March 2 (SeeNews) - Listed members of Croatia's privately-held concern Agrokor achieved mixed results in 2016, as three booked a profit and as many suffered substantial losses, Zagreb bourse data reveals.
Soft drinks and water bottling company Jamnica [ZSE:JMNC-R-A] recorded a consolidated net profit of 305.5 million kuna ($43.3 million/41.2 million euro) in 2016, representing a yearly 10.2% growth, and was the most profitable company among Agrokor's listed units, its financial statement posted with the Zagreb bourse showed.
Ice cream and frozen food company Ledo [ZSE:LEDO-R-A] followed with a consolidated net profit of 287.2 million kuna, up 7.6% compared to 2015, while the consolidated net profit of edible oil, mayonnaise and margarine maker Zvijezda [ZSE:ZVZD-R-A] grew 24% on the year to 30.3 million kuna.
Although food company Belje [ZSE:BLJE-R-A] nearly halved its consolidated net loss in 2016 to 34 million kuna, it remained Agrokor's biggest listed loser. Agricultural conglomerate Vupik [ZSE:VPIK-R-A] followed closely with a loss of 31.3 million kuna, while meat processor PIK-Vinkovci [ZSE:PIVK-R-A] narrowed its consolidated net loss to 1.8 million kuna.
Agrokor's remaining subsidiaries are not listed on the Zagreb bourse.
Detailed data of the six included companies follows (in millions of kuna)/losses are enclosed in brackets:
|
Net profit/loss'16 |
Net profit/loss'15 |
Total revenues'16 |
Total revenues'15 |
Jamnica |
305.5 |
277.2 |
2,950.0 |
2,855.0 |
Ledo |
287.2 |
266.8 |
2,392.3 |
2,359.2 |
Zvijezda |
30.3 |
24.5 |
907.2 |
923.1 |
Belje |
(34.0) |
(62.5) |
1,640.7 |
1,678.1 |
Vupik |
(31.3) |
(20.8) |
420.6 |
419.0 |
PIK-Vinkovci |
(1.8) |
(4.8) |
556.6 |
454.8 |
Last month, local media wrote that Agrokor may sell its controlling stake in Jamnica to Coca Cola in order to service its debts.
In January global ratings agency Moody's cut Agrokor's corporate family rating (CFR) to B3. Following the rating revision, the company announced it was pulling out of a syndicated loan deal it had struck with several international lenders. The news sent the price of its bonds on international markets into a downward spiral as investors lost confidence in the company's ability to pay back its debts.
Media have been speculating that Agrokor will need to sell off a number of its affiliates in order to service its obligations.
Agrokor holds a 76.15% stake in Jamnica, a 48.91% stake in Ledo, a 51.84% stake in Zvijezda, a 36.05% stake in Belje, a 39.16% stake in PIK Vinkovci and a 26.86% stake in Vupik.
(1 euro= 7.41777 kuna)