PIK Vinkovci Group recorded a pre-tax loss of 233 million kuna last year, following a loss of 72 million kuna in the previous year, according to the consolidated audited financial report published on Thursday.
The Group’s business revenues last year amounted to 519 million kuna, which was 16 percent higher than in 2015. On the other hand, business expenses were 710 million kuna, which is 51 percent higher than in 2015.
The increase in last year’s business expenses, the report states, is largely the result of conducted value adjustments of loans and receivables from Agrokor Group companies amounting to 188 million kuna and a goodwill impairment of 39 million kuna.
>>> Agrokor Audit: In 2015, improperly recorded values amounting to 13.5 billion kuna
The total amount of potential liabilities of PIK Vinkovci based on co-debtorship and guarantees on the last day of 2016 amounted to 20.7 billion kuna.
“All guarantees issued by the company relate to the companies of the Agrokor Group. They mainly concern guarantees for loans and other financial instruments that were used to finance the entire group, including the company itself, which resulted in growth and development of both the Group and its members, and the benefits through synergy effects were visible in all segments of business,” the report states, among other things.
In the agricultural sector of Agrokor, which includes Belje, PIK Vinkovci, and Vupik, a net loss of 300 million kuna was recorded last year.
Read the complete financial report here.
