The company Badel 1862 recorded a loss of 36.5 million kuna in the past year, which is a 1.6 percent decrease compared to 2011 when it amounted to 37.2 million kuna, according to the company’s unconsolidated financial report published on the Zagreb Stock Exchange.
Total revenues of Badel 1862 amounted to 348.8 million kuna, down 5.8 percent, while expenses decreased by 5.5 percent to 385.4 million kuna.
The majority of Badel’s revenue comes from sales, which amounted to 316.5 million kuna, a decrease of 0.90 percent, and the report states that the decline in sales in Croatia was partially offset by increased export revenue, which rose by 3.9 million kuna compared to the previous year.
With the continuation of organizational restructuring, Badel achieved savings in personnel costs amounting to 3.9 million kuna, or seven percent, bringing these costs to 54.26 million kuna, as stated in the report.
It is also noted that Badel, in terms of market positioning during 2012, opened new market segments, launched new products, signed new cooperation agreements with renowned European producers of strong alcoholic beverages, focused on distribution channels, and increased export capacities through the establishment of a joint venture company in China.
These activities have created the conditions for Badel to expect positive effects in its operations in 2013, especially during the tourist season, the company’s management emphasizes in the report explanations.
They also remind that Badel 1862 is currently undergoing a due diligence process as the government made a decision in early November last year to sell 65.84 percent of the shares owned by the state.
