Operational update from Testament Winery

Zhoda Investments ("Zhoda") announces an operational update on the wine operations in Testament Winery, a producer of primarily red premium wine on the coast of Dalmatia. During 2018 the company took several steps towards achieving the vision of becoming Dalmatia's leading producer of premium wines. The company launched the Testament brand, implemented a new sales strategy and reached a record harvest with a production of over 300,000 bottles of organic wines made from indigenous grapes.

Testament Winery has en organic vineyard covering 47 hectares on hills that slope down towards the Adriatic Sea near the medieval town of Sibenik on the Dalmatian coast in Croatia. The vineyard was planted by the previous owner between 2007 and 2011 and consists of local grape varieties, primarily the red wine grape Babic. Croatia has a long wine tradition with over 40 indigenous grapes in commercial production and Dalmatia has the world's longest continuously cultivated vineyard, that was included in the UNESCO World Heritage in 2008.

Record harvest gives 300,000 bottles

Due to favorable weather conditions and Testament's new winemaker Juraj Sladic's strong vineyard management, the 2018 harvest reached a production of over 300,000 bottles, based exclusively on local Dalmatian grapes, mainly Babic, but also Plavac Maly, Tribidrag, Posip, Debit and Marastina. This is a significant increase from 100,000 bottles previous year and 67,000 bottles in 2016. Despite the warm summer, no irrigation was necessary in 2018, which cost several hundred thousand SEK in 2017. All the grapes have been manually picked in the organic vineyard.

"The record harvest provides excellent opportunities to further enhance the Testament Babic wines. Our award-winning winemaker Juraj Sladic, who joined the company during the summer of 2017, will now for the first time be able to manage the whole process from grape to wine. I am really looking forward to presenting these wines to the world's wine lovers", says Robert Karlsson, CEO of Zhoda Investments.

Launching a new sales strategy

When Zhoda acquired the winery, it sold part of its harvest as grapes to other wine producers. The remaining part of the harvest was vinified and the wine was sold to local restaurants. Following Zhoda's investments into expansion of buildings and acquisition of new equipment, the company now has the capacity to vinify the entire harvest and sell the wine under the brand Testament at higher prices than previously. The company has under 2018 established new sales channels focusing on the major cities of Croatia, including Zagreb, Split and Dubrovnik. The wine is now sold in over 100 hotels, restaurants and cafés in Croatia. During the year, Testament Winery renovated an existing building in the vineyard and launched its own tasting facilities where guests are offered to participate in wine tastings with Dalmatian specialties as well as to purchase wine.

During 2019 the company will widen its sales to retail, including specialized wine stores and supermarkets. When the wine consumer chooses his wine at a store, brand recognition comes into stronger play compare to in a restaurant where a waiter often recommends a wine. Testament will therefore during 2019 strengthen its presence in digital media, at wine fairs as well as through joint arrangements with leading wine personalities and sommeliers.

In parallel, the company has commenced export activities, initially focusing on neighboring Serbia and Montenegro as and also the Czech Republic, Austria, USA and the Nordic countries.

Zhoda owns two wineries in Dalmatia

Zhoda now holds 100 per cent of Testament Winery following an acquisition of the outstanding 20 per cent in 2018. The company also owns a winery on the Dalmatian island of Korcula that produces wine on the indigenous white wine favorite Posip. This grape was discovered by chance 150 years ago when a local farmer was wandering in the bushes surrounding the village of Smokvica where the winery is located.

Invitation to taste Testament's wines and visit the winery

As a service to the shareholders, Zhoda has introduced the red Testament Babic (article number 73669) and the white Testament Posip (article number 74023) to the ordering segment at Systembolaget. The wines can be ordered at systembolaget.se or in your local store.

Zhoda's shareholders are also invited to visit the winery. Please see testament-winery.com or send an email to our winemaker Juraj Sladic (juraj@testament-winery.com).

Visit Testament Winery on Facebook and Instagram in order to follow the activities in the vineyard and cellar.

Photos from the Babic harvest and tasting facilities

Attached to this press release are photos from the manually harvested Babic grapes and the newly renovated building for tasting facilities and winery sales.

Stockholm, 11 January 2019

For more information, please contact:
Robert Karlsson, CEO Zhoda Investments AB +46 709 565 141,

About Zhoda Investments
Zhoda Investments invests in selected unlisted European ventures and drives growth and profitability through active ownership and an entrepreneurial approach. Zhoda owns an organic winery in Dalmatia with a 47-hectare state of the art vineyard mainly producing red wine from the local Babic grape. Zhoda is also the owner of a winery on the Dalmatian island of Korcula that produces white premium wines from the indigenous Posip grape. The group also holds a 45 per cent interest in the Lelyaki oil field in Ukraine with 2P proven and probable oil reserves of 8 million barrels net to the company. Zhoda Investments is actively pursuing new investments. For more information, visit www.zhodainvestments.com.

This is an English translation of the Swedish original. In case of discrepancies, the Swedish original shall prevail.

Operativ uppdatering från Testament Winery

Zhoda Investments ("Zhoda") lämnar en operativ uppdatering avseende vinverksamheten i Testament Winery som producerar främst röda premiumviner på den dalmatinska kusten. Under 2018 tog bolaget flera stora steg mot visionen att bli Dalmatiens ledande producent av premiumviner. Bolaget lanserade det nya varumärket Testament, implementerade en ny säljstrategi och nådde en rekordskörd med en produktion på över tre hundra tusen flaskor ekologiska viner på lokala druvor.

Operational update from Testament Winery

Zhoda Investments ("Zhoda") announces an operational update on the wine operations in Testament Winery, a producer of primarily red premium wine on the coast of Dalmatia. During 2018 the company took several steps towards achieving the vision of becoming Dalmatia's leading producer of premium wines. The company launched the Testament brand, implemented a new sales strategy and reached a record harvest with a production of over 300,000 bottles of organic wines made from indigenous grapes.

Operativ och finansiell uppdatering från oljeverksamheten

Zhoda Investments ("Zhoda") lämnar en operativ och finansiell uppdatering avseende oljeverksamheten i Poltava Ukraina. Under årets första tio månader har Zhodas 45 procentiga andel av fältets produktion uppgått till 81 000 fat olja. Denna olja har genom den nya säljkanalen sålts mot förskottsbetalning. Detta har möjliggjort för oljefältsoperatören att nå två prioriterade finansiella målsättningar för 2018, det vill säga att reglera historiska rörelseskulder och återuppta utbetalning av utdelningar till Zhoda.

Operational and financial update from the oil operations

Operational and financial update from the oil operations Zhoda Investments ("Zhoda") announces an operational and financial update on the oil operations near Poltava, Ukraine. During the first 10 months of the year, Zhoda's 45 per cent interest in the field production amounted to 81,000 barrels. This oil has been sold against prepayment through the newly established sales channel. This has enabled the oil field operator to reach two prioritized objectives for 2018, that is settlement of historical operational debt and resumed dividend payments to Zhoda.

Operativ uppdatering från Smokvica Winery

Tidigare i våras stärkte Zhoda Investments sin position på den kroatiska vinmarknaden genom ett kompletteringsförvärv för vita premiumviner på den dalmatinska ön Korcula. Bolaget har sedan dess tagit stora steg under en relativt kort tid och kan därför framställa cirka 40 000 flaskor av vin från druvan posip från årets skörd.

Operational update from Smokvica winery

In spring this year, Zhoda Investments strengthened its position on the Croatian wine market by making an add-on acquisition for premium white wine on the Dalmatian island of Korcula. The company has made significant progress in a short period of time and has started producing approximately 40,000 bottles of Posip wine from the 2018 harvest.

Rekordskörd av Testament Winerys vitvinsdruva posip

Zhoda Investments portföljbolag Testament Winery, en producent av ekologiska viner på Dalmatiens kust i Kroatien, har framgångsrikt slutfört en rekordskörd av vitvinsdruvan posip.

Record white wine Posip harvest for Testament Winery

Zhoda Investments' portfolio company Testament Winery, an organic wine producer located on the Dalmatian cost of Croatia, has successfully completed a record harvest of the Posip grape used to produce white wines.

Zhoda Investments B handlas på OTC-listan den 3 september 2018

BQ Broker startar handel i Zhoda Investments aktie B.

Zhoda Investments inleder handel på beQuoteds OTC-lista

Zhoda Investments har slutit avtal med beQuoted om handel i bolagets B-aktie på OTC-listan. Första dag för handel blir den 3 september 2018.

Zhoda Investments to commence trade on beQuoted's OTC list

Zhoda Investments has entered into an agreement with beQuoted regarding trade in the company's B share on the OTC list. First day of trade will be 3 September 2018.

Två guldmedaljer till Testaments vinmakare i världens största vintävling

Tio Kroatiska viner vann guldmedaljer i 2018 Decanter World Wine Awards, världens största och mest inflytelserika vintävling. Två av dessa viner är från Dalmatien, och Testaments två vinmakare Juraj Sladic och Igor Radovanovic är vinmakarna bakom dessa medaljvinnare. Det är ett mycket viktig erkännande av utvecklingen av Dalmatiens vinindustri som nu skapas av en ny generation vinmakare som fokuserar på lokala druvor, en modern framställning och utmärkande vinstilar.

Two gold medals to Testament's winemakers at the world's largest wine competition

In the 2018 Decanter World Wine Awards, the world's largest and most influential wine competition, ten Croatian wines received gold medals. Two of these wines are from Dalmatia and Testament's two winemakers, Juraj Sladic and Igor Radovanovic, are the winemakers behind these award-winning wines. It is an exceptionally important validation of the development of the Dalmatian wine industry set by the new winemaker generation, focused on indigenous varieties, modern approach and precise wine styles.

Zhoda Investments ekologiska viner från Dalmatien nu på Systembolaget

Vinerna Testament Babic och Testament Posip från Zhoda Investments vingård i Dalmatien finns nu tillgängliga för bolagets aktieägare och den svenska marknaden via Systembolagets beställningssortiment. Vinerna säljs i över 100 restauranger i Kroatien och nu kan även den svenska marknaden ta del av dessa ekologiska viner framställda av Dalmatiens ledande vinmakare.

Zhoda Investments' organic wine from Dalmatia is now available at Systembolaget

The Testament Babic and Testament Posip wines from Zhoda Investments' winery in Dalmatia are now available for the company's shareholders and the Swedish market through Systembolaget. Over 100 restaurants in Croatia sell these wines made by Dalmatia's leading winemakers and they have now been made available to the Swedish market.

Kommuniké från årsstämma i Zhoda Investments

Vid årsstämma i Zhoda Investments AB fattade aktieägarna i huvudsak följande beslut.

Communiqué from the Annual General Meeting in Zhoda Investments

The shareholders of Zhoda Investments AB passed the following main resolutions at the Annual General Meeting.

Zhoda Investments nyemission övertecknad

Zhoda Investments ("Zhoda") har framgångsrikt slutfört en nyemission med företrädesrätt för befintliga aktieägare. Nyemissionen som övertecknades med 18% tillför bolaget 20,9 miljoner kronor före emissionskostnader. Medlen ska främst användas för att utveckla Zhodas ekologiska vinverksamhet mot visionen att bli Dalmatiens ledande producent av kvalitetsviner med 1 miljon flaskor per år.

Zhoda Investments' rights issue oversubscribed

Zhoda Investments ("Zhoda") has successfully completed an issue of shares with preferential rights for shareholders. The issue was oversubscribed by 18 per cent and raised SEK 20.9 million before issue costs. The funds will primarily be used to develop Zhoda's organic wine operations towards the vision of becoming Dalmatia's leading winery with 1 million bottles of premium wine per year.

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