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Most listed units of Croatia's Agrokor report positive Jan-Aug EBITDA

Most listed units of Croatia's Agrokor report positive Jan-Aug EBITDA Author: Agrokor. License: All rights reserved.

ZAGREB (Croatia), October 11 (SeeNews) - All but one of the listed members of Croatia's ailing privately-held concern Agrokor reported positive EBITDA in the first eight month of the year, preliminary data the companies have filed with the Zagreb bourse showed on Wednesday.

News stand operator Tisak [ZSE:TISK] was the only company among them to see a negative EBITDA of 23 million kuna ($3.6 million/3.1 million euro), with a negative EBITDA margin of 1.7%, according to Tisak's estimated results.

Tisak, however, saw the largest revenue among Agrokor's listed units, of 1.39 billion kuna in the eight months through August. The company's gross margin stood at 21.1%.

Soft drinks and water bottling company Jamnica [ZSE:JMNC] saw the largest EBITDA of 258 million kuna with a margin of 24.5%. Its revenue reached an estimated 1.1 billion kuna, while its gross margin stood at 56.2%.

Ice cream and frozen food company Ledo [ZSE:LEDO] followed with an estimated EBITDA of 199 million kuna and a margin of 24.3%. Its reported eight-month revenue totalled 821 million kuna, while its gross margin reached 45%.

Food company Belje [ZSE:BLJE] reported EBITDA of 128 million kuna and a margin of 15.5%. Its revenue came in at 828 million kuna, with a gross margin of 32.6%.

Agricultural conglomerate Vupik [ZSE:VPIK] reported an estimated EBITDA of 45 million kuna with a 22.9% margin, and a gross margin of 38.1%. Revenues totalled 197 million kuna and were the lowest among the listed companies.

Edible oil, mayonnaise and margarine producer Zvijezda [ZSE:ZVZD] reported EBITDA of 40 milion kuna with a margin of 9.2%. Its revenue totalled 433 million kuna in January-August, while the gross margin was an estimated 27.5%.

Meat processing company PIK-Vinkovci [ZSE:PIVK] saw EBITDA of 17 million kuna, with an 8.1% margin, and a gross margin of 35.8%. Its revenue was 214 million kuna in the eight months through August.

An audit of the financial reports of the listed seven companies as well as retailer Konzum and Pik Vrbovec 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=7.50203 kuna)

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