Konzum Remains Most Successful Company in Agrokor Group

Lauren Simmonds

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As Poslovni Dnevnik writes on the 11th of January, 2019, the most successful company in Agrokor’s latest reporting period was Konzum, which has continued to deliver handsome revenue and operating profit despite having faced a very long period of uncertainty and adversity.

The 21st monthly business report was published by sixteen companies from the following business segments within Agrokor – retail and wholesale, food and agriculture, covering the period from the 11th of December, 2018, to the 10th of January, 2019.

Operations in the first eleven months of 2018 saw companies realise as much as 21,508 million kuna in revenue, while operating profit stood at 1,716 million kuna.

The most successful company in the reporting period was Konzum, Agrokor’s proverbial shining star, whose EBITDA was higher than the plan by as much as 157.9 million kuna, or more than 60 percent, while revenues exceeded the plan by 111 million kuna or 1.4 percent. Consequently, Konzum is the main carrier of operating profit for Agrokor’s retail and wholesale business segment.

The largest contribution to the overall operating result of the formerly ailing Agrokor Group was provided by food companies, whose EBITDA was 67.6 million kuna higher than the plan, and almost all companies realised higher profits than the plans. Companies in the segment of agriculture experienced a fall in revenues and operating profit in relation to the plan, but they compensated for the optimisation of costs and the strengthening of other activities, and in eleven months of 2018, they realised slightly more than 2 billion kuna in revenue, and 172.3 million kuna in operating profit.

As part of the extensive preparations for Agrokor’s implementation process, on the last day of 2018, all of the Agrokor Group’s mirror companies, which have so far been registered as companies under generic names, have been officially granted new names by the Commercial Court in Zagreb. The new names of companies that will begin operating after the completion of Agrokor’s creditor’s settlement, consist of their old names and the ”plus” add-on. For example, after the completion of the implementation process, Konzum will operate under the name Konzum plus, Jamnica under the name Jamnica plus, Zvijezda as Zvijezda plus, Ledo under the name Ledo plus, and so forth.

The old names have been retained within the new names of Agrokor’s companies in order to preserve the strong value of these branded companies, which will continue to perform on the market under their current brands even after the implementation of the settlement. At the transition stage, the headquarters of all new companies will be in Zagreb, and after the implementation of the settlement, they will be returned to the cities across various parts of Croatia in which they’re currently registered and operating.

Unlike mirror companies like Konzum, the Agrokor d.d. umbrella company will get a brand new name by the end of January, and will no longer use the name “Agrokor”, resigning the name to the history books alongside the company’s former owner, Ivica Todorić.

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