Serbian capital market Regional Conference

Serbian capital market Regional Conference

Economic Crisis and Responses of Capital Market Regulators

Belgrade, December 3, 2009

REPUBLIC OF SERBIA - SECURITIES COMMISSION

Milko ŠtimacChairman of the Securities Commission of the Republic of Serbia

2

Serbian capital market List of Participants

ParticipantsTotal number (September 30th)

2008 2009 index

Broker - Dealer Companies 85 61 71,8

Authorised Banks 19 21 110,5

Custody Banks 12 13 108,3

Management Companies (MF) 16 11 68,8

-mutual funds (MF) 17 16 94,1

Management Companies (PF) 9 9 100,0

-pension funds (PF) 8 10 125,0

Brokers 1.038 1.085 104,5

Portfolio Managers 75 109 145,3

Investment Advisers 19 32 168,4

Stock Exchange 1 1 100,0

-members of Stock Exchange 92 79 85,9

Central Securities Depository and Clearing House 1 1 100,0

-members of Central Securities Depository and Clearing House 105 95 90,5

List of active securities 2.506 2.470 98,6

Republic of Serbia - Securities Commission

3

January - September 2008 and 2009

2008Number of transactions Turnover

numberstructure

%index

(2008/07)billion€UR

structure%

index(2008/07)

1 BELEX 92.335 65,4% 38,3 0,8 1,2% 48,0

2 OTC(!) 48.929 34,6% 86,7 65,1 98,8% 158,1

TOTAL 141,264 100,0% 47,4 65,9 100,0% 153,0

2009 number Structure % index(2009/08)

billion€UR

structure%index

(2009/08)

1 BELEX 59.095 71,2% 60,8 0,2 0,8% 25,6

2 OTC(!) 22.744 28,8% 46,5 23,6 99,2% 36,2

TOTAL 78.839 100,0% 55,8 23,8 100,0% 36,1

Serbian Capital MarketNumber of transactions and turnover TOTAL = BELEX + OTC(!) 2008 - 2009


Serbian Capital MarketNumber of transactions and turnover TOTAL = BELEX + OTC(!) 2005 – 2009

Republic of Serbia - Securities Commission 4

0

50,000

100,000

150,000

200,000

250,000

20092008

20072006

2005

56,095

22,744

92,335

48,929

240,955

55,702

104,444

87,711

127,294

104,116

Number of transactionsJanuary - September

0

20,000,000,000

40,000,000,000

60,000,000,000

80,000,000,000

20092008

20072006

2005196,673,680.623,586,558,482.7769,352,152.4

65,122,310,064.0

1,604,086,448.133,186,010,403.8714,649,584.2

5,900,641,826.7

394,471,208.1

1,090,674,963.9

Turnover (€)January - September

5

Serbian Capital MarketNumber of transactions by securitiesTOTAL = BELEX + OTC(!) 2008 - 2009

Securities2008 2009

numberof

transactions

structure%

index numberof

transactions

structure%

index

(2008/07) (2009/08)

Shares 105.868 74,9% 44,6 54.263 68,8% 51,3

Bonds (Republic of Serbia, Series A - Foreign Currency Savings Bonds)

32.722 23,2% 57,1 22.260 28,2% 68,0

Treasury Bills (Republic of Serbia) and Bank Commercial Notes (NBS, REPO transactions)

2.674 1,4% 95,8 2.316 2,6% 86,6

TOTAL 141.264 100,0% 47,4 78.839 100,0% 55,8


January - September

6

Serbian Capital MarketTurnover by securitiesTOTAL = BELEX + OTC(!) 2008 - 2009

Securities

2008 2009

turnoverbillion €UR

structure%

index turnover

billion €URstructure

%

index

(2008/07) (2009/08)

Shares 0,9 1,3% 56,0 0,3 1,2% 32,5

Bonds (Republic of Serbia, Series A - Foreign Currency Savings Bonds)

0,2 0,3% 36,9 0,3 1,2% 139,1

Treasury Bills (Republic of Serbia) and Bank Commercial Notes (NBS, REPO transactions)

64,8 98,4% 95,8 23,2 97,6% 35,8

TOTAL 65,9 100,0% 153,0 23,8 100,0% 36,1


January - September

7

Serbian Capital MarketNumber of transactions and turnover by securities (structure)TOTAL = BELEX + OTC(!) 2008 - 2009


Shares75.3%

Bonds of RS (A)23.3%

Treasury Bills of RS

0.0%

Bank Comm. Not. NBS(repo)

1.4%

Transactions (structure)January - September 2008

Shares1.6%

Bonds of RS (A)0.4%


0.2%

Bank Comm. Not. NBS(repo)

97.8%

Turnover (€)January - September 2008

Shares68.8%

Bonds of RS (A)28.2%

Treasury Bills of RS1.2%

Bank Comm.Not.NBS(

repo)1.7%

Transactions (structure)January - September 2009

Shares1.2%

Bonds of RS (A)1.1%


6.2%

Bank Comm.Not.NBS(

repo)91.5%

Turnover (€) (structure)January - September 2009

8

Serbian Capital MarketBELEX – Belgrade Stock ExchangeNumber of transactions and turnover by securities 2007 - 2009

January - September

BELEX Number of transaction Turnover

2008number

index(2008/2007)

million €URindex

(2008/2007)

92.335 38,3 762,6 48,0

2009number

index(2009/2008)

million €URindex

(2009/2009)

56.095 60,75 196,7 25,6


January - December

BELEX Number of transactions Turnover

2007number

index(2007/2006)

million €URindex

(2007/2006)

302.016 221,9 2.012,2 102,5

2008number

index(2008/2007)

million €URindex

(2008/2007)

119.001 39,5 905,4 44,2

Serbian Capital MarketBELEX – Belgrade Stock ExchangeNumber of transactions and turnover by securities 2009


Shares

Bonds of RS (A)

0

100,000

200,000

300,000

20092008

20072006

200549,430

6,665.0

86,422

5,913.0

228,178

12,777

83,374

21,070

91,935

35,359

BELEXTransactions

January - September

0

500,000,000

1,000,000,000

1,500,000,000

20092008

20072006

2005

139,751,679

56,922,002

703,104,752

66,247,400

1,422,773,049

181,313,399

612,153,298

102,496,286

315,081,852

79,389,356

BELEXTurnover (€)

January - September

mill

ion €

Serbian Capital MarketSHARES – Owners ship structure 2009


0-5%; 895,756

5-10%; 1

10-25%; 1

25-33%; 298

33-50%; 263

50-66%; 296

66-75%; 782

75-100%; 457

Number of shareholders with percentage of ownership in

capitalSeptember 30th 2009

shares in ownership of natural persons

<5%; 14% shares in ownership of natural persons >5%; 6%

shares in ownership of legal entities;

49%

socially owned capital;

2%

Share Fund and Pension and Dis-ability Insur-ance

Fund; 6%

custody bills; 2%

rest; 21%

Ownership structureSeptember 30th 2009

11

Serbian Capital MarketBELEX – Belgrade Stock ExchangeSHARES – Number of transactions and turnover 2007 - 2009

January – September

SHARES Number of transaction Turnover

2008number

index(2008/2007)

million €URindex

(2008/2007)

86.422 37,9 703,1 49,4

2009number

index(2009/2008)

million €URindex

(2009/2009)

49.430 57,2 139,8 19,9


January - December

SHARES Number of transaction Turnover

2007number

index(2007/2006)

million €URindex

(2007/2006)

285.566 246,2 1.843,8 175,7

2008number

index(2008/2007)

million €URindex

(2008/2007)

110.787 38,8 816,9 44,3

12

Serbian Capital MarketBELEX – Belgrade Stock ExchangeSHARES – Market Capitalization

Market Capitalization

SHARES December 31st 2008 September 30th 2009 index

Total number of “listed” stock companies 1.864 1.835 98,4

Total book valueof shares(last known)

billion €UR7,5

billion €UR7,3

97,4

Total market valueof shares

billion €UR8,7

billion €UR 8,9 102,6

Market value/book value(last known)

1,15 1,21 105,4

Market capitalization(2008.)

/GDP(estimate, 2007.) 0,25


Serbian Capital MarketBELEX – Belgrade Stock ExchangeSHARES - Market Capitalization by Sectors (structure)


Agriculture 4%

Industry 49%

Construction 6%

Trade, Tourism 8%

Financial Intermediati

on, Transport

30%

Other activities

3%

Market Capitalization by Sectors (structure)

September 30th 2009

Agriculture9%

Industry42%

Energetic0%

Construction12%

Trade, Tourism

20%

Financial Intermediati

on, Transport

7%

Other activities

10%

Numbers of Companies by Sectors (structure)

September 30th 2009

14

Serbian Capital MarketBELEX – Belgrade Stock ExchangeSHARES – Market Value/Book Value


15

Serbian Capital MarketBELEX – Belgrade Stock ExchangeSHARES – Movement of prices and turnover (Index BELEX15)


16

Serbian Capital MarketBELEX - Belgrade Stock ExchangeSHARES – Foreign Investors Participation


17

Serbian Capital MarketSHARES – Take over

Total number of stock companies that have been taken over (closed)

2008 (number) 133

2009 (number) 76

index (2009/2008) 54,1

Total value of purchased shares

2008 (million €UR) 126,3

2009 (million €UR) 15,3

index (2009/2008) 12,1


January - September

January - September

18

Serbian Capital MarketBELEX – Belgrade Stock ExchangeBONDS (A) – Number of transactions and turnover 2007 - 2009


BONDS(A) Number of transaction Turnover

2008number

index(2008/2007)

million €URindex

(2008/2007)

5.913 46,3 66,5 36,7

2009number

index(2009/2008)

million €URindex

(2009/2009)

6.665 112,7 56,9 85,9


January - December

BONDS(A) Number of transaction Turnover

2007number

index(2007/2006)

million €URindex

(2007/2006)

15.644 61,3 207,1 130,5

2008number

index(2008/2007)

million €URindex

(2008/2007)

8.214 52,5 88,5 42,7

19

Serbian Capital MarketBELEX Belgrade Stock ExchangeBONDS (A) – Prices and yields

Maturitydate

Price(maturity day=100%)

(average – daily)

Yield(on annual basis)

(A) 2008January-September

2009January-September



2010. 89,20% 96,35% 7,10% 5,74%

2011. 83,20% 91,28% 7,14% 5,63%

2012. 78,00% 86,36% 7,01% 5,65%

2013. 72,40% 81,82% 7,16% 5,62%

2014. 67,00% 78,12% 7,32% 5,43%

2015. 63,50% 73,38% 7,05% 5,61%

2016. 59,30% 70,65% 7,05% 5,35%

Average (w): 75.98% 82,57% 6.71% 5,58%


Yield (on annual basis) 1 year 5 year 10 year

Government bonds - Germany 0,91% 2,38% 3,22%

Government bonds - USA 0,56% 1,80% 2,86%

20

Serbian Capital MarketRepublic of Serbia – Ministry of FinanceTreasury Bills – Turnover, Average weighted discount rate, Average yields


MATURITYDATE

(91 days)TURNOVER

AVERAGE WEIGHTEDDISCOUNT RATE(on annual basis)

AVERAGEYIELD

(on annual basis)

2008million €UR

index(2008/2007)

rate%

index(2008/2007)

yield(%)

index(2008/2007)

85,8 57,1 4,46% 64,1 4,62% 63,1

2009million €UR

index(2009/2008)

rate%

index(2009/2008)

yield(%)

index(2009/2008)

1.469,1 1.510,9 13,24% 269,7 14,15% 277,9


21

Serbian Capital MarketOpen Mutual FundsAsset Values


Open Mutual Fund

Asset Value

31.12.2007 31.12.2008 30.09.2009

naziv početak rada €UR €UR €UR

1 Delta Dynamics 30.01.2008 - 506,244 430,545

2 Delta Plus 08.03.2007 18,677,227 4,353,867 2,900,375

3 Erste Balanced 30.03.2009 - - 305,282

4 FIMA Novac 22.06.2009 - - 272,894

5 FIMA Proactive 07.05.2007 13,063,015 3,855,750 2,782,640

6 Focus Novčani Fond 06.11.2008 - 227,743 112,219

7 Focus Premium 07.09.2007 4,090,412 794,103 446,970

8 HYPO Balance 28.07.2008 - 443,321 548,119

9 Ilirika JIE 25.12.2007 545,154 228,942 284,913

10 KD Ekskluziv 27.12.2007 307,216 119,870 177,876

11 Kombank InFond 28.05.2008 - 986,843 1,150,596

12 Raiffeisen Akcije 16.08.2007 14,258,566 3,189,212 2,457,793

13 Triumph 21.02.2008 - 543,309 640,833

TOTAL 50,941,590 15,249,204 12,511,055

Index 100.00 29.93 24.55

Serbian Capital MarketOpen Mutual FundsAsset Values


0 20,000,000 40,000,000 60,000,000

Total Asset Value (€)December 31st 2007

Delta Plus FIMA Proactive

Raiffeisen Akcije Focus Premium

Ilirika JIE KD Ekskluziv

€UR

0 5000000 10000000 15000000

Total Asset Value (€)September 30th 2009

Delta Dynamic Delta Plus FIMA Proactive

Focus Novčani Fond HYPO Balance Ilirika JIE

#REF! KD Ekskluziv Kombank InFond

Raiffeisen Akcije Triumph

€UR

Serbian Capital MarketOpen Mutual Funds Net Asset Values – Rate of yield in relation to value in the beginning


-80.00% -60.00% -40.00% -20.00% 0.00% 20.00%-55.9%

-63.0%-34.8%

12.2%2.4%

-66.1%2.2%

-72.5%2.2%

-60.0%-58.0%

-25.9%-69.7%

-42.5%

Net Asset Value (€)Rate of Yield in relation to value in

the beginning (%)September 30th 2009

Investiciona jedinica-10.00% 0.00% 10.00% 20.00% 30.00% 40.00%

13.79%

37.19%

5.24%

-1.71%

5.98%

0.36%

0.84%

Net Asset Value (€)Rate of Yield in realtion to value in

the biginning (%)December 31st 2007

Investiciona jedinica

24

Serbian Capital MarketExchange rate €UR/Din(middle, NBS)


Serbian capital market Regional Conference

Economic Crisis and Responses of Capital Market Regulators

Belgrade, December 3, 2009

REPUBLIC OF SERBIA - SECURITIES COMMISSION

Milko ŠtimacChairman of the Securities Commission of the Republic of Serbia

Date post:	14-Jan-2016
Category:	Documents
Upload:	neorah
View:	31 times
Download:	0 times

Serbian capital market Regional Conference

Documents