Todorić Takes to Blog Amid Series of New Agrokor Findings

Lauren Simmonds

The findings in the audit presented on Thursday have inspired a reaction from Todorić and his infamous blog.

As Poslovni Dnevnik reports on the 8th of October, 2017, Agrokor’s majority owner Ivica Todorić has taken to his blog to comment on the long-awaited audit findings that were finally presented last week, and surprise surprise, he isn’t pleased.

The ex Agrokor boss wrote that he had come across inconsistencies and talked about media spins on his latest blog post on the matter, we’ll bring you the most relevant parts:

”Extraordinary Commissioner Ante Ramljak spoke about three different divisions within Agrokor – the food industry, agriculture, and retail, the highly anticipated report on all of the aforementioned points was presented to the public last Thursday.

As far as the food and agriculture industries are concerned, these divisions “do have losses, but these sectors are doing their best”. It has been concluded that the issues within these two sectors within Agrokor are one-time offsets within the company and that capital is not negative. In regard to agriculture, the report cites the example of Belje and points out a recapitalisation of 1.4 billion kuna.

As for the retail division, Ante Ramljak said that in 2016, Konzum did business within operating profit. However, the write-off carries with it a negative result. He also stressed that the write-offs had no affect on the operational status of the company.

From the presentation provided, it appears to be apparent that most reservations relate to internal relations, and the presented write-offs are considered to be mostly unacceptable, some are even unlawful.

As an irrefutable fact, the presentation shows that the figures are set to a precisely defined goal, which is inadmissible. It turns out that companies were working on orders. A similar report of provisional administration I expected. However, what they could not avoid was the fact that the companies showed their strength and the direction in which they’d moved so far.

And now I confirm that the financial statements of the temporary administration of the company fully confirm the business strategy that Agrokor had at the end of 2016, as a solid plan for the continued development of the group in the coming years.

The conclusion of the presentation states that the negative capital resulting from the implemented adjustments will be addressed through a settlement proposal on which the Extraordinary Administration is working intensively alongside its teams.

What the goal of the extraordinary administration is and how they want to achieve it, you can conclude for yourself” Ivica Todorić concluded.


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