We establish healthy relations in our company and in our community
Exactly 30 years after its registration, on 1 April 2019 Agrokor has disappeared from the market as an active company, to be replaced by Fortenova Group, established by implementation of the Settlement between Agrokor's creditors.
Due to overindebtedness that exceeded operating profits by more than 30 times, in early 2017 Agrokor found itself on the verge of bankruptcy. By filing a petition in April 2017, Ivica Todoric, CEO and owner of the Agrokor Group activated the Act on Extraordinary Administration Proceedings in Companies of Systemic Importance for the Republic of Croatia and the Procedure itself was initiated on 10 April 2017. Based on the agreement between the creditors and the settlement resulting therefrom, during the Extraordinary Administration Procedure the company went through a financial and ownership restructuring that reduced its leverage, creating conditions for the Fortenova Group's regular business operations.
Once the process of amalgamating the old, non-viable companies and assets to Agrokor d.d. is completed in line with the Settlement Plan implementation, the end of the Extraordinary Administration Procedure will be determined and Agrokor d.d. deleted from the Court Register.
After having been registered as a joint stock company in 1989, Agrokor, which had until then mainly engaged in the production and sale of flowers and in commodity trading, started its great expansion. Namely, in 1976 Ivica Todoric had founded a private company for the production of flowers and flower seedlings.
Already in the first year the company experienced significant development and employed more than fifty people, built the first greenhouses for flower production and created a countrywide distribution network. The business expanded through new programs, particularly in commodity trading – import and export of cereal and oil crops, fruit and vegetables, accompanied by a significant growth of turnover and profits, and the company became market leader in flower trading in the former country.
The period between 1989 and 2005 saw the company go through an intensive acquisition and investment cycle in a number of operations and on different markets, with the following companies, amongst others, having become part of the Agrokor Group: Sojara Zadar, Jamnica, Agroprerada, Zvijezda, Dip Turopolje, Ledo, Konzum, Solana Pag, Sarajevski kiseljak, Frikom, Dijamant, Pik Vrbovec, Belje, Mladina… The acquisition cycle was concluded in 2014 with the takeover of the Slovenian retailer Mercator.
Given that the major expansion and growth were realized through three operational segments – retail, food industry and agriculture – these have become the backbone of the system's vertical integration from field to table. In particular, the goal was to provide consumers with a wide assortment of fresh and healthy domestic products from agricultural and finished goods production, to be distributed to the them through an own network of modern and functional retail facilities.
In 1995 Agrokor was registered as a group, its mission being to secure highest quality standards in the production and distribution of food and agricultural products and to provide customers with the best value for money through the retail network, guided by the principles of competitiveness and social responsibility.
Although the Group's operations were based on values and principles that tied business advancement to the welfare of the communities in which it operated, the model's viability was compromised due to the strong focus on revenue growth and investments financed by external debt at high cost. This led to extreme illiquidity problems, failure to pay partners, blocked accounts and finally, the opening of the Extraordinary Administration Procedure that resulted in the Settlement Plan and the establishment of Fortenova Group.
" Agrolaguna is a company engaged in winemaking, olive growing and cattle farming on 1200 ha of cultivated land. "
" Konzum is the leading retail chain in Croatia with 700 stores serving more than 650.000 customers daily. "
" Belje is the biggest agricultural company in the region with 20,000ha of arable fields and cattle raising on over 20 farms, which ensures From field to table product traceability for Belje cheeses, traditional cured meat products and wines. "
" Jamnica is the largest Croatian producer of mineral and spring waters and soft drinks with tradition spanning 180 years. "
" Ledo is the largest manufacturer of industrial ice cream and the largest distributor of frozen food in Croatia. "
" PIK Vrbovec is the leading company in Croatian and region's meat industry with 80 years of tradition in the production and processing of meat products. "
" Zvijezda is the largest producer of edible oils in Croatia and the only producer of margarine, vegetable fat, mayonnaise and delicious mayonnaise-based products and ketchup in Croatia. "
" Tisak is the biggest retail newsstand chain with over 900 locations and Croatia's leading distributor of print and tobacco products, prepaid top-up cards, telecom operators' start packages and other products. "