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Nov 13, 2017 11:31 EEST
November 13 (SeeNews) - All but one of the listed members of Croatia's ailing concern Agrokor have reported positive earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first nine months of 2017, preliminary data filed with the Zagreb bourse shows.
News stand operator Tisak [ZSE:TISK] was the only company among them to see a negative EBITDA of 29 million kuna ($4.5 million/3.8 million euro), with a negative EBITDA margin of 1.9%, according to Tisak's estimated results submitted to the Zagreb Stock Exchange (ZSE) late on Friday.
Tisak, however, saw the largest revenue among Agrokor's listed units, of 1.6 billion kuna in the nine months through September. The company's gross margin stood at 21.1%.
Soft drinks and water bottling company Jamnica [ZSE:JMNC] posted the largest EBITDA of 274 million kuna with a margin of 25.3%. Its revenue reached an estimated 1.1 billion kuna, while its gross margin stood at 53.6%.
Ice cream and frozen food company Ledo [ZSE:LEDO] followed with an estimated EBITDA of 209 million kuna and a margin of 23.3%. Its reported nine-month revenue totalled 896 million kuna, while its gross margin reached 44.6%.
Food company Belje [ZSE:BLJE] reported EBITDA of 146 million kuna and a margin of 15.7%. Its revenue came in at 932 million kuna, with a gross margin of 33.1%.
Agricultural conglomerate Vupik [ZSE:VPIK] reported an estimated EBITDA of 49 million kuna with a 21.3% margin, and a gross margin of 37.0%. Revenues totalled 229 million kuna and were the lowest among the listed companies.
Edible oil, mayonnaise and margarine producer Zvijezda [ZSE:ZVZD] reported EBITDA of 45 milion kuna with a margin of 9.2%. Its revenue totalled 490 million kuna in January-September, while the gross margin was an estimated 27.7%.
Meat processing company PIK-Vinkovci [ZSE:PIVK] posted EBITDA of 16 million kuna, with an 6.6% margin, and a gross margin of 33.1%. Its revenue was 238 million kuna in the nine months through September.
Units of the troubled food-to-retail concern recently resumed trading on the ZSE following a six month pause.
On the first day of trading their shares fell drastically, only to bounce back the next day, before falling again.
A local analyst told SeeNews last week that the slump was brought on by the guarantees these companies had issued for loans extended to indebted Agrokor.
"The guarantees that these companies issued for loans to Agrokor, given the uncertainty over the entire process, represent a major burden for minority shareholders, therefore the big minuses in trading weren't a surprise", Davor Spoljara told SeeNews.
Spoljara noted that the handling of these guarantees in the course of the restructuring process in Agrokor will, among other factors, determine the final position of minority shareholders.
(1 euro=7.54145 kuna)
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