Ledo Group recorded a pre-tax loss of 270 million kuna in 2016, and as of December 31, 2016, the Group had receivables from related companies, members of the Agrokor group, totaling 1.41 billion kuna, according to the consolidated audited financial report published by Ledo Group on the Zagreb Stock Exchange.
Ledo Group’s business revenues in 2016 amounted to 2.181 billion kuna, while in 2015 they were 2.183 billion kuna.
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For the past year, Ledo Group reported a pre-tax loss of 270 million kuna, following a profit of 262 million kuna from the previous year.
The realization of business revenues compared to the previous year, the report states, amounts to 99.9 percent, which is an excellent result for Ledo Group considering the unfavorable weather conditions. In 2016, a reclassification of expenses related to marketing and sales promotion costs directly tied to contracts with customers was made from the expense category to a reduction in sales revenue.
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This reclassification resulted in a decrease in business revenues, as well as a decrease in business expenses, and did not affect the final result. Due to the reclassification, corrections were also made to the previous year’s report.
Operating profit, excluding one-time costs of value adjustments and investments, recorded an increase of 9 percent compared to the previous year, amounting to 313.8 million kuna.
As of December 31, 2016, the Group had receivables from related companies, members of the Agrokor group, totaling 1.41 billion kuna.
>>> Consolidated annual report on the status of Jamnica Group for 2016 – document
The management stated in the financial report that due to the uncertainty of collection, which will depend on the outcome of the settlement in the overall restructuring process of the Agrokor Group, an adequate adjustment of the value of receivables for which collection had not been made by the date of the report was carried out, amounting to 550.7 million kuna.
One-time costs of value adjustments resulted in a pre-tax loss of 210.9 million kuna. Normalized profit before tax, excluding the impact of one-time costs, amounts to 352.8 million kuna.
