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, [email protected]

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.

Bra skörd på Testament Winery

Zhoda Investments helägda dotterbolag Testament Winery är Kroatiens första svenska vingård. Målet är att skapa Kroatiens bästa vin. Årets skörd uppgick till 255 ton druvor, vilket är den näst största i bolagets historia. Kvalitén på druvorna är mycket god och årgången 2022 kommer att ge utsökta viner.


Strong harvest at Testament Winery

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 255 tons, which is the second largest in company history. The quality of the grapes is very high and the vintage 2022 will produce excellent wines.


Zhoda Investments ökar takten inom vinverksamheten

Zhoda Investments helägda dotterbolag Black Island Winery expanderar kraftigt med en produktionsökning på 75% efter skörden 2022.


Zhoda Investments scales up its wine operations

Zhoda Investments' wholly owned subsidiary Black Island Winery is expanding rapidly with a production increase of 75% following the 2022 harvest.


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.


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