April 27, 2018 / 3:10 PM / 9 months ago

BRIEF-Croatia's Agrokor posts lower revenues, higher EBITDA in 2017

ZAGREB, April 27 (Reuters) - Indebted Croatia’s food group Agrokor, the largest employer in the Balkans, said on Friday:

* Non-consolidated revenues in 2017 amounted to 43.4 billion kuna ($7.07 billion) or 10 percent below 2016. EBITDA reached 1.84 billion kuna, up 8 percent from 2016.

* State-appointed crisis manager Fabris Perusko said that the focus in 2017, when the company was placed under emergency state administration after it came close to collapsing under a mountain of debt, was on how to boost profitability, rather than on maintaining the level of sales.

* Restructuring costs in 2017 amounted to 302 million kuna.

* Agrokor will draw up a revised proposal for the make-up of a Permanent Council of Creditors which is scheduled to vote on the settlement deal. A local commercial court rejected the current proposal on Friday, citing a lack of legal clarity, but Perusko said this should not slow down the settlement process.

* Settlement among creditors is expected before July 10. The state-appointed crisis management team is due to operate until July 10 under an emergency law.

* Russia’s Sberbank, the biggest single creditor with loans worth 1.1 billion euros ($1.33 billion), is expected to be the biggest single shareholder after settlement. ($1 = 6.1361 kuna) ($1 = 0.8273 euros) (Reporting by Igor Ilic; Editing by Adrian Croft)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below