IFC mulls providing EUR 55mn loan to Croatias Atlantic Grupa.

By bne IntelliNews September 24, 2012
The International Finance Corporation (IFC), part of the World Bank Group, said it is considering extending a loan of up to EUR 55mn to Croatian consumer goods producer and distributor Atlantic Grupa. The financial resources will be used for refinancing of the groups debt, including debt of its Serbian subsidiaries. Thus, the IFC investment in the company aims to support the groups balance sheet restructuring, the IFC said in a statement. The project funding will be ensured by the European Bank for Reconstruction and Development (EBRD) and other commercial banks. Atlantic Grupa is a multinational company whose business activities comprise the production, development, sale and distribution of fast moving consumer goods in the former Yugoslavia countries, as well as in Western Europe. It is also an owner of a leading pharmacies chain in Croatia. Atlantic Grupa posted a non-consolidated net loss of HRK 22.8mn (EUR 3mn) in the first half of the year, up by a significant 69% on the year. The main factor for the worsening financial result was total non-consolidated expenditures, which went up by 17.7% on the year to HRK 51.9mn. Total non-consolidated revenue amounted to HRK 30.8mn in H1, up by 0.4% on the year. The highest share within revenue had other operating revenue, which dropped by 7.7% on the year to HRK 28mn. The company's total assets reached to HRK 1.64bn, down by 1.2% year-to-date.

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