Sinteza Invest Group www.sinteza.net Jurija Gagarina Street 32/II info@sinteza.

net

BELGRADE STOCK EXCHANGE

COMPANIES' OVERVIEW
July 21, 2011

Brokerage Services Research & Analysis Mergers and Acquisitions Corporate Services Investment Consulting and Advisory
2009

2010

IQ 2010

IQ 2011

DISCLAIMER & DISCLOSURE

The data in this material are of the informative nature and are intended exclusively as a basis for the further reconsideration. The company Sinteza Invest Group a.d. has prepared this material with all the necessary care and based on the
data it received from the sources it believes to be reliable. Sinteza Invest Group a.d. does not guarantee for the accuracy, promptness, completeness and correctness of the data in this material. The information, opinions, estimates and
forecasts may be well affected by subsequent changes in market conditions. This report does not take into account the investment objective, financial situation or particular needs of any particular investor. Investors should obtain individual
financial advice based on their own particular circumstances before making an investment decision based on the recommendations in this report. This document may not be reproduced in whole or in part, or published for any purpose.
The company Sinteza Invest Group is a corporate agent and market maker of the companies Sojaprotein and Veterinarski Zavod Subotica on the Belgrade Stock Exchange. In that light, Sinteza Invest Group is expected to regularly update
the companies' prospectuses for the Belgrade Stock Exchange, disclose and release to the public companies' significant events, deliver all necessary documents and reports to the representative regulatory bodies as well as undertake all
necessary legal and economic steps to enhance the relations between the companies' and former, current and prospective investors.
In addition, Sinteza Invest Group and Sojaprotein are both members of the holding Victoria Group which has the stake of 40% in the stated capital of the former and 63% in the legal capital of the latter. Sinteza Invest Group uses reasonable
care and judgment to achieve and maintain independence and objectivity in presenting the past performance results and expected earnings power of Sojaprotein.

 Sinteza Invest Group www.sinteza.net Jurija Gagarina Street 32/II info@sinteza.net

BELGRADE STOCK EXCHANGE

COMPANIES' OVERVIEW
July 21, 2011

Brokerage Services Research & Analysis Mergers and Acquisitions Corporate Services Investment Consulting and Advisory
2009

2010

IQ 2010

IQ 2011

R E A L S E C T O R (m RSD)
Continuous Market
Assets

I-bearing
Liabilities

Equity

D/E

Financial
Leverage

Sales

EBITDA

YoY

EBIT

YoY

Net
Income

YoY

EBITDA
Margin

Aerodrom Nikola Tesla

24,682

1,655

22,511

0.1

1.1

5,059

TTM

TTM

TTM

TTM

TTM

TTM

19%

2,983

20%

2,206

24%

1,918

12%

59.0%

43.6%

37.9%

9.0%

9.2%

Energoprojekt Holding

8,169

591

6,908

0.1

1.2

90

-98%

29

-95%

24

-96%

13

-98%

20.0%

16.4%

20.3%

1.3%

25,333

6,083

10,202

0.6

2.5

24,198

21%

1,395

-37%

593

-46%

749

-30%

5.8%

2.5%

3.1%

174,551

86,519

56,849

1.5

3.1

36,742

34%

7,492

69%

5,487

110%

10,000

9.0%

8.1%

15,976

4,233

10,460

0.4

1.5

2,420

6%

460

26%

414

26%

365

13.6%

Tigar

8,315

3,587

3,402

1.1

2.4

1,026

33%

90

28%

49

51%

19

Tigar Consolidated

8,221

3,362

3,394

1.0

2.4

4,288

28%

459

271

-57

Alfa Plam

4,220

31

3,788

0.0

1.1

380

4%

89

53%

89

53%

Metalac

3,249

555

2,579

0.2

1.3

82

7%

48

-5%

17

Assets

I-bearing
Liabilities

Equity

D/E

Financial
Leverage

Sales

EBITDA

YoY

EBIT

Prime and Standard Markets

Energoprojekt Holding Consolid.

Naftna Industrija Srbije
Sojaprotein

Unregulated Markets

YoY

YoY

EBIT
Margin

Net Profit
Margin

Share
Price

YTD

No of Shares

Market
Cap

MCap/
Assets

MCap/
EBITDA

MCap/
EBIT

EPS

DEPS

8.6%

560

34,289,350

19,202

0.8

TTM

TTM

TTM

6.4

8.7

56

1.4%

1.9%

781

-13.2%

9,467,810

7,394

0.9

58.2

71.1

2.3%

3.9%

7.7%

781

-13.2%

9,467,810

7,394

0.3

5.3

15.5%

7.9%

9.7%

46.6%

820

72.6%

163,060,400

133,710

0.8

12.5%

6.5%

10.2%

10.9%

9.4%

765

36.2%

14,895,249

11,395

10.5%

6.3%

-0.2%

3.7%

4.4%

-0.3%

800

14.3%

1,718,460

10.7%

6.3%

-1.3%

3.5%

4.2%

-1.7%

800

14.3%

89

11%

17.4%

13.2%

12.9%

11.8%

13.0%

12.9%

9,342

-17%

52

57%

55.8%

17.7%

89.8%

1.8%

1.8%

12.0%

YoY

Net
Income

YoY

EBITDA
Margin

EBIT
Margin

Net Profit
Margin

O-ROA

ROTC

ROE

TTM

TTM

TTM

TTM

TTM

TTM

O-ROA

ROTC

ROE

Enterprise
Value

P/E

P/S

P/B

TTM

TTM

TTM

TTM

56

10.0

3.8

0.9

20,857

14

14

57.3

11.6

1.1

12.5

79

79

9.9

0.3

8.8

9.6

163

163

5.0

0.7

5.8

6.3

62

62

1,375

0.2

2.9

4.8

-6

1,718,460

1,375

0.2

3.0

5.1

14.7%

174,812

1,633

0.4

2.6

2,398

11.5%

1,020,000

2,446

0.8

Share
Price

YTD

No of Shares

Market
Cap

MCap/
Assets

EV/Net
Income

EV/EBITDA

EV/EBIT

TTM

TTM

TTM

7.0

9.5

10.9

7,859

61.9

75.6

60.9

0.7

10,600

7.6

17.9

14.2

0.8

2.4

213,188

14.0

15.4

8.0

12.2

0.8

1.1

15,560

7.9

8.6

16.7

-6

0.3

0.4

4,638

9.7

16.1

-33

-33

0.3

0.4

4,367

9.5

16.1

3.4

2,665

2,665

3.5

0.5

0.4

995

1.6

2.1

1.8

13.0

41.2

296

296

8.1

7.3

0.9

2,993

16.0

50.4

9.9

MCap/
EBITDA

MCap/
EBIT

EPS

DEPS

P/E

P/S

P/B

Enterprise
Value

EV/EBITDA

EV/EBIT

EV/Net
Income

TTM

TTM

TTM

TTM

TTM

TTM

TTM

TTM

TTM

TTM

Bambi Banat

6,702

1,704

825

2.1

8.1

7,629

24%

1,636

26%

1,339

31%

556

177%

21.4%

17.6%

7.3%

20.5%

47.8%

53.8%

20,000

17.6%

382,899

7,658

1.1

4.7

5.7

1,452

1,452

13.8

1.0

9.3

9,362

5.7

7.0

16.8

BIP u restrukturiranju

2,670

843

101

8.3

26.4

1,302

-4%

-299

-129

-337

-23.0%

-9.9%

-25.9%

-4.3%

-11.4%

-125.1%

30

-21.1%

9,106,059

273

0.1

-0.9

-2.1

-37

-37

0.2

2.7

1,116

Galenika Fitofarmacija

3,246

10

3,003

0.0

1.1

2,236

11%

701

-2%

621

-2%

616

2%

31.4%

27.8%

27.5%

20.9%

22.2%

22.1%

7,499

7.9%

440,000

3,300

1.0

4.7

5.3

1,400

1,400

5.4

1.5

1.1

3,310

4.7

5.3

5.4

Imlek

17,734

5,210

9,790

0.5

1.8

18,193

6%

2,719

6%

2,719

49%

1,156

33%

14.9%

14.9%

6.4%

16.0%

19.2%

12.1%

2,100

10.5%

9,071,628

19,050

1.1

7.0

7.0

127

127

16.5

1.0

1.9

24,277

8.9

8.9

21.0

Imlek Consolidated

21,578

7,363

10,092

0.7

2.1

22,015

10%

3,921

44%

2,873

61%

1,420

88%

17.8%

13.1%

6.5%

14.6%

18.2%

14.3%

2,100

10.5%

9,071,628

19,050

0.9

4.9

6.6

157

157

13.4

0.9

1.9

25,330

6.5

8.8

17.8

Informatika

1,552

15

992

0.0

1.6

1,301

16%

-5

-33

91%

-0.4%

-2.5%

0.3%

-2.2%

-3.3%

0.4%

2,600

-11.8%

183,807

478

0.3

-95.6

-14.5

22

22

0.4

0.5

493

123.2

Jedinstvo Sevojno

2,592

1,785

0.0

1.5

3,004

8%

453

-16%

332

-22%

489

-4%

15.1%

11.1%

16.3%

12.2%

18.6%

28.7%

6,100

-0.6%

304,719

1,859

0.7

4.1

5.6

1,605

1,605

3.8

0.6

1.0

1,859

4.1

5.6

3.8

Jedinstvo Sevojno Consolidated

5,311

317

3,978

0.1

1.3

4,189

2%

488

-17%

347

-24%

490

-12%

11.6%

8.3%

11.7%

6.6%

8.5%

12.9%

6,100

-0.6%

304,719

1,859

0.3

3.8

5.4

1,608

1,608

3.8

0.4

0.5

2,176

4.5

6.3

4.4

Lasta

9,927

6,187

2,076

3.0

4.8

8,912

16%

1,624

18%

1,063

22%

80

-80%

18.2%

11.9%

0.9%

11.3%

13.3%

3.9%

389

-26.0%

1,530,960

596

0.1

0.4

0.6

52

52

7.4

0.1

0.3

6,783

4.2

6.4

84.8

10,350

6,382

2,174

2.9

4.8

9,425

13%

1,734

13%

1,106

14%

179

-62%

18.4%

11.7%

1.9%

11.3%

13.4%

8.4%

389

-26.0%

1,530,960

596

0.1

0.3

0.5

117

117

3.3

0.1

0.3

6,978

4.0

6.3

39.0

9,919

99

77

1.3

128.8

4,800

21%

1,629

29%

1,141

44%

992

34%

33.9%

23.8%

20.7%

12.1%

256.8%

1139.0%

7,000

19.5%

1,036,658

7,257

0.7

4.5

6.4

957

957

7.3

1.5

94.2

7,356

4.5

6.4

7.4

Messer Tehnogas Consolidated

11,589

869

9,574

0.1

1.2

6,216

22%

1,926

30%

1,102

25%

912

26%

31.0%

17.7%

14.7%

9.9%

11.2%

10.2%

7,000

19.5%

1,036,658

7,257

0.6

3.8

6.6

880

880

8.0

1.2

0.8

8,126

4.2

7.4

8.9

Napred GP

11,446

2,422

1,051

2.3

10.9

3,035

-35%

1,165

-39%

1,001

-32%

1,041

-11%

38.4%

33.0%

34.3%

9.8%

22.2%

88.6%

2,500

-28.6%

343,279

858

0.1

0.7

0.9

3,033

3,033

0.8

0.3

0.8

3,280

2.8

3.3

3.2

5,269

1,135

761

1.5

6.9

1,341

8%

-22

-207

46

-1.6%

-15.4%

3.4%

-4.0%

#REF!

6.4%

68

-37.0%

6,596,896

449

0.1

-20.4

-2.2

9.8

0.3

0.6

1,584

34.4

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Progres Beograd

5,979

10

4,713

0.0

1.3

114

2427%

-659

-736

-204

-578.1%

-645.6%

-178.9%

-12.2%

-15.0%

-4.2%

70

-42.1%

5,392,750

377

0.1

-0.6

-0.5

-38

-38

3.3

0.1

387

Putevi Uzice

6,701

2,137

1,424

1.5

4.7

4,305

28%

328

-39%

-80

134

-25%

7.6%

-1.9%

3.1%

-1.5%

-2.5%

9.4%

863

-13.2%

982,241

848

0.1

2.6

-10.6

136

136

6.3

0.2

0.6

2,985

9.1

22.3

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Simpo

18,430

6,922

6,684

1.0

2.8

5,923

10%

-311

-506

37

21%

-5.3%

-8.5%

0.6%

-2.7%

-3.6%

0.6%

340

-28.6%

1,059,700

360

0.0

-1.2

-0.7

35

35

9.7

0.1

0.1

7,282

196.8

Simpo Consolidated

22,579

7,932

5,751

1.4

3.9

5,460

-20%

-752

-1,065

-96

-13.8%

-19.5%

-1.8%

-5.0%

-8.4%

-1.7%

340

-28.6%

1,059,700

360

0.0

-0.5

-0.3

-91

-91

0.1

0.1

8,292

Telefonija

3,197

1,471

1,225

1.2

2.6

1,550

51%

193

20%

153

28%

30

12.5%

9.9%

1.9%

5.0%

6.1%

2.5%

998

-1.0%

579,195

578

0.2

3.0

3.8

52

52

19.3

0.4

0.5

2,049

10.6

13.4

68.3

Telefonija Consolidated

3,650

1,728

1,261

1.4

2.9

2,120

43%

283

-5%

179

-7%

-63%

13.3%

8.4%

0.4%

5.1%

6.3%

0.7%

998

-1.0%

579,195

578

0.2

2.0

3.2

16

16

64.2

0.3

0.5

2,306

8.1

12.9

256.2

13,879

9,458

67

141.2

207.1

2,010

-63%

31

-92%

-132

-2,716

1.5%

-6.6%

-135.1%

-0.9%

-1.3%

-192.1%

550

-45.0%

1,559,095

858

0.1

27.7

-6.5

-1,742

-1,742

0.4

12.8

10,316

332.8

Veterinarski zavod

4,215

928

2,538

0.4

1.7

2,605

12%

298

-13%

187

-28%

62

-67%

11.4%

7.2%

2.4%

4.7%

5.6%

2.5%

451

-22.2%

2,260,196

1,019

0.2

3.4

5.5

27

27

16.4

0.4

0.4

1,947

6.5

10.4

31.4

Vino Zupa

8,155

4,731

1,922

2.5

4.2

4,552

3%

1,109

18%

961

31%

344

-9%

24.4%

21.1%

7.6%

12.6%

12.2%

9.9%

7,100

-1.5%

198,370

1,408

0.2

1.3

1.5

1,734

1,734

4.1

0.3

0.7

6,139

5.5

6.4

17.8

11,170

6,363

2,547

2.5

4.4

5,090

-2%

1,211

22%

1,049

36%

355

-12%

23.8%

20.6%

7.0%

10.1%

13.1%

15.3%

7,100

-1.5%

198,370

1,408

0.1

1.2

1.3

1,790

1,790

4.0

0.3

0.6

7,771

6.4

7.4

21.9

Vital

7,039

3,089

3,562

0.9

2.0

4,427

-2%

751

5%

598

7%

442

1348%

17.0%

13.5%

10.0%

8.7%

10.0%

12.7%

1,300

52.8%

763,937

993

0.1

1.3

1.7

579

579

2.2

0.2

0.3

4,082

5.4

6.8

9.2

Voda Vrnjci

1,641

284

1,019

0.3

1.6

1,535

13%

144

-32%

80

-46%

25

-38%

9.4%

5.2%

1.6%

5.0%

6.2%

2.5%

3,500

-14.6%

114,787

402

0.2

2.8

5.0

218

218

16.1

0.3

0.4

686

4.8

8.6

27.4

Assets

I-bearing
Liabilities

Equity

D/E

Financial
Leverage

Sales

EBITDA

YoY

EBIT

YoY

Net
Income

YoY

EBITDA
Margin

EBIT
Margin

Net Profit
Margin

O-ROA

ROTC

ROE

Share
Price

YTD

No of Shares

Market
Cap

MCap/
Assets

MCap/
EBITDA

MCap/
EBIT

EPS

DEPS

P/E

P/S

P/B

Enterprise
Value

EV/EBITDA

EV/EBIT

EV/Net
Income

TTM

TTM

TTM

TTM

TTM

TTM

TTM

TTM

Lasta Consolidated
Messer Tehnogas

Politika
Politika Consolidated

Putevi Uzice Consolidated

Velefarm

Vino Zupa Consolidated

Call Market
YoY

TTM

TTM

TTM

TTM

TTM

TTM

TTM

TTM

Albus

2,013

354

1,126

0.3

1.8

1,015

-2%

180

6%

147

7%

15

-81%

17.7%

14.5%

1.5%

7.3%

9.9%

1.3%

549

-25.6%

451,986

248

0.1

1.4

1.7

33

33

16.5

0.2

0.2

602

3.3

4.1

40.1

BB Minaqua

1,930

153

1,681

0.1

1.1

1,396

-5%

260

-36%

180

-35%

170

-34%

18.6%

12.9%

12.2%

10.2%

10.7%

10.6%

5,000

-28.1%

145,256

726

0.4

2.8

4.0

1,169

1,169

4.3

0.5

0.4

879

3.4

4.9

5.2

12,761

90

9,213

0.0

1.4

16,257

8%

3,221

10%

2,351

10%

2,313

39%

19.8%

14.5%

14.2%

20.8%

28.9%

28.7%

5,250

0.0%

3,551,262

18,644

1.5

5.8

7.9

651

651

8.1

1.1

2.0

18,734

5.8

8.0

8.1

Crvenka Fabrika secera

7,558

1,142

4,903

0.2

1.5

7,171

4%

1,214

35%

1,023

42%

1,060

93%

16.9%

14.3%

14.8%

15.0%

18.4%

23.2%

3,652

-8.7%

681,413

2,489

0.3

2.0

2.4

1,556

1,556

2.3

0.3

0.5

3,631

3.0

3.5

3.4

Carnex

6,854

777

4,910

0.2

1.4

5,243

-6%

512

39%

299

46%

238

34%

9.8%

5.7%

4.5%

4.6%

5.5%

5.0%

1,112

-32.6%

1,632,306

1,815

0.3

3.5

6.1

146

146

7.6

0.3

0.4

2,592

5.1

8.7

10.9

Dijamant

18,848

9,005

6,946

1.3

2.7

11,450

21%

1,649

71%

1,386

93%

342

-25%

14.4%

12.1%

3.0%

8.1%

9.4%

5.0%

8,400

-3.4%

272,485

2,289

0.1

1.4

1.7

1,255

1,255

6.7

0.2

0.3

11,294

6.8

8.1

33.0

Dijamant Consolidated

21,064

9,787

8,063

1.2

2.6

12,464

20%

1,827

74%

1,501

103%

398

-10%

14.7%

12.0%

3.2%

8.0%

9.3%

5.3%

8,400

-3.4%

272,485

2,289

0.1

1.3

1.5

1,461

1,461

5.8

0.2

0.3

12,076

6.6

8.0

30.3

Energomontaza

1,128

423

494

0.9

2.3

1,146

69%

67

29

5.8%

2.5%

0.2%

2.5%

3.2%

0.4%

4,500

73.1%

71,290

321

0.3

4.8

11.1

28

28

0.3

0.6

744

11.1

25.6

371.9

Gosa FOM

3,037

680

1,305

0.5

2.3

2,758

52%

140

18%

42

111%

66

-67%

5.1%

1.5%

2.4%

1.6%

2.3%

5.1%

329

9.7%

1,170,681

385

0.1

2.8

9.2

56

56

5.8

0.1

0.3

1,065

7.6

25.4

16.1

Gosa Montaza

1,881

43

793

0.1

2.4

1,807

35%

210

-26%

193

-29%

265

0%

11.6%

10.7%

14.7%

13.2%

23.5%

35.8%

3,200

-8.5%

257,218

823

0.4

3.9

4.3

1,030

1,030

3.1

0.5

1.0

866

4.1

4.5

3.3

Granit Pescar

724

231

264

0.9

2.7

587

43%

56

23%

25

78%

22

136%

9.5%

4.3%

3.7%

4.5%

6.1%

8.7%

1,000

-12.3%

129,103

129

0.2

2.3

5.2

170

170

5.9

0.2

0.5

360

6.4

14.4

16.4

Impol Seval

6,871

3,166

1,639

1.9

4.2

10,247

130%

967

261%

767

814%

245

742%

9.4%

7.5%

2.4%

12.8%

17.2%

16.2%

880

-7.4%

942,287

829

0.1

0.9

1.1

260

260

3.4

0.1

0.5

3,995

4.1

5.2

16.3

Jaffa

3,673

1,133

2,051

0.6

1.8

2,509

9%

375

-23%

185

-40%

14.9%

7.4%

0.0%

5.1%

5.9%

0.0%

9,000

16.9%

117,301

1,056

0.3

2.8

5.7

0.4

0.5

2,189

5.8

11.8

#DIV/0!

Jelen Do

2,104

893

810

1.1

2.6

1,086

24%

133

1%

66

13%

27

1%

12.2%

6.1%

2.5%

3.7%

4.6%

3.3%

10,000

-0.6%

107,307

1,073

0.5

8.1

16.3

252

252

39.7

1.0

1.3

1,966

14.8

29.8

72.8

Mlekara Nis

866

281

401

0.7

2.2

1,267

35%

122

25%

102

36%

50

85%

9.6%

8.1%

3.9%

14.5%

19.3%

20.5%

1,800

80.0%

288,278

519

0.6

4.3

5.1

173

173

10.4

0.4

1.3

800

6.6

7.8

16.0

Montinvest

1,244

332

869

0.4

1.4

455

-75%

17

-70%

-82%

58

26%

3.7%

2.0%

12.7%

0.8%

0.8%

6.7%

14,991

36.3%

23,890

358

0.3

21.1

39.8

2,428

2,428

6.2

0.8

0.4

690

40.6

76.7

11.9

Neoplanta

4,974

910

3,351

0.3

1.5

3,370

16%

415

423%

278

57

2906%

12.3%

8.2%

1.7%

6.1%

7.1%

1.7%

241

43.5%

2,383,723

574

0.1

1.4

2.1

24

24

10.1

0.2

0.2

1,484

3.6

5.3

26.0

Pekabeta

7,134

1,049

5,122

0.2

1.4

4,392

1%

543

55%

463

72%

12.4%

10.5%

0.0%

6.7%

7.8%

0.0%

7,000

118.8%

453,007

3,171

0.4

5.8

6.8

0.7

0.6

4,220

7.8

9.1

#DIV/0!

Planinka

1,155

202

758

0.3

1.5

843

3%

256

-22%

186

-26%

161

-19%

30.4%

22.1%

19.1%

16.4%

20.2%

23.3%

15,900

0.0%

65,284

1,038

0.9

4.1

5.6

2,466

2,466

6.4

1.2

1.4

1,240

4.8

6.7

7.7

Planum

3,125

1,027

1,146

0.9

2.7

871

-35%

190

-312

29

65%

21.8%

-35.8%

3.3%

-10.7%

-16.3%

4.2%

616

0.0%

414,110

255

0.1

1.3

-0.8

70

70

8.8

0.3

0.2

1,282

6.7

44.2

Projektomontaza

1,854

734

310

2.4

6.0

3,952

-1%

245

24%

213

30%

84

-3%

6.2%

5.4%

2.1%

12.7%

24.4%

27.6%

3,168

-21.7%

168,122

533

0.3

2.2

2.5

500

500

6.3

0.1

1.8

1,283

5.2

6.0

15.3

Pupin Telecom

1,107

120

915

0.1

1.2

61

11196%

-11

-21

879%

-18.0%

-34.4%

9.8%

-1.9%

-2.0%

0.6%

114

-0.9%

1,121,973

128

0.1

-11.6

-6.1

21.3

2.1

0.1

248

41.3

Radijator

2,473

447

1,528

0.3

1.6

1,192

27%

162

66%

162

66%

-10

13.6%

13.6%

-0.8%

7.1%

8.7%

-0.7%

600

9.1%

354,106

212

0.1

1.3

1.3

-28

-28

0.2

0.1

659

4.1

4.1

Coca-Cola

 Sinteza Invest Group www.sinteza.net Jurija Gagarina Street 32/II info@sinteza.net

BELGRADE STOCK EXCHANGE

COMPANIES' OVERVIEW
July 21, 2011

Brokerage Services Research & Analysis Mergers and Acquisitions Corporate Services Investment Consulting and Advisory
2009

2010

IQ 2010

IQ 2011

R E A L S E C T O R (m RSD) continues
Call Market continues
Assets

I-bearing
Liabilities

Equity

D/E

Financial
Leverage

Sales

EBITDA

YoY

EBIT

YoY

Net
Income

YoY

Ratko Mitrovic

2,521

105

1,405

0.1

1.8

415

TTM

TTM

TTM

TTM

TTM

TTM

34%

103

217%

78

1215%

240

171%

24.8%

18.8%

57.8%

3.4%

5.8%

Ratko Mitrovic Consolidated

2,483

114

1,232

0.1

2.0

630

18%

92

65

209

287%

14.6%

10.3%

33.2%

2.9%

Soko Stark

6,579

1,436

4,056

0.4

1.6

6,226

7%

1,032

-12%

618

-33%

527

-17%

16.6%

9.9%

8.5%

Sremput

1,795

547

768

0.7

2.3

1,200

4%

87

-53%

19

-82%

-85%

7.3%

1.6%

TETO

5,064

2,591

1,493

1.7

3.4

7,022

41%

1,023

85%

821

127%

255

6766%

14.6%

Umka

5,626

1,990

2,622

0.8

2.1

4,221

46%

716

28%

539

41%

1,484

5021%

Umka Consolidated

6,076

2,610

2,179

1.2

2.8

5,097

68%

832

77%

832

357%

1,364

Utva silosi

3,168

948

1,010

0.9

3.1

3,912

17%

371

300

11,473

4,329

5,347

0.8

2.1

9,001

53%

626

-16%

428

Vojput

2,640

876

922

1.0

2.9

1,091

-10%

115

-32%

Vojvodinaput Zrenjanin

2,825

1,579

563

2.8

5.0

1,397

-21%

56

Zvezda Helios

1,510

327

868

0.4

1.7

1,754

46%

Zdravlje

8,287

2,808

3,312

0.8

2.5

3,525

22%

Valjaonica bakra

YoY

EBITDA
Margin

EBIT
Margin

Net Profit
Margin

Share
Price

YTD

No of Shares

Market
Cap

MCap/
Assets

MCap/
EBITDA

MCap/
EBIT

EPS

DEPS

P/E

P/S

P/B

18.7%

640

0.8%

644,807

413

0.2

TTM

TTM

TTM

TTM

TTM

TTM

TTM

4.0

5.3

372

372

1.7

1.0

0.3

518

5.3%

19.1%

640

0.8%

644,807

413

0.2

4.5

6.3

324

324

2.0

0.7

0.3

9.7%

11.6%

13.8%

2,000

0.0%

3,268,826

6,538

1.0

6.3

10.6

161

161

12.4

1.1

0.8%

1.0%

1.4%

1.2%

1,200

-20.0%

216,812

260

0.1

3.0

13.7

42

42

28.9

11.7%

3.6%

15.7%

20.3%

20.0%

2,900

-21.6%

400,414

1,161

0.2

1.1

1.4

637

637

17.0%

12.8%

35.2%

10.1%

12.1%

79.3%

7,401

13.9%

69,105

511

0.1

0.7

0.9

21,475

16.3%

16.3%

26.8%

14.5%

18.1%

91.5%

7,401

13.9%

69,105

511

0.1

0.6

0.6

80

9.5%

7.7%

2.0%

9.5%

14.9%

8.2%

5,400

0.0%

186,979

1,010

0.3

2.7

-7%

53

49%

7.0%

4.8%

0.6%

4.1%

4.9%

1.1%

1,162

-22.5%

643,356

748

0.1

40

-49%

45

-13%

10.5%

3.7%

4.1%

1.5%

2.2%

4.5%

15,552

44.0%

100,282

1,560

-76%

-187

4.0%

0.0%

-13.4%

0.0%

0.0%

-32.3%

601

-39.8%

295,958

161

39%

110

65%

264

1767%

9.2%

6.3%

15.1%

8.5%

10.7%

35.9%

4,400

-12.0%

1,105

81%

838

143%

-94%

31.3%

23.8%

0.1%

11.0%

14.6%

0.1%

9,293

-12.0%

O-ROA

ROTC

ROE

Enterprise
Value

EV/EBITDA

EV/EBIT

EV/Net
Income

TTM

TTM

TTM

5.0

6.6

2.2

527

5.7

8.1

2.5

1.6

7,974

7.7

12.9

15.1

0.2

0.3

807

9.3

42.5

89.7

4.6

0.2

0.8

3,752

3.7

4.6

14.7

21,475

0.3

0.1

0.2

2,501

3.5

4.6

1.7

19,738

19,738

0.4

0.1

0.2

3,121

3.8

3.8

2.3

3.4

428

428

12.6

0.3

1.0

1,958

5.3

6.5

24.5

1.2

1.7

82

82

14.1

0.1

0.1

5,077

8.1

11.9

95.8

0.6

13.6

39.0

449

449

34.7

1.4

1.7

2,436

21.2

60.9

54.1

178

0.1

3.2

-632

-632

0.1

0.3

1,757

31.4

#DIV/0!

190,920

840

0.6

5.2

7.6

1,383

1,383

3.2

0.5

1.0

1,167

7.2

10.6

4.4

564,322

5,244

0.6

4.7

6.3

1.5

1.6

8,052

7.3

9.6

4,026.1

B A N K I N G S E C T O R (m RSD)
Assets

YoY

Equity

D&C to
Customers

D&C from
Customers

Interest
Income

YoY

Interest
Expenses

Fee&Comm.
Income

Fee&Comm.
Expenses

EBT

YoY

Operating
Margin

Net Interest
Margin

Pretax
Margin

ROA

ROE

TTM

TTM

TTM

TTM

TTM

Cash/
D&C from C.

D&C to C./
D&C from C.

Share
Price

YTD

No of Shares

Market
Cap

Mcap/
Assets

EPS

DEPS

BVPS

P/E

P/S

P/B

TTM

TTM

TTM

TTM

TTM

TTM

Enterprise
Value

EV/EBT
TTM

Komercijalna Banka

254,551

13%

41,951

195,663

195,387

4,153

16%

2,024

1,130

120

895

43%

21.8%

4.2%

38.7%

1.3%

7.5%

0.09

1.00

2,950

13.3%

8,709,310

25,692

0.10

352

227

4,223

8.4

1.23

1.4

203,833

67

AIK Banka

142,476

23%

44,735

113,501

92,624

3,142

3%

1,615

255

23

572

-67%

40.9%

6.5%

79.2%

3.9%

11.7%

0.07

1.23

2,900

-12.7%

8,720,842

25,290

0.18

575

575

4,845

5.0

1.89

1.7

113,153

23

Agrobanka

76,688

25%

18,000

55,710

56,351

1,616

1%

819

251

15

350

22%

35.3%

7.4%

32.8%

1.8%

7.2%

0.12

0.99

7,108

-1.3%

718,748

5,109

0.07

1,741

1,741

24,989

4.1

0.59

3.5

54,974

44

Credy Banka

11,041

25%

2,125

6,440

8,106

201

44%

98

84

11

-51.5%

5.5%

-228.7%

-7.0%

-36%

0.18

0.79

2,600

34.6%

516,583

1,343

0.12

-1,351

-1,351

4,113

1.26

1.6

7,979

Cacanska Banka

27,664

11%

4,063

23,502

20,673

515

7%

236

123

12

22

-36%

27.6%

4.9%

7.7%

0.3%

2.1%

0.06

1.14

15,300

5.5%

133,456

2,042

0.07

625

625

30,433

24.5

0.81

2.0

21,501

258

9,072

17%

5,006

5,423

3,101

231

58%

37

19

67

118%

21.0%

13.0%

36.2%

2.9%

5.1%

0.26

1.75

13,559

-17.8%

259,602

3,520

0.39

931

931

19,285

14.6

3.87

1.4

5,829

24

Privredna Banka

31,362

6%

2,247

26,213

27,656

669

1%

462

72

25

-68

-2.3%

3.5%

-25.4%

-0.7%

-9.4%

0.04

0.95

445

-27.6%

2,492,828

1,109

0.04

-89

-89

902

0.35

2.0

27,735

Razvojna Banka Vojvodine

37,769

24%

8,652

21,300

27,479

998

16%

494

144

-57

26.0%

11.4%

1.3%

0.1%

0.4%

0.20

0.78

2,600

-20.8%

1,081,849

2,813

0.07

28

28

7,998

94.2

0.58

3.1

24,712

828

Univerzal Banka

34,495

5%

6,449

24,559

27,261

969

-2%

504

130

-94%

25.4%

7.8%

19.2%

1.2%

6.3%

0.20

0.90

3,899

-7.2%

567,481

2,213

0.06

692

692

11,365

5.6

0.51

2.9

24,151

61

Srpska Banka

15,287

28%

3,104

11,491

11,828

472

50%

153

58

119

1094%

28.7%

11.7%

9.4%

0.8%

3.6%

0.18

0.97

9,150

0.0%

161,706

1,480

0.10

681

681

19,194

13.4

0.78

2.1

11,214

102

Postanska stedionica

33,464

25%

10,706

17,566

20,175

1,104

29%

117

1,192

643

680

108%

24.6%

26.5%

42.5%

5.3%

18.0%

0.35

0.87

11,500

5.7%

450,602

5,182

0.15

3,560

3,560

23,605

3.2

0.56

2.1

18,472

12

Share
Price

YTD

No of Shares

Market
Cap

Mcap/
Assets

EPS

DEPS

BVPS

P/E

P/S

P/B

Enterprise
Value

EV/NI

TTM

TTM

TTM

TTM

TTM

TTM

Jubmes Banka

I N S U R A N C E S E C T O R (m RSD)
Assets

YoY

Financial
Investments

YoY

Equity

YoY

Liabilities

Unearned
Premium

Incurred
Claims

D/E

Insurance &
Coinsurance Income

YoY

Claims
Expenses

YoY

Net
Income

YoY

Income
Margin

ROA

ROE

TTM

TTM

TTM

TTM

25,509

5%

10,351

25%

9,921

0%

15,588

4,650

6,479

1.57

12,587

-3%

6,746

0%

223

52%

1.6%

0.9%

2.3%

1,400

-26.4%

259,179

363

0.01

861

861

38,277

1.6

0.03

0.04

14,068

63,034

AMS Osiguranje

2,485

10%

1,255

25%

608

2%

1,877

808

801

3.09

1,527

10%

788

25%

61

-48%

3.4%

2.6%

10.1%

900

-10.0%

314,550

283

0.11

194

194

1,590

4.6

0.16

0.57

1,876

30,756

Globos Osiguranje

1,273

10%

591

25%

949

12%

324

165

47

0.34

306

6%

160

12%

19

31%

6.0%

1.6%

2.1%

379

-2.3%

1,110,864

421

0.33

16

16

814

23.5

1.32

0.47

607

31,957

Takovo Osiguranje

3,908

18%

1,801

25%

746

21%

3,162

1,165

1,376

4.24

2,084

5%

959

24%

31

-47%

1.4%

0.9%

4.6%

5,000

-6.5%

573,324

2,867

0.73

54

54

1,301

92.5

1.25

3.84

5,916

190,848

Dunav Osiguranje

Notes:
The data given in the tables refer to different time frames. For companies listed in the Prime and Standard markets, which are obliged by the Law on Capital Market to report financial statements quarterly, balance sheet items relate to the last day of the most recent quarter, while the income statement items refer to the whole most recent three month period. The current exceptions are Aerodrom Nikola Tesla, Energoprojekt Holding Consolidated, Tigar Consolidated and
Metalac Gornji Milanovac Consolidated. The companies do not unveil timely deep consolidated results at quarter levels which significantly differ from nonconsolidated items. Therefore, Sinteza Invest Group believes that analysis based on full year results more adequately represents the companies financial position and performance. Companies listed in unregulated continuous and call markets report financial statements at annual level and, hence, all items and calculated ratios
include annual data of previous year.
Additional Information:
All margins and ratios are calculated for the past twelve months or on a trailing twelve month period (TTM).
EPS (TTM) - The sum of all interim periods' income available to both common and preferred stockholders in the trailing twelve months divided by the shares outstanding (not weighted average number of shares).
BVPS (TTM) and P/B (TTM) Both indicators are calculated by using balance sheet value of shareholders equity reduced by the book value of preference shares.
Enterprise Value as a measure of the total companys value is calculated as the sum of the market value of ordinary shares, market value of preference shares and the book value of interest bearing liabilities reduced by cash and cash equivalents.
O-ROA operating ROA calculated as a quotient of companys EBIT and average assets.
Sources:
Research Dept. of Sinteza Invest Group, Bloomberg, The Belgrade Stock Exchange and Serbian Business Registers Agency.

http:/www.sinteza.net/disclaimer

BDD Sinteza Invest Group

Jurija Gagarina 32 / II
11070 Beograd, Srbija
Tel: 2099-500, 2099-574
Fax: 2099-577