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.


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, [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 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.

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.

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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.

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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.

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Uppdatering från oljeverksamheten

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Operational update on the oil operations

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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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