Fortenova Group Reports Revenue Growth in 2019 and Q1 2020

Total Croatia News

ZAGREB, July 2, 2020 – The Fortenova Group, the successor to the Agrokor food and retail conglomerate, earned HRK 24.8 billion in non-consolidated revenues in 2019, an increase of 3.6% compared with 2018, and the good trend continued in the first quarter of 2020 when its non-consolidated revenues grew by 8%, the company said on Thursday.

Presenting the results of last year’s operations to holders of depositary receipts, the Fortenova Group highlighted the growth of the two most important performance indicators in 2019 – total revenue and EBITDA, along with strong liquidity reserves thanks to which it entered the year 2020 with a cash position of HRK 1.6 billion.

The Fortenova Group’s pro forma consolidated total revenue in 2019 reached almost HRK 24 billion, while consolidated adjusted EBITDA totalled almost HRK 1.7 billion. Given that the group has been operating since 1 April 2019, the presented results are the pro forma consolidated results of the Fortenova Group and the 102 companies in its ownership, excluding Mercator, the transfer of which to the Fortenova Group has not been completed yet.

The group’s core segments generated a total of HRK 24.8 billion in non-consolidated revenues in 2019, an increase of 3.6% compared with 2018. At the same time, the non-consolidated EBITDA  of the core segments rose by 13% to HRK 1.9 billion.

All of the group’s core segments saw their revenues grow in 2019. Retail and Wholesale generated total revenue of HRK 13.9 billion (+ 3%), Food earned HRK 8.27 billion (+4%), and Agriculture HRK 2.6 billion (+4%).

Fortenova said that the favourable business trends continued in the first quarter of this year, with consolidated revenues, excluding Mercator, reaching HRK 4.8 billion, while adjusted consolidated EBITDA amounted to HRK 93.6 million.

(€1 = HRK 7.563978)


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