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Fortenova Group signs Cooperation Agreement with Hrvoje Požar EI for its carbon footprint calculation study Social Responsibility
06.10.2022.
Social Responsibility
Fortenova Group signs Cooperation Agreement with Hrvoje Požar EI for its carbon footprint calculation study
06.10.2022.

Fortenova Group and the Hrvoje Požar Energy Institute (EIHP) signed a cooperation agreement for the preparation of a carbon footprint calculation study for Fortenova grupa d.d. and its operating companies. The Agreement was signed by Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors, and Dražen Jakšić, Director of the Hrvoje Požar Energy Institute.

The study to be prepared for Fortenova Group by EIHP will include a calculation of GHG emissions from Scopes 1, 2 and 3 and is intended for the Group to be able to systematically work on their reduction. Scope 1 includes direct emissions occurring at company locations due to fuel combustion in immovable and movable energy sources, production processes, use of land, changes in the use of land and forestry as well as from fugitive sources. Indirect emissions from Scope 2 occur outside of the company’s locations and are related to the purchase and consumption of electricity, heat and cooling energy. The calculation will also include other significant indirect emissions from Scope 3, related to input and output material and people flows required for the functioning of Fortenova Group’s business units.

The calculations obtained shall be the basis for defining short-term and long-term GHG emission reduction objectives and the preparation of the Strategy and Action Plan for the reduction of Fortenova Group’s carbon footprint.

It is business entities that actually constitute a major part of the solution to the problem of climate change and achieving neutrality within the deadlines envisaged by the Paris Agreement as well as the goals set in that regard by the EU, namely, to reduce GHG emissions by the year 2030 by at least 55 percent against the emissions from 1990 and for Europe to eventually become a climate-neutral continent by the year 2050.

„As the largest private employer in the SEE region we are aware of our impact on the communities in which we operate and consequently also our responsibilities when it comes to assuming the leading role in contributing to the reduction of GHG emissions; hence achieving our own carbon neutrality is the long-term goal of our sustainability strategy. This project that we have launched with EIHP is therefore not only key in calculating the current level of our carbon footprint and setting concrete objectives for its reduction, but also for establishing high sustainability standards in all our companies, regardless of the respective market on which they operate, the level of its development and the national regulations when it comes to matters of reducing the impact on climate changes” – commented Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors on the occasion of signing the agreement with the Hrvoje Požar EI.

“By providing expert support to the business sector in transforming their operations towards low-carbon, EIHP also accomplishes its own mission in contributing to the green energy transition. We are pleased that Fortenova Group has recognized us as a reliable partner in implementing its sustainability strategy and reducing GHG emissions. A detailed carbon footprint calculation, both at the level of individual operating companies and at Group level, is an important first step that will enable Fortenova Group to get to know the emissions structure and recognize those activities that contribute to the carbon footprint. The next step is the preparation of a strategy and action plan defining the measures for reducing emissions, the implementation whereof will be Fortenova Group’s significant contribution to achieving climate neutrality of the society as a whole”, said Dražen Jakšić, Director of the Hrvoje Požar EI.

The project in question will take place in several stages – from calculating emissions and presenting the results in accordance with the GHG protocol and ISO 14064-1 standards to preparing the carbon footprint management strategy, the action plan for reducing GHG emissions and analysing the conditions for achieving carbon neutrality.

Ownership structure Statement Fortenova group
01.06.2022.
Fortenova group
Ownership structure Statement
01.06.2022.

Fortenova grupa d.d. is 42,51% owned by SBK ART LLC (whose ultimate majority owner is Sberbank of Russia), while 7,39% is owned by VTB BANK (EUROPE) SE. During the restructuring, a sanctions safeguard mechanism was implemented that prevents shareholders subject to sanctions (either EU, UK or US sanctions) from exceeding the 50% of ownership, independently or jointly. In the event that the sanctioned shareholder should acquire new shares and thus exceed 50% (independently or jointly), this exceeding shares are placed in a special account of the Escrow agent (independent third party that manages the securities). Shares held in an Escrow account are registered in the name of the Escrow agent and do not give sanctioned shareholders either ownership or voting rights. Escrow Agent is an international company based in London, which is also required to comply with UK and US sanctions regulations.

The screening of sanctions lists, which ensures compliance with this sanctions safeguard mechanism, is performed on a daily basis.

Given this, Fortenova grupa d.d. is not majority owned nor can ever become majority owned by the shareholders who are subject to sanctions.

In case of need for additional clarifications, please contact us via compliance@fortenovagrupa.hr.

Sale and Purchase Agreement Signed on Sale of Sberbank’s Share in Fortenova Group to Indotek Fund Fortenova group
08.04.2022.
Fortenova group
Sale and Purchase Agreement Signed on Sale of Sberbank's Share in Fortenova Group to Indotek Fund
08.04.2022.

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., Jamnica, Konzum, PIK Vrbovec and mStart receive Employer Partner Certificate and become a role model of HR excellence Career
08.03.2022.
Career
Fortenova grupa d.d., Jamnica, Konzum, PIK Vrbovec and mStart receive Employer Partner Certificate and become a role model of HR excellence
08.03.2022.

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.

Sberbank Europe is not the co-owner of Fortenova Group and hence the situation with Sberbank Europe has no impact on the ownership of Sberbank Russia in Fortenova Group and the company’s operations Fortenova group
28.02.2022.
Fortenova group
Sberbank Europe is not the co-owner of Fortenova Group and hence the situation with Sberbank Europe has no impact on the ownership of Sberbank Russia in Fortenova Group and the company's operations
28.02.2022.

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.

Fortenova Group does not expect Europe’s sanctions in relation to Russia to have a negative impact on its operations Fortenova group
23.02.2022.
Fortenova group
Fortenova Group does not expect Europe's sanctions in relation to Russia to have a negative impact on its operations
23.02.2022.

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 to pay HRK 34 million of Christmas bonuses and children’s gifts to its employees Fortenova group
09.12.2021.
Fortenova group
Fortenova Group to pay HRK 34 million of Christmas bonuses and children’s gifts to its employees
09.12.2021.

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.

Fortenova Group invests EUR 255 million in total in the economies of Croatia and the region over a period of two years Fortenova group
07.12.2021.
Fortenova group
Fortenova Group invests EUR 255 million in total in the economies of Croatia and the region over a period of two years
07.12.2021.

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.

The divestment of Sberbank in the region does not affect the ownership of Sberbank Russia in Fortenova Group Fortenova group
04.11.2021.
Fortenova group
The divestment of Sberbank in the region does not affect the ownership of Sberbank Russia in Fortenova Group
04.11.2021.

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.

Successful Closing of Fortenova Group’s Frozen Food Business Group Sale to Nomad Foods Fortenova group
30.09.2021.
Fortenova group
Successful Closing of Fortenova Group’s Frozen Food Business Group Sale to Nomad Foods
30.09.2021.

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.

Provectus Capital Partners new owners of Aviva Polyclinic Fortenova group
14.09.2021.
Fortenova group
Provectus Capital Partners new owners of Aviva Polyclinic
14.09.2021.

Provectus Capital Partners 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

 

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.”

Fortenova Group kicks off Accelerate programme – new cycle of its DRIVE Beyond Excellence project Fortenova group
01.06.2021.
Fortenova group
Fortenova Group kicks off Accelerate programme – new cycle of its DRIVE Beyond Excellence project
01.06.2021.

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.