The minority owner of the Fortenova Group, Russia’s Sberbank and the European investment fund based in Hungary, Indotek, have signed an agreement with the intention of sale and purchace of the largest single stake in the Fortenova Group. To conclude the transaction, it is necessary to obtain regulatory approvals in several markets.
On the occasion of the signing of the SPA and the announcend change in ownership, Fabris Peruško, CEO and Member of the Board of Directors of Fortenova Group said: „We welcome the entry of Indotek, which we recognize as a long-term strategic partner, into the co-owenrship of the Fortenova Group and we hope and expect that in the next few months all the approvals required to complete the sale and purchase of shares will be obtained. Regardless of a possible change in co-ownership, the Fortenova Group continues with regular business operations. Our operating companies are successfully managing market disruptions caused by rising operating costs and disruptions in some supply chains, that our many customers do not feel, and we are fully focused on preparing for this year’s tourist season from which we have significant expectations. ”
Fortenova grupa d.d. and its operating companies Jamnica, Konzum, PIK Vrbovec and mStart have received the Employer Partner Certificate (Certifikat Poslodavac Partner – CPP), awarded by Selectio group. With this Certificate the experts of SELECTIO Group have since more than 15 years been comparing local HR practices with global trends, thus improving the standards in human resources management and promoting practices that set a model of excellence in HR.
In the HR analysis carried out at all levels of the organisation, Fortenova Group and its operating companies have scored excellent results, and the certificate has acknowledged the highest management quality in five key areas of human resources – Strategy, Recruiting and Selection, Performance Management, Training and Development and Relation to Employees.
“As many as five Croatian Fortenova Group members – Fortenova grupa, Jamnica, Konzum, mStart and PIK Vrbovec – have met all the criteria of the Employer Partner Certificate and constitute a true example of successful HR management that has continuously developed in all areas. The companies have conducted various internal compliance, climate and satisfaction surveys, and hence the Feedback 360 analysis has confirmed that the managers comply with organisational values and key competencies. Recruitment and selection activities are at premium level, while onboarding processes have stood out in terms of innovative practices and approach. Internal communication at all levels of the organisation is commendable and makes sure that the teams are well informed and it is interesting to note that some practices are a role model of excellence even at global level” – said Martina Kessler, Head of Organizational Development Solutions from SELECTIO Group.
„It is not without reason that our human resources strategy is a strong support to all important processes at Fortenova Group. Whatever we do internally is also reflected on our environment and given that Fortenova Group employs around 50000 people across the region, we largely also determine the way in which the region functions. This also implies the reverberation of our employee relationship in the entire Group, which is based on building a desirable and encouraging work environment where our colleagues will be content and motivated. With this approach we as a company spread the sense of security and optimism and actually indirectly contribute to bringing the negative demographic and migration trends that we have been faced with to a halt” – said Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors, at the Employer Partner Certificate awarding ceremony.
Quality HR management is reflected in the partnership relations between the employer and the employee and has over the last years constituted a crucial competitive advantage of contemporary organisations. In 2020 Fortenova Group had received the Excellence in Challenges acknowledgement, thus having proved its top-notch management of the changes caused by the COVID-19 pandemic, and with the successful completion of the certification process Fortenova grupa d.d. and its operating subsidiaries have joined the company of more than 100 corporations in Croatia that use the Employer Partner Certificate methodology to measure their success in managing human resources and to develop and improve HR practices.
“Since the very beginning of its operations Fortenova Group has been focused on its employees, on creating a quality work environment as well as on improving the rewarding system. This has all contributed to the excellent results achieved in this certification, and the fact that the certificate has been awarded to as many as five of our companies has affirmed the excellence that we strive for as a Group. The Certificate also imposes a responsibility to additionally improve the high level of partnership achieved with our employees in the forthcoming period” – said Gordana Fabris, Director of Human Resources at Fortenova Group.
In reply to the questions about the possible impact that the situation with Sberbank Europe, which has along with its branch offices got under the management of the European Central Bank or the central banks of the countries in which it operates, may have on the operations of Fortenova Group as well as the ownership share of Sberbank at Fortenova Group, from Fortenova Group we would herewith once again like to set straight (https://fortenova.hr/en/news/the-divestment-of-sberbank-in-the-region-does-not-affect-the-ownership-of-sberbank-russia-in-fortenova-group/) that the shares in the company are held by Sberbank Russia and hence any developments regarding Sberbank Europe shall have no impact whatsoever on the operations of Fortenova Group. With regards to the impact of the ownership in general on the company’s operations, as already pointed out several times in the context of the sanctions over the last few days, the ownership of Fortenova Group does not affect the company’s day-to-day operations. Fortenova Group’s capital structure and liquidity are stable, its financing is headed by the US investment company HPS Investment Partners, and the operating business is run through the respective domestic, local banks on the markets where Fortenova Group operates.
With regards to the question of a possible impact of the present and any potential new sanctions that Europe has announced in relation to Russia, Fortenova Group does not expect them to have a negative impact on its operations. The banks in Russian ownership do not have majority management and ownership rights in Fortenova Group, those are below 50 percent, and the second largest shareholder of the company are local Croatian owners. Also, Fortenova Group has a stable capital structure with the financing headed by HPS Investment Partners, a US investment company, hence the sanctions are not expected to affect the financing of Fortenova Group, either.
Fortenova Group companies traditionally reward their employees for the Christmas holidays and hence Fortenova grupa d.d. and its operating companies will this year again pay out Christmas bonuses and gifts for children, in accordance with the collective agreements and the possibilities of the respective companies. This year Fortenova Group will thus invest more than HRK 34 million in the Christmas rewards for its employees.
„The Christmas bonuses, gifts for children and all the other rewards that we have realized are primarily a way to thank all our employees for their great contribution and engagement. This year has been the most successful in the history of Fortenova Group so far, both in terms of financial performance and the successful closing of our great strategic projects such as the divestment of the Frozen Food Business Group and the integration of Mercator, as well as the commencement of a significant investment cycle in our overall operations. All those successes and the huge amount of work that we have done would not have been possible without the contribution of our 50,000 hard working and talented employees across the region, who deserve a huge commendation and thanks from the entire team of Executive Directors. At the same time, I wish all our employees and their families happy and enjoyable holidays” – said Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors.
„At Fortenova Group we have continuously been developing and improving the overall work environment, the rewarding systems and benefits for our people, all in order to make our companies as good and desirable as possible places for the work and development of our employees. I believe that this is why Fortenova Group has for the second year in a row been among the best employers in Croatia and the region, where we are also the largest employer. In the forthcoming period we shall, together with our social partners, continue to be focused on our employees and on finding creative and innovative ways for their motivation, rewarding and development, all in line with out corporate values and business objectives” – said Gordana Fabris, Fortenova Group’s Director of Human Resources, on this occasion.
On 7th December 2021 at the Jana production facility in Gorica Svetojanska Fortenova Group announced its key capital investments for the forthcoming period worth EUR 130 million and once again reminded of the major investments realized over the course of 2021 that amounted to EUR 125 million in total.
At the same time, the company presented the most important highlights of its operations in the period I-IX/2021, according to which Fortenova Group’s total consolidated revenue exceeded that in the same period of 2020 by 54 per cent and amounted to HRK 22 billion, while adjusted consolidated EBITDA grew by 29 per cent and amounted to HRK 1.7 billion. Additional growth was recorded in profits as well, and hence the first nine months of the year saw net profits in the amount of HRK 1.3 billion or an improvement of HRK 1,855 million against the loss generated in I-IX/2020. At the end of September the Group had HRK 2.5 billion of cash and cash equivalents on its accounts, and due to the significant decrease in debt resulting from the divestment of the Frozen Food segment, the leverage ratio went down to 4.2 times.
Fortenova Group’s major capital investments in the FMCG segment are the new, cutting-edge technology aseptic line for bottling refreshing soft drinks at Jana worth EUR 11.5 million, the installation whereof is in its final stage, the extraction plant at Dijamant with a capacity of 1,200 tonnes per day and the new slaughterhouse at PIK Vrbovec.
The new plant at Dijamant is worth EUR 29.3 million and is the largest individual investment at Fortenova Group, while the investment in the new slaughterhouse at PIK Vrbovec is at the level of EUR 8.2 million. At both companies preparations are in the final stage and the realization of the projects is about to begin. Also during 2021, Fortenova Group realized a scale-up of the ketchup production plant at Zvijezda to 10,000 tonnes, as well as the acquisition of the Osijek-based dairy and the launch of a new milk and dairy product line under the brand “Kravica Kraljica”, while the Food segment also saw the launch of Fortenova Group’s two key innovations on the market – the Planet of Plants line of plant-based products without ingredients of animal origin and the PIK&GO meat snacks line.
When it comes to investments in Fortenova Group’s retail business, along with Konzum’s acquisition of the Istria-based retailer Miracolo, which increased Konzum’s presence in the region with 15 new stores, a total of 45 new points of sale were opened in 2021, and a number of digitalization projects were realized, the most recent one being the introduction of payment in cryptocurrencies where Konzum is the first consumer goods retailer in Croatia to provide that possibility.
“Over a period of two years Fortenova invests a total of more than EUR 255 million in the economies of the region. It was the increase of investment power that was one of the most important objectives of a number of activities that we have completed over the last two and a half years. We have brought the company to an acceptable level of leverage and enabled it to invest in the development of its core businesses, while also generating excellent operational results. With the planned additional deleveraging we expect our investment potential to grow to a level of up to EUR 200 million, where we already have an elaborate and innovative business plan in place that includes, for example, the opening of more than 200 new or refurbished retail stores across the region, new distribution centres – the largest being the new Mercator Distribution and Logistics Center in Ljubljana, a new e-commerce platform as well as the launches of a number of new and innovative food products” – said Fabris Peruško, Member of the Board of Directors and Chief Executive Officer of Fortenova Group.
“Our strong investment projects in the Food & Beverage segment, amounting to more than 50 million euros, are intended to further strengthen the leading market positions of our brands, while at the same time extend Fortenova Group’s product portfolio in order to respond to new trends and emerging consumer preferences. These investments also demonstrate in a tangible manner the new orientation of our company towards more sustainable and efficient operations. Last but certainly not least, the increase in production capacities constitutes the basis for expanding our regional presence by entering new markets and categories, which shall fundamentally improve the competitive edge of all our companies” – said Sotiris Yannopoulos, Fortenova Group’s Executive Director for Food & Beverages.
Following the information published today about the divestment of the branch offices of Sberbank Europe AG in Croatia, Bosnia and Herzegovina, Slovenia, Serbia and Hungary to the companies AIK Banka a.d. Beograd, Gorenjska banka d.d., Kranj and Agri Europe Cyprus Limited, in reply to the queries received at Fortenova grupa d.d. we would like to announce that the aforementioned disposal has no impact whatsoever on the ownership of Sberbank Russia in Fortenova Group. Sberbank Russia remains Fortenova Group’s largest individual shareholder.
Fortenova Group has completed the sale to Nomad Foods of the Frozen Food Business Group after receiving all regulatory approvals.
The Frozen Food Business Group comprises Ledo plus d.o.o. in Croatia, Ledo Čitluk in Bosnia & Herzegovina and Frikom d.o.o. in Serbia, as well as several related companies in other South East Europe markets and has a market leading portfolio of frozen food and ice cream brands enjoying a strong recognition among consumers in Croatia, Serbia, Bosnia and Herzegovina, with a tradition of more than half a century.
“This major transaction has been closed one year after the Frozen Food Business Group divestment process was initiated in Fortenova Group, despite the project having been carried out under very challenging circumstances of the pandemic. We have worked hard and are proud of the fact that with this transaction we have met our most important goals in full. The achieved price of EUR 615m has acknowledged the value of our business and at the same time we have introduced a strategic partner to the region who will continue to develop the business and be focused on developing Ledo’s and Frikom’s iconic brands. We also expect Nomad Foods will be an important business partner for Fortenova’s regional retail business going forward. For Fortenova 2021 is becoming a transformational year. We have not only completed the refinance and transfer of Mercator, where we are delivering on planned synergies, we have also delivered on a successful summer season and now we have completed the planned sale of the Frozen Food Business Group, all of which are now resulting in Fortenova having a substanitally stronger capital structure.” – said Fabris Peruško, CEO and member of the Board of Directors of Fortenova Group, thanking all employees of the Frozen Food Business Group for the contribution that they have with their work built into the operational success of their respective companies. “We wish them all the best with the new partners and hope for their success in the future, which they truly deserve” – Peruško added.
“In 2021, besides the refinance and transfer of Mercator, the delivery on all our plans in the summer season, where all our businesses and Divisions have delivered excellent operational results both in profit and cash, and the sale of the Frozen Food Business Group, Fortenova has also completed its program of non-core divestments and achieved numerous operational improvements to our businesses, all of which are contributing to the improvement of our financial metrics. In respect of this transaction, we will use the funds from the sale of the Frozen Foods Business Group to immediately repay debt and as a result we will be significantly deleveraging the company. With clear and continued delivery on our plans in 2021, Fortenova can now look forward with real confidence to the future as this Frozen Food transaction step changes our financial position and capital structure and will allow us to invest and grow our very strong businesses in the coming years. Finally, I would also like to thank our friends and colleagues in all companies in the Frozen Food Business Group for their skill, commitment, and hard work during the time when they were part of Fortenova Group.” – said James Pearson, CFO of Fortenova Group.
Fortenova Group has closed the divestment of the Aviva Polyclinic, one of Croatia’s leading polyclinics, to the investment company Provectus Capital Partners (PCP). Aviva Polyclinic is a selected healthcare provider for private patients, companies and insurers, offering a wide range of services for its more than 40,000 users in the areas of prevention, diagnostics, medical treatment and rehabilitation. The Polyclinic has a tradition of more than 40 years and is also one of the country’s largest private polyclinics with over 80 employees.
Provectus Capital Partners is an investment company focusing on the markets of Southeast Europe, which has acquired the Aviva Polyclinic through ASEF (Adriatic Structured Equity Fund). Aviva Polyclinic is PCP’s third investment in Croatia.
PCP will continue to invest in the operational growth of Aviva, which will take center stage in the company’s further plans towards consolidating the private sector healthcare in Croatia.
”The private healthcare sector in Croatia has a significant growth potential in the years to come, and with the acquisition of Aviva we have gained a quality position and the key know-how for the continuation of our investments, with a view to consolidating the healthcare sector. We are committed to Aviva’s further development and new investments in order to secure the maximum added value both for our users and our employees and thus improve and secure high-quality sustainable operations and sustainable value for Aviva itself in the long term”, said Igor Čičak, President of the Management Board and Lead Partner at PCP.
Commenting on the transaction, James Pearson, Fortenova Group’s Executive Director of Finance, said: “Through the collaboration with Provectus Capital Partners, Fortenova Group has secured a high-quality strategic and financial partner and enabled the further development and realization of Aviva Polyclinic’s full potential, all to the benefit of its patients, suppliers and hard-working employees, whom we would particularly like to thank for their contribution”.
Fabris Peruško, Member of the Board of Directors and Chief Executive Officer of Fortenova Group, pointed out on that occasion: “With this transaction Fortenova Group is about to successfully complete the entire process of divesting its non-core businesses. We are very happy with the realization of the project overall, as we were able to find high-quality partners for all our non-core companies, that will develop their future operations. At the same time, this will enable Fortenova Group to create a focused portfolio and strengthen its capital structure.”
The programme devised by Fortenova Group and Selectio involves almost 100 Fortenova Group employees
Fortenova Group started the implementation of the Accelerate programme – the second group programme within the DRIVE Beyond Excellence project, developed to improve the knowledge and skills of Fortenova Group employees in the long term.
Following the commencement of education for the first generation within the Navigate programme, another 98 employees, recognized for their development and career advancement potential by assuming more responsible managerial positions within Fortenova Group and its operating companies, have entered the Accelerate programme.
Their education focuses on acquiring a number of new competencies and knowledge in various operational areas. The programme has been developed in cooperation with the Selectio Group, Croatia’s leading human resources consultancy.
Through eight modules the attendees will gain insight in the areas of finance, supply chains, sales, building customer relations or comprehensive project management, with particular emphasis on strengthening the skills in team leadership, recognizing specific personal traits of team members and encouraging their creativity, agility and inclination to thinking outside the box.
The education is intended to improve the students’ managerial skills and strengthen the overall level of employee competencies and efficiency by transfer of the acquired knowledge to their teams, thus contributing to the atmosphere of togetherness, collaboration and sharing, fostered by Fortenova Group in its work environment.
“Supporting the development of our employees’ professional competencies is in our common interest. Besides strengthening the employees’ personal potential and additionally motivating them in overcoming new business challenges, we herewith also significantly contribute to Fortenova Group’s more successful operations overall, which is particularly important in an environment that requires continuous adjustments and change management” – said Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors at the kick-off of the Accelerate programme, while Aleksandar Zemunić, Director of the company Selectio, pointed out that they were delighted to be Fortenova Group’s partner in implementing such a comprehensive and ambitious development programme.
“We believe that with the expertise of our consultants and educators Fortenova Group employees will realize their potentials more easily and we are pleased to have the opportunity to support them on that journey” – he said on that occasion.
“Our goal is for the group skill development programmes within the scope of the DRIVE Beyond Excellence project to involve around 220 Fortenova Group and operating company employees in the first year and we are very happy that the first two generations of employees have already started their education as part of the project. We believe that securing the conditions for personal and professional growth and development is the strongest lever in strengthening the Group’s overall human resources and the best response to any business challenge” – said Gordana Fabris, Director of Fortenova Group’s Human Resources.
In 2020 Fortenova Group performed well despite the adverse effect of the COVID-19 pandemic, which impacted April – December of 2020 business operations. The COVID-19 impact was particularly felt in Croatia given the size of tourism in the country. The Group maintained or even increased its market shares in a number of key product categories, realized several key strategic projects and due to the implemented preventive measures, alleviated the impact of the crisis and increased its cash liquidity by HRK ~350 million, to an amount of HRK 2 billion at year end.
Those were the basic features of the 2020 operations highlighted in the presentation of the 2020 results held for Fortenova Group’s DR holders.
Fortenova Group’s total consolidated revenue from continuing operations for the year amounted to HRK 21 billion, while the total consolidated adjusted EBITDA amounted to HRK 1.3 billion.
Compared to the 2019 pro forma consolidated results of Fortenova Group, net of the results of the discontinued operations Kompas Ljubljana, Kompas Poreč and the entire Kompas network for both periods, Fortenova Group’s total consolidated revenue was 11.7 per cent lower, while on the thus adjusted basis consolidated EBITDA was 30.1 per cent lower. The announced 2020 results are net of Mercator, which will be integrated into Fortenova Group in 2021.
“The COVID-19 pandemic left a trail on everything, including the operating results of our companies. It had the strongest negative effect on those companies that are closely related to the tourist industry and the HORECA channel. Also, the markets where the tourist season has a strong impact on the GDP, such as Croatia and Montenegro, were hit more severely. Serbia, for example, has not felt the consequences of the weak tourist season, but the market was faced with all the other consequences of the pandemic. Nevertheless, our companies successfully met and even outperformed their 2020 plans, which had been corrected last year in view of the pandemic and envisaged lower results than those in 2019” – said Fabris Peruško, Chief Executive Officer of Fortenova Group and Member of the Board of Directors, commenting on the 2020 results.
Comparing the non-consolidated results of core businesses including 16 companies in the retail, food and agriculture divisions of Fortenova Group with their 2019 performance, the 2020 non-consolidated total revenues in the amount of HRK 23 billion were six per cent lower, while EBITDA in the amount of HRK 1,6 billion was 16.8 per cent lower.
The pandemic had the strongest negative effect on the operations of the Food Division companies that are directly linked to the HORECA channel and the consumption during the tourist season, as well as the Retail and Wholesale Division. Consequently, both their non-consolidated revenues and EBITDA were lower than in the year before. Non-consolidated total revenue of the Food Division was nine per cent lower than in 2019, while the non-consolidated revenue of Retail decreased by five per cent. The non-consolidated revenue of the Agriculture Division was only one per cent lower compared to 2019.
The non-consolidated EBITDA of Food was 12.5 per cent lower compared to the 2019 performance, while in Retail the drop amounted to 6.5 per cent. Due to the negative impact of the major drop in pig prices in Q4/2020, the drop in cattle prices and lower yields of agricultural crops, EBITDA in Agriculture was lower by 56.8 per cent compared to the year before.
Nevertheless, both Dijamant and Frikom also performed strongly as they not only gained share but benefitted from increased consumption in Serbia with COVID-19 restrictions limiting travel from the country. Also, despite the lack of tourists, Konzum was on a like-for-like basis able to keep its 2020 retail sales above 2019 by 0,3 per cent, as it performed well in manging its supply chain and benefited from its store format and on-line offer.
“As Konzum generates around 40 per cent of its total revenues and around 70 per cent of its annual EBITDA in the four months from June to September, the results achieved in 2020 are excellent, indeed. Looking at the entire Fortenova Group, the overall negative effect of the pandemic and non-cash foreign exchange losses could unfortunately not be compensated, but given the projects that we have initiated, we expect a performance improvement already in 2021. A refinancing of Fortenova Group’s debt at more favourable conditions is planned to take place in the period of the next two years and will additionally strengthen the company’s financial position” said James Pearson, Fortenova Group’s Executive Director for Finance.
“We are satisfied with the 2020 operating performance due to, among other things, the implementation of a number of measures intended to alleviate the negative effects of the pandemic, as well as additional improvements achieved in our business operations and cost control. In spite of the crisis caused by the pandemic, by exerting exceptional efforts and with increased costs related to the health preservation of our people and to securing an uninterrupted supply chain for the market under the conditions of the crisis, we were able to realize several development projects, too. Last year we acquired the assets of Meggle’s Osijek-based dairy plant and have now recently launched the new Kravica Kraljica dairy brand. Furthermore, Jamnica’s investments in development resulted in the launch of the new product Botanica last year, and of Barts – the first alcoholic sparkling water in Croatia – this year, which is now building distribution. Further new product launches, upgrades and improvements will be appearing from our other food businesses as we go through this year and complete the development work done in 2020.
Looking ahead, two major projects that will positively affect our results in 2021, are the divestment of the Frozen Food Business and the integration of Mercator. We are also hoping that this year’s tourist season will be better than last year’s, ahead of a full tourist season returning in 2022. What cannot be seen directly in these results, is the engagement of all our employees in making the business run smoothly under the crisis circumstances and in meeting all plans set. I would like to sincerely thank all Fortenova Group employees for that, as it really made an impact.
Through 2020 and already in 2021 Fortenova management team has delivered on a number of key projects specifically managing the impact of COVID-19, completing the transfer of Mercator and fixing its capital structure through the sale of the Frozen business, which puts the Group into a fundamentally stronger position going forward.” – Fabris Peruško said.
Konzum, Jamnica and PIK Vrbovec become official sponsors to HNS
The Croatian Football Association (Hrvatski nogometni savez – HNS) and Fortenova Group have joined forces and thus one of Southeast Europe’s largest companies has become sponsor to HNS and the current Vice World Champions
Fortenova Group has thus become General Sponsor to the Croatian Football Association, while three companies from its portfolio – Konzum, Jamnica and PIK Vrbovec will be official sponsors to the HNS. The Sponsorship Agreement for the next four years was signed by Davor Šuker, President of HNS and Fabris Peruško, Chief Executive Officer of Fortenova Group, as well as Zoran Mitreski, Dario Šalić and Slaven Ružić, Heads of Konzum, Jamnica and PIK Vrbovec, respectively. Pursuant to the Agreement, Jana becomes the official water of the national football team and of HNS.
“We are proud to be the General Sponsor of the Croatian Football Association for the years to come. The national football team is one of the symbols of Croatia and one of the world’s best ranking national teams, with numerous sporting successes. Success and excellence are the very values that Fortenova Group as one of the leading companies in Southeast Europe is guided by. At the same time, as Croatia’s strong and recognizable brands, our operating companies Konzum, Jamnica and PIK Vrbovec have become official sponsors to The Ardent (‘Vatreni’), yet another strong Croatian brand and an important promotor of Croatia worldwide.
It is my particular pleasure that this sponsorship also includes the socially responsible project of building ten football fields in different parts of Croatia. Thus we shall, together with HNS, encourage the youngest population to engage in sports and make an important contribution to the local communities in which we operate. I wish HNS and The Ardent lots of new sporting successes and medals and particularly look forward to rooting at the European Football Championship matches, as well as at the 2022 World Championship” – said Fabris Peruško, Chief Executive Officer of Fortenova Group.
Fortenova Group is one of the region’s leading companies and one of its largest employers, operating in three core businesses: retail, food and agriculture. In all of its core businesses and in most of the countries of its operations, Fortenova Group is a strong market competitor with a large portfolio of brands in leading market positions.
“I am proud that we have signed the agreement with one of the most important companies in this part of Europe, which confirms our commitment to seeking the best partners for the Croatian football. Just as football is the flagship of Croatian sports, Fortenova Group and its companies are key for the Croatian economy and it seems only natural to me for us to be strong partners. I would like to thank Mr. Peruško and the heads of Fortenova Group companies for having recognized the international value of our football and I am convinced that this cooperation will bring lots of benefits, successes and victories to both sides, on the green field and beyond” – said Davor Šuker, President of HNS.