Management's Discussion and Analysis Of
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Management's Discussion and Analysis of Financial Condition And
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS IN Q3 2014 November 28th, 2014 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements for the year ended December 31st, 2013 and with our unaudited consolidated financial statements for the periods ended September 30th, 2013 and September 30th, 2014 and the related notes. Our consolidated financial statements have been prepared in accordance with IFRS. This discussion includes forward-looking statements based on assumptions about our future business that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on our current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from those contained in the forward-looking statements. For most relevant accounting policies please refer to Note 1 of our FY 2013 consolidated statements and the forefront part of the unaudited consolidated quarterly financial statements for the period ended September 30th 2014. Important Notice: The Management’s discussion and analysis of financial condition and results of operations in this document refers to the Agrokor Group and all its Restricted Subsidiaries (“Agrokor” or “Company”). Restricted Subsidiaries are all Agrokor’s subsidiaries which form the Agrokor Group excluding Poslovni sistem Mercator d.d. (“Mercator”). Pursuant to the indenture governing our Senior Secured Notes due 2019 and 2020 and our other financial arrangements which are in general in line with the indentures, Mercator has been designated as an Unrestricted Subsidiary of Agrokor. -
Global Compact Report 2014
Agrokor GLOBAL COMPACT REPORT 2014 GLOBAL COMPACT REPORT 2014 1 Agrokor GLOBAL COMPACT REPORT 2014 2 Agrokor GLOBAL COMPACT REPORT 2014 Table of Contents Statement of Continued Support and Analysis of Business Environment Agrokor Key Facts Agrokor Group Business Structure Agrokor Companies Report Scope and Boundary Economic and Social Impact Information and Analysis Economic Impact Social Impact Implementation of the UN Global Compact – Communication on Progress Human Rights Labour Standards Environment Anti-Corruption Overview of GRI G4 Indicators presented in Agrokor’s 2014 COP Report parameters and contact person for questions regarding the report 3 Agrokor GLOBAL COMPACT REPORT 2014 Statement of Continued Support and Analysis of Business Environment With pleasure I present to you our fifth COP which manufacturers and suppliers - to enter new markets and covers the year 2014, as a sign of our commitment to the find opportunities for growth and sustainable business UN Global Compact principles, specifically outlining through a stronger and more competitive retail sales. activities of Agrokor Group companies in the areas of human rights, labour, environment and anti-corruption. We have reaffirmed the strategy that has been underlying Agrokor’s expansion and development since The year 2014 was another successful and significant the beginning, with a persistent orientation to business year. The merger of Konzum and Mercator is the central quality, high productivity and competitiveness, constant event and one of the historic business achievements modernization of technology, modern organization of for both companies, as well as for Agrokor as a whole. work, permanent investment in human resources and Agrokor has thus achieved one of its strategic goals and building trust with our business partners and customers. -
Environmental and Social Review Summary
Environmental and Social Review Summary Mercator This Environmental and Social Review Summary (ESRS) is prepared by MIGA staff and disclosed prior to the date on which MIGA’s Board of Directors considers the proposed issuance of a Contract of Guarantee. Its purpose is to enhance the transparency of MIGA’s activities. This document should not be construed as presuming the outcome of the decision by MIGA’s Board of Directors. Board dates are estimates only. Any documentation that is attached to this ESRS has been prepared by the project sponsor, and authorization has been given for public release. MIGA has reviewed the attached documentation as provided by the applicant, and considers it of adequate quality to be released to the public, but does not endorse the content. Country: Bosnia & Herzegovina, Croatia and Serbia Sector: Services Project Enterprise: Mercator Environmental Category: B Date ESRS Disclosed: May 15, 2015 Status: Due Diligence A. Project Description MIGA provided reinsurance to the guarantee holder: Slovenska Izvozna in Razvojna Banka, d.d. (SID), for a set of contracts covering the operations of Mercator in Serbia, Croatia, and Bosnia- Herzegovina. The reinsured contracts cover equity from the Mercator parent company in Slovenia as well as bank loans. Mercator is a Slovenian retail chain based in Ljubljana that was founded in 1949 as ‘Ljubljana Groceries’ becoming Mercator four years later. Originally operating only in Slovenia until the 1990s, Mercator opened retail stores in Croatia and Bosnia and Herzegovina in 2000, Serbia in 2002, and Montenegro in 2007. At the end of 2009, Mercator opened stores in Albania and Bulgaria, later exiting these markets by 2013 due to poor business conditions. -
Management's Discussion and Analysis Of
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS IN Q1 2016 May 30th, 2016 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements for the year ended December 31st, 2015 and with our unaudited consolidated financial statements for the periods ended March 31st, 2016 and March 31st, 2015 and the related notes. Our consolidated financial statements have been prepared in accordance with IFRS. This discussion includes forward-looking statements based on assumptions about our future business that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on our current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from those contained in the forward-looking statements. For most relevant accounting policies please refer to Note 1 of our FY 2015 consolidated statement and the forefront part of the unaudited consolidated quarterly financial statements for the period ended March 31st, 2016. Important Notice: The Management’s discussion and analysis of financial condition and results of operations in this document refers to the Agrokor Group and all of its Restricted and Unrestricted Subsidiaries (“Agrokor” or “Company”). Restricted Subsidiaries are all Agrokor’s subsidiaries which form the Agrokor Group excluding Poslovni sistem Mercator d.d. (“Mercator”). Pursuant to the indenture governing our Senior Secured Notes due 2019 and 2020 and our other financial arrangements which are in general in line with the Senior Notes indentures, Mercator has been designated as an Unrestricted Subsidiary of Agrokor. -
Mercator Group Annual Report 2019
Business Non-financial Financial Other Introduction report report report informations I Business Non-financial Financial Other Introduction report report report informations I Business Non-financial Financial Other Introduction report report report informations II Business Non-financial Financial Other Introduction report report report informations Business Non-financial Financial Other Introduction report report report informations Content INTRODUCTION ................................................................................................. 1 REPORT BY THE PRESIDENT OF MANAGEMENT BOARD ...............................................................2 SUPERVISORY BOARD REPORT ..................................................................................................4 PERFORMANCE HIGHLIGHTS OF MERCATOR GROUP ...................................................................8 BUSINESS STRATEGY ..................................................................................................................9 INTRODUCTION AND ORGANIZATION ......................................................................................... 11 BUSINESS OPERATIONS ........................................................................................................... 14 REVIEW OF KEY EVENTS .......................................................................................................... 19 CORPORATE GOVERNANCE STATEMENTS ............................................................................... 24 BUSINESS REPORT ........................................................................................... -
Mercator Group Annual Report for 2016
TABLE OF CONTENTS INTRODUCTION ................................................................................................................ 2 REPORT BY THE PRESIDENT OF MANAGEMENT BOARD .................................................... 3 SUPERVISORY BOARD REPORT ........................................................................................... 5 2016 HIGLIGHTS BY MARKETS .............................................................................................. 7 PERFORMANCE HIGHLIGHTS FOR THE PERIOD 2013-2016 ................................................ 8 MERCATOR GROUP PROFILE AND ORGANIZATION ............................................................ 9 MERCATOR GROUP ACTIVITIES ......................................................................................... 13 KEY EVENTS ......................................................................................................................... 15 CORPORATE GOVERNANCE STATEMENT ......................................................................... 20 MERCATOR GROUP BUSINESS STRATEGY ....................................................................... 28 BUSINESS REPORT........................................................................................................... 29 EFFECT OF ECONOMIC CONDITIONS AND COMPETITION ON MERCATOR GROUP OPERATIONS IN 2016 ........................................................................................................... 30 SALES AND MARKETING .................................................................................................... -
FINANCIAL RESULTS in the FIRST 9 MONTHS of 2017 (Unaudited)
FINANCIAL RESULTS IN THE FIRST 9 MONTHS OF 2017 (unaudited) Zagreb, October 31st 2017 COMMENT OF THE PRESIDENT OF THE MANAGEMENT BOARD 3 KEY DEVELOPMENTS 4 SALES DYNAMICS 7 PROFITABILITY DYNAMICS 13 FINANCIAL INDICATORS 14 OUTLOOK 16 CONSOLIDATED FINANCIAL STATEMENTS 17 2 INTRODUCTION COMMENT OF THE PRESI DENT OF THE MANAGEMENT BOARD AND CEO 3 KEY DEVELOPMENTS IN THE FIRST NINE MO N T H S O F 2 0 1 7 CONTINUED REVENUE AND PROFITABILITY GROWTH IN LINE WITH EXPECTATIONS • SALES AT HRK 3,950.2 MILLION + 4.4% compared to the first nine months of 2016 • EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION (EBITDA) AT HRK 440.7 MILLION + 5.1% compared to the first nine months of 2016 • EARNINGS BEFORE INTEREST AND TAXES (EBIT) AT HRK 324.1 MILLION + 2.3% compared to the first nine months of 2016 • NET PROFIT AFTER MINORITIES AT HRK 237.5 MILLION + 2.8% compared to the first nine months of 2016 FINANCIAL SUMMARY OF THE FIRST NINE MONTHS OF 2017 9M 2017/ Key figures 9M 2017 9M 2016 9M 2016 Sales (in HRK millions) 3,950.2 3,782.2 4.4% Turnover (in HRK millions) 3,979.7 3,823.6 4.1% EBITDA margin 11.2% 11.1% +6 bp Net income after minorities (in HRK millions) 237.5 231.0 2.8% Gearing ratio* 39.1% 44.7% - 562 bp *Gearing ratio = Net debt/(Total equity+Net debt) 4 KEY DEVELOPMENTS IN THE FIRST NINE MO N T H S O F 2 0 1 7 1. -
Management's Discussion and Analysis of Financial Condition and Results of Operations in Fy 2015
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS IN FY 2015 April 29th, 2016 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements for the year ended December 31st, 2015 and with our audited consolidated financial statements for the period ended December 31st, 2014 and the related notes. Our consolidated financial statements have been prepared in accordance with IFRS. This discussion includes forward-looking statements based on assumptions about our future business that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on our current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from those contained in the forward-looking statements. For most relevant accounting policies please refer to Note 1 of our FY 2015 consolidated statement. Important Notice: The Management’s discussion and analysis of financial condition and results of operations in this document refers to the Agrokor Group and all of its Restricted and Unrestricted Subsidiaries (“Agrokor” or “Company”). Restricted Subsidiaries are all Agrokor’s subsidiaries which form the Agrokor Group excluding Poslovni sistem Mercator d.d. (“Mercator”). Pursuant to the indenture governing our Senior Secured Notes due 2019 and 2020 and our other financial arrangements which are in general in line with the Senior Notes indentures, Mercator has been designated as an Unrestricted Subsidiary of Agrokor. All information regarding Mercator can be found on their IR website http://www.mercatorgroup.si/en/investor-relations/. -
Management's Discussion and Analysis Of
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS IN 2014 April 23rd, 2014 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements for the year ended December 31st, 2013 and December 31st, 2014 and the related notes. Our consolidated financial statements have been prepared in accordance with IFRS. This discussion includes forward-looking statements based on assumptions about our future business that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on our current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from those contained in the forward-looking statements. For most relevant accounting policies please refer to Note 1 of our FY 2014 consolidated statement. Important Notice: The Management’s discussion and analysis of financial condition and results of operations in this document refers to the Agrokor Group and all its Restricted Subsidiaries and Unrestricted Subsidiaries (“Agrokor” or “Company”). Restricted Subsidiaries are all Agrokor’s subsidiaries which form the Agrokor Group excluding Poslovni sistem Mercator d.d. (“Mercator”). Pursuant to the indenture governing our Senior Secured Notes due 2019 and 2020 and our other financial arrangements which are in general in line with the indentures, Mercator has been designated as an Unrestricted Subsidiary of Agrokor. All information regarding Mercator can be found on their IR website http://www.mercatorgroup.si/en/investor-relations/.