Agrokor delivers record results despite its problems | Progresiv
During the first six months of 2018, the Agrokor Group achieved welcome operating profits of 729.7 million kuna, which is 44.2 million kuna, or 6.4 percent more than the plan was. A key feature of the semi-annual business of the sixteen companies operating under the Agrokor umbrella included in the monthly report is the continuous reduction in operating costs and overall improved efficiency. 
This is particularly true for the retail and wholesale business group(s), which, in the first six months of the year, earned an impressive 6.1 billion kuna in revenue and 70.2 million kuna in operating profit, which is 32.6 million kuna higher than the plan envisaged. Of this, Konzum's revenue amounted to 4.1 billion kuna, which is 3.1 percent more than the plan, while EBITDA (operating results) in the aforementioned six-month period reached 103.5 million kuna, 63.3 million kuna more than the plan.
In June, the food business group continued the trend of achieving better operating results (EBITDA) than plan foresaw. Welcome income of 587 million kuna stands almost at the level of the plan (588 million kuna), while EBITDA is 132.7 million kuna, nearly 10 million kuna higher than the plan.
The income and EBITDA of Agrokor's agriculture business group were lower than planned in those six months, and the greatest impact on this result was a significant decrease in prices of semi-hard cheese and pork on the stock exchange. The Agriculture group enjoyed revenues of 991 million kuna and an EBITDA of 74.6 million kuna during those same six months. A drop in revenue has been alleviated by an increase in other activities.
To briefly recall, back on July the 4th, 2018, Agrokor's creditors voted in favor of the creditor's settlement at a hearing, safeguarding Agrokor against potential bankruptcy. On the 6th of July, 2018, Zagreb Commercial Court issued a resolution on the settlement. The deadline for submitting an appeal to the settlement resolution lasted until the 23rd of July, 2018. The commercial court received 92 appeals from the company's creditors.
Appeals against the decision on the confirmation of the settlement will go on to be dealt with and ultimately resolved by the High Commercial Court in Zagreb. It is foreseen that the settlement will be implemented, with a duration of three to six months. All the companies in the system, with the organisation and control in the hands of Agrokor's extraordinary administration, headed by Fabris Peruško, have already begun with preparations for this technically demanding process which will, according to the latest estimates, have more than 100,000 steps that need to be taken within it. (www.total-croatia-news.com)
