Today, we bring you an overview of current ratio of Croatian companies which compose the CROBEX 10 index using 9M 2021 results.

As all the companies which are part of the CROBEX10 index have published their 9M 2021 results, we decided to take a look into liquidity measures of the companies by looking at the current ratio. The ratio is calculated by dividing the company’s current assets by the company’s short-term liabilities. The ratio helps investors understand the company’s ability to cover the short-term debt with current liabilities. The ratio of more than 1 would indicate that the company has more current assets than it has short-term liabilities.

Current ratio of CROBEX10 Constituents

Source: InterCapital Research

Among the observed companies, Valamar Riviera has the highest current ratio of 3.7. As a reminder, Valamar showed strong 3Q results and its cash at end of 9M 2021 stands at HRK 1.32bn. HT follows next with the ratio of 3.18 – also with high liquidity. Končar, Ericsson Nikola Tesla, Podravka and Arena Hospitality all have current ratio of more than 2.

AD Plastik has the lowest current ratio within CROBEX 10 index companies, amounting to 1.3. The highest share in company’s current debt is debt to banks and other financial institutions and debt to suppliers, while inventory and trade receivables make most of company’s current assets.

As of October 2021, Slovenian mutual funds manage EUR 4.1bn, representing a 3.7% increase MoM.

This increase represents a YTD increase of 27.8%, with the funds increasing their AUM for 9 out of 10 months in the year thus far. The amount of EUR 4.1bn AUM also represents the highest amount the funds ever had, (since available data – June 2007).

Equity Holdings of Slovenian UCITS Funds (EUR bn)

When looking at the net contributions in the Slovenian mutual funds, over the last 10 months of 2021, they increased steadily MoM, amounting to EUR 376m, which continues the year’s positive trend. In terms of the asset structure of the funds, as of October 2021, shares amounted to 71% of the total assets (or EUR 2.93bn), which simultaneously marked a 4.84% MoM increase, and a YTD increase in the percentage of shares in the total amount of assets of 1.5% ( from 69.5% to 71%).

Net contribution in the Slovenian mutual funds (EUR m)

Of that, domestic equity holdings amounted to EUR 69.76m, representing a 2.72% increase MoM and a drop of 7.7% when compared to the levels it had before the COVID-19 pandemic (January 2021). However, on a YTD basis, domestic equity holdings are up by 20.7%.
On the flip side, foreign equity holdings have reached EUR 2.86bn and are making up the majority of the Slovenian mutual funds. The 2nd most held asset are bonds, which make up 15.5% (or EUR 639.7m), followed by investment funds with 7.4% and money market, deposits, and cash with 5.6% (or EUR 307m and EUR 229m respectively).

Total Assets of All Slovenian UCITS Funds (EUR bn)