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Annual Report 2015 ANNUAL REPORT 2015 The Agrokor Group is the largest privately owned company in Croatia and one of the leading companies in Southeast Europe. Quality, sustainable growth, development and business responsibility are basic corporate values of Agrokor. content 3 Agrokor key facts 4 Agrokor Companies 5 Agrokor Group Business Structure 6 A Message from the President 8 The Agrokor Group 9 Agrokor Group Management Board 10 Investments 12 Sponsorships and Donations 14 Human Resources 16 Integrated Management Systems 18 Retail Business Group 24 Food and Agriculture Business Group 28 Edible Oils and Margarines 30 Meat and Meat Products 32 Ice Cream and Frozen Food 34 Water and Beverages 36 Agriculture 42 Other Businesses 44 Financial Instruments Get the latest news on Agrokor Group’s website 45 Financial Report www.agrokor.hr 106 Contacts linkedin.com/company/agrokor Agrokor key facts Brands Leading food Diversified portfolio of well-established manufacturer, brands supported by market leading distributor, retailer consumer awareness. and wholesaler with robust market position. From field to table Vertically integrated business model with local strategic partnership. Innovation Continually strengthening R&D activities by developing new and improving existing products and processes. 3 Agrokor Companies Annual Report 2015 - Introduction Retail, Wholesale and Distribution Edible Oils and Margarines Waters and Beverages Ice Cream and Frozen Food Meat Production and Processing Agriculture Other Business 4 Agrokor Group Business Structure Agrokor - Ownership in Subsidiary Companies BUSINESS GROUP BUSINESS GROUP OTHER FOOD RETAIL BUSINESS Ambalažni servis d.o.o. HR ... 96,93% Agrokor - Zagreb d.o.o. .........80,34% Agkor d.o.o. ...........................55,30% Ambalažni servis d.o.o. BIH 100,00% Agrolaguna d.d. ..................... 85,22% Agrokor AG ..........................100,00% Ambalažni servis d.o.o. Srbija .. 96,93% Belje d.d. ................................ 94,23% Agrokor - Energija d.o.o. ......100,00% Angropromet d.o.o. ................ 96,93% Dijamant a.d. .......................... 96,14% Agrokor kft. ..........................100,00% Euroviba d.o.o. ...................... 91,57% Frikom d.o.o. .......................... 55,30% Agrokor - trgovina d.o.o. ......100,00% idea d.o.o. .............................. 96,93% Fonyodi kft. ............................ 80,44% INIT d.d. ..................................67,00% Frikom Beograd dooel ...........55,30% Irida d.o.o. .............................. 55,30% Kor Broker d.o.o. ..................100,00% Jamnica d.o.o. Beograd ......... 80,44% Jamnica d.d. .......................... 80,44% Kron d.o.o. ............................100,00% Jamnica d.o.o. Maribor .......... 80,44% Kikindski mlin a.d. ................. 82,74% L.G. Moslavina d.o.o. ...........100,00% Konzum d.d. ........................... 96,93% Ledo d.d. ................................55,30% M-profil SPV d.o.o. ..............100,00% Konzum d.o.o. Sarajevo ....... 100,00% Ledo d.o.o. Čitluk ..................55,30% mStart d.o.o. .........................100,00% Krka d.o.o. .............................. 79,88% Ledo kft. .................................55,30% Projektgradnja d.o.o. ..............80,86% Ledo d.o.o. Kosovo ................ 55,30% Ledo d.o.o. Podgorica ...........55,30% Ledo d.o.o. Ljubljana ............. 55,30% Mladina d.d. ............................48,98% Multiplus card d.o.o. .............. 72,70% Nova Sloga d.o.o. ................100,00% PIK BH d.o.o. Laktaši ............ 96,93% PIK Vinkovci d.d. ....................70,87% Poslovni sistem Mercator d.d. .59,47% PIK Vrbovec d.d. ....................96,93% Roto dinamic d.o.o. ................ 80,44% Sarajevski kiseljak d.d. ...........80,34% Roto ulaganja d.o.o. ............. 100,00% Sojara d.o.o. ...........................51,84% Super Kartica d.o.o. BiH ...... 100,00% Solana Pag d.d. ......................96,93% Super Kartica d.o.o. Srbija ..... 64,95% Vupik d.d. ................................88,34% Tisak d.d. ................................ 67,35% Zvijezda d.d. ...........................51,84% TPDC Sarajevo d.d. ................ 51,00% Velpro-centar d.o.o. ............... 96,93% Zvijezda d.o.o. Ljubljana ........ 51,84% 78,9% Retail Zvijezda d.o.o. Sarajevo ......... 51,84% 16,9% Food and drink Žitnjak d.d. ............................. 86,68% 4,2% Other Business 5 A Message from the President Ivica Todorić President of the Agrokor Group Annual Report 2015 - Introduction Dear all, Each year, large companies, among which Agrokor has deserved- of operations and income increase; modernization of production ly earned its place, face a new test of maturity. How to stay on and increase in competitiveness in the ever expanding and top? How to maintain the leading position in food production increasingly demanding market area; cost rationalization and and retail? business efficiency; and further development ambition. In 2015, the test of maturity for Agrokor and Mercator was I am satisfied because our chosen direction has proved succe- the merging of the two businesses and I am proud to say that ssful and because we have achieved the main strategic goals. I both companies passed the test with the highest grade, proving am also glad that the Agrokor family, which presently includes with their alliance the synergic potential of combining their more than 60,000 people, is progressively developing into the operations. Together they are stronger, because together they can largest business community in the countries where we operate, a plan better, align their market policies more easily, as well as business community with wider regional and European signifi- rationalize business operations. cance. The Agrokor family does not include only our employees, The first year of joint operations between Agrokor and Mercator who participate in creating positive business results, but also all has been truly encouraging and fully justifies the decision our business partners, suppliers and producers, and primarily made by the two companies to seek a better and safer future on all our customers and buyers of our products and services. In both individual and group level. There are numerous data that 2015 we strived to get as close to them as possible, develop the corroborate such conclusion. It is enough to mention only one, closest possible cooperation, produce the best possible products however. The merged retail chain, with almost 2,000 stores, and provide the best possible services. Our business results prove has strengthened our merged company’s leading position in all that the direction we chose was the right one. five countries in which we operate, including primarily Croatia Each new success gives us the right and responsibility to move and Slovenia, but also Serbia, Bosnia and Herzegovina and further ahead in line with our business expansion and moder- Montenegro. Even so, our business prospects and potential nization strategy, as well as to strive to become even better, for synergies have not yet been fully exhausted. Quite on the stronger and more powerful by investing in new technology contrary, this was only the first year of true joint operations, and people. This is the essence of Agrokor’s philosophy: to keep and both Agrokor and Mercator, just as all other Agrokor Group outdoing itself in order to be able to successfully participate companies, plan to create new values, our assets for the future. in a truly competitive market. And become the leading player. According to the business results achieved, 2015 was yet another The leading position is never a sure thing, however. It commits successful year for Agrokor. Our leading positions in the food the company to make new projects and investments, create new production and retail segment have been confirmed and additi- business ideas and products, and ensure new technologies and onally strengthened. We started the year with a clearly defined the people capable of using the same. We managed to achieve plan to maintain all the positive tendencies concerning the this in 2015, gained valuable experience and are looking forward development of Agrokor and its companies, including stability to the challenges of 2016! 6 In the past year, Agrokor's Management Board was additionally strengthened. Ante Todorić, former Executive Vice President for the Retail Business Group, was appointed Deputy President of the Management Board, and his former position in the Management Board of Agrokor was assumed by Darko Knez, former CEO of Konzum. Ivica Sertić, former President of the Management Board of Jamnica d.d. became a new Member of the Management Board of Agrokor and assumed the position of Executive Vice President for Markets, Sales and Logistics. I am using this opportunity to thank all of them for their contributi- on and commitment to the company so far, as well as wish them equal success in their new positions. In conclusion, I wish to share my satisfaction with all those who have helped our companies achieve such good business results, including my associates and management, who were running the business and setting the pace, all 60,000 of our employees, who were diligently performing their business tasks, and our business partners, customers and consumers, whose loyalty commits us to do our best and never let them down. Each new success gives us the right and responsibility to move further ahead in line with our business expansion Ivica Todorić and modernization strategy, as well as to strive to become President of the
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