Slovenian Weekly Regional Overview 13.8.2017 - 17.8.2017
POLITICS:
- A key theme remains Slovene politics or more exactly, coalition building. On 17th Šarec became a new Prime Minister based on a minority government scenario of 5 parties (Social Democrats, Pension party Desus, Slovene Modern Centre, Lista M. Šarca and Bratušek Party with 43 seats of 90) with The Left (9) supporting the vote under a partnership agreement for certain projects, as well as having an influence in a coalition. More data on page 2 of this report.
- Note that Šarec Ministry team, which is in the making but not yet complete, will also need a support vote from the Slovenian parliament.
NLB IPO:
- Slovene biggest bank Group, which has regional exposure and is wholly state owned, is supposed to go through privatization process by the end of the year. Yes, we have seen this before several times, always ending with a delay or cancellation. We will see how it goes this time, especially as the process is scheduled to end in time when a newly formed minority government will already be in place. For now schedule and some data is available on page 3 of this report.
- In 1Q18 the NLB Group delivered a EUR 130.4m of net operating income (net interest margin of 2.49%) and EUR 57.7m of net profit (CIR ratio of 53.2%). Total assets amounted to EUR 12,425m with loans to customers at EUR 6,413m, deposits of EUR 9,939m and equity of EUR 1,753m. Tier 1 Ratio is at 16.6% while NPE 6.2% (on 31.3.2018).
Gorenje dd is a Slovenia-based company engaged in the production and sale of household appliances. The Company operates through three business segments: Home, producing and selling products and services for home, such as major domestic appliances (MDA), small domestic appliances (SDA), heating, ventilation, air conditioning (HVAC) and kitchen furniture; Ecology, providing ecology-related services; and Other, with such activities as tool-making, engineering, hotels and hospitality services, trade, and design services. The Company covers the global markets with a portfolio of ten brands: Gorenje, Gorenje+, Korting, Sidex, Mora, Atag, Etna, Pelgrim, Asko and Upo. As of December 31, 2011, the Company was the parent company of the Gorenje Group, which consisted of numerous companies in such countries as Slovenia, Austria, Germany, Italy, France, Spain, the United Kingdom, Denmark, Sweden,, Norway, the Czech Republic, Slovakia, Hungary, Poland, Bulgaria and Croatia, among others.
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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