Operational update from the wine operations

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

"Despite challenging market conditions with travel restrictions and a lower activity in the restaurant sector, we have significantly developed our wine operations during 2020. Sales measured in number of bottles increased by 80 per cent compared to the previous year. We have strengthened our brand and established new sales channels. Our two leading Croatian winemakers have created world-class organic wines. I am convinced that we are now creating substantial values for our shareholders within the wine operations", says Robert Karlsson, CEO of Zhoda Investments.

Continued strong growth

During 2020, the number of bottles sold amounted to 82,000, which is an increase of approximately 80 per cent compared to 45,000 bottles the year before. Given how the pandemic has affected the wine market, this is an extraordinary achievement. The company expects to be able to reach a strong growth also in 2021.

Gold medals in the world's most influential wine competition

The wines The Dalmatian Dog 2016 and Testament Posip 2019 both received gold medals in the Decanter World Wine Awards 2020, the world's largest and most influential wine competition. This was the first time in history that a wine based on the babic grape was awarded with a gold medal. This is just one example of how the company's winemakers Juraj Sladic and Igor Radovanovic are successfully creating wines that are making an impact on the international wine scene.

Winner at Systembolaget

The Swedish state retail monopoly Systembolaget recently selected The Dalmatian Dog as the only red Croatian wine to be placed in 115 stores throughout Sweden. A total of eleven wines participated in the tender and The Dalmatian Dog was announced the winner following a blind tasting conducted by three representatives of Systembolaget. The wine was launched on 1 December 2020 and it has been well received among consumers and wine journalists. During the tender process, Systembolaget estimated yearly sales to amount to 16,000 bottles, an amount that was reached already after two months of sales. The wine is guaranteed shelf space for at least 12 months.

Lower harvest of excellent quality in 2020

Testament owns and manages an organic vineyard of 50 hectares focusing on the red wine grape babic. The harvest in 2020 amounted to 100 tons. This is in line with the premium vintage 2017 but significantly lower than 2018 (350 tons) and 2019 (230 tons). The company expects to reach an average harvest of around 250 tons per year depending on the weather conditions each year. It is expected that the vintage 2020 may give the best wines in the history of the winery.

The sister winery Black Island Winery focuses on the white wine grape posip does not own a vineyard and therefore sources grapes from local farmers. The production is therefore fully scalable and can be increased as the company is able to build demand for its products.

New sales channels and international expansion

During the first years of operations, all wine was sold in the local Croatian HORECA segment (hotels, restaurants, cafés). Lower costs for logistics, a strong demand from visitors to Croatia as well as the lack of an alcohol tax make this local segment the natural starting point and foundation for sales. It is in line with the company's sales strategy to add new sales channels. Sales within retail, export and the company's tasting facilities represent an increasing share of sales.

New winery

It is Zhoda's vision to reach sales of one million bottles per year. In order to reach that objective, the company is making preparations to build a new winery at Testament Winery. During 2020, the company has together with Croatia's leading winery architect completed technical and construction designs for the new winery. The company has also applied for EU subsidies targeting the Croatian wine industry for up to 50% of the investment.


The company believes that the ongoing vaccination program will lead to a step by step opening of the restaurant sector as well as to allow for holiday travels to Croatia. A continued positive trend on the local Croatian HORECA market is dependent on a decrease of the effects of the pandemic before the summer of 2021. As mentioned above, the company has through its sales strategy reduced the dependency on this segment since retail and export now account for an increasing part of sales.

The wine club Testament Vänner

In the wine club Testament Vänner all Swedish wine lovers can join our wine adventure and journey towards creating Croatia's best wine. Application to join the club can be made at testamentvanner.com.

Annual report

Zhoda Investments will publish the annual report for 2020 no later than three weeks before the annual general meeting, which is planned to be held in June.

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. In the coastal region of Dalmatia in Croatia, Zhoda owns and manages Testament Winery and Black Island Winery. Based on indigenous organic grapes and a two thousand year old wine tradition, it is Zhoda's award-winning winemakers' objective to create Croatia's best wine and to become the country's leading exporter of premium wines. The vision is to reach a production of one million bottles per year. 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 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.

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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