New Risk • May 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 70% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 24
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €50.8m (up 14% from 3Q 2024). Net loss: €138.7k (down 104% from profit in 3Q 2024). Reported Earnings • Aug 01
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €46.2m (up 2.7% from 2Q 2024). Net income: €166.7k (down 93% from 2Q 2024). Profit margin: 0.4% (down from 5.4% in 2Q 2024). The decrease in margin was driven by higher expenses. New Risk • Aug 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.4% Last year net profit margin: 4.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 11
Upcoming dividend of €1.65 per share Eligible shareholders must have bought the stock before 18 June 2025. Payment date: 11 July 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Croatian dividend payers (4.8%). Lower than average of industry peers (3.3%). Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €105, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 14x in the Food industry in Croatia. Total returns to shareholders of 8.7% over the past three years. Reported Earnings • May 02
First quarter 2025 earnings released First quarter 2025 results: Revenue: €43.5m (up 1.0% from 1Q 2024). Net income: €91.7k (down 94% from 1Q 2024). Profit margin: 0.2% (down from 3.4% in 1Q 2024). Announcement • May 01
Kras d.d. announces Annual dividend, payable on July 11, 2025 Kras d.d. announced Annual dividend of EUR 1.6500 per share payable on July 11, 2025, ex-date on June 18, 2025 and record date on June 19, 2025. Reported Earnings • Mar 03
Full year 2024 earnings released Full year 2024 results: Revenue: €190.2m (up 11% from FY 2023). Net income: €8.14m (up 22% from FY 2023). Profit margin: 4.3% (up from 3.9% in FY 2023). The increase in margin was driven by higher revenue. Reported Earnings • Nov 03
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €45.7m (up 4.2% from 3Q 2023). Net income: €3.30m (up 16% from 3Q 2023). Profit margin: 7.2% (up from 6.5% in 3Q 2023). The increase in margin was driven by higher revenue. Upcoming Dividend • Jun 17
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 24 July 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Croatian dividend payers (4.4%). Lower than average of industry peers (2.9%). Reported Earnings • May 02
First quarter 2024 earnings released First quarter 2024 results: Revenue: €43.5m (up 19% from 1Q 2023). Net income: €1.45m (up 154% from 1Q 2023). Profit margin: 3.3% (up from 1.6% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €100.00, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 16x in the Food industry in Croatia. Total returns to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €120, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 20x in the Food industry in Croatia. Total returns to shareholders of 41% over the past three years. Announcement • Dec 21
Croatia's Kras Appoints Board Member Croatian confectionery producer Kras Group announced its supervisory board on appointed Filip Mutic as management board member with a four-year term, starting from January 1 next year. Mutic will be in charge of legal and general issues, human resources, corporate finances, controlling and IT, the company said in a press release. Mutic has 18-year experience in finances in companies such as consumer goods distributor Atlantic Grupa, retailer Fortenova, and frozen food producer Ledo. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €111, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 20x in the Food industry in Croatia. Total returns to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €89.50, the stock trades at a trailing P/E ratio of 28.2x. Average trailing P/E is 22x in the Food industry in Croatia. Total returns to shareholders of 12% over the past three years. Upcoming Dividend • Jun 05
Upcoming dividend of €1.35 per share at 1.9% yield Eligible shareholders must have bought the stock before 12 June 2023. Payment date: 10 July 2023. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Croatian dividend payers (4.3%). Lower than average of industry peers (2.6%). Reported Earnings • May 04
First quarter 2023 earnings released First quarter 2023 results: Revenue: €37.6m (up 14% from 1Q 2022). Net income: €571.6k (down 66% from 1Q 2022). Profit margin: 1.5% (down from 5.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Mar 06
Full year 2022 earnings released Full year 2022 results: Revenue: Kn1.18b (up 13% from FY 2021). Net income: Kn44.9m (up 49% from FY 2021). Profit margin: 3.8% (up from 2.9% in FY 2021). The increase in margin was driven by higher revenue. Reported Earnings • Oct 30
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: Kn280.9m (up 7.0% from 3Q 2021). Net income: Kn9.27m (down 24% from 3Q 2021). Profit margin: 3.3% (down from 4.6% in 3Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Jul 11
Upcoming dividend of Kn10.00 per share Eligible shareholders must have bought the stock before 18 July 2022. Payment date: 12 August 2022. Trailing yield: 1.3%. Lower than top quartile of Croatian dividend payers (4.8%). Lower than average of industry peers (2.9%). Reported Earnings • May 01
First quarter 2022 earnings released First quarter 2022 results: Revenue: Kn254.9m (up 8.9% from 1Q 2021). Net income: Kn12.9m (up 76% from 1Q 2021). Profit margin: 5.1% (up from 3.1% in 1Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Mar 04
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: Kn21.14 (up from Kn17.65 in FY 2020). Revenue: Kn1.05b (up 7.8% from FY 2020). Net income: Kn30.0m (up 20% from FY 2020). Profit margin: 2.9% (up from 2.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 107%. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Reported Earnings • May 06
First quarter 2021 earnings released The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: Kn235.4m (up 10% from 1Q 2020). Net income: Kn7.32m (up 2.7% from 1Q 2020). Profit margin: 3.1% (down from 3.3% in 1Q 2020). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Mar 04
New 90-day high: Kn700 The company is up 1.0% from its price of Kn694 on 04 December 2020. The Croatian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 3.0% over the same period. Announcement • Sep 22
Kras ESOP D O O and Mesna industrija Braca Pivac d.o.o. cancelled the acquisition of the remaining 50.82% stake in Kras d.d. (ZGSE:KRAS). Kras ESOP D O O and Mesna industrija Braca Pivac d.o.o. made an expression of interest to acquire the remaining 50.82% stake in Kras d.d. (ZGSE:KRAS) on September 9, 2019. Kras ESOP D O O and Mesna industrija Braca Pivac d.o.o., combined, will own 100% of Kras d.d. Braca Pivac expects Kras-ESOP to take a final decision on whether to join the buyout bid within 15 days. However, even if Kras-ESOP decides not to join, Braca Pivac will proceed with its buyout offer. As of September 30, 2019, shareholders of Kras ESOP decided not to join Braca Pivac in this buyout bid.
Kras ESOP D O O and Mesna industrija Braca Pivac d.o.o. cancelled the acquisition of the remaining 50.82% stake in Kras d.d. (ZGSE:KRAS) on September 19, 2020. Announcement • Jul 30
Kras d.d. (ZGSE:KRAS) completed the acquisition of the remaining 24% stake in Mira a.d. Kras d.d. (ZGSE:KRAS) launched a buyout bid to acquire the remaining 24% stake in Mira a.d. for BAM 5.4 million on March 26, 2020. As part of the consideration, Kras d.d. (ZGSE:KRAS) will pay BAM 1.2109 per outstanding Mira share it does not yet own. The transaction was approved by Bosnia's Serb Republic securities commission.
Kras d.d. (ZGSE:KRAS) completed the acquisition of the remaining 24% stake in Mira a.d. on May 12, 2020. Kras d.d. acquired 3.8 million shares and now hold 96.7% stake in Mira a.d. Kras will launch a squeeze-out bid for the remaining Mira's shares it does not yet own and will call a shareholders meeting to vote on it. 
