Economic News Summary
22. júla 2003

H1 Electricity Output in Slovakia at 2,301 GWh

Power plants in Slovakia generated 16,161 GWh of electricity over the half of this year, which is 137 GWh below the plan. Six-month electricity consumption in Slovakia amounted to 14,484 GWh. Exports of electricity reached 1,677 GWh, SE spokeswoman Jana Kaplanova informed SITA.

In June alone, Slovak power stations put out 2,301 GWh of electricity. Of this, domestic consumption accounted for 2,080 GWh and exports were at 222 GWh.

Carmaker VW Slovakia Reported Sales at SKK 75.4 Bln. in H1 2003

Carmaker Volkswagen Slovakia (VW), a.s. in H1 2003 reported total sales at SKK 75.4 billion, what is a 53-percent increase compared with the same period of the last year. The company over the monitored period manufactured 124,768 cars, 174,485 gearboxes and 9.5 million components for gearboxes, Jozef Uhrik, chairman of the Volkswagen Slovakia directors’ board informed SITA.

Fashion Trader Kenvelo SK with SKK 14.7 Mln. Profit Last Year

According to the data disclosed by Bratislava-based fashion retailer Kenvelo SK, s.r.o., the company ended last year with profit at SKK 14.7 million on sales over the monitored period at SKK 403.8 million. Although trade margin from sold goods represented SKK 183.4 million, the company only generated added value at SKK 78.7 million due to production costs at SKK 107.85 million. Operating profit of the company over the last year was SKK 20.3 million, losses from financial operations stood at SKK 466,000.

UniBanka Offers for Sale Claims against Bankrupt Hydrostav

UniBanka, a.s. announced a tender to sell claims against bankrupt construction company Hydrostav, receiver of Hydrostav assets Jozef Boljesik confirmed to SITA. UniBanka registers claims against Hydrostav at SKK 171 million. The bank is offering for sale the whole volume of claims.

Cattle Numbers Decrease Year on Year in Slovakia

According to the position and outlook report by the Research Institute for the Economy of Agriculture and Food Industry (VUEPP), despite the 0.7-percent increase in cattle in Slovakia since early March of this year, cattle numbers on a year-on-year basis decreased by 5.3 percent or 34,600 head of cattle. At the end of Q1 2003 Slovak farmers bred 612,200 head of cattle in total, out of which cows amounted to 258,300.

UniBanka Provided Mortgages for SKK 907.2 Mln. in H1 2003

UniBanka, a.s. provided SKK 907.2 million in 871 mortgages over the first half of this year. The bank plans to provide mortgages totaling SKK 1 billion this year, UniBanka spokesman Michal Stefanek told SITA. Mortgages were much in demand in June, when the bank announced decrease in interest rates.

UJD Begins Inspection of V-2 Jaslovske Bohunice Nuclear Power Plant

The Nuclear Supervisory Office (UJD) has begun a team inspection of the process and results of the extended general overhaul in nuclear units VVER of type V 213 installed in the V-2 nuclear power-plant in Jaslovske Bohunice, UJD spokesman Mojmir Seliga told SITA. He said that the aim of this in-depth inspection is to check the level of preparedness of power plant employees, and assess equipment and necessary documentation for individual stages in launching the third unit of the V-2 power plant in Jaslovske Bohunice in connection with extended overhaul.

Progas Profit Fell to SKK 330,000 in 2002

Progas, s.r.o. Bratislava, engaged in retail sales of liquefied hydrocarbon gases, closed 2002 with an operating profit exceeding SKK 5 million. This was reduced by losses from financial operations of SKK 2.88 million and losses from special operations at SKK 1.9 million. Thus the company’s profit shrank from SKK 11.78 million in 2001 to SKK 330,000 last year, Progas announced on Monday.

Imuna Terminates Blood Plasma Processing

Blood derivatives maker Imuna Pharm Holding, a.s., Sarisske Michalany will wind down its blood plasma processing. The company’s director general Tibor Bily told SITA that after a change in ownership relations, the new management has focused on restructuring the company with the aim of making its production more effective. Thus, it has decided to terminate processing some agents due to low efficiency or obsolete production technologies, making 50 employees redundant by the end of the year. In the future a foreign company will secure processing of Slovak blood plasma. All blood derivatives produced from Slovak blood plasma will be returned to the country.

Gabor Slovensko Shoemaker Sales Exceed SKK 1 Bln. in H1 2003

Shoemaker Gabor Slovensko, s.r.o., Banovce nad Bebravou reported sales of its own products and services of SKK 1.003 billion in the first half of this year. Sales of goods reached SKK 48.705 million as of June 30. H1 output amounted to SKK 951.334 million and the company generated added value of SKK 293.445 million. Total revenues of Gabor stood at 1.062 billion on costs at SKK 899.32 million, according to data provided to SITA by Gabor management.

Eurobus-Invest Slovakia Enters JM-Autodoprava

Company Eurobus–Invest Slovakia, s.r.o., Komarno entered JM–Autodoprava, s.r.o., Trebisov in early June. The firms have already asked the Antitrust Office to exam a potential concentration according to the law on protection of competition, Zoltan Pivoda, an authorized Eurobus-Invest Slovakia representative informed SITA.

SAX Share Index Slightly Weakens to 162.61 Points on Monday

On Monday the official SAX share index, mainly under the influence of weakening Slovnaft and VUB shares, decreased 0.37 percent or 0.61 points to 162.61 points. Turnover on the Bratislava Stock Exchange (BCPB) rose from SKK 7.307 billion on Friday to SKK 10.069 billion on Monday with almost SKK 9.1 million in share trading.

CMK Zvolen Earned SKK 17.4 Mln. Last Year

Zvolen-based Cesty, Mosty, Konstrukcie company (CMK) concluded last year with a profit of SKK 17.4 million. This figure shows a remarkable improvement from 2001 when the company netted SKK 2.1 million. The company’s output reached SKK 269.3 million, which is SKK 52.3 million more than a year ago. Sales for its own products and services amounted to SKK 229.3 million. Added value stood at SKK 82.6 million at the end of December.

In Line with Market Expectations, Government Bond Auction Fails

In line with market expectations, an auction of two-year government bonds failed on Monday. Bank binds in the auction amounted to SKK 3 million with the Finance Ministry failing to accept a single one. Slovenska Sporitelna dealer Pavel Janosik informed SITA that the ceiling coupon in the auction was 4.9 percent p.a. ”This is well below the yield for which bonds are being sold on the secondary market,” stated Mr. Janosik. Commercial banks deposited SKK 20.131 billion in their reserve accounts in the central bank, meeting the minimum reserve requirement on a cumulative basis at 102.4 percent.

Crown Again Loses 16 Hallers Towards Euro on Monday

On Monday, the Slovak crown continued its downward trend from the close of last week. CSOB dealer Richard Brza told SITA that in the morning the exchange rate of the Slovak crown towards the euro moved from 42.200/250 SKK/EUR to the maximum value that day: 42.490 SKK/EUR. However, at the close of trading the local currency strengthened to 42.360/400 SKK/EUR. The Slovak crown mirrored development by local currencies in neighboring countries.

As the USD weakened towards the European currency to 1.1310 USD/EUR (middle), the Slovak crown has not weakened too radically against the USD when it was calculated at 37.400 SKK/USD. The cross rate of the Slovak and Czech currencies closed at 1.3110/3140 SKK/CZK.

CSOB Provided SKK 492 Mln. in Mortgages for H1 2003

The Slovak arm of Czech CSOB bank provided SKK 492.3 million in 495 mortgages over the first half of this year. The bank closed 379 mortgages of SKK 380.8 million in June alone, Marta Krejcarova from the bank’s marketing department informed SITA.

Minority Shareholders Accuse VSZ of Artificial Reduction of Assets

The Association for Protection of Minority Shareholders (OSMA) accuses ex-steelmaker VSZ, a.s. Kosice of artificially misrepresenting its economic figures for the purpose of decreasing the share price prior to the planned compulsory takeover bid. For example, according to OSMA, it decreased the value of business assets by creating reserves and provisions. After the planned withdrawal of VSZ shares from the Bratislava Stock Exchange the company could offer only SKK 90 for one share to minority shareholders. “One VSZ share accounts for assets of nearly SKK 180,“ said Milos Surovic from OSMA. The share price within the compulsory bid cannot be lower than half of net business assets of the company per one share, calculated according to the latest closing of the books.

The management of VSZ, a.s. Kosice rejected OSMA accusations, claiming that OSMA is misleading the public and other shareholders by manipulating with the wrong figures. Also, the owner of 31.8 percent shares in the company, Penta Group Limited, considers statements by OSMA representatives as unprofessional and misleading.

SkyEurope Wants to Use Synergy After Slovakia Enters EU

The accession of Slovakia into the European Union will open up enormous opportunities for low-cost Slovak airline SkyEurope Airlines a.s. After EU enlargement, the union’s market will become its home market. “The Polish market is the hottest candidate, where we see expansion opportunities,” said SkyEurope commercial director Pavol Mlady. On the occasion of the inauguration flight by the airline to London, head of SkyEurope board of directors Christian Mandl said that SkyEurope is a company for central Europe. Thus its expansion might bring new air bases in other countries. The airline, within preparations for wider operation in the central European region, plans to import another Boeing 737. “Next year we plan to operate a total of eight to ten airplanes compared to the current five units,” said Mr. Mlady, according to whom the airline surpassed its business plan in May as well as June.

Tento projekt je podporený z Európskeho sociálneho fondu


22. 9. 2020

USD 1,174 0,005
CZK 27,007 0,027
GBP 0,917 0,001
HUF 362,050 1,030
CAD 1,563 0,003