Portfolio Composition

RS's Portfolio by sectors.

Top 10 assets held by RS and SSH by book value of equity as of 31 Dec. 2020

 

Table: Top 10 assets held by RS and SSH by book value of equity as of 31 December 2020

Capital asset

Pillar

Ownership stake of RS* SSH as at 31 Dec. 2020

Book value of shareholdings as at 31 Dec. 2020 (EUR) *

Proportion in total portfolio 

DARS, D. D.

TRANSPORT

100,00 %

2.922.963.531

29,48 %

GEN ENERGIJA, D. O. O. ENERGY SECTOR 100,00 % 912.480.438 9,20 %

HSE, D. O. O.

ENERGY SECTOR

100,00 %

900.395.852

9,08 %

SLOVENSKE ŽELEZNICE, D. O. O. TRANSPORT 100,00 %

548.275.424

5,53 %

ZAVAROVALNICA TRIGLAV, D. D.

FINANCIAL SECTOR

62,57 %

544.482.788

5,49 %

NLB, D. D. FINANCIAL SECTOR 25,00 % 530.760.000 5,35 %

SID BANKA, D. D.

FINANCIAL SECTOR

99,41 %

473.293.684

4,77 %

TELEKOM SLOVENIJE, D. D. TOURISM AND ECONOMY 66,80 %

394.416.740

3,98 %

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

325.382.900

3,28 %

KRKA, D.D. TOURISM AND ECONOMY 16,21 %

283.972.229

2,86 %

TOTAL TOP 10

 

 

7.836.423.586

79,03 %

Other     2,079,908,672            20,97 %
TOTAL PORTFOLIO     9,916,332,258 100 %

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


*Excluding companies in bankruptcy or liquidation.

 

 

The concentration of assets in the portfolio continues to be high – top 10 companies represented as much as 79% of the portfolio assets, while 20 largest portfolio companies equaled to 97% of the book-value of the entire portfolio. Just the largest portfolio company, DARS, took up as much as a 30% share of the total portfolio.

 

A great majority of assets under management operated in transport and energy sector, representing in total almost 73% of the value of the portfolio, which is a slightly higher figure than as of 31 December 2019. Due to the sale of banks, the proportion of the Financial pillar decreased in 2020, precisely by 3.1 percentage points, while a slight increase was recorded in other pillars of the portfolio. Assets from the Tourism and Economy pillar continued to take up the smallest share of the total portfolio.

 

The asset classification criterion shows that the portfolio was dominated by strategic assets whose proportion increased in 2020: at the end of the year, strategic assets took up 80.8% of the total portfolio. Important assets represented slightly less than a 14% share of the portfolio, while the least represented assets were assets classified as portfolio assets, whose share fell in 2020 due to the sale of Abanka.

 

The proportion of companies quoted at the stock Exchange slightly increased, precisely, from 17.6% to 19.4%. The share of non-quoted companies continued to predominate the portfolio, but it decreased from 82.4% to 80.6% in 2020.

 

Composition of the portfolio under management as at 31 Dec. 2020 – by pillars (industries)

The portfolio of RS and SSH assets is divided in four pillars, of which the pillars of Transport and of Energy sector comprise nearly 73% of the portfolio's book-value (see graph below). After the recent sale of banks, the proportion of the Financial pillar decreased, while the proportion of Tourism and Economy sectors remained below 10% at the end of 2020, similar as in previous years. As of 31 December 2020, the total book value of assets under SSH management amounted to EUR 9.9 billion