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InvestSlovenia http://dev.tend.si/investslovenia/ Bussiness news en.UTF-8 TYPO3 News Tue, 22 Aug 2017 04:13:37 +0200 Tue, 22 Aug 2017 04:13:37 +0200 TYPO3 EXT:news news-4680 Fri, 18 Aug 2017 00:00:00 +0200 Triglav reports 36.1m net profit for H1, a 6% y/y increase https://www.investslovenia.org/news-media/business-news/triglav-reports-361m-net-profit-for-h1-a-6-yy-increase-4680/ Ljubljana, 18 August (STA) - The Triglav insurance group reported on Friday a EUR 36.1m net profit for the first half of the year, a 6% year-on-year increase which came on the back of an 8% rise in gross premiums to EUR 547.8m. Premium growth was recorded in all insurance markets and all three insurance segments. In the largest segment, the non-life insurance segment, premiums were up by 8%, while the life insurance and health insurance segments saw premium increases of 6% and 14%, respectively.

The group did well on all markets, with the average premium growth on the Slovenian market standing at 7% and on the markets abroad at 12%. The highest growth, 33%, was recorded on the Serbian market.

Slovenia remains Triglav's main market, but the the premiums share on foreign markets is gradually increasing, reaching 17.6% by the second half of the year, a 0.6-percentage point increase on the end of June 2016.

Gross claims paid meanwhile totalled EUR 314.2m, a 4% year-on-year increase, which was primarily the result of the larger insurance portfolio and higher claims frequency.

"The group's performance was affected to a certain extent by mass loss events, which amounted to EUR 13.1m in the reporting period. Despite the increase in the claims ratio, the group's combined ratio was favourable at 95.5%, which corresponds to its average target value in the strategy period," Triglav wrote.

The core company collected EUR 352.1m in gross premiums in the first half of the year, a 7% increase. Net profit was up 19% to EUR 35.1m.

Chairman Andrej Slapar was quoted as saying that the management is "satisfied with our performance in the first half of 2017".

"Taking into account the business conditions anticipated until the end of the year, we estimate that the annual profit before tax of Triglav group will be within the planned range," he announced.

Zavarovalnica Triglav, which is in majority state ownership, had a workforce of 5,102 at group level at the end of June. The core company employed 2,305 people.

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news-4679 Tue, 15 Aug 2017 00:00:00 +0200 Lek reports increase in revenue, decrease in profit https://www.investslovenia.org/news-media/business-news/lek-reports-increase-in-revenue-decrease-in-profit-4679/ Ljubljana, 15 August (STA) - Slovenia-based pharma company Lek, which is part of the Swiss giant Novartis, recorded a 5.4% increase in sales revenue to EUR 895.3m in 2016. Operating profit fell by 15.5% to EUR 75.4m and net profit by 35.5% to EUR 74.8m. In the annual report, released last week, Lek said the lower profit was the result of exceptional 2015 revenue and shares in companies that were no longer part of the group in 2015.

According to the company, the results are comparable to those in the years before. In 2014, Lek recorded a net profit of EUR 69.3m, while the figure for 2013 was EUR 88.8m.

The long-serving chairman Vojmir Urlep, who just retired, wrote that 2016, in which Lek celebrated 70 years of existence and the 20th anniversary of Novartis, had been marked by Novartis's restructuring.

The restructuring will also affect Lek, which has been part of Sandoz, Novartis's generic division. With the emergence of the Novartis Technical Operations division, the bulk of Lek's employees will fall directly under Novartis.

Lek had a workforce of around 3,500 in Slovenia last year, with the figure increasing by 358 over 2015.

In April this year, the cornerstone was laid in Prevalje (N) for the biggest investment of Novartis in Slovenia to date, an additional facility for production of broad-spectrum antibiotics that is expected to bring around 150 jobs.

The Swiss pharma group is building the new facility, estimated to cost EUR 105m, adjacent to the existing production location of its Slovenian subsidiary that currently has a workforce of 246.

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news-4676 Mon, 14 Aug 2017 00:00:00 +0200 Slovenia's first LoRaWAN network set up https://www.investslovenia.org/news-media/business-news/slovenias-first-lorawan-network-set-up-4676/ Ljubljana, 14 August (STA) - Solvera Lynx, a provider of solutions for the energy industry, has set up the first Internet of Things (IOT) network in Slovenia based on the LoRaWAN standard. The network already covers major urban areas and is to be expanded to the entire country. The company said it was using Ljubljana as a test field and had already installed special devices developed in-house at strategic points to provide city-wide coverage.

LoRaWAN networks are designed to connect thousands of internet-enabled devices such as smart meters and sensors. Such networks are considered the bedrock of smart cities and smart industries of the future.

Solvera Lynx said having a ready-to-use IoT network in Slovenia provided a valuable benchmark for IoT system implementation not just in the region but on a European scale.

The devices in an LoRaWAN network have low power consumption and a very long reach, keeping cost low. These devices transmit information to a central platform, where the data can be analysed and processed.

IOT devices have broad potential uses in industries including telecommunications, energy, building management, manufacturing, agriculture and logistics.

Solvera Lynx said it was already working with companies such as shopping mall operator BTC, steel producer Acroni and power grid operator Eles.

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news-4677 Mon, 14 Aug 2017 00:00:00 +0200 Construction sector rebounding https://www.investslovenia.org/news-media/business-news/construction-sector-rebounding-4677/ Ljubljana, 14 August (STA) - Slovenia's construction sector appears to be rebounding, with the latest statistics showing the value of construction works rising by almost a fifth in the first six months of 2017 compared to the same period a year ago. The 18.4% year-on-year industry-wide increase was driven by a nearly 38% surge in the value of works on buildings, whereas the value of works on engineering objects rose by over a tenth, the Statistics Office said on Monday.

In June alone the value of construction works soared by 21.2%.

The values are still about a third below the peak reached in 2010, but the surge looks like it will offset the annual 14% slump registered in 2016.

Last year's slowdown, coming after two years of decent growth, was largely the result of the transition to the EU's new multi-year budgeting framework, which typically causes an investment hiatus lasting at least a year.

This year, funds from the new financial frameworks have started flowing and the economy overall has registered strong gains, with GDP growing at a pace exceeding 5% in the first quarter.

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news-4678 Mon, 14 Aug 2017 00:00:00 +0200 Aero Copy sold to Swedish company Scandstick https://www.investslovenia.org/news-media/business-news/aero-copy-sold-to-swedish-company-scandstick-4678/ Celje, 14 August (STA) - The bankruptcy administrator of Aero, a producer of glues, paints and paper products that has been in receivership since 2015, sold the subsidiary Aero Copy, a maker of carbonless paper, to the Swedish company Scandstick for EUR 700,000. The asking price at the auction last week was set at 401,500. Three bidders expressed interest in Aero Copy: the Slovenian branch of Swedish maker of self-adhesive labels Scandstick, the car retailer AC Fri-mobil, and a sole proprietor from Radeče, show documents filed with AJPES, the agency for public legal records

AC Fri-mobil and Scandstick bid for the company until AC Fri-mobil back out at EUR 700,000, so Aero Copy, its land, equipment and two 1,500 m2 warehouses were sold to Scandstick.

Founded in 1981, the Scandstick Group is one of Europe's leading manufactures of self-adhesive label stock material for the label printing industry, the group says on its website.

The group produces a wide range of face materials including paper, films, thermal, thermal transfer and tags. It is based in Höganäs, Sweden.

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news-4675 Fri, 11 Aug 2017 00:00:00 +0200 Panvita sluggish in 2016 https://www.investslovenia.org/news-media/business-news/panvita-sluggish-in-2016-4675/ Murska Sobota, 11 August (STA) - Panvita, one of Slovenia's biggest agrifood companies, saw consolidated revenue decline by almost a tenth to EUR 40.9m in 2016. Net profit declined to EUR 9,000 from almost half a million euros in the year before. Chairman Peter Polanič told the STA that the company was aiming for similar results this year. It would focus on expansion of sales to foreign markets and securing permits for much needed irrigation systems.

Panvita is the cornerstone of a group that spans crop production, pig breeding, meat processing and wine making.

Its biggest shareholders are retailer Regal trgovina (40%) and pig farm operator Farme Ihan (25%).

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news-4674 Thu, 10 Aug 2017 00:00:00 +0200 Industrial output up more than 7% in January-June period https://www.investslovenia.org/news-media/business-news/industrial-output-up-more-than-7-in-january-june-period-4674/ Ljubljana, 10 August (STA) - Slovenia's industrial output expanded by 7.2% at the yearly level in January-June. Turnover expanded at a slightly slower pace, growing by 7.1% year-on-year, the Statistics Office said on Thursday. In the first half of the year, industrial output increased in all industry groupings, with the highest increase recorded in capital goods (+9.9%) and the lowest in consumer goods (+4.9%).

The value of stocks of finished and unfinished products was up by 5.7% in the first six months of the year, compared to the same period last year.

In June alone, industrial output shrank by 0.8% at the monthly level, but was up 6.7% year-on-year.

At the monthly level, output fell by 8.8% in mining and quarrying, by 1.1% in electricity, gas and steam supply, and by 0.6% in manufacturing.

Industrial revenue edged down by 0.5% in June over May, with turnover in mining and quarrying dropping by 12.5%, but increasing by 1.4% in manufacturing.

On the other hand, turnover increased by 9% at the yearly level in June.

The value of stocks was slightly higher in June than in the month before and was up 6.3% when compared to June 2016.

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news-4671 Wed, 09 Aug 2017 00:00:00 +0200 Slovenia's exports up by 11.7% in H1, imports by 13.9% https://www.investslovenia.org/news-media/business-news/slovenias-exports-up-by-117-in-h1-imports-by-139-4671/ Ljubljana, 09 August (STA) - Slovenia exported EUR 13.95bn worth of goods in the first six months of 2017 or 11.7% more than in the same period last year. Meanwhile, imports rose by 13.9% to EUR 13.53bn, the Statistics Office said on Wednesday. Trade surplus amounted to EUR 415.1m, with the exports-to-imports ratio standing at 103.1%. Slovenia's most important trade partners in the first half of 2017 were Germany and Italy, both in terms of exports and imports.

Among third countries, Slovenia exported the most goods to Serbia and Russia, while its top imports partners were China and Turkey.

In June, exports and imports were up by 13.4% to EUR 2.51bn and by 13.7% to EUR 2.36bn, respectively.

Trade surplus in June was the highest this year, topping EUR 156.5m, while the exports-to-imports ratio reached 106.6%.

Slovenia exported EUR 1.92bn worth of goods to EU member states in June, which is 13.3% more than in June 2016, while it imported EUR 1.91bn or 12.7% more than a year ago.

The surplus in trade with EU countries in June amounted to EUR 9.9m, which is the highest number this year.

Exports to non-EU countries rose by 13.5% year-on-year to EUR 591.5m, while imports reached EUR 444.9m, up 18% from June 2016.

The surplus in trade with non-EU countries in June amounted to EUR 146.6m in June, which is also this year's record.

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news-4672 Wed, 09 Aug 2017 00:00:00 +0200 Gorenjska banka ups H1 profit, binding bids cold shower for owners https://www.investslovenia.org/news-media/business-news/gorenjska-banka-ups-h1-profit-binding-bids-cold-shower-for-owners-4672/ Ljubljana, 09 August (STA) - Gorenjska banka upped its net profit by nearly 20% to EUR 3.6m in January-June year-on-year, but this was reportedly not reflected in the binding bids for a 55% stake in the bank. According to unofficial information, two bidders came forward, offering less than was the lowest price set for the sale. In the first six months, Gorenjska banka brought up net interest income by 19% to EUR 15.5m year-on-year, reads Wednesday's release from the bank.

Total assets stood at EUR 1.71bn at the end of June, which compares to EUR 1.51bn at the end of 2016.

Deposits by non-banking sector increased by 12% to EUR 1.37bn and loans to this grouping were up by 4% to EUR 887.6m.

The share of toxic loans was down two percentage points to 9.3% at the end of June compared to the end of 2016. The bank's capital adequacy stood at 17.1%.

Meanwhile, the consortium led by financial holding Sava as the biggest single owner got acquainted with the binding bids for the majority stake in the bank yesterday.

Sava, whose financial restructuring plans hinge on the sale of Gorenjska banka, was tight-lipped, but media reported unofficially that two bids arrived, both below EUR 298 per share.

This is the lowest price under which the consortium - Sava, Abanka, the Bank Asset Management Company and Zavarovalnica Triglav - is willing to sell the bank.

According to the Delo newspaper, which quotes unofficial information, Sava's restructuring plan and potentially its future is based on the set price.

Delo also reported that the US fund Apollo and the Serbian AIK Banka, which already has more than 20% of Gorenjska banka, offered roughly EUR 230 and EUR 280 per share, respectively.

Apollo is already a majority owner of the NKBM bank, the postal bank Poštna banka and the former Raiffeisen bank.

Both bidders also reportedly set additional conditions pertaining to a criminal complaint by the central bank over trading in Iskratel shares, which allegedly netted Gorenjska banka almost EUR 20m in illegal proceeds in 2009.

Unsatisfied with the offers, the consortium reportedly asked the two bidders to increase their offers, Delo also reported.

Further steps will be decided by the management board of Sava and its owners, with Slovenia Sovereign Holding and the York Global Finance Offshore fund the biggest among them.

Meanwhile, pundits believe that Gorenjska banka could be worth much more given its potential and its book value at EUR 565 per share last year, Delo noted.

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news-4673 Wed, 09 Aug 2017 00:00:00 +0200 Slovenia's exports up by 11.7% in H1, imports by 13.9% (adds) https://www.investslovenia.org/news-media/business-news/slovenias-exports-up-by-117-in-h1-imports-by-139-adds-4673/ Ljubljana, 09 August (STA) - Slovenia exported EUR 13.95bn worth of goods in the first six months of 2017 or 11.7% more than in the same period last year. Meanwhile, imports rose by 13.9% to EUR 13.53bn, the Statistics Office said on Wednesday. Trade surplus amounted to EUR 415.1m, with the exports-to-imports ratio standing at 103.1%. Slovenia's most important trade partners in the first half of 2017 were Germany and Italy, both in terms of exports and imports.

Among third countries, Slovenia exported the most goods to Serbia and Russia, while its top imports partners were China and Turkey.

In June, exports and imports were up by 13.4% to EUR 2.51bn and by 13.7% to EUR 2.36bn, respectively.

Trade surplus in June was the highest this year, topping EUR 156.5m, while the exports-to-imports ratio reached 106.6%.

Slovenia exported EUR 1.92bn worth of goods to EU member states in June, which is 13.3% more than in June 2016, while it imported EUR 1.91bn or 12.7% more than a year ago.

The surplus in trade with EU countries in June amounted to EUR 9.9m, which is the highest number this year.

Exports to non-EU countries rose by 13.5% year-on-year to EUR 591.5m, while imports reached EUR 444.9m, up 18% from June 2016.

The surplus in trade with non-EU countries in June amounted to EUR 146.6m in June, which is also this year's record.

The Economy Ministry welcomed the report, with State Secretary Aleš Cantarutti saying that the results confirmed the "excellent work" of Slovenian exporters.

"This shows that exports remains the key engine of the development of the Slovenian economy and that our exporters are capable of keeping up with the growth of the European and global economies," Cantarutti told the STA.

He warned of the "slight danger of overheating" though, pointing to issues such as staff shortage. But he said he was confident that companies were capable of tackling such challenges.

The state secretary also pointed to government measures aimed at helping exporters such as funding R&D and encouraging internationalisation as well as efforts of the economic diplomacy.

Chief analyst at the Chamber of Commerce and Industry (GZS) Bojan Ivanc said the results were above average.
        
He attributed the growth of imports to higher importing of intermediate goods and materials needed for products that are being exported, and to higher household spending and growth of the construction sector.

In the first five months, exports of electric machines and devices were up the most, followed by exports of vehicles, oil and petroleum products, he noted. In imports, the biggest growth was recorded with petroleum products, road vehicles and electric devices.

GZS expects the export growth to slow down in the second half of the year, as the current growth rate is not sustainable. But the figures can still be affected by the growing trade in petroleum products and the short-term importing of vehicles to be sold in other countries.

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