Agrokor has announced partial data on its debt.
Agrokor has announced data on part of its debts. According to the statement, the debt on 31 March was slightly more than 40 billion kuna, but that does not include all the group’s companies, reports Index.hr May 11, 2017.
Debt owed to interest, other loans, reservations, deferred tax liabilities and other sources does not reflect the debts of the whole group, but only of 19 of the largest companies: Agrokor, Konzum, Velpro Centar, Konzum Sarajevo, Tisak, Jamnica, Agrokor Trgovina, Belje, Dijamant, Pik Vrbovec, Frikom, Zvijezda, Roto Dinamic, Ledo, Vupik, Pik-Vinkovci, Velpro BH, Sarajevski Kiseljak, and Ledo Čitluk.
“The above mentioned financial information has not been audited, and it has been derived from internal accounting management reports, is subject to extended financial procedures with respect to closing the reporting period at the end of the financial period, and is also subject to audit in the context of the procedure of extraordinary administration in accordance with the legal framework. In no way does it represent the acknowledgment or acceptance of any claim,” Agrokor says.
“As of 31 March 2017, the group had 13.833 billion kuna in unsecured and unpaid bank loans. On 31 March 2017, the largest unsecured lender was Sberbank with 8.169 billion kuna. The group had 7.341 billion kuna of unpaid bonds, including 9.875% bonds with the right of priority due in 2019 (2.232 billion kuna), 9.125% bonds with the right of priority due in 2020 (2.417 billion kuna), and 8,875% bonds with the right of priority due in 2020 (2.078 billion kuna), as well as European commercial bonds totalling 614 million kuna which mature in June and August 2017”, reported Agrokor.
“Long-term debt to suppliers amounts to 6.238 billion kuna. As of 31 March, 2017, of all the suppliers listed by the analytics department, the largest supplier was the Rovinj Tobacco Factory which accounts for almost three percent of our obligations to suppliers. In addition, 6.238 billion kuna amount includes nearly 1.377 billion kuna of secured debt.”
In its notice, Agrokor also informed the stock exchange that, in close consultation with its advisors, on the 27th of April 2017, the group announced that it had identified, in preliminary verifications, the possibility of potential irregularities in its financial statements. “In close co-operation with its advisers, Agrokor has further identified the potential for potential irregularities in its consolidated financial statements. These audits are still in progress. Accordingly, Agrokor invites stakeholders not to rely on its existing consolidated financial statements until the review is concluded, according to the results and clarification of the overall situation,” the company says.
It also remarked about the so-called “Lex Agrokor” and warned the creditors that “due to moratorium determined in accordance with the Law on Extraordinary Administration, it is not permitted to undertake any enforcement actions, the initiation of court proceedings, the use of legal remedies, and the execution of similar actions against the group during the extraordinary administration period.”
