VIJESTI IZ CEE

Agrokor operational profit 10 percent higher than planned, Konzum in May had 20 percent higher revenue



Agrokor has published the 14th Monthly Report of the Extraordinary Administration referring to the period from May 11 to June 10, 2018. The report covers the development of the economic and financial situation of the Agrokor Group and reports on the realization of operating activities of the Extraordinary Administration and the overall business operations of both the parent company Agrokor d.d. and the major operating companies of the Group. The most important news of this reporting period is that, following a period when Members of the Temporary Creditors’ Council and major creditors mutually discussed all issues that were still pending, on Thursday, 31 May, 2018 the creditors’ settlement plan negotiations were finally completed. The agreement on the settlement plan was supported by all Members of the Temporary Creditors’ Council as well, which means that the agreement enjoys the support exceeding the statutory two-thirds majority required to vote in favor of the settlement plan.

Following this agreement, the next step is to turn the agreements reached into legally binding and practicable solutions. The Extraordinary Administration and its advisers are working intensively on the final language of the draft settlement plan, to be submitted for approval to the Temporary Creditors’ Council. At the same time, Agrokor creditors, with the participation of the Extraordinary Administration and the advisers, continue to work on the Draft Settlement Plan in direct mutual discussions and are actively looking for room to reach agreements tthat will be built into the settlement plan, intended to secure the widest possible support for the settlement plan. In all new arrangements that will need to be made in order to gain the widest creditor support, the Extraordinary Administration has undertaken to comply with the principle that any new arrangement would not affect previously reached agreements nor challenge them in any way whatsover.

Regarding the business results of Agrokor system over the course of the first four months of 2018, the most significant indicator for the period is the growth of operative profit of the group in the amount of HRK 24.1 million compared to the plan. EBITDA of the Agrokor Group amounted to HRK 274.6 million, 9.6 percent higher than was planned.

In line with these results, the best indicators were in the Retail and Food business group. For instance, Konzum as the largest and most significant company in the retail segment has, in the four months period, had growth in both revenues and EBITDA margin compared to plan, and according to preliminary indicators, Konzum had especially good business results in May. When compared to comparable retail network in 2017, Konzum had 6.5 percent more customers in May and this bigger number of customers alongside the 11 percent average basket growth had resulted in nearly 20 percent increase in revenue compared to the one in May 2017. At the same time, this is almost 8 percent higher revenue than planned while the realized margin was almost 7 percent higher than planned.

Food business group generated HRK 2.1 billion of revenues and HRK 234.1 million of EBITDA in the first four months and significantly higher revenues and operational profit was made in the Frozen food and ice cream segment due to the increase in operational efficiency and sales growth in all ice cream categories. Agriculture group business activities are still strongly influenced by record low prices of pork that is being compensated by other activities such as sales of other goods. The revenue of the Agriculture group for the first four months was HRK 642 million against HRK 667 million planned and the EBITDA for the period was HRK 53.8 million.







Downloadajte PDF Povratak na Newsletter

VIJESTI IZ CEE

Prikaži sve vijesti

VIJESTI IZ SVIJETA

Prikaži sve vijesti
Registracija
Preporučite nas
Progressive magazine is issued in the following countries:
BG
Croatia
RS
Serbia
BG
Bulgaria
RO
Romania