The blog strikes again.
Ivica Todorić has posted a new entry to his blog, this time demonstrating how ”Agrokor didn’t have problems at the beginning of the year”.
As usual, we bring you the ex Agrokor boss’ blog post translated into English below:
”On the 28th of September, 2017, at a government session, PM Andrej Plenković said the following: “About 6,7,8,9 months ago, we were faced with a situation where the biggest company [in Croatia] came into serious difficulties”
In the following [text], I’ll present some facts and documents with some examples from which you’ll be able to see how Prime Minister Plenković spoke untruthfully.
When the state attacks a businessman:
Attached to Table 1 is the cumulative, unconsolidated revenue from the sales of the Agrokor Group for 2015, 2016 and the [first] three months of 2017. The table shows that in 2015, compared to in 2014, Agrokor’s total unconsolidated sales revenue grew by 2.37%. It can also be seen that in 2016, the aggregate sales revenue of the Agrokor Group, when compared to the previous year, increased by 0.89%. Furthermore, for 2017, in the first month it was 1.03% higher compared to the first month of 2016, while in the second month, due to political and media attacks, Agrokor’s sales revenue fell by 2.27%, and in the third month sales revenue was -4.23%. Thus, in the first three months of the year, the unconstrained sales revenue in 2017 was -4.23%.
There is no doubt that Agrokor has consistently had stable sales revenues; in January 2017, work was going excellently, and only when Minister Dalić and her helpers attacked Agrokor with their media and political lynch [mob], the company started to come into problems. So, this data shows that Agrokor had a plan for further continuous growth and development until it was attacked by [this] unseen political and media lynch (witch hunt).
I’ve already written that the consolidated balance sheet for 2015 and 2016 issued by Agrokor’s extraordinary administration shows that the growth of the Agrokor Group’s total liabilities in 2016 increased by about 2% in comparison to in 2015, while the obligations towards suppliers in the same period were 2.5%. Also, total sales grew close to 1%. (1)
The stock situation has been at around -2% for years, but only when the political and media pressure on Ivica Todorić and Agrokor started did it begin increasing. (2)
For all the three examples I’ve presented, there is documentation that confirms this, two documents issued by Agrokor’s extraordinary administration and one that Agrokor had previously issued.
Agrokor refinanced its existing debt in November 2016 for a period of 2 + 1 years.
Agrokor’s food industry was prepared for the IPO at the beginning of 2017 with all the documentation and was just waiting for a good moment.
Agrokor was preparing for financial debt restructuring – the process started, and [Agrokor] engaged Houliham Lockey, Kirkland & Ellis and Alvarez & Marsal.
There was a potential bid to sell some of the joint stock companies.
These three examples, as well as Agrokor’s clear financial and business reconstruction plan, confirm that Agrokor was in good standing and had a strong growth and development plan. As Plenković himself says, everything else is fake news!
[1] Data from the consolidated balance sheet of Agrokor Group for 2016 and 2015, announced Agrokor’s extraordinary administration, 24 pages.
[2] Graph from the blog post, “What Happens When the State Attacks a Businessman”, written on the 29th of September, 2017.
Ivica Todorić’s blog post translated in full from ivicatodoric.hr
