Vesna Ilić Ljušić Business Operations Belgrade Stock Exchange Skopje, May 19, 2009.
-
Upload
prosper-wilkinson -
Category
Documents
-
view
219 -
download
1
Transcript of Vesna Ilić Ljušić Business Operations Belgrade Stock Exchange Skopje, May 19, 2009.
Vesna Ilić LjušićBusiness Operations
Belgrade Stock Exchange
Skopje, May 19, 2009
Facts Market structure Trading statistics BELEX vs. SEE Survey - Corporate responsibility Conclusion
Serbia was the last in the SEE to enter market reforms,
The Belgrade SE registered 7 transactions in equities in the whole 2001,
Serbias’ population 7.4 mln, but only aproximately 0.3% trade,
No IPOs, Privatization of state-owned copmanies ongoing –
but no companies listed, Underdeveloped debt market – state, municipal,
corporate bonds...
0,00
2,00
4,00
6,00
8,00
10,00
12,00
14,00
16,00
0,84 1,13 1,21 1,411,85
2,41
3,47 3,66 4,014,57
5,005,43
7,13
8,34
13,08
16,6717,70
16,31
13,7414,16
12,08
8,64
7,28 7,38
4,834,22
3,443,592,68
1,44 1,21 1,03
EUR billions
Total Market Cap Free float Market Cap
0
500
1.000
1.500
2.000
Mil
EUR
Shares Turnover Bonds Turnover
0
1
2
3
4
5
6
7
8
2001 2002 2003 2004 2005 2006 2007 2008 2009 (Jan -April)
EUR
Mil
lio
ns
BELEX15 15 most liquid shares Free-float Mcap weighted 26% of free-float Mcap of
BELEX Real-time calculated Max weight 20% Index certificates traded
in Frankfurt, Stutgart, Vienna and Warsaw
BELEXline 80 components Free-float Mcap
weighted 51% of free-float
Mcap of BELEX
BELEXline 80 components Free-float Mcap
weighted 51% of free-float
Mcap of BELEX
100,00
300,00
500,00
700,00
900,00
1.100,00
1.300,00
EMEE BELEXline BELEX15
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FIS 10 per. Mov. Avg. (FIS)
Stock Exchange
Total Market Capitalization 2007 (EUR)
Total Market Capitalization 2008
(EUR) Change
Banja Luka SE 3.961.412.782 1.884.483.571 -52,43%
Belgrade SE 18.179.636.892 10.345.197.540 -43,09%
Ljubljana SE 26.857.834.566 15.617.491.000 -41,85%
Macedonian SE 4.714.939.558 2.027.333.625 -57,00%
NEX Podgorica SE 3.581.250.320 1.419.802.960 -60,35%
Montenegro SE 3.698.754.993 2.256.001.797 -39,01%
Sarajevo SE 7.934.480.630 3.992.515.661 -49,68%
Zagreb SE 53.746.435.637 24.146.574.096 -55,07%
Stock Exchange Total Turnover 2007 (EUR) Total Turnover 2008 (EUR) Change
Banja Luka SE 379.676.297 140.651.405 -62,95%
Belgrade SE 2.059.797.987 882.476.067 -57,16%
Ljubljana SE 2.226.881.719 1.285.790.000 -42,26%
Macedonian SE 681.605.231 201.571.384 -70,43%
NEX Podgorica SE 452.825.757 82.955.440 -81,68%
Montenegro SE 277.837.779 77.378.603 -72,15%
Sarajevo SE 651.569.748 243.926.812 -62,56%
Zagreb SE 9.071.278.835 4.236.909.987 -53,29%
0
5
10
15
20
25
30
35
40
45
50
BELGRADE Bucharest Ljubljana Sofia Zagreb
Mlr
d EU
R
2005 2006 2007 2008
0
1
2
3
4
5
6
BELEX Bucharest SE Ljubljana Sofia Zagreb
Mlr
d EU
R
2005 2006 2007 2008
0%
20%
40%
60%
80%
100%
BELEX15 March 2009 TOP 10 (CONTINUOUS) March 2009 CEE/SEE March 2009
BELEX15 TOP 10 (cont)
abs % abs %
LOCAL LANGUAGE WEBSITE 15 100% 10 100%
ENGLISH LANGUAGE WEBSITE 13 87% 9 90%
LIST OF MANAGEMENT / BOARD MEMBERS ONLINE 11 73% 7 70%
ADDITIONAL INFORMATION ON MANAGEMENT / BOARD 3 20% 1 10%
ANNUAL FINANCIAL REPORT 2008 (serbian) 12 80% 6 60%
ANNUAL REPORT 2007 (serbian) 6 40% 2 20%
ANNUAL REPORT 2007 (english) 3 20% 1 10%
SEMI-ANNUAL AND QUARTERLY FINANCIAL REPORTS 9 60% 5 50%
SHAREHOLDING STRUCTURE ON WEBSITE/ANNUAL REPORT 7 47% 3 30%
GOVERNANCE STRUCTURE ON WEBSITE/ANNUAL 12 80% 7 70%
GOVERNANCE STRUCTURE IN ANNUAL REPORT 2 13% 2 20%
SHAREHOLDERS RIGHTS POLICY ON WEBSITE/ANNUAL 3 20% 0 0%
ENVIRONMENTAL STANDARDS ON WEBSITE/ANNUAL 5 33% 3 30%
ENVIRONMENTAL STANDARDS IN ANNUAL REPORT 1 7% 0 0%
EMPLOYEE DEVELOPMENT/BENEFIT POLICY ON WEBSITE/ANNUAL 4 27% 1 10%
EMPLOYEE DEVELOPMENT/BENEFIT POLICY IN ANNUAL REPORT 2 13% 1 10%
SPONSORSHIP INFORMATION ON WEBSITE/ANNUAL 3 20% 2 20%
COMPLIANCE WITH CORPORATE GOVERNANCE CODE 7 47% 2 20%
NAMES OF SUPERVISORY BOARD MEMBERS 4 27% 0 0%
ADDITIONAL INFORMATION ON SUPERVISORY BOARD MEMBERS 4 27% 0 0%
0%
20%
40%
60%
80%
100%
BELEX15 March 2009 CEE/SEE March 2009
0%10%20%30%40%
50%
60%
70%
80%
90%
100%
TOP 10 (CONTINUOUS) March 2009
TOP 10 (CONTINUOUS) February 2008
TOP 10 (CONTINUOUS) June 2007
TOP 10 (cont) June 2007
TOP 10 (cont) February 2008
TOP 10 (cont) March 2009
LOCAL LANGUAGE WEBSITE 90% 100% 100%
ENGLISH LANGUAGE WEBSITE 80% 80% 90%
LIST OF MANAGEMENT/BOARD MEMBERS ONLINE 80% 80% 70%
ADDITIONAL INFORMATION ON MANAGEMENT/ BOARD 10% 10% 10%
ANNUAL FINANCIAL REPORT (serbian) 90% 90% 60%
ANNUAL REPORT (serbian) 20% 0% 20%
ANNUAL REPORT (english) 10% 10% 10%
SEMI-ANNUAL AND QUARTERLY FINANCIAL REPORTS 40% 70% 50%
SHAREHOLDING STRUCTURE ON WEBSITE 70% 20% 30%
GOVERNANCE STRUCTURE ON WEBSITE 20% 50% 70%
GOVERNANCE STRUCTURE IN ANNUAL REPORT 10% 0% 20%
SHAREHOLDERS RIGHTS POLICY ON WEBSITE 20% 0% 0%
SHAREHOLDERS RIGHTS POLICY IN ANNUAL REPORT 0% 0% 0%
ENVIRONMENTAL STANDARDS ON WEBSITE 20% 20% 30%
ENVIRONMENTAL STANDARDS IN ANNUAL REPORT 10% 10% 0%
EMPLOYEE DEVELOPMENT/BENEFIT POLICY ON WEBSITE 20% 10% 10%
EMPLOYEE DEVELOPMENT/BENEFIT POLICY IN ANNUAL REPORT 10% 10% 10%
SPONSORSHIP INFORMATION ON WEBSITE 20% 0% 20%
COMPLIANCE WITH CORPORATE GOVERNANCE CODE 0% 20% 20%
NAMES OF SUPERVISORY BOARD MEMBERS 20% 20% 0%
0%10%20%30%40%50%60%70%80%90%
100%
BELEX15 31.March 2009BELEX15 February 2008BELEX15 June 2007
BELEX15 June 2007
BELEX15 February 2008
BELEX15 March 2009
LOCAL LANGUAGE WEBSITE 93% 100% 100%
ENGLISH LANGUAGE WEBSITE 86% 93% 87%
LIST OF MANAGEMENT/BOARD MEMBERS ONLINE 79% 93% 73%
ADDITIONAL INFORMATION ON MANAGEMENT/ BOARD 14% 20% 20%
ANNUAL FINANCIAL REPORT (serbian) 86% 87% 80%
ANNUAL REPORT (serbian) 21% 7% 40%
ANNUAL REPORT (english) 14% 13% 20%
SEMI-ANNUAL AND QUARTERLY FINANCIAL REPORTS 36% 60% 60%
SHAREHOLDING STRUCTURE ON WEBSITE 71% 33% 47%
GOVERNANCE STRUCTURE ON WEBSITE 43% 60% 80%
GOVERNANCE STRUCTURE IN ANNUAL REPORT 14% 7% 13%
SHAREHOLDERS RIGHTS POLICY ON WEBSITE 14% 20% 20%
SHAREHOLDERS RIGHTS POLICY IN ANNUAL REPORT 0% 7% 0%
ENVIRONMENTAL STANDARDS ON WEBSITE 36% 40% 33%
ENVIRONMENTAL STANDARDS IN ANNUAL REPORT 14% 13% 7%
EMPLOYEE DEVELOPMENT/BENEFIT POLICY ON WEBSITE 29% 20% 27%
EMPLOYEE DEVELOPMENT/BENEFIT POLICY IN ANNUAL REPORT 14% 13% 13%
SPONSORSHIP INFORMATION ON WEBSITE 29% 13% 20%
COMPLIANCE WITH CORPORATE GOVERNANCE CODE 7% 33% 47%
NAMES OF SUPERVISORY BOARD MEMBERS 29% 40% 27%
ADDITIONAL INFORMATION ON SUPERVISORY BOARD MEMBERS 7% 13% 27%
Online disclosure improved (english and local language web site, list of management/board members, governance structure, annual and financial report, shareholding structure...), but additional information are still not complete
CG Information on the web sites are available in general, but oftenly not easily accesible (web sites are still not investor oriented)
Belgrade SE issued CG Code in cooperation with IFC (International Finance Corporation )
CG code adopted by larger number of companies Belgrade SE persistant educational efforts on bringing CG to
companies
Making a progress, but still long way to go...
Thank you!
Belgrade Stock Exchangewww.belex.rs
www.belex.info