In the latest report from the extraordinary administration of Agrokor, it is assessed that the continuation of financial and operational restructuring leads to improvements in the overall condition of the group, particularly regarding the stabilization of the operations of retail companies and that significant progress has been made in the area of the group’s sustainability plan since the previous report.
It is assessed that this year’s retail operations were marked by the inability to purchase goods and services as a consequence of significant liquidity problems in the first half of the year and that after the financial inflow from new financing, the situation began to stabilize, leading retail to record a continuation of positive financial trends.
>>> Dalić: Vjerovnici i plan nagodbe ključni za buduću vlasničku struktura Agrokora
“Although inventory levels have also stabilized, negotiations with suppliers are ongoing, which presents a further challenge in returning inventory availability to levels of previous years,” the report states for the period from August 11 to September 10, published on Monday.
Konzum: in seven months revenues of 5.16 billion kuna
According to estimated data from the extraordinary administration, five companies from the retail and wholesale business group – Konzum, Tisak, Konzum BiH, Velpro center, and Velpro BiH achieved a cumulative revenue of 8.79 billion kuna in the first seven months of this year, with a negative EBITDA of 203 million kuna.
In the first seven months, Konzum achieved a revenue of 5.16 billion kuna and a negative EBITDA of 27 million kuna.
In the first seven months, Konzum faced liquidity and solvency issues that led to the suspension of cooperation with some suppliers, which further caused inventory shortages, loss of customers, and a lower average basket value, the report states, adding that these events continue to negatively impact revenues in July.
Nastavak solidnih rezultata poslovne grupe prehrana
Nine companies from the food business group – Jamnica, Sarajevski kiseljak, Roto Dinamic, Ledo, Frikom, Ledo Čitluk, Zvijezda, Dijamant, and PIK Vrbovec achieved a cumulative revenue slightly above 5 billion kuna in the first seven months, with an EBITDA of 757 million kuna.
Estimated results for Jamnica show revenues of 844 million kuna and an EBITDA of 194 million kuna.
The business results of Jamnica exceed expectations, the report states, noting that “engagement in negotiations with suppliers as well as improved liquidity ensured that most suppliers returned to regular payment terms.”
>>> Heilbronn: EBRD prati ‘spašavanje Agrokora’, moguća je potpora podružnicama u regiji
Data from the report show that Ledo achieved revenues of 657 million kuna and an operating profit of 157 million kuna in seven months.
PIK Vrbovec achieved revenues exceeding 1 billion kuna in seven months, with an operating profit of 59 million kuna.
Poljoprivredne tvrtke s prihodom od 1,59 milijardi kuna
Four companies from the agriculture business group – Belje, PIK Vinkovci, Vupik, and Agrokor trgovina achieved a cumulative revenue of 1.59 billion kuna in seven months, with an operating profit of 184 million kuna.
Belje achieved a revenue of 713 million kuna and an EBITDA of 111 million kuna in the first seven months.
The extraordinary administration’s report reminds that according to the decisions of the Temporary Creditor’s Council from July and August, the payment of old debts for 4,876 Agrokor suppliers of all categories was approved. When payments of old debts from the beginning of the extraordinary administration are added, the total amount paid in old debts rises to 1.05 billion kuna.
>>> Jamnica: Sberbank pokrenuo ovršne postupke u Sloveniji i Srbiji
The extraordinary administration also reported that by August 25, 305 indicative applications had been received from suppliers expressing interest in participating in the supplier credit amounting to 50 million euros, and that the total amount of indicative interest is significantly higher than the available credit, with the review and confirmation process for applications to be established in September this year.
Napredak u održivosti
The report states that significant progress has been made in the area of the Group’s sustainability plan.
“Draft sustainability plans were presented at an extensive two-day leadership workshop where they were subject to comments and discussions by the group’s management and advisors. The feedback received will be used to develop individual sustainability plans that will be completed by September 30, 2017,” the extraordinary administration’s report emphasizes.
In the section of the report relating to legal proceedings, it is noted that further developments of various disputes and enforcement proceedings initiated against Agrokor d.d. and several dependent and related companies have been recorded.
Thus, in Croatia, the extraordinary administration successfully challenged the appeal filed by Sberbank of Russia at the High Commercial Court, which requested the annulment of the decision of the Temporary Creditor’s Council approving new financing.
In Slovenia, the extraordinary administration responded to the appeals of two Sberbank companies and the Republic of Slovenia in the procedure for recognizing the extraordinary administration. Existing proceedings in Slovenia have been suspended, and it is expected that in the next reporting period, the court will issue declaratory decisions that will suspend all new proceedings, the report states.
>>> Jamnica, Belje, Zvijezda i PIK Vinkovci potpisali ugovor o založnom pravu na svojim nekretninama
In Serbia, further disputes, enforcement proceedings, and temporary measures prohibiting disposal have been initiated by Banca Intesa and banks from the Sberbank group from Croatia and Slovenia regarding multiple ownership stakes in companies in Serbia, and the extraordinary administration of Agrokor has already filed appeals and objections in these proceedings or will do so soon. Also, on August 30, the extraordinary administration’s request for recognition of the extraordinary administration procedure in Serbia was rejected, and the extraordinary administration is preparing an appeal against that decision.
The report also states that Sberbank filed an objection to the request for recognition of the extraordinary administration procedure before the Court of Justice of the High Court of England and Wales. The extraordinary administration’s response has been submitted, and a hearing is scheduled for the end of October. Arbitration proceedings have been suspended until a decision on this request is made.
