important changes in a issuer’s structureof capital.BELEX15 was introduced on 01 October 2005with the basis value of 1.000, index points and afree-float market capitalization of CSD 39,3 bn.Index high was recorded on 30 December, whenindex reached 1.060,48 points. P/E ratio (rangingfrom 14,5 to 16) and P/B ratio (from 1,4 to 1,9), forindividual securities, as first analytic portfolio data,were introduced simultaneously with BELEX15.30

Indeks BELEX15BELEX15 IndexUporedni prikaz indeksa Beogradske berzeComparison of Belgrade Stock Exchange IndicesSektorska klasifikacijaZa potrebe statističke obrade, klasifikacijaizdavalaca čijim se akcijama trguje na BeogradskojSector ClassificationSector and sub-sector classification of issuerswhose shares are traded on the Belgrade SE was31

erzi, izvršena je prema sektorima i podsektorima.Utvrđena sektorska klasifikacija izdavalaca, kojisu se krajem decembra nalazili na slobodnomberzanskom tržištu pokazuje da: G - prerađivačka industrija, sa učešćem od38,0% u ukupnom broju izdavalaca. U okvirusektora G, podsektor sa najvećim učešćem jeproizvodnja prehrambenih proizvoda, pića iduvana (109 preduzeća); na veliko i malo, sa 165 preduzeća (odnosno19,6% ukupnog broja izdavaoca); uključenih finansijskih institucija, banaka ibrokersko-dilerskih društava, što je rezultiralou značajnom učešću sektora I (sa 8,43%), dokje sektor A - poljoprivreda, lov, šumarstvo ivodoprivreda, četvrti na listi. Ovom sektorupripada 61 izdavalac tj. 7,24% od ukupnogbroja izdavalaca.made according to the need of statistical dataprocessing. Sector clasification of issuers quoted onthe Free Exchange Market at the end of Decemberindicates the following: Majority – 320 companies are in the G Sector –processing industry, accounting for 38,0% of atotal number of issuers. Within G Sector Food,Beverages and Tobacco Sub-Sector accountedfor 109 companies; E Sector – Wholesale and Retail is secondin terms of number of companies, with165 companies (19,6% of a total number ofissuers); Number of financial institutions, banks andbroker-dealer companies rose increasing theparticipation of I Sector to 8,43% while A Sector– agriculture, hunt, forestry and water powerengineering came fourth with 61 companiesand 7,24% od total number of issuers.Sektorska klasifikacija izdavalaca čijim akcijama se trguje na slobodnom berzankom tržištuSector Classification of Shares Issuers on the Free Market32

KalenicThe Kalenic monastery with its Churchis an endowment of protovestiar (highByzantine title) Bogdan. It was builtbetween 1423 nad 1417 in the village ofKalenicki Prnjavor, near Oparic, in theregion of Lavcu. It was painted between1418 and 1427.

Despot Stefan Lazarevi} - DiplomataAko bi se trebalo opredeliti za Stefan vladara,ratnika ili diplomatu, svakako da je ovo posledwewegov veliki dar, {to je doprinelo da i sposobnostivladara i ratnika do|u do punog izra`aja. Borbaza vlast i prevlast nad teritorijama me|u srpskimvelika{ima tog doba i povezanost sa turskimsultanima da bi do tog ciqa do{li, zahtevali suod Stefana mnogo ume{nosti, taktike i hrabrosti,odnosno diplomatije.Tim svojim darom uspeo je da seodbrani od napada srpskih velika{a kod Bajazita ipridobije wegovu naklonost koja mu je dugi niz godinapomagala u ovom nestabilnom i mra~nom vremenu.Posle smrti turskog sultana Mehmeda dobromtaktikom Stefan je izbegao da podr`i Mustafu,iako je to u~inila mo}na Vizantija i time sedirektno stavio na stranu Murata II. Zahvaquju}itome, Stefanova despotovina je ostala nedirnuta uMuratovim pohodima na okolne zemqe.To su samo neki od primera Sefanove diplomatijekoja mu je pomogla da pro{iri teritoriju svojezemqe, iako u vazalskom odnosu, i da sa velikomobjektivno{}u proceni stvaran domet svoje mo}i imogu}nosti. i tako se svrsta u na{e retke vladarekoji su taktikom i diplomatijom dobijali ono {to suwihovi prethodnici gubili na bojnom poqu.DiplomatIf we are to decide between Stefan the ruler, Stefanthe warrior and Stefan the diplomat, the last callingwas undoubtedly his greatest gift, which helped thequalities of the ruler and warrior to be fully expressed.He used this gift to defend himself in front of Bayazidagainst the attacks of Serbian feudal lords and wonhis sympathies, which for a long time was to be ofassistance to him in those troubled and dark times.After the death of the Turkish sultan Mehemmed,Stefan managed, through his wise policy, to supportMustapha, in spite of the powerful Bysantium, sidingwith Murad II. Thanks to that, Stefan’s territoryremained intact during Murad’s invasions of thesurrounding countries.These are but some of the examples illustratingStefan’s diplomacy, which helped him expand theterritory of his country, in spite of his vassalian status,and estimate with great objectivity the real scopeof his power, thus becoming one of the rare Serbianrulers who, by way of diplomacy and skillful policy,managed to restore what their predecessors lost on thebattlefields.

ČLANOVI BERZE IORGANI UPRAVLJANJAČlanovi berzeBeogradska berza ima 73 člana, od kojih: 48je ovlašćeno za obavljanje brokerskih i dilerskihposlova, 15 za brokerske poslove i 10 banaka zabrokersko i dilerske poslove.Skupština BerzeSkupštinu Beogradske berze čine predstavniciakcionara Berze. Na dan 31. decembar 2005. godineBeogradska berza je imala 48 akcionara: tridesetbanaka, sedam brokersko dilerskih društava, sedampreduzeća, dva osiguravajuća društva, Državnazajednica Srbije i Crne Gore i Republika Srbija.Upravni odborSkupština Berze bira Upravni odbor, koji ima 15članova, od kojih je: 9 članova iz reda akcionara,5 članova Berze, organa, organizacija i institucijaod značaja za razvoj berzanskog poslovanja, kao izaposlenih Berze, a petnaesti član Upravnog odboraje Direktor Berze. Predsednik Upravnog odboraBerze je prof. dr Veroljub Dugalić.Nadzorni odbor BerzeSkupština Berze bira predsednika i četiri članaNadzornog odbora Berze iz reda akcionara Berze.Predsednik Nadzornog odbora Berze je gospodinDarko Čukić.EXCHANGE MEMBERS ANDEXCHANGE GOVERNANCEExchange membersThe Belgrade Stock Exchange has 73 members,of which 48 are licensed for brokerage and dealeractivities, 15 for brokerage activities and 10 banksfor brokerage and dealer activities.The AssemblyThe Exchange Assembly comprises of shareholderrepresentatives. On 31 December 2005 BelgradeSE had 48 shareholders, of which, 30 banks,7 broker-dealer companies, 7 companies, 2insurance companies, the State Union of Serbia andMontenegro and the Republic of Serbia.Board of DirectorsThe Exchange Assembly elects the Board ofDirectors, which has 15 members: 9 membersare representatives of shareholders; 5 membersare representatives of members of the Exchange,organizations and institutions of importance forthe development of stock exchange operations,and employees, as well; Managing Director of theExchange is the 15th member of the Board odDirectors. Chairman of the Board of Directors isProf. Dr Veroljub Dugalić.The Supervisory BoardThe Exchange Assembly elects the president andfour members of the Exchange Supervisory Boardamong the Exchange shareholders. President of theExchange Supervisory Board is Mr. Darko Čukić.35

KOLEKTIVPERSONNEL

LjubostinjaThe Ljubostinja monastery with its Churchwas built on the slopes of the Gledic mountainsnear Trstenik before 1389, as the legacy ofPrincess Milica. The master-builder was RadeBorovic, whose name is chiseled in the treshholdstone of the doorway between the narthex andthe nave.

ReformerDespot Stefan Lazarevi} - ReformatorKao vladar Stefan je bio i veliki reformator.Reformisao je vojsku, dr`avno ure|ewe, odnosnocentralizovao je vlast i suzbio separatizam vlastele.U borbi protiv nasiqa i korupcije zakonskimreformama je `eleo da u Srbiji zavede red: ’’Neizgowa{e brzi sporoga niti bogati ubogoga, nitije mo}ni uzimao predele bli`wih, niti je va|enma~ silnih, niti se krv pravednika prolivala, nitije postojao zli i glupi govor, niti lagawa protivna~elnika, niti prezirawe po ~inu, niti sli~notome’’(Konstantin F).Interesantan je i podatak koji daje KonstantinFilozof da je Stefan Lazarevi} uveo kodeksobla~ewa i pona{awa na dvoru, propisuju}i izgledode}e onih koji dolaze u dvor i pristojno pona{awadoma}ih i gostiju u dvoru.As a ruler, Stefan was also a great reformer. Hereformed the army, the state organization, i.e.,centralized the power and suppressed separatism ofthe feudal lords. In fighting violence and corruptionby means of legal reforms, he wanted to introduceorder into Serbia: «The fast did not drive out the slownor did the rich drive out the poor, and the mighty didnot take the lands of their neighbours, nor was thesword of the powerful taken out, nor was the bloodof the just shed, nor there existed the evil and stupidspeech, nor lying against the superiors, nor despisalof the rank, or anything of the kind» (Constatin thePhilosopher).An interesting detail supplied by Constantin thePhilosopher refers to Stefan Lazarevic introducinga code of dressing and gallant manners, requiringappropriate attire of visitors to the court and strictdecorum of its residents and guests.

AKTIVNOSTI NA RAZVOJUORGANIZACIONE I TEHNOLOŠKEOSNOVE RADATokom 2005. godine, preduzete su aktivnosti nadaljem kvalitativnom i funkcionalnom razvojui unapređenju informacionog sistema Berze.Najznačajnije aktivnosti usmerene su na: daljinskotrgovanje; dogradnju sistema za trgovanje (BELEX);izradu novih servisa za informisanje u realnomvremenu; izradu nove internet prezentacije; redizajnsistema za trgovanje (Projekat Luksemburg);obezbeđenje uslova za tonsko snimanje razgovora;kontrolu napajanja električnom energijom putemmobilne telefonije; definisanje kriterijuma sigurnostisistema; opremanje, preuređenje prostorija iprilagođavanje novim funkcijama sl.Daljinsko trgovanjeZaključno sa 2005. godinom, svi članovi Berzeuključeni su na sistem za daljinsko trgovanjekoristeći 145 registrovanih radnih stanica. Poredtoga, obezbeđeno je 20 pomoćnih radnih stanicakoje članovi Berze mogu koristiti za trgovanje.Opšti je zaključak da sistem za daljinsko trgovanjefunkcioniše izuzetno dobro i da, bez obzira napovremene probleme prouzrokovane prekidimatelekomunikacionih linija, nije bilo ozbiljnijihzastoja koji bi uslovili prekid trgovanja.Sistem za trgovanje - BELEXDogradnja postojeće verzije BELEX-a odnosise na unapređenje funkcionalnosti i povećavanjestabilnosti sistema. Izmene koje su implementiraneu toku godine predstavljaju zapravo odgovor napostavljene zahteve usmerene ka daljem razvojutržišta. Najznačajnije su sledeće:ORGANIZATIONAL AND TECHNICALSUPPORT OF ACTIVITIESIn 2005 activities on qualitative and functionaldevelopment and improvement of the informationsystem of the Exchange continued. Most importantactivities focussed on the following: remote trading;upgrading the trading system BELEX; establishingnew real-time information services; designing newweb presentation; redesigning the trading system(Luxembourg Project); providing conditions forrecording conversations; controlling the powersupply via mobile telephony; defining securitysystem criterias; providing equipment, renovating thepremises and readjusting them to new functios, etc.Remote tradingAs of 2005 all members of the Exchange areconnected to the remote trading system using145 registered working stations. Moreover, 20additional help working stations are provided forthe purpose of being used for trading by members.General conclusion is that the remote tradingsystem functions extremely good and, regardlessthe occasional problems with communicationbreakdowns, there were no serious malfunctionshalting the trade.BELEX Trading SystemUpgrading current version of BELEX relates tofunctionality improvement and system stabilityenhancement. Changes implemented during theyear were actually the answer to demands set incourse of further development of the market. Mostimportant are the following:39

trgovanje hartijama od vrednosti, generiše alarme u slučaju postupanja suprotnoodredbama Pravila poslovanja, tržišta omogućava formiranje istorijskihizveštaja o trgovanju, smislu exporta podataka, fakturisanja i sl. u cilju sprečavanja eventualnog korišćenjanedozvoljenih softverskih ili hardverskihpomagala, se odnose na zaustavljanje i ponavljanjetrgovanja, zatvaranju, kao i izveštaji za druge klijente i drugi izveštajio različitim pokazateljima Berze, u cilju poboljšanja performansi usmerenih kapovećanoj stabilnosti trgovanja i sl.Servisi za informisanje u realnom vremenuU cilju efikasnog izveštavanja o trgovanju u realnomvremenu realizovane su aplikacije za informisanje– BELEX.info i Data feed.BELEX.info je aplikacija koja omogućavaovlašćenim korisnicima direktno praćenje trgovanjau realnom vremenu i sastoji se od tri servisa: BELEX.info web aplikacija, BELEX.info WAP servis i SMSporuke. Glavna odlika servisa je, pored pružanjainformacija o hartijama koje korisnik želi da prati, dase isti koriste lako i jednostavno. implementation of three methods for tradingon primary market, trading oversight application installed, whichgenerates alarms in case of not acting accordingto the provisions set in Rules on BusinessActivity, application installed providing complianceofficers possibility to generate history tradingreports, block trading automated, post-transaction processes automated relatingto export of data, invoicing, etc., order import layout changed to prevent use ofillicit software and hardware help tools, extraordinary procedures for halting orrepeating the trading automated, algorithm for calculating the closing price hasbeen changed, daily and weekly reports automated, as well asreports for other clients and reports on differentExchange indicators, BELEX system optimizations implemented,aimed to improve performances towardenhanced stability of trading, etc.Real-time Information ServicesBELEX.info and Data Feed applications wereintroduced in order to improve efficiency of reportingon trading on the real-time basis.BELEX.info application offers to authorized usersa possibility to monitor trading in the real-timeand it is compunded of 3 services: BELEX.info webapplication, BELEX.info WAP service and SMSservice. In addition to information on securities thatusers want to follow, main utilities of this service areeasy and user-friendly usage.Service based on a distribution of the real-timetrading data offers to all interested users a possibility40

Servis zasnovan na distribuciji podataka otrgovanju u realnom vremenu je i servis kojiomogućava svim zainteresovanim korisnicimapreuzimanje elektronskih podataka o trgovanjuu realnom vremenu u specijalnom formatu zadistribuciju - integralni format podataka (IntegralData Feed). Potencijalni korisnici data feed servisa suprofesionalni distributeri (Data Vendors) i brokerskodilerska društva. Do kraja godine zaključena su triugovora sa profesionalnim distributerima, kao inekoliko sa brokersko-dilerskim društvima.Internet prezentacijaU cilju što efikasnijeg informisanja javnostiimplementirana je nova internet prezentacijaBeogradske berze, čije su osnovne karakteristike: korišćenje savremenih tehnoloških rešenja; olakšano kretanje i pronalaženje određenihpodataka; podaci na sajtu obnavljaju se automatski naosnovu podataka iz trgovanja; na tikerima se nalaze podaci u realnomvremenu; sajt je interaktivan i korisniku pruža mogućnostzadavanja različitih kriterijuma pretrage; dizajniran je prema vizuelnom identitetuBeogradske berze; pored srpskog i engleskog jezika, pojedinidelovi sajta poseduju informacije i na ruskomjeziku.S obzirom na intenzivniji i povećan broj pristupasajtu instaliran je sopstveni WEB server nalokaciji nezavisnog provajdera van sedišta Berze,što omogućava znatno veći propusni opseg ipovećava sigurnost sajta. Tehnološki, savremenimkomunikacionim linkom, potpuno su zadovoljenetrenutne potrebe Berze u vezi sa internetom, ato obtain electronic real-time trading data in specialdistribution format – Integral Data Feed Format.Potential users of Data Feed Service are proffesionaldistributers – Data Vendors and brokerage-dealercompanies. Until the end of the year three agreementswith professional distrubutors were signed, andseveral with brokerage-dealer companies, as well.Internet PresentationNew Belgrade Stock Exchange internetpresentation was implemented with the aim toupgrade the efficiency of informing the public, withthe main features being: use of up-to-date technical solutions; easy searching and locating of the data; automated updating of data based on tradinginformation; ticker bar with real-time data; interactive website offering users advancedsearch by multiple criteria; designed to support visual identity of theBelgrade Stock Exchange; besides Serbian and English versions there arewebpages available in Russian, as well.Due to the intensity and increased number ofwebsite visitors, the Belgrade SE has installed it’sown WEB server on the location of independentprovider off the Exchange, which enabled bothsignificantly increased bandwidth and the websitesecurity. Technologically, current needs forInternet are completely satisfied with the up-datedcommunication link. Furthermore, by installingadditional optical cable conditions for furtherproliferation of communication are being created.41

postavljanjem dodatnog optičkog kabla stvoreni suuslovi za dalje širenje komunikacije.Redizajn sistema za trgovanjePlan za redizajn informacionog sistema sadržan jeu projektu na osnovu koga je Vlada Luksemburgaodobrila donaciju Beogradskoj berzi za realizacijuistog. U procesu realizacije projekta obavljeno jeviše aktivnosti od kojih su najznačajnije: definisana je metodologija; specificirana je struktura sistema i komunikacijameđu modulima; definisan je osnovni spisak korisničkih zahtevaza listing, trgovanje i izveštavanje; izabran je odgovarajući FIX gateway i izvršenonjegovo prilagođavanje i specificirana je komunikaciona i računarskaoprema za razvojno i test okruženje.Ovi poslovi prenose se u narednu 2006.godinu.Redesign of a Trading SystemPlan for redesigning the trading system isincorporated in the project authorized and donatedby the Government of Luxembourg. In the processof realisation of the project several steps havebeen taken, of which the most important were thefollowing: definition of methodology; specification of a system structure andintermodular communication; definition of key requests of users regardinglisting requirements, trading and reporting; appropriate FIX gateway selection andadjustment and specification of communication andcomputer equipment for developing and testenvironment.These activities are forwarded to the year 2006.42

KoporinThe Koporin monastery with its Churchwas built during the reign of Stefan (1389-1427), after the Battle of Angora in 1402.Despot Stefan is depicted in the monasteryand his name on the painting bears thetitle of despot which helps to date the wallpainting. It is situated in the vicinity ofVelika Plana.

The first Knight of the Order of the DragonDespot Stefan Lazarevi} -Prvi vitez Zmajevog redaStefan Lazarevi} je bio neustra{ivi ratnik koga supo{tovali, i u borbama prepoznavali, wegovi brojniprotivnici. U bitkama protiv neprijateqa u kojimaje u~estvovao, ili kao vazal turski ili ugarski, nijeznao za poraze. Silina kojom se borio tuma~i seposebnim emocionalnim stawem, kad se kao vazalborio na strani turaka koji su mu ubili oca, ponizilivojsku i dom jer je sultanu kao zalogu vazalstva moraoda da i svoju sestru. Kada se borio protiv Turaka, nastrani Ugara, wegova hrabrost i `estina je bila jo{ve}a, tada se svetio za sve patwe koje su mu nanete.Zbog toga nije ~udno {to je postao vitez Zmajvogreda, koga je ugarski kraq @igmund Luksebur{ki1408 ustanovio sa 24 ~lana prvog reda ordena, a u tojdru`ini despot Stefan bio je na prvom mestu. .Stefan Lazarevic was a fearless warrior, respectedand recognized in battles by his numerous opponents.In the fights against the enemy, in which he took parteither as a Turkish or as a Hungarian vassal, he metno defeats. The fierceness he showed in fighting isinterpreted as a particular emotional state, since, astheir vassal, he fought on the side of the Turks whohad killed his father and humiliated his army andhome by forcing him to give his sister to the sultanas a pledge of vassalage. When fighting against theTurks, on the side of the Hungarians, his braveryand fierceness were all the greater, as he was takingvengeance for all the sufferings he had endured.It is no wonder then that he was proclaimed theKnight of the Order of the Dragon, established by theHungarian King Sigismund of Luxembourg in 1408,with 24 members of the first order, Stefan being thefirst on the list of members.

ODNOSI SA JAVNOŠĆU,INFORMISANJE I EDUKACIJAU toku 2005. godine, aktivnosti u oblastimarketinga i informisanja su uglavnom bileorijentisane na poslove pripreme materijala zadogađaje na kojima je Beogradska berza aktivnonastupala, kao i na unapređivanje izveštaja Berzei njihovu distribuciju najširoj i stručnoj javnosti.Osim rada na uspostavljanju redovnog informisanjajavnosti putem internet prezentacije, Beogradskaberza je otvorila Info centar u holu zgrade SV III.Na pultu Info centra, svi građani mogu besplatnopreuzeti kursnu listu u štampanom obliku, adresarčlanova Berze i različite reklamne i propagandnematerijale, kao i dobiti sve željene informacijeiz oblasti berzanskog poslovanja i kupiti stručnepublikacije u izdanju Beogradske berze.Posebna pažnja posvećena je Biltenu Beogradskeberze, koji je unapređen i specijalnim prilogom –Mesečnim izveštajem. Takođe, Beogradska berza jepripremila i elektronsku verziju mesečnog izveštaja,koja je distribuirana na adrese poslovnih partnera,stranih predstavništava u zemlji i ambasada SCG.Uspešna saradnja sa medijima nastavljena jeredovnim održavanjem konferencija za štampu,distribucijom izveštaja i materijala kao i podrškomkoju su mediji pružili tokom održavanja Četvrtemeđunarodne konferencije u novembru 2005.godine. Devet medijskih kuća sa teritorije Srbijeiskazalo je interes za status Medijskog prijateljaKonferencije, a samu Konferenciju je pratilo oko 30novinara iz zemlje i inostranstva.Saradnja sa visokoškolskim ustanovama isrednjim školama je nastavljena obavljanjemredovnih profesionalnih praksi tokom petodnevnogPUBLIC RELATIONS, INFORMATIONDISSEMINATION AND EDUCATIONIn 2005 marketing and information disseminationactivities were focused mainly on preparation ofmaterials for events in which Belgrade SE tookactive role, and upgrading the Exchange reports andtheir dissemination to the general and professionalpublic. In addition to establishing informing of thepublic on the regular basis via internet presentationBelgrade SE set up an Info Center in the hall of theSV III building. At the Info Center’s desk printedquotes can be obtained free of charge, as well ascontact details of members of the Exchange, variouspromotional and advertising materials and detailedinformation on the exchange activity. Publicationsissued by the Belgrade SE could also be bought.Special attention was paid to the Belgrade SEBulletin which was supplemented with additionalfeature – Monthly Report. Electronic version ofa Monthly Report is available for distributionto business partners, representatives of foreigncompanies and institutions in the country andSerbia and Montenegro embassies.Successfull cooperation with the medias continuedthrough organizing press conferencies on regularbasis, distributing reports and materials and mediassupport during the IV Belgrade SE Conference inNovember 2005. Nine media houses from Serbiasupported the Conference as media friends, andaround 30 journalists, from foreign and local mediascovered the events at the Conference.Cooperation with universities and high schoolscontinued through organizing regular internshipprogrammes during 5 day introduction to the basics45

upoznavanja sa osnovama rada Beogradskeberze. Početkom septembra, nastavljene su obukepolaznika brokerkog kursa u organizaciji Komisijeza hartije od vrednosti. U delu edukacije značajno jepomenuti redovan angažman stručnjaka Beogradskeberze u svojstvu specijalnih predavača u različitimobrazovnim institucijama.PublikacijeSredinom godine u izdanju Beogradske berzeobjavljena je publikacija »Promene i tendencijena svetskom tržištu kapitala u 2004. godini«, kojadaje prikaz najaktuelnijih dešavanja na razvijenim itržištima u razvoju, u oblastima trgovanja, kliringa isaldiranja, kontrole, izveštavanja, povezivanja berzipo raznim osnovama, novim tržišnim materijalimai berzanskog poslovanja uopšte.Prema evidenciji Info centra Beogradske berze,najprodavanija publikacija u 2005. godini bila jeskripta Beogradske berze: »Sve o Beogradskoj berzii berzanskom poslovanju«, koja, kroz tekstove grupeautora, daje prikaz osnovnih pojmova vezanih zatrgovinu hartijama od vrednosti. Odluka da seBeogradska berza i berzansko poslovanje predstavena krajnje jednostavan i terminološki pristupačannačin bazira je na saznanjima o nivou obrazovanjašire javnosti u pogledu hartija od vrednosti iberzanskih poslova.U okviru Četvrte međunarodne konferencijeBeogradske berze, tokom novembra, odštampan jedvojezični Zbornik izlaganja učesnika, koji sadržitekstove i prezentacije uvodničara, kao i materijalekoji prate specijalna predavanja održana tokomKonferencije.of the Belgrade SE activities. Also Belgrade StockExchange continued to participate in the brokeragecourses organized by the Securities and ExchangeCommission. As far as educational activities areconcerned it is also important to mention regularengagement of Belgrade SE experts in variouseducational institutions.PublicationsBy midyear the Belgrade SE published the booklet»Changes and Trends in the World Capital Marketin 2004“ reviewing most recent events on developedand emerging markets in trading, clearing andsettlement, surveilance, disclosure, cooperationof exchanges on different levels, new exchangematerials and securities exchange activities ingeneral.According to the Info Center records the bestselling publication in 2005 was the Belgrade SEhandbook »Everything about the Belgrade SE andthe exchange operations« which through texts ofvarious authors reviews basic terms connected totrading in securities. Belgrade SE decision to presentthe Belgrade SE and the exchange operations using»easy to understand« language and terminology,was based on a notion of the educational level ofthe public in general, as far as the securities andexchange operations are concerned.As part of the IV Belgrade SE conference inNovember, two language compilation of speeches ofparticipants was published, compiling participant`sspeeches and presentations, as well as materialsaccompanying special lectures held during theconference.46

Saradnja sa inostranstvomBeogradska berza je u značajnoj meriintenzivirala odnose sa svetskim finansijskimorganizacijama i berzama. PredstavniciBeogradske berze su tokom godine učestvovaliu nizu međunarodnih konferencija, savetovanjai seminara posvećenih berzanskom poslovanju,zakonodavstvu, informacionim tehnologijama,procesima integracije finansijskih tržišta i saradnjiizmeđu berzi. Predstavnici Berze su imali prilikeda se upoznaju sa radom Njujorške berze, Torontoberze, Nove Kanadaske berze, Berze u Milanu,Bukureštanske berze, Gruzijske berze, kao i berzi naBliskom Istoku.Potvrda aktivnih zalaganja da Beogradska berzapostane sastavni deo svetskih finansijskih integracijapredstavlja i punopravno članstvo u FederacijiEvro-azijskih berzi (Federation of Euro-AsianStock Exchanges) i poverena organizacija godišnjeskupštine Federacije u septembru 2007.godine.Pored toga, Beogradska berza je tokom februarapostala dopisni član Federacije evropskih berzi(Federation of European Securities Exchanges).Takođe, Beogradska berza je i član Svetske federacijeberzi (World Federation of Exchanges).International CooperationThe Belgrade Stock Exchange has significantlyimproved its relations with the foreign financialorganizations and exchanges. Belgrade StockExchange officials, during the year, participatedin various international conferences, symposiumsand seminars on exchange activities, legislation,IT, financial markets integration processes andcooperation between exchanges. Representatives ofthe Exchange had a chance to get familiar with thework of the NYSE, Toronto Stock Exchange, NewCanadian Stock Exchange, Milano Stock Exchange,Bucharest Stock Exchange, Georgian StockExchange, as well as exchanges on the Near East.Verification of active efforts on the path ofbecoming the part of global financial integrationsis the full membership in the Federation of Euro-Asian Stock Exchanges (FEAS) which trusted theorganization of the Federation`s General AnnualAssembly in September 2007 to the Belgrade SE.Moreover, in February Belgrade SE was acceptedto the Federation of European Securities Exchanges(FESE) as a corresponding member and is also amember of the World Federation of Exchanges(WFE).47

POSEBNI DOGAĐAJIPomenimo i posebne događaje koji su održani naBeogradskoj berzi, a kojima je, u krugu prijatelja iposlovnih partnera, obeležena godišnjica osnivanjaove institucije, odnosno Slava Berze kao i one čijomorganizacijom je Berza podelila novogodišnjeradosti sa najmlađima.Na inicijativu Beogradske berze, po prvi put odosnivanja institucije i organizacije tržišta kapitala,26. decembra 2005. godine, u prostoru Berze- Brokerskom klubu, održana je novogodišnjaproslavu za decu čiji su roditelji zaposleni uKomisiji za hartije od vrednosti, Beogradskoj berzi,Centralnom registru i kod članova Berze.Imajući u vidu Berzin, slobodno možemo reći„baby boom” tokom prethodne dve godine, nijezačuđujuće da od zaposlenih Berze potekne ovakvaideja.Možda je ovo bio još jedan, dodatni zadatak idodatni napor za zaposlene Berze, ali je prihvaćensa oduševljenjem i izvršen punim srcem. Nagradaorganizatorima ove proslave bila su zadovoljna lica iširom otvorene radoznale oči male povorke.SPECIAL EVENTSSpecial events held on the Belgrade Stock Exchangecelebrating the Anniversary of this insitution, SlavaFeast as well as sharing the New Year`s joy with theyoungest, should also be mentioned.On the Belgrade SE initiative and for the first timefrom the founding of the institution and organizingcapital market, on 26 December 2005 the New Year’sparty was organized in the Brokerage Club premisesof the Exchange, for children of employees workingwith the Securities and Exchange Commission,Belgrade SE, Central Registry and members of theExchange.Having in mind, we are free to say, the „babyboom“ on the Exchange during the past two years,it is not a bit strange for the Exchange employees tocome with such an idea.Perhaps this was a task that required additionalefforts of the Belgrade SE team, but it was acceptedwith enthusiasm and done with „full heart“. Andthe reward for the organizators of this event werethe happy faces and wide open eyes of this curiouslittle bunch.48

LazaricaThe Lazarica Church was built in 1377-1378 inthe town of Krusevac, the seat of Prince Lazar. Itis dedicated to archbishop Stefan, the patron of theNemanjic dynasty, and was erected in the honour ofStefan, the first son of Prince Lazar, who succedeedhim on the throne.

Despot Stefan Lazarevi} -Savremeni privrednikGrade}i Beograd, despot ja `eleo da stvorisavremeni privredni centar u koga }e se sjatititrgovci iz svih krajeva sveta. Zbog toga je donosionaredbe po kojima je trgovce osloba|ao pla}awaraznih da`bina:’’ dade i osloba|awe gradu tome odraznih nameta, dade i povlastice ovima (najbogatijimqudima) sa svakim utvr|ewem da se ne}e pokolebati,u wemu su bile navedene i blagodati bo`je (govorilose) o slobodi od porabo}ewa, i pe~at zlatni ovimadade koji imaju sliku grada da koji ho}e kakvukupovinu da ~ini u bilo kome kraju dobije kwigu sape~atom da je stanovnik toga grada, pa ne}e davatinigde ni carine ni prolaza. A izmoli i utvrdi odokolnih oblasnih gospodara, pa i od samog kraqapo ovim krajevima svako osloba|awe trgovaca (odporeza).U tome je i uspeo, te se u Beogradu trgovalo raznomrobom iz celog sveta. U razvoju privrede u~estvovalisu i mnogi u~eni i bogati qudi koje je Stefan doveo:Dubrov~ani, Mleci, Ugari i mnogi drugi koji susa sobom donosili sav svoj materijalni i duhovnikapital.Modern Man of TradeBy building Belgrade, Despot Stefan wanted tocreate a modern economic center which would attractmerchants from all over the world. To that effect heissued orders intended to release the merchants fromtaxes and dues: »he also released this town fromvarious dues, gave privilages to them (the richest ofmen) with a firm word that he would not change hismind, in it were stated the mercies of God, (it spoke) ofthe freedom from subjugation, and a gold seal he gaveto those with the picture of the town and whoeverwanted to make any purchase in any part was toobtain a book with the seal proving that he was aresident of that town and thereby released from dutiesand dues. And he pleaded and obtained permissionfrom the neighbouring lords, even from the Kinghimself, that merchants be released (of duties).Stefan successfully accomplished that task, and goodsfrom all over the world came to be traded in Belgrade.A number of learned and wealthy people, brought byStefan, took part in the development of the economy:people from Dubrovnic, Venitians, Hungarians andothers, who brought with them all their material andspiritual capital.

IZVEŠTAJ NEZAVISNOG REVIZORAo finansijskim izveštajima BEOGRADSKA BERZA AD, BEOGRAD za 2005. godinuAkcionarima i Nadzornom odboruBEOGRADSKA BERZA AD, BEOGRADOmladinskih brigada 111000 BeogradIzvršili smo reviziju Bilansa stanja BEOGRADSKA BERZA AD, BEOGRAD sainjenog sa stanjem nadan 31. decembra 2005. godine, odgovarajueg Bilansa uspeha, Izveštaja o novanim tokovima iIzveštaja o promenama na kapitalu za godinu koja se završava na taj dan.Za finansijske izveštaje, prikazane na stranama 7 do 10 odgovorno je rukovodstvo BEOGRADSKABERZA AD, BEOGRAD. Naša odgovornost je da izrazimo mišljenje o finansijskim izveštajima naosnovu revizije koju smo izvršili. Reviziju raunovodstvenih izveštaja na dan 31. decembra 2004godine vršio je drugi revizor u ijem je Izveštaju iz pozitivno mišljenje na dan 8. aprila 2005.godine.Reviziju smo izvršili u skladu sa Zakonom o raunovodstvu i reviziji, Kodeksom etike zaprofesionalne raunovodstvene eksperte IFAC-a, Pravilnikom o nainu obavljanja revizijeraunovodstvenih iskaza, Meunarodnim raunovodstvenim standardima - Meunarodnimstandardima finansijskog izveštavanja i Meunarodnim standardima revizije. Standardi zahtevaju dareviziju planiramo i izvršimo na nain koji omoguava da se u razumnoj meri uverimo da finansijskiizveštaji ne sadre materijalno znaajne pogrešne informcije. Revizija ukljuuje ispitivanja dokaza,na bazi provere uzoraka, kojima se potkrepljuju iznosi i informacije obelodanjeni u finansijskimizveštajima. Revizija, takoe, ukljuuje ocenu primenjenih raunovodstvenih naela i vrednovanjeznaajnih procena koje je izvršilo rukovodstvo, kao i opštu ocenu prezentacije finansijskih izveštaja.Smatramo da revizija koju smo izvršili obezbeuje razumnu osnovu za izravanje našeg mišljenja.Po našem mišljenju finansijski izveštaji BEOGRADSKA BERZA AD, BEOGRAD kao što je opisano uNapomenama uz Izveštaj na stranama 13-29, prikazuju istinito i objektivno, u svim materijalnoznaajnim aspektima, finansijsko stanje preduzea na dan 31. decembra 2005. godine, rezultatenjegovog poslovanja i novane tokove za godinu koja se završava na taj dan, u skladu saraunovodstvenim standardima i propisima Republike Srbije.Beograd, 1. mart 2006. godineOvlašeni revizorStanimirka Svievi

Beogradska berza - BeogradBILANS STANJABeogradska berza, Beogradna dan 31. XII(u 000 dinara)Pozicije Napomena* 2005. 2004.OBRTNA IMOVINA 194.058 148.948Gotovinski ekvivalenti i gotovina I.4.j; II.7. 38.281 28.557Kratkoroni finansijski plasmani I.4.f; II.6. 125.674 93.536Potraivanja I.4.f; II.5. 29.114 26.345Zalihe I.4.e; II.4. 393 244Porez na dodatu vrednost i AVR II.8. 265 266Odl poreska sredstva II.9. 331STALNA IMOVINA 141.002 173.968Dugoroni finansijski plasmani I.4.d; II.3. 10.455 11.940Nekretnine, postrojenja, oprema i biol. sred. I.4.c; II.2. 40.780 52.748Nematerijalna ulaganja I.4.c; II.1. 89.767 109.280POSLOVNA IMOVINA 335.060 322.916A k t i v a 335.060 322.916KRATKORONE OBAVEZE 125.939 144.840Obaveze iz poslovanja II.12. 1.151 632Obaveze po osnovu PDV i ostalih j.p. II.13. 2.368 2.091Pasivna vremenska razgranienja II.14. 122.420 142.117KAPITAL 206.683 178.076Osnovni i ostali kapital I.4.g; II.10. 42.432 42.432Rezerve I.4.g; II.10. 4.654 4.654Nerasporeeni dobit I.4.g; II.10. 159.597 130.990ODL PORESKE OBAVEZE II.15. 2.438POSLOVNA PASIVA 335.060 322.916P a s i v a 335.060 322.916* Napomene ukazuju na prezentaciju razmatranja pojedinih pozicija bilansa stanjapod naslovom: Napomene uz finansijske izveštaje7

Revizija ’05BILANS USPEHABeogradska berza, Beogradu periodu od 1. I do 31. XII(u 000 dinara)Pozicije Napomena* 2005. 2004.A. PRIHODI I RASHODI IZ RED. POSLOV.I POSLOVNI PRIHODI III.1. 158.565 113.907Prihodi od naknada 147.799 102.843Dobici iz ostvarene razlike u ceni 1.236 1.114Drugi prihodi iz poslovanja 9.530 9.950II POSLOVNI RASHODI III.1. 163.881 104.870Rashodi naknada 162 193Trošk. zarada, nakn. zarada i ostali li. rashodi 71.204 48.379Troškovi amortizacije i rezervisanja 42.890 29.437Ostali poslovni rashodi 49.625 26.861III POSLOVNI REZULTAT (I-II) (5.316) 9.037IV FINANSIJSKI PRIHODI III.2. 9.763 5.809V FINANSIJSKI RASHODI III.2. 215 230VI OSTALI PRIHODI III.3. 41.912 38.929VII OSTALI RASHODI III.3. 7.045 10.321VIII REZULTAT IZ REDOVNOG POSLOVANJA (III+IV-V+VI-VII) 39.099 43.224B. VANREDNE STAVKEI VANREDNI PRIHODIII VANREDNI RASHODIIII REZULTAT PO OSNOVU VANREDNIH STAVKI (I-II)III.5.III.5.REZULTAT PRE OPOREZIVANJA III.6. 39.099 43.224Porez na dobit III.7. 4.231 1.695NETO REZULTAT III.8. 34.868 41.529* Napomene ukazuju na razmatranja pojedinih pozicija bilansa uspehapod naslovom: Napomene uz finansijske izveštaje8

e-mail: office@ief.co.yu WWW.IEF.CO.YUIEF 11000 Belgrade, Knez Mihailova 7/II; phone 2633-551 fax 2625-878INDEPENDENT AUDITOR’S REPORTTo the Shareholders and Board of DirectorsBELGRADE STOCK EXCHANGE, BELGRADEOmladinskih brigada 111000 BelgradeWe have audited the accompanying balance sheet of the Belgrade Stock Exchange, Belgradeas of December 31, 2005, and the related statements of income and cash flows andchanges in equity for the year then ended. These financial statements are the responsibilityof the Company’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audit.We conducted our audit in accordance with the International Financial Reporting Standards,International auditing standards and SCG regulations on accounting and auditing. ThoseStandards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatements. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statementspresentation. We believe that our audit provides a reasonable basis for our opinion.In our opinion, the financial statements give a true and fair view of the financial position ofthe Belgrade Stock Exchange, Belgrade as of December 31, 2005, and of the result of itsoperations and its cash flows for the year then ended in accordance with InternationalFinancial Reporting Standards and SCG regulations on accounting.Belgrade, March 1 st 2006Authorized AuditorStanimirka Svievi

Belgrade Stock Exchange - BelgradeBALANCE SHEETBelgrade Stock Exchange - BelgradeAs of December 31(u 000 dinars)Items Notes * 2005 2004CIRCULATING ASSETS 194.058 148.948Cash and cash equivalents I.4.j; II.7. 38.281 28.557Short term loans I.4.f; II.6. 125.674 93.536Receivables I.4.f; II.5. 29.114 26.345Inventories I.4.e; II.4. 393 244Value Added Tax, Prepayments and accrued income II.8. 265 266DEFFERED TAX ASSETS II.9. 331FIXED ASSETS 141.002 173.968Long term loans I.4.d; II.3. 10.455 11.940Equipments, Plants and Properties I.4.c; II.1. 40.780 52.748Intangibles assets I.4.c; II.2. 89.767 109.280OPERATING ASSETS 335.060 322.916Assets 335.060 322.916SHORT TERM LIABILITIES 125.939 144.840Liabilities from operations II.12. 1.151 632Liabilities for VAT and other taxes II.13. 2.368 2.091Accruals and deferred income II.11. 122.420 142.117CAPITAL 206.683 178.076Capital and other capital I.4.g; II.10. 42.432 42.432Reserves I.4.g; II.10. 4.654 4.654Undistributed income I.4.g; II.10. 159.597 130.990DEFFERED TAX LIABILITIES II.15. 2.438OPERATING LIABILITIES 335.060 322.916Liabilities and capital 335.060 322.916* Notes refer to individual balance sheet items and they are presentedas notes to the Financial Statements7

Audit ’05INCOME STATEMENT for period January 1 – December 31Belgrade Stock Exchange - Belgrade(in 000 dinars)Items Notes * 2005. 2004.ORDINARY INCOME AND EXPENSESI OPERATING INCOME III.1. 158.565 113.907Income from fees 147.799 102.843Gains from accomplished price difference 1.236 1.114Other operating income 9.530 9.950II OPERATING EXPENSES III.1. 163.881 104.870Expenses from fees 162 193Net salaries, compensations for salaries and other personal expenses 71.204 48.379Costs of depreciation and provisions 42.890 29.437Other operating expenses 49.625 26.861III OPERATING PROFIT/LOSS (I-II) (5.316) 9.037IV FINANCIAL INCOME III.2. 9.763 5.809V FINANCIAL EXPENSES III.2. 215 230VI OTHER INCOME III.3. 41.912 38.929VII OTHER EXPENSES III.3. 7.045 10.321VIII PROFIT FROM ORDINARY INCOME AND EXPENSES (III+IV-V+VI-VII) 39.099 43.224EXTRAORDINARY INCOME AND EXPENSESI EXTRAORDINARY INCOMEII EXTRAORDINARY EXPENSESIII PROFIT/LOSS FROM ORDINARY INCOME AND EXPENSES (I-II)III.5.III.5.PROFIT BEFORE TAX III.6. 39.099 43.224Income tax III.7. 4.231 1.695NET PROFIT III.8. 34.868 41.529* Notes refer to individual income statement items and they are presentedas notes to the Financial Statements8

Belgrade Stock Exchange - BelgradeCASH FLOW STATEMENT for period January 1 – December 31Belgrade Stock Exchange - Belgrade(in 000 dinars)Items Notes * 2005. 2004.CASH FLOWS FROM OPERATING ACTIVITIESIV.1.I Cash inflow from operating activities 183.255 135.172Receipts from operating activities 172.239 114.333Other receipts from operating activities 10.995 20.633Other receipts 21 206II Cash outflow from operating activities 117.745 98.822Payments operating costs 1.887 1.600Gross salaries and wages, benefits and other personnel expenditures 71.204 48.376Interest paid 2.486 13.434Profit tax 7.571 18.413Payments other operating costs 11.647 8.889Other duties paid 22.950 8.110III Net cash inflow from operating activities 65.510 36.350CASH FLOWS FROM INVESTING ACTIVITIESIV.2.I Cash inflow from investing activities 11.573 596Proceeds from the sale of intangible assets and property, plant and equipment 175Other financial loans (net inflow) 11.573 421II Cash outflow from investing activities 67.622 60.809Purchase of intangible assets and property, plant and equipment 11.512 10.438Other financial loans (net outflow) 51.957 50.371Dividends Paid 4.153III Net cash outflow from investing activities 56.049 60.213CASH FLOWS FROM FINANCING ACTIVITIESIV.3.GROSS INCREASE IN CASH 194.828 135.768GROSS DECREASE IN CASH 185.367 159.631NET INCREASE IN CASH 9.461NET DECREASE IN CASH 23.863CASH AT THE BEGINING OF PERIOD 28.557 52.083POSITIVE EFFECT OF EXCHANGE RATE CHANGES 477 566NEGATIVE EFFECT OF EXCHANGE RATE CHANGES 214 229CASH AT THE END OF PERIOD 38.281 28.557* Notes refer to individual cash flow statement items and they are presentedas notes to the Financial Statements9

Audit ’05STATEMENT ON CHANGES IN CAPITALBelgrade Stock Exchange - Belgradein 000 dinarsDescription Notes * Capital Reserves Income TotalState on: January 1, 2004I.4.g; II.10.Fundamental errors and changes in accounting policiesCorrected opening balanceIncrease / decrease in revaluation reservesNet income / net loss of the periodSales / purchase of own sharesSales / purchase of own sharesDistribution of dividendsPays / payments to ownersState on: January 1, 2005 I.4.g; II.10. 42.432 4.654 130.990 178.076Fundamental errors and changes in accounting policiesCorrected opening balanceIncrease / decrease in revaluation reservesNet income / net loss of the period 32.760 32.760Sales / purchase of own sharesSales / purchase of own sharesDistribution of dividends (4.153) (4.153)Pays / payments to ownersState on: December 31, 2005 I.4.g; II.8. 42.432 4.654 159.597 206.683* Notes refer to individual statement on changes in capital items and they are presentedas notes to the Financial Statements10

Zvaničan naziv/Official NameBeogradska berza a.d. Beogradska berzaAdresa/AddressOmladinskih brigada 1P.O.Box 5011070 Novi BeogradSrbija i Crna GoraTelefoni/Contacts(+381 11 ) 322 15 99, 311 72 97, 311 53 60www.belex.co.yuDirektor/Managing DirectorGordana DostanićDirektor Sektora IT operacija/IT DirectorRadojko MiladinovićDirektor Sektora poslovnih operacija/Business Operations DirectorSiniša KrnetaKabinet direktora:Svetlana CerovićSavetnik Direktora za marketing i odnose sa javnošću/PR and Marketing AdviserIrena KomlenovićPravni savetnik/Legal adviserLidija ŠeškarPravni savetnik/Legal adviserJelena LilićŠef finansijsko računovodstvenih poslova/ Chief of accounting and financial operations

UVODNA REČO 2005. GODINU U SRBIJIZNAČAJNI DATUMI I DOGAĐAJIBEOGRADSKE BERZEPOSLOVANJE U 2005.GODINITRGOVANJEČLANOVI BERZE IORGANI UPRAVLJANJAKOLEKTIVAKTIVNOSTI NA RAZVOJUORGANIZACIONE ITEHNOLOŠKE OSNOVE RADA37111721353639FOREWORDYEAR 2005 IN SERBIAIMPORTANT DATES AND EVENTSFOR THE BELGRADE STOCKEXCHANGEBUSINESS ACTIVITY IN 2005TRADINGEXCHANGE MEMBERS ANDEXCHANGE GOVERNANCEPERSONNELORGANIZATIONAL ANDTECHNICAL SUPPORT OFACTIVITIESODNOSI SA JAVNOŠĆU,INFORMISANJE I EDUKACIJAPOSEBNI DOGAĐAJIIZVEŠTAJ REVIZORAČLANOVI BERZE45485159INFORMATION DISSEMINATIONAND EDUCATIONSPECIAL EVENTSINDEPENDENT AUDITORSREPORTSTOCK EXCHENGE MEMBERS

Izdavač / Published byBeogradska berzaZa izdavača / For the publisherGordana DostanićDizajn / DesignBoba ČugurovićTekstovi o despotu Stefanu Lazareviću / Texts prepared bySvetlana PantelićPriprema i štampa / Prepress and printČugura print, Beograd, www.cugura.co.yuKorice rađene na papiru / Book cover paperGruppo Cordenons - Cartacel d.o.o.Crtež na korici / Book cover illustrationMomo KaporFotografije / PhotographsGoran DragutinovićMiša ČugurovićMiloš BabićVlada ValešinskiĐorđe ČubriloTiraž / Printed in500CIP- Каталогизација у публикацијиНародна библиотека Србије, Београд336.7(085.3)GODIŠNJI izveštaj / Beogradska berza =Annual Report of the Belgrade StockExchange. - 1993- . - Beograd :Beogradska berza, 1993- . - 28 cmGodišnje. - Varijanta naslova: Godišnjiizveštaj / Beogradska berza . . .ISSN 1450-7366 = Godišnji izveštajBeogradske berzeCOBISS.SR-ID 74809100© 2006.