For 2019, the company expects an increase in revenues of 11% YoY and an increase in EBITDA of roughly 10% YoY.

Valamar Rivera published an announcement on the Zagreb Stock Exchange stating that according to preliminary unaudited consolidated business results for 2019, Valamar Group’s 2019 expected operating revenues are ranging between HRK 2.205bn and HRK 2.215bn (+11% YoY). Such result is higher than the previously announced expected range between HRK 2.175bn and HRK 2.2bn.

Besides that, the company updated the expected EBITDA, ranging between HRK 765m and HRK 770m (roughly +10% YoY) which is above the previously stated range between HRK 750m and HRK 760m.

The growth of expected business results versus previously announced range is primarily due to higher one-off revenues from the sale of non-core long-term material Company’s assets.

Note that Valamar is expected to publish their FY 2019 Annual report on 28 February.

To read more about Valamar Riviera, click here.

The Croatian Bureau of Statistics published their December Employment report. According to it, the registered unemployment rate in December stood at 7.9% (-1.7 p.p. YoY).

As the Croatian Bureau of Statistics published their December Employment report, we are bringing you key takes from it. According to it, in December the total number of unemployed persons amounted to 131,753, representing a decrease of 11.5% YoY, however an increase of 2.6% MoM. This translates to the total registered unemployment rate of 7.9% (-1.7 p.p. YoY or +0.2 p.p. MoM). The monthly increase of unemployment rate is in line with annual cyclicality of Croatian economy that is reliant on summer tourist season due to which part of work force returns to unemployment every year when the seasons ends. Meanwhile, unemployment rate for women in the same period stood at 9.1% (-1.9 p.p. YoY).

In December 2019, the total number of persons in employment in Croatia was 1.54m, of which 0.72m were women. Compared to November 2019, the total number of persons in employment decreased by 3007 persons. Meanwhile on a YoY basis, the total number of persons in employment increased in December 2019 by 9.5%.

Of that, the total number of persons in paid employment in legal entities amounted to 1.33m, representing an increase of 10.9% YoY or a slight decrease of 0.1% MoM. In the same period, the total number of persons in employment in trades and crafts and free lances decreased by 0.7% MoM, while it increased by 2% YoY.

Unemployement Development in Croatia

Transgaz reached an historical minimum value of 0.49% of the share of the technological consumption of the circulated gas, similar to the top transmission system operators of the European Union.

Transgaz published an announcement on the Bucharest Stock Exchange regarding the technological consumption of the circulated gas. Following the conclusion of the gas balance for 2019, the total gas consumption recorded in the NTS was at the level of 65.2m cm being thus the first time when such percentage decreases below 0.5% reaching an historical minimum value of 0.49% of the total circulated gas, comparable to the one of the top transmission system operators (TSO) of the European Union.

In order to reach such performance, as of 2013, the company’s private management has prepared, approved and implemented several programs of measures for reducing technological consumption.

The impact of the implementation of the measures consisted in the reduction in the total gas consumption of the NTS and the achievement of considerable savings to the company’s budget, therefore in 2019 a saving in the amount of 16m cm gas was recorded as compared to 2018 (65.2m cm natural gas technological consumption in 2019 as compared to 81m cm technological consumption in 2018). Gas consumption in the NTS has been permanently reduced from 3.12% in 2001 to 0.49% in 2019, such level representing the historical minimum value being similar to the one registered by the top TSOs of the European Union.