The non-consolidated revenue of Agrokor in 2017 was 43.4 billion kuna (€5.85 billion), which marks a 10 percent decline compared to 2016. The operating profit of the company was 1.8 billion kuna (€242.6 million), 8 percent more than in 2016, said Agrokor’s crisis manager, Fabris Perusko, on Friday.

Agrokor achieved solid business results in 2017 despite the difficult circumstances which resulted in its entering a restructuring process, Perusko said.

In the first half of 2017, the agencies Moody’s and S&P downgraded the company’s credit rating to SD (Selective Default) and Caa2 respectively, regarding the company in poor standing, and subject to very high credit risk. Moody’s also raised the likelihood of the company’s bankruptcy.

There were also problems with the company’s liquidity, and suppliers had stopped their deliveries, after which the state took control of the company, appointing the new management with provisions of a special law passed by the Parliament.

“The results of the second half of the year were excellent, but the first half was really bad. Given the circumstances, the overall results are very good,” Perusko said.

According to the data published on the Agrokor website, the Group’s EBITDA for 2017 was 665 million kuna (almost €90 million), a 35.4 percent decrease compared to 2016, and EBITDA without the restructuring costs was 967 million kuna (€130 million), a 6 percent decrease.

The operating revenue were 39.5 billion kuna (€5.3 billion), a 12 percent decrease compared to 2016.

The consolidation process covers 105 companies, 52 of which are based in Croatia.

(€1 = 7.42 kuna)

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