Croatian multinational food and retail company Fortenova Group generated €2.7 billion in total revenue in the first-half of 2023, registering an increase of 9% over the same period last year.
Adjusted operating profit for the period amounted to €101 million, while net debt remained below €1.1 billion, the company noted.
All of Fortenova's business divisions recorded growth in total revenue compared to the same period last year, albeit with reduced operating profits due to increases in electricity and raw material costs and salaries, as well as price limits on the selling price for specific product categories imposed by national governments.
Annual Performance
For the full year 2022, the Croatian company reported total consolidated revenues of more than HRK 40.7 billion (€5.4 billion), an increase of 30% over 2021, while consolidated adjusted operating profits grew by over 20% to HRK 2.3 billion (€310 million).
Fabris Peruško, CEO and member of the board of directors at Fortenova Group commented, “The group’s operating results continue to show that Fortenova Group has managed to separate its operational performance from its ownership issues, where the presence of sanctioned co-owners in the structure makes it more difficult to achieve a sustainable and efficient capital structure.
"With the recently executed refinancing with our existing lender HPS, we will no longer have sanctioned entities on the credit side of the group which delivers on our plans."
Sustainability
In its second sustainability report, Fortenova Group highlighted that it is working to calculate the carbon emissions of all of its companies in order to develop an action plan for achieving climate neutrality.
Additionally, all its beverage brands are currently implementing a project to introduce tethered caps, while Konzum, the group's retail division, has initiated a project called Recyclopedia, intended to educate consumers and prevent food waste in households.
Fortenova Group is also encouraging short supply chains and is preparing a supplier code.
In the retail segment, Fortenova Group is present in Slovenia, Croatia, Bosnia and Herzegovina, Serbia, and Montenegro.
