Slovenian Weekly Report 26.3.2018-30.3.2018
Luka Koper announced a statement regarding ISP model.
At its last supervisory board meeting the main topic was a company’s business restructuring regarding port services providers (IPS). This was expected and planned ever since this issue was the cause for the replacement of previous management team at 2017 yearend.
The strategy involves the adaptation of organization and working processes at the Port of Koper, as well as the establishing of centralized planning of both processes and workers. Core activities will be provided by own workforce while in smaller part it will be outsourced through ISP model – one quarter of the services.
Luka explained that a key difference between the new and the previous IPS approach is that external service companies will provide comprehensive and complete services, which was a basic legal deficiency of the old IPS system.
Unfortunately no quantified data was provided by Luka Koper, albeit this ISP change will definitely impact opex (higher).
Note that the new strategy will be strategy verified and supported also by external legal opinions, especially in terms of legal admissibility, cost-effectiveness, independency and business performance. In the meantime, the management board will elaborate on an action plan.
We are still awaiting Luka Koper 2017 results (annual report), scheduled for 26th April 2018. Late for our taste…
Zavarovalnica Triglav management proposed a dividend in the amount of EUR 2.5 per share, equal to last years dividend amount and in-line with our expectations. In addition this proposed dividend implies a hefty dividend yield of 7.9%, the highest among blue chip companies and one of our key investment thesis for Zavarovalnica Triglav.
Datalab dd is a Slovenia-based company engaged in the software industry. It offers enterprise resource planning (ERP) business operating system Pantheon which is suitable for small, medium and large companies engaged in commerce, services, construction, manufacturing or accounting, as well as for public institutions. The Company also provides training and products maintenance for its customers. Datalab dd operates such subsidiaries as Datalab SI doo, based in Slovenija, Datalab Hrvatska doo, based in Croatia, Datalab BH doo, based in Bosnia and Herzegovina, Datalab MK doo, based in Macedonia, Datalab Bulgaria Ltd, based in Bulgaria, Datalab SR doo and Datalab Automotive doo, both based in Serbia and Datalab Montenegro doo, based in Montenegro.
Luka Koper dd is a Slovenia-based company engaged in the provision of port and logistics services in the Port of Koper. The Company provides basic port services, such as sorting, palletising, sampling, protection, labelling, weighing, cleaning and other services; management of the economic zone; supporting services; cargo handling; warehousing, and integrated logistics solutions. Through its terminals, the Company handles general cargo, containers, vehicles, dry bulk cargo, liquid bulk cargo, cereals and fodder, livestock, minerals, timber, fruit, alumina, minerals and energy. The Company also offers terminals for cars, containers and roll on-roll off services. Additionally, the Company is engaged in hotel and catering services, as well as waste collection and recycling. As of December 31, 2011, the Company's subsidiaries included Luka Koper Pristan doo, Luka Koper INPO doo, Adria Terminali doo, TOC doo and Luka Koper Deutschland GmbH, as well as several associated companies.
Zavarovalnica Triglav DD. Zavarovalnica Triglav dd is Slovenian-based company principally engaged in the insurance and financial services. Zavarovalnica Triglav dd is the controlling company of the Triglav Group which offers insurance, asset management and banking services. Zavarovalnica Triglav dd, Zdrastvena zavarovalnica dd and Pozavarovalnica Triglav Re dd provide wealth, life, voluntary additional pension and health insurances. The insurance sector of the Company also operates in the Czech Republic, Croatia, Bosnia and Hercegovina, Montenegro, Serbia and Macedonia. Through Triglav DZU ddo, Triglav Nalozbe financna druzba dd and Triglav nepremicnine dd the Company provides investment fund management, real estate and banking services. As of June 22, 2012, the Company acquired a 100% stake in Investicijsko podjetje, Trgovanje z lastnimi nepremicninami doo from Sava dd.
ALTA Invest, investicijske storitve, d.d., (ALTA Invest, investment services, Inc.) is a part of ALTA Group, the biggest financial non-banking group in Slovenia. ALTA Invest has around 28% market share on the domestic Ljubljana Stock Exchange and has more than EUR 95m of assets under management.
Our trading advantage is our execution of large trading blocks with low impact on the market. We offer trading on several platforms on numerous markets, with a wide variety of financial instruments. Our advantage is also a research department, which is both sell side and buy side and has the far most extensive and regular coverage of domestic companies. We cover 9 companies on Ljubljana Stock Exchange, which is around 90% of Mcap on LJSE – and here we are practically the only local broker providing this kind of extensive and regular coverage for Slovenian companies.
A part of ALTA Group are ALTA Skladi, a mutual fund asset management company with roughly EUR 260m of asset under management. ALTA Group is also extensively involved in corporate finance projects and raised considerable assets (fixed income and equity) in the last two years for several companies.
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