DOCSLIB.ORG

Above Expected Kuna Bond Issue? [email protected]

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Above Expected Kuna Bond Issue? Tajana.Striga@Addiko.Com SEE Weekly Analyst: Tajana Striga Above expected kuna bond issue? [email protected] +385 1 6033 522 SEE yields mixed Fed left monetary policy unchanged with key interest rates unchanged in line with market expectations. However, statement released after meeting was more cautious than expected whereby Fed members acknowledge improved consumer and business sentiment, but stays dovish on inflation still below 2% long-term target. All in all, until newly elected US president Trump details his planned fiscal expansion, the markets currently expect only two rate hikes in 2017, while FOMC baseline remains three rate hikes. Despite that, SEE yields saw rather modest moves this week, with Slovenian and Croatian USD yields down 9bp and 6bp, respectively, and Serbian USD yields barely rose by 4bp. Euro yields stayed unchanged in Slovenia and rose 4bps in Croatia. Locally, investors’ focus is on the next week's bond auction in Croatia, including two issues in kuna with 5Y and 11Y maturities. Given the generous HRK17bn excess liquidity and potential ECB tapering later this year, we expect the MinFin to issue in excess of HRK5.5bn maturity and place HRK7-8n to strengthen cash reserves ahead of the upcoming USD bond maturity. Subdued banks’ credit activity and new European rules on sovereign debt risk requirements also bode well for demand as well as recent S&P (- and Fitch) rating outlook upgrade from negative to stable that led to some 15bp spread tightening since then. We see 5Y and 11Y yields just below 2% and 3%, respectively, with the former subject do downside risks as the future buying conduct of ECB may shift meaningfully towards the sub 5Y sector and the CNB may resume easing focused on the medium part of the yield curve. CHART OF THE WEEK: YIELD CHANGE, (average) wow, bp 10 Source: Bloomberg, Addiko research 5 0 -5 -10 EUR USD EUR USD USD SLO CRO SRB Kuna appreciated, EUR/RSD stabile Croatian MinFin issued HRK800m of 1Y T-bills, surpassing not only the plan (HRK600m) but also redemptions (HRK626m), resulting in HRK174m higher stock of short-term debt. Despite ample interbank excess liquidity of roughly 5% of GDP, 1Y yield barely fell to 0.59% amid bid-to-cover ratio of 1.2x. Meanwhile, the kuna rallied almost 500 pips this week on the back of stronger corporate FC sales (and possibly institutional sales ahead of kuna bond issue), and, fundamentally, external and fiscal risks mitigation, with high likelihood of the EDP suspension this spring. The latter would thus pave the way for rating upgrades, in line with the recent outlook upgrades by S&Ps and Fitch from negative to stable. If anything meaningfully, depreciation pressures stem from the expected sporadic worsening of goods trade balance on the back of stronger goods import caused by domestic demand recovery and potential political instability in the euro zone given the number of forthcoming elections. The EUR/RSD traded range bound this week, with the NBS selling EUR15m in order to curb the dinar depreciation. That said, there are number of reasons for the dinar to continue to move around 124 barriers. Namely, stronger macro picture and risk profile, lower internal and external imbalances, improvement in banks’ net foreign asset and general NBS’ intolerance of the weaker dinar in view of 33% of external debt in USD(un-hedged) and stronger USD. Downside risks stem from political instability in case of material changes in the parliamentary math, US reflation and stronger USD as well as stronger import demand. Meanwhile, the NBS continued withdrawing excess interbank liquidity through repo while short end dinar rates stayed largely unchanged and we expect for the similar performance to continue in the short-term given still supportive external environment and expected 'on-hold' NBS stance on their next meeting in mid-February. *SEE Weekly editorial deadline: 4pm Thursday SEE THE DISCLOSURES APPENDIX FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATION SEE Weekly Economic Highlights Slovenia • Private consumption growth at its strongest pace since 2008. December's retail trade surprised on the upside in flash estimate as it soared 14.6% mom (working-day-adjusted) and fully matched the strong November's 10.2% yoy increase. Before a full data set publication by the end of February, we currently see that general department store sales, car purchases and higher number of trading days boosted the headline sales figure during the all-important x-mass period. For the 4Q16, retail trade surged 10.0% yoy, tripling its growth pace relative to Q3 average. December trade data combined by further improvement in consumer confidence gauges (EC sentiment up 2.2pp on Q3 average) on our calculations bode well at least 3.5% yoy household consumption growth in 4Q16 (the highest since the spring 2008) after 2.6% yoy in Q3, driven by accelerating 2.5%-alike (yoy) employment growth, easier financial conditions, accelerating retail credit, stronger consumer sentiment, despite temporary weakness in the overall wage growth dynamics. The sharp improvement in consumer confidence in January to its best level ever reflects ongoing public wage hikes (additional 4% wage and benefits hike this year after 6% in 2016), as well as better employment prospects. On Q4 GDP growth outlook, the expected surge in private consumption and stronger private (equipment) capex, notwithstanding fading boost from net exports, support our 0.7% qoq and 2.9% yoy forecast, implying the FY16 average GDP growth of 2.7%. • Rising inflationary pressures...? Next week we will see releases of inflation and merchandise trade data for January and December, respectively. For starters, CPI inflation is set to decline by -0.5% mom, with cheaper clothing prices (within usual post-holiday sales) and utility tariffs likely to offset resurgent oil and food prices. On a yoy level, CPI is seen soaring to 1.4% (highest level since the autumn 2013), largely reflecting the fact that the slump in energy prices at the start of 2016 drops out of the annual comparison. At the current level, Slovenian inflation is somewhat below the euro zone's, with some positive impact on competitiveness. Given the uncertain inflation outlook, we do not expect the ECB to change its monetary policy course until the core inflation rate rises lastingly.... as exports momentum stays intact. Meanwhile, we expect export growth to pick up to a 7%-alike (yoy) pace given the upside investment-driven surprises in the euro zone's activity in the eve of 2016. We can derive similar messages from better export order books as well as the increase in manufacturing capacity utilization to 84.7%. Merchandise import growth will also likely pick up on stronger import-driven domestic demand and higher commodity prices, leading to the overall slightly negative net trade contribution to Q4 growth. SEE Weekly Economic Highlights Croatia • Industrial output continues sprint in December... December’s seasonally adjusted industrial production sprinted 3.9% mom (prev. +2.7%), following already several months of decent monthly growth. Besides unusually higher number of working days, the strongest contribution came from non-durable goods (+6.5% mom), with all other segments outside the energy sector contributing positively as well (energy -1.6% mom). On the yoy level, industrial production soared 12.9% yoy, with 23.8% stronger energy generation in one of the coldest winters ever and very volatile refinery output, followed by 8.9% stronger non-durable goods being the main drivers. For the 4Q16, industrial production rose 7.2% yoy on average, thus well surpassing both 3.2% yoy increase in 3Q16 and 3.8% growth in 4Q15. Industrial production thus increased by 5.0% yoy for the FY16 on average. Meanwhile, manufacturing increased 7.1% yoy in 4Q16 mainly supported with stronger production of electrical equipment, fabricated metal products and pharmaceutical products. Such performance implies an 1pp-alike positive contribution to the GVA formation in final quarter of the last year. The latter alongside the expected 3.5%-alike increase in household consumption and slightly negative net trade contribution implies 3.5% GDP growth in 4Q16, shaping the FY16 GDP growth at 3.0% on our estimates. For more insights please chek our flash note on 4Q16 Industrial Production. • Retail sales growth is strongest in 9 years... December’s working-day-adjusted real retail trade (+5.8% yoy) posted the strongest growth in nine years, substantially above our already optimistic 4%-alike yoy forecast. Before detailed data release on 13th February, we see retail trade driven by strong holiday-related spending with higher number of trading days, PIT cuts, X- mass bonuses in public sector, 82.4% yoy (!!!) stronger car sales, solid 2%+ real net wage growth, resurgent consumer credit and steady 2%-alike employment gains. Moreover, we expect positive contribution from tourist spending during Advent and X-mass fairs in Zagreb. For the 4Q16, real retail trade rose 4.6% yoy on average, well above 3.2% yoy growth in the same quarter last year, suggesting 3.6% yoy increase in household consumption in the national accounts in Q4. The latter alongside strong industrial output growth (7.2% yoy), stronger private investments and upside surprises in external demand on strong euro zone activity implies a 3.5% GDP growth in 4Q16 for an average 3.0% GDP growth in 2016, on our estimates. For more insights please chek our flash note on 4Q16 Retail Trade. • Retail sales growth is strongest in 9 years... The broadest money M4 growth accelerated in December (+4.7% yoy, prev. 3.5% yoy) and thus exceeded HRK300bn for the first time ever. A brief look at M4 components reveals the expansion was driven by the most liquid M1 money supply where the growth accelerated to 18.1% yoy (prev.
Load more

Recommended publications
  • Customer Satisfaction of the Co-Branded Food Products on Croatian Market
    Journal of Economics, Business and Management, Vol. 7, No. 4, November 2019 Customer Satisfaction of the Co-branded Food Products on Croatian Market Berislav Andrlic, Anton Devcic, and Mario Hak Abstract—This scientific paper describes the marketing II. SELECTING THE APPROPRIATE PARTNERS AND FOOD impact of co-branding and customer satisfaction on the food CO-BRANDING FORMATION PROCESS market due to it's rapid changing and internal and external marketing environment. New ways of branding strategies and The purpose of co-branding on food market is the selection new model of consumer behavior give rise to new or existing appropriate partners and that represents the first step towards branded food products on the market. Term co-branding is most development of activity. By careful selection, co-branding commonly found in food market as these type of business often negative aspects and risks can be minimized. Compatibility face economic problems operating in certain times or seasons between food brands is extremely important and that must be hence they need the assistance of other services to make their the starting point in the elimination process among potential operating costs relevant. The typical co-branding agreement involves two or more companies acting in cooperation to candidates. Partner selection is made accordingly to associate any of various logos, color schemes, or brand predetermined criteria, depending on the specific aim that identifiers to a specific product that is contractually designated should be accomplished and by the strategy that is to be for this purpose.In order to examine this scientific problem the applied. Just as every individual has his own strengths and following methods were used: analysis, synthesis, induction, weaknesses, so the brands have.
    [Show full text]
  • Podravka Group Business Results for January – December 2020 Unaudited Content
    koprivnica, 26th february 2021 Podravka Group business results for January – December 2020 unaudited Content 3 Key financial indicators in 1 – 12 2020 5 Operations of the Podravka Group in conditions of COVID-19 disease 8 Significant events in 1 – 12 2020 and after the balance sheet date 12 Overview of sales revenues in 1 – 12 2020 19 Profitability in 1 – 12 2020 24 Key highlights of the income statement in 1 – 12 2020 27 Key highlights of the balance sheet as at 31 December 2020 30 Key highlights of the cash flow statement in 1 – 12 2020 32 Share in 1 – 12 2020 36 Additional tables for 1 – 12 2020 40 Consolidated financial statements in 1 – 12 2020 48 Statement of liability 49 Contact podravka group business results for 1 – 12 2020 2 Key financial indicators in 1 – 12 2020 podravka group business results for 1 – 12 2020 3 Key financial indicators in 1 – 12 2020 (in HRK millions) 2019 2020 Δ % Sales revenue 4,409.4 4,503.2 93.8 2.1% EBITDA1 509.0 546.7 37.7 7.4% Net profit after MI 221.6 248.9 27.3 12.3% Net cash flow from operating activities 272.9 384.5 111.5 40.9% Cash capital expenditures 153.9 192.4 38.5 25.0% Normalized EBITDA2 515.5 543.1 27.5 5.3% Normalized net profit after MI 223.6 244.4 20.8 9.3% (in HRK; market capitalization in HRKm) 31. 12. 2019 31. 12. 2020 Δ % Net debt / normalized EBITDA 1.6 1.4 (0.2) (15.3%) Normalized Earnings per share 32.0 35.0 2.9 9.2% Last price at the end of period 484.0 485.0 1.0 0.2% Market capitalization 3,380.6 3,391.2 10.5 0.3% Return on average equity3 7.3% 7.6% +26 bp Return on average assets4 4.7% 5.1% +41 bp note: decimal differences in the document are possible due to rounding.
    [Show full text]
  • Podravka Group
    Podravka Group WOOD’s Winter Wonderland EME conference, Prague, 4th December, 2019 Investor Relations The Company Business Investment highlights 2018 results 9M 2019 results Podravka Group at a glance Founded in Headquarters in 1947 Koprivnica 72 years 4,232m HRK In food business (571m EUR) revenues 47 years 4,846m HRK In pharmaceutical (654m EUR) assets business 3,322.6m HRK* 6,517 (448.4m EUR) Mcap Employees Listed on ZSE Prime market Note: figures in this presentation are translated to euros at HRK/EUR FX rate of 7.41; *MCap on 30th September 2019, calculated on weighted average number of shares excluding treasury shares. 4th December, 2019 Investor Relations Podravka Group 3 Long tradition in food and pharmaceutical production 1947 1952 1957 1958 1959 Wolf brothers workshop Condiments, dried and Famous Podravka soups Production of meat Vegeta, universal became publicly owned sterilized vegetables, etc. production established products established seasoning, production under Podravka name production established established 1970 1972 1993 2015 2017 Baby food production Belupo pharmaceutical Podravka became a joint- Acquisition of Žito, New Pharmaceutical factory established company established, stock company, free share Slovenian food producer constructed, the largest pharmaceutical production trading from 1994 greenfield investment in the established history of the Group 4th December, 2019 Investor Relations Podravka Group 4 Podravka Group operates in 24 countries with subsidiaries and representative offices Own distribution network in 11 countries International network of subsidiaries and representative offices 1. Bosnia and Herzegovina 2. Czech Republic 3. Montenegro 4. Croatia 5. Hungary 6. Macedonia 7. Poland 8. Slovakia 9. Slovenia 10. Serbia 11.
    [Show full text]
  • CEE Investment Opportunities: Slovenia & Croatia Investor
    CEE investment opportunities: Slovenia & Croatia Investor Day Site visits Monday, 23 May 2016 Slovenia: Krka & Gorenje Timetable: 08:00– 17:15 Krka is among the top generic pharmaceutical companies in the world. Its business is the production and sale of prescription pharmaceuticals, non- prescription products and animal health products. 08:00 Departure from Hotel International (Zagreb) 10:00 Krka tour Gorenje is one of the leading European home 11:00 Departure from Krka appliance manufacturers with a history 13:00 Lunch break spanning more than 60 years. Home 14:00 Gorenje tour appliances under global brands Gorenje and 15:00 Departure from Gorenje Asko and six regional brands (Atag, Pelgrim, Upo, Mora, Etna and Körting) elevate the 17:15 Arrival at Hotel International (Zagreb) quality of life of users in 90 countries worldwide. Croatia: Podravka, Ledo & Atlantic Grupa Timetable: 08:00 – 16:45 Podravka produces the well-known Vegeta, as well as thousands of other products in its diverse catalogue. T h e Podravka brands are recognisable and a favourite in both Croatian and foreign markets. 08:00 Departure from Hotel International (Zagreb) 10:00 Podravka tour Ledo is the largest Croatian producer of 11:00 Departure from Podravka industrial-scale ice cream and the largest 13:00 Lunch break distributor of frozen foods. 14:00 Ledo tour Atlantic Grupa is one of the most dynamic 15:00 Departure from Ledo business systems in the region, with a 15:30 Atlantic Grupa tour significant portion of its business activities in 16:30 Departure from Atlantic Grupa the EU. 16:45 Arrival at Hotel International (Zagreb) For further details, please contact your WOOD sales representative or Karolina Drach-Kowalczyk at [email protected] .
    [Show full text]
  • Podravka Group Annual Report for 2020 Contents
    PODRAVKA GROUP ANNUAL REPORT FOR 2020 CONTENTS INTRODUCTORY WORD .......................................................................................................................................................7 PODRAVKA GROUP PROFILE ........................................................................................................................................... 9 COMPANY NAME AND HEADQUARTER LOCATION .........................................................................................................................9 ORGANIZATIONAL STRUCTURE........................................................................................................................................................................9 ABOUT BRANDS AND PRODUCTS .................................................................................................................................................................12 PODRAVKA .........................................................................................................................................................................................................................13 ŽITO AND LAGRIS .........................................................................................................................................................................................................16 BELUPO .................................................................................................................................................................................................................................17
    [Show full text]
  • Export Catalogue
    Export catalogue Table of contents History.. .........................................................................4 Culinary ........................................................................8 Lino world ................................................................. 26 Sweets ........................................................................ 34 Confectionary .......................................................... 42 Snack ..........................................................................48 Mediterranean cuisine ........................................... 52 Fruit products .......................................................... 62 Vegetable products ................................................ 66 Condiments ...............................................................74 Bakery ........................................................................ 78 Tea ............................................................................... 82 Meat products ..........................................................86 Podravka abroad ..................................................... 94 It all started in 1934... Podravka's history begins in 1934 with a fruit processing plant, founded by Wolf brothers in Koprivnica. In 1947 the plant becomes government owned and Podravka gets the name it has today. In 1957 Podravka's first packet soups were produced, and they were presented at the Zagreb Fair that fall. Year 1958 is very significant for Podravka's development. That year in Podravka's research laboratories,
    [Show full text]
  • Podravka Group Annual Report for 2017
    PODRAVKA GROUP ANNUAL REPORT FOR 2017 ANNUAL REPORT 2017 1 Table of contents Podravka Group ................................................................................................3 Important events .........................................................................................4 Research and Development .....................................................................11 New products Podravka ...........................................................................15 New products Belupo ...............................................................................17 Digital innovation .....................................................................................20 Awards and recognitions .........................................................................21 Social responsibility ..................................................................................26 Activities in environmental protection Podravka ................................28 Activities in environmental protection Belupo .....................................30 Podravka Group management systems audits ......................................33 Supervisory Board and Management Board members biographies .........35 Podravka d.d. Supervisory Board members biographies .....................36 Podravka d.d. Management Board members biographies ...................41 Management’s interim report ........................................................................45 Business results ..........................................................................................46
    [Show full text]
  • Sustainable Development Report
    PODRAVKA GROUP SUSTAINABLE DEVELOPMENT REPORT 2015 ANNUAL REPORT CONTENTS: I. GENERAL STANDARD DISCLOSURES ............................................... 6 1.1. MESSAGE FROM THE CHAIRMAN OF THE MANAGEMENT BOARD ............ 6 1.2. ORGANISATIONAL PROFILE ......................................................... 8 1.2.1. COMPANY NAME AND SEAT ....................................................... 8 1.2.2. MAIN BRANDS AND PRODUCTS ................................................... 8 1.2.2.1. Podravka brands and products .................................................. 8 1.2.2.2. Belupo brands and products ................................................... 11 1.2.3. NUMBER AND NAMES OF COUNTRIES IN WHICH THE COMPANY OPERATES AND HAS SIGNIFICANT OPERATIONS ................................ 12 1.2.4. OWNERSHIP STRUCTURE AND LEGAL FORM ............................... 12 1.2.5. MARKETS WHERE THE COMPANY OPERATES ............................... 13 1.2.6. SIZE OF THE PODRAVKA GROUP ............................................. 13 1.2.6.1. Total number of business activities and employees ...................... 13 1.2.6.2. Net sales revenues .............................................................. 14 1.2.6.3. Total capitalisation ................................................................. 14 1.2.6.4. Quantity of produced food and pharmaceutical products .............. 15 1.2.7. SIZE AND ANALYSIS OF THE LABOUR FORCE .............................. 15 1.2.7.1. Size and analysis of the labour force according to type of contract, employment
    [Show full text]
  • Annual Report PETROKEMIJA January to December Period 2017
    UNAUDITED UNCONSOLIDATED ANNUAL REPORT PETROKEMIJA, d.d. KUTINA REPORT FOR PERIOD January to December 2017 INTERIM REPORT FOR PERIOD October to December 2017 Kutina, February 2018 Introduction In the reporting period January – December 2017, the business environment of Petrokemija, d.d. was marked by two key occurrences - the fall in sales prices of mineral fertilizers with the simultaneous growth of the natural gas purchase price as the main raw material. Despite the adverse conditions in the narrower and wider economic environment, in 2017, Petrokemija, d.d. increased production by 11.5% and sales of mineral fertilizers by 7.5%, compared to the previous year. The sales in the domestic market were up by 10.1%, the sales in the region, with extra efforts made, were up by 16.4%, whereas the sales to distant markets, due to high transportation costs and strong competition of large manufacturers, as well as to lower sales prices, fell by 5.7%. The increase in sales in the markets of the region, and in particular the domestic market, is the result of the sales strategy adopted in 2017. One of its positive results is the strengthening of the competitive position of Petrokemija d.d. on the domestic market and the reduction of imports of mineral fertilizers into the Republic of Croatia by 33% as compared to the year before. In 2017, Petrokemija d.d. responded with only partial success to the challenges of the low-price crisis of mineral fertilizers, which European fertilizer manufacturers have been facing for the third year now, and to disturbances in the agricultural and food chain at local and regional level that were started by the crisis in the Agrokor Group.
    [Show full text]
  • FIMA Daily Insight
    CROATIA | SLOVENIA | ROMANIA | BULGARIA FIMA Daily Insight February 22, 2017 CROATIA Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.11% to 2.225,96 BENCHMARKS DAILY CHANGES % pts and blue chip CROBEX 10 increased 0.38% to 1.285,96 pts. Regular stock turnover amounted to HRK 20.46 million. (Positive) 1,49% Integrated telecom operator HT (HTRA CZ) topped the liquidity board collecting HRK 2.46 million in turnover and its price decreased 1.92% to HRK 185.50. In FY 2016, Podravka (PODRRA CZ) increased sales revenues by 15.4% yoy to HRK 4.19 bln due to a full year effect of the consolidation of Zito Group and despite the negative effect of foreign exchange differences. SBA 0,37% Food increased revenues by 19.4% while SBA Pharmaceuticals increased sales revenues by 1.3%. In FY 2016, 0,19% the Company improved EBITDA by 0.2% to HRK 469.6 mln. Podravka achieved net profit in the amount of HRK 0,11% 182.4 mln, which is an increase of 54.7%, deducting one-time consolidation effect of the Zito Group and deferred tax returns of Belupo in 2015. Podravka's Management Board created a new five year plan with a clear ambition CROBEX SBI BET SOFIX of doubling the revenues until 2021. According to an unofficial sources, Podravka’s shareholders, pension funds and the state reached agreement on a new CEO – Gordan Kolak, former director of companies Dok-Inga and King ICT. (Positive) BENCHMARKS 3Y CHARTS Adris’ (ADRSRA CZ) hotel company Maistra (MAISRA CZ) reported that it will employ additional 150 employees 140 in hotel Amarin.
    [Show full text]
  • FIMA Daily Insight
    FIMA Daily Insight Wednesday, March 18, 2015 Croatia Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.35% to 1,745.30 pts and blue chip CROBEX 10 declined 0.52% to 1,012.93 pts. Regular ZAGREB STOCK EXCHANGE stock turnover amounted to HRK 6.05 million. (Negative) CROBEX Last 1.745,30 Integrated telecom operator HT (HTRA CZ) topped the liquidity board collecting HRK 1.6 million daily -0,35 in turnover and its price decreased 0.43% to HRK 162.80. YTD -0,01% According to the article published in today´s newspaper Poslovni dnevnik, Podravka CROBEX10 Last 1.012,93 (ZSE:PODR-R-A) is considering share capital increase in the amount EUR 100 mln. The aim of daily -0,52 the share capital increase is to collect funds for new investments; for the acquisition of Zito and for the construction of new Belupo facilities. Podravka said yesterday that formal decision YTD 0,57% on share capital increase is not yet made. According to the media, share capital increase Stock Turnover (EUR m) 0,79 should be complete by the end of the July this year. Share capital increase will be carried out MkCap(%of GDP) 56,91% through Zagreb Stock Exchange and Warsaw Stock Exchange. Podravka will issue new shares and the nominal price will be probably HRK 200 per share. (Positive) Source:www.zse.hr Croatian builder Viadukt [ZSE:VDKT-R-A] said on Tuesday it has signed a EUR 15.7 mln road construction contract with state-owned motorway operator Hrvatske Autoceste (HAC).
    [Show full text]
  • Podravka Group Annual Report for 2018 Contents
    PODRAVKA GROUP ANNUAL REPORT FOR 2018 CONTENTS INTRODUCTORY WORDS OF THE PRESIDENT OF THE MANAGEMENT BOARD ........................................7 PODRAVKA GROUP PROFILE .......................................................................................................................................... 9 COMPANY NAME AND HEADQUARTERS LOCATION ......................................................................................................................9 ORGANIZATIONAL STRUCTURE........................................................................................................................................................................9 PODRAVKA GROUP BRANDS AND PRODUCTS .................................................................................................................................12 LOCATION OF BUSINESS ACTIVITIES ........................................................................................................................................................16 OWNERSHIP AND LEGAL FORM ......................................................................................................................................................................17 MARKETS ON WHICH THE COMPANY OPERATES .........................................................................................................................18 THE SUPPLY CHAIN .....................................................................................................................................................................................................19
    [Show full text]