As companies present varied reports, one can only turn their sights back to Agrokor’s failings…
The earthquake that shook Agrokor and the country’s entire economy earlier this year is still dealing out a domino effect of negative trends in the world of business.
As Poslovni Dnevnik writes on the 1st of December, 2017, in the first nine months of 2017, Tisak endured a loss of 46.5 million kuna, which is an enormous increase when compared to the same period last year when it amounted to a mere 8.3 million kuna.
On Thursday, Agrokor’s companies announced their financial statements for the first nine months of this year, indicating that Ledo, Jamnica, Belje, Žitnjak and Vupik were operating with profits, while Tisak, Zvijezda and PIK Vinkovci were operating with losses.
In 2017’s first nine months, Ledo acheived a profit of 131.6 million kuna, down 27.4 percent when compared to the same period last year.
Total revenues amounted to 922.6 million kuna, down by 14.8 percent. Most revenue consists of sales revenues that fell by 12.2 percent, to 895.7 million kuna.
Ledo’s total expenditures amounted to 765.9 million kuna for the first nine months, down by 13 percent year-on-year.
According to the consolidated financial reports, Ledo achieved a net profit of 304.7 million kuna in the first nine months of this year.
In the first nine months, Jamnica realised a profit of 159.6 million kuna, which is 28.2 percent less than it was during the same period last year.
Profit before tax was 191.5 million kuna, down by 23 percent.
“The decrease in profit before tax is a consequence of a correction in the amount of claims from affiliated companies in the amount of 69.2 million kuna, corrected because of the uncertainty of the bill, which will depend on the outcome of the settlement and the entire restructuring process of the Agrokor Group, which is in the process of extraordinary administration,” stated the report.
Jamnica’s total revenues in the first nine months of 2017 amounted to 1.1 billion kuna and are lower by ten percent. Reducing total revenues, as reported by the company, is a consequence of the one-time effect of the sales line’s sales in 2016 and the loss of distribution of a part of an assortment of wine, as well as Red Bull and Juicy Fruits in 2017.
Jamnica’s overall expenses were reduced by six percent, to 914 million kuna.
Jamnica’s consolidated report shows that the group had a profit of 233.3 million kuna in the first nine months of 2017, a considerable decrease of 23.7 percent.
Group revenues totaled 2.14 billion kuna, down by one percent, while total expenditures increased by two percent to 1.87 billion kuna.
In the first nine months of this year, Tisak reported losses of 103.2 million kuna, a significant increase in losses when compared to the same period last year, when losses amounted to just 10.6 million kuna, according to consolidated data from the company’s financial statements.
The Group’s total income for the period was 1.59 billion kuna, down 25.6 percent in comparison to the same period last year. Sales fell by 24.1 percent, to 1.58 billion kuna.
Tisak’s total expenditures in the first nine months of this year were 1.69 billion kuna, and dropped by 21 percent in comparison to the same period last year. The company recorded a loss of 46.5 million kuna, an increase compared to the same period last year, when it amounted to just 8.3 million kuna.
Zvijezda’s consolidated figures show a loss of 63.4 million kuna in the first nine months of 2017, while in the same period last year, there were profits of 34.4 million kuna. Zvijezda’s total sales revenues of 569.1 million kuna were 14.7 percent lower than they were during the same period last year, while total expenditures decreased by 0.14 percent, to 624.3 million kuna.
In the first nine months of this year, Belje had a profit of more than 44 million kuna, while during the same period last year, the well-known company had a losses of 33.7 million kuna.
Belje’s total revenues for January-September this year amounted to 1.05 billion kuna, or 11.6 percent less than recorded during the same period last year. However, total expenditures fell more, by 17.7 percent, to just over one billion kuna.
According to the financial statements, Belje’s sales in 2017’s first nine months amounted to 932.4 million kuna, which is 12.4 percent year-on-year.
The consolidated report for Belje, which includes the Belje Agro-Vet company, also states that the group achieved profits in the first nine months of this year, amounting to 44.9 million kuna, an improvement of 81.2 million kuna in profit compared to the same period last year when losses of 36.3 million kuna were recorded.
Belje’s results point to a faster fall in total expenditures than total revenues. Total revenues fell by 11.4 percent to 1.06 billion kuna, and total expenditures fell by 17.7 percent to 1.02 billion kuna.
Žitnjak achieved an unconsolidated profit of 1.5 million kuna during the first nine months of this year, with total revenues amounting to 27.4 million kuna, otherwise 28.4 percent lower when compared to the same period last year.
PIK Vinkovci recorded losses of 5.9 million kuna for the first nine months of this year, while losses amounted to 3.8 million kuna in the same period last year. The company’s total revenues for the first nine months amounted to 277.7 million kuna, while total expenditures amounted to 283.7 million kuna, in comparison to last year’s 385.6 million kuna.
In the first nine months of 2017, Vupik acheived a total revenue of 275 million kuna, compared to total expenditures of 266 million kuna and profits of 8.9 million kuna. In the same period last year, the company’s business revenues decreased by 12.9 percent to 274.7 million kuna, which is the result of lower sales prices of agricultural and livestock products, according to Vupika’s report.
