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Croatia's Konzum posts negative EBITDA in Jan-Aug - Agrokor

Croatia's Konzum posts negative EBITDA in Jan-Aug - Agrokor Author: Agrokor. License: All rights reserved.

ZAGREB (Croatia), October 12 (SeeNews) - Croatian retailer Konzum, a member of ailing privately-held concern Agrokor, reported a negative EBITDA of 18 million kuna ($2.8 million/2.4 million euro) in the first eight months of 2017, according to preliminary estimates released by the concern.

Konzum's EBITDA margin came in at 0.3%, while revenues totalled 6.1 billion kuna, Agrokor said in a statement earlier this week.

Agrokor explained that Konzum's sales revenue in January-August was lower compared to the prior-year period, primarily as a consequence of the divestment of its Kozmo business, but gave no comparative figure.

Overall, companies in Agrokor's retail sector, which also includes news stand operator Tisak, recorded a negative EBITDA of 193 million kuna through August, with a negative margin of 1.9%.

Konzum's and Tisak's combined revenue, however, totalled 10.3 billion euro, and exceeded the revenues of the concern's food and agriculture segments which raised 5.97 billion kuna and 1.8 billion kuna, respectively.

Agrokor's food segment saw an EBITDA of 946 million kuna, while the agriculture segment recorded an estimated 207 million kuna EBITDA in the eight months through August. 

An audit of the financial reports of Agrokor's key nine companies revealed last Thursday that they had recorded a consolidated net loss of 3.3 billion kuna in 2016.

Agrokor's retail companies alone recorded a consolidated loss of 2.24 billion kuna last year, agricultural companies saw a loss of 329 million kuna and food companies were 741 million kuna in the red, the results of an audit of the financial results of the nine companies conducted by PricewaterhouseCoopers LLP show.

The biggest loss-maker among retail companies in 2016 was Konzum with a consolidated net loss of 1.9 billion kuna, followed by Tisak with a loss of 388 million kuna.

(1 euro=7.50903 kuna)

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