Report - Agencija za trg vrednostnih papirjev

Transcription

SECURITIES MARKET
AGENCY
REPORT ON THE STATE AND SITUATION ON THE
MARKET OF FINANCIAL INSTRUMENTS IN 2008
LJUBLJANA, JUNE 2009
SECURITIES MARKET
AGENCY
CONTENTS
INTRODUCTION ..................................................................................................................................................... 3
BASIC FIGURES .................................................................................................................................................... 3
1
PRIMARY FINANCIAL INSTRUMENTS MARKET AND TAKEOVERS ............................................... 4
1.1
IPOS OF SECURITIES (PUBLIC PRIMARY MARKET) ..................................................................................... 4
1.2
ADMISSION OF SECURITIES TO TRADING ON A REGULATED MARKET ........................................................ 7
1.2.1
Takeover bids ..................................................................................................................................... 9
1.2.2
Issue of confirmations of collection of proxies ................................................................................. 11
1.3
EXEMPTIONS FROM THE OBLIGATION TO PUBLISH A PROSPECTUS (NON-PUBLIC PRIMARY MARKET) .... 11
1.4
ADMINISTRATION OF REGISTERS AND OTHER PUBLIC INFORMATION, AND MANDATORY
ANNOUNCEMENTS BY PUBLIC COMPANIES ........................................................................................................... 13
1.4.1
Public registers ................................................................................................................................ 13
1.4.2
Disclosure of information on the operations of public companies ................................................... 13
2
SECONDARY MARKET OF FINANCIAL INSTRUMENTS ................................................................... 14
2.1
TRADING IN FINANCIAL INSTRUMENTS ON REGULATED MARKETS ........................................................... 14
2.1.1
Admissions of financial instruments to the regulated market ........................................................... 14
2.1.2
Volume and breakdown of trading in financial instruments on the regulated market ..................... 15
2.1.3
Non-residents’ activity on the regulated market .............................................................................. 18
2.1.4
Block trades ...................................................................................................................................... 20
2.1.5
Stock exchange indices ..................................................................................................................... 20
2.1.6
Market capitalisation of financial instruments on the regulated market .......................................... 21
2.1.7
Most-heavily traded financial instruments on the regulated market ................................................ 22
2.2
CAPITAL ADEQUACY OF BROKERAGE COMPANIES ................................................................................... 23
2.3
CAPITAL EXPOSURE OF BROKERAGE COMPANIES ................................................................................... 24
2.4
LIQUIDITY OF BROKERAGE COMPANIES ................................................................................................... 24
3
INVESTMENT FUNDS ................................................................................................................................. 25
3.1
MUTUAL FUNDS ........................................................................................................................................ 25
3.2
INVESTMENT COMPANIES ......................................................................................................................... 31
3.3
INVESTMENT FUNDS FROM EU MEMBER STATES MEETING THE CONDITIONS FOR MARKETING AND SALE
IN SLOVENIA 33 .................................................................................................................................................... 34
4
MUTUAL PENSION FUNDS ....................................................................................................................... 34
REPORT ON THE STATE AND SITUATION ON THE MARKET OF FINANCIAL INSTRUMENTS IN 2008
2
SECURITIES MARKET
AGENCY
INTRODUCTION
In accordance with Article 472 of the Market in Financial Instruments Act (hereinafter: the
ZTFI), the Securities Market Agency reports annually to the National Assembly of the Republic
of Slovenia on the state and situation on the market in financial instruments, by 30 June of
each year. The ZTFI stipulates that the annual report on the situation on the market in financial
instruments must include data on the public offerings of financial instruments, trading on stock
exchange markets stating the volume and structure of turnover in financial instruments, the
admission of financial instruments to stock exchange markets, and trading in financial
instruments outside them.
BASIC FIGURES
The total value of public offerings of securities issued by economic operators in 2008 on
primary market was EUR 567 million. The Republic of Slovenia publicly offered securities in a
total value of EUR 1,390 million on the primary market. There were 20 corporate mergers and
acquisitions in 2008, fewer than the previous year’s total of 35.
The number of long-term financial instruments traded on Ljubljanska borza vrednostnih
papirjev, d.d., Ljubljana (hereinafter: the Ljubljana Stock Exchange) fell by 1 in 2008 to a total
of 187 long-term financial instruments as of 31 December 2008. On the same date, there were
86 shares on the market (seven shares listed on the stock exchange, 18 in standard listing
and 61 in entry market); on the bond market, there were 90 bonds; on the investment coupon
market there were seven investment coupons of mutual funds (hereinafter: MF); on the
investment companies share market there were four shares of investment companies
(hereinafter: IC).
The total value of turnover in 2008 reached EUR 1,286 million. The volume totalled EUR 953
million for shares in public companies, EUR 257 million for bonds, and EUR 76 million for
shares in investment funds (hereinafter: IF).
The SBI 20 stood at 3,695.72 at the end of December 2008, down 67.49 % in nominal terms
from a year earlier.
The total market capitalisation of financial instruments on the Ljubljana Stock Exchange
amounted to EUR 15.26 billion at the end of 2008 (IF not included), which is a decrease of
40.6% from a year earlier. Total market capitalisation of all shares on the stock exchange (IF
not included) stood at EUR 8.47 billion at the end of December 2008, while market
capitalisation of bonds reached EUR 6.79 billion. Share turnover increased from 0.10 to 0.11
in 2008, calculated as the ratio of annual volume to market capitalisation at the end of the
period. The bond turnover ratio rose from 0.02 to 0.04 in 2008, while the turnover ratio for
shares in privatisation funds and investment companies fell from 0.14 to 0.13.
As of 31 December 2008, there were 14 active management companies (hereinafter: MC) in
Slovenia, which managed 127 MF and 4 IC. Furthermore, there were 137 funds or subfunds from other EU Member States that had met the conditions for direct marketing
and sales in the Republic of Slovenia.
3
SECURITIES MARKET
AGENCY
Table 1: Basic data on regulated market in the Republic of Slovenia
31. 12. 04
31. 12. 05
31. 12. 06
31. 12. 07
31. 12. 08
Market capitalisation (in billion EUR)
11.73
12.74
18.14
25.67
15.26
Market capitalisation IF (in billion EUR)
Share of market capitalis. in GDP (%)
SBI 20 (SBI)
Number of financial instruments
Shares,
of which (P)IC shares
Investment coupons MF
Bonds
Turnover (in billion EUR)*
Share of turnover in GDP (%)
Share turnover ratio**
Bond turnover ratio
0.99
45.0
4,904
254
153
11
0
101
1.65
6.4
0.13
0.65
42.8
4,630.10
227
128
10
0
99
1.84
6.2
0.14
0.81
60.0
6,382.92
205
109
7
3
93
1.81
6.0
0.13
1.18
74.5
11,369.58
188
96
7
3
89
3.38
9.8
0.10
0.35
41.1***
3,695.72
187
90
4
7
90
1.29
3.5***
0.11
0.10
0.12
0.03
0.02
Turnover ratio of shares in PFs and ICs
0.25
0.23
0.24
0.14
Notes:
*Data until 31 December 2006 calculated on the basis of the exchange rate EUR 1 = SIT 239.640.
**IF shares are not included in the share turnover ratio and capitalisation.
***Estimated GDP for 2008 (EUR 37,126 million) source: Statistical Office of the Republic of Slovenia.
Source: Agency
1
1.1
0.04
0.13
PRIMARY FINANCIAL INSTRUMENTS MARKET AND TAKEOVERS
IPOs of securities (public primary market)
In 2008, the Agency issued seven decisions on the approval of a prospectus for selling
securities to the public, one decision on the approval of a simplified prospectus for selling
shares to the public and one decision on the approval of a prospectus for selling and reselling
shares to the public.
Table 2: Issued authorisations – approval of a prospectus for selling securities to the
public in 2008
Target
company
1.
Issuer
Type of security
ABANKA VIPA, d.d., Ljubljana
no-par value shares
2.
NOVA LJUBLJANSKA BANKA, d.d.,
Ljubljana
3.
DELO PRODAJA, d.d., Ljubljana
4.
BANKA CELJE, d.d., Celje
5.
NOVA KREDITNA BANKA MARIBOR,
d.d., Maribor
6.
IUV Industrija usnja Vrhnika, d.d.,
Vrhnika
7.
LIVAR, Proizvodnja in obdelava
ulitkov, d.d., Ivančna Gorica
Total
Source: Agency
no-par value shares
bonds
no-par value shares
no-par value shares
no-par value shares
no-par value shares
Value of issue
EUR 102,000,000
EUR 300,000,136
EUR 2,000,000
EUR 35,000,336
EUR 111,150,000
EUR 5,000,088.60
EUR 4,228,262.28
EUR 559,378,822.88
4
SECURITIES MARKET
AGENCY
Table 3: Issued authorisations – approval of a simplified prospectus for selling
securities to the public in 2008
Target
company
1.
Issuer
Type of security
ZAVAROVALNICA TILIA, d.d., Novo
Mesto
Total
Source: Agency
no-par value shares
Value of issue
EUR 1,500,022.55
EUR 1,500,022.55
Table 4: Issued authorisations – approval of a prospectus for selling and reselling
securities to the public in 2008
Target
company
1.
Issuer
Type of security
POZAVAROVALNICA SAVA, d.d.,
Ljubljana
SLOVENSKA ODŠKODNINSKA
DRUŢBA, d.d., Ljubljana
Total
Source: Agency
no-par value shares
Value of issue
EUR 6,255,000
EUR 6,255,000
Table 5: Public primary market, 1994 to 2008 (nominal value in EUR million)
Year
Bank securities
Share issues
Debt security
issues
Number
Nominal
Number
Nominal
value
value
6
23.37
5
14.52
5
2.64
7
18.82
2
3.61
8
32.58
0
0
5
34.06
0
0
3
12.85
0
0
3
13.84
0
0
4
38.86
0
0
1
8.99
0
0
1
12.67
0
0
1
16.81
0
0
0
0
0
0
0
0
0
0
0
0
3
0
0
0
4
0
0
0
20
29.62
38
204.00
Securities of other issuers
Share issues
Debt security
issues
Number
Nominal
Number
Nominal
value
value
0
0
1
16.69
3
1.55
2
2.93
1
1.31
1
3.02
2
1.35
1
4.17
1
0.28
1
8.34
1
3.25
3
11.29
1
1.88
1
8.34
0
0
0
0
0
0
0
0
0
0
0
0
1
6.26
0
0
0
0
0
0
4
19.97
0
0
6
0
0
0
4
0
1
2
24
35.85
11
56.78
Total
1994
54.58
1995
25.94
1996
40.52
1997
39.58
1998
21.47
1999
28.38
2000
49.08
2001
8.99
2002
12.67
2003
16.81
2004
6.26
2005
0
2006
19.97
2007*
0
2
2008*
Total
326.25
Notes:
*There are no data on the nominal value of share issues in 2007 and 2008, since shares were issued as no-par
value shares.
**Data until 31 December 2006 calculated on the basis of the exchange rate EUR 1 = SIT 239.640.
Source: Agency
5
SECURITIES MARKET
AGENCY
Table 6: Public primary market, 1994 to 2008 (issue value in EUR million)
Year
Bank securities
Share issues
Debt security
issues
Number
Issue
Number
Issue
value
value
6
35.85
5
14.56
5
4.87
7
17.98
2
3.71
8
35.05
0
0
5
34.08
0
0
3
12.86
0
0
3
13.85
0
0
4
38.89
0
0
1
8.99
0
0
1
12.68
0
0
1
16.81
0
0
0
0
0
0
0
0
0
0
0
0
3
438.73
0
0
4
548.15
0
0
20
1,031.30
38
205.74
Share issues
Debt security
issues
Number
Issue
Number
Issue
value
value
0
0
1
16.90
3
3.73
2
2.95
1
1.31
1
3.02
2
1.85
1
4.17
1
0.56
1
8.35
1
4.24
3
11.38
1
1.97
1
8.35
0
0
0
0
0
0
0
0
0
0
0
0
1
6.26
0
0
0
0
0
0
4
19.98
0
0
6
114.56
0
0.00
4
16.98
1
2
24
171.45
11
57.11
Total
1994
67.30
1995
29.53
1996
43.09
1997
40.10
1998
21.77
1999
29.47
2000
49.21
2001
8.99
2002
12.68
2003
16.81
2004
6.26
2005
0
2006
19.98
2007
553.29
2008
567.13
Total
1,465.60
Notes:
*Issue values of primary issues are calculated on the basis of sale prices, which do not include discounts for
quantity or interest (indexation or real).
Source: Agency
In addition to those issuers that require an authorisation from the Agency for a public offering
of securities, other public offerings have been made by the Slovenian state. The state does not
require the Agency’s authorisation for a public offering.
In 2008, the state held one public offering of bonds, no auctions for one-month treasury bills,
nine auctions for three-month treasury bills, no auctions for six-month treasury bills, and no
auctions for 12-month treasury bills.
Table 7: Public offerings of government securities in 2008
Security
Issue
no.
Tendered value of
issue (in EUR)
Subscribed value
of issue (in EUR)*
Date of issue
Short-term securities
3-month
TZ113
treasury bills
˝
TZ114
˝
TZ115
˝
TZ116
˝
ZT117
˝
TZ118
˝
TZ119
˝
TZ120
˝
TZ121
Total short-term securities
50,000,000
24.1.2008
50,000,000
50,000,000
50,000,000
50,000,000
50,000,000
30,000,000
30,000,000
30,000,000
390,000,000
20.3.2008
24.4.2008
19.6.2008
24.7.2008
18.9.2008
23.10.2008
20.11.2008
18.12.2008
Long-term securities
11-year
RS63
6
SECURITIES MARKET
AGENCY
Security
Issue
no.
Tendered value of
issue (in EUR)
Subscribed value
of issue (in EUR)*
Date of issue
bonds
st
1 issue
1,000,000,000
6.2.2008
Total long-term securities
1,000,000,000
TOTAL SHORT-TERM AND LONG-TERM
1,390,000,000
GOVERNMENT SECURITIES
Note:
* The figures for total nominal value of securities issued are those entered in the depository at the Central
Securities Clearing Corporation
Source: Agency
Table 8: Public primary market of securities issues by the Bank of Slovenia and the
government, 1997 to 2008 (nominal value in EUR million)
Year
Securities
of the Republic of Slovenia
Short-term
Long-term
Number
Nominal
Number
Nominal
value
value
0
0
2
41.73
8
81.38
4
80.36
12
134.92
1
26.31
24
269.51
12
155.53
53
790.54
12
218.20
76
1,648.39
27
1,575.51
76
1,580.91
10
663.27
77
2,211.69
15
751.13
72
2,092.18
22
1,724.80
24
701.05
12
1,034.89
11
550.00
1
298.50
9
390.00
1
1,000.00
442
10,450.58
119
7,570.22
Securities
of the Bank of Slovenia
Short-term
Long-term
Number
Nominal
Number
Nominal
value
value
4
146.05
0
0
4
333.83
0
0
5
170.06
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
649.95
0
0
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Total
Note:
Data until 31 December 2006 calculated on the basis of the exchange rate EUR 1 = SIT 239.640.
Source: Agency
1.2
Total
187.78
495.58
331.29
425.04
1,008.73
3,223.90
2,244.19
2,962.82
3,816.98
1,735.94
848.50
1,390.00
18,670.75
Admission of securities to trading on a regulated market
If there was no need to publish a prospectus upon the first sale of securities based on public
offering, the issuers had to compile one upon the admission of the security to a regulated
market, for which they had to obtain a decision from the Agency on the approval of a
prospectus (or simplified prospectus) for the admission of securities to trading on the regulated
market.
In 2008, the Agency issued 15 decisions on the approval of a prospectus for the admission of
securities to trading on the regulated market and one decision on the approval of a simplified
prospectus for the admission of securities to trading on the regulated market.
7
SECURITIES MARKET
AGENCY
Table 9: Issued authorisations – approval of a prospectus for the admission of securities
to trading on a regulated market in 2008
No.
Issuer
Type of security
no-par value shares
2.
FINETOL, finančna druţba, d.d.,
Celje
FACTOR BANKA, d.d., Ljubljana
3.
registered bonds
4.
PROBANKA d.d., Maribor
registered bonds
5.
registered bonds
6.
DROGA KOLINSKA, Ţivilska
registered bonds
industrija, d.d., Ljubljana
DATALAB Tehnologije, d.d., Ljubljana no-par value shares
BANKA CELJE, d.d., Celje
registered bonds
1.
7.
8.
9.
10.
11.
12.
13.
registered bonds
ZAVAROVALNICA TRIGLAV, d.d.,
Ljubljana
no-par value shares
Ljubljana
Ljubljana
ABANKA VIPA, d.d., Ljubljana
registered bonds
registered bonds
registered bonds
no-par value shares
14.
POTEZA SKUPINA, holding podjetje, bonds
d.d., Ljubljana
15.
PROBANKA d.d., Maribor
registered bonds
Source: Agency
Value of issue
EUR 4,250,025.04
EUR 5,000,000.00
EUR 12,155,000.00
EUR 25,000,000.00
EUR 13,090,000.00
EUR 30,000,000.00
EUR 444,493.31
EUR 50,000,000.00
EUR 23,701,391.79
EUR 7,338,000.00
EUR 125,000,000.00
EUR 100,000,000.00
EUR 102,000,000.00
EUR 15,415,000.00
EUR 30,000,000.00
Table 10: Issued authorisations – approval of a simplified prospectus for the admission
of securities to trading on a regulated market in 2008
No.
Issuer
Type of security
1.
ALPETOUR, Potovalna agencija,
d.d., Kranj
Source: Agency
no-par value shares
Value of issue
EUR 934,868.97
Table 11: Admission of securities to trading on a regulated market, 1994 to 2008
(nominal value in EUR million)
Year
1994
1995
1996
1997
1998
1999
2000
Bank securities
Share issues
Debt security
issues
Number
Nominal
Number
Nominal
value
value
0
0
0
0.00
0
0
0
0.00
0
0
1
2.26
0
0
2
7.63
0
0
2
3.76
0
0
2
23.55
1
2.22
2
16.69
Share issues
Debt security
issues
Number
Nominal
Number
Nominal
value
value
2
19.16
0
0
0
0.00
0
0
0
0.00
1
12.92
4
31.94
1
8.68
6
55.24
0
0
5
23.77
1
9.06
3
30.98
1
4.31
8
Total
19.16
0
15.18
48.25
59.00
56.38
54.20
SECURITIES MARKET
AGENCY
Year
Bank securities
Share issues
Debt security
issues
Number
Nominal
Number
Nominal
value
value
0
0
4
41.22
0
0
5
74.54
0
0
6
224.43
0
0
10
173.72
0
0
12
334.62
0
0
7
142.22
0
0
7
151.66
1
102.00
9
367.58
2
104.22
62
1,563.88
Share issues
Debt security
issues
Number
Nominal
Number
Nominal
value
value
0
0.00
0
0.00
4
22.65
1
3.98
4
18.59
1
38.87
3
30.17
3
95.90
9
178.76
6
169.12
7
305.39
2
82.56
10
72.49
1
10.00
4
29.33
2
45.42
51
818.46
19
480.83
Total
2001
41.22
2002
101.16
2003
281.89
2004
299.79
2005
682.50
2006
530.17
2007*
234.15
2008*
544.33
Total
2,967.39
Notes:
*Data on the value of shares admitted to trading on a regulated market in 2007 and 2008 cannot be compared to
data from previous years in terms of nominal value, since most of them were issued as no-par value shares without
nominal value. Neither can they be evaluated at market value, since the market share of prices is determined after
the shares have actually been traded on a regulated market. Therefore, the value of share issues from the years
2007 and 2008, which were admitted to trading on a regulated market, is shown for the purpose of comparison in
the amount that reflects the value of share capital for which the shares admitted to trading on a regulated market
were issued or in the amount which reflects the value of share capital by which the issuer's capital had been
increased and later the listing expanded by shares (in cases the shares of previous issues of an individual issuer
have already been admitted to trading on a regulated market prior to capital increase).
Source: Agency
1.2.1 Takeover bids
In 2008, the Agency issued 20 authorisations for takeover bids according to the Takeovers Act
(Official Gazette of the Republic of Slovenia nos. 79/06, 67/07 – ZTFI and 1/08; hereinafter the
ZPre-1).
Table 12: Authorisations for takeover bids in 2008
No.
1.
2.
3.
Acquirer
HAT, finančna in poslovna
druţba, d.o.o., Ljubljana,
MEDALJON, upravljanje
drugih druţb, d.d., Maribor,
PROBANKA, d.d., Maribor,
SGP-KONGRAD-IGEM
Dravograd, proizvodnja,
trgovina in storitve, d.d.,
Šentjanţ pri Dravogradu
AVTOTEHNA, zastopanje,
trgovina, izvoz-uvoz, servis in
proizvodnja, d.d., Ljubljana
MEDALJON, upravljanje
drugih druţb, d.d., Maribor
INFOND HOLDING, finančna
druţba, d.d., Maribor,
CESTNO PODJETJE
MARIBOR, druţba za gradnjo
in vzdrţevanje cest, d.d.,
Maribor, FIDINA, finančna in
nepremičninska storitev, d.d.,
Ljubljana, KOTO, proizvodno
in trgovsko podjetje, d.d.,
Target company
Date of
payment
Successfulness/date
of decision on
successfulness
successful, 22 February
2008
AVTOTEHNA, zastopanje,
trgovina, izvoz-uvoz, servis in
proizvodnja, d.d., Ljubljana
cash
ZLATA MONETA II finančna
druţba, d.d., Maribor
cash
successful, 22 February
2008
PIVOVARNA LAŠKO, d.d.,
Laško
cash
successful, 14 March
2008
9
SECURITIES MARKET
AGENCY
No.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
Acquirer
Ljubljana
KOLONEL poslovno
svetovanje, d.o.o., Ljubljana
INTERSVET, svetovanje,
inţeniring, vodenje projektov
in storitve, d.o.o., Ljubljana
SARINI, svetovanje in
investiranje, d.o.o., Maribor
HOLDING PMP, naloţbena
dejavnost, d.d., Ljubljana,
MERKUR-trgovina in storitve,
d.d., Naklo, ZLATA MONETA
II finančna druţba, d.d.,
Maribor, PERUTNINSKA
ZADRUGA PTUJ PZP, z.o.o.,
Hajdina, COMET, umetni
brusi in nekovine, d.o.o.,
Zreče, PROBANKA, d.d.,
Maribor
FOKUSS financiranje
razvojnih projektov, d.o.o.,
Ljubljana
INTERFIN NALOŢBE,
finančna druţba, d.d., Koper
EERSTE NIEDERING
FONDS B.V., Amsterdam,
Nizozemska
PULSAR HOLDING,
ustanavljanje, financiranje in
upravljanje druţb, d.o.o.,
Ljubljana
STOL industrija pohištva,
d.d., Kamnik
ZAVAROVALNICA TRIGLAV,
d.d., Ljubljana
SANA INVESTICIJE, druţba
za upravljanje s podjetji, d.d.,
Ljubljana
SIRINGA trgovsko podjetje,
d.o.o., Ljubljana, GLEN
trgovsko podjetje, d.o.o.,
Ljubljana, PUBLIKUM
TREZOR, d.o.o., Ljubljana
IGEM, inţeniring,
gradbeništvo, ekologija,
marketing, d.o.o., Velenje
DELO PRODAJA druţba za
razširjanje in prodajo
časopisov, d.d., Ljubljana,
DZS zaloţništvo in trgovina,
d.d., Ljubljana
RING INTERNATIONAL
HOLDING AG, Vienna
TOPRO, finančna in poslovna
druţba, d.o.o., Seţana,
POTEZA NALOŢBE, podjetje
za naloţbe in financiranje,
Target company
Date of
payment
Successfulness/date
of decision on
successfulness
CENTER NALOŢBE, finančna
naloţba, d.d., Maribor
HIDROTEHNIK
Vodnogospodarsko podjetje,
d.d., Ljubljana
ETRA 33 Energetski
transformatorji, d.d., Ljubljana
PERUTNINA PTUJ reja
perutnine, proizvodnja krmil,
perutninskega mesa in izdelkov,
trgovina in storitve, d.d., Ptuj
cash
successful, 4 April 2008
cash
successful, 12 May
2008
cash
successful, 26 May
2008
successful, 26 May
2008
HRAM HOLDING, finančna
druţba, d.d., Ljubljana
cash
successful, 23 June
2008
MODRA LINIJA HOLDING,
finančna druţba, d.d., Koper
SIVENT, druţba tveganega
kapitala, d.d.
cash
successful, 1 July 2008
cash
successful, 14 July
2008
KRONA HOLDING, finančna
cash
successful, 17 July
2008
KLI LOGATEC druţba za lesno
in strojno proizvodnjo, trgovino in
inţeniring, d.d. – in liquidation,
Logatec
TRIGLAV NALOŢBE, finančna
TOSAMA Tovarna sanitetnega
materiala, d.d., Domţale
cash
successful, 7 August
2008
cash
successful, 16
September 2008
successful, 29 July
2008
LESNINA trgovina s pohištvom,
d.d., Ljubljana
cash
successful, 18
September 2008
SGP-KONGRAD-IGEM
DRAVOGRAD, proizvodnja,
trgovina in storitve, d.d., Šentjanţ
pri Dravogradu
TERME ČATEŢ, d.d., Breţice
cash
successful, 18
November 2008
cash
successful, 5 January
2009
NIKO, kovinarsko podjetje, d.d.,
Ţelezniki
JADRAN, trgovsko podjetje, d.d.,
Seţana
cash
successful, 9 December
2008
2009
cash
cash
cash
10
SECURITIES MARKET
AGENCY
No.
20.
Acquirer
d.o.o., Ljubljana
RETAIL CLIENTS
Target company
Date of
payment
TEKSTIL proizvodno in trgovsko
podjetje, d.d., Ljubljana
cash
Successfulness/date
of decision on
successfulness
2009
Source: Agency
Table 13: Takeovers, 1998 to 2008 (in EUR million)
Year
Year
Successful takeovers
Nominal
Market value
value of
of takeovers
takeovers
0
0
0
8
35.52
58.12
10
45.45
131.75
14
101.66
500.55
18
142.13
1,214.13
7
26.11
71.35
29
231.28
290.97
20
125.24
261.31
21
166.32
347.87
33
8.52*
1,237.83
237.95
20
0***
180
882.24
4,351.81
Year
Failed takeovers
Nominal value
of takeovers
Market value
of takeovers
1998
2
10.45
25.69
1999
1
6.05
14.53
2000
0
0
0
2001
0
0
0
2002
0
0
0
2003
0
0
0
2004
1
4.12
6.18
2005
2
28.15
34.81
2006
2
19.94
32.70
2007
2
0
28.47
2008
0
0
0
Total
10
68.72
142.40
Notes:
*In 2007, the nominal value of a takeover can only be determined in four cases, while in the rest of the cases this
information cannot be provided since shares were issued as no-par value shares without nominal value.
***No data is available on the nominal value of takeovers in 2008 since shares were issued as no-par value shares
Source: Agency
1.2.2 Issue of confirmations of collection of proxies
In 2008, the Agency issued 29 confirmations of the collection of proxies for voting at the
general meeting of a plc.
ZPre-1 also applies to those public limited companies whose shares with voting rights are
traded on the regulated market and those public limited companies whose shares are not
traded on the regulated market, if on the last day of the year preceding the year that is relevant
for the purpose of the assessment of the application of this Act the company has at least 250
shareholders or an equity capital of at least EUR 4 million. The Agency issues the
confirmations of collection of proxies for voting at the general meeting to these companies.
The ZPre-1 narrowed the scope of confirmations of the collection of proxies to the stated
companies. In such cases, the Agency issues adequate confirmations to the persons who
announce such an organised collection of proxies, while in the case of other public limited
companies, such authorisations are no longer issued since the institute of organised collection
of proxies is covered by the law regulating companies.
1.3
Exemptions from the obligation to publish a prospectus (non-public primary
market)
The ZTFI offers a broad definition of the offer of securities to the public, stipulating that it
means any communication in any form and by any means, presenting sufficient information on
the terms of the offer and the securities to be offered, so as to enable an investor to decide to
11
SECURITIES MARKET
AGENCY
purchase or subscribe to these securities. Nevertheless, the examples described under this
item substantially mean “non-public primary market.” In the financial sector, this term often
applies to those issuers of securities offered to a narrow or very specific group of investors and
not to the broad investment public.
Article 36 of the ZTFI stipulates that no person is allowed to offer securities to the public in the
Republic of Slovenia without first publishing the appropriate prospectus in line with this act,
unless otherwise specified by law in individual cases. Exemptions from the above provision
are stipulated by Article 49 of the ZTFI (e.g. issue of securities in a closed circle of up to 100
persons who are not qualified investors etc.) and Article 50 of the ZTFI (e.g. issue of shares in
the process of merger, issue of substitute securities in the takeover procedure etc.). When
exemptions from Articles 49 and 50 of the ZTFI are applied, the issuer must inform the Agency
of the application of such exemption.
In 2008, the Agency received 35 notifications on the application of the exemption from the
publication of prospectus.
Pursuant to Article 52 of the ZTFI, an issuer, offeror or the person demanding admission of
securities to trading on a regulated market must inform the Agency of the application of
exemption three business days before the beginning of the public offer or the admission of
securities to trading on a regulated market. This means that the Agency will not necessarily
receive the notification of the issue value of securities to be sold and of the actual number of
offered (issued) securities, which is why it has no data on the final value of issued securities.
In 2008, there were 26 non-public issues of shares (four issues of bank shares and 22 issues
of corporate shares). Shares were issued in the form of no-par value shares without nominal
value. The most frequent reasons for share issue were the following: increases in share capital
from a non-cash contribution, increases in share capital from the company’s own assets, debtto-equity conversions, mergers, and investment in new development programmes.
There were also nine private placements of bonds, of which six were bank bond issues and
three were corporate bond issues. The total nominal value of the six private placements of
bank bonds was EUR 1,550.43 million, while that of the three private placements of corporate
bonds was EUR 72.42 million. The most common reasons for bond issues were securing longterm sources of finance, replacing long-term sources of finance, and acquiring resources for
the purposes of investment strategy.
12
SECURITIES MARKET
AGENCY
Table 14: Non-public offerings of securities, 1997 to 2008
(nominal value in millions of EUR)
Year
Bank securities
Share issues
Debt security
issues
Number
Nominal
Number
Nominal
value
value
2
2.33
2
5.51
0
0.00
2
4.91
1
1.74
5
31.66
0
0.00
5
28.57
6
26.14
6
53.93
4
6.90
7
74.60
4
4.70
11
259.13
3
7.21
16
435.52
6
10.84
13
425.19
4
18.05
8
126.47
8
0
8
220.59
4
0
6
1,550.43
42
77.91
89
3,216.51
Share issues
Debt security
issues
Number
Nominal
Number
Nominal
value
value
19
33.09
5
3.42
3
2.46
3
0.58
20
23.61
7
11.06
26
123.48
7
15.45
18
62.98
16
48.08
31
69.85
8
27.99
23
35.75
12
64.71
17
51.08
11
131.64
15
231.78
10
208.06
16
39.21
9
28.49
19
0
3
30.58
22
0
3
72.42
229
673.29
94
642.48
Total
1997
44.34
1998
7.96
1999
68.08
2000
167.50
2001
191.12
2002
179.34
2003
364.28
2004
625.46
2005
875.86
2006
212.22
2007*
251.17
2008*
1,622.85
Total
4,610.18
Notes:
*There are no data on the nominal value of share issues in 2007, since shares were issued as no-par value shares.
Source: Agency
1.4
Administration of registers and other public information, and mandatory
announcements by public companies
1.4.1 Public registers
The Agency keeps a register of public companies, a register of issued authorisations for the
approval of prospectuses for the public offering of securities and prospectuses for the
admission of securities to trading on a regulated market, a register of issued authorisations for
takeover bids, a register of audited annual reports, semi-annual reports, summaries of these
reports, and reports of important business events or regulated information.
1.4.2 Disclosure of information on the operations of public companies
The number of public companies is constantly changing. At the end of 2008, there were 101
companies that had the status of public companies that issued securities.
In 2008, the Agency received 109 audited annual reports, and 109 summaries of audited
annual reports from public companies for the period from 1 January 2006 to 31 December
2006.
It also received 23 half-yearly reports and summaries of half-yearly reports from public
companies for the period from 1 January 2008 to 30 June 2008. All 23 public companies
whose shares are listed on the Ljubljana Stock Exchange also announced half-yearly interim
results.
In 2008, public companies made 1,904 announcements of important business events or
regulated information.
13
SECURITIES MARKET
AGENCY
In 2008, the Agency received 461 notifications on reaching, exceeding and terminated
exceeding of 5-, 10-, 15-, 20-, 25–percent, 1/3, 50- and 75-percent shares of voting rights and
notifications on every acquisition or disposal of a share of voting rights by a member of the
company’s management or supervisory body.
The Agency received 81 annual documents to be produced by the issuers whose securities
were admitted to trading on a regulated market at least once a year. An annual document
contains or refers to all information published in the last 12 months in accordance with the
provisions regulating the area of securities in the Republic of Slovenia, other Member States
and at the level of the EU or disclosed to the public in the Republic of Slovenia, other Member
States and non-Member States.
2
2.1
SECONDARY MARKET OF FINANCIAL INSTRUMENTS
Trading in financial instruments on regulated markets
At the end of 2008, there were 12 were brokerage companies on the market of financial
instruments (of which 11 were members of the Ljubljana Stock Exchange) that held an
authorisation from the Agency to provide investment services and 12 banks (of which 12 were
members of the Ljubljana Stock Exchange) that held an authorisation from the Bank of
Slovenia to provide investment services and transactions. The list of subjects to which the
Agency issued the authorisation to provide investment services and activities is shown in Table
18.
At the end of 2008, a total of 1,130 companies from the EU Member States provided direct
investment services and transactions related to financial instruments in the Republic of
Slovenia (on the basis of notification).
2.1.1 Admissions of financial instruments to the regulated market
In 2008, the shares of the following issuers were admitted to the share market segment –
standard listing: Pozavarovalnica Sava, d.d., Ljubljana (symbol POSR); Zavarovalnica Triglav,
d.d., Ljubljana (symbol ZVTG) and Abanka Vipa, d.d., Ljubljana (symbol ABKN). The shares of
the following issuers were admitted to the share market segment – entry market: Sivent, d.d.,
Ljubljana (symbol SING); Finetol, d.d., Celje (symbol FINR); D Naloţbe, d.d., Ljubljana
(symbol DFNR) and Datalab, d.d., Ljubljana (symbol DATR).
The bonds of the following issuers were admitted to the bond market segment: Republic of
Slovenia with the symbol RS63; Factor banka, d.d., Ljubljana with the symbols FB16, FB19,
FB20 and FB21; Probanka, d.d., Maribor with the symbols PRB9 and PRB10; Droga Kolinska,
d.d., Ljubljana with the symbol DRK1; Banka Celje, d.d., Celje with the symbol BCE11; Delo
Prodaja, d.d., Ljubljana with the symbol DPR1; Nova Ljubljanska banka, d.d., Ljubljana with
the symbols BDM1 and NLB24; Poteza Skupina, d.d., Ljubljana with the symbol PSN1 and
Slovenska izvozna in razvojna banka, d.d., Ljubljana with the symbol SI01.
The following mutual fund investment coupons were admitted to the investment coupons
market: PB Biotech Index with the symbol PBDBI (issuer Probanka upravljanje, d.o.o.,
Maribor); PB Uranium Index with the symbol PBDUI (issuer Probanka upravljanje, d.o.o.,
Maribor); Infond Global with the symbol INDGL (issuer KBM Infond, druţba za upravljanje,
d.o.o., Maribor) and Infond Dynamic with the symbol INDDY (issuer KBM Infond, druţba za
upravljanje, d.o.o., Maribor).
14
SECURITIES MARKET
AGENCY
The shares of the issuer Merkur d.d. Naklo with the symbol MER were removed from the
share market segment – first listing. The shares of the following issuers were removed from
the share market segment – standard listing: Geodetski zavod Slovenije, d.d., Trzin with the
symbol GZRG and the shares of the company ACH, d.d., Ljubljana with the symbol ACLG.
The shares of the following issuers were removed from the share market segment – entry
market: DZS, d.d., Ljubljana (symbol DZS); Tovarna sladkorja Ormoţ, d.d., Ormoţ (symbol
TSOG); Hidrotehnik, d.d., Ljubljana (symbol VHLG); Etra 33, d.d., Ljubljana (symbol ETRG);
Liz - inţeniring, d.d., Ljubljana (symbol LIZG); Krona holding, d.d., Ljubljana (symbol KRHR)
and Jadran, d.d., Seţana (symbol JASG).
The shares of the following investment companies were removed from the share market of
investment companies: Maksima ID with the symbol MAIR (issuer Maksima, delniška ID, d.d.,
Ljubljana); Infond ID with the symbol IFIR (issuer Infond ID, d.d., Maribor) and Infond ID 1 with
the symbol IFDR (issuer Infond ID 1, d.d., Maribor).
The bonds of the following issuers matured: Republika Slovenija with the symbols RS52,
RS58 and RS39; Banka Celje, d.d., Celje with the symbol BCE6A; Factor banka, d d.,
Ljubljana with the symbols FB13 and FB08; Nova Ljubljanska banka, d.d., Ljubljana with the
symbols NLB12 and NLB14; Stanovanjski sklad RS, javni sklad, Ljubljana with the symbol
SSR2; Probanka, d.d., Maribor with the symbol PRB6; Abanka Vipa, d.d., Ljubljana with the
symbols AB13 and VIP5 and Poštna banka Slovenije from the banking group of Nova Kreditna
banka Maribor, d. d, Maribor with the symbol PBS5.
Table 15: Number of financial instruments on the regulated market
Shares
Situation as of 31 December 2007
Bonds
IF
Total
89
89
10
188
7
14
4
25
Removed FI in 2008
10
13
3
26
Changed FI in 2008
-3
1
1
-1
Situation as of 31 December 2008
86
90
11
187
New FI in 2008
Source: Ljubljana stock exchange
2.1.2 Volume and breakdown of trading in financial instruments on the regulated
market
The volume of trading in shares of public companies was up 68.6% in 2008 compared to 2007,
while the volume of trading in bonds was up 52.9%.
15
SECURITIES MARKET
AGENCY
Table 16: Turnover of financial instruments traded on the regulated market
Year
Volume of turnover (in EUR billion)
1995
1996
1997
1998
0.19
0.28
0.37
0.56
0.09
0.06
0.05
0.09
0.00
0.00
0.00
0.04
0.00
0.00
0.00
0.00
Long-term
financial
instruments
0.28
0.34
0.42
0.69
1999
0.70
0.15
0.22
0.01
1.08
0.03
1.11
2000
0.61
0.24
0.26
0.01
1.12
0.01
1.13
2001
0.99
0.22
0.23
0.01
1.45
0.01
1.46
2002
1.16
0.46
0.36
0.02
2.00
0.00
2.00
2003
0.62
0.54
0.25
0.00
1.41
0.00
1.41
2004
0.93
0.47
0.25
0.00
1.65
0.00
1.65
2005
0.94
0.75
0.15
0.00
1.84
0.00
1.84
2006
1.45
0.19
0.17
0.00
1.81
0.00
1.81
2007
3.03
0.17
0.18
0.00
3.38
0.00
3.38
0.00
1.29
Shares
Bonds
Pension
coupons
IF
Short-term
financial
instruments
0.08
0.03
0.04
0.03
2008
0.95
0.26
0.08
0.00
1.29
Note:
Source: Ljubljana Stock Exchange
Total
0.36
0.37
0.46
0.72
In the turnover structure for 2008 compared to 2007, bonds gained 14.9 percentage points
while the percentage of share turnover dropped by 15.5 percentage points.
Table 17: Structure of turnover of financial instruments traded on the regulated market
Year
Shares
Bonds
1995
51.4
1996
77.1
1997
80.9
1998
77.2
1999
63.4
2000
53.9
2001
68.0
2002
58.0
2003
43.9
2004
56.3
2005
51.1
2006
80.2
2007
89.6
2008
74.1
25.8
15.2
10.6
12.7
13.3
20.9
14.8
23.0
38.1
28.6
40.8
10.4
5.1
20.0
Proportion of total volume (%)
Pension
IF
Short-term FI
coupons
0.0
0.0
22.8
0.0
0.0
7.7
0.0
0.0
8.5
5.8
0.0
4.3
20.3
0.6
2.4
23.3
0.7
1.2
15.9
0.5
0.8
17.8
1.1
0.1
17.9
0.0
0.1
15.1
0.0
0.0
8.1
0.0
0.0
9.4
0.0
0.0
5.3
0.0
0.0
5.9
0.0
0.0
Total
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
A total of 249,679 transactions were concluded in 2008, which means an average of 998
transactions per trading day, while the number of transactions in 2007 was 282,939. The
number of transactions in 2008 dropped by 13.2 % compared to 2007. The average daily
volume was EUR 5.13 million in 2008, which is 43.3% less than in 2007. The average value of
16
SECURITIES MARKET
AGENCY
a transaction (trade) was EUR 4,907 in 2008, which is EUR 2,964 less than in 2007. The
majority of trades in 2008 were in shares (84.71%), followed by IF shares (13.13%), and
bonds (2.16%).
Figure 1: Breakdown of trading volume on the regulated market in 2008
Turnover (in EUR million)
200
Shares
Bonds
IF
150
100
50
0
jan
feb
mar
apr
may jun
jul
aug sept
oct
nov
dec
Table 18: Turnover of the members of the Ljubljana Stock Exchange by type of financial
instrument in 2008
Shares
(in EUR)
Bonds
(in EUR)
ABANKA VIPA d.d.
172,507,970
UNICREDIT BANKA SLOVENIJA d.d.
GBD Gorenjska borzno posredniška druţba d.d.
Share of
total
volume
Invest. funds
(in EUR)
Total turnover
(in EUR)
68,444,947
11,453,742
252,406,659
9.82 %
216,020,509
23,587,914
721,600
240,330,023
9.35 %
147,174,679
14,553,234
29,642,404
191,370,318
7.44 %
93,832,867
83,564,319
4,962,474
182,359,660
7.09 %
ILIRIKA BPH d.d.
123,277,027
29,210,672
9,412,307
161,900,005
6.30 %
POTEZA, borzno posredniška druţba, d.d.
120,320,233
9,638,958
13,989,280
143,948,471
5.60 %
CERTIUS BPH d.o.o.
114,707,118
9,808,564
13,656,989
138,172,672
5.37 %
94,045,358
33,601,828
379,189
128,026,376
4.98 %
115,696,997
1,359,118
8,269,541
125,325,656
4.87 %
RAIFFEISEN BANKA d.d.
72,295,611
39,724,747
5,939,254
117,959,612
4.59 %
PERSPEKTIVA BPD d.d.
39,194,770
71,657,922
2,293,074
113,145,766
4.40 %
NOVA KREDITNA BANKA MARIBOR d.d.
68,072,578
25,095,453
9,368,045
102,536,075
3.99 %
MEDVEŠEK PUŠNIK BPH d.d.
88,404,033
4,989,357
5,581,862
98,975,253
3.85 %
HYPO ALPE-ADRIA-BANK d.d.
79,682,880
1,738,628
1,096,225
82,517,733
3.21 %
Exchange member
NOVA LJUBLJANSKA BANKA d.d.
SKB BANKA d.d.
ARGONOS borzno posredniška hiša d.o.o.
17
SECURITIES MARKET
AGENCY
Shares
(in EUR)
Exchange member
Bonds
(in EUR)
Invest. funds
(in EUR)
Total turnover
(in EUR)
Share of
total
volume
KD BPD d.o.o.
66,297,458
12,725,659
900,807
79,923,924
3.11 %
PROBANKA d.d.
51,647,865
13,228,444
13,298,693
78,175,003
3.04 %
FACTOR BANKA d.d.
51,049,098
21,663,082
3,225,538
75,937,718
2.95 %
PUBLIKUM investicijske storitve d.d.
65,402,855
1,385,329
637,134
67,425,317
2.62 %
DEŢELNA BANKA SLOVENIJE d.d.
50,303,900
4,554,766
4,649,197
59,507,863
2.31 %
PRIMORSKI FINANČNI CENTER INTERFIN d.o.o.
34,814,122
1,261,693
10,277,302
46,353,117
1.80 %
2,239,914
34,980,090
155,781
37,375,785
1.45 %
VERITAS B.H. borzno posredniška hiša, d.o.o.*
11,912,813
5,877,564
1,337,441
19,127,818
0.74 %
BANKA KOPER d.d.
13,405,620
1,089,115
491,300
14,986,036
0.58 %
MOJA DELNICA BPH d.d.
12,849,850
257,838
686,452
13,794,139
0.54 %
1,905,156,124
513,999,239
152,425,633
2,571,580,996
100.00 %
GORENJSKA BANKA d.d.
Total
Note:
*Veritas BH discontinued its operations in 2008.
Source: Ljubljana Stock Exchange, Securities Market Agency
2.1.3 Non-residents’ activity on the regulated market
Table 19: Volume (EUR million) and breakdown of trading in shares on the regulated
market by non-residents
Year
Total turnover in
shares
877.0
1,181.2
1,090.0
1,616.9
3,158.3
1,013.7
Non-residents’
volume
49.7
78.5
90.6
262.1
870.3
419.3
Non-residents’ share
(%)
5.7
6.6
8.3
16.2
27.6
41.4
Net purchases by
non-residents
2.2
-1.6
41.4
54.6
-40.0
-91.7
2003
2004
2005
2006
2007
2008
Note:
Source: Bank of Slovenia
The share of non-residents in the ownership of Slovene companies at the end of December
2008 reached 7.06%, which is 1.19 percentage points more than at the end of 2007.
18
SECURITIES MARKET
AGENCY
Figure 2: Net purchases by non-residents on the regulated market and change in the
SBI 20 share index in 2007 and 2008
Net purchases of non-residents and change in SBI20
20
40
change SBI20
net purchases of non-res. on reg. market
15
20
5
0
0
-20
-5
jan.07 mar.07 maj.07 jul.07
sep.07 nov.07 jan.08
mar.08 maj.08 jul.08 sep.08 nov.08
-10 feb.07 apr.07 jun.07 avg.07 okt.07 dec.07 feb.08 apr.08 jun.08 avg.08 okt.08 dec.08
-40
-15
Net turnover (in million EUR)
Change SBI20 (inv %)
10
-60
-20
-25
-80
Source: Bank of Slovenia, Ljubljana Stock Exchange
Figure 3: Proportion of total share capitalisation held by non-residents on the regulated
market, and movement of the SBI 20 in 2007 and 2008
Share of non-residents in market capitalization of shares and value of the SBI20 share index
7,5
12.500
Share (in %)
7,3
SBI20
7,1
6,9
11.500
Share (in %)
6,5
9.500
6,3
8.500
6,1
5,9
SBI20 (in points)
10.500
6,7
7.500
5,7
5,5
6.500
5,3
5.500
5,1
4,9
4.500
4,7
4,5
3.500
jan.07 mar.07 maj.07 jul.07
sep.08 nov.08
sep.07 nov.07 jan.08 mar.08 maj.08 jul.08
feb.07
apr.07 jun.07avg.07
okt.07 dec.07 feb.08 apr.08 jun.08 avg.08 okt.08 dec.08
19
SECURITIES MARKET
AGENCY
2.1.4 Block trades
In 2008, there were 217 block trades, which is 79.3% less than in 2007, and 83.0% less than in
2006. The block trade volume totalled EUR 219 million in 2008: 81.8 % less than in 2007, and
73.1 % less than in 2006.
Block trades accounted for 17.0 % of the total volume on the Ljubljana Stock Exchange,
compared with 35.6 % in 2008, and 45.0 % in 2007. The average value of a block trade in
2008 was EUR 1.01 million, 11.8 % less than in 2007, and 57.8 % more than in 2006.
Table 20: Block trades, 2006 to 2008 (broken down by trade value)
No. of trades
up to EUR 0.125 million
from EUR 0.125 million to EUR 0.167 million
above EUR 4.173 million
Total
2006
No. of
trades
4
272
157
134
157
100
246
136
37
31
1,274
Share
0.31%
21.35%
12.32%
10.52%
12.32%
7.85%
19.31%
10.68%
2.90%
2.43%
100.00%
2007
No. of
trades
5
214
117
86
126
84
217
123
28
51
1,051
Share
0.48%
20.36%
11.13%
8.18%
11.99%
7.99%
20.65%
11.70%
2.66%
4.85%
100.00%
2008
No. of
Share
trades
0
0.00%
29
13.36%
27
12.44%
21
9.68%
13
5.99%
11
5.07%
47
21.66%
47
21.66%
14
6.45%
8
3.69%
217
100.00%
Note:
Source: Agency
2.1.5 Stock exchange indices
The value of the SBI 20 stock exchange index point stood at 3,695.72 at 31 December 2008,
down 67.49 % or 7,673.86 points from a year earlier (when the value of the SBI 20 index was
11,369.58). It peaked at 11,408.00 on 4 January 2008. The lowest values of the index were
recorded in October (-18.69%) and September (-16.15%).
20
SECURITIES MARKET
AGENCY
Figure 4: The Slovene stock exchange index SBI 20 in 2008
Share turnover on stock market (excluding blocks) and SBI 20 index
12.000
180
share turnover
SBI20
160
11.000
10.000
140
9.000
120
8.000
100
7.000
80
6.000
60
40
5.000
20
4.000
0
jan.08
SBI 20 (in points)
Turnover (in EUR million)
200
3.000
feb.08 mar.08
apr.08 may.08 jun.08
jul.08 aug.08 sep.08
oct.08 nov.08 dec.08
The SBI 20 is regularly revised twice a year, on 1 March and 1 September. Since 3 February
1997, the value of the SBI 20 has been calculated as a series of market prices for a selected
basket of shares. It consists of the capitalisations of individual shares, adjusted by a factor that
ensures comparability between periods despite the inclusion and omission of individual shares
that make up the index. To be included in the SBI 20 ordinary shares must meet certain criteria
relating to the market capitalisation of the shares in free circulation, the average absolute daily
volume and the average number of daily trades. A single issuer may not account for more than
15% of the capitalisation of the basket of shares making up the SBI 20.
The shares of 15 issuers were included in the SBI 20 as of 31 December 2008: Krka, d.d.,
Novo mesto; Petrol, d.d., Ljubljana; Telekom Slovenije, d.d., Ljubljana; Sava, d.d., Kranj;
Mercator, d.d., Ljubljana; Nova KBM, d.d., Maribor; Gorenje, d.d., Velenje; Zavarovalnica
Triglav, d.d., Ljubljana; Luka Koper, d.d., Koper; Pivovarna Laško, d.d., Laško;
Pozavarovalnica Sava, d.d., Ljubljana; Helios, d.d., Domţale; Intereuropa, d.d., Koper;
Istrabenz, d.d., Koper and Aerodrom Ljubljana, d.d., Ljubljana.
On 18 July 2008, the Ljubljana Stock Exchange stopped calculating the share index of
(authorised) investment companies (PIX) and on 1 October 2008 also the stock exchange
index of bonds (BIO).
The value of most of the major global indices dropped in 2008; the largest fall of 42.1% being
recorded by the NIKKEI 225. The next-largest decrease of 40.4% was recorded by the DAX
30. The NYSE’s US 100 dropped by 36.3%, while the FTSE 100 finished the year down 31,3
%.
2.1.6 Market capitalisation of financial instruments on the regulated market
The total market capitalisation of financial instruments on the Ljubljana Stock Exchange,
calculated as the price of financial instrument multiplied by the number of listed financial
instruments) amounted to EUR 15.26 billion at the end of 2008 (IF not included), which is a
decrease of 40.6% on a year earlier. Total market capitalisation of all shares on the stock
exchange (IF not included) stood at EUR 8.47 billion at the end of December 2008, which is
57.1% less than at the end of December 2007. This fall in the market capitalisation of shares
was the result of a fall in share prices on the Ljubljana Stock Exchange. Total market
21
SECURITIES MARKET
AGENCY
capitalisation of bonds stood at EUR 6.79 billion at the end of December 2008, up 14.4% from
a year earlier, when it amounted to EUR 5.94 billion, primarily because of new issues of
bonds.
Table 21: Market capitalisation of financial instruments on the Ljubljana Stock
Exchange (EUR million)
Share
(in %)
60.75
31.66
20.03
9.06
34.99
4.26
0.60
3.66
100.00
31. 12. 2006
Share Market
First listing
Standard listing
Entry market
Bond Market
Investment Fund Market
Investment Coupon Market
IC Share Market
Total
11,513.08
5,999.37
3,796.56
1,717.15
6,631.58
806.85
113.43
693.42
18,951.51
31. 12. 2007
19,740.12
12,312.43
4,569.26
2,858.43
5,940.80
1,183.49
161.92
1,021.57
26,864.41
Share
(in %)
73.48
45.83
17.01
10.64
22.11
4.41
0.60
3.80
100.00
31. 12. 2008
8,468.42
4,151.22
2,589.28
1,727.92
6,795.36
353.70
129.75
223.95
15,617.48
Share
(in %)
54.22
26.58
16.58
11.06
43.51
2.26
0.83
1.43
100.00
2.1.7 Most-heavily traded financial instruments on the regulated market
The ten most-heavily traded shares in 2008 accounted for 86.00% of the total volume of
trading in shares, compared with 83.93 % in 2007. This represents an increase in the
concentration of trading in the ten most-heavily traded shares. The largest turnover, including
blocks, was recorded in the shares of Krka, Telekom Slovenije and Nova KBM. IF shares were
excluded.
Table 22: Ten most-heavily traded shares on the regulated market in 2008
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Share
Krka
Telekom Slovenije
Nova KBM
Petrol
Mercator
Gorenje
Pivovarna Laško
Luka Koper
Sava
Aerodrom Ljubljana
Total
Other shares
ALL SHARES
Turnover (in EUR)
394,239,113
78,879,595
74,250,148
55,476,883
53,502,016
46,021,588
37,941,282
35,745,816
25,356,771
17,787,892
819,201,104
133,376,958
952,578,062
Proportion of total volume
Turnover ratio**
of shares* (%)
41.39
8.28
7.79
5.82
5.62
4.83
3.98
3.75
2.66
1.87
86.00
14.00
100.00
0.23
0.10
0.30
0.10
0.09
0.31
0.09
0.12
0.05
0.37
0.15
0.04
0.11
Notes:
* Excluding IF shares.
** Turnover is calculated as the ratio of the annual volume of trading in a financial instrument to its market
capitalisation on the last day of the period.
The ten most-heavily traded bonds accounted for 82.72% of the total volume of trading in
bonds in 2008, compared with 81.17% in 2007. The most-heavily traded was the second-issue
bond of the Slovenian Indemnity Fund.
22
SECURITIES MARKET
AGENCY
Table 23: Ten most-heavily traded bonds on the regulated market in 2008
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Turnover
(in EUR)
Bond
nd
Slovenian Indemnity Fund 2 issue
th
Republic of Slovenia 56 issue
th
th
th
th
NLB 16 issue
rd
rd
st
th
Nova KBM 7 issue
Total
Other bonds
ALL BONDS
81,368,172
32,775,918
21,236,813
18,171,579
13,734,006
11,358,592
10,851,961
9,830,213
7,835,906
5,416,424
212,579,584
44,420,035
256,999,619
Proportion of total
volume (%)
Turnover
ratio*
31.66
12.75
8.26
7.07
5.34
4.42
4.22
3.82
3.05
2.11
82.72
17.28
100.00
0.12
0.16
0.02
0.05
0.05
0.36
0.14
0.01
0.23
0.19
0.06
0.01
0.04
Note:
* Turnover is calculated as the ratio of the annual volume of trading in a financial instrument to its market
In 2008, there were seven ICs and seven MFs traded on the regulated market. Of total
turnover in IF, 40.3% was generated by the most heavily traded ID NFD 1 (including block
trading).
Table 24: Turnover in shares/IF investment coupons on the regulated market in 2008
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
IF
Turnover in EUR
NFD 1 share investment fund
KD IC
Probanka Global investment fund (MF)
Infond IC
Krona Senior IC
Maksima IC
MP-BALKAN.SI (MF)
Zvon Ena IC
Infond IC 1
Infond Global (MF)
Total
Other shares/IF inv. coupons
ALL SHARES/IF INV. COUPONS
30,733,671
9,796,540
9,784,712
9,232,030
3,868,393
3,373,793
3,355,895
2,284,317
1,847,651
982,568
75,259,570
982,568
76,242,138
Proportion of total
volume of IF shares
(in %)
Turnover
ratio*
40.31
12.85
12.83
12.11
5.07
4.43
4.40
3.00
2.42
1.29
98.71
1.29
100.00
0.22
0.29
0.21
0.10
0.10
0.04
0.37
0.15
0.06
0.02
0.14
0.04
0.13
Note:
* Turnover is calculated as the ratio of the annual volume of trading in a financial instrument to its market
2.2
Capital adequacy of brokerage companies
A brokerage company must ensure that at any point of time it maintains sufficient capital with
regard to both the volume and type of investment and financial instrument services that it
23
SECURITIES MARKET
AGENCY
provides, and to the risks to which it is exposed in providing these services. The share capital
of a brokerage company may never fall below EUR 730,000, with the exception of the case
stipulated by Article 153 of the ZTFI.
At the end of 2008, the sum of capital requirements of brokerage companies averaged EUR
0.71 million, which is 42.7% less than at the end of 2007. Average capital of brokerage
companies grew to 8.3% in the same period.
Table 25: Capital adequacy of brokerage companies (average)
TOTAL CAPITAL REQUIREMENT
CAPITAL
Average capital adequacy of brokerage companies
31. 12. 2005
31. 12. 2006
31. 12. 2007
31. 12. 2008
EUR 0.73
EUR 0.68
EUR 1.24
EUR 0.71 million
million
million
million
EUR 2.18
EUR 1.96
EUR 2.88
EUR 3.12 million
million
million
million
0.34
0.35
0.43
0.23
TOTAL CAPITAL REQ./CAPITAL
Note:
Source: Agency
2.3
Capital exposure of brokerage companies
A brokerage company’s exposure to an individual entity is the sum of all its receivables and
contingent receivables from that entity, the value of its investments in financial instruments of
that entity, and the value of its other equity holdings in that entity. A brokerage company’s
exposure to an individual entity and parties related to that entity may not exceed 25% of the
brokerage company’s capital.
Any exposure of a brokerage company to an individual entity and its related parties that
exceeds 10% of the brokerage company’s capital is classed as a large exposure. The sum of
all large exposures of a brokerage company may not exceed 800% of the amount of the
company’s capital.
At the end of 2008 the average total large exposures/capital ratio amounted to EUR 36.5 or
37% less than at the end of 2007.
Table 26: Ratio of total of large exposures to capital (average)
31. 12. 2005
TOTAL OF LARGE EXPOSURES / CAPITAL
Source: Agency
2.4
31. 12. 2006
77.6
31. 12. 2007
63.2
31. 12. 2008
57.9
36.5
Liquidity of brokerage companies
Brokerage companies must manage their assets and liabilities so as to be able, at any point in
time, to settle all their due debts. The minimum liquidity ratio allowed is 1.0. At the end of
2008, the average liquidity ratio of brokerage companies was 13.18, which was 71.4% more
than at the end of 2007.
Table 27: Liquidity ratio of brokerage companies (average)
31. 12. 2005
31. 12. 2006
31. 12. 2007
31. 12. 2008
24
SECURITIES MARKET
AGENCY
LIQUIDITY RATIO
6.44
7.58
7.69
13.18
Source: Agency
3
INVESTMENT FUNDS
In 2008, the global financial crisis caused a fall in the prices on global stock exchanges and
consequently an extreme plunge in the value of investment fund assets. In Europe as well as
in Slovenia, the downward trend in the value of investment fund assets started showing as
early as in January 2008 and continued throughout 2008. The assets of European investment
funds thus dropped by 22% in 2008, compared to the previous year, to EUR 6,142 billion. In
the same period, the assets of the Slovene investment funds fell further, specifically by 54% to
EUR 1,912 million.
As of 31 December 2008, there were 4 ICs and 14 MCs active in Slovenia, which managed
127 MF, of which 17 were newly-founded in 2008. There were also 137 investment funds or
sub-funds registered from other European Union Member States.
Table 28: General data on investment funds at the end of the years 2007 and 2008
31. 12. 2007
Number of entities
Number of investors
Value of assets (in
millions of EUR)
Source: Agency
3.1
MC
MF
14
-
110
321,628
-
2,924
31. 12. 2008
IFs from EU
IC
Member
States
7
128
226,845
n.a.
1,235
n.a.
MC
MF
14
-
127
397,472
-
1,513
IFs from EU
Member
States
4
137
114,991
n.a.
IC
398
n.a.
Mutual funds
At the end of 2008, the net value of assets of Slovene MFs totalled EUR 1,505.3 million or
48% less than at the end of 2007. The reason for this is in the fall of the prices of securities on
capital markets, the movement of exchange rates and net outflows from MFs.
Table 29: Net asset value of MFs by year (in million EUR)
31. 12. 2003
31. 12. 2004
31. 12. 2005
31. 12. 2006
31. 12. 2007
Total
387.2
867.2
1,376.6
1,920.8
2,908.2
Note:
Source: Agency
31. 12. 2008
1,505.3
Slovene investors still show great willingness to assume risk related to investments in MFs, as
evident from the comparison of the structure of MF types between Slovenia and Europe (Table
30). In Slovenia, share MFs accounted for almost 63% of total funds, while bond MFs reached
merely 2% and the shares of money market MFs only 1%. Also at the European level, share
MFs represented the largest share in total managed assets, specifically 31% in 2008.
Nevertheless, the share of individual types of European MFs was far more equally spread,
since the share of bond MFs and money market MFs together accounted for 49% and the
share of mixed MFs for 16%.
25
SECURITIES MARKET
AGENCY
We must explain that according to the Bank of Slovenia, household assets in Slovenia placed
in investment funds only accounted for 6% in the structure of household financial property at
the end of the third quarter of 2008, while the share of bank deposits and cash of households
accounted 49% in the structure of household financial property. At the end of the third quarter
of 2008, 8% of assets in the structure of household financial property were placed in
investment funds and 35% in bank deposits and cash.
Table 30: Share of individual types of MFs in total assets of MFs at the end of 2007 and
2008
31. 12. 2007
Slovenia
31. 12. 2008
Europe
Slovenia
Europe
Number of share MFs
68 %
47 %
63 %
31 %
Number of bond MFs
1%
16 %
2%
23 %
Number of mixed MFs
31 %
10 %
34 %
16 %
0%
19 %
1%
26 %
0%
8%
0%
5%
Number of money-market MFs
Number of MFs – other funds
Source: Agency, EFAMA, Bank of Slovenia
Table 31 shows the net values of MF assets managed by MCs at the end of 2008, The large
majority of assets was managed by Triglav DZU, i.e. EUR 338 million or 25%, followed by KD
Skladi, which managed 18% of total assets and NLB skladi with 16% of total assets. It must
also be pointed out that a significant portion of the increase in the share of net value of
managed assets by KBM Infond and NLB Skladi is due to the transformation of ICs into MFs in
2008. Maksima ID was transformed into NLB Skladi – Globalni delniški sklad, Infond ID into
Delniški VS Infond Dynamic and Infond ID 1 into Delniški VS Infond Global.
Table 31: Market shares of individual MSc in MF management as of 31 December 2008,
measured with the net value of managed assets
MC
Triglav DZU, d.o.o.
KD Skladi, d.o.o.
NLB Skladi, d.o.o.
KBM Infond, d.o.o.
Probanka upravljanje, d.o.o.
Publikum PDU, d.d.
Abančna DZU, d.o.o.
Medvešek Pušnik DZU, d.d.
Ilirika DZU, d.o.o.
Primorski skladi, d.d.
Perspektiva DZU, d.o.o.
Krekova DZU, d.o.o.
NFD DZU, d.o.o.
Total
Source: Agency
Net value of managed
assets (NAV) (in EUR)
337,973,202
267,611,282
236,015,152
168,672,809
112,886,945
77,523,657
69,196,525
55,087,331
53,055,560
51,533,098
49,147,807
18,925,463
7,710,471
1,505,339,303
Number of MFs under
management
22.45
10
17.78
17
15.68
14
11.20
10
7.50
9
5.15
11
4.60
11
3.66
11
3.52
10
3.42
4
3.26
7
1.26
5
0.51
8
100.00
127
Share (in %)
As evident from Table 32, mutual funds invest predominantly in equity securities traded on
regulated securities markets. These investments amounted to slightly above EUR 1 billion at
the end of 2008, or 68% of the total. EUR 703 million or 46% of all MF assets were invested in
26
SECURITIES MARKET
AGENCY
equity securities from foreign issuers. Their share continues to increase on an annual basis
and accounted for 58% of total MF investments at the end of 2008.
Table 32: Aggregate structure of investments in MF as of 31 December 2008
1. Cash
2. Deposits and loans
3. Securities and money market instruments traded on the regulated market of
securities
3.1 Securities issued by domestic issuers
3.1.1 Equity securities issued by domestic issuers
3.1.2 Debt securities issued by domestic issuers
3.1.3 Other securities issued by domestic issuers
3.2. Securities issued by foreign issuers
3.2.1 Equity securities issued by foreign issuers
3.2.2 Debt securities issued by foreign issuers
3.2.3 Other securities issued by foreign issuers
3.3. Money market instruments traded on a regulated securities market
3.3.1 Money market instruments of domestic issuers
4. Money market instruments of prime issuers
5. Investment coupons and shares of open investment funds
6. Combined and derived financial instruments
7. Other transferable securities and other money market instruments
8. Receivables
9. Prepayments and accrued income
10. Total
Source: Agency
in EUR
93,900,147
67,193,823
in %
6.20
4.44
1,212,105,118
80.09
420,240,315
319,636,780
100,603,536
0
789,941,385
702,987,086
86,954,299
0
1,923,417
874,015
1,049,403
0
74,766,666
2,340
60,004,392
5,266,695
141,236
1,513,380,416
27.77
21.12
6.65
0.00
52.20
46.45
5.75
0.00
0.13
0.06
0.07
0.00
4.94
0.00
3.96
0.35
0.01
100.00
Figure 5: Aggregate structure of MF investments at the end of 2008 (in %)
Other transferable securities
and other money market instr. Receivables and
deferred/accrued items
3.96%
0.36%
IK in delnice odprtih IS
4.94%
Cash assets
6.20%
Deposits and loans
4.44%
Securities and money
market instruments
of domestic issuers
27.83%
Securities and money market instruments
of foreign issuers
52.27%
Source: Agency
The number of investors in MFs is increasing every year and amounted to 397,472 at the end
of 2008, which is a 24% increase over a year earlier; nevertheless, it must be said that the
27
SECURITIES MARKET
AGENCY
increase in the number of investors in MFs is merely the result of the transformation of three
ICs into MFs. The concentration of investors was reduced compared to 2007, since there were
22% of all investors in three MFs in 2008, in terms of NAV (33% in 2007). The average value
of assets in Slovene MFs per capita stood at around EUR 750; in Europe, the average per
capita is somewhat under EUR 10,000.
Figure 6: Number of investors in MFs, December 2003 to December 2008
450.000
Number of investors
400.000
350.000
300.000
250.000
200.000
150.000
100.000
50.000
0
jun.04 dec.04
jun.05 dec.05
jun.06 dec.06
jun.07 dec.07
jun.08 dec.08
dec.03
mar.04 sep.04 mar.05 sep.05 mar.06 sep.06 mar.07 sep.07 mar.08 sep.08
Source: Agency
As shown in Figure 7, the inflows in Slovene MFs in 2008 amounted to EUR 307 million and
the outflows amounted to EUR 611 million. Thus, in 2008, net outflows totalled EUR 304
million, which represents 10% of the value of assets in Slovene MFs at the end of 2007.
In European MFs, a total of EUR 335 billion of net outflows were recorded, i.e. 5% of the value
of assets in European MFs at the end of 2007.
28
SECURITIES MARKET
AGENCY
Figure 7: Annual purchases and redemptions of MFs, 2003 to 2008 (in million of EUR)
1.000
purchases
redemptions
net purchases
Value (in million of EUR)
800
600
400
200
0
2003
2004
2005
2006
2007
2008
-200
-400
Note:
Source: Agency
The largest net outflow of assets from Slovene MFs was recorded in October 2008; that was
24% of total net outflows in 2008 (Figure 8). Also in October, 40% of total net outflows from
European MFs in 2008 was recorded.
Figure 8: Monthly purchases and redemptions of MFs, January 2008 to December 2008
(in million of EUR)
120
Value (in million of EUR)
100
purchases
redemptions
net purchases
80
60
40
20
0
-20
jan.08
feb.08 mar.08 apr.08
may.08 jun.08
jul.08
aug.08 sep.08 oct.08
nov.08 dec.08
-40
-60
-80
Source: Agency
The annual returns on MFs, measured with the change in unit price (UP), ranged from -70% to
5%. The weighting used to calculate the weighted average annual return is the ratio of a
particular fund’s assets to the total assets of mutual funds. The average decrease in UP,
compared to the change in the index of SBI 20 shares, in 2008 was by 25 percentage points
lower, as a result of the placement of assets to certain foreign markets. Only six MFs recorded
29
SECURITIES MARKET
AGENCY
unit price growth in 2008. All of those were bond MFs or money market MFs. When comparing
the nominal weighted return on MFs with the movement of the SBI 20, it should be noted that
the SBI 20 ignores the dividends on the shares and that shares included in the index; only
some of the securities that mutual funds hold are shares included in the SBI 20. Of course,
neither the SBI 20 nor the unit price calculation takes account of the costs to the individual
investor. Increasing specialisation of Slovene MFs both regionally and by industrial branches
impacts the growing differences in the returns of individual MFs.
Figure 9: Movement in the weighted average of annual changes in UP and changes in
SBI 20 and SBI TOP indices in 2008
100,00
80,00
60,00
UP
SBI TOP
SBI 20
40,00
20,00
0,00
-20,00
-40,00
-60,00
-80,00
-100,00
03.01.2008
03.03.2008
03.05.2008
03.07.2008
03.09.2008
03.11.2008
03.02.2008
03.04.2008
03.06.2008
03.08.2008
03.10.2008
03.12.2008
Figure 10 shows the comparison of average returns or changes in UP in 2008, with the weight
applied being the share of the value of assets of an individual fund in the value of assets of an
individual group of funds (share, mixed, bond and money market). Among individual groups of
MFs, money market MFs are the only group that shows a positive weighted average return
(4%). As shown in Figure 9, the weighted average of such measured nominal returns of share
MFs stood at -47%, that of mixed MFs -39% and that of bond MFs -10%.
30
SECURITIES MARKET
AGENCY
Figure 10: Movement of weighted average of annual changes in UP by individual groups
of MFs in 2008
20,00
Share MF
Mixed MF
Bond MF
Money market MF
0,00
-20,00
-40,00
-60,00
03.02.2008
03.04.2008
03.06.2008
03.08.2008
03.10.2008
03.12.2008
03.01.2008
03.03.2008
03.05.2008
03.07.2008
03.09.2008
03.11.2008
3.2
Investment companies
At the end of 2008, there were four ICs operating, all formed in the process of transformation
of authorised investment companies. As of 31 December 2008, they managed assets in the
amount of EUR 398 million.
Table 33 shows the net value of assets of the IC at the end of each individual year. At the end
of 2008, the net value of assets of ICs thus totalled EUR 367 million or 70% less than at the
end of 2007. This reduction in the net value of ICs is the result of reduced value of assets and
transformation of three ICs into MFs.
Table 33: Net asset value of ICs by year (in million EUR)
Total
31. 12. 2003 31. 12. 2004 31. 12. 2005 31. 12. 2006 31.12.2007 31.12.2008
889.4
1,205.6
822.8
906.9
1,228.1
367.0
Note:
Source: Agency
As evident from Table 34, MFs invest predominantly in equity securities traded on regulated
securities markets. These investments amounted to slightly above EUR 258 million at the end
of 2008, or 65% of the total. Of the total, EUR 231 million or 58% of all MF assets were
invested in equity securities of domestic issuers.
Table 34: Aggregate structure of investments in IC as of 31 December 2008
Total (in EUR)
1. Cash
2. Deposits and loans
3. Securities and money market instruments traded on the regulated market of securities
3.1 Securities issued by domestic issuers
3.1.1 Equity securities issued by domestic issuers
3.1.2 Debt securities issued by domestic issuers
15,467,731
12,069,210
289,175,822
262,265,212
231,294,566
30,970,646
31
in %
3.88
3.03
72.57
65.82
58.04
7.77
SECURITIES MARKET
AGENCY
Total (in EUR)
3.1.3 Other securities issued by domestic issuers
3.2. Securities issued by foreign issuers
3.2.1 Equity securities issued by foreign issuers
3.2.2 Debt securities issued by foreign issuers
3.2.3 Other securities issued by foreign issuers
3.3. Money market instruments traded on a regulated securities market
4. Money market instruments of prime issuers
5. Investment coupons and shares of open investment funds
6. Combined and derived financial instruments
7. Other transferable securities and other money market instruments
8. Receivables
9. Prepayments and accrued income
10. Total
0
26,910,609
26,910,609
0
0
0
0
0
0
9,509,156
0
71,625,329
629,722
6,048
398,483,017
in %
0.00
6.75
6.75
0.00
0.00
0.00
0.00
0.00
0.00
2.39
0.00
17.97
0.16
0.00
100.00
Source: Agency
Figure 11: Aggregate structure of IC investments at the end of 2008 (in %)
Other transfer. securities and
other MM instruments
17.97%
Receivables and deferrals
0.16%
Cash
3.88%
Deposits and loans
3.03%
Securities and MM instruments
IC and shares of open IFs
2.39%
of foreign issuers
6.75%
Securities and MM instruments
of domestic issuers
65.82%
Source: Agency
Market shares of individual MCs in terms of net value of IC’s managed assets changed in
2008 in comparison to the previous year, the reasons for this being, above all, in the
transformation of three ICs into MFs. Thus, only four MCs managed ICs at the end of 2008,
with NFD DZU still holding the largest market share.
32
SECURITIES MARKET
AGENCY
Table 35: Market shares of individual management companies in terms of net value of
IC’s managed assets as of 31 December 2008
Net value of managed assets (NAV) (in
EUR)
231,775,340
56,390,489
54,077,517
24,730,951
366,974,297
MC
NFD DZU, d.o.o.
DUS Krona, d.o.o.
KD Investments DZU, d.o.o.
Krekova druţba DZU, d.o.o.
Total
Source: Agency
Share (in %)
63.16
15.37
14.74
6.74
100.00
Figure 12 shows a great fall in the average book value of IC shares in 2008, by 50%. The
average market price fell by 64% in 2008.
Figure 12: Average market price for shares in ICs (average price) and average book
value of ICs, December 2007 to December 2008
25
20
19,82
18,35
in €
value
15
18,09
16,60
16,54
14,81
14,33 13,67
16,90
13,97
15,72 14,89
12,83
14,70
12,03 11,86
13,89
11,19
12,24
11,83
10,53
9,35
10
7,93
7,00
9,83
6,03
5
0
dec.07 jan.08 feb.08 mar.08 apr.08 maj.08 jun.08
price
(uniform
)
jul.08
avg.08 sep.08 okt.08 nov.08 dec.08
book value of shares without certificates
Note:
Calculation of average book and market value of IC shares is adapted to the number of all issued shares.
Source: Agency
At the end of 2007, the discount of the average market value in terms of the average book
value was 17% and at the end of 2008 it was 39% (Figure 13). The deteriorated ratio between
the average book value and the average market value of IC shares was, among others, also
the consequence of the increased volume of offered shares due to the shareholder’s need for
liquidity.
33
SECURITIES MARKET
AGENCY
Figure 13: Movement in the discount of the average market price of IC shares to the
average book value, December 2007 to December 2008
40
37
34
Discount (v %)
31
discounted market price in terms of book value of IC shares
28
25
22
19
16
13
dec.07 jan.08 feb.08 mar.08 apr.08 may.08 jun.08
jul.08
aug.08 sep.08 oct.08 nov.08 dec.08
Note:
Calculation of the discount between the average book and market value of IC shares is adapted to the number of all
issued shares.
Source: Agency
3.3
Investment funds from EU Member States meeting the conditions for marketing
and sale in Slovenia 33
In 2008, the Agency received and processed 36 notifications for the marketing and selling
units of investment funds of EU Member States in Slovenia. Of those, only 15 investment
funds met the conditions for direct marketing and sales in the Republic of Slovenia at the end
of 2008, while the remaining 21 were transferred to processing in 2009. These notifications
were filed by four MCs from the European Union, two of whom applied for registration for the
first time. Based on the above notifications, 13 MFs and two umbrella funds started marketing
and selling the units of assets of MF on the territory of the Republic of Slovenia in 2008, with
12 sub-funds. Furthermore, six investment funds from Member States were discontinued in
2008. Thus, the number of investment (sub)funds of Member States which directly market and
sell their units of assets on the territory of the Republic of Slovenia increased from 128 at the
end of 2007 to 137 at the end of 2008.
4
MUTUAL PENSION FUNDS
Pursuant to the Pension and Disability Insurance Act, since 2000, the Agency has been
responsible for issuing authorisations to establish mutual pension funds (hereinafter: MPF)
and for overseeing their operations. As of 31 December 2008, there were six mutual pension
funds that held the authorisation to operate, with 238,811 members. Of those 236,323 were
covered by collective insurance (via employers) and 3,110 held individual insurance and paid
the premiums by themselves. The ZPIZ-1 allows for each insured to subscribe to one
collective and one individual pension plan.
As of the last day of 2008, all MPFs together managed assets in the amount of EUR 483
million, which is 10% more than at the end of 2007. The increase in the assets is the result of
regular payments into the MPF. In 2008, the number of members did not change significantly.
34
SECURITIES MARKET
AGENCY
The movement of people covered by voluntary supplementary pension insurance and the
collected premium between 2004 and 2008 is shown in Table 36.
Table 36: General data on MPF from 2004 to 2008
No. of funds
31. 12. 2004
6
31. 12. 2005
31. 12. 2006
31.12.2007
31.12.2008
6
6
6
6
No. of managers
5
5
5
5
5
No. of members
205,322
210,775
220,518
230,912
238,811
92,258,662
150,394,111
84,461,676
239,775,826
89,828,895
335,850,615
95,067,972
437,166,906
102,058,252
482,045,486
Net collected premium/y (in EUR)
NAV (in EUR)
Market concentration
share of largest fund
45.82%
52.96%
56.15%
57.30%
58.49%
share of three largest funds
92.59%
93.31%
93.74%
93.51%
92.03%
Note:
Source: Agency
Because the managers of MPFs are obliged each month to secure the guaranteed return on
the net collected premium, which depends on the yield of Government bonds, the MPFs focus
primarily on fixed-return investments, i.e. bonds (61%) and bank deposits (24%). In this way,
managers expect to guarantee positive returns on collected premiums and avoid any risk of
failing to achieve the minimum guaranteed return. In the last quarter of 2008, not all MPFs
managed to maintain the actual net asset value above the guaranteed, in spite of the fact that
MPFs slightly reduced the share of high-risk investments, i.e. investments in shares and
investment coupons or IF shares. A more detailed presentation of the aggregate structure of
MPF investments is shown in Table 37.
Table 37: Aggregate structure of investments in MPF from 2006 to 2008
31.12.2006
EUR
Cash
Short-term securities
- Government securities
- other securities
31.12.2007
%
EUR
31.12.2008
%
EUR
%
1,166,989
0.35
6,159,467
1.40
5,507,349
1.14
20,539,222
6.10
19,253,909
4.38
9,890,676
2.05
12,853,956
3.82
16,233,737
3.70
9,525,520
1.97
7,685,266
2.28
3,020,172
0.69
365,157
0.08
226,560,180
67.30
268,537,900
61.16
294,185,091
60.87
141,069,907
41.91
104,484,052
23.80
140,120,872
28.99
Shares
9,357,944
2.78
34,054,782
7.76
25,560,549
5.29
Other securities
5,563,449
1.65
3,049,286
0.69
3,273,061
0.68
MF investment coupons and IC shares
18,453,398
5.48
40,941,571
9.32
29,952,984
6.20
Bank deposits
Bonds
- Government bonds
54,659,696
16.24
66,793,130
15.21
114,056,516
23.60
Loans
0
0
0
0
0
0
Real estate
0
0
0
0
0
0
Other receivables
Total Assets
337,916
0.10
295,772
0.07
898,446
0.19
336,638,793
100.00
439,085,816
100.00
483,324,672
100.00
Note:
Source: Agency
The structure of MPFs investments varies over years, but the share of fixed-return
investments, i.e. bank deposits and bonds remains stable. Compared to the previous year, the
share of short-term securities was reduced from 4% in 2007 to 2% in 2008. As mentioned
35
SECURITIES MARKET
AGENCY
above, the share of placements in investment coupons and IF shares also dropped in 2008:
from 9% to 6%. With the aim of providing guaranteed return, placements in bonds still prevail.
Figure 14: Aggregate structure of MPF investments at the end of 2008 (in %)
Bonds; 60.87%
Shares; 5.29%
Short-term
securities
; 2.05%
Other securities; 0.68%
Deposits; 23.60%
Cash;1.14%
Receivables and
deferred items
;
0.19%
Invest. coupons and
shares of invest
. companies
;
6.20%
Source: Agency
In 2004, when the Closed Mutual Pension Fund was formed, the situation on the market of
supplementary pension insurance changed considerably and Kapitalska druţba finally took the
leading position on the market of supplementary pension insurance. Such concentration on
this market is not good and additionally impedes the voluntary transition of members between
the providers of voluntary supplementary pension insurance. This option that enables the
insured to switch among the providers is supposedly the leverage that will ensure the true
competition of different providers of pension products and thus more efficient operation of
MPF. Figure 15 clearly shows that, following a significant increase in the number of members
in May 2004, when the Closed Mutual Pension Fund for Civil Servants started operating, the
growth in the number of MPF slowed down. Members included in collective savings schemes
still prevail. The share of members included in individual pension insurance remains
insignificant, especially due to low tax relief and the fact that collective pension savings
schemes can use the tax relief more efficiently. As a rule, employees with higher income
participate in individual insurance programmes more frequently.
36
SECURITIES MARKET
AGENCY
Figure 15: Number of MPF members, December 2003 to December 2008
300.000
Number of members in MPF
250.000
200.000
150.000
100.000
50.000
0
mar.04 sep.04 mar.05 sep.05 mar.06 sep.06 mar.07 sep.07 mar.08 sep.08
jun.04 dec.04
jun.05 dec.05
jun.06 dec.06
jun.07 dec.07
jun.08 dec.08
dec.03
Source: Agency
Considering the deteriorating demographic trends, the Government should adopt adequate
measures to stimulate employees to join this form of pension saving, regardless of the fact that
the number of persons saving for old age in MPF, pension companies and insurance
companies is gradually increasing.
Figure 15: Share of individual managers in the management of MPF assets in terms of
net asset value as of 31 December 2008
Probanka
Abanka
Generali Zav.
Banka Koper
KAD
0,00
10,00
20,00
30,00
40,00
50,00
60,00
70,00
80,00
90,00
100,00
Source: Agency
Data on collected assets or net asset value also show the prevailing role of Kapitalska druţba
d.d. in the area of MPF operations, taking into account the important fact that Kapitalska
druţba d.d. manages two MPFs, of which the closed mutual pension fund for civil servants
alone accounts for 46% of the market share and the capital mutual pension fund for 30% of
the market share.
In line with the ZPIZ-1, voluntary supplementary pension insurance is provided by MPFs,
insurers and pension companies. In terms of the volume of collected assets by the providers of
37
SECURITIES MARKET
AGENCY
voluntary supplementary pension insurance, MPFs achieved a 42% market share in 2008
(Figure 17).
Figure 17: Volume of operations of pension companies, MPFs and insurance
companies measured by the volume of assets as of 31 December 2008
21.43%
41.83%
Mutual pension funds
Pension companies
Insurance companies
36.74%
Source: Agency
Supplementary pension insurance is a form of insurance in which the policyholder assumes
the investment risk with a guaranteed return on the net premium paid. The guaranteed return,
which is expressed as an annual return that the manager of the MPF guarantees, may not be
lower than 40% of the average annual interest rate on government securities with a maturity of
more than one year. A fall in the value of the unit price is shown by Figure 18 and the
movement of return at the annual level per MPF in 2008 is shown in Table 38. The lowest
returns in 2008 were achieved by the MPFs managed by Kapitalska druţba, d.d.
Figure 18: Change in the unit price of MPFs in the period from 31 December 2007 to 31
December 2008
Source: Agency
38
SECURITIES MARKET
AGENCY
Table 38: Return of MPF at the annual level and minimum annual guaranteed return in
2008 (in %)
jan.08
feb.08
mar.08
apr.08
may.08
jun.08
jul.08
aug.08
sep.08
oct.08
nov.08
dec.08
KVPS
LEON 2
-0.07
0.07
-1.65
-1.18
-1.21
-3.35
-3.36
-3.29
-6.84
-10.65
-10.80
-12.18
3.54
4.03
2.19
1.09
0.44
-1.75
-1.78
-2.10
-2.91
-3.95
-2.95
-3.17
OVPS
Banka
Koper
A III
6.28
6.71
4.20
2.64
1.85
-0.20
-1.03
-2.29
-3.59
-5.26
-5.80
-6.37
6.44
6.80
5.09
4.73
4.00
2.36
1.91
1.63
-0.19
-3.38
-2.73
-5.29
DELTA
6.56
8.07
4.72
3.27
2.70
0.96
0.55
0.27
-0.84
-2.80
-1.83
-6.25
ZVSJU
1.93
1.13
0.44
-0.21
0.89
-0.51
-2.11
-0.78
-3.10
-7.83
-8.04
-9.05
Minimum
guaranteed
return at the
annual level
1.72
1.72
1.72
1.72
1.72
1.72
1.77
1.77
1.77
1.77
1.77
1.77
Source: Agency
39

Report - Agencija za trg vrednostnih papirjev

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