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Croatia's Agrokor agri segment posts Jan-Feb EBITDA above plan

Author Radomir Ralev
Croatia's Agrokor agri segment posts Jan-Feb EBITDA above plan Author: Vupik. License: All rights reserved.

ZAGREB (Croatia), April 12 (SeeNews) - Agriculture companies within Croatia's Agrokor concern posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 37 million kuna ($5.6 million/5 million euro) in the first two months of 2019, above the planned amount of 26 million kuna, Agrokor said on Friday.

The revenue of Agrokor's agricultural segment totalled 358 million kuna in the two months through February, 25.2% higher than budgeted, the concern said in an interim financial statement.

Food company Belje [ZSE:BLJE-R-A] recorded revenue of 173 million kuna, slightly lower than the planned 175 million kuna. Belje's EBITDA totalled 26.8 million kuna, with a margin of 15.5%.

The revenue of meat processing company PIK-Vinkovci [ZSE:PIVK-R-A] came in at 136 million kuna, above the planned 63 million kuna. The company's EBITDA amounted to 2.2 million kuna, with a margin of 2%.

Agricultural conglomerate Vupik [ZSE:VPIK-R-A] recorded revenue of 49 million kuna in the first two months of 2019, in line with target. EBITDA through February totalled 8.3 million kuna, with a margin of 16.9%, and was higher than planned due to the higher price of corn.

On April 1, Croatia's Fortenova Group, the successor to the troubled food-to-retail concern, started operations on Monday under Agrokor's settlement deal with its creditors.

Agrokor, which employs some 60,000 people in the region, has been undergoing restructuring led by a court-appointed crisis manager under Croatia's special law on companies of systemic importance passed in April 2017 with the aim of shielding the country's economy from big corporate bankruptcies.

(1 euro = 7.43744 kuna)

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