Companies within Agrokor that are listed on the Zagreb Stock Exchange announced on Tuesday that they cannot confirm the exact date for the publication of data on monthly and cumulative results, as their preparation and audit of Agrokor’s financial results are still ongoing.
Thus, in response to the Zagreb Stock Exchange’s inquiry about the publication of data on monthly and cumulative results by 7 PM today, Jamnica, Zvijezda, and PIK Vinkovci responded.
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“Since the audit of the financial results of the Agrokor system is still ongoing, the issuer cannot confirm the exact date for the publication of data on monthly and cumulative results,” stated PIK Vinkovci.
Both Jamnica and Zvijezda noted in their responses that they do not know the exact dates for the publication of financial reports as these reports are still in preparation.
Companies within Agrokor reported at the end of February this year that “due to the scope and complexity of the tasks within the extraordinary administration process,” they would not publish financial reports for the last quarter of the previous year by the legal deadline for their publication, i.e., by February 28.
The Zagreb Stock Exchange also requested a statement from these companies in mid-March regarding the publication of financial results for December of last year, as these results had not been published in the regular monthly report of the extraordinary administration.
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In response to that inquiry, companies within Agrokor announced on March 15 that the audit of the financial results of Agrokor began on December 31 of last year and that data on monthly and cumulative results is expected to be available by the end of March.
Financial results for each business for the year ending December 31, 2017, need to be audited. Draft financial reports are expected to be available by the end of March 2018, and the audited results will be available and published by April 30, 2018,” stated Zvijezda in response to the Exchange’s inquiry in mid-March.
By the way, at the end of last week, a workshop was held on Good Friday where the extraordinary administration presented the implementation details and explanations of the so-called Entity Priority Model (EPM) to the heads of companies within Agrokor, and according to media reports, one of the topics was also the drafts of financial reports regarding uncertainties related to the consultant’s instructions on the accounting of guarantees, as well as some other items such as write-offs of mutual claims.
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Agrokor’s extraordinary commissioner Fabris Peruško has repeatedly stated that the goal of the extraordinary administration is to reach a harmonized settlement plan by April 10, together with the creditors’ council, so that it can serve as the basis for drafting the settlement as a legal document.
Agrokor’s suppliers today on the settlement of their claims
As April 10 approaches, other meetings and events related to agreements on the draft settlement plan are also intensifying.
Thus, Agrokor’s suppliers met today, and some of the topics of that meeting, as unofficially learned, are the settlement of their claims within the extraordinary administration process, the issue of border debt and models for its repayment, as well as the engagement of advisors from the Creditors’ Council and financial creditors.
Participants in the meeting did not give statements to the press, but it was announced that a statement would be issued regarding the meeting.
Sberbank recognized claims amounting to 4.7 billion kuna
At the end of last week, the Commercial Court in Zagreb made two decisions recognizing the claims of Russian Sberbank in the amount of 4.7 billion kuna (out of a total of about 8.1 billion in claims), while claims based on guarantees remain disputed.
Namely, after extraordinary commissioner Fabris Peruško and the first vice president of Sberbank’s Management Board, Maksim Poletaev, signed an agreement on March 21, which stipulates that the Russian bank withdraw its lawsuits against Agrokor and its affiliated companies, and the extraordinary administration recognizes Sberbank’s claims, the extraordinary commissioner informed the Court on March 29 that he is withdrawing the dispute over more than half of the Russian bank’s claims.
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According to that submission from the extraordinary commissioner, the Commercial Court in Zagreb, by a decision of March 30, removed the dispute regarding Sberbank of Russia’s main claim against Agrokor in the amount of 7.015 billion kuna, recognizing claims in the amount of 3.6 billion kuna, while claims in the amount of 3.4 billion kuna remain disputed.
By another decision, the Court recognized the claim of Sberbank Europe in the amount of nearly 1.1 billion kuna.
Claims based on guarantees for these main claims remain disputed, and they are disputed by Agram Invest, which additionally informed the Court by a submission on March 20 that it does not withdraw its dispute over these guarantees.
These are claims of Sberbank of Russia based on a loan agreement in the amount of 600 million euros dated March 14, 2014, and the claim of Sberbank Europe, whose legal basis arises from a loan agreement dated March 14, 2014, in the amount of 600 million euros and a loan agreement dated July 15, 2015, in the amount of 50 million euros.
