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.

Zhoda Investments lämnar en operativ uppdatering

Inför dagens årsstämma lämnar Zhoda Investments ("Zhoda") en operativ uppdatering. Världens ekonomier stabiliseras och steg för steg har resande och restaurangnäringen börjat återgå till det normala, vilket ger väsentligt bättre marknadsvillkor för Zhodas verksamheter. Vinverksamheten redovisar en kraftigt ökad försäljning och dagens oljepris på över 70 dollar per fat ger gynnsamma förutsättningar för oljeverksamheten.

Zhoda Investments announces an operational update

Ahead of today's Annual General Meeting, Zhoda Investments ("Zhoda") announces an operational update. The world economy has stabilized and international travel and the restaurant sector are step-by-step returning to levels that existed prior to the pandemic, which results in significantly improved market conditions for Zhoda's operations. The wine operations continue to show strong growth and today's oil price of over 70 dollars per barrel provides a healthy platform for the oil operations.

Zhoda Investments publicerar årsredovisning

Zhoda Investments ("Zhoda") publicerar idag årsredovisningen för 2020.

Zhoda Investments publishes its annual report

Zhoda Investments ("Zhoda") publishes its annual report for 2020.

Kallelse till årsstämma i Zhoda Investments AB (publ)

Aktieägarna i Zhoda Investments AB (publ), organisationsnummer 559030-3490 (nedan "Bolaget") kallas till årsstämma den 23 juni 2021 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 23 June 2021, at Grev Turegatan 18 (Alpcot), 2nd floor, in Stockholm.

Zhoda Investments lämnar en operativ uppdatering från vinverksamheten

Zhoda Investments ("Zhoda") lämnar en operativ uppdatering från vinverksamheten i kustregionen Dalmatien i Kroatien.

Operational update from the wine operations

Zhoda Investments ("Zhoda") announces an operational update from the wine operations in the coastal region Dalmatia in Croatia.

Zhoda Investments lämnar operativ uppdatering från oljeverksamheten

Zhoda Investments ("Zhoda") lämnar en operativ uppdatering från oljeverksamheten i Ukraina.

Operational update from the oil operations

Zhoda Investments ("Zhoda") announces an operational update from the oil operations in Ukraine.

Premiär idag för Testament Winerys första vin i Systembolagets butiker

Idag lanseras Testament Winerys första vin på hyllan. När Systembolaget skulle välja ut ett kroatiskt vin att sälja i 123 butiker vann The Dalmatian Dog. Detta är ett viktigt steg för Testament Winery att nå sitt mål - att skapa Kroatiens bästa vin.

First launch of Testament's wine at Systembolaget

Today Testament Winery is launching its first wine at Systembolaget. When the state monopoly selected a Croatian wine to be sold in 123 stores in Sweden, The Dalmatian Dog was chosen. This is an important milestone for Testament in reaching its goal - to create Croatia's best wine.

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.

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