Loss of PIK Vinkovci 347 thousand, and Vupik 7.3 million kuna

The company PIK Vinkovci, part of the Agrokor group, reported a loss of 346.9 thousand kuna in the first quarter, while Vupik from Vukovar recorded a loss of 7.3 million kuna, according to data from the financial reports of these companies published on the Zagreb Stock Exchange.

PIK Vinkovci reported a loss of 346.9 thousand kuna in the first quarter, which is a smaller loss compared to the same period last year when it amounted to 6.6 million kuna.

The total revenues of this company, which is engaged in crop and livestock farming, storage and trade of grains and oilseeds, as well as storage and packaging of fruits and vegetables, amounted to 131.7 million kuna, an increase of 40 percent year-on-year.

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The majority of revenues come from sales, which amounted to 130.3 million kuna, an increase of 48 percent compared to the same period last year and 6.2 percent higher than planned.

Sales of agricultural and vegetable products amounted to 25,587 tons in quantity and 38.8 million kuna in financial terms, as stated in the report. The most significant products in the sale of agricultural and vegetable products are corn, wheat, soybeans, onions, potatoes, and carrots.

PIK Vinkovci also sold 917 tons of livestock products, mostly piglets and fattening cattle, which amounts to 11.65 million kuna financially. Sales of raw materials reached 47.16 million kuna.

In the first quarter, investments amounted to 1.19 million kuna, and the investments relate to the procurement of agricultural equipment and the renewal of the breeding stock in pig farming, as stated in the management report.

PIK Vinkovci incurred total expenses of 132.1 million kuna in the first quarter of this year, which is an increase of 31 percent compared to the same period last year.

The report also states that the company has been under extraordinary administration since April 10, 2017, and that by the date of issuance and publication of the quarterly financial reports, a settlement was voted by creditors on July 4 of this year and confirmed by the Commercial Court in Zagreb on July 6.

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“Accordingly, for PIK Vinkovci, there will be a transfer of the business unit, and the company will not continue to operate on an unlimited time basis but will continue its operations through a newly established company,” the report states.

According to data from the consolidated report, the PIK Vinkovci group achieved total revenues of 137.9 million kuna in the first quarter, while total expenses amounted to 146.6 million kuna.

The incurred loss amounted to 8.6 million kuna, as stated in the report.

The consolidated report, in addition to the parent company PIK Vinkovci, includes the companies Eko Biograd d.o.o., Felix d.o.o., Poljoprivreda d.o.o., HU-PO d.o.o., and Vinka d.d.

Vupik reduced its loss, but revenues also fell

Vupik reported a loss of 7.3 million kuna in the first quarter of this year, which is a reduction in loss compared to the same period last year when it amounted to 9.1 million kuna, according to data from the company’s financial report.

Total revenues of Vupik in the first three months amounted to 66.6 million kuna, a decrease of 21 percent compared to the same period last year.

The majority of revenues come from sales, which decreased by 24.8 percent to 54.4 million kuna. The decline in revenues, as stated in the management report, was most influenced by the low market value of fatteners and reduced credit volume in the cooperative production segment.

Total expenses of Vupik in the first three months decreased by 21 percent compared to the same period last year, amounting to 74 million kuna.

The report also states that Vupik produced 3.52 million liters of milk in the first quarter, realized 1.1 million liters of wine, 0.2 million kilograms of fattening cattle, 3.6 million kilograms of fattening pigs, and processed 6,734 hectares of agricultural land.