Belje reported a loss of 1.38 billion kuna last year, according to data from the revised financial report of the company published on the Zagreb Stock Exchange, which indicates that significant risks in operations arise from obligations under guarantees that Belje provided to Agrokor and its affiliated companies.
Belje’s loss last year amounted to 1.38 billion kuna, which is a significant increase compared to 2016 when the loss was 41.4 million kuna.
>>> Agrokor Audit: Belje Group’s Loss Last Year 45 Million Kuna
Belje’s total revenues last year amounted to 1.45 billion kuna, which is 11 percent lower than the previous year. This decline was primarily influenced by sales revenues, which amounted to 1.28 billion kuna and decreased by 12 percent.
Total expenses increased by 70 percent, to 2.8 billion kuna.
The report also states that according to the approved settlement, the company recorded guarantees amounting to 1.6 billion kuna according to the distribution established by the EPM model (Entity Priority Model). EPM simply represents a waterfall analysis for determining creditor returns.
Of the total recorded amount of guarantees, 1.3 billion kuna relates to obligations for guarantees incurred before the extraordinary administration, while 299 million kuna relates to guarantees under the roll-up (SPFA) loan contracted by the Extraordinary Administration.
According to the EPM model, an amount of 457 million kuna was allocated to guarantees under the roll-up (SPFA) loan, but the total amount of guarantees is reduced by obligations under the utilized part of the loan, which has not yet been repaid. The status of obligations under the SPFA loan as of June 20 of this year amounted to 158 million kuna.
