Operating profit posted by the Agrokor food and retail group over the first nine months of 2018 totalled 1.6 billion kuna (€215.3 million), which is 18.5 million kuna (€2.5 million) more than planned, although the company's revenue fell short of expectations, a business report released on Tuesday by the company's emergency administration said.

The group’s revenue in the first nine months totalled around 18.0 billion kuna (€2.4 billion), or about 1.0 billion kuna (€134.5 million) below target, said the company’s management, adding that intensive work on the implementation of the debt-for-equity settlement plan, agreed with its creditors earlier this year, continued in October.

Companies in the group’s Food division reported the highest operating profit, of more than 1 billion kuna (€134.5 million), while the Konzum retail chain reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of 399.7 million kuna (€53.8 million), some 125 million kuna (€16.8 million) more than planned.

Although the Food division operating profit of 1.07 billion kuna (€144 million) was around 59 million kuna (€7.9 million) higher than planned, the division’s revenue totalled was below target at 6.3 billion kuna (€848 million), some 250 million kuna (€33.6 million) less than planned.

In the Food segment, which includes nine companies, the highest revenue in the first nine months of 2018 was reported by salami producer PIK Vrbovec, 1.29 billion kuna (€173.6 million), with reported EBITDA at 119.5 million kuna (€16 million).

The consolidated Retail and Wholesale division’s EBITDA over the first nine months was 398.3 million kuna (€53.6 million), or 17 million kuna (€2.2 million) more than planned, but the revenue was 10.08 billion kuna (€1.3 billion), or 716 million kuna (€96.3 million) short of expected.

The Agriculture division reported an operating profit of 139.1 million kuna (€18.7 million), some 57 million kuna (€7.7 million) less than planned, while its revenue amounted to around 1.6 billion kuna (€215.3 million), or 218 million kuna (€29.3 million) less than planned.

In the Agriculture divison, which includes three subsidiaries, the Belje farming company had the highest revenue, of 913 million kuna (€122.9 million), while its operating profit amounted to 109.9 million kuna (€14.8 million).

The emergency administration said in its report that the key event in the period from October 11 to November 10, 2018, was the High Commercial Court’s decision to reject appeals to the debt-for equity settlement plan with the group’s creditors.

The Zagreb High Commercial Court on October 26 said it rejected 87 complaints filed by Agrokor’s creditors against a Zagreb Commercial Court ruling in early July, which confirmed the agreement.

(€1 = 7.43 kuna)

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