Agrokor’s Extraordinary Administration Stands at Billion Kuna

Lauren Simmonds

Another mixed picture for Agrokor.

As VLM/Poslovni Dnevnik writes on the 12th of September, 2018, Agrokor has released official information on annual revenues at the level of 49 billion kuna each year, and although this is a result without the inclusion of the Mercator Group, it appears to be apparent from the outset that it will be extremely difficult for the formerly emburdened company to reach these figures for 2018.

For now, the roll-up credit has cost Agrokor as much as 227 million kuna, of which the largest portion was paid out in July for a fee of up to 165 million kuna.

Agrokor’s extraordinary administration spent more than a billion kuna during the period from April 2017 to July 2018. Most of this money went on paying the company’s numerous consultants/advisers, the total wages of whom amounted to a massive 530 million kuna, according to a report from the company.

As previously mentioned, the roll-up agreement has so far stood at 227 million kuna, with a total amount of 165 million kuna, or slightly more than 2 percent of the whole loan, having been paid out back in July this year.

The cost of this financing will move to about eight percent until next year, and then grow, as current expectations stand, by 14 percent in September 2019. Agrokor’s extraordinary administration team, led by Fabris Peruško, reported on the intensive preparation of the process of implementing the reached settlement, and earlier estimated that the company’s new owners could enter into Agrokor in June 2019, which means that the extraordinary commissioner would have led Agrokor alone for eleven months after the creditor’s settlement was finally voted through.

In July this year, sixteen of the largest companies from within the group saw revenues of 13.4 billion kuna. Revenues have fallen against the plans and expectations, but EBITDA at the level of 1.1 billion kuna has slightly exceeded initial expectations.

By the end of July this year, Konzum took in more than 5 billion kuna in revenue, as well as EBITDA of more than 230 million kuna. This is naturally good news for suppliers because they can expect the payment of part of the marginal debt which still stands.


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