berzNIK - YEAR II - NUMBER 14 - 17th MARCH 2008 - (SUPPLEMENT OF TENDERNIK)
Date 17.03.2008 number 14
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Stock exchange shock
with political color
The quickest negative effect the government crisis
produced on the Stock Exchange.
The past two days ended with share price depre-
ciation but with increase of the daily turnover. On
Friday the stock exchange index had a record-break-
ing fall of 4.64% for the past few months, but the num-
ber of trading got increased. The turnover remained
on satisfying level comparing to the past ten days, and
almost at the same in the last two days.
Meaning, this week too the stock exchange trad-
ing has been colored with political disagreements.
Fact is these tensions in the political circles make cer-
tain price strokes on the capital market, but they are
certainly not the direct stroke for the situation. So the
government crisis is really alarming, but more from the
aspect of finishing the race for
This week too the stock exchange trad-
ing has been colored with political disagree-
getting invitation for accession
ments. Fact is these tensions in the political into NATO.
circles make certain price strokes on the ca- The government short cir-
pital market, but they are certainly not the cuit surely affects the market's
direct stroke for the situation. So the go- sensitivity, it operates like initial
vernment crisis is really alarming, but more cap among the small share-
from the aspect of finishing the race for get- holders, who, in panic of losing
ting invitation for accession into NATO. everything, sell for almost noth-
…Being economically dependent, the ing, but it surely cannot be cru-
country cannot amortize the increase of oil cial for the market's crash. The
fuels prices, which on the other hand it in-
crease the companies' expenses in their
factors that weaken stock mar-
working and makes them non-competitive ket are much deeper and the
on domestic and foreign market. players much bigger.
Thoughts go that far that-
insiders to use the political crisis as speculative
moment to achieve their goals, to lower the prices of
the shares they are interested in!?
Of course, the problem can be seen otherwise.
Monotony, withdrawal of some investors and bigger
reservation of others, are led as world trends. We are
witnesses that for a longer period now there are many
turbulences going on the world markets, which, apart
from the American recession are also dictated by the
historically record-breaking oil price, the price of
wheat and non-ferrous metals, and even the food
products price…So, the crisis of bigger markets and
definitely the inflation are to blame for the investors'
direct moves. As the head players following the world
courses and especially the regional movements on
the Stock Exchanges, they direct and transfer their
capital in safer deals on time.
To make the confusion on domestic market even
bigger, we have the brokers themselves, or the malin-
gerers who delivered the news that most of the foreign
investors had suddenly withdrawn from Macedonian
Stock Exchange. Certain analysts soften this thesis
with the claim that the foreigners are the first to react
to the changes in Government and political instability.
But they too, say that the negative trend globally and
regionally affected the events on Macedonian Stock
Exchange, although for the stock exchange shock on
Thursday (when the shares of total 27 companies
ended with red balance) crucial was the internal fac-
tor.
Similarly to this the thesis on regional negative
balances holds water. Proof for this is the fall of stock
berzNIK
3
exchange indexes on the European and Asian stock
markets. Here the indexes have fallen because the
optimism about the central banks' activities to ease
the global crisis fell in the shadow of the fears from
recession. London FTSE 100 index fell for 1.8%, Paris
SAS 40 fell for 1.8% and the Frankfurt DAX for 1%.
Tokyo NIKEI lost 3.5% and China Hang Seng has fall-
en for 4.8%.
Same like we do, the world analysts put these
sharp falls down to the record-breaking oil price, which
exceeded 110 dollars per barrel, and to the fears that
this would slow down the companies' profit.
Analysts are skeptic also concerning the central
banks' salvation plan.
Our businessmen too are aware of the problem
and expect the Government to take measures to soft-
en the consequences of the dramatic increase of
black gold. Being economically dependent, the coun-
try cannot amortize the increase of oil fuels prices,
which on the other hand it increase the companies'
expenses in their working and makes them non-com-
petitive on domestic and foreign market. President of
Economic Chamber, Branko Azeski, thinks the
Government and the companies should share the oil
shock in partnership manner. - We live in market econ-
omy and we have to adjust. The increased oil price
has entered the prices of the products listed on the
stock exchange. As one of the activities for softening
the crisis is the share of 20,000 tons of state wheat to
the companies which have required some. However,
bakers keep the position that the intervention will not
reduce bread price, but that the price will depend on
the world wheat price. They guarantee the current
price until the state wheat is spent.
- Macedonian companies need good management
and knowledge how to promote themselves in the
region and the world. This was the impression that
dominated on the Conference for Corporative
Management that took place in Skopje, on which for-
eign and domestic experts as well as managers form
the region participated. They note that here, because
of the desire for profit, people do not care enough
about the company's reputation. -Directors should
learn that increased transparency increases the value
of their shares and then it brings them big profit- rec-
ommends the Professional Directors Association from
Finland.
Non-transparency and lack of knowledge for self-
promotion are characteristics of companies in the
transitional countries, says Juan Carlos Fernandez,
director of the project for corporative management of
the International Financial Corporation.
And, while we are at the advices foreign experts
offer us, as personal experience, let us listen and now:
At the moment priority is the country's interest…
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
COMMISSION ON SECURITIES
AMENDMENTS OF THE
REGULATIONS FOR
QUOTATION ON THE
MACEDONIAN STOCK
EXCHANGE
From now on, besides the super quoted, the other
34 quoted companies will have to publish fully
consolidated revised financial reports
On the ninety-seven session, held on
13.03.2008, presided by the Chairman Marina
Nakheva - Kavrakova, the Commission on
Securities gave consent for the amendments
MACEDONIAN SPANISH BUSINESS FORUM
TRADE INTENSIFICATION
Trade Chamber of Macedonia, part of
Chambers of Commerce of Macedonia, and
Chamber of Commerce and Industry of
Zaragoza -Spain last week
sign Memorandum on Cooperation
-Macedonia as a Challenge and
Opportunities for Cooperation and Investing
was the subject of the meeting among the busi-
nessmen members of the Macedonian and the
Spanish Chamber of Commerce.
-The Spanish Ambassador to the Republic
of Macedonia, Jose Manuel Pas Agueras,
announced Intensification of the trade and
investments in the energy and construction sec-
tor at the business forum held on March 13 in
Skopje in organization of the Macedonian
Chambers of Commerce.
-This is the first meeting with MCC in
Macedonia. Our goal is increasing the trade.
The opening of new embassy will increase the
investments. The representatives of the
Spanish Chamber of Commerce were accom-
panied by representatives from Zaragoza, who
wanted to strengthen the cooperation with
Macedonia, stated Spanish Ambassador Jose
Manuel Paz y Agueras.
Slavka Kalenikova, President of the Trade
Chamber within the Macedonian Chambers of
Commerce, addressed to the attendees:
-The trade with the Kingdom of Spain is of
special significance for the Republic of
Macedonia. Last year it was at the amount of
250 million dollars and we are expecting to dou-
ble the trade after the establishment of direct
diplomacy between these two countries.
Macedonia not only that is famous for its flat
rate i.e. country with lowest taxes, but it also
has quality cadres potential, great geographic
position as centre of Southeast Europe and has
number 14
of the Regulations for quotation on the
Macedonian Stock Exchange AD Skopje.
With it, besides the four super quoted compa-
nies (Beton, Invest Banka, Komercijalna Banka
and Toplifikacija) from now on, the other thirty-
four quoted companies will have to publish fully
consolidated revised financial reports, as fol-
lows: Auditor`s opinion, Balance sheet, Income
sheet, as well as notes towards the financial
reports.
The associations are obliged to fulfill this
duty in period of 30 days after the adoption by
the Shareholders Assembly.
Through publishing fully consolidated
revised financial reports the transparency will
increase, and the investors will have more infor-
mation about the associations.
special criteria for alleviations of for the foreign
investments in the country. The trade with Spain
is with many-year tradition. Back in the nineties,
our companies were among the first from the
former Yugoslav republics to work with the
Kingdom of Spain, as Ka-dis company with the
factory of Seat in Barcelona, Johnson and
Philips, Tarnes Ceramics and many others. All
of them are functioning with success and a do
hope the cooperation will continue in the future.
This trade mission with the Chamber of
Commerce of Zaragoza will contribute towards
launching another process of cooperation with
the other chambers of commerce in Spain, said
Kalenikova.
Deputy Minister of Economy Kiro Spandzov
pointed out the amending of the Construction
Law has been implemented, which will provide
additional opportunity for better cooperation
between the two countries.
-The Construction Law has underwent
amending that is to attract number of invest-
ments, for the past two years the Government
has been working on improvement of the busi-
ness climate, providing legislatives that are to
bring new investments, stated Spandzov.
The business meeting that took place in
Vodenica restaurant was attended by Spanish
businessmen who have already announced
meetings with Macedonian businessmen from
different sectors from Skopje, Kumanovo, Stip
and Strumica.
K.S.
List of Spanish companies that paid a visit
to R. Macedonia:
1. MAQUIOBRAS, S.A.-D Adriana
Ansensio
2. EURO SEATING INTERNATIONAL,
S.A.- D. Jesus Munoz
Date 17.03.2008
New issue of KIB Kumanovo
The Commission on Securities gave
approval to the Commercial Investment
Bank AD Kumanovo, for approving sev-
enth issue of shares. With this, KIB AD
Kumanovo received the permission to issue
215.000 ordinary shares with nominal and
sale value of 1.720 denars per share, respec-
tively with total amount of 369.800.000
denars. The issue will be realized through a
private bid.
Purchaser of the shares is Milestone Ehf.
Iceland.
3. IDE, S.A. - D. Jakobo Ramirez
4. SIMILDIET, S.L. - D. Inigo Jaime
5. OMB SISTEMAS ELECTRONICOS,
S.A. - D. Ivan Perallon
6. HIMOINSA, S.L. - D. Rafael Garcia
7. CERTEST BIOTEC, S.L. - D. Oscar
Landeta
8. Sr. D. Carlos Karam, General Manager
of PROEXZA,
9. Sr. D.Javier Andonegui, Chamber of
Commerce and Industry of Zaragoza
10. Sra.D. Malgorzata Chylak, Chamber of
Commerce and Industry of Zaragoza
11. Sr.D.Hermogenes Lopez Garcia de
Lomana, Deputy Head of Mission
12. Sr. D. Carlos Tortola Sebastian,
Economic and Commercial Counsellor
13. Jose Manuel Paz Agueras-Ambassador
of Spain
List of Macedonian companies that
visit vusiness forum:
1. Trade chamber of Macedonia - Slavka
Kalenikova
2. Motor vehicle importers’ group - Zlatko
Kalenikov, president
3. Ka-dis - Zoran Kalenikov
4. Jonson Jonson and Philips - Goran Arna-
udovski
5. Centar Dizajn - Toni Dimitrovski
6. Kanal 4 - Borce Lukanovski
7. Ina Energosistemi - Stefan Pop Duchev
8. Turboinzinering - Mende Georgievski
9. In`iwering DASS - Sande Trpovski
10. Flex Power - Svetlana Boshkovska
11. Flex Power - Bobi Krstevski
12. Mak Kab - Andrej Manev
13. Mak Kab - Demiri Muhamet
14. Kanet Kompani - Adem Kochani
15. Arcuss Dizajn - Mirche Chekregi
16. Aneta Arsenova - British Ambassy
17 Joana Babusku - British Ambassy
 Date 17.03.2008 number 14
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
C O N T E N T S
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . 3 1. SHORT REVIEW OF EVENTS
Exceptionally low turnover achieved on MSE
COMMISSION ON SECURITIES. . . . . . . . . . . . . 4 last week is topic in many papers in their today`s
editions, which in their reviews emphasize that se-
MACEDONIAN SPANISH BUSINESS veral months lasting trend of lack of attraction of Ma-
FORUM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 cedonian securities market. According to market
analysts, the trade in total amount of 2.2 million eu-
berzNIK, MONDAY, TUESDAY, WEDNESDAY. ros represents original precedent on MSE in the last
… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7 few years. The main reason for the lack of attraction
for trade with shares, as stressed by market ana-
ILLEGAL SCRAP METAL DEALERS AND lysts, is the expectation if Macedonia is going to
SELLERS ON THE MAT. . . . . . . . . . . . . . . . . . . . 8 receive invitation for NATO the next month. How-
ever, last week MSE recorded share value drop of
STOCK EXCHANGE NEWS... STOCK several companies. Shares of Makpetrol declined
EXCHANGE NEWS... ...........................9 4.8%. Shares of Fersped were sold at 255,000
denars, which is 2% lower compared to last Friday
THE BENEFIT FROM THE GOOD in February. Shares of Skopski Pazar declined
CORPORATE MANAGEMENT - 7.9%, Makosped 9.8%, ZK Pelagonija from Bitola
TRENDY................................... 10-11 5.4%. Last week most traded shares were those of
Komercijalna Banka. Second most attractive com-
STARTING THIS YEAR.................. . . . . . . . . . 12 pany was Toplifikacija with achieved turnover of
138,000 euros, although the price declined 2.5%.
berzNIK, FRIDAY, SATURDAY ...........13-15 Shares of pharmacy company Alkaloid were also
attractive on MSE. Yet, last week Macedonian capi-
WEEKLY MAGAZINES...…....................16 tal market registered appreciation of capital.
Shares` price increase record construction com-
WEEKLY REVIEW OF THE MACEDONIAN pany Mavrovo and Replek. Last week on MSE was
STOCK EXCHANGE. . . . . . . . . . . . . . . . . 17-19 established new member, company for manage-
ment with open investment funds - Moj Fond.
There is liberalization of the telecommunicati-
I M P R E S S U M ons market yet to come. As Utrinski Vesnik
convey`s, Macedonian Railroads are going to rent
their optical cable to interested telecommunications
operators. By the end of the week is expected an-
nouncement about the part of the optical cable ins-
Publishing: INTERNACIONAL NIK AD - Skopje talled for their needs will be given for rent. However,
Media library and digital archive the optical cable is in this moment the fastest was to
Editors office: berzNIK make transfer of data in the world. The cable can
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, transfer internet, television and all other digital con-
R.Makedonija
Phone. 02/25.32.800 faks: 02/25.32.839
tents. The Director of Macedonian Railroads -
web: www.interNIK.com.mk; Infrastructure, Nikola Dimitriovski, says that the
e-mail: info@interNIK.com.mk capacity of the optical cable can not be fully used for
company`s needs and therefore it is rented. As a
Executive Director: Zdravko Josifovski benefit from this liberalization, citizens will receive
Account Menager: Divna Pesic faster and cheaper internet.
Public relations: Natasa Dimovska In Utrinski can also be read that Silmak is still
Marketing manager: Ivona Josifovska
Assistent: Stojne Danilova unable to start working although that was heralded
E-business manager: Ratko Projkovski by the Government two weeks ago. Although the
Logistics manager: Ana Petrova Government assured the plant the shipment of night
Finance manager: Gordana Stojanovska electricity, which would mean restart after three
moths pause, there is still no electricity and furnace
STOCK EXCHANGE REVIEW OF EVENTS IN THE are still shut down. British company Johnson
PRINT MEDIA berzNIK
Matthey has four other factories of this kind that pro-
berzNIK is founded in year 2007.
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
STOCK EXCHANGE REVIEW OF EVENTS IN THE
PRINT MEDIA berzNIK 1. LOW TURNOVER ON MSE CONTINUES (***)
Number: 14 2. GREECE, THE SECOND INVESTOR IN MACEDONIA (***)
Date: 17.03.2008
DNEVNIK
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY p.1 GREEK BUSINESSMEN FEEL LIKE AT
HOME IN MACEDONIA
FRONT PAGE PHOTO:
p.9 TWO AND A HALF YEARS FAST TO BUY
NEW PUNTO
Photo: p.9 117 HECTARES OF PUBLIC AGRICUL-
Robert Spasovski TURAL LAND DISTRIBUTED
p.9 SKOPJE REGION WITH THE BIGGEST
Editorial staff of berzNIK SHARE IN MACEDONIAS GDP
Internet distributive system: www.interNIK.com.mk p.9 2,700 HECTARES WILL BE SOWED IN
Editor: Makedonka Baldazarska
Journalist: Vaska Mickoska THE KRIVA PALANKA REGION
DTP: Tatijana Trpkovska p.9 KIRO KUCUK FACING BANKRUPTCY
Editorial staff: p.9 BARREL OIL 200 DOLLARS
News Evaluator: Anita Bashoska, R. Tasovska UTRINSKI VESNIK
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, p.1 SILMAK WITH NO DECISION FOR ELEC-
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski TRICITY YET
[translators]: translator's manager Senka Mihajlovska, Angelina
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta p.1 LOW TURNOVER ON MSE CONTINUES
Menoska, Filip Koviloski, Darko Ivanovski p.7 THE GOVERNMENT DOES NOT GIVE
Fotoreporter: Robert Spasovski ELEM A COMMAND ABOUT THE NIGHT
ELECTRICITY FOR SILMAK
Marketing, distribucija i proda`ba: p.8 ZELEZNICA TO RENT OUT THE OPTICAL
INTERNACIONAL NIK AD - Skopje CABLE
berzNIK
5
10.03.2008 MONDAY
duce for the same market and delay of the start of
factory`s construction in Macedonia is not going to
affect continual supplying of our consumers. British
company Johnson Matthey in April is going to start
the construction of the factory in Bunardzik which
prolongs previously announced dynamics for real-
ization of their investment for two months, Vest
informs. According to preliminary announces
released from the company, construction works
were planned to start in February, but for now in the
duty free zone there are only preparations on the
terrain.
- Johnson Matthey has four other factories of
this kind that produce for the same market and de-
lay of the start of factory`s construction in Macedo-
nia is not going to affect continual supplying of our
consumers. There is no delay, but it is a process of
which we are satisfied," stresses Jeffrey Collin of
Johnson Matthey said.
Dnevnik conveys that in ceramics factory Kiro
Kucuk from Veles is going into receivership. Recei-
ver Angelina Gogusheva by 20th of March should
investigate the conditions and causes for filing peti-
tion for bankruptcy, which came from Pension Insu-
rance Fund due to 45 million denars debt from then
last three years. In meantime all company`s ac-
counts are blocked and there is ban for expropriati-
on. However, private company Elenica from Strumi-
ca, which bought the company`s plant in Caska one
month ago, show interest for taking over of Kiro
Kucuk.
Price of oil on world is still rising after passing
the limit of 100 dollars per barrel, so the possibility
to reach 200 dollars in near future is not excluded,
investment bank Goldman Sax forecast. This bank
has previously correctly forecasted current growth
of the price of manor energy raw material, which
yesterday in one moment reached record breaking
level, 106.4 dollars per barrel.
As a result of the steep growth of the oil, driving
a car becomes luxury for most citizens in the coun-
try, Vecer conveys. Oil derivative distributors say
that in recent period citizens ask pouring oil for mo-
dest 200 denars, so they can finish some urgent bu-
siness. They have understanding for the reduced
consumption because the standard of the citizens is
declining as a result of increased life expenditures,
which is caused by the increase of prices of fuels,
food, heating, water… Average Macedonian family
on fuel spends up to 3,000 denars from their budg-
et.
p.8 LOW TURNOVER ON MSE CONTINUES
p.8 IN JANUARY, ISSUED 193 CONSTRUC-
TION PERMITS
VECER
p.8 CARS ARE DRIVEN ONLY TO GO TO A
DOCTOR
p.8 REGIONAL STOCK EXCHANGE FOR
BRAND INVESTORS
VREME
p.1 UKRAINIAN IRON MELTS IN MACEDON-
IAN POCKETS
VEST
p.3 GREECE, THE SECOND INVESTOR IN
MACEDONIA
p.7 JOHNSON MATTHEY TO BUILD THE
FACTORY STARTING FROM APRIL
p.10 USJE SMOKESTACK POISONS US
NOVA MAKEDONIJA
p.5 MACEDONIA PROMOTED AS NEW ECO-
NOMIC WONDER OF EUROPE
p.5 THE OIL REACHED 106 DOLLARS PER
BARREL
 6 berzNIK number 14
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 17.03.2008

1. SHORT REVIEW OF EVENTS
The Government sees no reason for inter-
est rate increase, is the headline of the texts in
which today's editions of Dnevnik and Utrinski
Vesnik convey the position of the Minister of
Finance Trajko Slavevski. According to the head
finance officer, it is true that the banks should be
following the signals coming from NBRM.
However, there is no sense in increasing the
interest rates, since such thing would be
unfavourable for them due to the fact they won't
be competitive and risk losing their clients.
The tremendous liquidity of our banking
sector is another argument in favour. "In our
country the banks wallow in money. Take this
example, about ten days ago one bank, in only
one day, purchased NBRM treasury bills for
staggering 50 million euros, which is one per-
cent of this country's gross domestic product.
This is sufficient indicator about the banks`
assets", Minister Slavevski explains.
Minister of Finance announces that the pro-
jected inflation rate of three percent will be
revised - most of the newspapers inform. The
changing of the inflation rate will be preformed
in consultations with the National Bank of
Macedonia and IMF, and as Slavevski points
out, following the inflation globally many central
banks in the EU countries corrected the project-
ed inflation rates. According to analysts, the
Government has to revise the macroeconomic
policy and make a new projection for the infla-
tion rate this year.
This year the Macedonian economy will
have another major problem - trade deficit. In
January this year actually, in the external trade
exchange with foreign countries Macedonia has
realized negative balance of 182.9 million dol-
lars, which is an increase for 45.1 percent com-
paring to the deficit made the same month last
year. According to the information of State
Statistical Office published in the daily print
media, in January Macedonia had realized
export of more than 268 million dollars, while the
import exceeds 451 million dollars, and the
import coverage with export is 59.4 percent. As
reasons for the increased deficit experts point
the increased import of crude oil, electricity and
motor vehicles.
Businessmen in our country are still unin-
formed for the usage of the money from the
European Competitiveness and Innovation
Programme (CIP) 2007-2013, which realization
should start by the end of this or the beginning
of the next month - Dnevnik informs.
The programme CIP has been projected of
approximately two million euros. All countries
from the region can use the money if apply with
projects that would increase the competitive-
ness of small and medium enterprises. For that
purpose a campaign is being launched for bet-
ter understanding of the European Funds within
the nine-year project for strengthening the
entrepreneurship, competitiveness and innova-
tion. Namely, the CIP programme is projected at
two million euros and the money could be used
by all countries from the region, if they apply for
projects that might increase the competitiveness
of the small and medium-sized enterprises. The
projects are going to be realized according to
the co-financing principle, where the applicant
provides from 15 to 20 percents of the value,
while the remaining 75 to 80 percents are cov-
ered by EU. If Macedonian businessmen do not
use the money of the CIP programme, their col-
11.03.2008 TUESDAY
leagues of the other countries of Western
Balkans will be able to do that.
The shares of the construction company
Mavrovo yesterday were in the focus of the
investors' interest. Sixteen percent of the princi-
pal of the company were sold in more than 60
transactions. One company's share reached
selling price of 2,450 denars, and 39,000 secu-
rities were traded in the transactions. With the
sell of these shares 95.5 million denars were
encashed, i.e. over 1.5 million euros. This
turnover on the official capital market was yes-
terday almost 70 percent of the overall turnover
on the Stock Exchange. As newspapers convey,
although it wasn't confirmed officially who is the
share buyer, it is considered that this share
package would be transferred on the account of
the Zagreb company INGRA, which officially
announced that it is preparing an open offer for
take over the Macedonian civil engineering
department.
The gas in the free economic zone of
Bunardzik will come in about ten days. As
Utrinski Vesnik conveys, all technical undertak-
ings for receiving the gas have been completed,
the pipelines and the required installation have
been placed, as well as the measuring stations,
and this means the American company Johnson
Controls can finally utilize it for its own needs.
Although the gasification of Bunardzik, which
should have been carried out by GAMA was to
be completed long ago, this still is no obstacle
both for Johnson Controls and Johnson
Matthey, which is starting construction at the
beginning of April, to carry on their current and
future work.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. AEK ANNOUNCED COMPETITION FOR DIRECTOR (****)
2. THE COMPANIES DO NOT KNOW HOW TO USE THE EUROPEAN MONEY (****)

DNEVNIK ISSUED?!
p.1 GOVERNMENT SEES NO REASON FOR INTEREST RATE p.8 CROATIAN INGRA BUYS 16 PERCENT OF MAVROVO?
INCREASE p.8 DIRECTOR-MANAGER NEEDED
p.13 MBI 10.03.2008 p.8 CONFERENCE ON CORPORATIVE MANAGEMENT
p.13 EUROPEAN MONEY FOR GREATER COMPETITIVENESS OF VREME
MACEDONIAN COMPANIES p.8 THE CITIZENS SHORTER BY 90,000 EUROS A MONTH
p.13 AEK ANNOUNCED COMPETITION FOR DIRECTOR p.8 NO PROBLEM FOR REK BITOLA
p.13 THE PROJECTED INFLATION RATE WILL BE REVISED p.8 THE COMPANIES OUGHT TO FIGHT FOR THE EUROPEAN
p.13 GOVERNMENT SEES NO REASON FOR INTEREST RATE MONEY
INCREASE VEST
UTRINSKI VESNIK p.3 TRADE DEFICIT OF 182 MILLION DOLLARS
p.1 RECORD BREAKING TRADE DEFICIT IN JANUARY p.9 CANDIDATES FOR DIRECTOR TO TAKE PROFESSIONAL
p.3 GOVERNMENT SEES NO REASON FOR INTEREST RATE TESTING
INCREASE NOVA MAKEDONIJA
p.6 DEPENDENCE FOR FUELS IMPORT IS THE MAIN REASON p.1 BUSINESSMEN LACK INFORMATION HOW TO USE EU
FOR THE NEGATIVE BALANCE IN EXCHANGE WITH FOR- MONEY
EIGN COUNTRIES p.5 BUSINESSMEN LACK INFORMATION HOW TO USE EU
p.6 AGENCY FOR ELECTRONIC COMMUNICATIONS TO ELECT MONEY
NEW DIRECTOR p.5 OIL PRICE CAN EVEN REACH 200 DOLLARS A BARREL
p.7 GAS FOR BUNARDZIK SHOULD COME IN ABOUT TEN DAYS p.5 16% OF MAVROVO SHARES TRADED
p.7 CHATEAUX KAMNIK VINERY WINS ON GAST FAIR 2008 IN p.5 AEC ANNOUNCES COMPETITION FOR DIRECTOR
SPLIT SPIC
p.7 16% OF MAVROVO SHARES SOLD p.1 GO AHEAD AND REPORT TAXES!
p.7 CORPORATE MANAGEMENT CONFERENCE p.8 GO AHEAD AND REPORT TAXES!
VECER p.8 THE COMPANIES DO NOT KNOW HOW TO USE THE EURO-
p.7 BUSINESSMEN IN MISSION FOR EUROPEAN MONEY PEAN MONEY
p.7 MACEDONIA BUILDING SITE WITH ONLY 190 PERMITS
 Date 17.03.2008 number 14
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
7
12.03.2008 WEDNESDAY
1. SHORT REVIEW OF EVENTS

Nine foreign companies-traders of electrici-
ty submitted bids for electricity export to
METSO, was the top news in today`s newspa-
pers. The foreign companies are: GENI, Krsko,
Slovenia, EFT - Switzerland, Rudnap Group AD
- Serbia, Korlea invest, Kosice - Slovakia, Vivid
Power EAD - Bulgaria, EGL Switzerland, EZPA-
DA- Czech Republic, PCP Energy Trading,
Duisburg, Germany and RE Trading CEE,
Prague, Czech Republic. The price of the daily
energy is in the range of 67.75 euros for mW/h
to 119.94 euros for mW/h of electricity. The
offered prices for the night tariff are the follow-
ing: 29.92 euros to 76.88 euros for mW/h of
electricity. Subject of METSO`s tender were
quantities of electricity for the period of 16
March to 31 December 2008. In the next period
the Commission will have to choose the compa-
ny with the best offer and price, delivery condi-
tions, the total offered quantities of electricity,
the manner and the collection deadline.
The entry of the USA automobile company
as well as the opening the office of the telecom-
munication giant Nortel in Macedonia was
being announced these days in Washington.
According to the "Voice of America" this is a
result of the business- forum "Macedonia - new
economic miracle in Europe" which took place
last week in Washington. The Memorandum of
cooperation with the USA automobile company
is expected to be signed at the end of this
month, after which the final decision whether
the company will invest in Macedonia will be
reached. The head of the telecommunication
giant "Nortel", Mike Zafirovski, announced that
his company will open sales office in
Macedonia in the next few weeks.
Yesterday, ELEM announced a tender for
selecting company to build the combined gas
power plant "Energetika" and at the same time
ELEM will be a partner in the joint investment.
The new power plant should have minimal
installed power of 300 mW/h of electricity pro-
duction and maximal power of 150 mW/h ther-
mal energy, writes Utrinski Vesnik.
The new gas power plant, according to the
initial estimations of ELEM, should be finished
for two and a half years and to cover around 11
percent of the electricity shortage. The gas
power plant will be built in the municipality
Zelezara of Skopje, next to the existing power
plant of ELEM, adds Vest.
The price of the crude oil placed new
record, fifth day in the series of historical
records. On the electronic commerce on the
Stock Exchange in New York the price f the oil
exceeded 109 dollars per barrel, as a result of
the investments for the term oil transactions
that provide higher income than financial mar-
kets, writes Nova Makedonija. The price of the
crude oil on the Stock Exchange in New York
have increased to 18 percent for just one year,
while the most popular indexes such as Dow
Jones recorded decline, states Blumberg.
On Saturday expires the deadline when the
citizens who in 2007 have made profit besides
the regular incomes should fill in an annual tax
application, Public Revenue Office says.
Citizens must submit tax application regardless
of the fact that the personal income tax for the
extra profit is paid, announces Dnevnik. There
will not be prolonging of the deadline, even
though it was expected to be extended at least
until Monday. Having in mind that this is work-
ing Saturday, the Public Revenue Office
announces that the procedure for collecting the
annual income tax returns should be rounded
off. Up to now, the citizens` response is very
small, respectively until March 7, only 8.576 cit-
izens have submitted annual tax returns to the
Public Revenue Office, and the expectations of
the Revenue Office rise up to receiving 27.000
tax returns, which means that once again
everybody waits until the last minute to com-
plete this task.
Societe Generale said that the Bank's plan
to collect 5.5 milliard euros by selling shares by
lower price to already present investors was
successful. Shares are being sold with 40% off
or 47.50 per share, and the French company
says that investors ask for almost twice the
offered shares. Many analysts think that the
high demand on these shares came from the
speculations that major rival BNP Paribas was
considering taking over part of the scandal with
damaged SG.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. ELEM ANNOUNCES COMPETITION FOR CONSTRUCTION OF GAS POWER
STATION (*****)
2. THREE MORE DAYS FOR THE TAX RETURNS (*****)
DNEVNIK p.8 BUILDERS BACK ON STAGE
p.12 ELEM ANNOUNCES COMPETITION FOR CONSTRUCTION p.8 INVESTMENT FUNDS TO BECOME PLAYERS MORE EASILY
OF GAS POWER STATION VEST
p.11 TAX MUST BE PAID FOR THE RENT p.11 SOCIETE GENERALE SELLS SHARES TO REDUCE THE
p.11 ANNOUNCEMENTS ABOUT USA AUTOMOBILE COMPANY`S LOSS
ENTRANCE p.11 OIL PASSES 109 DOLLARS
p.11 MBI REPORT FOR 11.03.2008 NOVA MAKEDONIJA
UTRINSKI VESNIK p.1 WITH THE NEW PROGNOSIS - TWICE AS HIGHER INFLATION
p.1 OIL BREAKS RECORDS, MACEDONIA OBSERVES DUMBLY p.5 WITH THE NEW PROGNOSIS - TWICE AS HIGHER INFLATION
p.10 OIL BREAKS RECORDS, MACEDONIA OBSERVES DUMBLY p.5 THE DEADLINE FOR FILING THE ANNUAL INCOME TAX
p.10 NINE COMPANIES SUBMITTED BIDS FOR ELECTRICITY TO RETURNS ENDS UP
METSO p.5 A BARREL OF OIL REACHED 109 DOLLARS
p.11 ELEM ANNOUNCES TENDER FOR GAS POWER PLANT p.5 DOMESTIC COMPANIES HAVE EQUAL TREATMENT WITH
p.11 USA AUTOMOBILE COMPANY TO ENTER IN MACEDONIA THE FOREIGN COMPANIES
p.11 THREE MORE DAYS FOR THE TAX RETURNS SPIC
VECER p.7 MARCH ELECTRICITY BILLS WITHOUT MANIPULATIVE
p.8 STOCK EXCHANGE PLAYER GAINS 5 MILLION EUROS IN EXPENSES
2006 p.7 AN ASSOCIATE FOR GAS POWER PLANT IS NEEDED
p.8 TEN BIDDERS OF ELECTRICITY p.7 18.000 CITIZENS WILL SURGE IN THE PUBLIC REVENUE
VREME OFFICE
p.1 THE ELECTRICITY EXHAUSTED THE WATER p.7 MEPSO FOUND ELECTRICITY FOR THIS YEAR
p.5 THE ELECTRICITY CONSUMED THE WATER
p.8 GAS POWER STATION TO BE BUILD
 8 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
ILLEGAL SCRAP METAL DEALERS AND SELLERS ON THE MAT
REGARDLESS THE ENORMOUS FINES, METAL
THEFT REMAINS PROFITABLE BUSINESS
Macedonia has annual need of around
450.000 tons of scrap metal and the price
of one kilo scrap metal varies from four to
seven denars. However, 50% of the metal
purchase doesn`t end up only in the pro-
cessing capacities on the territory of
Macedonia, but it is also exported, mainly
in Greece. Out of these reasons, the pur-
chase points will be controlled vigorously.
The Inspectorate will be constantly work-
ing on field in order to fix the situation
hould the ban for scrap metal purchase be
S reestablished or all competent institutions
should make maximal efforts to root out
the thefts and the illegal sales?
This is the key issue at the debate that took
place in the Economic Chamber last week
among representatives of the Government and
firms that run such legal businesses.
Literary anything is being stolen, and the
wholesale points trade scrap metal that mustn`t
be subject of sale, such as copper, highway
berms, traffic signs, manholes. Most exposed to
these thefts is the infrastructure of Macedonian
Railroads, from which an equipment of over one
million euros had been stolen within one year
only, damage which is covered by the Railroads
for the time being. Literary anything made of
metal is being stolen from their railway lines,
even the lines itself.
-The doers of such actions can prompt con-
sequences that may claim serious damages,
even human lives, said Milan Jankulovski,
Manager of Macedonian Railroads (MR).
The thefts of metal, or even whole concrete
pillars from the railway lines of MR has been
going on for a while, but the state still hasn`t
come up with a formula to handle this phenome-
non. In spite of the enormously high fines and
the competent institutions that are fervently per-
forming their duties, it appears this is a very prof-
number 14
itable business and the unfair competition is tak-
ing full swing.
Unable to handle the problem, the Go-
vernment is most likely to reinforce the ban for
scrap metal purchasing, announced the Deputy
Minister of Environment and Physical Planning,
Sonja Lepitkova. The Government will be
informed about the last event and steps carried
out by the State inspectorate April 5. The final
decision will be brought in the mentioned period,
and for the time being, the massive action will
continue hunting the illegal sellers and dealers.
We have also been trying to root it out with
all other mechanisms and this meeting serves
the goal for exterminating it and considering the
options for dealing with this issue with all
involved parties in this business. As far as the
Ministry is concerned, we have adopted the base
documents and we will continue with the vigor-
ous control and severe penalties, in terms of
timely sanctioning of those subjects that haven`t
been following the law. Should after one or two
sanctions they fail to obey the laws, their license
for performing this type of business will be per-
manently revoked.
Just for information, Macedonia has annual
need of around 450.000 tons of scrap metal and
the price of one kilo scrap metal varies from four
to seven denars. However, 50% of the metal pur-
chase doesn`t end up only in the processing
capacities on the territory of Macedonia, but it is
also exported, mainly in Greece. Out of these
reasons, the purchase points will be controlled
vigorously not only in the following week, but in
continuity as well.
The Inspectorate will be constantly working
on field in order to fix the situation, however, it is
at this point that we should mention that we need
the support of all subjects in this country, in
terms of internal organizing of Macedonian
Railroads, the Ministry of Economy that is to reg-
ulate the import, export, scrap metal processing
of by the means of the import licenses and other
Date 17.03.2008
measures, and certainly sanction the mutual sol-
idarity among the subjects trading scrap metal,
their mutual covering up. Should they fail to
report such actions, the Law envisages penalties
against such actions, which are really high and
may turn into criminal indictments, pointed out
Deputy Minister of Environment and Physical
Planning Sonja Lepitkova.
This phenomenon is also present in the
regional countries. Railroad thefts are also regis-
tered in Bulgaria, Albania, Serbia, and Croatia.
Croatia have raised the sanctioning against the
metal thefts to a level of sanctioning against
state sabotage.
The representatives of the firms that are run-
ning this type of business legally also reacted on
the probability the Government to reinforce this
unpopular measure.
-The inspections should sanction all those
who dared to break this provision, Aleksandar
Panov, Makstil Director, stated for Berznik.
-I am revolted from the proposal suggesting
that we should organize ourselves against this
phenomenon. The institutions are the ones that
should fight against the unfair competition.
Officials from the Government say they are car-
rying out all possible actions, a claim I disagree
with. Makstil purchases 60.000 tons of scrap
metal every year, which is not a small number.
The problem is serious. We are not against tak-
ing participation against it. However, we don`t
purchase from people that obtained the material
from social goods. We have already sacked 10
of our workers in order to root out this phenome-
non. Macedonian Railroads should seat with
representatives of the competent institutions on
the table and have serious talks for coordinated
battle against the illegal dealers. Should this
trend with the unfair competition continues, other
workers may loose their jobs, which is bad for all
of us.
K.S.
 Date 17.03.2008 number 14
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
9
STOCK EXCHANGE NEWS … STOCK EXCHANGE NEWS…

Zito Luks- financial results still with negative sign Tehnometal Vardar -
Last year was a successful year for Zito Luks taking into consideration the unfavorable mar-
minimal positive balance
ket conditions in world frames which caused dramatic increase of wheat price. But in spite such Tehnometal Vardar's balance of success
movements, the activities taken for restructuring, better engagement of departments and ration- is minimal only 378,000 denars. This most of
alization of expenses for the past few years, have brought to improvement of company's financial all is result of reduced operational incomes,
results. The incomes mark increase of 16% comparing 2006 reaching 992,401,000 denars, as which from 500,502,000 denars in 2006 went
result of the larger range of sold products, newly placed products and the inevitable corrections down to 226,482,000 denars in 2007.
of the selling price. The financial report has been improved for 77% comparing the year before, Tehnometal Vardar marks reduction also with
but it is still with negative sign (26,676,000 denars comparing to 115,779,000 denars in 2006). the operational expenditures in 2007 which
Liquidity indicator has been increased from 0.79% to 1.13%, while the debt indicator has been are 231,954,000 denars, while the financial
improved from 0.98% to 0.92%. incomes are only 6,649,000 denars.

Beton with reduced profit last year

Successful year for
Makpetrol
In 2007 joint-stock company Makpetrol
has realized total selling of 19,709,305,000
denars marking increase comparing to the
year before when the profit was
18,923,371,000 denars. The profit from the
operational working also marks increase
which from 144,434 million denars went up
to 151,461,000 denars, and the profit after
taxation is 164,000,000 denars. The year
before was more successful for Makpetrol
since the company realized profit of
292,690,000 denars. In the annual unre-
vised financial report the company showed
changes concerning the shareholder capital,
which at the begging of 2007 was 3,319,155
denars and at the end of the year it reached
3,694,335 denars.
Positive changes the company also
realized with the reserves which from
255,997,000 in the begging got increased to
320,430,000 denars in the end of the year.
Last year the incomes from the selling of construction company Beton were 956,514,000
denars and they are higher comparing the year before when they only reached value of
874,977,000 denars. With all other parameters the company shows slight increase of expenditures,
which is mostly expressed with the trade goods supply, where the expenses of negative balance
of 3,972,000 turned into negative balance of 22,031,000 denars.
Income from operational working is 31,655,000 denars and from the regular working by taxa-
tion 21,853,000 denars and it's reduced comparing to last year when it was 25,973,000, although
there is slight increase with the extraordinary gains comparing last year. Net profit in 2007 is
26,914,000 denars and it's reduced in comparison to last year when it had been 29,742,000
denars.
Fersped with positive balance of success
The biggest forwarding company in Macedonia, Fersped ad Skopje, ended last year with prof-
it of 189,569,000 denars. An amount that shows slight increase comparing 2006, when the profit
was 148,488,000 denars. Company marks an increase of profit from the operational working in
amount of 237,500,000 denars unlike the year before when it was 212,431,000 denars. Incomes
from the sell have been increased from 4.036 million denars in 2006 to 5.480 million denars last
year. But, increased have also been the numbers for spent material and the expenses for employ-
ees. The profit before taxation is 220,796,000 denars and is bigger than last year when it was
167,944,000 denars.
ZK Pelagonija- two-and-a-half times the net profit
Last year the agricultural works from Bitola showed incomes of 768,221,000 denars from the
sell, which is slight increase comparing to the year before, and there is also increase of incomes
by other bases in amount of 180,743,000 denars.
The profit from the operational working marks the biggest increase in relation to the other finan-
cial indicators and is 91,797,000 denars, bigger than in 2006 when it was only 190,000 denars. The
net profit for 2007 is 146,978,000 denars and is higher for
two-and-half times comparing 2006 when it was 53,331,000 denars.

RZ Uslugi with five times the profit

Profitable year for
Balance of success of RZ Uslugi a.d. is with great financial results. Practically, the company
ended 2007 with net profit of 15,234,000 denars, which is five times the profit in 2006 when the
Toplifikacija
value reached only 2,720,000 denars. Positive financial incomes are result of the values increase
Toplifikacija ended the year with pretty
with all economic parameters. Last year the company realized significantly higher incomes from the
positive net profit comparing the year be-
sell comparing to the year before, reaching value of 317,173,000 denars. Positive trend have
fore. Last year the company realized
marked also the values of operational working, financial incomes, acquisition value of sold goods.
117,703,000 denars profit which is twice the
Nevertheless, when all calculated, before taxation the income is 18,969,000 denars and the
profit in 2006 when it was only 40,885,000
income of the regular working 15,234,000 denars, which is actually the net profit for 2007.
denars. Toplifikacija's incomes form the sell
in 2007 are 1,560,357,000 denars and are
smaller than in 2006, when they were
Makoteks ends 2007 with loss 1,568,287,000 denars. The profit from the
operative working is 156,607,000 denars
The incomes from the sell of trade association Makoteks for 2007 are 51,084,000 denars. The and the profit of the regular working after
profit for operational working for 2007 is 1,083,000 denars. Because of the big expenses of which taxation 117,703,000 denars.
the operational expenditures are the highest, association Makoteks makes loss of 31,889,000
denars in its working.
10 berzNIK number 14
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 17.03.2008

THE BENEFIT FROM THE GOOD CORPORATE MANAGEMENT - TRENDY

THE TRANSPARENCY AND THE

ATTRACTIVENESS OF THE COMPANIES
- IN COMPETITION FOR FRESH CAPITAL
The confidence in a company and its reputation, gained on the principles of the good corporate management, contribute for
decreasing of the financing expenses, alleviated working with the partners and the rest of the participants on the market, as
well as for reduction of the risks within the company. The good corporate management contributes for the successfulness
of the economy as a whole, because the basic principles - integrity, corporate responsibility and the transparency, simulta-
neously is based on an efficient and functional economy

odravka was the first company in in the developed country - said Drenislav tional company which has factories in 17

P Croatia, which even in 2002 adopted

the corporate management code,
which appeared a decade sooner in Europe.
Zekik, Assistant of Podravka's Management
Board president, on the recent conference
for corporate management, which was
countries, 7,000 employees, and which sells
its product Vegeta in more than 40 countries
world wide, is a good illustration that the
In order to sell Vegeta and the soups on the organized by the newspaper Kapital and IFC, companies which applied good corporate
foreign market, like it or not, we had to work and which purpose was to present the corpo- management practices became more suc-
by those rules of behavior and standards. rate management as a model, which could cessful and powerful.
The next year we receive Euromoney's make the Macedonian companies more suc- The corporate management is applied all
Award for Good Corporate Management, cessful, more sustainable before the banks over the world long time ago and the number
because we were recognized as a company and more attractive for investments. The of companies which apply the principles of
which is guided by criteria and standards like model of Podravka, which is now an interna- the good corporate management is increas-
ing, because it is lucrative. Namely, the con-
fidence in a company and its reputation,
gained on the principles of the good corpo-
Maja Stevkova Sterieva - Komercijalna banka, Risk management and Planning Division Manager rate management, contribute for decreasing
of the financing expenses, alleviated working
The transparency in Komercijalna banka is understood as a very serious challenge. Last with the partners and the rest of the partici-
year, the bank announced 54 price sensitive data, 37 of which are data which the bank estimat- pants on the market, as well as for reduction
ed as especially significant for the investors, the public and all concerned subjects. Maybe the of the risks within the company. The good
company was not obligated to announce some of them, but still, during the internal consultation corporate management contributes for the
it was estimated that is better if the public and the investors are informed. But there are certain successfulness of the economy as a whole,
problems which occur in the field of the transparency. Namely, the following question is asked: because the basic principles - integrity, cor-
How to determine the optimal level of transparency? It is really hard and, in practice, we are fac- porate responsibility and the transparency,
ing the dilemma what has to be announced and what does not have to announce. It derives from simultaneously is based on an efficient and
the fact that the announcement of information for some events, for which there is a certain dose functional economy.
of uncertainty, can go in both directions. If the information is announced, and the event is not
successful, someone can evaluate that as seducing of the shareholders. On the other hand, if Unlike the global trends and the success-
the information for a certain project is not announced, and the project is successful, there is a ful experiences of the countries from the
danger that the company would be accused of non-transparency. region, the Macedonian companies even
now take the initial steps for application of
 Date 17.03.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
the corporate management. According to the
research performed by IFC - World Bank
finance corporation - in 2006 in this country,
it was shown that the Macedonian compa-
nies lack transparency. Even though its initial
purpose is to cause interest among the
investors to invest in it through the placed
information about the company and its busi-
ness from all possible aspects, according to
Kiril Nejkov from IFC, there was no increase
of the basic capital of even 85% of the firms
which were included in the research, and the
companies which registered an increase of
their basic capital mostly worked with direct
foreign investments. The use of bonds or
domestic investment in that period was rela-
tively low, and the firms did not have experi-
ence with taking loans from international
organizations. - The companies think that
revealing of more data about the corporate
management directly violates their business
secrets. They mostly announce their financial
condition, the income statement and the
annual report, while they never announce the
compensation of the management and of the
members of the management board and of
the supervisory committee-Nejkov says.
The analysis of Goran Koevski, professor
at the Faculty of law in Skopje,
which is based on the question
why do the companies hide their
shareholders' structure and why
are the single shares adjusted to
be under the legal minimum, when
this is requested by law is a confir-
mation more for the non-trans-
parency of the subjects in the
Macedonian economy. Or, why are
the domestic investors afraid to
boldly reveal their property? Is the
privatization realized in conditions
of unsatisfactory build legal and
institutional framework? Or maybe
fear of political racketeering is con-
cerned? - Like the most of the
social countries, we too live in a
society of individuals, who envy the people
who make more money, always looking for a
criminal and illegal background of the big
profits-Koevski says.
Still, the non-transparency is not only our
specialty, but it is characteristic for all coun-
tries in transition, even though it is most char-
Zorica Semenkova - Securities and Exchange Commission
number 14
berzNIK
11
Elena Jakimovska Petrovska - Executive Director of the Macedonian Stock Exchange
- The transparency is an opportunity for new sources of financing of its activities, increased
visibility of the company and its products and brands, which also means promotion of its image
and increasing of consumers' trust. A company which is not ready to be transparent in its work-
ing and reveal the information for its working cannot and should not be listed on the Macedonian
Stock Exchange.
What is listing and transparency of a company can be best illustrated with the data that
320,000 people visited the official website of the Macedonian Stock Exchange 12 million times
in order to find information. The daily average attendance of the website was 7,400 people from
50 countries.
***
It is obvious that the increased visibility can be a benefit. One of the biggest benefits is the
possibility for new finance. If that is not achieved, the question is why anybody would be pres-
ent on the stock exchange, except for the other benefits like the adequate evaluation on the
Stock Exchange and the improvement of the corporate image. In practice, we hardly ever see
situations when the firms, because they are transparent, are trying to secure new sources of
capital with issuing of new securities. The financing of the companies by issuing of new securi-
ties is not very popular, especially thorough a public offer.
acteristic for the countries on the Balkans. As correct, transparent and honest way of mak-
it could have been heard from the experi- ing profit. Hence, like ?eki? explained, -
ences of the present experts, the fact that we announce only the data which are projected
live in transitional countries, in which the ori- by the law and those for which you think that
gin of the capital is not always transparent, is would be useful. You must not lie, but you do
also a reason for that. Simultaneously, we not have to tell the truth also. You can choose
the data which you will
announce.
The foreign experts recom-
mended to the Macedonian com-
panies that they should closely
monitor the work of the others,
that they should not copy some-
one else's model, but that they
should apply something which
would be characteristic only for
them. - Now we are all competing
on the world market. The coun-
tries, which would be capable to
present themselves as attractive
to the global capital, will be the
ones which will profit from that
capital. If you do not present
yourself as an attractive country,
should not forget the hiding of the data, like you will not be fined, but that capital will not
the data regarding the profit and the major come to you. It will go somewhere else-
profits of the managements of the compa- emphasized Leonardo Peklar from Socius
nies, which is also influenced by the mentali- Consulting Inc. Slovenia, adding that every-
ty of this region, where it is still embarrassing body should play its role in the corporate
to be well rewarded. It has to change, and it management. There is a necessity of educat-
should be done by introduction of the corpo- ing the young people and the employees in
rate management, because it emphasizes a the companies, especially of the people who
have the key positions in the companies,
because it is obvious that investing in the
people is a key to success.

Unlike the developed countries, where the good practices of corporate management are Obviously, in the forthcoming period, the
turned into a law, there is an opposite process in our country, i.e. the obligations for revealing companies will face significant challenges in
of data are projected by law, meaning that a legal obligation the companies to announce data is order to become important rivals on the inter-
imposed. It was a case with the obligation for obligatory listing and announcing of data, with the national market and to become carriers of
amendments of the Law on Securities in 2002. This practice was repeated in 2003, when the the Macedonian economy. One of the most
Trade Companies Register was introduced. From an aspect of regulatory framework, significant important elements in dealing with these
improvement of the transparency of the Macedonian companies is noticed, for which, the challenges is the good corporate manage-
Securities and Exchange Commission can also take credit. Here, I would also mention the ment. For that purpose, the Swiss State
bylaw regulative, pointing out the Rules on the contents and the form of the prospect and the Secretariat for Economic Affairs, in coopera-
invitation for writing down and payment of securities and the rulebooks with which the obliga- tion with IFC, will implement a program for
tions of the joint stock companies with special announcement obligations are regulated. The good corporate management in the Macedo-
reduced number of requests for protection of shareholders' rights, which are filed by the share- nian economy in the forthcoming three year.
holders of the Securities and Exchange Commission, is evidence more for the improved trans-
parency and for the improved protection of the shareholders' rights. V.M.
12 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
STARTING THIS YEAR
ELECTRONIC SYSTEM FOR
PUBLIC PROCUREMENTS
At the end of last year the Bureau for public procurements of the
Ministry of Finance and the Project for business surrounding USAID
(BEA) promoted the new Law on Public Procurements which started
to apply in the beginning of the year
s of January 2008, Electronic system for
A public procurements (ESPP) has been
completely available to the public institu-
tions and the business community. The system
offers numerous functionalities, including the
very economical negative bidding. It guaran-
tees responsibility and trust in the public spend-
ing of the tax payers' money. With the new Law
on Public Procurements coming into force,
starting this year, introduced have been elec-
tronic auctions as new tool in ESPP providing
negative biddings as very efficient method for
making savings.
Bureau for public procurements is in charge
of following the process of electronic public pro-
curements and promoting ESPP. In the past two
months since the new Law on Public
Procurements came into force, underway has
been the campaign for promotion of ESPP sup-
ported by the Bureau for public procurements,
e-gov project of USAID and the Government of
RM. Held were several trainings for the con-
tracting organs and the economic operators,
who were presented the method for the sys-
tem's functioning and its benefits in practice. At
the moment registered to this system are 20
contracting organs and about 300 economic
operators, and implemented have been 15
complete procedures on awarding contract on
public procurement. The participants in public
procurements procedures, both from the con-
tracting parties and the economic operators,
carried through the system via electronic way,
although with small reservation at first, have
convinced themselves in the system's benefits:
increased transparency, saving of money and
time and increased competition.
Public procurements are the key instrument
in creating the market economy. By carrying out
the procurements the country directly partici-
pates on the market and its behavior greatly
affects the overall economic courses. Actually,
while carrying out public procurements, the
country should show that it respects the basic
principles of market economy, it actually pro-
vides functionality of free and fair competition.
In this context the new Law on Public
Procurements is a basis of establishing trans-
parent and efficient public procurements sys-
tem, and at the same time significant mean
against deviant phenomenon.
Passing the new law, among the other
things, is based on the obligations for matching
our legislation with the European Union's legis-
lation. Namely, the requirement for complete
number 14
Date 17.03.2008
matching of law regulations in
the field of public procure-
ments in the Republic of
Macedonia was established in
accordance with the obligation
from Article 68 of the
Stabilization and Association
Agreement between the
European Union and the
Republic of Macedonia, as
well as from the obligations
coming from the National pro-
gram for adoption of European
Union's law, whereas starting
point for preparing the law are
EU Directives which regulate
the field of public procure-
ments and the decisions of
European Justice court. This
law rests in the principles of
transparency, competition, equal treatment and system through which are published all calls on
non-discrimination and rational and efficient public procurements in the country for the past
usage of public means. period since the new law has been enforced.
This system did not only achieve simplification
and unification of the procedures for advertising
INFORMATION SYSTEM FOR PUBLIC and submitting notifications, but the received
PROCUREMENTS information of this area will present sound data
base on the reports the Bureau domestic and
With the new Law on Public Procurement international institutions prepares. Big advan-
coming into force in January 2008, introduced tage of this system is that the review of adver-
has been completely new system for advertis- tisements and notifications is completely avail-
ing and submitting notifications on public pro- able and free on the website https://oglasi-
curement procedures in the Republic of izvestuvanja.finance.gov.mk for the economic
Macedonia. This system introduced unification operators and all interested parties who want to
of advertisements and notifications on public have access to information on public procure-
procurements, full automatization and electron- ments. With this the Bureau plays great role in
ization concerning this procedure and the reduction of private sector's expenses for
increased the level of simplicity and access to public procurement market in RM.
efficiency of the same.
From January until now 260 contracting
New information system for advertising, organs have been registered to the system,
available on website- https://oglasi-izvestuvan- published have been 350 Calls on awarding
ja.finance.gov.mk, was prepared on the basis of contract on public procurement and 170
the advertising systems of EU-SIMAP and TED. Calls on request for collecting offers.
Bureau for public procurements manages this
In order to introduce greater number of services by using the electronic means, from now
on through the website of Bureau for public procurements http://javni-nabavki.finance.gov.mk
the contracting organs will have to publish the calls on awarding contracts on public procure-
ments (tenders).
Term Contracting Organs covers all state organs, organs of the local self-government units
and the City of Skopje, legal entities founded to meet the demands of public interest, public
enterprises and all other contracting organs stated in Article 4 of the Law on Public
Procurements, and which through ESPP implement procedures on awarding contracts on pub-
lic procurements;
Economic Operator (bidder) is any physical or legal entity or group of such persons who
offer goods on the market, services or jobs, and which in ESPP participate in the procedures for
awarding contracts on public procurements.
 Date 17.03.2008 number 14
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
13
13.03.2008 THURSDAY
1. SHORT REVIEW OF EVENTS

ESM-EVN and ELEM squabbled again about
electricity supply, write today`s newspapers. EVN-
ESM reacted to statement of Vlatko Cingovski,
director of ELEM that the additional electricity
import is not a result of the bad production, but to
increased consumption, which is higher about 14
percent compared to last year. According to him, it
needs to be investigated whether there is a mis-
take in the plan by EVN, writes Dnevnik.
The chimneys of the complex Silmak,
Jegunovce, yesterday started to work again. At
the time being, only three stoves are active after
which the production of ferrosilicon for export will
start. The stoves are now working with imported
electricity. As the vice premier, Zoran Stavrevski,
announced the night surpluses delivery of ELEM
by the transfer system operator METSO will start
next year, said Zvonko Stojanovski, director of
Silmak. The Government and Silmak negotiate for
few weeks now about whether Silmak will take the
night surpluses from the state at a lower price, or
will purchase the daily electricity on the market.
Recommendation by the foreign managers:
You shouldn`t sell cheaper products like the
Chinese, you should sell products with improved
quality like the French wine. This was recom-
mended by Drenislav Zekic, of the Croatian com-
pany Podravka, to representatives of Macedonian
companies on yesterday`s business conference
of cooperative management in Skopje, on which
few foreign experts took part, informs Vecer.
Foreign experts recommended Macedonian
companies to follow the work of the other and not
to copy somebody`s model but to apply some-
thing which will made them recognizable on the
market. Their mutual assessment was that
Macedonian companies have to be more trans-
parent in the business, and to invest a lot in edu-
cation of its employees because this is the key of
success.
A group of ten Spanish businessmen from
Saragosa will visit Macedonia in order to investi-
gate the possibilities for cooperation and eventual
possible investment in the country. Spanish com-
panies are interested to invest in Macedonia,
especially in the sectors of foodstuff industry,
tobacco industry, metal, automobile and ceramic
industry. Spanish businessmen asses the busi-
ness climate in the country as suitable especially
due to the Macedonia`s perspective to enter
NATO and EU, because this will guarantee eco-
nomic stability of the companies who will enter our
market, announces Utrinski Vesnik.
World Stock Exchange positive results. Vest
informs that European and Asian stock exchange
indexes have increased since the world biggest
central banks promised billion dollars for the glob-
al financial markets. London increased for 1.1 per-
cent, Paris for 1.4 percent and Frankfurt for 1.1
percent. Previously, the Japanese Nikkei ended
with increase of 1.6 percent.
ELEM`s tender on selection of company for
construction and utilization of the combined gas
power plant Energetika as a partner in the joint
investment is also top news in today`s newspa-
pers. The gas power plant will be build in Skopje,
next to the existing power plant of ELEM and the
company will be obliged to offer the produced
electricity on domestic electricity market.
There are statements that the USA automo-
bile industry plans to enter in Macedonia, stated
vice Premier Zoran Stavrevski for Voice of
America on Macedonian language. The final deci-
sion whether the automobile industry will invest in
Macedonia will be reached next month. This idea
arose after the held business - forum named
Macedonia - new economic miracle in
Washington.
The second major French bank Societe
Generale, which became famous after the biggest
fraud in the history, announced that the plan to
increase the capital to 5.5 billion dollars with the
new share emission, has been accomplished.
This means that the bank can stabilize itself after
the crisis caused by the brokerage fraud of 4.9 bil-
lion euros, writes Utrinski.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. EVN AND CHINGOSKI CLASHED ONCE AGAIN REGARDING THE IMPORT OF
ELECTRICITY (*****)
2. SPANISH BUSINESSMEN ARE EXPLORING THE FIELD FOR INVESTING IN
MACEDONIA (***)

DNEVNIK LAPSE
p.6 COMPANY`S PROFIT TO BE REDUCED
p.5 PROFIT MORE IMPORTANT THAN REPUTATION p.6 WAR IN THE ENERGY SECTOR
p.10 SILMAK STARTS HEATING UP ITS FURNACES YESTERDAY
p.10 EVN AND CHINGOSKI CLASHED ONCE AGAIN REGARDING VEST
THE IMPORT OF ELECTRICITY
p.2 ELEM LOOKS FOR PARTNER TO BUILD GAS POWER PLANT
UTRINSKI VESNIK p.7 SILMAK RESTARTED, 500 WORKERS GO BACK TO WORK
p.8 CINGOVSKI: WE ARE IMPORTING POWER BECAUSE OF
p.1 WHO WILL PAY 30 MILLION EUROS FOR POWER IMPORT? ESM`S MISTAKE
p.7 WHO WILL PAY 30 MILLION EUROS FOR POWER IMPORT? p.10 EUROPEAN AND ASIAN SHARES BOOST
p.7 WHO WILL PAY 30 MILLION EUROS FOR POWER IMPORT?
p.8 SPANISH BUSINESSMEN ARE EXPLORING THE FIELD FOR NOVA MAKEDONIJA
INVESTING IN MACEDONIA
p.8 THE PRICE OF THE OIL SLIGHTLY DROPPED TO 108, 6 US p.9 ANNOUNCEMENTS FOR ENTRANCE OF USA CAR INDUS-
DOLLARS PER BARREL TRY IN MACEDONIA
p.8 SOCIETE GENERALE COLLECTED THE PLANNED 5, 5 BIL- p.9 THERE WOULD HAVE BEEN NO LACK OF POWER IF ELEM
LION EUROS PRODUCED ENOUGH
p.9 POWER IMPORT A RESULT OF INCREASED CONSUMPTION
VECER p.9 SILMAK STARTS OPERATING
p.9 NINE COMPANIES COMPETE TO IMPORT ELECTRICITY
p.6 INDUSTRY LIVENS UP, BUT BRINGS ELECTRICITY PROB- p.9 MACEDONIAN POWER PRODUCTION BEFORE COLLAPSE
LEMS WITH ITSELF
p.6 SILMAK STARTS EMITTING SMOKE SPIC
p.7 DON`T BE CHEAP AS THE CHINESE, BUT OFFER QUALITY
LIKE THE FRENCHMEN WHEN TALKING ABOUT WINE p.1 POWER PRODUCTION BEFORE COLLAPSE
p.8 AMERICAN AUTOMOBILE INDUSTRY TO ENTER MACEDO-
VREME NIA
p.8 SILMAK STARTS OPERATING
p.1 ELECTRICITY PRODUCTION FACES COLLAPSE p.8 POWER PRODUCTION BEFORE COLLAPSE
p.6 MACEDONIAN ELECTRICITY PRODUCTION FACES COL-
14 berzNIK number 14
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 17.03.2008

14.03.2008 FRIDAY
1. SHORT REVIEW OF EVENTS

The latest information for crises in the
Government's coalition and possible fall of the
Government negatively reflected on the shares of
the most companies listed on the Macedonian
Stock Exchange, today's edition of the daily news-
papers informs. The political turmoil in this coun-
try contributed to yesterday's 2.71% fall of the
MSE MBI-10 index, which is second largest fall
this year after the 3.35% fall, which occurred on
23rd of January. The shares of 27 companies in
total ended up with balance in the red, only six
have achieved increase, and five remained with-
out any change of their value. Brokers say that
yesterday almost all foreign investors withdraw
from the Macedonian Stock Exchange, Dnevnik
informs, conveying the explanation of the analyst
Marjan Ivanovski from Ilirika Fund Management,
who says that the Macedonian Stock Exchange is
also affected by the downward trend on a global
and regional level, but for the yesterday's shock
the internal factor was also crucial. The shares of
Teteks, which price decreased by 5.4%, and the
shares of Komercijalna banka, which depreciated
by 1.9%, made the biggest turnover yesterday.
Businessmen expect the Government to take
measures to soften the consequences of dramat-
ic price increase of the oil, which passed 110 US
dollars per barrel yesterday, today's edition of the
daily newspaper Vreme informs. The transporters,
who say that they cannot increase the prices of
the services because of the low interest, were
most affected from the oil shock. - Not long ago
we submitted request to the Government for
reducing the excises, and now we found out from
the media that such measure cannot be taken
because the budget was already planned out with
these excises. The Government had certainly
made the projections for fuel excises by certain
price. Now, when this price is going up in record
time, excises should be reduced - says Biljana
Muratovska, president of transport enterprise
Maktrans. On the other hand, the competent
explain that, according to the Law on Excise, this
tax was not a percent of the oil fuels value, but
was fixed to a unit.
The energy sector, construction and electron-
ics are fields in which the Spanish businessmen
are interested to invest, the print media inform.
The commercial exchange with the Spanish
Kingdom amounts to 250 million US dollars, but
the economists say that there is a potential for it
to be doubled. The first Memorandum for
Cooperation, which was signed by the Chamber
of Commerce within the Economic Chambers of
Macedonia and the Economic Chamber of
Saragossa yesterday, is also a step forward in
that direction.
The shareholders will be have an insight in
the company's documentation within three days,
Vest informs, taking the amendments of the Law
on Trade Companies into consideration. The
draft-amendments also oblige every company in
the annual report to announce information for the
volume of the approved transaction, the way and
procedure of approval, as well as facts that refer
to the interested party in order to protect the
investors. The amendments project adjustment
with the European Directives by recommendation
of the World Bank and with the principles of the
OECD member countries.
The Government will again prohibit the pur-
chase of scrap metal, because the field condition
indicated that the theft of metal is growing, Nova
Makedonija informs. The railroad infrastructure,
where equipment worth 1 million euros was stolen
in only one year, is most endangered. Some of the
licensed companies reacted to the announce-
ments for a new ban and they ask for higher
engagement of the domestic institutions.
Macedonia needs 450,000 tons of scrap metal per
year.
In order to support the small and medium-
sized businesses, ProCredit Bank and Porsche
Macedonia has launched a campaign with which
they offer better conditions for buying cars of the
brands Volkswagen, Skoda, and Audi, Dnevnik
informs.
The campaign will be lasting four weeks, and
the interested businessmen can buy vehicle by
taking a loan with a deposit of five percents, term
of payment up to seven years, and benefits for
kasko insurance.
ProCredit Bank informs that the loan request
can be filled in all branch offices of the Bank and
in the salons of Porsche Macedonia.
The largest bread manufacturer in this coun-
try Zito luks has launched its new bread family on
the market with special origin consisted of French
bread, Greek bread, and the Macedonian rustic.
This family is now available in new packing and
enriched with the new French bread. The new
kinds of bread are sold at new, depreciated prices
from 1 to 2 denars per loaf.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. GOVERNMENT CRISIS BRINGS DOWN STOCK EXCHANGE (****)
2. BUSINESSMEN INTERESTED IN CIVIL ENGINEERING (***)

DNEVNIK COMPANY
p.1 GOVERNMENT CRISIS BRINGS DOWN STOCK EXCHANGE p.7 BUSINESSMEN INTERESTED IN CIVIL ENGINEERING
p.7 MBI 13.03.2008 p.7 CITIZENS GO INTO DEBT WITH 12 MILLION EUROS
p.7 PROCREDIT BANK AND PORSCHE CAMPAIGN VEST
p.7 MEMORANDUM FOR COOPERATION WITH SPANISH COM- p.2 PENSION AND DISABILITY INSURANCE FUND TO REIM-
PANIES BURSE PENSIONERS
p.7 THE CITIZENS OF VELES REMAINED WITHOUT PAID WORK p.3 THE ANNOUNCEMENTS FOR CRISES IN THE GOVERNMENT
SPAN BRING DOWN THE STOCK EXCHANGE
p.7 STATE WHEAT FOR ALL COMPANIES p.9 INSPECTION INTO COMPANY`S DOCUMENTATION WITHIN
p.7 GOVERNMENT CRISIS BRINGS DOWN STOCK EXCHANGE THREE DAYS
UTRINSKI VESNIK p.9 THE GOVERNMENT KILLS THE HOPE FOR LUCK
p.9 THIS YEAR TO EAT EXPENSIVE FOOD TOO p.13 SHARES DECLINED AGAIN
p.9 MBI REPORT FOR 13.03.2008 p.13 AUSTRIAN AIRLINES GETS OUT OF THE RED
p.9 PRICE DECLINE OF THE SHARES ON THE STOCK p.13 CONSTRUCTION COMPANY FALLS OUT OF FTSE 100
EXCHANGE p.13 THE SECOND DETAINED BROKER OF SOCIETE GENERALE
p.9 ZITO LUKS LAUNCHES NEW KINDS OF BREAD AT LOWER RELEASED
PRICES NOVA MAKEDONIJA
p.9 MACEDONIA - INTERESTING FOR THE SPANISH BUSINESS- p.2 EXTREME FINES FOR ILLEGAL TRADERS OF USED IRON
MEN p.3 INTENSIFYING THE COOPERATION WITH SPAIN
VECER p.6 ZK PELAGONIJA ACHIEVED A PROFIT INCREASE OF 175%
p.6 BLACK GOLD BLACKENS THE ECONOMY p.6 THE OIL HAS REACHED A PRICE OF 110 US DOLLARS PER
p.6 WATERS AROUND THE SLAG TO BE PURIFIED BARREL
p.7 DOUBLING THE COMMERCIAL EXCHANGE p.7 MOST SEVERE FINES FOR PERSONS WHO ILLEGALLY SELL
VREME METAL
p.6 BUSINESSMEN ASK THE GOVERNMENT FOR SALVATION p.7 TIKVES INCREASED THE PROFIT FOR 124%
p.6 WORKERS GO BACK TO WORK p.7 SUEZ AND RWE ENTERED THE SHORT LIST FOR BELENE
p.6 MANAGERS MEETING IN SLOVENIA SPIC
p.7 TOPLIFIKACIJA SEEKS COMPETITION p.2 THE OIL MAY TAKE WING TO 200 US DOLLARS
p.7 THE ELECTRICITY SHORTAGE QUARRELS THE ENERGY
 Date 17.03.2008 number 14
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
15
15.03.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

Today`s issues of the daily newspapers
convey that this is the last day of reporting the
tax income returns. To that end, all tax offices of
the Public Revenue Office will be opened until
18 o'clock. The windows of the Public Revenue
Office, in the past two-three days were over-
crowded of citizens who submitting their annual
tax declarations at the very last minute,
although competent bodies pointed out long
time ago that this obligation must be fulfilled
until 15 March inclusive.
All citizens who besides the wage and the
pension have other money inflow in 2007, such
as rented apartments, stock exchange trading
incomes, lottery games, dividends etc, must
submit annual tax declaration. The taxpayers
who will not submit annual tax declarations
today until 18.00 hours will be fined with 500 to
1.000 euros. For the legal entities the fines
range from 2.000 to 3.000 euros, Dnevnik
writes.
The inflation, most probably will continue to
grow besides the attempts of the Government
and the central bank to create conditions for its
curbing, the experts advice. The Professor on
the Faculty of Economy, Slave Risteski projects
that the percentage of inflation will reach 10%
until September if the global trends of rise in
prices do not change, mostly heated up by the
increasing price of the oil, as well as the projec-
tions that we are ahead of another dry summer,
Vest informs.
Today`s newspapers are informing on the
news of how the political chaos in Macedonia
influences the Stock Exchange trading. The
announcement that DPA leaves the governmen-
tal coalition shook the trading on MSE. Investors
swiftly started selling shares, and optimists
bought them at extremely low prices. Yesterday
Macedonian Stock Exchange index MBI-10 suf-
fered record breaking drop of 4.64%. Values of
almost all companies were dropping; Beton
recorded 8.18% drop, Toplifikacija 4.45%, Alka-
loid 4.82%, but many other companies suffered
value decline, writes Utrinski Vesnik.
The third block of REK Bitola will be discon-
nected starting from Sunday TPP Negotino will
make up for the electricity shortage, which prac-
tically means that the power plant of Negotino
will operate at full capacity on Sunday.
According to ELEM, the third block of REK
Bitola will be shut down four days in order to
optimize the production of this energy capacity,
Vecer writes today.
Lately, the Bitola Power Plant faces fre-
quent defects of the blocks, because of what
enourmous amounts of money were used for
urgent import of electricity.
In Vreme you can read about the decision of
the Commission on Securities regarding the fact
that all the listed companies on the Stock
Exchange will have to publish fully consolidated
revised financial reports, as follows: Auditor`s
opinion, Balance sheet, Income sheet, as well
as notes towards the financial reports. This is
how the Commission on Securities decided on
the yesterdays` session giving approval for the
amendments of the Regulations for quotation on
the Macedonian Stock Exchange AD Skopje.
So far, the obligation for these kinds of
reports applied only for the four super quoted
companies Beton, Invest Banka, Komercijalna
Banka and Toplifikacija, from now on it applies
to the other 34 quoted companies.
The associations are obliged to fulfill this
duty in period of 30 days after the adoption by
the Shareholders Assembly.
Through publishing fully consolidated
revised financial reports the transparency will
increase, and the investors will have more infor-
mation about the associations, says the
announcement of the Commission on Securiti-
es.
The transmission company EVN - Macedo-
nia will disconnect the electricity of OHIS of
Skopje, on Wednesday due to a debt of 600.000
euros. Yesterday EVN - Macedonia confirmed
that they will disconnect the electricity of the fac-
tory in which the state owns more than half of
the capital, because all previous attempts with
the competent bodies to pay the debt for the
used electricity, have failed, finds out Vecer.

2.TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. ROW FOR TAX RETURN (*****)
2. THE INFLATION TO REACH 10 PERCENTS UNTIL SEPTEMBER!? (*****)
DNEVNIK VREME
p.3 STOCK EXCHANGE LACMUS SHOWS ACIDITY
p.11 MBI 14.03.2008 p.7 THE NEGOTINO POWER PLANT WILL BE CONNECTED
p.11 ROW FOR TAX RETURN p.7 INSIGHT IN THE QUOTED COMPANIES
p.11 RECORD DECLINE OF MACEDONIAN STOCK EXCHANGE p.7 GOVERNMENTAL CRISIS MADE THE STOCK EXCHANGE`S
p.11 MILESTONE WILL PURCHASE MORE SHARES IN KIB SHARES CHEAPER
KUMANOVO
p.11 THIRD BLOCK OF REK BITOLA DISCONNECTED AGAIN VEST
p.11 134 KUMANOVO CITIZENS REQUEST SELF-EMPLOYMENT
LOAN p.5 RECORD BREAKING DROP OF MSE
p.5 OVER 10% INFLATION IN SEPTEMBER?
UTRINSKI VESNIK p.28 WE REMAIN HOSTAGES OF TELEKOM

p.6 THE INFLATION TO REACH 10 PERCENTS UNTIL SEPTEM- NOVA MAKEDONIJA

BER!?
p.8 MBI 14.03.2008 p.1 AFTER THE RECORD BREAKING DESCENT - DEPRESSION
p.8 FINAL DAY FOR THE TAX DECLARATIONS, THE PUBLIC REV- IN THE TRADING
ENUE OFFICE CROWDED WITH CITIZENS p.5 AFTER THE RECORD BREAKING DESCENT - DEPRESSION
p.8 EXPENSIVE OIL, STOP DRIVING CARS! IN THE TRADING
p.8 LISTED COMPANIES TO BE MORE TRANSPARENT p.5 THE COMMISSION ON SECURITIES APPROVED THE SEV-
p.8 MILESTONE TO RECAPITALIZE KIB WITH 6 MILLION EUROS ENTH ISSUE OF SHARES
p.8 THIRD BLOCK OF REK BITOLA TO BE DISCONNECTED; TPP p.5 TPP NEGOTINO WILL WORK WITH FULL CAPACITY
NEGOTINO TO OPERATE IN FULL CAPACITY p.5 AGROKOR CONCENTRATES ON ACQUISITIONS IN RUSSIA
p.8 RECORD BREAKING DROP OF MSE p.5 RZ USLUGI HAS 460 PERCENTS RISE OF NET PROFIT
p.5 ZITO LUKS LAUNCHES NEW LINE OF PRODUCTS
VECER p.6 THE INFLATION TO INCREASE OVER 10 PERCENT

p.6 TPP NEGOTINO TO RESTART ON SUNDAY SPIC

p.6 OHIS TO REMAIN WITHOUT ELECTRICITY ON WEDNESDAY p.5 UNTIL SEPTEMBER, THE INFLATION OVER 10%
p.6 PRO WILL WORK OVERTIME TODAY p.6 ROWS FOR TAX REPORTING
p.6 THE FIRMS TO FILE COMPLETE REPORTS p.6 REK BITOLA CAPACITIES TO BE UPGRADED FOR OPERA-
TION
16 berzNIK number 14
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
p.12 Whose capital is the largest in Macedonia?
Jordanov and Nakov the wealthiest businessmen in Macedonia
The fortune of Minco Jordanov and Sterjo Nakov, main share-
holders in Makstil and Fersped respectively, are the largest in
Macedonia, but still, they are not half the size of the capital of the late
tobacco boss, Danco Sugurkov.
Minco Jordanov, the biggest individual shareholder in Makstil and
Sterjo Nakov, manager and shareholder in Fersped are among the
wealthiest businessmen in Macedonia.
KAPITAL
p. 8 CONFERENCE ON CORPORATIVE MANAGEMENT HELD
BY KAPITAL AND IFC
How the good corporative management can make you more suc-
cessful, more sustainable in front of the banks and more attractive for
investments was the subject of the conference that took place yester-
day in Alexander Palace Hotel, organized by weekly Kapital and the
International Financial Corporation (IFC)
p.11 GRANIT ESTABLISHES COMPANY FOR MOTOR VEHI-
CLES REPAIR
Granit joint stock company last week established new firm. We
are talking about Car Wash-Granit DOOEL-Skopje with listed main-
tenance and repair of motor vehicles as main activities.
p.14 WARREN BUFFETT BECOMES THE RICHEST MAN ON
THE PLANET
Bill Gates is no longer the richest man in the world, but Warren
Buffett whose value of his shares in Berkshire Hathaway have pro-
vided him with fortune of 62 billion dollars, announced Forbs.
p.38 KOMERCIJALNA BANKA WITH BIGGEST PROFIT, OHIS
BIGGEST LOOSER
Invest Bank, Teteks, Komuna, ZK Pelagonija, RZ Uslugi and
International Hotels are the companies listed on the Macedonian
Stock Exchange Official Market in 2007 that made the biggest
increase of their profit in relation with the previous year.
p.40 INGRA AND MAVROVO ON JOINT CONQUERING OF
LIBYAN MARKET
Although it has no larger projects in Libya at the moment, Ingro
hopes that the takeover of Mavrovo will bring them new potential for
concrete talks on the Libyan market.
p.43 WE ARE TO INVEST ANOTHER ˆ1, 5 MLN IN PRODUC-
TION THIS YEAR!
Tikves winery from Kavadarci this year is to invest 1, 5 million
euros in its production, informs the company`s management.
p.44 IK BANK WITH 32% ASSETS INCREASE
The past 2007 was recorded as extremely successful year for the
working of IK Bank from Skopje, concluded the Management
Committee after reviewing the financial results.
p.44 INVEST BANK WITH FOUR TIMES INCREASED PROFIT
Date 17.03.2008
10.03.-15.03.2008 MONDAY-SATURDAY
LAST YEAR!
Invest Bank rounded up last year with raise of profit by almost
four times, shows the bank`s unrevised financial statement. The new
profit of the bank last year increased for 287% in relation with the pre-
vious year.
p.47 SKOPJE CREATES OVER 47% OF MACEDONIAN GDP
According to the calculations of the State Statistical Office, the
Skopje region has the greatest participation in the Macedonian gross
domestic product with 46, 3% in 2004 and 47, 3% in 2005.
p.52 OIL REACHES LEVEL OF $106 A BARREL
The American light fuel for delivery in April last week reached
new record of 105, 97 dollars a barrel, bringing down the previous
record of 105, 57 dollars set on the start of the trading.
MAKEDONSKO SONCE
P.26 LIFE BY INSTALMENTS
The inflation rise for entire percent in only one moment, in
February in relation with January, has prompted addition panic
among the citizens. The already announced new wave of price
increases of the commodities in such times of stringency will make
additional headaches to many Macedonian families.
p.29 MACEDONIAN WINE HAS THE FORMULA FOR ETERNAL
YOUTH
Gjorgji Petrusev, Tikves Director General
Forum: for the past few years we have been witnessing intensive
campaign for promoting the Macedonian wines. What are the current
effects and have the European and foreign buyers finally got
acquainted with the Macedonian wines?
Petrusev: This campaign filled in a historical lack in representa-
tion of the Macedonian wine i.e. there are efforts for overcoming the
point of view that Macedonia is only a base for wine raw materials.
p.33 FORUM FORECASTS
We should only hope that the week behind us will perhaps be the
most pessimistic for this year, above all due to the fact that for the
first time after the revealing of the companies` positive statements of
success, instead of the financial indicators, the unreal political esti-
mations were in the foreground.
p.33 FEW TRANSACTIONS, FEW INTERESTS
last trading week was once again monotonous, anaemic, under
the average. It went in quiet atmosphere with thin profit, few transac-
tions, without interests…
p.34 COMPANIES` MARKET VALUE STILL OVERRATED
SPMG was established almost 4 years. Its main activity is man-
aging the private investment fund SIF (Small Investment Fund), dif-
ferent from the current investment funds from the type of Ilirika, as
well as the other 10 private funds being established in our country in
the past months.
p.35 OIL AND FOOD MORE EXPENSIVE BY THE DAY
The crude oil price on the New York Stock Exchange at the open-
ing of this week set another record, reaching 109, 2 dollars a barrel.
 Date 17.03.2008 number 14
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
17

W E E K LY R E V I E W O F M A C E D O N I A N S T O C K E X C H A N G E
period 10.03. - 14.03.2008

12.03.2008 NON-TRADING AND NON-WORKING DAY

18 berzNIK number 14
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 17.03.2008

12.03.2008 NON-TRADING AND NON-WORKING DAY

 Date 17.03.2008 number 14
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
19
12.03.2008 NON-TRADING AND NON-WORKING DAY