At the current share price dividend yield would be 9.4%. Note that the ex-dividend date is 16th April 2019.
Zagrebačka Banka published a document in which they proposed a dividend of HRK 5.79 per share. At the current share price, the
The graph’s below show ZABA’s historic dividend per share and their yield. This would be the highest dividend per share in the observed period, while it would be the highest yield since 2015.
Note that ZABA did not pay out a dividend in 2016.
Dividend Per Share (2012 – 2019) (HRK)
Dividend Yield (2012 – 2019) (%)
In 2018, Viro recorded a decrease in sales of 35%, negative EBITDA of HRK – 79.3m and a net loss of HRK -177m.
As Viro published their 2018 preliminary results, we are bringing you some key takes from the report. According to it, Viro recorded a decrease in operating revenue of 35% YoY, amounting to HRK 675.9m. The decrease could be attributed to lower sales revenues by HRK 371.6m, while other revenues increased by HRK 10.9m (+70%).
Viro Revenues (2015 – 2018) (HRK m)
When observing the company’s expenses, Viro recorded a decrease of 33% in operating expenses, amounting to HRK 806.4m. The decrease could mainly be attributed to the decline in material costs, which amounted to HRK 458.3m (-57%). Viro’s operating expenses continue to be higher than their revenues and consequently, they recorded another negative EBITDA of HRK -79.3m, compared to HRK -119m in 2017.
The management has not provided much explanation for such a performance in the report, but it could partially be attributed to the decrease in price of sugar which has been fluctuating in the past year and is currently 4% lower YoY. The fluctuation in the price in the recent years could be attributed to the EU’s abolishment of quotas on sugar production in 2017, which led to a surplus of sugar produced, resulting in a lower price.
Going further down the P&L, Viro turned a net financial loss in 2017 of HRK -2.4m, to a gain of HRK 28.8m.
Meanwhile, the company recorded a net loss of HRK -101.6m which is relatively better than 2017, when the company recorded a net loss of HRK -177m.
EBITDA & Net Income (2015 – 2018) (HRK m)
Also, note that at the end of 2018, Viro, Sladorana and Tvornica šećera Osijek have signed a joint venture deal, based on which they will join their production capacity, know-how and experience and will establish a new company called Hrvatska industrija šećera.
In this joint venture, Viro and Sladorana will own 60% of the stake, while Tvornica šećera Osijek will own 40%. The main purpose of the joint venture is to create a bigger and a more efficient business system in the growing market liberalization conditions and a fiercer competition on the European market, caused by the above-mentioned abolishment of production quotas by the EU .
To read more on our views on the sugar outlook click here.
In 2018, JANAF recorded an increase in sales of 3%, a decrease in EBITDA of 10% and an increase in net income of 4%.
We are bringing you some key takes from JANAF’s 2018 preliminary report. According to it, sales increased by 3% amounting to HRK 719.8m. However, total operating revenue remained flat, as other operating revenues decreased by HRK 22m. Note that the foreign market made up HRK 484.4m, which represents an increase of 2.1%. Meanwhile, revenues in the domestic market amount to HRK 229.4m, which represents an increase of 3.4%. Revenues related to oil transport amounted to HRK 466.4m, which represents an increase of 8.2%.
When observing JANAF’s operating expenses, they increased by 3.7%, which amounted to HRK 14.4m. The increase could be mostly attributed to higher value adjustments by HRK 32.7m.
In 2018, EBITDA amounted HRK 481.4m, which represents a decrease of 10%. The decrease could be attributed to lower depreciation and amortization by HRK 34.5m and the above-mentioned increase in value adjustments. Meanwhile, EBIT amounted to HRK 386.1m, which represents an increase of 4%.
Going further down the P&L, JANAF turned a net financial loss of HRK -9.4m to a gain of HRK 24.3m, which could be attributed to lower financial expenses by HRK 29.2m.
JANAF Performance (2015 – 2018) (HRK m)
In 2018, ACI recorded an increase in sales of 11% YoY, increase in EBITDA of 19% and an increase in net income of 53%.
As Adriatic Croatia International Club published their 2018 preliminary results, we are bringing you some key takes from it. According to the report, the company recorded an increase in operating revenues by 11% amounting to HRK 210.9m. This increase could mainly be attributed to a change in selling policy of the company. ACI states that they updated their pricing strategy based on the supply and demand and the attractiveness of the destination. Besides that, an increase in revenues could be attributed to the sale of long-term assets and termination of court cases.
As a result, all marinas recorded an increase in revenue (except Rovinj, Palmižana and Umag).
When observing operating expenses, they increased by 6%, amounting to 43.7m. This could be mainly attributed to an increase in value adjustments by HRK 3.3m (+224%). Further, EBITDA increased by 19%, amounting to 91.6m.
Going further down the P&L, ACI went from a net financial gain of HRK 0.16m to a loss of HRK -0.3m.
Meanwhile net income increased by HRK 10.7m, amounting to HRK 31m (+53%).
ACI Performance (2015 – 2018) (HRK m)
In 2018, Electrica recorded flat revenues compared to 2017, an increase in EBITDA of 15% and an increase in net income of 34%.
We are bringng you some key takes from Electrica’s 2018 preliminary report. According to it, in 2018, Electrica recorded flat revenues, compared to 2017, of RON 5.6bn.
Electrica Revenues (2015 – 2018) (RON m)
When observing the company’s operating expenses, they amounted to RON 5.5bn, which is a decrease of 1% YoY. The highest one was electricity purchased, which amounted to RON 2.7bn, which represents a decrease by RON 254.4m (-9%). The decrease in operating expnses led to an increase in EBITDA of 15% (coupled with an increase in depreciation and amortization of RON 27.7m), amounting to RON 684.2m.
Consequently, EBIT also recorded an increase of 32%, which amounted to RON 261m.
Net income in 2018 amounted to RON 230.4m, which represents an increase of 34%.
Electrica EBITDA & Net Income (2015 – 2018) (RON m)
Also, in 2018, the company’s total debt decreased 80% on the year, to RON 20.7m. Note that Electrica plans investments amounting to RON 739m for 2019, of which RON 710m in projects of its distribution subsidiaries.
In 2018, CONPET recorded an increase in operating revenues of 1.8%, decrease in EBIT of 21.9% and a decrease in Net Income of 20.1%.
We are bringing you some key takes from CONPET’s 2018 preliminary resutls. According to the report, the company observed an increase in revenues of 2.3% YoY, amounting to RON 385.1m. Of that, transport revenues account for 98.82%, while the rest represents revenues from various activities such as: leases of lands and telecommunication equipment, rail shunting, sale of pipe material, etc.
The company notes that in the operating revenues they recognize monthly reserves from the modernization quota at the level of the amortization of the tangible assets financed therefrom. In 2018, the value of these revenues is of RON 28.8m.
In 2018, total operating revenues amounted to RON 418.4m, which represents an increase of 1.8%.
Operating Revenues (2015 – 2018) (RON m)
When observing operating expenses, they recorded an
EBIT amounted to RON 64.8m, which represents a decrease of 21.9%. Such a decrease could be mainly attributed to the increase in above-mentioned personnel expenses.
Consequently, this led to a decrease in net income of 20.1%, amounting to RON 59.5m.
EBIT & Net Income (2015 – 2018) (RON m)
The total investments in 2018 amounted to RON 69.5m, which represents an increase of 41%. The 2018 Investments Program considered the continuation of the works for the rehabilitation of the major pipelines for the transport of crude oil and rich gas. These were financed from modernization quota RON 63m and other own sources RON 6.4m.
Both Croatian ports published their FY 2018 results yesterday, showing flattish throughput and mixed top and bottom line performances.
Both Croatian ports posted their FY 2018 financial results yesterday, showing a worsened top line performance while the throughput of both remained flattish (-1% YoY). Luka Ploce posted a throughput of 3.15m tones which brought in an operating revenue of HRK 213m (-11.6% YoY). Lower revenues negatively affected the company’s EBITDA which decreased 35% YoY, amounting to HRK 9.3m. However, despite the negative performance on the first two lines, the company still managed to double their bottom line which amounted to HRK 2.8m. This was due to the significant improvement of the company’s FX result which turned from HRK -8m to HRK 1.5m.
Meanwhile Luka Rijeka’s throughput amounted to 2.5m tones with bulk cargo accounting for 68% of the total throughput. One should highlight the strong improvement recorded in Q4 2018 when the port managed to increase their throughput by 28% YoY. However, despite the improvement, operating revenue fell 6% YoY to HRK 157.2m. Meanwhile EBTIDA soared 584% YoY to HRK 1m as OPEX decreased 6% YoY. Below the operating line, the company’s FX loss was sliced in half, ending the period at HRK 1.2m. As a result, Luka Rijeka’s bottom line turned positive (from HRK -1.3m in 2017), ending the period at HRK 2.2m.
Luka Rijeka Key Finanicals (In HRK m) Luka Ploce Key Finanicals (In HRK m)
Source: Luka Rijeka, InterCapital Research
Source: Luka Ploce, InterCapital Research
Duro Dakovic published their FY 2018 results, showing a 14% YoY decrease in sales, EBITDA soared, going up three times to HRK 25m while the company’s net loss decreased by 21% YoY HRK -26m.
Duro Dakovic published their FY 2018 results yesterday, showing a 14% YoY decrease in sales, which amounted to HRK 451.5m. EBITDA soared, going up three times to HRK 25m while the company’s net loss decreased by 21% YoY HRK -26m. The main reason for such development lies in the exclusion of Duro Dakovic Industrijska Rjesenja from the Group’s consolidated result. This was due to the Management’s decision to abandon the unprofitable segment at the end of 2018. As a result, the negative contribution of the non-profitable segment is only visible as a loss from discontinued operations in the amount of HRK -18m.
Duro Dakovic’s performance was also negatively impacted by the underperforming freight waggon production segment. The segment was lagging was caused by several clients who requested technical changes which led to a temporary standstill of production. Afterwards the delay in deliveries of a complete quarterly wagon production for more than three months has caused major disruption in the rhythm of production and financing that could not be offset. Furthermore, the segment was initially limited when bidding for new deals by lower prices set by their competitors. However, note that as of Dec 31st 2018, the company’s order book held orders in the amount of HRK 633.5m
On the balance sheet Duro Dakovic increased their indebtedness to a net debt of HRK 293m (+13% YoY), which translates to a 11.6x net debt/EBITDA. However, note that Duro Dakovic received a loan of HRK 95m from the Croatian Bank for Reconstruction and Development in October 2018 which will be used to secure an adequate amount of working capital and to restructure the company’s debt. Government guarantees for the loan amount to HRK 76m, which represents 80% of the total loan amount.