• Ljubljana, Tivoli park
  • Wooden bike Woodster, photo: M. Kolakovič

News & Media room



Business News RSS


InvestSlovenia http://dev.tend.si/investslovenia/ Bussiness news en.UTF-8 TYPO3 News Sun, 18 Nov 2018 09:38:13 +0100 Sun, 18 Nov 2018 09:38:13 +0100 TYPO3 EXT:news news-5365 Fri, 16 Nov 2018 00:00:00 +0100 Petrol's group net profit at EUR 69m in Jan-Sep, up 14% y/y https://www.investslovenia.org/news-media/business-news/petrols-group-net-profit-at-eur-69m-in-jan-sep-up-14-yy-5365/ Ljubljana, 16 November (STA) - Energy group Petrol made EUR 68.8m in net profit in the fist nine months of the year, up 14% compared to the same period last year, as sales revenue rose by 18% to EUR 3.91bn. On the other hand, operating profit was slightly down, by 2%, to EUR 85.5m. Retail merchandise business is an increasingly important segment for the energy group, as revenue from the business rose by 11% to EUR 445.9m in the first nine months compared to the same period last year, follows from the financial statements published on Friday.

Petrol also sold 2.5 million tonnes of oil products, up 1% from the same period last year, with the Slovenian market accounting for 1.23 million tonnes or nearly half of the sold products.

The group sold 577,100 tonnes of oil products in South European markets, up 1% year-on-year, and 691,400 tonnes in EU markets, which is on a par with the first nine months of last year.

The sales of liquefied petroleum gas were up 5% to 119,400 tonnes. The sales of natural gas amounted to 13.2 TWh, and the sales of electricity to 13.7 TWh.

At the end of September, Petrol had 495 service stations, of which 317 were in Slovenia and the rest in countries of former Yugoslavia.

The core company, Petrol, generated EUR 3.05bn in sales revenue, up 11%. Net profit was up by a fifth to EUR 59.3m, while operating profit dropped by 10% to EUR 65.6m.

]]>
news-5366 Fri, 16 Nov 2018 00:00:00 +0100 Gea to be delisted after small shareholders squeezed out https://www.investslovenia.org/news-media/business-news/gea-to-be-delisted-after-small-shareholders-squeezed-out-5366/ Ljubljana, 16 November (STA) - Tovarna Olja Gea, the biggest producer of edible oils in Slovenia, will be delisted from the Ljubljana Stock Exchange after the majority shareholder squeezed out the remaining small shareholders on Friday. Gea was acquired by the conglomerate Plasta in a takeover bid in which the company acquired about 95% of stock. The remaining shareholders were squeezed out at the takeover price of 5 euros per share.

This is the latest acquisition for Plasta, a company owned by one of the wealthiest Slovenians, Franc Frelih.

Plasta itself produces plastic packaging but it also owns soft drinks maker Dana and Plama Pur, a maker of polyurethane products.

Gea posted sales of EUR 25.7m for 2017 and a net profit of EUR 150,000. In the first half of 2018 sales dropped by a tenth year-on-year to EUR 11m, with net profit at just EUR 15,000.

The company was listed on the standard market of the Ljubljana Stock Exchange and generated only about EUR 200,000 in turnover in the last year.

The takeover values the company at EUR 6.3m.

]]>
news-5361 Thu, 15 Nov 2018 00:00:00 +0100 Logins richest Slovenians for fifth year in a row https://www.investslovenia.org/news-media/business-news/logins-richest-slovenians-for-fifth-year-in-a-row-5361/ Ljubljana, 15 November (STA) - Samo and Iza Login, the founders of tech firm Outfit7, top the list of the 100 richest Slovenians, compiled by the Manager magazine, for the fifth year in a row. Their assets are estimated at EUR 689m, while total assets of the top 100 have been estimate at EUR 5.7bn, a new record and 10% more than last year. The Logins are the principal founders of the company best known for its globally successful app Talking Tom, which they sold to the Chinese United Luck Group for US$1bn in January 2016.

The couple has transferred the proceeds from the sale to a family non-profit charity organisation, which looks for solutions for global environmental problems, said the newspaper publisher Finance, which publishes the Manager magazine.

Following the Logins is Sandi Češko, the owner of multichannel retailer Studio Moderna, with EUR 334m, and Marko Pistotnik, one of the former owners of Outfit7, with EUR 210m.

Also in the top five are Joc Pečečnik, the owner of gaming products provider Interblock, with EUR 194m, and Tatjana and Albin Doberšek of the Germany-based Engineering Dobersek, with EUR 183m.

With total assets of the top 100 breaking a new record this year, the threshold for making it to the exclusive company was also up to EUR 24.2m from EUR 20.4m last year.

This year's list features five newcomers and five individuals or families who have returned to the top 100.

The highest-ranking newcomer is Izet Rastoder, the owner of the banana trading company, Rastoder, who ranks 40th with EUR 36.2m.

The property Manager takes into account in compiling the list is majority stakes in companies or co-ownership.

Since many Slovenian businessmen have sold their companies over the past few years, the share of the proceeds from the sales in the total property of 100 richest Slovenians has been increasing to reach around 25% this year, Finance explained.

]]>
news-5362 Thu, 15 Nov 2018 00:00:00 +0100 Average net wage down 1.9% in September https://www.investslovenia.org/news-media/business-news/average-net-wage-down-19-in-september-5362/ Ljubljana, 15 November (STA) - The average net wage in Slovenia in September amounted to EUR 1,062.03, which is 1.9% less than in August, while the average gross wage was down by 2.2% to EUR 1,632.88, the Statistics Office reported on Thursday. In the private sector, the average net wage was down by 2.4% and in the public sector it decreased by 1.1% compared to August.

Average net wages decreased on the monthly basis in most activities, in particular in electricity, gas and steam supply (by 12.3%). The segment nevertheless recorded the highest average net wage in September (EUR 1,450.71).

The average net wage in Slovenia in September was meanwhile up by 1.4% compared to September 2017, and the average gross wage was up by 1.8%.

In the private sector, the annual increase in the average net wage was 2.5%, while in the public sector it was only 0.3%.

]]>
news-5363 Thu, 15 Nov 2018 00:00:00 +0100 SSH and Sava reportedly file separate bids for Istrabenz hotels https://www.investslovenia.org/news-media/business-news/ssh-and-sava-reportedly-file-separate-bids-for-istrabenz-hotels-5363/ Ljubljana, 15 November (STA) - Seven bidders have emerged in the sales process for the six hotels owned on the Slovenian coast by the debt-ridden Istrabenz holding, Siol reported on Thursday. The web portal highlights the surprising separate bids by state asset custodian SSH and Sava, both of which have been consolidating tourism assets in the state's hands. The Istrabenz hotels, estimated at around EUR 60m, are another important piece in the complex puzzle of the tourism assets, for which the previous government envisaged a consolidation to be followed by a gradual sale.

Sava, which has confirmed filing a separate non-binding bid, is already the largest tourism player in Slovenia and is also expanding its shareholding in another major hotel chain operator Hoteli Bernardin.

Sava is owned by Slovenian Sovereign Holding (SSH), the state's KAD fund and the Luxembourg-based York Fund.

Another major player in the developments is the Bank Assets Management Company (BAMC) or the bad bank, which owns the majority of Istrabenz's debt and will thus have the final say in the sale of Istrabenz's hotels Grand Hotel Portorož, Riviera, Slovenija, Apollo, Mirna and Neptun.

Sava reportedly filed the bid for Istrebenz Turizem together with KAD and the KAD-owned pension insurer Modra Zavarovalnica. What strikes the eye is that SSH filed a separate bid.

According to Siol, the list of the bidders also includes the US financial fund Bain Capital and notably the MK Group of Serbian businessman Miodrag Kostić.

Kostić had been beaten by BAMC in efforts to obtain Istrabenz's claims, he however recently received the green light to take over the Slovenian bank Gorenjska Banka, and already owns Hotel Kempinski on the Slovenian coast in Portorož and a third of the Portorož aipoirt, Siol reported.

What is more, Kostić is reportedly getting involved in the above mentioned takeover of Hoteli Bernardin.

According to Siol, the state is only 14% away from a 90% stake that would allow it to squeeze out small shareholders. Kostić is alleged to be behind a raised bid received in recent days by some of Hoteli Bernandin's small shareholders. Were he to secure more than 10%, he could thwart Sava's plans.

Siol also reports that BAMC is ready to sell its stake in Hoteli Bernandin to Sava through a forward contract in line with which Sava would secure the purchase funds within three years at the latest. BAMC is however making the deal conditional on a guarantee by Sava's owners, which SSH seems notto want to issue, Siol says.

]]>
news-5359 Wed, 14 Nov 2018 00:00:00 +0100 Steklarna Hrastnik shelves Poland investment, sale halted https://www.investslovenia.org/news-media/business-news/steklarna-hrastnik-shelves-poland-investment-sale-halted-5359/ Hrastnik, 14 November (STA) - Steklarna Hrastnik, a large glassworks, has decided to abort plans for a EUR 70m investment in a factory in Poland in favour of expanding production at home and stopped looking for a strategic investor, in what is a major turnaround in plans. The company told the STA on Wednesday it has decided to focus on the "super premium product segment," but since there are not enough qualified workers for that in Poland, it will expand production in Slovenia.

The supervisory board has already confirmed the expansion, valued at EUR 45m. "This will boost development and secure jobs with high value added at home in Hrastnik," the company said.

"Its owner believes in the long-term potential of Steklarna Hrastnik and the Slovenian business environment. At the beginning of November it halted the search for a strategic partner despite excellent offers from foreign strategic investors," the press release reads.

Steklarna Hrastnik is owned by Igor Lah, one of the wealthiest Slovenians. Just days ago, he transferred ownership of the company from a Cypriot firm to a holding he has in Switzerland, GlobalGlass.

"I see in the strategy adopted by the new leadership an opportunity for continued development and growth of Steklarna Hrastnik," he was quoted as saying in the company's press release.

Steklarna Hrastnik plans sales of just over EUR 60m this year, up 4% over the year before, while pre-tax profit is expected to rise by 13% to EUR 8.7m.

]]>
news-5360 Wed, 14 Nov 2018 00:00:00 +0100 Insurer Triglav reports 12% higher Q3 profit https://www.investslovenia.org/news-media/business-news/insurer-triglav-reports-12-higher-q3-profit-5360/ Ljubljana, 14 November (STA) - Triglav Group, Slovenia's leading insurance group, reported a net profit of EUR 58.8m for the first three quarters of the year, up 12% on the same period a year ago. Consolidated gross written premium rose by 6% to EUR 820.2m. According to an interim report posted by the company on the website of the Ljubljana Stock Exchange, premium growth was recorded in all the company's markets; in Slovenia it rose at a rate of 5% and in other markets at 8%.

In terms of individual insurance segments, property insurance premium rose by 6% and the life-insurance segment saw a 1% growth with a 10% growth in the health insurance segment.

Net claims went up by 1% to EUR 471.6m, whereas net premium income rose by as much as 6% to EUR 703.8m.

While the insurance business had a positive impact on the bottom line, returns on investments dropped by 19% year-on-year to EUR 3.1bn due to one-off events in 2017 and the low interest rate environment.

The core company Zavarovalnica Triglav posted EUR 509.6m in gross written premium, up 4% y/y; net profit increased by 12% to EUR 51.3m.

Triglav chairman Andrej Slapar, who was endorsed for another five-year-term by the supervisory board today, expressed satisfaction with the performance.

"Taking into account the business conditions anticipated until the end of the year, we confirm our annual profit guidance," he was quoted as saying.

]]>
news-5358 Sat, 10 Nov 2018 00:00:00 +0100 Popular frozen baked goods maker increased revenue last year https://www.investslovenia.org/news-media/business-news/popular-frozen-baked-goods-maker-increased-revenue-last-year-5358/ Škofljica, 10 November (STA) - Pekarna Pečjak, a maker of frozen baked goods, generated EUR 33.1m in net sales revenue last year, which is a 12.4% increase over 2016, according to the company's 2017 business report. Its net profit dropped by 2.8% to EUR 1.43m due to an increase in prices of raw products and energy, as well as considerable investments. In total, the biggest maker of frozen dough foods in the country produced 8,800 tonnes of products last year, according to the business report published by the Agency for Public Legal Records (AJPES).

Sales revenue generated in Slovenia was up 9%, while exports grew by 38% compared to 2016, as the company acquired new clients in Austria and Sweden. Moreover, its Croatian subsidiary saw its sales revenue jump by 52%.

The company spent 7.2m for investments last year, buying two office and storage buildings, a shop and machinery, as well as trucks.

At the end of 2017, the company employed 342 people, nine more than a year earlier. The family business distributes 10% of profits among its employees every year.

]]>
news-5355 Fri, 09 Nov 2018 00:00:00 +0100 Exports up 9.7% in first nine months y/y https://www.investslovenia.org/news-media/business-news/exports-up-97-in-first-nine-months-yy-5355/ Ljubljana, 09 November (STA) - Slovenia's exports of goods in the first nine months of the year amounted to EUR 22.9bn, which is 9.7% more than in the same period last year, while imports were up by 10.6% to EUR 22.4bn, the Statistics Office reported on Friday. Trade surplus thus amounted to EUR 482.3m, with the exports-to-imports ratio standing at 102.1%, the office said, noting that Slovenia had recorded a surplus in every month in the first three quarters except in May.

Germany and Italy were the main partners in the first nine months both in exports and imports. The main exported products belonged to the car industry and pharmaceutical segments, while the main imported products were cars, petroleum products and bituminous materials.

In September alone, exports amounted to EUR 2.58bn, down 0.5% year-on-year. It was the first time since October 2016 that monthly exports were down on the annual basis. Imports in September meanwhile increased by 7.7% to EUR 2.56bn.

Slovenia recorded a trade surplus of EUR 17.9m in September, with the exports-to-imports ratio standing at 100.7%.

Exports to the EU countries accounted for 77.5% of total exports and imports from the EU amounted to 76.2% of total imports.

Slovenia exported EUR 2bn in goods to the EU countries or 2.1% more than in September 2017, while imports were up by 2% to EUR 1.95bn.

Exports to non-EU countries in September amounted to EUR 579.9m, down 8.6% year-on-year. Imports from these countries were meanwhile up by 31.5% to EUR 609.9m.

]]>
news-5356 Fri, 09 Nov 2018 00:00:00 +0100 Industry expands by 6.2% in nine months https://www.investslovenia.org/news-media/business-news/industry-expands-by-62-in-nine-months-5356/ Ljubljana, 09 November (STA) - Slovenia's industrial output decreased by 2.1% in September compared to the month before but increased by 0.5% year-on-year. The industry expanded by 6.2% y/y in the first three quarters of the year. Data released by the Slovenian Statistics Office show the January-September growth was generated chiefly by the manufacturing sector, whose nine-month output expanded by 6.7% year-on-year.

Electricity, gas and steam supply industries expanded by 2.3%, while mining and quarrying saw a 1% contraction.

Looking at the type of products, it was the output capital goods which increased the most (14%), followed by that of consumer goods (3.4%) and of intermediate goods (4.2%).

Meanwhile, a monthly contraction was recorded across all sectors; manufacturing shrunk by 2.2%, mining and quarrying by 1.6%, and electricity, gas and steam supply by 0.8%.

Industrial turnover dropped at the rate of 0.4% at the monthly and annual levels, but in the first three quarters it rose by 6.5% year-on-year.

The value of stocks of finished and unfinished production increased by 8.4% in the first three quarters. It also rose in September, by 1.2% from August and by 8.7% from September 2017.

]]>

You might be also interested in:

GET IN TOUCH

We are here to help you.

×
Sign up for Newsletter

Sign up for interesting news about FDI projects and investment climate. Enter your e-mail address below to receive our quarterly newsletter.