Portfolio Composition

RS's Portfolio by sectors.

Top 10 assets held by RS and SSH by book value of equity as at 31 December 2022

 

Table: Top 10 assets held by RS and SSH by book value of equity as at 31 December 2022

Capital asset

Pillar

Ownership stake of RS+SSH as at 31 Dec. 2022

Book value of shareholdings as at 31 Dec. 2022 (EUR) *

Proportion in total portfolio 

DARS, D. D.

TRANSPORT

100,00 %

3,199,015,617

28.57 %

GEN ENERGIJA, D. O. O. ENERGY SECTOR 100,00 % 1,031,493,872 9.21 %

HSE, D. O. O.

ENERGY SECTOR

100,00 %

1,024,739,730

9.15 %

SLOVENSKE ŽELEZNICE, D. O. O.

FINANCIAL SECTOR

100,00 %

834,109,083

7.45 %

NLB, D. D. TRANSPORT 25,00 % 605,581,250 5,41 %
ZAVAROVALNICA TRIGLAV, D. D. FINANCIAL SECTOR 62.57 % 471,051,843 4.21 %

SID BANKA, D. D.

FINANCIAL SECTOR

99.41 %

448,204,815

4.00 %

TELEKOM SLOVENIJE, D. D. TOURISM AND ECONOMY 66.80 %

408,572,711

3.65 %

POŠTA SLOVENIJE, D. D. TRANSPORT 100,00 %

340.851.337

3,3 %

KRKA, D. D. TOURISM AND ECONOMY 16.21 %

346,663,001

3.10 %

TOTAL TOP 10

 

 

8.778.004.633

77,9 %

Other     2.479            22,1 %
TOTAL PORTFOLIO     11.195,836,750 100,0 %

** Note: In case of consolidated statements, book-value of Group equity was taken into account.

*Excluding companies in bankruptcy or liquidation.

 

In 2022, the book value of capital assets increased and amounted to EUR 11.2 billion at the end of the year (as at 31 December 2021: EUR 10.3 billion). The increase in value is partly due to the growth of the capital of companies as a result of their business results, partly due to capital increases carried out in 2022 (HSE and SŽ), and partly due to the acquisition of new investments (the increase in the stake in Sava, the acquisition of DRI and SiDG, the acquisition of capital assets through the merger with BAMC). In total, the investments which were taken over at the end of 2022 (SiDG, DRI) and capital assets (formerly held by BAMC) represented approximately 3% of the book value of all capital assets under management.

The concentration of assets in the portfolio continues to be high – top 10 companies represented almost as much as 77.9% of the total portfolio’s assets, while 20 largest companies took up a 95% share of the entire portfolio. Just the largest portfolio company, DARS, took up as much as a 29% share of the total portfolio.

 

Composition of the portfolio under management as at 31 December 2022– by pillars (industries)

The Transport and Energy pillars account for the bulk of companies with capital assets under SSH’s management, together they account for almost 73%. The structure of companies by pillar did not change significantly in 2022. There were also no significant changes in the structure of companies by classification and listing.