Market - Raiffeisen Bank

Market Performance Highlights March 15 th , 2012.
Index 1d% Ytd% pts
ATX(AT) 0.88 16.2 2,198
SBITOP(SI)
BELEX15(RS)
BETI(RO)
CROBEX(HR)
SOFIX(BG)
SASX10(BiH)
BIRS(BiH)
-0.55 -2.1 577
-0.53 9.7 547
1.35 20.4 5,220
1.27 4.5 1,819
0.25 -3.6 311
0.51 -2.9 769
0.26 -4.5 818
B&H
The Fiscal Council of B&H adopted the
Global Fiscal Framework for period 2012
– 2014 (positive)
B&H
Doing business 2012 –placed B&H on
125 th position out of 182 analyzed
countries (negative)
Market
News Flash
Macroeconomic Environment:
B&H: The Fiscal Council of B&H adopted the Global Fiscal Framework for
period 2012 – 2014 (positive)
Doing business 2012 –placed B&H on 125 th position out of 182 analyzed
countries (negative)
Banking Market:
UniCredit Bank a.d. Banja Lua: Planed recapitalization in 2012 in amount of
BAM 15 billion (positive)
Company News:
Elektroprivreda BiH d.d. Sarajevo: The Japanese Government interested in
investing in projects of Elektroprivreda BiH d.d. (positive)
Rafinerija Ulja a.d. Modriča: Net profit in FY 2011 amounted to BAM 379.2
thsd (positive)
Scheduled Shareholders Assembly:
ZIF Fortuna Fond d.d. Bihać (neutral)
The Fiscal Council of B&H, on its yesterday’s session unanimously adopted the
Global Fiscal Framework for period 2012 – 2014, according to which the
State Budget in this period will sum up to BAM 950 million (plus amount of
the external debt). „Adoption of the Fiscal Framework is first step in creating
the State Budget for this year“, stated the Chairman of the Council of
Ministers, Mr. Vjekoslav Bevanda. „We made basis for the Ministry of Finance
to start creating the Budget for 2012 and we adopted a transparent decision
which will enable the State Institutions to function normally” stated Bevanda.
He also cited that the Fiscal Council adopted decision to start negotiation with
the IMF related to the new Stand – by Agreement. The Minister of Finance,
Mr. Nikola Špirić expressed pleasure with made agreement and he
announced that the Ministry of Finance will start in next few days with
procedure for creating the Budget for this year and that he hopes that B&H
will restore the credibility which was jeopardized by delay in external debt
servicing.
Source: www.ekapija.ba
According to the latest report of the World Bank – Doing business 2012, out
of 183 analyzed countries, Bosnia and Herzegovina is placed on 125 th
position, which is improvement by 2 positions comparing to previous year.
The improvement by 2 positions is made due to progress related to obtaining
building permits and termination of the use permit. However, B&H is still worst
placed country in the region. According to the DB, the best placed regional
country is still Macedonia (22 nd place), followed by Montenegro (56 th place),
Croatia (80 th place) and Serbia (92 nd place).
Source: www.ekapija.ba

Market News Flash
UniCredit Bank a.d. Banja Luka
Planed recapitalization in 2012 in
amount of BAM 15 billion (positive)
Elektroprivreda BiH d.d. Sarajevo
(JPESR)
The Japanese Government interested in
investing in projects of Elektroprivreda
BiH d.d. (positive)
Rafinerija ulja a.d. Modriča (RFUM-R-
A)
Net profit in FY 2011 amounted to BAM
379.2 thsd (positive)
ZIF Fortuna Fond d.d. Bihać
(FRTFRK1)
Scheduled Shareholders Assembly
(neutral)
UniCredit Bank is planning a recapitalization of its subsidiary in Bosnia and
Herzegovina, UniCredit Bank a.d. Banja Luka by investing BAM 15 million.
The director of UniCredit Bank a.d. Banja Luka, Mr. Ivan Vlaho stated that
UniCredit already achieved high level of the capital adequacy. However with
additional amount of capital we will strengthen the capacity of bank and
improve our support to local economy” stated Vlaho. He also pointed out that
UniCredit already completed procedure that waits the most banks in B&H.
“We became one of 3 highest capitalized banks in Europe and the number 1
capitalized bank in the Central and the Eastern Europe” stated Vlaho.
Source: Poslovne novosti
Japanese Government Delegation led by Mr. Satoru Watanabe, head of
sector for Central and Southeastern Europe on behalf of the Ministry of
Economy, Trade and Industry of Japan, visited EPBiH confirming interest of
the Japanese Government in investing in projects of the EPBIH and electric
power sector. Members of the management of EPBiH, headed by Mr. Amil
Kamenica, the Executive Director for Capital Investment exchanged
information with the Japanese delegation, regarding possibilities for the
establishment of specific business cooperation in implementation of the
planned projects of JP EPBiH and investment in power sector through
establishing of the long-term credit line of the Government of Japan to EPBiH
under favorable conditions. The representatives of EPBiH expressed interest in
cooperation in the field of capacity building, especially building blocks of the
new power plants in Tuzla and Kakanj.
Source: www.ekapija.ba
According to the Financial Report for 2011, Oil Refinery Modrica registered
net profit of BAM 379.2 thsd. Total operating income were BAM 76.04 mn,
which is 22.2% more than in 2010, while operating expenses totaled BAM
74.2 mn (19.2% yoy). The other key financial positions were: Operating
assets = BAM 213.4 mn (+0.2% yoy), Total capital = BAM 199.1 mn
(+0.24% yoy), long-term liabilities = BAM 3.6 mn (+55.8% yoy), short-term
liabilities = BAM 9.8 mn (-10.4% yoy), EBIT = BAM 715.9 thsd (+177% yoy)
and EBITDA = BAM 10.3 mn (+12.3 % yoy). Oil Refinery Modrica have
203,487,123 issued shares with nominal value of BAM 1.
Source: www.blberza.com
VIII ordinary shareholders assembly of ZIF Fortuna Fond d.d. Bihać is
scheduled for 5 April 2012, (Thursday) with the beginning at 1:30 p.m., in the
premises of the Fund in Cazin, N. Pozderca 19/2.
Short Agenda:
Adoption of the Business Report for 2011
Adoption of the Decision on amendments to the Statute of ZIF
Fortuna Fond d.d.;
Adoption of the Decision on amendments to the Prospectus of ZIF
Fortuna Fond d.d.;
Adoption of the Decision on the method of election of external audit
for 2012
Source: www.sase.ba

Impressum
Raiffeisen Research
Raiffeisen BANK d.d. Bosna i Hercegovina
Investment Banking Division
Sanja Korene, Head of Investment Banking; Phone: + 387 33 28 71 22, e-mail: sanja.korene@rbb-sarajevo.raiffeisen.at
Ivona Kristić, Head of Research; Phone: + 387 33 28 77 84, e-mail: ivona.kristic@rbb-sarajevo.raiffeisen.at
Dragomir Grgić, Head of Capital Markets; Phone: + 387 33 28 71 26, e-mail: dragomir.grgic@rbb-sarajevo.raiffeisen.at
Nadira Cenanović, Head of Brokerage Business and Investment Advisory; Phone: +387 33 28 76 47, e-mail:
nadira.cenanovic@rbb-sarajevo.raiffeisen.at
Raiffeisen CAPITAL a.d. Banja Luka
Nataša Majstorović, Director; Phone: + 387 51 23 14 90, e-mail: natasa.majstorovic@rbb-sarajevo.raiffeisen.at
Publisher
Raiffeisen BANK d.d. Bosna i Hercegovina
Zmaja od Bosne bb, 71000 Sarajevo
www.raiffeisenbank.ba
Raiffeisen direct info: +387 33 75 50 10 • Fax: +387 33 21 38 51
This publication was completed on March 15 th , 2012
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