Economic news released by SITA on Wednesday, January 3
Coop Jednota Slovensko Expects 2006 Turnover of SKK 32 Bln.
Consumer cooperatives clustered in food retail chain Coop Jednota Slovensko expect turnover of SKK 32 billion for 2006, which should mean an increase of nearly SKK 2 billion y/y. Jednota posted a turnover of SKK 30.02 billion in 2005. The market share of Coop Jednota Slovensko on the Slovak retail food distribution market reached about 16 percent, informed head of COOP Jednota Slovensko chairman's office Ildiko Burajova.
Law Enables Squeezing Out Small Shareholders in Slovakia from January
Rules for squeezing out small shareholders from joint-stock companies in Slovakia took effect as of the start of 2007. If a majority owner's stake reaches at least 95 percent of the share capital following a mandatory takeover bid, the owner will be entitled to require holders of the remaining shares to sell them for an appropriate price. An owner can use this right within three months of an end of a mandatory takeover bid, but it will have to get permission from the National Bank of Slovakia. As a protection mechanism for small shareholders, the majority shareholder will be obliged to buy small shareholders' shares who want to sell them for the same price and under equal terms when asked to do so. This stems from the revised provisions of the Law on Securities and Investment Services, which came into force as of January 1, 2007.
Bratislavske Tlaciarne Plans a Profit of SKK 18.5 Mln. in 2007
Printing house Bratislavske Tlaciarne a.s., a member of the Grafobal Group, plans a profit exceeding SKK 18.5 million in 2007. Head of the company's economic department Marian Mikus informed that revenues of the company should reach SKK 331.1 million and expenditures should achieve SKK 312.6 million in 2007.
Taxed Profit of Dexia Banka in 2006 to Exceed SKK 234 Mln.
Dexia Banka Slovensko, a.s., expects a taxed profit for 2006 to exceed the level of its profit in 2005. Audited profit in that year was SKK 234 million. The volume of client deposits rose 24 percent over the past year, while the volume of provided loans rose about 20 percent. Concerning the development of business activities, Dexia Banka external communication manager Michal Furik highlighted the fact that the bank posted the most significant increase of deposits in the segment of the general population. In 2006, the bank chiefly met its target in the field of growth on the retail market.
Saint-Gobain Weber Terranova Expects SKK 45.5 Profit for 2006
Dry plaster mixtures producer, the company Saint-Gobain Weber Terranova, s.r.o. Bratislava expects to close last year with a profit of SKK 45.5 million. Sales of products and services should reach SKK 241 million, while revenues from goods sold should be over SKK 193 million. The company expects to generate added value of SKK 128.3 million, according to data provided to SITA by the firm's representatives.
Logistics Firm Gefco Slovakia Wants to Open Two New Branches
The logistics company Gefco Slovakia, which has been operating in Slovakia for its second year and whose most significant client is PSA Peugeot Citroen, plans to open two more branches in Slovakia. The main goal of this expansion is to satisfy client demand throughout the whole country and secure speedy delivery of services. The company currently employs 200 people, cooperates with over 120 local transport companies, and has eighty tenders open for cooperation in logistics services, Gefco Slovakia informed.
Slovak Vets Found No BSE-Positive Animals in Eleven Months of 2006
From January to November of last year Slovak veterinarians examined 61,606 cattle samples for bovine spongiform encephalopathy (BSE). None of the samples was tested as BSE-positive, reads a report published by the State Veterinary and Food Administration (SVPS). Out of all animals tested, 47,720 were healthy, 13,313 were deceased, and 570 were emergency slaughtered. The results of tests on three samples from animals with clinical symptoms before they were put-down also proved to be negative.
FOREX MARKET: The Slovak Crown Firmed to 34.310/350 SKK/EUR
The Slovak currency firmed by a few hallers on Wednesday. Already in the morning its exchange rate towards the euro moved from the opening 34.400/440 SKK/EUR to 34.310/350 SKK/EUR, where it was also shortly before the end of the trading session on Wednesday. Tatra Banka dealer Boris Somorovsky ascribed the morning's firming to demand from a single foreign bank. However, the following trading was cautious as investors are careful in particular because of a potential intervention of the central bank.
MONEY MARKET: London Banks Pushed Rates Down on Wednesday
London banks were getting rid of Slovak crowns on Wednesday investing them into long-term crown deposits that pushed down rates on the longer end of the yield curve. VUB Banka dealer Andrej Ungvarsky said that this is linked in particular with the increasing conviction of investors that key interest rates in Slovakia's economy will fall soon. On Wednesday, rates decreased along the whole yield curve, but in particular in case of deposits with a maturity between six and twelve months.