Croatia’s Agrokor Group posts operating profit in January-June

Croatia’s Agrokor Group posts operating profit in January-June
By bne IntelliNews August 13, 2018

Croatian food and retail group Agrokor announced on August 13 it achieved an operating profit of HRK729.7mn (€98.2mn) in the first six months of the year, 6.4% more than planned.

The company, which employs around 60,000 people in Croatia and the region, almost collapsed last year due to a debt crisis. In July, the creditors approved a debt-for-equity settlement deal, with the biggest shareholder in the new Agrokor being Russia’s Sberbank with a 39.2% stake.

The retail and wholesale sector generated HRK6.1bn in revenues and HRK70.2mn in operating profits in January-June. Out of this, Konzum's revenues amounted to HRK4.1bn or 3.1% more than planned, while its Ebitda reached HRK103.5mn, or HRK63.3mn than planned.

The food sector also performed better than planned, Agrokor said in a statement. The Ebitda reached HRK132.7mn, HRK10mn more than planned, while the revenues reached HRK587mn, being almost at the budgeted level.

Revenues and Ebitda in the agriculture sector were lower than planned in the first six months of the year. The agriculture sector generated revenues of HRK991mn and Ebitda of HRK74.6 mn.

After Agrokor's creditors had adopted the settlement plan in July, the Commercial Court in Zagreb published its ruling to confirm the deal. The deadline for submitting appeals expired on July 23 and the Commercial Court received 92 creditors' appeals.

The appeals will be decided upon by the High Commercial Court. Once the settlement plan becomes effective its implementation will start and it is planned to last between three and six months.

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