The Organization for Economic Cooperation and Development (OECD) states in its latest economic outlook report that it expects a broadening of Slovakia’s strong export-led GDP growth. Following a 4.2-percent growth in real GDP last year, the Slovak economy should grow by 4.3 percent this year and 4.8 percent in 2005.

Advisor for Highway Construction Funding will be Known in Two Weeks

The winner of the tender to advise the Slovak government in selecting private investors for highway construction should be known within two weeks. The spokesman of the Slovak Road Administration (SSC), Juraj Furst, told SITA that negotiations are being held with a single company. However, he refused to publish its name before a contract is signed. The SSC has already elaborated the draft contract with an advisor and it is currently being examined by lawyers. Representatives of the SSC and the Transport Ministry met over this issue last week, said Mr. Furst.

Bratislavske Tlaciarne’s New Printing Machine Helps Boost Profits

Printing house Bratislavske Tlaciarne, a.s., Bratislava invested SKK 49.3 million in a new printing machine in 2003. This investment enabled the company to expand its product portfolio to include complicated bank forms, Marian Mikus, the head of the company’s economic department, said on Tuesday.

Four-Month Tax and Customs Revenues in Slovakia Reach SKK 90.895 Bln.

Tax and customs offices in Slovakia collected SKK 90.895 billion in the first four months of this year, which is 45.45 percent of the annual plan. Tax revenues accounted for almost SKK 89.42 billion and were SKK 24.341 billion higher than expected. Non-tax revenues of SKK 1.475 billion were SKK 108 million below the plan, the Tax Directorate informed SITA on Tuesday.

Penta Ltd. Announces Mandatory Takeover Bid of Aluminum Smelter ZSNP

Financial group Penta Investments Limited announced on Tuesday a mandatory takeover bid for shares of aluminum smelter ZSNP. The offered price is SKK 119 per share and the bid will expire in one month. According to data published by Penta, minority shareholders can accept a bid through members of the Bratislava Stock Exchange (BCPB). The Financial Market Office (UFT) approved the draft takeover bid on May 4. Penta will finance it from its own resources. Penta currently controls 41.79 percent in ZSNP.

Slovak Nuclear Plants Safe in 2003, Says Nuclear Supervisor

According to the Slovak Nuclear Supervisory Office (UJD), the equipment of all of Slovakia’s nuclear blocks is safe. „Last year the office registered fewer nuclear power station shutdowns than the worldwide average,“ UJD head Marta Ziakova stated at a press conference.

Cementaren Lietavska Lucka Closed 2003 with Loss of SKK 5.1 Million

Ground limestone producer Cementaren Lietavska Lucka, a.s., ended 2003 with a loss of SKK 5.1 million, while it posted a profit of SKK 4.3 million over 2002. Revenues amounted to SKK 150 million, which is about the same level as in 2002.

INVESTING: Mutual Funds with Moderate Loss in the Beginning of May

During the first week of May, equity, bond, mixed and master open-ended mutual funds administered by members of the Asset Management Companies Association (ASS) ended in the red. Only money market funds remained in positive territory. Net sales of mutual funds, representing the difference between bought and returned units, reached SKK 541.3 million last week, according to information released by the ASS.

Slovakia’s Three-Month Tourism FOREX Revenues SKK 6.041 Bln.

Preliminary data from the National Bank of Slovakia show that Slovakia’s foreign exchange revenues from tourism were SKK 6.041 billion during the first three months of 2004, down 16.5 percent y/y. Foreign exchange expenses of Slovak citizens traveling abroad dropped by 13 percent y/y to SKK 4.462 billion. The balance shows an SKK 1.579 billion surplus, down 25 percent y/y, according to data released by the Economy Ministry.

Spa SLK Piestany with 2003 Net Profit SKK 7.9 Mln.

Spa Slovenske Liecebne Kupele, a.s. Piestany (SLKP) closed 2003 with a net profit of SKK 7.9 million. Operating profit was SKK 13.5 million, and the loss from financial operations was SKK 5.3 million. Sales for the company’s own products and services reached SKK 1.174 billion with added value of SKK 685.6 million.

FOREX MARKET: Crown Closed Quiet Trading at 40.280/300 SKK/EUR

Trading on the FOREX market was quiet on Tuesday. The Slovak crown moved in a narrow band between 40.280 SKK/EUR and 40.330 SKK/EUR, said VUB dealer Ladislav Benedek. “The crown has not posted any significant move and at the close of the trading it stood at 40.280/300 SKK/EU”, reported the dealer.

MONEY MARKET will be in Liquidity Excess this Week

In a Tuesday two-week sterilization repo tender, the National Bank of Slovakia (NBS) accepted the whole demand from banks at SKK 55.686 billion, said Tatra Banka dealer Michal Stana. The minimum yield was 4.99 percent p.a. while the average and maximum yield represented 5.0 percent p.a. Though the central bank accepted in its repo tender SKK 3 billion more than repo deals maturing on Wednesday totaling SKK 52.671 billion, liquidity surplus on the market will be about SKK 3.5 billion. On Wednesday additional SKK 2.115 billion will leave the market from the Monday’s 15-year government bond auction on the influx of SKK 2.6 billion from maturing T-bills.

Ministry Says 10-Year Eurobond will Reduce Debt Service Costs

During maturity of EUR 1 billion 10-year Eurobond issue that Slovakia floated on Friday to roll over its debt, the state budget will save about SKK 2 billion, said Slovakia’s Finance Minister Ivan Miklos. Low risk surcharge and investors’ appetite in the 10-year paper have confirmed the correctness of Slovakia’s reform orientation and investors‘ interest in Slovakia, suggested the minister. Mr. Miklos specified that the fixed yield to maturity should bring additional saving for Slovakia as it is expected that interest rates of 10-year euro denominated debt will considerably rise. The ministry also calculates with the positive effect on the state budget of the expected appreciation of the Slovak currency towards the euro.

40.1% Shares of Nafta a.s. Transferred at Bratislava Stock Exchange

A package of 40.1 percent shares of the Nafta a.s natural gas storage company, was transferred on Tuesday at the Bratislava Stock Exchange (BCPB) by the means of direct trading. The volume of the transaction was SKK 2.501 billion. This share package represents 1,296,776 shares of the company, with the price per share of SKK 1,928.60.

Sliac and Kovacova Spa Earned a Net Profit of SKK 5.2 Mln.

Spa company Kupele Sliac and Kovacova, a.s. with headquarters in Sliac, ended the year 2003 with a profit of SKK 5.2 million on total revenues of SKK 170 million, which is SKK 20 million less than in 2002. After a loss of SKK 13.8 million in 2002, the company is now back in the back. Operating profit last year reached SKK 10.4 million, and a loss from financial operations was SKK 3.9 million.

Several Blue Chips Firm SAX Index to 187.55 Points on Tuesday

The official SAX share index strengthened on Tuesday under the influence of rising share prices of crude-oil refiner Slovnaft , natural gas storage company Nafta and VUB banking house. It went up 1.68 percent or 3.09 points to 187.55 points. Turnover on the Bratislava Stock Exchange (BCPB) jumped from SKK 615.66 million on Monday to SKK 7.563 billion on Tuesday. Behind the rise was the transfer of 40.1 percent of Nafta shares in a direct trade.

PSLM to Provide China with Jet Engines Production Know-How

Slovak engineering company developing jet engines, Povazske strojarne Letecke motory, a.s. (PSLM) concluded with the companies China National Aero-Technology International Supply Corporation and Hongdu Industry Corporation a Memorandum on development, know-how transfer and gradual introduction of jet engines production in this Asian country. During a visit of the Slovak Economy Minister, Pavol Rusko, to China, another Slovak company, tire producer Matador Puchov, signed an agreement on establishment of a joint technical center with the firm Mesnac Ltd. Quigdao.