Filipović Regains Majority Ownership of Granolio

Hrvoje Filipović has regained majority ownership of Granolio by acquiring shares that he had pledged to Agram invest. This pertains to the repurchase of 475 thousand or 24.98 percent of the company’s shares that Filipović pledged due to a loan from Agram invest. He pledged the shares on June 30 of this year and repaid the loan on September 29.

On the Zagreb Stock Exchange, there was no indication of the loan repayment deadline or the interest rate; however, it is evident that three months was sufficient for Filipović to repay the loan to Agram invest.

After pledging the shares at the end of June, Filipović retained a 32.43 percent ownership stake, while Agram invest acquired 24.98 percent of the stake, just enough to avoid having to make a mandatory public offer for takeover, which would have been required had it acquired over 25 percent of the shares.

Now that he has repurchased the pledged shares, Filipović, who is also the CEO, again holds 57.41 percent of Granolio’s shares.

In general, under repurchase agreements (Repurchase and Reverse Repurchase Agreement), shareholders borrow money while simultaneously selling securities (their shares) with the obligation to repurchase them from the lender at an agreed time and at an agreed price, which includes interest.

According to published reports, Granolio Group achieved (consolidated) revenue of nearly 53 million euros in the first half of this year, which is 26 percent higher than in the same period last year. The operating expenses also increased by the same percentage, rising to 51.8 million euros. Regarding the parent company, revenue in the first half of this year amounted to 33.3 million euros, which is 35 percent higher compared to the same period last year, while expenses grew to nearly 33 million euros, or by 34.4 percent.

As for the Group member Zdenka – dairy products, as stated in the financial report, in this year’s six-month period, the company achieved revenues of 19.1 million euros, which is 13 percent higher than in the same period last year, and the increase is a result of higher sales volume. The other member, Zdenačka farm, had revenue of 2.7 million euros, which is 12 percent higher than in the first half of last year, and this can be attributed, as stated in the report, to sold quantities being higher compared to the corresponding period.