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 ([email protected]).

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,
[email protected]

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.

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 publicerar årsredovisning

Zhoda Investments ("Zhoda") publicerar idag årsredovisningen för 2021. Bolaget redovisar en stark tillväxt och ökad lönsamhet för räkenskapsåret. 

Zhoda Investments publishes its annual report

Zhoda Investments ("Zhoda") publishes its annual report for 2021. The company records a strong growth and improved profitability for the year.

Kallelse till årsstämma i Zhoda Investments AB (publ)

Aktieägarna i Zhoda Investments AB (publ), organisationsnummer 559030-3490 (nedan "Bolaget") kallas till årsstämma den 22 juni 2022 kl. 15.00 på Grevgatan 5 (Vinkällaren Grappe) 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 22 June 2022, at Grevgatan 5 (Vinkällaren Grappe) in Stockholm.

Zhoda Investments nyemission övertecknad

Zhoda Investments ("Zhoda") har framgångsrikt slutfört en nyemission med företrädesrätt för befintliga aktieägare. Nyemissionen som övertecknades med 11% tillför bolaget 13,1 miljoner kronor före emissionskostnader.

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 11 per cent and raised SEK 13.1 million before issue costs.

Zhoda Investments inleder teckningsperioden och publicerar memorandum

Den 19 april 2022 offentliggjorde Zhoda Investments ("Zhoda") att styrelsen beslutat att på basis av ett bemyndigande från årsstämman genomföra en nyemission med företräde för befintliga aktieägare. Idag inleds teckningsperioden och i samband med detta publicerar bolaget ett informationsmemorandum som beskriver bolaget och emissionen. Emissionshandlingar med information om hur man tecknar sig skickas ut till aktieägarna och information finns även tillgänglig på bolagets hemsida.

Zhoda Investments commences the subscription period and publishes an investment memorandum

On 19 April 2022, Zhoda Investments ("Zhoda") announced that the Board of Directors, based on a mandate from the AGM, had resolved to carry out an issue of shares with preferential rights for existing shareholders. The subscription period begins today, and the company therefore publishes an investment memorandum in Swedish with information on the company and the issue of shares. Issue documents with instructions on how to subscribe are being distributed to the shareholders and are also available on the company's website.

Zhoda Investments genomför företrädesemission på 13 miljoner kronor

Zhoda Investments ("Zhoda") genomför en företrädesemission på 13 miljoner kronor. Syftet är att ta den framgångsrika vinverksamheten i Kroatien till nästa nivå, att bevara och på sikt utveckla värdena i oljeverksamheten i Ukraina och att stärka den finansiella ställningen. Styrelse och ledning har lämnat avsiktsförklaringar att teckna sig för sina andelar på 6,3 mkr, vilket motsvarar 49% av den totala emissionen.

Zhoda Investments announces a preferential rights issue of SEK 13 million

Zhoda Investments ("Zhoda") has resolved to conduct a preferential rights issue of SEK 13 million. The issue will enable the company to take the successful wine operations in Croatia to the next level, to maintain and with time develop the oil operations in Ukraine and to strengthen the financial position of the company. The Board of Directors and Management have declared their intent to subscribe for their preferential rights, which amounts to SEK 6.3 million or 49 per cent of the maximum issue.

Uppdatering från oljeverksamheten

Zhoda Investments ("Zhoda") lämnar en operativ uppdatering om oljeverksamheten.

Operational update on the oil operations

Zhoda Investments ("Zhoda") announces an operational update on the oil operations

Bra skörd i Zhoda Investments vinverksamhet

Zhodas Investments helägda dotterbolag Testament Winery är Kroatiens första svenska vingård. Målet är att skapa Kroatiens bästa vin. Årets skörd uppgick till 250 ton druvor, vilket är en stor ökning från 100 ton föregående år.

Strong harvest in Zhoda Investments wine operations

Zhoda Investments' wholly owned subsidiary Testament Winery is Croatia's first Swedish winery. The goal is to create Croatia's best wine. This year's harvest amounted to 250 tons of grapes, which is a significant increase from 100 tons last year.

Zhoda Investments beviljas investeringsbidrag på 15 miljoner kronor för nytt vineri

Zhodas Investments helägda dotterbolag Testament Winery är Kroatiens första svenska vingård. Målet är att skapa Kroatiens bästa vin. Vingården har beviljats ett investeringsbidrag på upp till 15 miljoner kronor för att bygga ett nytt vineri för att öka och effektivisera produktionskapaciteten samt skapa nya intäktsströmmar från gårdsförsäljning och vinprovningar.

Zhoda Investments granted investment subsidy of SEK 15 million for the construction of a new winery

Zhoda Investments' wholly owned subsidiary Testament Winery is Croatia's first Swedish winery. The goal is to create Croatia's best wine. The company has been granted an investment subsidy of up to SEK 15 million for the construction of a new winery designed to increase and optimize production capacity and create new revenue streams from sales and tastings at the winery.

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