At the current share price, dividend yield is 2.3%. Ex-dividend date is 17 July 2019.

Podravka held sessions of the Management Board and Supervisory Board in which they proposed HRK 64.1m to be paid out as a dividend to their shareholders. The dividend would be paid out from the company’s 2018 net income and would translate to HRK 9 per share. The dividend per share represents an increase of 29% YoY.

 At the current share price, dividend yield is 2.3%. Note that the proposed ex-dividend date is 17 July 2019.

In the graphs below, we are bringing you a historical overview of the company’s dividend per share and dividend yield.

In Q1 the company observed a decrease in sales of 10.8% YoY, increase in EBITDA of 251.7% (increase in loss) and a net profit of HRK 12m.

As Dalekovod published their Q1 2019 report, we are bringing you key takes from it. The company notes that the industry they are in traditionally observes lower activity in the first quarter, which affects Dalekovod’s Q1 result as well.

According to the report, in Q1, the company observed a decrease of 10.8% YoY in sales, amounting to HRK 215.5m. Meanwhile, operating revenues recorded a decrease of 12.6%, amounting to HRK 220.7m. The decrease in sales could be attributed to a decline in the activity of contracting deals in 2018.

Operating Revenues (Q1 2019 vs Q1 2018) (HRK m)

The postponement of tenders expected in 2018 to 2019 has resulted in an order book of HRK 843m and the beginning of 2019 marked a positive trend in contracting new deals. In the first four months, the company has contracted or has been chosen as the best bidder for deals worth HRK 1.1bn. The company notes that the realization of some of the deals is expected already in 2019.

When observing Dalekovod’s EBITDA, it amounted to HRK -23.1m, which represents an increase of loss by 251.7% YoY. The company attributes such a change to higher project costs, which were caused by lower productivity due to bad weather conditions.

Moving further down the P&L, Dalekovod moved from a net financial loss in Q1 2018 of HRK -4.6m to a net financial gain of HRK 44.5m. The financial gain came as a consequence of the sale of Dalekovod Professio (wind power plant). The funds from the sale of the mentioned company were used for financing Mezzanine debt, which amounts to HRK 60.3m and financing of working capital.

The net financial gain lead to a net income of HRK 12m in Q1 2019, compared to a net loss of HRK -21.9m in Q1 2018.

Net Income & EBITDA (Q1 2019 vs Q1 2018) (HRK m)

It is important to note that Dalekovod started the process of restructuring by which the company aims to decrease total labor costs which will lead to a decrease in the number of employees by 15%. Besides that, the company notes that the restructuring is also focused on identifying their non-operating assets. The effect of the restructuring is expected to be visible on 2020 operating result, while the company expects one-off expenses in 2019 from the mentioned restructuring.  

As Croatian ports published their Q1 2019 reports, we are bringing you key takes from them.

Luka Rijeka

In Q1 2019, Luka Rijeka observed flat throughput compared to the same period last year of 1.08m tons. Of that, Containers increased by 7%, accounting now for 54% of the total throughput. Bulk cargo observed a decrease of 12%, now accounting for 27% of the throughput. General Cargo recorded an increase of 3%, now accounting for 18%.

When observing sales, it increased by 6%, amounting to HRK 34.9m. Meanwhile, operating revenues amounted to HRK 38.8m, which represents an increase of 8.1%.

Operating expenses increased by HRK 2.8m, amounting to HRK 41.2m (+7.4%). It is noteworthy that the company reported an increase in amortization of HRK 3.3m, amounting to HRK 6m (+126.8%) which we assume is a consequence of IFRS 16. This implies that operating leases have increased assets of the company and increased depreciation, instead of leasing (operating) expenses.    

Consequently, Luka Rijeka recorded EBITDA higher by HRK 3.4m, amounting to HRK 3.6m.

In Q1, the company reported net income of HRK 0.92m, which is a decrease by HRK 0.29m (-24%).  

Luka Rijeka Performance (Q1 2019 vs Q1 2018) (HRK m)

Luka Ploče

In Q1 2019, Luka Ploče observed an increase in sales by HRK 22.4m, amounting to HRK 47.2m (+90.3%). Meanwhile, operating revenues amounted to HRK 47.7m, representing an increase of 73.4% YoY. The company also observed higher operating expenses by 55%, amounting to HRK 41.5m. The increase could me mostly attributed to a rise in material costs by HRK 15.5m.

Moving further down the P&L, Luka Ploče recorded EBITDA of 7.9m, which is an increase by HRK 5.5m (+227%). EBIT amounted to HRK 6.2m, which is an increase of HRK 5.5m. Such a high increase in operating profit is due to higher sales in Q1 2019.

Net income in Q1 amounted to HRK 5.1m, which is an increase by HRK 4.4m. However, note that the company’s good performance could be attributed to a lower than usual base in Q1 2018.

Luka Ploče Performance (Q1 2019 vs Q1 2018) (HRK m)

In Q1 the company recorded flat net interest income, increase in net fee and commission income of 12.2% YoY and net income of 5%.

As PBZ Bank published their Q1 2019 report, we are bringing you key takes from it. According to the report, in Q1, the company observed flat net interest income of HRK 686.6m. The net interest income is marked by a constant trend of decline in both active and passive interest rates.

Net fee and commission income observed an increase of 12.2% YoY, amounting to HRK 382m. Meanwhile gains from financial assets held for sale increased by HRK 45.8m, amounting to HRK 73.5m

In Q1, net banking income amounted to HRK 1.04bn, which represents an increase of 4.5%.

PBZ Performance (Q1 2019 vs Q1 2018)

Net income on a group level amounted to HRK 412m, representing an increase of 5%.

Net Income (Q1 2019 vs Q1 2018)

When observing the company’s balance sheet, total assets amounted to HRK 111.6bn, which represents a slight decrease of 0.5%. Loans and advances account for 72.8% of the total assets. On the other hand, deposits make up for 81% of the liabilities. When observing loans and deposits, loans have decreased by 1.1% YoY, amounting HRK 81.2bn. Deposits, on the other hand, also decreased by 1.2%, amounting to HRK 90.9bn.

In Q1, the company observed a decrease in sales of 11.6%, increase in EBITDA of 19.5% and a net loss of HRK -3.8m.

As Atlantska Plovidba published their Q1 2019 report, we are bringing you key takes from it. According to the report, in Q1, the company transported 1.6m tons of cargo. Of that, coal makes up for almost 80%, followed by minor bulk and grain.

Currently, Atlantska Plovidba operates with 13 vessels, of which 6 are classified as Panamax, 5 as Supramax and 2 as Handy. Of those, 7 vessels are employed on a long-term lease (> 1 year), while 6 are employed on short term lease (< 1 year).

In Q1, the company observed a decrease of 11.6% YoY in sales, amounting to HRK 76.1m. Meanwhile, operating revenues amounted to HRK 82.8m, representing a decrease of 4.7%. Operating expenses also observed a decrease of 2.9%, which can mostly be attributed to lower material costs in Q1 2019.

When observing the company’s EBITDA, Atlantska Plovidba recorded an increase of 19.5%, amounting to HRK 31.6m. However, if we were to exclude depreciation, which increased by HRK 7.1m, the company’s operating profit would amount to HRK 11.8m, which represents a decrease of 14.1%

Moving further down the P&L, in Q1, the company observed an increase in net financial loss by HRK 15.4m, amounting to HRK -15.6m.

This consequently led to a net loss of HRK -3.8m, compared to HRK 13.6m in Q1 2018.

Atlantska Plovidba Performance (Q1 2019 vs Q1 2018) (HRK m)