executive newsletter

Top Stories

Issue No. 2999

Belgrade Tues., April 8, 2014

- The most comprehensive coverage of business news from Serbia For subscription visit us at: www.bizinfo.co.rs

SNS STARTS TALKS ON FORMING GOVERNMENT

SNS OFFERS TO PASZTORS SVM TO HELP FORM NEXT GOVERNMENT, VUCIC SAYS, TO MEET WITH SPS LEADER DACIC TODAY, AS PARLIAMENT TO CONVENE ON APRIL 16. The Serbian Progressive Party (SNS) has offered to the Alliance of Vojvodina Hungarians (SVM) to help form the next government, SNS leader Aleksandar Vucic, who is expected to be the next prime minister, said yesterday following a meeting with SVM leader Istvan Pasztor, local media reported. The SVM is ready to help tackle problems in Serbia, Pasztor said, noting that the partys position is that it should have state secretaries in the new government. According to Vucic, the SNS has nothing against government ministers coming from the SVMs ranks. Both Vucic and Pasztor said that they did not discuss a change of the ruling coalition in Vojvodina. Vucic went on to say that he will meet with Socialist Party of Serbia (SPS) leader Ivica Dacic today, but that he does not know whether Dacic will bring representatives of other parties in the SPS-led camp the United Pensioners Party of Serbia (PUPS) and the United Serbia (JS) to the meeting. Asked what he expects from talks with Dacic, Vucic said that he cannot form the government with someone who would ask for raising public sector wages and pensions while Serbia is struggling. Vucic also said that he will meet with representatives of the New Democratic Party (NDS), led by former Serbian president Boris Tadic, in the coming days. In related news, local media reported that the Serbian parliament elected on March 16 will hold its first session on April 16 to confirm the new MPs terms of office and vote in a speaker and other officials. (continued in Politics) Central bank to very actively support next governments measures, governor says. The National Bank of Serbia (NBS) will very actively support the next governments measures, NBS Governor Jorgovanka Tabakovic said yesterday, noting that the central bank will not allow abuses of monetary policy, local media reported. The NBS conservative assessment is that Serbia will attract USD 1 billion in foreign direct investments (FDI) in 2014, but there are signs that the FDI level will be higher than that, she said on the sidelines of the UK and Serbia: Deepening Economic Cooperation seminar in Belgrade. According to her, the NBS will maintain the dinar-to-euro exchange rate in a way making sure that it cannot be affected by speculative intentions or someones interests. Tabakovic also said that dinar savings almost doubled in 2013, thanks to low inflation, the stable exchange rate, and the NBS recommendation to banks not to offer higher interest rates on foreign currency deposits, adding that she expects that banks will boost dinar lending to the private sector. Savings in Serbia currently stand at EUR 8.4 billion, she said. According to her, the fact that international financial institutions have been enabled to issue dinar securities will help decrease the level of euroization in Serbia. Serbia needs to urgently carry out pension system reform, tackle loss-making public companies, Fiscal Council chairman says. Serbia needs to urgently carry out a pension system reform, given that a large chunk of the deficit is generated in that segment, Fiscal Council Chairman Pavle Petrovic said yesterday at the UK and Serbia: Deepening Economic Cooperation seminar in Belgrade, local media reported. A sustainable pension system requires raising retirement age for women from 60 to 63, and perhaps even equalizing retirement age for women with retirement age for men, which is 65, Petrovic said. He also warned that loss-making public companies must be tackled, given that their losses are one of key reasons why Serbias fiscal deficit could reach 8% of GDP in 2014. Concluding an arrangement with the International Monetary Fund (IMF), one that would guarantee fiscal consolidation be carried out according to plan, is crucial for Serbia at the moment, according to Petrovic. Cement makers Lafarge, Holcim announce global merger, plan pro-active divestment process in anticipation of regulatory requirements. French cement producer Lafarge and its Swiss peer Holcim, which both have a strong presence on the Serbian market, yesterday announced their intention to combine the two companies through a merger of equals, according to a joint news release, local media reported. (continued in Business & Economy)

INSIDE TODAYS EXECUTIVE NEWSLETTER:

Politics p.2; Business & Economy p.2; Weather p.6; Currency Rates p.6; Beonia p.6; Belibor p.6; Stock & Bond Trading p.7

Politics
(continued from Top Stories) The SNS-led bloc, which won a landslide victory, will have 158 seats in the 250member parliament, followed by camps led by the SPS, with 44 seats, the Democratic Party (DS), with 19 seats, and the NDS, with 18 seats, the SVM, with six seats, the SDA of Sandzak, with three seats, and the ethnic Albanian minority Party for Democratic Action, with two seats. Vucic recently said that the next government will be formed by April 25. The SNS also won a majority of seats in Belgrades city assembly on March 16. The city assembly will hold its first session on April 23, with the deadline to vote in mayor to expire 30 days later, on May 23, said caretaker administration secretary Goran Vesic. Special police unit spokesman arrested on suspicion of endangering safety of NGO Zene U Crnom, as member of far-right organization SNP Nasi taken in for compiling list of traitors. Radomir Pocuca, a spokesman for the special anti-terrorist police unit, was arrested yesterday on suspicion of endangering the safety of non-governmental organization (NGO) Zene U Crnom, local media reported, citing a statement from the special prosecution office for high-tech crime. Pocuca is suspected of posting a statement on his Facebook profile calling on football fans to unite and beat up the NGOs members ahead of their silent vigil in Belgrade to commemorate an anniversary of crimes against ethnic Albanians in Kosovo. Police also arrested Ivan Ivanovic, a member of far-right organization SNP Nasi from Arandjelovac, for allegedly compiling a list of 30 Serb-haters and traitors among public figures in Serbia, which includes well-known actors, directors, writers, academics and journalists. The list was posted on the organizations website. He faces charges of racial and other discrimination, according to the reports. Both Ivanovic and Pocuca were placed in custody of up to 30 days.

Business & Economy

(continued from Top Stories) After a strategic optimization of the portfolio through a pro-active divestment process, in anticipation of regulatory requirements, the combined company, called LafargeHolcim, would occupy complementary positions, according to the news release. Combined operations would include production sites located in 90 countries across all continents with the most balanced and diversified portfolio in the industry, in what will deliver highly attractive growth prospects across both high growth and developed markets, according to the news release. Lafarge and Holcim pro forma combined sales amount to EUR 32 billion, while their earnings before interest, taxes, depreciation, and amortization (EBITDA) stand at EUR 6.5 billion. The transaction is expected to close in the first half of 2015. In Serbia, Lafarge owns a cement factory in Beocin, which it acquired in 2002. Holcim has a cement plant in Popovac, near Paracin, which it also bought in 2002. Serbias top state officials showing strong political will to implement reforms, put economy into focus, PKS president tells UK-Serbia gathering. Serbia is at a crossroads in 2014, with top state officials demonstrating a strong political will to implement the necessary, comprehensive reforms and put the economy into focus, which are prerequisites for improving the business environment and attracting fresh investments, Serbian Chamber of Commerce (PKS) President Zeljko Sertic said in Belgrade yesterday at a seminar titled the UK and Serbia: Deepening Economic Cooperation, local media reported. Serbia has advantages it should use and create a business environment that would lead investors to wait in line to enter the Serbian market, which should be a level playing field, he said. The adoption of a set of reform laws will represent a step in that direction, he said, noting that Serbia should undertake swift reforms of the public sector, the judiciary, the tax system, and inspection services. Announcements of investment incentives through support to domestic businesses and a new form of support for foreign investors are encouraging, Sertic said. At the same event, UK Charge DAffaires to Serbia David McFarlane said that this will be a fairly difficult year for Serbia, not only because of economic measures that the next government should take, but also due to a slow recovery in the EU. McFarlane said that he hopes the

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new government will be able to tackle legislative problems in the next few months, including the adoption of new laws on planning and construction, labor, and bankruptcy. The EUs economic recovery could be slowed down by problems in relations between Russia and Ukraine over Crimea, in what could also affect Serbias economic development, according to him. McFarlane also said that Serbia and the UK have a good economic cooperation, but that there is ample room to boost bilateral trade. Michael OLeary-Collins, a member of the British-Serbian Chamber of Commerce (BSCC) board of directors, said that Serbia should swiftly tackle challenges, including non-performing loans (NPL). The seminar, organized by education and consulting services provider Eurosfera, under the auspices of the Serbian parliaments foreign affairs committee, the Standing Conference of Towns and Municipalities (SKGO), and the BSCC, with the support of the PKS and the UK Embassy, brought together officials and business representatives from the two countries. In 2013, Serbias exports to the UK stood at USD 172 million, compared with USD 38 million in 2001, according to the PKS data. Oil shale mining in Aleksinac region to be carried out under concession deal, outgoing energy minister says. A project to mine oil shale in the Aleksinac region in southeastern Serbia will be carried out under a concession deal, local media reported yesterday, citing outgoing energy and environmental protection minister Zorana Mihajlovic. Not only this, but also other, already launched investments will mainly be carried out under concession deals, as well as under strategic and public-private partnerships, she said in an interview with Danas. Some EUR 10 billion should be invested in environmental protection projects in Serbia over the next 10 years, she said. The year 2014 should be marked by investments in the energy sector and reform of public companies operating in the sector, according to her. Construction on a third generator at the Kostolac B thermal power plant should start by the end of 2014, while talks with a consortium interested in building a new unit at cogeneration plant TE-TO Novi Sad are expected to be completed soon, according to her. Talks are underway with investors interested in building the Stavalj thermal power plant and opening an accompanying coal mine and with investors interested in building the Bistrica pumped-storage hydropower plant, she said. She also said that Belgrade should invite bids for waste management at the Vinca landfill and carrying out a waste-to-energy project at the landfill, which collects 1,700 metric tons of waste per day. Belgrade to start selling construction land, seek partners for major infrastructure projects, caretaker administration secretary says. Belgrade will shortly change a decision on urban construction land and start selling construction land, the citys caretaker administration secretary Goran Vesic said yesterday at the UK and Serbia: Deepening Economic Cooperation seminar, Beta reported. So far, it has only been possible to lease construction land in Belgrade for up to 99 years, but once investors are able to buy land, they will be able to use it as collateral to draw loans from banks, Vesic said. Belgrade is in a difficult financial situation and does not have ample room to finance its own investments, he said. The citys focus will be on public private partnerships (PPPs) and concessions in the coming period, he said, noting that partners will be sought for major infrastructure projects. The citys major infrastructure projects include the completion of the Belgrade bypass and the inner ring road, the development of a metro system, the second and third phase of construction on a wholesale market, and the construction of an underground parking facility, he said. Belgrade will complete the first phase of construction on the wholesale market by September, under an investment of between EUR 6 million and EUR 7 million, and it will seek partners for the second and third phase, he said. He also said that Belgrade plans to set up an investment office, according to reports. SSSS, Nezavisnost union associations chairmen say not yet clear which measures would be taken to move part of labor from public to private sector. SSSS and Nezavisnost union associations chairmen said yesterday that it is not yet clear which measures exactly would be taken to ensure part of the workforce is transferred from the public sector to the private sector, as announced by Aleksandar Vucic, who is expected to be the next prime minister, local media reported. According to SSSS Chairman Ljubisav Orbovic, the announcement is positive, but unclear. The SSSS believes that providing a boost to companies in restructuring would also provide a boost to small and medium-sized enterprises (SME) and lead to job creation, he said. According to Nezavisnost Chairman Branislav Canak, the transfer would only be possible with big incentives on the labor market. An announcement that the state could pay social security contributions for seven out of 10 new hires is feasible only if the subsidies should go through the National Employment Service (NSZ), according to him. Daily: Chinas JAC Motors, Zastava Vozila Group to ink cooperation deal in late April. Chinese automotive company JAC Motors and Serbias Zastava Vozila Group will sign an agreement on business and technical cooperation at the end of this month in China, sources close to Zastava Vozilas management have confirmed for Danas. Under a preliminary arrangement, the first phase of cooperation would involve assembling JAC trucks at Kragujevac-based truck maker Zastava Kamioni, a subsidiary of Zastava Vozila, which is likely to begin in September. JAC Motors management said that trucks with maximum loaded weights of up to eight tons should be made in Kragujevac and exported to North Africa, the Middle East, CEFTA countries, as well as Western Europe given that they will have engines which comply with European ecological standards. In the second phase, joint production will expand to making vans and commercial vehicles, while the third phase envisages setting up a joint venture in Serbia, in a process which would entail the transfer of JAC Motors technology.
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Austrias Remho Beteiligungs to file bid for remaining 22.9% of paint and varnish maker Zvezda-Helios, further 38.2% stake in Duga after buying Slovenias Helios. Austrian Remho Beteiligungs, a paint and varnish subsidiary of Vienna-based Ring International Holding (RIH), intends to file a takeover bid for the remaining 22.9% stake in Gornji Milanovac-based paint and varnish producer Zvezda-Helios, according to the companys announcement in Privredni Pregled yesterday. Remho Beteiligungs also intends to file a takeover bid for a further 38.3% stake in Belgrade-based paint and varnish maker Duga, where it currently has a majority holding, of 51.4%. Both firms in Serbia are members of Slovenia-based paint and varnish group Helios, which was recently acquired by RIH for EUR 106 million. Serbia to implement USD 2.3 million UNDP project for improving accountability in public finances over next two years. Over the next two years, Serbia will implement the UN Development Programs (UNDP) project for improving accountability in public finances, financed by the Swedish government with USD 2.3 million, Beta reported. Partners in implementing the project are the State Audit Institution (DRI), the Finance Ministry, the Public Debt Administration, the commission for the protection of rights in public procurement procedures, the judicial academy, and the Standing Conference of Towns and Municipalities (SKGO). Nezavisnost union leader named chairman of social-economic council. Branislav Canak, chairman of the Nezavisnost union association, was named chairman of the social-economic council yesterday, local media reported. Members of the council, which gathers representatives of the Nezavisnost and SSSS union associations, the government, and the Employers Association of Serbia (UPS), thanked outgoing prime minister Ivica Dacic for his work as council chairman so far. Canak will serve in his new post until April 7, 2015. The council could reconvene in the first week of May, after the next government is formed, Canak said. According to him, the council will likely meet twice in May to discuss the announced reforms and changes to key laws, including the labor law, according to UPS Chairman Nebojsa Atanackovic, who noted that the UPS will ask the government at the first council session in May to make sure property tax is not raised up to tenfold for businesses. Zitoprerada DMs soft rolls with fig filling pulled form shelves in Serbia after EUs RASFF alert for high ochratoxin A levels. All series of soft rolls with fig filling manufactured by Zitoprerada DM from Novi Becej that had triggered a notification from the EUs Rapid Alert System for Food and Feed (RASFF) for higher-thanallowed levels of ochratoxin A have been pulled from the shelves in Serbia, local media reported, citing a press release from the government. According to the statement, the RASFF notification came from Slovenia. Last week, local media reported that two food products from Serbia have recently been banned for imports into the EU over higher-than-allowed levels of ochratoxin, a toxin produced by certain types of molds growing on a wide range of raw food commodities. The products in question were identified only as crackers, which had an ochratoxin level of 10 micrograms per kilogram, and soft rolls with fig filling, which had an ochratoxin level of 15 micrograms per kilogram. The ochratoxin A ceiling is three micrograms per kilogram, according to local media. No report yesterday mentioned the crackers in question. Henkel Srbija unveils EUR 4 million warehouse for regional, European markets in Krusevac. Chemicals producer Henkel Srbija, part of Germany-based Henkel, yesterday unveiled in Krusevac a facility which will serve as its central warehouse for detergents and toiletries made for regional and European markets, in a project worth more than EUR 4 million, the company said a press release, according to Betas OMS service. Henkels detergent and toiletries factory in the central Serbian city supplies 20 countries in the region and Europe, it was said at the opening. Christoph Till, general manager of Henkel Srbija, said that Henkel will invest another EUR 30 million in a new production line for household chemicals by the end of this year, which will render its factory in Krusevac into Henkels hub for Southeast Europe. Last June, Till said that Henkel had invested over EUR 130 million in Serbia since its arrival on the local market in 2002, when it bought the Merima plant in Krusevac. Henkel also has a construction adhesives factory in Indjija. Sofa maker Ditre Italia plans to start building plant in Vranje in August, launch production in December, Serbian unit GM says. Italian leather and fabrics sofa manufacturer Ditre Italia expects to start building a factory in Vranje in early August, where it plans to launch production over Christmas, Roberto Siviero, top man at Top Sofa Srb, owned by Ditre Italia, told a presentation on the project held in the southern Serbian town yesterday, local media reported. The factory will span 13,000 square meters, and the company will initially hire 600 workers, he said. The Vranje authorities earlier signed a deal with Top Sofa Srb, providing it with 6.8 hectares of land free of charge for building the plant, which will be located in Vranjes industrial zone called Bunusevac, the reports recalled. According to earlier reports, Ditres facility will be built under a EUR 13 million investment. Government approves new rulebook on state-subsidized drugs. The government has approved a new rulebook on state-subsidized drugs, according to a statement on its website. In late March, the state Health Insurance Fund (RFZO) said that it had proposed a new rulebook on conditions and criteria for putting medicines on the A, A1, and B lists of state-subsidized drugs, noting that the rulebook is expected to bring order to drug prices and availability, according to previous reports. The RFZO will be open to all market players under the same terms, it executive newsletter

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said at the time, noting that this will result in stronger competition, lower prices, new modern therapies, and innovative drugs on the market. Copay on the A1 list currently goes to up to 90% of a drugs retail price, but the new rulebook, thanks to savings it would create, would result in significantly lower prices of drugs on that list and, consequently, lower copay, the RFZO said. PTT Srbija hikes prices of postal services. State postal company PTT Srbija has increased prices of its services both within the country and abroad, and the price increases took effect on April 1, according to a statement from PTT. In line with decisions of the government and PTTs executive board, prices of services within Serbia were raised by 5.5% on average, PTT said, noting that it has kept the same prices for more than five years. PTT also said that it has increased the prices of postal services outside Serbia as a result of rising costs, but it added that the new prices will still be considerably more favorable compared with those charged in neighboring countries. Austrias Erste Group agrees with moderately positive view for SEE, but mostly relying on Serbia in its CEE Equity Strategy for Q2. Austrias Erste Group, present in Serbia through Erste Bank, agrees with a moderately positive view for Southeastern Europe (SEE) in the second quarter of 2014, but mostly relying on Serbia, according to its CEE Equity Strategy for Q2 report. Serbia might benefit from a new government getting to work, while arguments for Croatia remain limited in Q2, according to the report. Erste Group also notes that Serbia may post a slower GDP growth in 2014 compared to 2013, with expansion seen at 1% this year. US magazine Global Finance names Raiffeisen Bank best bank in Serbia in 2013. Raiffeisen Bank was named the best bank in Serbia in 2013 by US magazine Global Finance, according to a media release by the Belgradebased bank yesterday. The renowned magazines award represents a confirmation of the banks strategy in an economically challenging environment, said Raiffeisen Bank Executive Board Chairman Zoran Petrovic, adding that Raiffeisen is the bank of choice for more than half a million people, domestic and foreign investors, and multinational corporations in Serbia. At the same time, Global Finance named Austria-based Raiffeisen Bank International the best bank in Central and Eastern Europe (CEE). Drug maker Hemofarm top man Ronald Seeliger receives award for business environment leadership. Managing director of Vrsac-based drug manufacturer Hemofarm, Ronald Seeliger, has received the Kapetan Misa Anastasijevic award for business environment leadership, according to a press release from the company carried by Betas OMS service. The award, handed for a ninth year, is part of a project called Way to the Top, implemented by Novi Sad-based public relations and advertising agency Media-Invent. Belgrades 40th international construction fair kicks off today. More than 500 exhibitors from 22 European and Asian countries will take part in this years international building industry fair in Belgrade, which opens today and closes on April 12, local media reported yesterday. The Southeast Europe Belgrade Building Expo (SEEBBE), the largest specialized construction industry fair in the region, will host exhibitors from countries including Romania, Croatia, Slovenia, Montenegro, Bosnia-Herzegovina, the Czech Republic, Austria, New Zealand, Turkey, Russia, Poland, San Marino and Italy. Purchasing power goes up in February. Purchasing power in Serbia in February increased against the previous month, thanks mainly to a rise in the average net salary, according to data released by the trade ministry. The average consumer basket in February grew 0.01% to RSD 65,719, equaling 1.49 average monthly salaries. At the same time, the minimum consumer basket decreased 0.25% to RSD 34,090, equaling 0.77 average take-home pays. The average net salary in February was RSD 44,057. Dinar up 0.1% as NBS buys EUR 10 million on forex market. The dinar rose 0.1% against the euro in yesterdays trading, as the National Bank of Serbia (NBS) bought EUR 10 million on the foreign exchange market to avert an even bigger one-day strengthening of the domestic currency against Europes single currency, local media reported. The NBS median exchange rate for today is RSD 115.4946 to a euro, compared with yesterdays RSD 115.5680. Including yesterdays intervention, the NBS has bought a total of EUR 50 million on the forex market this year, all since March 28. The NBS has also sold EUR 820 million on the forex market in 2014 to bolster the national currency, though it did not intervene on the sell side since before the March 16 elections. Belgrade stocks lose ground. The Belgrade Stock Exchanges (BSE) blue-chip index BELEX15 closed down 0.16% at 574.46 points yesterday, as composite index BELEXline ended the day 0.23% lower at 1,141.23 points. The value of overall trading stood at RSD 29.1 million. On the regulated market, trading in listed stocks and bonds was worth RSD 22.5 million and trading in unlisted stocks RSD 6.33 million. The multilateral trading facility saw stock trading worth RSD 272,618. On the regulated market, Zvezda-Helios was the top gainer, rising 3.53% to RSD 9,000. Also trading in positive territory, NIS went up 1.22% to RSD 911 and Alfa Plam added 1.11% to RSD 13,655. Tigar was the biggest decliner, tumbling 12.7% to RSD 69. Also in the red, Trgovina 22 shed 6.67% to RSD 1,400 and Progress lost 5.88% to RSD 16. NIS had the biggest trade value, of nearly RSD 14 million, followed by Metalac, with RSD 5.09 million, and Zvezda-Helios, with RSD 4.87 million.

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BSE indexes go up last week. The Belgrade Stock Exchanges (BSE) blue-chip index BELEX15 increased 1.82% to 575.35 points last week, as composite index BELEXline closed up 1.95% at 1,143.87 points. Overall trading was worth RSD 171.2 million. On the regulated market, stock trading was worth RSD 163.8 million and bond trading RSD 867.5 million. The multilateral trading facility saw stock trading worth RSD 6.59 million. On the regulated market, Veterinarski Zavod Subotica advanced the most, rallying 17.5% to RSD 397. Also on the upside, BIP jumped 17.4% to RSD 27 and Cacanska Banka climbed 16.3% to RSD 16,300. Impol Seval was the biggest decliner, sliding 12.4% to RSD 963. Also in the red, Montinvest lost 11.8% to RSD 11,025 and Tigar fell 11.2% to RSD 79. Energoprojekt Holding had the largest trade value, of RSD 58.7 million, followed by NIS, with RSD 41.1 million, and Imlek, with RSD 29.4 million.

Weather Forecast
Tuesday, April 8 Mostly sunny. Low 8 C. High 24 C. Wednesday, April 9 Chance of rain. Low 11 C. High 14 C.

Currency Exchange Rates

Country Currency Median Exchange rate (RSD) 115.5680 EU 1 Euro 78.2239 Australia 1 Dollar 76.7945 Canada 1 Dollar 15.4782 Denmark 1 Crown 81.8412 Japan 100 Yen 14.0683 Norway 1 Crown 2.3900 Russia 1 Ruble 12.8712 Sweden 1 Crown 94.5264 Switzerland 1 Franc 139.7268 Great Britain 1 Pound 84.3377 USA 1 Dollar Source: NBS (April 7, 2014 - latest update on www.bizinfo.co.rs)

Belgrade Overnight Index Average April 7, 2014

BEONIA RATE 7.31 Source: Association of Serbian Banks TOTAL VOLUME 2080

Belgrade Interbank Offered Rates April 7, 2014

BELIBOR T/N S/N 1W 2W 1M 2M 3M 6M Source: NBS RATE 7.90 7.97 8.19 8.32 8.47 8.63 8.85 9.12

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executive newsletter

Trading on BSE April 7, 2014

Prime Market
STOCKS Aerodrom Nikola Tesla, Belgrade Energoprojekt Holding, Belgrade NIS, Novi Sad Soja Protein, Becej Source: BSE BOND SERIES A2014 A2015 A2016 TOTAL Source: BSE Closing Price (% of face value) 99.16 96.41 92.71 Closing Price (RSD) 519 851 911 500 Change (%) +0.78 -1.16 1.22 0.00 High (RSD) 527 855 925 500 Low (RSD) 510 850 900 500 Traded Volume 1,836 708 15,365 68 Traded Value (RSD) 947,800 602,724 13,958,841 34,000

Annual Yield (%) 5.87 3.24 3.58

Price Change (%) +0.01 -0.01

Low - High 96.41 96.44 92.71 92.75

Traded Value (EUR) 10,195 3,574 13,770

Standard Market
STOCKS Alfa Plam, Vranje Jedinstvo, Sevojno Metalac, Gornji Milanovac Source: BSE Closing Price (RSD) 13,655 4,800 2,400 Change (%) 1.11 0.00 -0.70 High (RSD) 13,655 4,800 2,400 Low (RSD) 13,655 4,800 2,400 Traded Volume 7 35 2,121 Traded Value (RSD) 95,585 168,000 5,090,400

Over-the-Counter Market
STOCKS Zvezda - Helios Hemijska Industrija, Gornji Milanovac Imlek, Belgrade Philip Morris Operations, Nis Gosa Montaza, Velika Plana Komercijalna Banka, Belgrade AIK Banka, Nis Gosa FOM, Smederevska Palanka FPM Agromehanika, Boljevac Sajkaska Fabrika Secera, Zabalj Albus, Novi Sad Source: BSE Closing Price (RSD) 9,000 3,455 1,234 2,527 750 1,603 403 122 3,605 150 Change (%) +3.53 +0.12 -3.97 -5.53 +0.13 -1.90 0.00 +0.83 0.00 0.00 High (RSD) 9,000 3,480 1,234 2,650 750 1,630 403 122 3,605 150 Low (RSD) 9,000 3,451 1,227 2,506 750 1,600 403 122 3,605 150 Traded Volume 541 124 231 90 130 55 200 630 20 312 Traded Value (RSD) 4,869,000 428,359 284,067 227,472 97,500 88,172 80,600 76,860 72,100 46,800

Multilateral Trading Facility

STOCKS Betonjerka, Aleksinac Central, Vrbas Cineoptic, Belgrade Medela, Vrbas Nissa, Nis Srbijaput, Belgrade Source: BSE Closing Price (RSD) 200 360 78 7,500 330 700 Change (%) 0.00 -10.00 0.00 0.00 0.00 -12.50 Demand 24 227 594 20 4,511 20 Supply 174 463 81 65 212 3,876 Traded Volume 24 139 81 17 212 20 Traded Value (RSD) 4,800 50,040 6,318 127,500 69,960 14,000

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executive newsletter
Editor-in-Chief Vladimir Berbatovic Subscriptions and Advertising: executive_newsletter@bizinfo.co.rs ISSN: 1451-7752, Published by Executive Group Knez Mihailova 9, 11000 Belgrade; Tel: + 381 11 328-4488, 328-4480 Publication or redistribution of Executive Newsletter content in full or in part is prohibited without the prior written consent of Executive Newsletter. Executive Newsletter relies on third party media sources for content and is not responsible for inaccuracies, errors, or omissions so derived. Advertisers are responsible for ensuring that material submitted for inclusion complies with international and national law.

Tuesday, April 8, 2014

executive newsletter