News

Ledo Ice Cream Declared Best in the World Companies

30.10.2019.

Ledo’s Lino Lada ice cream was declared the world’s best ice cream, with the gold medal awarded to Lino Lada ice cream by the International Ice Cream Consortium at the competition held in Sweden, where Ledo products once again stood out due to their creativity, idea and production technology.

The International Ice Cream Consortium (IICC) is an association of all independent global ice cream producers, the purpose of which it is to exchange experience and acquire new knowledge through various educations and workshops. Each year their summit is held in one of the member states, with the highlight of the event being the presentation of awards in various categories.

Experts were particularly delighted with the unique form the the Lino Lada ice cream and the innovative soft dressing, but the decisive factor that made this ice cream become best in the world is the experience of the Lino Lada spread that was successfully translated into the ice cream.

The ice cream was created in cooperation with Podravka and launched on the market in April this year. The first batches were sold in only a few days, which made this ice cream the most sought after dessert.

„We take exceptional pride in this award and acknowledgment, confirming Ledo ice cream as the world’s best ice cream in the opinion of the industry, or independent global ice cream producers. This award is an additional acknowledgment of the committed work of our employees, and in particular our R&D team which has been transforming its creative ideas into finest ice cream and frozen food products. From year to year Ledo has been testing and developing plenty of various ice cream flavors and combinations, always with a view to meeting the requirements of its consumers, as they always come first. Being the best in the world is a great honour, as well as an obligation to keep producing highest quality ice cream going forward and to lead the way in terms of technological solutions, innovations and creativity on a global scale,“ said Marin Poljak, CEO of Ledo.

It is worth reminding that this is not the first acknowledgement to Ledo brands, as many awards have been won in various areas of operations, such as innovations, technical solutions and marketing communication. Thus the Hashtag project won the IICC award for the best commercial solution and the CROPAK award for the best graphic design. The company’s focus on quality and innovation is also confirmed by awards won for the most innovative ice cream, presented in previous years to the products Chocolate Cake on a Stick, Hot Love and Ice Snack, while best ice cream awards were presented to the products King Truffles and Blueberry Cake on a Stick, all awarded by the IICC Association.

Fortenova Group donates food worth HRK 3.3m Business

15.10.2019.

Fortenova Group – Croatia’s leading food donor

Over the course of 2019 until the World Food Day, celebrated on 16 October, Fortenova Group has donated food worth HRK 3.3m in total, which makes it the leading food donor in Croatia. The largest donor within Fortenova Group is Konzum, having donated food worth HRK 2.8m, while the rest has been donated by companies from the Food and Agriculture business segments: Zvijezda, Jamnica, Ledo, Pik Vrbovec, Belje, PIK Vinkovci, VUPIK and Agrolaguna. Fortenova Group is also major strategic partner to various non-profit organizations in donating food in Croatia. Particularly worth noting are the cooperation of Fortenova Group with Mreža hrane (Food Network), the Red Cross and its social self-service stores, SOS Children’s Village, soup kitchens as well as a number of other national and local institutions and associations.

The World Food Day is an opportunity to additionally highlight the two key global challenges related to food according to SDG2 (Sustainable Development Goals): the hunger challenge on the one hand and healthy, balanced and long-term sustainable nutrition on the other. Worldwide more than 820 million people suffer from hunger and an even greater number struggle with overweight. Research shows that more than 53 million Europeans cannot afford a quality meal every other day, while in Croatia more than a quarter of the population cannot afford a quality meal every day. At the same time the European Union produces 88 million tons of food a year which goes to waste, whereof Croatia accounts for 400,000 tons of discarded food or more than a thousand tons of food gone to waste every day.

The reasons thereto are many, from farmers who cannot sell their produce, to manufacturers who only use part of the raw material and the rest is discarded. The largest share of discarded food in the European Union, as much as 53 per cent, comes from households, as a result of poor planning and lack of education. Retail participates in food waste with around 5 per cent, as due to the complexity of donating procedures retailers usually opt for discarding the food, which is easier and cheaper for them. Nevertheless, this segment has seen significant changes, also in Croatia, with retail chains donating more and more food. They are headed by Croatia’s largest retail chain Konzum, which has been proclaimed Best Donor in Brussels in the food retailers category for the second year in a row, within the scope of the initiative of Croatian MEP Biljana Borzan and the coordinator of the Food Network platform Zoran Grozdanov.

„Within Fortenova Group, whose entire business is related to food, whether it be its production or retail, we have intensively been working on the challenges regarding food waste and the choice of health food. In pursuance thereof we have been recognized as Croatia’s greatest food donor. At the same time, through Konzum’s project of awarding customer loyalty such as Zdravoljupci (Health Lovers), we have in a fun way strived to make kids – from the earliest age on – and their families aware of the importance of daily fruit and vegetable consumption and a balanced and healthy diet. We have also placed a strong focus on the importance of encouraging local production and the consumption of domestic, local and seasonal products. We shall continue to pursue such approach going forward, through initiatives and projects intended to make an active contribution to making people aware of and educating them on these topics“ – explained Dubravka Jusić, Executive Director of Marketing at Fortenova Group.

Both this year and in the forthcoming period Fortenova Group and all its companies will continue to cooperate with local communities and associations across Croatia through the realisation of numerous food donations. The process of donating food at Fortenova Group involves a whole team of people who have exerted great efforts for food to be donated in a timely manner to those who need it most. At the same time, internal processes have continuously been improved and the procedures of ordering stocks optimized, primarily in order to reduce the total quantity of food with shelf life about to expire and also to donate it to the greatest possible extent. Besides the above, the Fortenova Group will continue to undertake numerous educational activities and projects intended to inform customers, employees, business partners and the entire public and make them aware of the importance of reducing food waste.

Agrolaguna and Agricultural Cooperative „Olive Growers of Istria“ sign cooperation agreement Business

04.10.2019.

On 3 October 2019 Agrolaguna and the Olive Growers of Istria Agricultural Cooperative signed a business cooperation agreement at the premises of the Craftsmen’s Center in Poreč.

The agreement with Agrolaguna provides olive growers within the Cooperative with processing capacities as well as a high level of quality and health safety of the processed oil as the basic assumptionS for branding their oil with the label of protected designation of origin, assigned to Istrian extra virgin olive oils at EU level. It is estimated that around 60,000 kg of olive fruit will be processed, resulting in around 7,000 l of oil, depending on the yield.

At the same time this cooperation has enabled Agrolaguna to increase production quantities, expand its network of olive growing contract farmers and indirectly invest in the further development of olive growing in Istria. Agrolaguna’s crushing plant has a capacity to process much greater quantities, which they hope to do in the years to come.

„I am very happy that we have started the cooperation with the Cooperative assembling such a great number of small olive growers, as this cooperation will be to our mutual benefit. I am glad that the Olive Growers’ Cooperative has recognized Agrolaguna as a quality partner, given that apart from the business interest, this agreement is also important to Agrolaguna as Istria’s largest agricultural company in view of the positive impact it has on the local community through the investment in the expansion and development of olive growing in Istria. Besides that, it also creates opportunities to work together on the development of products and the expansion of the market on which to place these products“ – said Mrs. Nerina Zec, Director of Finance, Accounting and Controlling at Agrolaguna.

The founding of the organization of olive and olive oil producers „Olive Growers of Istria“ was initiated by the olive growers themselves in cooperation with the Administrative Department for Agriculture of the County of Istria with a view to facilitating the common market placement of oil under one and the same label of protected designation of origin. The Cooperative comprises 55 olive growers.

„Securing processing capacities is an important assumption of the common market appearance and further branding of our oil, particularly when it comes to quality control in the process. Our goal is a high quality product of a higher price category and the cooperation with Agrolaguna makes it possible to meet these key assumptions in full“ – said Mrs. Katja Gašparini, Manager of the Olive Growers of Istria Cooperative.

Atlas and Kompas with their associated companies, Projektgradnja and Sojara are the first Companies in Fortenova Group’s Process of Divesting Non-Core Businesses Business

02.10.2019.

By distributing materials intended for potential investors Fortenova Group has initiated the previously announced process of divesting non-core businesses. The companies offered for sale are: Atlas, Kompas and their associated companies, a leading travel services provider in SE Europe; Projektgradnja, construction company from Slavonski Brod with a strong track record in public and private sectors; and Sojara, grain port terminal and storage facility located in Zadar.

In line with its strategy of focusing on the development of its core businesses – retail and wholesale, food and agriculture – and the planned exiting from non-core activities Fortenova Grupa undertook extensive preparations for the divestment of the aforementioned companies, including hiring advisors for steering this process.

Fortenova Group’s objective in respect of its non-core subsidiaries is to find strategic or finanical investors who will be capable of realising the great potential of each of these companies for the benefit of their employees, partners and other stakeholders. Fortenova Group’s exclusive advisors for the divestment of Atlas, Kompas and their associated companies are UMiUM and PKF.

Fortenova Group’s exclusive advisor for the divestment of Sojara Zadar and its assets as well as the divestment of the construction company Projektgradnja is Deloitte Croatia.

Atlas and Kompas – regional leaders

Atlas, Kompas Ljubljana, Kompas Poreč and the Kompas network are the regional leader holding more than 20 per cent of the market in Croatia and Slovenia and more than 15 per cent of the market in Montenegro. The company which has been attracting around 1.2 million inbound and outbound passengers a year is well-known for the full spectrum of services it offers (tour operator, travel agency and destination management company), high degree of recognition of its two strongest brands – Atlas and Kompas, and the long-standing presence on the market. The company has more than 3,500 business partners and over 600 employees.

In 2018 Atlas, Kompas and their associated companies generated EUR 219m of total revenues.

Projektgradnja – construction experts

Projektgradnja has been in charge of some of the largest and most demanding construction projects in Croatia and is capable of performing any type of construction work. Its key market advantages are good client diversification resulting in completed public sector, commercial and residential projects, as well as a highly qualified team consisting of over 200 construction experts, including 30 engineers. The total value of the 69 projects completed by Projektgradnja over the past four and a half years amounts to EUR 173.7m. Considering the forecasted 5 per cent growth in the Croatian construction sector over the period of 2019-2021, the acquisition of Projektgradnja may prove to be a lucrative investment for potential buyers.

Zadar-based Sojara is located in the city’s port terminal in the industrial zone. The factory features soya processing capacities and more than 150 thousand cubic meters of storage area. Its traffic connections are excellent.

Agrokor Financial Restructuring Project Receives Prestigious International Award in Cleveland Fortenova group

27.09.2019.

On 26 September 2019 in Cleveland Fabris Peruško was presented with the Turnaround and Transaction Award (TMA) for the financial restructuring of Agrokor, proclaimed by the industry in the USA to be the most significant international procedure of its kind in the world in the ‘international transaction of the year’ category and one of the world’s 12 most significant international restructuring procedures in 2018.

Fabris Peruško, Extraordinary Commissioner of Agrokor and CEO of Fortenova Group, accompanied by the domestic and foreign legal advisors Tin Dolički of the Law Firm Bogdanović & Dolički and Wolfram Prusk of the Law Firm Kirkland & Ellis, accepted the award on behalf of the entire team that ran the restructuring process of Agrokor during the Extraordinary Administration Procedure which resulted in the Settlement Plan between the creditors and its successful implementation.

„This award is yet another great international recognition to the demanding process of rescuing an exceptionally significant Croatian and regional company. We are particularly pleased to receive the recognition form professionals working on similar projects worldwide on a daily basis. The fact that in a competition of more than 100 global projects they have ranked the Extraordinary Administration Procedure at Agrokor among the best speaks on behalf of the demanding nature and scope of the restructuring and its impact on both the national and the regional economies“, said Fabris Peruško, Extraordinary Commissioner of Agrokor and CEO of Fortenova Group on the occasion of receiving the award and added:

„I would like to point out that the TMA award is an acknowledgment to a number of individuals who have in the various phases made a great contribution to the success and conclusion of each individual stage of the process. Hence this is an opportunity to thank them all once again. Amongst others – thank you to Ante Ramljak, the Extraordinary Commissioner in charge of the first phase of the procedure as well as the advisors and advisory teams that supported the work of the Extraordinary Administration and over the course of that stage as well as later in the process made a key contribution to stabilizing the company and achieving a settlement among the creditors. Our suppliers and business partners and particularly all our employees as well as customers were one of the backbones in saving the system. The Government of the Republic of Croatia, particularly Prime Minister Andrej Plenković and former Deputy Prime Minister Martina Dalić, played a crucial role not only in securing the legal framework for the Extraordinary Administration Procedure, but also later during the process, especially at times at which they invested their human and political capital in the successful completion of other key stages in the process, such as achieving the settlement among the creditors.

Unfortunately I cannot mention everyone by name, but thanks to all of them Fortenova Group – the company created by the implementation of the Settlement Plan of Agrokor’s creditors – today still operates on all markets of the region, employing more than 52 thousand people and slowly by surely reducing its leverage and becoming a healthy and prosperous company.

We have all together demonstrated exceptional social responsibility and proved to have the social capital required to deal with very complex problems. The international professional public has very well recognized the true effect of Agrokor’s restructuring, which was accomplished over a very short period“, said Fabris Peruško, Extraordinary Commissioner of Agrokor.

The TMA award is one of the world’s most important industry acknowledgements, as TMA is one of the world’s leading non-profit associations assembling experts who participate in restructuring projects worldwide. The award is presented by the Awards Committee that consists of thirteen members representing a cross section of TMA professionals – from legal to accounting and finance professionals and the winners are selected in a rigorous peer-review process of vetting the procedures nominated for the award in several rounds of analysing and valuating the data of the transactions

Change in the Executive Management of Fortenova Group Management

19.09.2019.

Fortenova Group Successfully Closes New Financing Business

06.09.2019.

The Extraordinary Administration Proceedings against 22 companies of Agrokor Group has been terminated and these companies continue their business operations within the Fortenova Group Business

22.08.2019.

Agrokor Restructuring Wins Prestigious International Award Business

01.08.2019.

The financial restructuring of Agrokor during the course of the Extraordinary Administration Procedure, resulting in a settlement between the creditors and its successful implementation, was assessed in the USA as the most significant international company transaction of its kind worldwide. The team in charge of the process headed by the Extraordinary Commissioner Fabris Peruško won the prestigious 2019 TMA Turnaround and Transaction Award in the category International Company Transaction of the Year. Fabris Peruško, who will be presented with the award in September at the TMA Annual Conference in Cleveland, Ohio, said on this account: „The global recognition of the success of the Extraordinary Administration procedure goes not only to the closest team that worked on the procedure, but also to our numerous partners, creditors and new owners and most of all to the tens of thousands of our hardworking and diligent employees who have over these two extremely turbulent years given their best and preserved the companies they work in. The successful restructuring of Agrokor would not have happened without them.“

More than 100 international projects were nominated in twelve categories for this year’s award, and in the words of Scott Y. Stuart, TMA Global Chief Executive Officer, „the award winners have made a significant economic impact on the global economy by helping struggling businesses preserve their value and save jobs“.

TMA is a leading global restructuring industry association assembling restructuring and turnaround professionals from all over the world and the TMA Award is one of the most important recognitions in the industry worldwide. The award is presented by the awards committee that consists of thirteen members representing a cross section of TMA professionals – from legal to accounting and finance professionals and the winners are selected in a rigorous peer-review process of vetting the procedures nominated for the award in several rounds of analysing and valuating the data of the transactions.

The award for the restructuring in the Extraordinary Administration Procedure of Agrokor comes at a time when Fortenova Group, the company incorporated in Agrokor’s settlement implementation, is about to successfully complete the refinancing of a loan facility in the amount of EUR 1.2bn and the key operating companies have recorded growth of all KPI’s, particularly operating profits, thus confirming the success of Agrokor’s restructuring.

Over 80 percent of DR Holders voted in favor of the new senior financing led by HPS Investment Partners Business

26.07.2019.

Fortenova Group Starts Disposing of Real Estates not used for business function Business

22.07.2019.

Fortenova Group To Refinance Its Debt With Up To € 1.2 Billion Bond, Subject To Final DR Holders Approval Business

22.07.2019.

The Board of Directors of Fortenova Group d.d. has resolved to give approval and instructions to the Executive Directors of the Company to propose to the General Assembly and ultimately to the Depositary Receipts Holders (the “DR Holders”) of Fortenova Group to approve refinancing of Fortenova Group’s Super-Priority Facility Agreement dated 8 June 2017 (the “SPFA”) led by HPS Investment Partners, with participation of VTB Bank.

Subject to the final credit approvals, the 4-year bond in the amount of up to 1.2 billion euro will be issued by the company at 7.3% interest rate plus EURIBOR, with 1% floor.

The Executive Directors have called for the General Assembly of the Company and STAK Management called for the meeting of the DR holders to vote on the approval to Fortenova Group to enter the refinancing arrangement. The electronic voting of the DR Holders closes on Thursday, July 25th and the General Assembly will take place on July 26th, 2019. A 2/3 vote of the DR holders is needed for the approval.

“I am particularly proud that we have negotiated up to 1.2 billion financing in the open market, which will be available from a respectable financial institution that has no prior links with our company. The fact that we did not have to go to our owners or present-day creditors for SPFA refinancing proves that our business is viable and has good prospects, recognized by HPS Investment Partners. Also, participation of VTB Bank, one of our owners and present-day creditors, in this arrangement that is subject to their credit approval, clearly shows that those who know our business well also believe in our future and I would like to thank them for that”, said Fabris Peruško, CEO of Fortenova Group d.d. “I believe that majority of our DR holders will recognize that this financing secures our mid-term financial stability under acceptable conditions, that can also be improved over time, and I invite our DR holders to vote for its approval”, added Peruško.

In terms of half-year results of Fortenova Group d.d., it has been reported at the Board of Directors meeting that estimated H1 2019 revenues of the key operating companies of the Group have reached an amount of 1.53 billion euro or 11.3 billion kuna, surpassing the last year H1 revenues by more than 2%. At the same time estimated EBITDA of the key operating companies is more than 101 million euro or more than 750 million kuna, that is 5% above the last year results.

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