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Financial Reports

Financial Reports

The Company Ledo d.d. Zagreb noted an increase in its operating income of 16.4 percent in 2015 compared to 2014 as a result of numerous company activities aimed at stimulating a greater consumption of ice-cream, innovations, promotions and campaigns, continuous efforts on developing the Frozen Food group, entry into new product categories and the development of the HORECA sales channel. Total revenue of Ledo d.d. Zagreb in 2015 increased by 16.1 percent compared to 2014 amounting to 1,344.0 million HRK.

In 2015, revenues from the sale of the Ice-cream product group noted a growth of 20.3 percent compared to 2014. All product categories within the said group achieved strong growth. Good weather conditions in Croatia during summer had a positive effect on the tourist season, and consequently on the HORECA sales channel. The revenues from the sales in the hospitality segment increased in 2015 owing to continuous efforts made on developing the channels, extending the range and increasing the number of customers. The sales revenue in the Frozen Foods product group noted a growth of 15.2 percent, with the highest growth rate recorded in the categories of Meat, Fish and Dough.

The operating expenses in 2015, noted an increase of 15.4 percent compared to 2014, but the share of operating expenses in the revenue dropped as a direct result of the continued optimisation of the Company expenses. The material costs, which account for 76.5 percent of operating expenses in the reporting period increased by 19.7 percent. Share of raw material costs is the largest in total material costs noting an increase caused by the increase in the volumes produced, however, their growth was slower than that of the sales of the company's own products as a result of the achieved savings on raw material costs and increased production efficiency. The costs of goods sold also grew due to the increase in sales volumes.

In 2015, the capital expenditure amounted to 44.5 million HRK, and pertained to the cooling equipment and licenses required for the new customer relations IT system, which ensures better monitoring of relationships with business partners as well as further rationalisation of operations.

The financial income increased by 11.8 percent in 2015 amounting to $ 87.6 million HRK. Simultaneously with this, the financial expenses increased amounting to 21.5 million HRK. The growth of the financial income is the result of the revenue generated from dividends paid by daughter companies, but also of the growth of interest income from associated companies and foreign exchange gains. In accordance with the company's long-term strategy concerning the further consolidation of its operations, the company has accepted an offer to sell the shares of Hajduk ŠDD at a market value of 2.5 million HRK.

The profit before tax in 2015 amounted to 199.3 million HRK, which represents an increase of 16.7 percent compared to 2014.