Agrokor

Agrokor d.d.
Joint-stock company
Industry Food and soft drinks, retail
Founded 1976 (1976)
Founder Ivica Todorić
Headquarters Zagreb, Croatia
Area served
 Southeast and Central Europe
Key people
 Ante Ramljak (Extraordinary Commissioner)[1]
Revenue €6.435 billion (2015)[2]
Profit €130.8 million (2015)[2]
Number of employees
 c. 60,000 (2016)
Divisions Retail Group, Food Group, Business Group
Subsidiaries Konzum (81%)
Ledo (79%)
Jamnica (80%)
Website www.agrokor.hr
Agrokor moved into Cibona Tower on 4 January 2000 where it currently occupies almost all of the floors of the skyscraper.

Agrokor (Croatian pronunciation: [âɡrokoːr]) is a retail joint-stock company with the headquarters in Zagreb, Croatia. Founded in 1976, it has greatly expanded their operations in the following decades by acquiring a number of large companies in Croatia and the region of Southeast Europe.

The Agrokor group had an annual sales revenue of €6.465 billion in 2015, which makes it the second largest retail and eleventh largest overall company in the region of Southeast Europe.[2]

History

It was founded as a private firm for the production of flowers and flower seedlings in 1976. By 1977, business was expanded by new programs: import and export of cereals, oil crops, fruit and vegetables, with a significant increase in turnover and profits. In 1989 the joint-stock company Agrokor was registered. The Agrokor Group was registered in 1997.[3] In 2000, Agrokor opened the largest distribution center in Croatia the region. Logistics and distribution center in Dugopolje opened in 2010. The most modern winery in the region worth €20 million was opened at Belje in 2011.[4] First biogas facility was opened in Gradec in 2012.[3]

"The MINISTRY OF ENTERPRISES OF ENTERPRISES AND TRADE published on its website the Monthly Report on Economic and Financial Situation and the Implementation of the AgriCor Extraordinary Administration Measures for the period 10 April to 10 May this year, drawn up by the Extraordinary Commissioner Ante Ramljak, It is estimated that Agrokor did not have a business plan for 2017 and was in a crisis of management.[5]

Acquisitions

Agrokor's core businesses are the production and distribution of food and drinks and retail, and over the years the group acquired several large Croatian companies in those sectors:

Agrokor also acquired or founded a number of companies in the region, including the Serbian ice cream manufacturer Frikom, water bottling companies Sarajevski kiseljak (in Bosnia and Herzegovina) and Fonyodi (in Hungary) and others.

Several of Agrokor's Croatian subsidiaries are listed on the Zagreb Stock Exchange (ZSE) and Ledo is included in its official share index CROBEX as of September 2010.[6]

For approaching international capital markets, Agrokor had to receive a rating by a rating agency as this is a must to give potential investors a benchmark. Without the ratings of Standard & Poor's and Moody's, Agrokor could not have issued two major bonds (one at the end of 2009 about 400 million, one in 2011 about 150 million).[7] In April 2012, Standard & Poor’s also revised the outlook on Agrokor's ‘B’ rating to positive from stable.[8]

Agrokor had to be considered by the Croatian market regulator Croatian Competition Agency (Croatian: Agencija za zaštitu tržišnog natjecanja, AZTN) for some of its acquisitions. It requested approval of acquisition of Mercator where Agrokor will have to shut down some retail locations in Croatia.[9][10]

In 2011, Agrokor announced plans to take over Mercator, which is the biggest retail chain in Slovenia, and throughout the Balkans, with over 2000 retail stores.

In June 2014, Agrokor finalized the acquisition of an 80.75% stake in Mercator.[11] On 27 June 2014, Agrokor acquired the majority stake of Poslovni sistem Mercator and became its majority owner. The total value of the transaction amounts to €544 million, out of which €324 million are for the acquisition of 100 per cent of shares, and the rest to be used for deleveraging Mercator's financial position and for working capital requirements of Mercator's operations.[12]

See also

References

  1. ↑ http://www.agrokor.hr/en/media/frequently-asked-questions/
  2. 1 2 3 "CE Top 500 Ranking report" (PDF). deloitte.com. Retrieved 28 February 2017.
  3. 1 2 "History of Agrokor". agrokor.hr. Retrieved 10 January 2017.
  4. ↑ http://www.tportal.hr/biznis/gospodarstvo/147973/Agrokor-otvorio-novu-Vinariju-Belja.html (in Croatian)
  5. ↑ Ramljak objavio što je zatekao u Agrokoru: "Kupcima se nije isporučivalo, plaće su kasnile..."
  6. ↑ "Od 20. rujna Čakovečki mlinovi d.d., Istraturist d.d. i Konzum d.d. u indeksu CROBEX" (in Croatian). Zagreb Stock Exchange. Retrieved 31 October 2010.
  7. ↑ Video of Hrvoje Habus, Director for Strategy and Capital Markets, Agrokor d.d. October 2011 Archived January 24, 2013, at the Wayback Machine.
  8. ↑ Agrokor's revised rating
  9. ↑ http://www.balkaninside.com/agrokor-requests-competition-approval-for-mercator-acquisition/
  10. ↑ "Archived copy". Archived from the original on 2014-01-16. Retrieved 2014-01-14.
  11. ↑ "Moody’s credit rating agency confirmed Agrokor Group’s B2 status with stable outlook".
  12. ↑
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