At the share price before the announcement, this would amount to a DY of 4.49%. The ex-date is set for 29 September 2022.

Atlantska Plovidba held its General meeting of shareholders, and on it, they announced the approval for the distribution of profit from the financial year 2021. Out of the HRK 878.4m net profit achieved, HRK 274.5m will be used to cover the losses from the previous period, HRK 556.2m will be transferred into retained earnings, HRK 20m will be transferred into legal reserves, and finally, HRK 27.6m will be used for the dividend payment. This would equate to the dividend payment of HRK 20 DPS, and a dividend yield of 4.49%.

The ex-date is set for 29 September 2022, while the payment date is set for 28 October 2022.

By the end of July 2022, total GWPs of the Croatian insurance market grew by 7.5% YoY. GWPs in Non-life insurance increased by 10.3%, while GWPs in Life insurance decreased by 1.4% YoY.

The Croatian Insurance Association, HUO, has published the latest monthly report on the developments recorded in the Croatian insurance market, for the month of July. According to the report, total GWPs of the Croatian market increased by 7.5% YoY, reaching HRK 8.03bn. It should be noted that this number includes both the insurers from Croatia as well as insurers that operate in Croatia but are based in other EU countries, and currently, this only refers to Sava osiguranje. The increase in total GWPs has been primarily driven by the growth of Non-life insurance, while at the same time, Life insurance GWPs decreased, a negative trend that has been going on for a while now.

Total Croatia TTM (trailing twelve months) GWPs and Croatia osiguranje GWPs in July 2022 (HRKbn)

Breaking the GWPs into these segments, Life insurance decreased by 1.4% YoY and amounted to HRK 1.78bn. Inside the segment, VIG holds the largest market share, at 23.4%, which was an increase of 0.22 p.p. YoY, followed by Allianz, with a 20.9% market share, representing an increase of 0.10 p.p. YoY. It should be noted that even though this increase seems small, in absolute terms, it is by far the largest, at HRK 80.8m. The next largest company by market share is also the largest Croatian insurance company, Croatia osiguranje, which holds in Life segment a market share of 11.96%, showed a decrease of 4.55 p.p. YoY. In fact, this also represents the highest absolute decrease of HRK 84.7m. Finally, the only other insurance company in this segment that has more than 10% market share is Agram Life osiguranje, with a market share of 10.58%, evidenced an increase of 0.15% YoY.

Meanwhile, Non-life insurance increased by 10.3% YoY, and amounted to HRK 6.25bn, representing 77.8% of the total GWPs. Looking at the insurance companies themselves, Croatia osiguranje maintains the largest market share by far, at 30.4%, representing an increase of 1.09 p.p. YoY. In terms of change on a YoY basis, this would amount to an increase of HRK 237.9m, or 14.5%. Following them, Euroherc osiguranje, with a market share of 14.37%, which is a decline of 1.22 p.p. YoY. Next up, we have Adriatic osiguranje, with a market share of 12.53%, an increase of 0.04 p.p. YoY. The remaining insurance companies did not record significant market share changes on a YoY basis.

However, in absolute terms, some companies had a noteworthy increase in GWPs. Adriatic osiguranje increased their GWPs by HRK 75.1m (or 10.7%), followed by Allianz with HRK 61.7m (or 11.6%), and VIG, with HRK 52.3m (or 13.96%). Even with these increases, they did not record significant market share growth, meaning that the overall insurance market expanded faster than these companies did.

Moving on to the changes by segments in Non-life insurance, in absolute terms, Other asset insurance increased by HRK 131.4m (or 18.7%). This is followed by Insurance against civil liability in respect to the use of motor vehicles, at HRK 104.7m (or 5.9%), and Vehicle insurance (casco policy), at HRK 97.1m (or 11.4%). On the other hand, Insurance against other liabilities had the largest decline, at HRK 8.78m, or -2.4%.

On the flip side, looking at Life insurance by segments, Life or rent insurance in which the insurance contractor takes on the investment risk increased by HRK 170.3m (or 77.3%), while Life assurance decreased by HRK 197.6m or 13.2%.

Finally, looking at Croatia osiguranje’s current position in the market, during the last twelve months, it collected 24.23% of all GWPs, which is a decrease of 0.37p.p. YoY. This would mean that in total, the Company’s GWPs amounted to HRK 3.0bn, representing an increase of HRK 192.5m YoY.

Croatia osiguranje TTM market share (November 2010 – July 2022, %)

In H1 2022, Unior reported an increase in revenue of 16% YoY, EBITDA of 24%, and a net income to majority of EUR 7.06m, an increase of 27% YoY.

In total, during H1 2022, Unior Group recorded a sales revenue of EUR 141.6m, representing an increase of 16% YoY (EUR 19.5m in absolute terms). The growth was driven by higher revenue from forgings (+11% YoY), and hand tools (+18.8% YoY). Meanwhile, machine tool manufacturing revenue decreased by 26% YoY, due to the auto industry’s problems related to the supply chains, as well as delays in planned investments in the industry. Furthermore, delays in shipments to consumers also happened, due to the current economic environment. Tourism revenue increased by 176% YoY and amounted to EUR 13m. At the same time, a slightly lower volume of production was recorded across segments, which was offset by higher sale prices.

In terms of markets, Slovenia accounts for 17.1% of total sales, and it amounted to EUR 24.2m, an increase of 71% YoY. EU, which accounts for 55% of the sales (a decrease of 6.7 p.p. YoY), grew by 3% and amounted to 77.2m. Operating expenses increased by 18% YoY and amounted to EUR 142m. The main driver of this increase was the growth in the cost of goods, materials, and services, which increased by 27% YoY, mainly as a result of rising prices of materials and energy. Labor costs were also 4.2% higher YoY, despite the lower avg. number of employees.

Due to the strong revenue growth and slower growth of expenses, EBITDA increased by 24% YoY and amounted to EUR 18.6m. The net financial result amounted to EUR -1.15m (H1 2021: EUR 1.12m), mainly as a result of lower financial income (-34%), as well as higher financial expenses (+69% YoY). Finally, the net income to majority amounted to EUR  7.05m, representing an increase of 27% YoY. Looking at the investments, in H1 2022, Unior Group invested EUR 5.1m into new basic tools, slightly more YoY. Of this, EUR 1.2m was invested in the modernization of production, and EUR 3.6m was made into investments in new equipment, while EUR 0.3m was reserved for the purchase of software.

Unior Group key financials (H1 2022 vs. H1 2021, EURm)

Unior also commented on the impact of the war in Ukraine. The war does have an impact on energy-intensive production companies, with increases in prices of all energy products. The Company managed to hedge a large part of its electricity costs before the price increases, as well as transfer the higher energy prices toward end consumers.