ZAGREB, April 9 (Hina) - The Podravka Group ended 2001 with a net profit of 62 million kuna which is 18 million kuna or 22 per cent less than in 2000. How the profits are going to be divided has still not been decided, a member of the
Group's Board said at Monday's presentation of the company's business achievements on the Zagreb Stock Exchange.
ZAGREB, April 9 (Hina) - The Podravka Group ended 2001 with a net
profit of 62 million kuna which is 18 million kuna or 22 per cent
less than in 2000. How the profits are going to be divided has still
not been decided, a member of the Group's Board said at Monday's
presentation of the company's business achievements on the Zagreb
Stock Exchange.#L#
Last year, Podravka realised 2.67 billion kuna in revenues which is
four percent more than the previous year. The major portion of this
revenue is from sales (95 percent) while the remainder relates to
financial and other revenue.
Sales on the domestic market amounted to 1.4 billion kuna or 55.7
percent of the total revenue while the remainder of more than 1.12
billion kuna was realised on the foreign market.
Vegeta is still the dominant product realising the highest sales
rates of 704.9 million kuna or an increase of nine percent in
relation to the previous year. This product is followed by Podravka
medicines which realised a revenue of 523.1 million kuna which
represented a 5 percent increase.
A nine percent fall in sales was recorded with meat and meat
products and Podravka representatives assign the main cause of this
as fear of mad cow disease as well as decreased orders from the
Defence Ministry.
As far as selling Podravka on foreign markets, an increase of 7
percent was achieved compared to last year with the major package
being held by the Poles which is one of the greatest markets for
Podravka, taking 10.5 percent of a total of 23.7 percent in sales on
foreign markets. Last year alone, this market marked an increase of
13 percent in relation to the year preceding, that is, a revenue of
265.7million kuna.
Sales increased on the market in Bosnia (18 percent), Russia (55
percent), Germany (27 percent), the Czech Republic and Yugoslavia
(24 percent), USA (13 percent).
Intended acquisitions last year, particularly in Yugoslavia, were
not achieved due to the fact that state-legal regulations ensuring
foreign investments in that country were not satisfactorily
completed. Nevertheless, Podravka notes that in 2002 they expect
new acquisitions and not only in Yugoslavia but in the neighbouring
region as well.
Podravka's Board, headed by Darko Marinc, is satisfied with the
results achieved as well as the rising price of Podravka shares on
the Zagreb Stock Exchange. The 2001 business year, Marinc stressed,
was a year of investment and sales on new markets while Podravka
shares are amongst the most liquid on the Stock Exchange. It is
Podravka's desire that the number of stocks "circulating" on the
Exchange be increased and Marinc announced releasing short term
commercial records next month already with a total value of
150million kuna.
The ownership structure of Podravka is still largely dominated by
small stock holders with 33.84 per cent of the ownership followed by
the Croatian Privatisation Fund with 12.23 per cent, Kapital fond
has 12.13 per cent and the ERRB owns 10.53 per cent.
(hina) sp