Petrokemija has announced via the Zagreb Stock Exchange that the company’s Supervisory Board will hold a meeting on Tuesday, June 4, during which, among other things, the agenda for the General Assembly of the company will be defined, including proposals for decisions on the reduction and increase of share capital.
Recall that at the beginning of the month, Kutina’s Petrokemija invited its shareholders to express indicative interest in subscribing to new shares in a possible capital increase process amounting to 150 to 200 million kuna within the next seven working days.
In order to stabilize Petrokemija’s financial position and finance the restructuring program approved at the Supervisory Board meeting on April 29 of this year, the Kutina fertilizer factory is considering a capital increase of 150 to 200 million kuna, as stated in the invitation published on the Zagreb Stock Exchange.
-The expressed interest is exclusively indicative in nature and in no way binding for shareholders, but is primarily intended for the Management Board in the most efficient and rapid capital raising process. Therefore, such expression of interest is not considered a public offering in terms of the Capital Market Act- emphasizes Petrokemija.
The largest individual shareholder of Petrokemija is the state, which, according to the latest data from the Central Clearing Depository (SKDD), owns 50.63 percent of the company’s shares, while pension funds (Erste Plavi, PBZ CO, AZ, and AZ Profit) hold nearly 17 percent of the shares.
According to previously published data, the Kutina fertilizer factory operated with a business loss of 187.2 million kuna last year, which was explained by a significant difference in the increase of revenues and expenses, due to a sharp rise in natural gas prices. Namely, Petrokemija’s total revenues last year increased by 2 percent to 3.03 billion kuna, while expenses simultaneously rose by 12.4 percent to 3.2 billion kuna.
Petrokemija also recorded a loss in the first three months of this year, amounting to 54.8 million kuna, which is significantly higher compared to the first quarter of last year, when the loss was 3.1 million kuna. This is a consequence of lower sales in the domestic and regional markets due to unfavorable weather conditions for spring planting, which increased fixed costs. An additional negative impact on operations in the first quarter of 2013 was also caused by expenses for the annual overhaul of the mineral fertilizer production plant, which was carried out in January, as well as the impact of part of the carried-over inventory from 2012, Petrokemija previously announced.
