Operational update from the wine operations

Zhoda Investments ("Zhoda") announces an operational update on the wine operations located in the coastal region of Dalmatia in Croatia. The outbreak of the pandemic has led to a decrease in international travel as well as lower activity in the restaurant sector. Despite this the company has managed to sell as many bottles to date in 2020 as for the full year 2019. The warm weather with little rain has led to a lower harvest compared to previous years, but the quality of the grapes is very high and 2020 has the potential to become the best vintage in the company's history. Testament's wines were recently awarded with several gold medals in Decanter, the world's largest wine competition, demonstrating the high level of expertise of the company's winemakers.

Sales

The company's main market, the Croatian HORECA segment (hotel, restaurant, café) was affected by restrictions in international travel and a significantly lower activity in the restaurant and hotel sectors. As an example, over 1,000 persons cancelled their booked visits to Testament Winery's tasting facilities and wine shop in spring this year.

Despite these challenging market conditions, the company's sales strategy has proven to be successful. Sales to date in 2020 amount to 45,000 bottles, which is equivalent to the full year sales in 2019.

Visitors to Croatia that travelled by car from neighboring countries increased compared to previous years, which partly compensated for the lower number of travellers arriving by plane and cruise ships. The car tourism led to higher activity in Istria and the north and central parts of Dalmatia (where Testament Winery is located) and lower activity in the classic southern destinations such as Dubrovnik. The fact that visitors that travel by car tend to buy more wine that those that travel by plane has also had a positive effect on sales.

Harvest 2020

The harvest for 2020 amounted to 100 tons. This is in line with the vintage 2017 and about half of the prior year harvest. The decrease is mainly a result of the warm summer with little rain. The vintage 2020 has great ageing potential and may become the best vintage in the company's history. The grapes provide great fruit and tannin structure as well as a good balance between sugar and acid. Testament Winery's location on limestone hills sloping down towards the Adriatic Sea has proven to produce first class grapes regardless of weather conditions.

Testament's 47-hectare vineyard consists mainly of red grapes giving wines that will be aged before they reach the market. As a result, the lower grape yield in 2020 will not affect sales the coming years. The wines from the large harvests in 2018 and 2019 are first to be taken to the market.

Branding and medals in Decanter

The Testament and Merga Victa brand recognition on the market is steadily growing. The wineries offer high quality wine from local Dalmatian grapes in an attractive price segment. The wine makers Juraj Sladic and Igor Radovanovic are making Croatian wine history by combining Dalmatia's over two thousand year old wine tradition with modern winemaking.

This is evidenced by the recent very fine performance in Decanter, the world's largest and most influential wine competition. The wines The Dalmatian Dog and Testament Posip were awarded gold medals and Merga Victa a silver medal in their respective categories.

For more information, please contact:

Robert Karlsson, CEO Zhoda Investments AB

+46 709 565 141, robert.karlsson@zhodainvestments.com

www.zhodainvestments.com

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 Testament Winery, 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 Black Island Winery, a winery on the Dalmatian island of Korcula that produces white premium wines from the indigenous posip grape under the brand Merga Victa. 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.

Medaljregn över Testament Winery

När världens största vintävling Decanter World Wine Awards nyligen avgjordes blev det storslam för Testament Winery. Ingen kroatisk vingård fick fler medaljer. Detta är ett stort erkännande för bolagets vinmakare och ett viktigt steg i målet att skapa Kroatiens bästa vin.


Decanter gold medals to Testament Winery

Testament Winery received more medals than any other Croatian winery when the results from the Decanter World Wine Awards, the world's largest and most influential wine competition, were announced. Judged by the top wine experts from around the globe, this is a huge recognition for the company's winemakers and an important step in reaching the objective of creating Croatia's best wine.


Operativ uppdatering från vinverksamheten

Zhoda Investments ("Zhoda") lämnar en operativ uppdatering avseende vinverksamheten belägen i kustregionen Dalmatien i Kroatien. Pandemin i världen har minskat resandet och inneburit en lägre aktivitet i restaurangnäring. Bolagets har trots detta hittills i år sålt lika många flaskor som för helåret 2019. Det varma vädret med låg nederbörd har inneburit en lägre skörd än tidigare år, men kvaliteten på druvorna är mycket hög och 2020 bedöms kunna ge den bästa årgången i bolagets historia. Att Testaments viner nyligen belönades med flera ädla medaljer i världens största vintävling Decanter är ett fint erkännande för bolagets vinmakare.


Operational update from the wine operations

Zhoda Investments ("Zhoda") announces an operational update on the wine operations located in the coastal region of Dalmatia in Croatia. The outbreak of the pandemic has led to a decrease in international travel as well as lower activity in the restaurant sector. Despite this the company has managed to sell as many bottles to date in 2020 as for the full year 2019. The warm weather with little rain has led to a lower harvest compared to previous years, but the quality of the grapes is very high and 2020 has the potential to become the best vintage in the company's history. Testament's wines were recently awarded with several gold medals in Decanter, the world's largest wine competition, demonstrating the high level of expertise of the company's winemakers.




Zhoda Investments lämnar operativ uppdatering

Inför dagens årsstämma lämnar Zhoda Investments ("Zhoda") en operativ uppdatering. Efter coronautbrottet tidigare i år vidtog bolaget snabbt åtgärder för att anpassa verksamheten till de nya marknadsförutsättningarna. Lägre oljepriser och reserestriktioner har påverkat olje- och vinverksamheternas omsättning och resultat men öppnar också för nya affärsmöjligheter.


Zhoda Investments announces an operational update

Ahead of today's Annual General Meeting, Zhoda Investments ("Zhoda") announces an operational update. Following the outbreak of Covid 19 earlier this year, Zhoda took swift measures to adapt the operations to the new market conditions. Lower oil prices and travel restrictions have affected sales and profits in both the oil and wine operations, but have also opened up new business opportunities.


Zhoda Investments vinner upphandling på Systembolaget

Zhoda Investments helägda dotterbolag Black Island Winery har i hård konkurrens vunnit en upphandling av viner på druvan babic. Vinerna kommer att finnas i ordinarie segment på hyllan i 115 butiker från och med 1 december i år.


Zhoda Investments wins a tender at Systembolaget

Zhoda Investments' wholly owned subsidiary Black Island Winery has won a tender of wines made from the grape babic at Systembolaget, the Swedish retail monopoly. The wine will be available in 115 stores starting 1 December this year.


Zhoda Investments publicerar årsredovisning

Zhoda Investments ("Zhoda") publicerar idag årsredovisningen för 2019.


Zhoda Investments publishes its annual report

Zhoda Investments ("Zhoda") publishes its annual report for 2019.


Kallelse till årsstämma i Zhoda Investments AB (publ)

Aktieägarna i Zhoda Investments AB (publ), organisationsnummer 559030-3490 (nedan "Bolaget") kallas till årsstämma den 29 juni 2020 kl. 15.00 på Grev Turegatan 18 (Alpcot), 2 tr i Stockholm.


Notice to Annual General Meeting of shareholders in Zhoda Investments AB (publ)

The shareholders of Zhoda Investments AB (publ), corporate identity number 559030-3490 (hereinafter the "Company") are hereby given notice to attend the Annual General Meeting to be held at 15.00 CET on 29 June 2020, at Grev Turegatan 18 (Alpcot), 2nd floor, in Stockholm.


Operativ uppdatering från vinverksamheten

Zhoda Investments ("Zhoda") lämnar en operativ uppdatering avseende vinverksamheten belägen i kustregionen Dalmatien i Kroatien. Under år 2019 nådde bolaget flera viktiga milstolpar med väsentligt ökad försäljning, framgångsrik skörd och lansering av varumärket Merga Victa från vingården på ön Korcula.


Operational update from the wine operations

Zhoda Investments ("Zhoda") announces an operational update on the wine operations located in the coastal region of Dalmatia in Croatia. The company reached several important milestones in 2019, including significantly increased sales, a successful harvest and launch of the Merga VIcta brand from the second winery on the island of Korcula.


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 71 400 fat olja, motsvarande 234 fat per dag. Under samma period har moderbolaget erhållit utdelningar om drygt 8 miljoner kronor från oljeverksamheten.


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 71,400 barrels, equivalent to 234 barrels per day. During the same period, the parent company has received dividends from the oil operations amounting to over SEK 8 million.


Kommuniké från extra bolagsstämma i Zhoda Investments

Vid extra bolagsstämma i Zhoda Investments AB fattade aktieägarna beslut att utse WeAudit Sweden AB, med huvudansvarig revisor Mikael Köver, till ny revisor intill slutet av årsstämman 2020. Arvode ska utgå enligt godkänd räkning.


Communiqué from EGM in Zhoda Investments

The shareholders of Zhoda Investments AB passed a resolution at the EGM today to elect the authorized auditing firm WeAudit Sweden AB, with responsible auditor Mikael Köver, until the annual general meeting 2020. The auditors will be paid in accordance with approved invoices.


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