At the end of October 2023, the Slovenian mutual funds recorded an AUM of EUR 4.37bn, representing a decrease of 1.9% MoM, an increase of 10.6% YTD, and 9.8% YoY.

According to the latest report on the performance of the Slovenian mutual funds, released by the Slovenian Securities Market Agency, the AUM of the funds continued growing, on a YTD and YoY basis, while it recorded a slowdown on a MoM basis. As such, the total AUM amounted to EUR 4.37bn, which is a decrease of 1.9% MoM, but an increase of 10.6% YTD, and 9.8% YoY. This would mark the 3^rd month in a row that on the MoM basis the AUM decreased, but on a YoY basis growth has been solid, averaging 12% YoY during this period.

Looking at the drivers of this change more closely, on the MoM basis, the largest absolute decrease in AUM was recorded by shareholdings, which declined by EUR 80m, or 2.5%. Following them there are inv. funds, whose AUM declined by EUR 13.7m, or 5%, and other assets, which decreased by EUR 13.1m, or 47%. Meanwhile, on a YoY basis, shares recorded the largest increase in AUM, growing by EUR 308m, or 11.1%, followed by bonds at EUR 82m, or 13%, and inv. funds, at EUR 16m, or 6.6%.

Total assets of Slovenian mutual funds (June 2007 – October 2023, EURm)

Source: ATVP, InterCapital Research

Besides looking at the change in the inherent value of the different types of assets, it is also worthwhile to see the net contributions to the funds. In October, the net contributions were positive at EUR 45.8m, growing by more than 181% YoY, and 29% MoM. Furthermore, if we were to look at the last twelve months, the total net contributions amounted to EUR 287.4m, declining by only 1% compared to the same period last year. As such, the increase in net contributions recorded during October was the highest ever since December 2021. Moving on to the number of subscribers, Slovenian mutual funds recorded 527.1k of them, which is an increase of 0.3% MoM, and 4.2% YoY. Taking these 2 data points together would indicate that there was app. the same amount of investments made into these funds by Slovenians while there were more Slovenians investing, both of which are positive developments.

Net contributions into the Slovenian mutual funds (January 2016 – October 2023, EURm)

Source: ATVP, InterCapital Research

Finally, looking at the current asset structure of the funds, shares continue to hold the vast majority of the AUM, standing at 70.4%, a decrease of 0.42 p.p. MoM, but an increase of 0.82 p.p. YoY. Following them there are bonds at 16.3%, increasing by 0.34 p.p. MoM, and 0.46 p.p. YoY, the money market, deposit & cash holdings, at 7.1%, increasing by 0.56 p.p. MoM, but decreasing by 1 p.p. YoY. Lastly, we have the investment funds, which hold 5.9% of the total, declining by 0.19 p.p. MoM, and 0.18 p.p. YoY, respectively. As the shares hold the vast majority, it is also worthwhile to see how they developed, based on domestic and foreign origin. Foreign issuers’ equity securities still hold the vast majority, at 98.2% (or EUR 3.02bn) of all equity holdings, decreasing by 2.6% MoM, but growing by 11.3% YoY. Home issuers’ equity securities meanwhile, accounted for the remaining 1.8% (or EUR 55m), and have increased by 1.6% MoM, and 1.1% YoY.

Equity holdings of Slovenian UCITS funds (October 2007 – October 2023, EURm)

Source: ATVP, InterCapital Research

In 9M 2023, Transelectrica’s numbers show a decrease in revenue of 32.3% YoY, an EBITDA decrease of 30%, and a net income of RON 207m, down 51%.

In total, according to the 9M 2023 results, the revenue amounted to RON 3.31bn, representing a decrease of 32.3% YoY. Transelectrica’s revenue is divided into 2 categories; a segment of activities with allowed profit, and a segment of activities with zero profit.

Focusing on the segment with allowed profit, the segment recorded a revenue of RON 1.5bn, a decrease of 13.6% YoY. This decrease happened due to the reduction in revenues from OTC (own technology consumption) capitalization. The decrease in OTC was further amplified by lower revenues from interconnection capacity allocation. Revenues from interconnection fell as usage of the available interconnection capacities fell from traders in the electricity market, combined with the effect of price adjustment to the demand and need for electricity. Breaking this down further, transmission revenue and other revenues on the energy market amounted to RON 1.46bn with a flat YoY development. This was mainly influenced by the evolution of the transmission tariff (+9% YoY) compared to the same period last year.

Moving on to operating expenses, it amounted to RON 931m, decreasing by 13.9% YoY. The decline was mainly influenced by the considerable reduction in OTC expenses. The costs to cover own technological consumption almost halved vs. 9m 2022. However, as the electricity transmission grid is highly dependent on weather conditions, the structure of electricity generation and consumption at the national level, the distribution of electricity flows in the internal network & neightbouring power systems has little to no controllable nature. In total, as a result of the faster revenue decrease compared to expenses, the EBITDA amounted to RON 573m, decreasing by 13.1% YoY. This would also imply an EBITDA margin of 38.1%, a slight increase of 0.2 p.p. YoY as the aforementioned EBITDA was achieved on the back of lower revenues.

Turning our attention to the segment of activities with zero profit, revenue amounted to RON 1.8bn, a decrease of 42.6% YoY, this was mainly driven by the decrease on the balancing market. OPEX mainly followed the decrease in the revenue, decreasing by 39.2% YoY, and amounting to RON 1.89bn.

Both of these segments taken together have led to an EBITDA of RON 483m, a decrease of 30% YoY, implying an overall EBITDA margin of 14.6%, a slight increase of 0.5 p.p. YoY. Finally, the net profit amounted to RON 207m (9M 2022: RON 418m).

Transelectrica’s overall key financials (9M 2023 vs. 9M 2022, RONm)

Source: Transelectrica, InterCapital Research

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