Audit shows key units of Croatia's Agrokor worth 13.4 bln kuna (1.8 bln euro) less than reported

October 5 (SeeNews) - An audit of the financial reports of nine key companies within Croatia's ailing concern Agrokor revealed on Thursday that their aggregate capital stood at a negative 2.4 billion kuna at the end of 2016, or 13.4 billion kuna ($2.1 billion/1.8 billion euro) below the figure reported at the end of 2015.

The total negative impact on equity resulting from the recalculation of results for 2015 and the losses of the nine companies recorded in 2016 equals 10.5 billion kuna in the retail sector, 1.7 billion kuna in the agricultural sector and 1.2 billion kuna in the food sector, the results of the audit conducted by PricewaterhouseCoopers LLP and published on Thursday show.

"Agrokor's companies are worth 13 billion kuna less than was shown", the receiver of the food-to-retail concern, Ante Ramljak, told a news conference aired live by broadcaster HRT after the audit results were released.

Details on the total capital of the nine companies whose results were revealed follow (in millions of kuna):

In April, Agrokor named PricewaterhouseCoopers LLP as auditor of its 2016 financial statements after preliminary probes revealed that potential accounting errors might have been committed.

The consolidated results of Agrokor will be unveiled on Monday.

(1 euro=7.50569 kuna)