Latest news with #Zagreb
Yahoo
a day ago
- Business
- Yahoo
Fortenova slashes debt since emerging from Agrokor restructuring
Fortenova, the Croatian food, drinks and retail group, has slashed its gross debt by more than a third since the restructuring of what was formerly Agrokor. Since embarking on a new business strategy in 2019, complete with a number of divestitures and under its new identify, Zagreb-based Fortenova has cut debt to €650m ($757.1m) from as much as €2bn. The business revealed the figures as it announced what it said is an 'important step in the further stabilisation and strengthening of its financial position'. That involves the refinancing of €500m in debt with Zagrebačka bank and UniCredit Group, which will take effect from 1 October, according to a statement. Fortenova added that since 2019 it has 'systematically been implementing its deleveraging strategy by divesting assets and increasing profitability, whereby it was able to significantly reduce its leverage'. The group suggested its net-debt-to-EBITDA ratio is 'within the range that corresponds to investment [grade] credit rating'. Agrokor was the largest consumer goods business in the Balkans until it was put into state-administration in 2017 amid huge debts and accusations of fraud by its founder Ivica Todoric. Fabris Peruško was the head of the government-appointed Extraordinary Commission set up to oversee the recovery process post-Agrokor and he also then became CEO of Fortenova. Commenting on the refinancing, Peruško said: 'Following the change in ownership and the exit of sanctioned shareholders from our structure, we were able to fully dedicate our attention to the business, to restructuring the operational and real estate portfolio and to implementing our vision of the group's future. 'I would like to thank Zagrebačka banka and UniCredit Group for the trust placed in us and look forward to our further collaboration.' Fortenova now operates 29 production plants supplying food and drink products mainly to Croatia, Slovenia, Serbia, and Bosnia & Herzegovina, according to its website. In food, the company owns the Zvijezda edible oils, sauces and deli brands, along with the Pik Vrbovec line of fresh and processed meats. It is also present in spreads with Dijamant. Roto forms an offering of soft and alcoholic drinks, along with the Sarajevski Kiseljak brand of mineral waters. Fortenova also owns and operates retail chains with the likes of Mercator, Konzum and Tisak. Earlier this year, Croatian alcoholic drinks group Badel 1862 struck a deal to acquire local wine, cheese and olive oil maker Agrolaguna, and the winery Vinarija Novigrad, from Fortenova. Divestitures also included a clutch of food and drinks assets sold to fellow CPG business Podravka. The deal featured fruit and vegetables processor Pik-Vinkovci and grains wholesaler Felix. Podravka also took over Belje, which produces wines, dairy products and cured meats. Damir Spudić, Fortenova's CFO, added in the refinancing statement: 'Behind us there are numerous key operations - from the divestment of non-core parts of the group to a number of processes implemented to additionally consolidate and improve the business through operational restructuring and strengthening the cost efficiency of our companies. 'The result are growing revenues and operating profits in all our key segments. At the same time, we have set a clear strategic framework for the forthcoming development period, where our focus will be on retail, food and beverage production and distribution.' According to Fortenova's website, the group generated revenue in 2023 of €5.9bn and adjusted EBITDA of €251m. Just Food has asked the company for an update on more recent figures. Meanwhile, the website says Fortenova acquired the local fruit- and vegetable-related businesses Enna Fruit and Naturala this year. "Fortenova slashes debt since emerging from Agrokor restructuring" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
Bloomberg
22-07-2025
- Business
- Bloomberg
Modi's Visit Sparks Indian Bids For Croatia's Infrastructure
Prime Minister Narendra Modi's visit to Zagreb last month is prompting growing interest from Indian companies in major infrastructure projects in Croatia. Over the past week, Afcons Infrastructure Ltd submitted three bids for state railway and road-building projects in the euro area's newest member, worth 1.1 billion euros ($1.3 billion) in total. Another Indian company, a conglomerate led by Ashoka Buildcon Ltd, is also vying for the same railway reconstruction contract as Afcons.
Yahoo
21-07-2025
- Sport
- Yahoo
Boccia European gold win 'huge' for Kidson
New European boccia champion Sally Kidson says she will take "huge" momentum from winning her first major championship into the rest of this season. The 20-year-old beat defending champion, Sonia Heckel of France, 3-2 in the individual BC3 final in Zagreb, Croatia, earlier this month to win the gold medal. "I'm very happy," Kidson told BBC Radio Wiltshire. "It never hurts to win a big tournament like this and especially a major, but it's not all about that, it's about the momentum going into the rest of the year and ahead of the World Championships next year this sort of thing is huge." Sally Kidson: GB's youngest Boccia athlete Kidson, from Salisbury, made her Paralympic debut last summer for Great Britain in Paris where she was the youngest person on the team. She was introduced to the sport in primary school and made her international competition in 2022, aged 17. "The last Europeans [championships] I did in 2023, I literally came dead last and so to go from dead last to first place is absolutely mental," Kidson said. Honouring former Paralympians Kidson said the gold medal win was even more poignant following the deaths of her pairs partner Will Arnott and Great Britain team-mate Matt Berry at the end of 2024. Kidson and Arnott's gold medal in the Paralympic Games qualifying event secured Great Britain a place in the BC3 category at last summer's event. "It's nothing short of a tragedy to lose both Will and Matt at the tail end of last year," Kidson said. Kidson worked with Arnott's long-time assistant Connor Welfare in Zagreb which she said made the event more special. "This one especially, we know it was a big one because me and Connor Welfare, who was [Arnott's] assistant for 11 years, we thought it would be good to do this together and do it for the big guy," Kidson said. "To be able to get a gold medal and also Zagreb is where Will had his first international competition and his first gold medal [in 2019]. "It was really special to be able to do it."
BBC News
21-07-2025
- Sport
- BBC News
Boccia European gold win 'huge' for Kidson
New European boccia champion Sally Kidson says she will take "huge" momentum from winning her first major championship into the rest of this 20-year-old beat defending champion, Sonia Heckel of France, 3-2 in the individual BC3 final in Zagreb, Croatia, earlier this month to win the gold medal."I'm very happy," Kidson told BBC Radio Wiltshire."It never hurts to win a big tournament like this and especially a major, but it's not all about that, it's about the momentum going into the rest of the year and ahead of the World Championships next year this sort of thing is huge." Kidson, from Salisbury, made her Paralympic debut last summer for Great Britain in Paris where she was the youngest person on the team. She was introduced to the sport in primary school and made her international competition in 2022, aged 17."The last Europeans [championships] I did in 2023, I literally came dead last and so to go from dead last to first place is absolutely mental," Kidson said. Honouring former Paralympians Kidson said the gold medal win was even more poignant following the deaths of her pairs partner Will Arnott and Great Britain team-mate Matt Berry at the end of and Arnott's gold medal in the Paralympic Games qualifying event secured Great Britain a place in the BC3 category at last summer's event."It's nothing short of a tragedy to lose both Will and Matt at the tail end of last year," Kidson worked with Arnott's long-time assistant Connor Welfare in Zagreb which she said made the event more special."This one especially, we know it was a big one because me and Connor Welfare, who was [Arnott's] assistant for 11 years, we thought it would be good to do this together and do it for the big guy," Kidson said."To be able to get a gold medal and also Zagreb is where Will had his first international competition and his first gold medal [in 2019]."It was really special to be able to do it."
Yahoo
16-07-2025
- Business
- Yahoo
Atlantic Grupa sells sandwich unit Montana Plus
Atlantic Grupa, the Croatia-based food and drinks manufacturer, has agreed to sell its Montana Plus sandwich operations to local businessman Marko Gross. Financial terms were not disclosed. In a statement, the Zagreb Stock Exchange-listed company said the sale is in line with its strategy to focus on the 'development of key product categories and the disinvestment of non-core' businesses. "As part of this process, that has been ongoing since 2018, sports and baby food, nutritional supplements and cosmetics business[es] have been disinvested," Atlantic Grupa added. In 2020, the company sold its Bebi baby-food brand to Nelt Grupa in Serbia. And in 2019, Atlantic Grupa let go of the sports nutrition and functional food arm, including the Multipower, Champ and Multaben brands. They were sold to Germany's Genuport. The sandwich deal struck with Mr Gross includes the Montana brand, assets and all the employees. Montana Plus produces and distributes so-called triangle sandwiches and extended-shelf-life sandwiches. According to its website, the sandwich maker employs 32 people, and its products are available at around 1,000 retail outlets in Croatia. Atlantic Grupa, which has owned Montana Plus since 1998, said that post deal the company has entered an agreement with Mr Gross for the sale and distribution of sandwiches. Atlantic Grupa said his 'extensive experience in the marketing, sales and production segment serves as an excellent basis for further strategic development and stronger expansion of the Montana brand portfolio, improvement of the position in the on-the-go category, and thus the development of the entire category'. Headquartered in Zagreb, Atlantic Grupa's portfolio also includes snack brands such as Smoki, Najlepše Zelje, and Bananica, along with the savoury spread brand Argeta. In drinks, it includes the Grand Kafa and Barcaffe coffee brands, as well as Cockta and Cedevita in soft beverages. The group also owns the natural mineral water line Donat. Apart from Croatia, Slovenia, and Serbia, Atlantic Grupa distributes its products in Austria, North Macedonia and Russia. In the first quarter of 2025, the company achieved sales of €259.9m ($301.8m), marking a 9.8% increase from the same timeframe in the previous year. However, EBITDA fell 8.7% to €23m, while EBIT dropped 29% to €10.3m. Similarly, net profit decreased by 38.4% to €6.1m. In the food segment, sales of savoury spreads rose by 19.5% to €42.7m, while snacks saw an increase of 2.1% to €31m. For the 2024 financial year, Atlantic Grupa reported sales of €1.08bn (+10.9%), EBITDA of €97m (+12%) and EBIT of €45.8m (+2.5%). Net profit, however, dropped 15.2% to €26.5m. "Atlantic Grupa sells sandwich unit Montana Plus" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
