Croatian retail and food conglomerate Agrokor has generated HRK 20 billion (€2.7 billion) in the period 11 November to 10 December, according to the latest monthly report from the group's extraordinary administration.
EBITDA for the period stood at HRK 1.7 billion, which was in line with expectations.
The biggest contribution segment was its Food business, which saw EBITDA exceed expectations by around HRK 70 million, as well as Retail and Wholesale, which saw EBITDA outperform expectations by around 7.2%, or HRK 28.7 million.
Divisional Performance
The standout performer in the group's retail operations was Konzum, which 'exceeded plans both in revenues and EBITDA,' according to the extraordinary administrators' report.
'Konzum has thus in the period I-X/18 outperformed planned sales revenues by 1.2%, while sales revenues in retail operations exceeded the budget by 4.4% on annual level. Konzum was able to exceed the budgeted EBITDA by as much as HRK 143.7 million'.
In the Food business, Ledo d.d. and Ledo Čitluk, as well as Frikom, were the star performers.
Its Agriculture business did see a drop in revenues, however, due to declining pork prices across Europe, as well as fluctuations in dairy prices.
Commenting on the turnaround process at Agrokor, the extraordinary administrators noted, 'With the expertise and experience of the advisors the restructuring of Agrokor has been conducted efficiently and within very short time.
'The entire restructuring cost at Agrokor has been borne by the creditors, ie. its new owners, without any cost for the taxpayers of the Republic of Croatia whatsoever.'
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
