October 5 (SeeNews) - An audit of the financial reports of nine key companies within Croatia's ailing concern Agorkor revealed on Thursday that they recorded an aggregate consolidated net loss of 3.3 billion kuna ($515.9 million/439.7 million euro) 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 was Konzum with a consolidated net loss of 1.9 billion kuna, followed by newspaper kiosk operator Tisak with a loss of 388 million kuna.
"Konzum's reports were the ones that needed the most correcting", the receiver of Agrokor, Ante Ramljak, reiterated at a news conference aired live by broadcaster HRT on Thursday after the audit results were released.
Earlier this year, soft drinks and water bottling company Jamnica [ZSE:JMNC-R-A] reported a consolidated net profit of 305.5 million kuna, while PwC analyses reveal a consolidated net loss of 317 million kuna.
Ice cream and frozen food company Ledo [ZSE:LEDO] reported a consolidated net profit of 287.2 million kuna, compared to a net loss of 270 million kuna that the audit revealed.
Furthermore, instead of a reported net profit of 30.3 million kuna, the audit shows that edible oil, mayonnaise and margarine maker Zvijezda [ZSE:ZVZD] saw a loss of 146 million kuna last year, while the net loss of food company Belje [ZSE:BLJE] stood at 45 million kuna, instead of the earlier reported 34 million kuna.
Consolidated results follow (in millions of kuna):
Net result |
31.12.2016 |
31.12.2015 audited result |
31.12.2015 reported result |
Difference between 2015 audited & reported |
Retail |
-2,247 |
-1,471 |
247 |
-1,718 |
- Konzum |
-1,859 |
-1,407 |
235 |
-1,642 |
- Tisak |
-388 |
-64 |
12 |
-76 |
Agriculture |
-329 |
-223 |
-88 |
-135 |
- Belje |
-45 |
-113 |
-62 |
-51 |
- Pik Vinkovici |
-233 |
-72 |
-5 |
-67 |
- Vupik |
-51 |
-38 |
-21 |
-17 |
Food |
-741 |
635 |
661 |
-26 |
- Ledo |
-270 |
262 |
267 |
-5 |
- Jamnica |
-317 |
273 |
277 |
-4 |
- Zvijezda |
-146 |
20 |
25 |
-5 |
- Pik Vrbovec |
-8 |
80 |
92 |
-12 |
In April, Agrokor said it has 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)