LATEST SEENEWS FMCG COMPANY PROFILES, INTERVIEWS & NEWS

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1 LATEST SEENEWS FMCG COMPANY PROFILES, INTERVIEWS & NEWS PROFILE PODRAVKA > PAGE 2 PROFILE MERCATOR INTERVIEW > PAGE 12 OCTOBER-NOVEMBER 2014 NESTLE BULGARIA > PAGE 20

2 036 THE VALUE LIES IN THE INDEPENDENT BUSINESS NEWS AND MARKETINTELLIGENCE WITH FOCUS ON THE EMERGING MARKETS. INTELLIGENT PLATFORM FOR ACTIONABLE DECISION-MAKING

3 OF AN IDEA USING OF IT. THOMAS EDISON, GENERAL ELECTRIC CO-FOUNDER

4 02 PROFILE For more analytical and market reports visit Podravka d.d. Alternative Names Podravka JSC; Podravka prehrambena industrija d.d.; Podravka Food Processing Industry, Incorporated; Podravka Inc. Incorporation Date Jan 1, 1934 Podravka d.d. is one of the major food processing companies in Croatia. The company operates in three main business segments - food, beverages and pharmaceuticals. Podravka d.d. holds an ISO 9001:2008 Quality management systems certificate, valid until April 26, The company s shares are included in the blue-chip index CROBEX of the Zagreb Stock Exchange. Podravka d.d. s shares are included in the Dow Jones STOXX Sub Balkan 30 index that combines share price trends of the 30 largest companies from Croatia, Macedonia, Serbia and Slovenia. Last updated on Oct 27, Address 32 Ante Starcevica Str., Koprivnica, Croatia Telephones Faxes contacts s ir@podravka.hr podravka@podravka.hr press@podravka.hr iva.brajevic@podravka.hr Websites

5 company history 1934 A fruit processing company in Koprivnica is established by the Wolf brothers The company is nationalised and named Podravka Pharmaceutical plant Belupo is set up in Ludbreg, northern Croatia Danica Mesna Industrija is established as a meat processing factory Podravka is privatised and registered as a joint stock company. Sept 25, Podravka d.d. takes over local company Zlatka d.o.o. Dec 7, 1998 Podravka d.d. is listed on the Zagreb Stock Exchange Podravka d.d. launches the Podravka Academy of Management (POMAK) in cooperation with the Faculty of Economics in Zagreb. May 19, Podravka starts trading its corporate bonds on the Official Bond Market of the Zagreb Stock Exchange under the ticker PODR-O-115A, ISIN number: HRPODRO115A4. Bonds are issued in the amount of HRK 375 mln with maturity in 2011 and annual interest of 5.125% Podravka d.d. acquires Polish seasoning brands Warzywko and Perfekta, as well as local beverages brand Lero. Oct 15, Podravka d.d. acquires 100% in Lero d.o.o., Rijeka, a company active in manufacturing and trade in non-alcoholic beverages Podravka sets up its restaurant keeping company Podravsko Ugostiteljstvo d.o.o. in Koprivnica. Feb 10, Podravka d.d. issues its commercial papers with a nominal value of EUR 18 mln and maturing in 364 days (Stock Symbol: PODR- M-006A, ISIN number: HRPODR- M006A7). (Editor s Note: Commercial papers are an unsecured, short-term debt instrument issued by a corporation, typically for meeting short-term liabilities.) February Podravka d.d. sets up its subsidiary in Turkey. Jan 24, Podravka d.d. takes over its wholly owned subsidiary Lero d.o.o., which is written-off the Trade register and no longer exists as a separate legal entity. Mar 26, Podravka d.d. takes over its wholly owned subsidiary Ital-Ice d.o.o., which is written-off the Trade register and no longer exists as a separate legal entity. August The company acquires a 53.86% majority stake in Croatian fish products manufacturer Mirna d.d. for HRK mln. Last updated on Oct 27, Primary Industry: Food Secondary Industry: Diversified Holdings Legal Form: Joint Stock Company Status: Active NIN: Quoted: YES ISIN: HRPODRRA0004 Tickers - PODR-R-A (Zagreb Stock Exchange) - PRIMARY management Board of Directors and Executives: Zvonimir Mrsic Chairman of the Board and CEO Jadranka Ivankovic Member of the Board Olivija Jakupec Member of the Board Miroslav Klepac Member of the Board Hrvoje Kolaric Member of the Board Supervisory Board: Dubravko Stimac Chairman of the Board Mato Crkvenac Deputy-Chairman of the Board Dinko Novoselec Member of the Board Petar Vlaic Member of the Board Petar Miladin Member of the Board Martinka Mardjetko-Vukovic Member of the Board Ivo Druzic Member of the Board Milan Stojanovic Member of the Board Ivana Matovina Member of the Board 20.52% CROATIA OTHER OWNERSHIP 18.51% SOCIETE GENERALE - SPLITSKA BANKA D.D. CROATIA

6 04 Subsidiaries & Affiliates Name Direct Holding Indirect Holding Majority Stakeholder Active Country Mirna d.d % YES YES Croatia Studenac d.o.o. 100% YES YES Croatia Lero d.o.o. 100% YES NO Croatia Ital - Ice d.o.o. 100% YES NO Croatia KOTI Nekretnine d.o.o. 100% YES NO Croatia Podravka Inzenjering d.o.o. 100% YES NO Croatia Poni Trgovina d.o.o. 100% YES NO Croatia Belupo d.d. 100% YES YES Croatia Danica d.o.o. 100% YES YES Croatia Podravka - Polska Sp.z.o.o. 100% YES YES Poland Podravka International Kft 100% YES YES Hungary Podravka d.o.o. 100% YES YES Slovenia Podravka d.o.o. 100% YES YES Serbia Podravka - Int. Deutschland Konar GmbH 100% YES YES Germany Podravka d.o.o. 100% YES YES Montenegro Sana d.o.o. 100% YES YES Slovenia Podravka - International s.r.l. 100% YES YES Romania Podravka d.o.o. 100% YES YES Macedonia Podravka International EOOD 100% YES YES Bulgaria Podravka International Inc. 100% YES YES USA Podravka International Ptv Ltd % YES YES Australia Podravka - International s.r.o. 75% 25% YES YES Slovakia Podravka International 75% 25% YES YES Turkey Lagris a.s. 100% YES YES Czech Republic Podravka d.o.o. Sarajevo 100% YES YES Bosnia and Herzegovina Belupo d.o.o.e.l. 100% YES YES Macedonia Belupo s.r.o. 100% YES YES Slovakia Belupo Ljubljana 100% YES YES Slovenia Ljekarne Deltis Pharm Koprivnica 100% YES YES Croatia Farmavita d.o.o. 65% YES YES Bosnia and Herzegovina Products & Services Podravka d.d. is engaged in the acquisition, management, evaluation and sale of stakes in domestic and foreign companies. Podravka d.d. also markets the products of its subsidiaries: universal food complements, seasoning and sauces instant soups, pastas and risottos, bouillon cubes dessert, snacks, wafers and ice cream natural mineral water, spring water, non-alcoholic beverages, vitamin instant drinks and tea jam and honey fruit in syrup and processed fruit tomato-based products pasteurised, sterilised and frozen vegetables bakery products meat products pharmaceuticals Last updated on Oct 27, Capacity Podravka d.d. is headquartered in Koprivnica, northern Croatia. It also has a business unit in Croatia s capital Zagreb. Last updated on Oct 27, 2014.

7 Market & Sales 05 Podravka d.d. s main foreign markets are: Armenia, Australia, Austria, Belarus, Bosnia and Herzegovina, Bulgaria, Canada, the Czech Republic, Estonia, Germany, the UK, Hungary, Italy, Kazakhstan, Kosovo, Kyrgyzstan, Latvia, Lithuania, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Switzerland, USA, as well as countries from Africa, the Middle East and South America. In July 2014 the company was granted a EUR 73.4 mln syndicated loan by the European Bank for Reconstruction and Development (EBRD) and the Austria-based banks Erste Group Bank AG, Raiffeisen Bank International AG and Unicredit Bank Austria AG. For the first six months of 2014 the company posted a net sales revenue of HRK mln, down 6.0% on the year, and a gross profit of HRK mln, up 2.0% on the year. In April 2014 Podravka d.d. signed an agreement with Croatian PIK Vrbovec d.d. to take over its canned meat business. The deal covers the transfer of trademarks, recipes and equipment as well as the takeover from PIK Vrbovec d.d. of the manufacturing business and sale of canned meat pate and canned meat products. Podravka d.d. reported a non-consolidated net loss of HRK mln in the first quarter of 2014, compared to a net loss of HRK mln in the same period of The company s total revenue went down to HRK mln in the first quarter of 2014 from HRK mln in the first quarter of Podravka d.d.'s Revenue by Segment (in HRK) Segment Culinary 932,235, ,821,000 Sweets, snacks and beverages 174,036, ,184,000 Baby food, breakfast and other food products 912,314, ,064,000 Meat and fish products 281,566, ,071,000 Other 349,656, ,818,000 Pharmaceuticals 851,270, ,716,000 Total 3,501,077,000 3,482,674,000 Podravka Group's Revenue by Region (in HRK) Region Croatia 1,483,479,000 1,579,367,000 South-East Europe 916,122, ,709,000 Central and Eastern Europe 788,673, ,922,000 Western Europe and others 312,803, ,676,000 Total 3,501,077,000 3,482,674,000 Podravka d.d. owns the following brands: Vegeta for universal food complement; Podravka soups for packet soups; Talianetta for pastas and risottos; Fant for seasoning mixes and sauces; Podravka cubes for bouillon cubes; Dolcela for desserts; Lino for Baby s and children s food; Kviki for snacks; Studenac for natural mineral water; Studena for spring water; Deit for non-alcoholic, low calorie beverages; Ponita for vitamin instant drinks; Podravka tea for tea; Podravka fruit for jams, honey, fruit in syrups and processed fruits; Podravka vegetables for sterilised vegetables; Aji-Shio for seasoning; Podravka milk rice for milk rise; Podravka wafers for wafers; Podravka rice for rice; Podravka ice cream for ice cream; Fini-Mini for instant soups Cokolesnik for instant wheat flakes with chocolate. Major clients: Varteks d.d., Gastro Grupa d.o.o., Agrokor d.d., Droga Kolinska DD, Dukat d.d. (formerly known as Lura d.d.), Gavrilovic d.o.o., Lola Ribar d.d., Medika d.d., Perutnina Ptuj - Pipo d.o.o., The Coca-Cola Company. Major competitors: Agro sim d.o.o. (Ivanic Grad, Croatia) Agrocroatia d.o.o. (Zagreb, Croatia)

8 06 Agroludbreg d.d. (Mali Bukovec, Croatia) Agromix d.o.o. (Slavonski Brod, Croatia) Agroplod d.o.o. (Zagreb, Croatia) Alira d.o.o. (Zadar, Croatia) Ascommerce d.o.o. (Visnjevac, Croatia) Belje d.d. (Darda, Croatia) Dohomont d.o.o. (Gorican, Croatia) Dr. Oetker d.o.o. (Zagreb, Croatia) Droga d.o.o. (Buje, Croatia) Goodness Foods Trading (Daventry, Croatia) Gp Obsivac d.o.o. (Metkovic, Croatia) Imes d.d. (Zagreb, Croatia) Improm d.o.o. (Krizevci, Croatia) Kostelac d.o.o. (Orahovica, Croatia) Medi-Lab d.o.o. (Zagreb, Croatia) Medical Intertrade d.o.o. (Sveta Nedjelja, Croatia) Medifarm d.o.o. (Varazdin, Croatia) Zgb-konzum d.o.o. (Zagreb, Croatia) In November 2009 Podravka d.d. and Serbian food processing company Florida Bel signed a contract for the production of the Kviki brand, intended for sale in Croatia and Southeastern European markets. In April 2009 the company disclosed its plans to build a pharmaceutical plant in Bosnia and Herzegovina through its pharmaceutical subsidiary Belupo d.d. Last updated on Oct 27, Investments Podravka d.d. invested HRK 94.7 mln in research and innovation in In September 2011 the company launched an investment cycle worth around HRK 100 mln. Investments are aimed at increasing production and the efficiency of business operations. In 2009 a new warehouse and distribution center was opened in Dugopolje, southern Croatia. In 2005 and 2006 Podravka d.d. invested a total of HRK 100 mln in the construction of a new plant for Lino children s food and cereals, in the industrial zone of Danica in Koprivnica, northern Croatia. Last updated on Oct 27, Employment ,166 Non-Consolidated ,717 Consolidated ,115 Consolidated ,377 Consolidated ,570 Consolidated ,534 Consolidated ,706 Consolidated

9 Financial Information & Key Financial Ratios 07 Financial Year - end Type Non-consolidated Non-consolidated Currency HRK HRK Balance Sheet - Assets 1. Non Current Assets 1,216,973,678 1,479,050, Fixed (tangible) assets 693,485, ,975, Intangible assets 98,325, ,583, Other Financial non current assets 387,810, ,761, Expenses for future periods and Deffered taxes 37,351,180 24,730, Current Assets 1,173,654,394 1,027,867, Inventories 364,525, ,405, Trade and other receivables 567,831, ,110, Financial Assets 168,389, ,304, Cash and equivalents 72,907,990 41,047, Total Assets 2,399,261,780 2,517,097,762 Balance Sheet - Equity and liabilities 13. Total Equity 1,134,309,526 1,081,827, Capital 1,084,000,600 1,626,000, Reserves -1,057,197-12,348, Financial result 51,366, ,824, Non current 527,132, ,721, Trade and other liabilities Other financing 527,132, ,721, Current liabilities 641,787, ,821, Short term debts, including tax liabilities and provisions 638,839, ,789, Other short term liabilities 2,948,642 12,032,841 Total Liabilities 1,168,920,302 1,339,543, Total Equity and Liabilities 2,399,261,780 2,517,097, Working capital 531,866, ,045, Number of Employees 3,166 0 Profit and Loss Account 26. Operating revenue 1,912,179,508 1,925,335, Net Sales Revenue 1,876,859,005 1,877,713,677 Export Turnover Financial Revenue 138,112,976 27,084, Total Operating revenue 2,050,292,484 1,952,420, Operating Profit 0 24,043, Operating Loss 5,855, Extraordinary revenue Total revenue 2,050,292,484 1,952,420, Profit before taxes 38,744, Loss before taxes 0 23,280, Operating Expenses 1,918,034,607 1,901,292, Cost of goods sold Expenses for materials 1,216,340,368 1,242,007, Expenses for employees 353,153, ,282, Depreciation and Amortisation 84,985,112 85,504, Other 263,556, ,497, Financial Expenses 93,512,926 74,408,779 Interest Paid 93,512,926 70,940, Total operating expenses 2,011,547,533 1,975,700, Gross Profit Extraordinary expenses 0 0

10 Total Expenses 2,011,547,533 1,975,700, Expenses for taxes -12,621,172-2,589, Profit/ Loss after taxation 51,366,123-20,690, Minority Interest Net Profit for the period 51,366, Net Loss for the period 0 20,690, Financial Profit/ Loss 44,600,050-47,324, Extraordinary Profit/ Loss Added value 476,883, ,506,297 Key Ratios 52. ROE 4.53% -1.91% 53. ROA 2.14% -0.82% 54. ROIC 4.74% -3.79% 55. OPERATING MARGIN -0.31% 1.25% 56. NET PROFIT MARGIN 2.74% -1.10% 57. TOTAL LIABILITIES/ASSETS 48.72% 53.22% 58. TOTAL LIABILITIES/EQUITY % % 59. CURRENT LIQUIDITY RATIO QUICK RATIO INVENTORY TURNOVER RATIO FIXED ASSETS TURNOVER RATIO TOTAL ASSETS TURNOVER RATIO EBIT 83,345,001-70,604, EBITDA 168,330,113 14,900, NCF 136,351,235 64,813,883 Financial Year - end Type Consolidated Consolidated Consolidated Currency HRK HRK HRK Balance Sheet - Assets 1. Non Current Assets 1,517,762,204 1,721,143,991 1,845,090, Fixed (tangible) assets 1,218,263,632 1,400,738,836 1,476,007, Intangible assets 244,319, ,641, ,127, Other Financial non current assets 5,606,408 5,343, ,323, Expenses for future periods and Deffered taxes 49,573,027 35,420,000 60,633, Current Assets 1,923,619,895 1,881,578,696 1,919,462, Inventories 727,969, ,533, ,432, Trade and other receivables 1,009,434,943 1,062,608,440 1,021,565, Financial Assets 6,753,946 5,229,582 13,505, Cash and equivalents 179,461, ,207, ,959, Total Assets 3,458,156,504 3,617,672,309 3,788,080,745 Balance Sheet - Equity and liabilities 13. Total Equity 1,691,388,136 1,627,791,411 1,629,147, Capital 1,084,000,600 1,626,000,899 1,626,000, Reserves 227,647, ,364,404 62,319, Financial result 345,700, ,600,774-93,960, Non current 578,448, ,553, ,305, Trade and other liabilities 5,576,522 6,298,000 6,997, Other financing 572,871, ,255, ,308, Current liabilities 1,041,986,074 1,106,272,026 1,128,673,701

11 Short term debts, including tax liabilities and provisions 1,037,761,723 1,093,342,449 1,116,201, Other short term liabilities 4,224,351 12,929,576 12,472,467 Total Liabilities 1,620,434,444 1,839,825,089 2,029,979, Total Equity and Liabilities 3,458,156,505 3,617,672,309 3,788,080, Working capital 881,633, ,306, ,789, Number of Employees 5,717 6,115 6,377 Profit and Loss Account 26. Operating revenue 3,693,549,702 3,700,062,176 3,708,378, Net Sales Revenue 3,626,011,410 3,626,666,306 3,625,161,695 Export Turnover 0 0 1,883,338, Financial Revenue 44,186,986 38,065,425 47,877, Total Operating revenue 3,737,736,688 3,738,127,601 3,756,256, Operating Profit 135,287,685 97,687, ,247, Operating Loss Extraordinary revenue Total revenue 3,737,736,688 3,738,127, ,756,256, Profit before taxes 69,822,853 30,113, ,677, Loss before taxes Operating Expenses 3,558,262,017 3,602,375,013 3,548,130, Cost of goods sold Expenses for materials 2,305,821,099 2,357,402,245 2,320,972, Expenses for employees 666,283, ,698, ,177, Depreciation and Amortisation 148,302, ,689, ,812, Other 437,854, ,584, ,168, Financial Expenses 109,651, ,638, ,448,430 Interest Paid 109,650, ,170, ,884, Total operating expenses 3,667,913,835 3,708,013,912 3,696,579, Gross Profit Extraordinary expenses Total Expenses 3,667,913,835 3,708,013,912 3,696,579, Expenses for taxes 1,445, ,569,723 19,060, Profit/ Loss after taxation 68,376,944-15,456,035 40,617, Minority Interest Net Profit for the period 68,376, ,617, Net Loss for the period 0 15,456, Financial Profit/ Loss -65,464,832-67,573, ,570, Extraordinary Profit/ Loss Added value 884,409, ,501, ,666,924 Key Ratios 52. ROE 4.04% -0.95% 2.49% 53. ROA 1.98% -0.43% 1.07% 54. ROIC 0.18% -1.49% -1.54% 55. OPERATING MARGIN 3.66% 2.64% 4.32% 56. NET PROFIT MARGIN 1.89% -0.43% 1.12% 57. TOTAL LIABILITIES/ASSETS 46.86% 50.86% 53.59% 58. TOTAL LIABILITIES/EQUITY 95.81% % % 59. CURRENT LIQUIDITY RATIO QUICK RATIO INVENTORY TURNOVER RATIO FIXED ASSETS TURNOVER RATIO TOTAL ASSETS TURNOVER RATIO EBIT 4,358,021-37,459,785-40,893, EBITDA 152,660, ,230, ,918, NCF 216,679, ,233, ,429,159

12 010 INTERVIEW Mondelez Bulgaria expects double-digit revenue growth in 2014 Ivaylo Naydenov, Mondelez Bulgaria general manager Mondelez Bulgaria, the Bulgarian unit of snack company Mondelez International, expects to post doubledigit revenue growth in both value and volume this year despite a shrinking market, the company s general manager said. This year we had some very successful launches of new products and other very successful activities, which helped us achieve growth in revenues, Ivaylo Naydenov told SeeNews on the sidelines of a media event in Sofia. The company s nine-month financial performance is in line with plans, he added, without elaborating further. Last year the company posted a profit of 24.9 million levs ($16.1 million/12.7 million euro) on million levs in revenues. Mondelez Bulgaria s strong financial results come against the backdrop of a falling market, meaning that the company is stealing market share from its rivals, Naydenov also said. Until 2009 the market was growing in double digits and all market players were happy as they were achieving their growth targets but that was due to the fact that clients were consuming more. After 2009, however, and in 2012 and 2013 in particular, consumption dropped seriously, he commented. At the same time Mondelez Bulgaria s market share in the three categories in which it operates - chocolates, biscuits and coffee - has been increasing since the beginning of the year, the company s general manager noted. However, we understand that this process cannot go on forever since it is very hard to grow in the segments where your market share is already big, he added. We are hoping that the categories in which we operate will start growing little by little. The snack producer intends to launch a number of new products next year, mainly in the biscuits segment, which it considers as underdeveloped and holding a big potential, as well as the chocolate segment, which accounts for half of its sales. Mondelez Bulgaria allocates a large part of its investments to marketing and new product launches, Naydenov said, without quoting figures. In 2014, in line with the growth in revenues, Mondelez Bulgaria plans to increase its total investments by 4.0 million levs, or 20%. The funds we invest are a portion of our revenues and, consequently, as revenues grow in double digits, so do investments, Naydenov noted. Sustainability and wellbeing, too, are at the focus of the company s development strategy. Mondelez International plans to cut its energy and water consumption significantly by 2015 and to reduce its manufacturing waste to zero by The company is also working on a mindful snacking programme, aiming to reduce the amount of salt and saturated fats in its products by 10% by Mondelez Bulgaria operates production plants in Svoge and in Kostinbrod, both near the capital Sofia. Some of its most popular brands are the Moreni biscuits, and the Svoge, Milka and Mlechen chocolate tablets. Mondelez Bulgaria exports about a half of its products to EU member states, Russia and Ukraine, among others. Mondelez International, previously known as Kraft Foods, entered Bulgaria in 1993 when it bought the Republica confectionery factory in Svoge from the Bulgarian government. The global company operates in 165 countries. (1 euro = Bulgarian levs) interview-mondelez-bulgaria-seesdouble-digit-revenue-growthin

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14 012 PROFILE For more analytical and market reports visit Poslovni Sistem Mercator d.d. Alternative Names Mercator JSC; Mercator d.d.; Poslovni Sistem Mercator JSC Incorporation Date Jan 1, 1949 Poslovni Sistem Mercator d.d. is a Slovenian retail chain operating in Southeast Europe. contacts The company holds: an ISO 9001:2008 Quality management systems certificate, valid until Sept 30, 2015 an ISO 14001:2004 Environmental management systems certificate, valid until Sept 30, Poslovni Sistem Mercator d.d. is included in the SBITOP blue-chip index of Ljubljana Stock Exchange. Last updated on Oct 27, Address 107, Dunajska Str., 1000 Ljubljana, Slovenia Telephones Faxes s info@mercator.si Websites

15 Wholesale company Zivila Ljubljana is founded. It is the predecessor to Poslovni sistem Mercator Mercator registers as a wholesale enterprise with its headquarters in Ljubljana. Dec 5, Poslovni sistem Mercator is registered as a joint stock company Slovenia s largest public jointstock company Mercator is privatised. State-owned funds and some 63,000 small shareholders become owners of the company. Dec 22, Poslovni Sistem Mercator d.d. lists on the Ljubljana Stock Exchange. Feb 27, The company takes over Evolution, proizvodnja in trgovina, d.d., which is written off the Trade Register of Companies and no longer company history exists as a separate legal entity. Mar 2, Poslovni Sistem Mercator d.d. takes over Pekarna Grosuplje proizvodnja kruha, svezega peciva in slascic, d.d., which is written off the Trade Register of Companies and no longer exists as a separate legal entity. May 11, The company takes over Lesno Podjetje Interier d.o.o., which is written off the Trade Register of Companies and no longer exists as a separate legal entity. May 16, Poslovni Sistem Mercator d.d. takes over Vesna Trgovsko podjetje d.d., which is written off the Trade Register of Companies and no longer exists as a separate legal entity. Apr 18, The company takes over M - Tehnika, trgovina in storitve, d.d., which is written off the Trade Register 013 of Companies and no longer exists as a separate legal entity. Apr 28, The company takes over Modiana, prodaja tekstila, d.o.o., which is written off the Trade Register of Companies and no longer exists as a separate legal entity. May 21, The company takes over M - nepremicnine, upravljanje z nepremicninami d.o.o., which is written off the Trade Register of Companies and no longer exists as a separate legal entity. June 27, The Croatian wholesale and retail company Agrokor d.d. acquires a 53.12% stake in Poslovni Sistem Mercator d.d. for EUR 172 mln and becomes its majority shareholder. Later Agrokor d.d. increases its stake to 81.67%. Last updated on Oct 27, Primary Industry: Wholesale/Retail Legal Form: Joint Stock Company Status: Active NIN: Quoted: YES ISINs: SI Tickers - MELR (Ljubljana Stock Exchange) - PRIMARY management Board of Directors and Executives: Anton Balazic Chairman of the Board Drago Kavsek Member of the Board Igor Marosa Member of the Board Supervisory Board: Ante Todoric Chairman of the Board Matej Lahovnik Deputy-Chairman of the Board Damir Kustrak Member of the Board Ivan Crnjac Member of the Board Vesna Stojanovic Member of the Board Veljko Tatic Member of the Board Darko Knez Member of the Board Ivica Mudrinic Member of the Board Ivan Valand Member of the Board 8.85% OTHERS OWNERSHIP 81.67% AGROKOR D.D. CROATIA 9.48% SOCIETE GENERALE-SPLITSKA BANKA, D.D. CROATIA

16 014 Subsidiaries & Affiliates Name Direct Holding Indirect Holding Majority Stakeholder Active Country Mercator - Optima d.o.o. - non-existent 100% YES NO Slovenia Mercator - Emba d.d. 100% YES YES Slovenia Mercator B EOOD - in liquidation 100% YES YES Bulgaria Investment Internacional d.o.o.e.l. 100% YES YES Macedonia Mercator - S DOO 100% YES YES Serbia Mercator H d.o.o. 99.9% YES YES Croatia M Nepremicnine d.o.o. 100% YES YES Slovenia Mercator Makedonija d.o.o.e.l. 100% YES YES Macedonia Mercator - BH d.o.o. 100% YES YES Bosnia and Herzegovina M - BL d.o.o. 100% YES YES Bosnia and Herzegovina M.COM d.o.o. 100% YES NO Slovenia Intersport H d.o.o. 100% YES NO Croatia Intersport S-ISI DOO 100% YES NO Serbia Intersport BH d.o.o. 100% YES NO Bosnia and Herzegovina Mercator IP d.o.o. 100% YES YES Slovenia Intersport ISI d.o.o. 100% YES YES Slovenia Mercator - A sh.p.k. 100% YES YES Albania Modiana d.o.o. 100% YES YES Slovenia Modiana d.o.o. 100% YES NO Croatia Mercator - K l.l.c. - in liquidation 100% YES NO Kosovo Modiana DOO 100% YES NO Serbia Modiana d.o.o. 100% YES NO Bosnia and Herzegovina Mercator - CG d.o.o. 100% YES YES Montenegro M - Tehnika d.d. 100% YES NO Slovenia M-Energija d.o.o. 100% YES YES Slovenia Mercator Mex d.o.o. 51% YES NO Montenegro M Rodic DOO 88% YES NO Serbia Interler d.o.o. 97.6% YES NO Slovenia ETA d.d. 100% YES NO Slovenia Evolution d.d. 100% YES NO Slovenia En Plus d.o.o. 100% YES NO Slovenia

17 Products & Services 015 Poslovni Sistem Mercator d.d. specialises in the wholesale and retail of consumer goods, which include: basic goods, special foods, sweet and salty foods, alcoholic beverages, non-alcoholic beverages, pet products. fresh meat, frozen food, fresh bread and pastries, fresh fruit and vegetables non-food products: cosmetics, hygiene products, sanitary products, baby cosmetics and other products, cleaning, washing, and refreshment products, housework goods, magazines, newspapers, brochures, kits, books, colouring books, cards, tobacco and tobacco-related goods textiles and clothing technical and basic building materials: do-it-yourself, utility goods, tableware furniture, lighting, floor trimmings It produces: meat products sterilised and pasteurised vegetables, mustard and dressings fruit, compote, and frozen food production of fruit concentrates bread and pastry coffee roasting, cocoa, cereal products, dressings, and powder products Capacity Poslovni Sistem Mercator d.d. is headquartered in Ljubljana, the capital of Slovenia. In 2013 Poslovni Sistem Mercator d.d. opened 24 new stores, of which six in Slovenia, two in Croatia, 10 in Serbia, two in Bosnia and Herzegovina, and four in Montenegro. In 2012 the company opened nine stores in Slovenia, five stores in Croatia, six stores in Serbia, 31 stores in Bosnia and Herzegovina, two stores in Montenegro and one in Bulgaria. In 2011 Poslovni Sistem Mercator d.d. the company opened 96 new retail units in six countries. Last updated on July 15, Mercator Group's Number of Stores by Country Country Slovenia Serbia Croatia Bosnia and Herzegovina Montenegro Albania Bulgaria Market & Sales Mercator is a group of companies led by Poslovni Sistem Mercator d.d., which manages retail in the Ljubljana region and employs all the administrative and managerial workforce of the Group. The other companies in the Group are mostly regional retail centres. The company owns the trade marks: Mercator (food products, cleaning products for home, etc.) M Linija (basic textile) Lumpi (product line for children up to 10 years of age) Popolna nega (cosmetics) Mizica, pogrni se! (ready to serve or partially ready food) Zdravo zivljenje (healthy food products) Pekarna Grosuplje (bakery) Tvorec Trebnik (special body care) Premium. In its 2014 edition Bulgarian business information provider SeeNews ranked Poslovni Sistem Mercator d.d. 20th in terms of total revenue among the 100 largest non-financial companies in southeastern Europe, and third in Slovenia (

18 016 In 2012 the external market sales accounted for 1.0% of the company s net sales revenue. The company exported to Austria, Bulgaria, Germany, Hungary, Italy, Bosnia and Herzegovina, Croatia, Montenegro, Macedonia and Serbia. Last updated on Oct 27, Mercator Group's Sales Share by Country Country Slovenia 56.5% 56.3% 57.9% 60.9% 66.0% Serbia 20.4% 19.5% 19.3% 17.2% 17.4% Croatia 12.3% 13.3% 14.3% 15.4% 11.8% Bosnia and Herzegovina 6.85% 6.8% 4.5% 4.5% 4.1% Montenegro 3.8% 3.7% 3.5% 1.8% 0.7% Bulgaria 0.08% 0.3% 0.3% 0.1% 0.03% Albania 0.01% 0.1% 0.2% 0.2% 0.02% Mercator Group's Investments in EUR mln Investments Year Capital expenditures Long-term financial investments Total Mercator Group's Investment Share by Market Country Slovenia 57.66% 59.49% 32.20% Croatia 7.40% 5.33% 14.90% Serbia 23.47% 28.35% 42.80% Bosnia and Herzegovina 2.53% 5.04% 3.40% Montenegro 8.94% 1.46% 4.70% Macedonia % Bulgaria 0.01% 0.31% 0.70% Albania % 0.10% Last updated on Oct 27, Employment ,521 Non-Consolidated ,922 Consolidated ,794 Non-Consolidated ,920 Consolidated ,034 Non-Consolidated ,266 Consolidated

19 017 Financial Year - end Type Consolidated Consolidated Consolidated Currency EUR EUR EUR Balance Sheet - Assets 1. Non Current Assets 1,775,014,000 1,833,965,000 2,026,555, Fixed (tangible) assets 17,407,000 18,387,000 1,906,018, Intangible assets 1,704,182,000 1,759,537,000 35,862, Other 3,611,000 4,263,000 3,450, Financial non current assets 32,284,000 34,559,000 68,451, Expenses for future periods and 17,530,000 17,219,000 12,774,000 Deffered taxes 7. Current Assets 528,827, ,509, ,104, Inventories 264,798, ,711, ,941, Trade and other receivables 234,927, ,484, ,464, Financial Assets 10,325,000 16,174,000 2,159, Cash and equivalents 18,505,000 24,677,000 27,540, Total Assets 2,303,841,000 2,379,474,000 2,613,659,000 Balance Sheet - Equity and liabilities 13. Total Equity 514,294, ,925, ,457, Capital 157,129, ,129, ,129, Reserves 486,115, ,925, ,116, Financial result -125,815, ,020,000 4,212, Non current 414,935, ,380, ,070, Trade and other liabilities 850,000 2,462,000 2,369, Other financing 351,583, ,841, ,701, Current liabilities 1,374,612,000 1,179,169, ,132, Short term debts, including tax 686,507, ,858, ,982,000 liabilities and provisions 22. Other short term liabilities 688,105, ,311, ,150,000 Total Liabilities 1,789,547,000 1,840,549,000 1,857,202, Total Equity and Liabilities 0 0 2,613,659, Working capital -845,785, ,660, ,028, Number of Employees 22,922 23,920 24,266 Profit and Loss Account 26. Operating revenue 2,789,722,000 2,893,400,000 2,895,125, Net Sales Revenue 2,765,868,000 2,873,186,000 2,870,971,000 Export Turnover Financial Revenue 8,025,000 6,805,000 5,699, Total Operating revenue 2,797,747,000 2,900,205,000 2,900,824, Operating Profit 35,973, ,841, Operating Loss 0 36,059, Extraordinary revenue Total revenue 2,797,747,000 2,900,205,000 2,900,824, Profit before taxes ,940, Loss before taxes 16,945, ,165, Operating Expenses 2,753,749,000 2,929,459,000 2,818,284, Cost of goods sold Expenses for materials 0 0 2,704,991, Expenses for employees ,855, Depreciation and Amortisation ,438, Other 2,753,749,000 2,929,459, Financial Expenses 60,943,000 72,911,000 62,600,000 Interest Paid Total operating expenses 2,814,692,000 3,002,370,000 2,880,884, Gross Profit Extraordinary expenses 0 0 0

20 Total Expenses 2,814,692,000 3,002,370,000 2,880,884, Expenses for taxes -16,000-5,659,000 7,451, Profit/ Loss after taxation -16,929,000-96,506,000 12,489, Minority Interest Net Profit for the period ,489, Net Loss for the period 16,929,000 96,506, Financial Profit/ Loss -52,918,000-66,106,000-56,901, Extraordinary Profit/ Loss Added value -16,000-5,659, ,233,000 Key Ratios 52. ROE -3.29% % 1.65% 53. ROA -0.73% -4.06% 0.48% 54. ROIC -7.52% % -2.22% 55. OPERATING MARGIN 1.29% -1.25% 2.65% 56. NET PROFIT MARGIN -0.61% -3.36% 0.44% 57. TOTAL LIABILITIES/ASSETS 77.68% 77.35% 71.06% 58. TOTAL LIABILITIES/EQUITY % % % 59. CURRENT LIQUIDITY RATIO QUICK RATIO INVENTORY TURNOVER RATIO FIXED ASSETS TURNOVER RATIO TOTAL ASSETS TURNOVER RATIO EBIT -69,863, ,271,000-36,961, EBITDA -69,863, ,271,000-20,523, NCF -16,929,000-96,506,000 28,927,000 Financial Year - end Type Non-Consolidated Non-Consolidated Non-Consolidated Currency EUR EUR EUR Balance Sheet - Assets 1. Non Current Assets 1,450,007,000 1,497,712,000 1,668,991, Fixed (tangible) assets 935,671, ,377,000 1,003,846, Intangible assets 9,289,000 9,570,000 10,513, Other 3,145,000 3,462,000 3,450, Financial non current assets 485,179, ,334, ,588, Expenses for future periods and 16,003,000 16,041,000 11,594,000 Deffered taxes 7. Current Assets 284,601, ,537, ,089, Inventories 110,447,000 84,225, ,003, Trade and other receivables 154,814, ,532, ,285, Financial Assets 13,282,000 54,206,000 34,733, Cash and equivalents 6,018,000 11,611,000 10,068, Total Assets 1,734,608,000 1,791,249,000 2,015,080,000 Balance Sheet - Equity and liabilities 13. Total Equity ,485, Capital 157,129, ,129, ,129, Reserves 423,893, ,129, ,771, Financial result ,585, Non current 295,129, ,828, ,439, Trade and other liabilities 1,006,000 1,682,000 2,022, Other financing 242,007, ,941, ,417, Current liabilities 861,692, ,398, ,156,000

21 Short term debts, including tax 363,281, ,650, ,686,000 liabilities and provisions 22. Other short term liabilities 498,411, ,748, ,470,000 Total Liabilities 1,156,821,000 1,166,226,000 1,203,595, Total Equity and Liabilities 1,734,608,000 1,791,249,000 2,015,080, Working capital -577,091, ,861, ,067, Number of Employees 11,521 11,794 12,034 Profit and Loss Account 26. Operating revenue 1,488,947,000 1,439,037,000 1,590,591, Net Sales Revenue 1,464,319,000 1,425,391,000 1,579,669,000 Export Turnover Financial Revenue 5,991,000 8,318,000 9,411, Total Operating revenue 1,494,938,000 1,447,355,000 1,600,002, Operating Profit 52,240,000 21,883,000 79,794, Operating Loss Extraordinary revenue Total revenue 1,494,938,000 1,447,355,000 1,600,002, Profit before taxes ,827, Loss before taxes 36,117,000 81,017, Operating Expenses 1,436,707,000 1,417,154,000 1,510,797, Cost of goods sold Expenses for materials 0 0 1,453,521, Expenses for employees ,276, Depreciation and Amortisation Other 1,436,707,000 1,417,154, Financial Expenses 94,348, ,218,000 50,378,000 Interest Paid Total operating expenses 1,531,055,000 1,528,372,000 1,561,175, Gross Profit Extraordinary expenses Total Expenses 1,531,055,000 1,528,372,000 1,561,175, Expenses for taxes -518,000-6,272,000 7,496, Profit/ Loss after taxation -35,599,000-74,745,000 31,331, Minority Interest Net Profit for the period ,331, Net Loss for the period 35,599,000 74,745, Financial Profit/ Loss -88,357, ,900,000-40,967, Extraordinary Profit/ Loss Added value -518,000-6,272,000 96,103,000 Key Ratios 52. ROE 0.00% 0.00% 3.86% 53. ROA -2.05% -4.17% 1.55% 54. ROIC % % -0.14% 55. OPERATING MARGIN 3.51% 1.52% 5.02% 56. NET PROFIT MARGIN -2.43% -5.24% 1.98% 57. TOTAL LIABILITIES/ASSETS 66.69% 65.11% 59.73% 58. TOTAL LIABILITIES/EQUITY 0.00% 0.00% % 59. CURRENT LIQUIDITY RATIO QUICK RATIO INVENTORY TURNOVER RATIO FIXED ASSETS TURNOVER RATIO TOTAL ASSETS TURNOVER RATIO EBIT -124,474, ,917,000-2,140, EBITDA -124,474, ,917,000-2,140, NCF -35,599,000-74,745,000 31,331,000

22 020 INTERVIEW Nestle Bulgaria sees 2014 profit exceeding projections Juan Carlos Peralejo, Nestle country manager for Bulgaria The Bulgarian unit of global food giant Nestle expects to end 2014 in line with its expectations and even exceed its profitability projections slightly, Nestle s country manager for Bulgaria said. Nestle Bulgaria s revenues from operations are expected to reach 330 million levs ($211 million/168.7 million euro) in 2014, Juan Carlos Peralejo told SeeNews on the sidelines of a media event in Sofia. Nestle s ice-cream business in Bulgaria, which is a significant part of the company s operations, has been undermined by this year s bad weather. I am very optimistic about next year [in terms of sales]. We have a balanced portfolio and if we don t sell ice-cream, we sell coffee or confectionery and we also have made very good progress in our export business, Nestle Bulgaria s country manager said. A total of 30% of Nestle Bulgaria s turnover is generated by from exports, he added. Overall, the food and beverage market in the country could be categorised as polarised because sales in the affordability and high-end categories are growing, according to Peralejo. What is suffering more is the portfolio in between, he added. Luckily, the affordability category accounts for 52% of the company s portfolio. While Nestle Bulgaria operates in a total of 8 segments, the market shares of just seven of them are measured. The company is among the market leaders in them all. Nestle Bulgaria expects to be a market leader in four segments it operates in (coffee, culinary, breakfast cereals and ice cream) in 2014 and to rank second in another three (confectionery, infant nutrition and pet food). In the total seven [segments] we have more than 40% market share in [terms of] value, which means that out of 100 levs, more than 40 are spent on Nestle products, Peralejo said. Compared to last year, the company is expected to post a slight increase in market share even though it is not easy for a company as large as Nestle to have a variance in market share, according to the country manager. Peralejo also said that the company intends to keep its investments in 2014 at $15 million in keeping with other years. Earlier this year, Nestle Bulgaria invested 12.8 million levs in the renovation of a production line for a new type of KitKat sweet at one of the company s plants in the country. We are not planning new lines for the time-being. So the investment will be mainly in maintenance and innovation and also in the ice-cream factory, he said. The company will also keep investing in training its employees, both in production and in management. Nestle entered the Bulgarian market 20 years ago. It operates a chocolate factory in Sofia and another one for ice-cream production in Varna, on the Black Sea coast. It employs 1,500 people. Among Nestle Bulgaria s most wellknown brands are the beverages Nescafe, Nesquik and Nestea, breakfast cereals nesvita and Fitness, instant soups and stocks Maggy, chocolate products Nestle, LZ, Mura and KitKat, and ice-creams Boss, Magnum, Familia and Aloma. Nestle products can be found at more than 60,000 sales points in Bulgaria. (1 euro= Bulgarian levs) interview-nestle-bulgaria-sees profit-exceeding-projections

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24 022 Latest fmcg news Slovenia gets multiple non-binding bids for food co Zito LJUBLJANA (Slovenia), November 6 (SeeNews) - Slovenian state holding firm SDH said it has received multiple non-binding bids for a 51.55% stake in food company Zito Group The deadline for the submission of indicative offers by interested parties expired on October 31. SDH, which is coordinating the two-round sale process, said in a statement investors that have submitted the most economically advantageous offers and at the same time have shown the financial and legal abilities to complete the acquisition will be invited to the second phase of the tender. The consortium of shareholders that are selling Zito shares comprises Modra Zavarovalnica, SDH, KD Kapital, Adriatic Slovenica, KD Dividendni, KD Galileo, KD Rastko and NLB Funds. Zito Group posted an 11% increase in its net profit to 602,000 euro ($753,000) in the first half of 2014 as consolidated net sales edged up 0.3% to 53.7 million euro. The main line of business of Ljubljana-based Zito Group is flour milling and production of bread and other bakery products, confectionery and pasta. It also produces frozen foods, rice, tea and spices. Zito is among the 15 companies that the Slovenian government listed in mid-2013 for privatisation. ($= euro) Turkey s Yildiz Holding to acquire British co United Biscuits ISTANBUL (Turkey), November 4 (SeeNews) Turkish conglomerate Yildiz Holding said it has agreed to acquire British biscuits and snacks maker United Biscuits from private equity funds managed by Blackstone and PAI Partners. The acquisition will make Yildiz Holding the third largest biscuits maker in the world and will enhance its position in the biscuits and snacks market, the Turkish company said in a statement. Yildiz Holding said it had vied with U.S. food company KelloggCo and Canadian pension fund manager Ontario Teachers Pension Plan for United Biscuits. Financial details of the deal were not disclosed. Yıldız Holding intends to apply the same independent management model to United Biscuits as to its chocolate subsidiary Godiva, acquired in We look forward to being part of Yildiz as we continue to fulfil our growth potential both in the UK and abroad where we are looking to expand our share of the biscuit and snacking markets and where there is huge potential for all our brands, United Biscuits CEO Martin Glenn said in a separate statement issued by Blackstone on Monday. The transaction is expected to be closed soon, Blackstone noted. United Biscuits is the sixth largest biscuits maker in the world. It has 14 factories, of which 11 are in Europe. The other three are in Nigeria, Saudi Arabia and India, employing a total of 7,171 people. The company generated sales of billion British pounds ($1.834 billion/1.466 billion euro) in 2013, Yildiz Holding added. Yildiz Holding has agreed to pay 2.0 billion pounds for United Biscuits, the company s chairman Murat Ulker said as quoted by Turkish news agency Anadolu Ajansi on Tuesday, confirming media reports. Ulker has said in a press conference that Yildiz Holding will finance 60% of the acquisition from its own sources and will use a loan for the remaining 40%, according to the news agency. (1 euro = British pounds) Croatia s Atlantic 9-mo cons net profit up, cuts FY sales target ZAGREB (Croatia), October 30 (SeeNews) - Croatia s Atlantic Grupa said its consolidated net profit rose 12.37% to million kuna ($36.5 million/29.1 million euro) in the first nine months of Atlantic Grupa is a regional distributor of fast-moving consumer goods and a producer of functional foods and supplements. It also owns a pharmacy chain in Croatia. The company said in a bourse filing it has cut its full-year consolidated sales guidance and now expects sales to grow by 4.3%, down from the 7.7% margin forecast earlier, to 5.22 billion kuna. The sales outlook has been downgraded due to a doubling of price discounts prompted by extremely aggressive price competition as well as due to the record floods that hit the region in May that depressed consumption; adverse weather conditions during the summer tourist season which dampened beverage consumption; and the continued depreciation of the Russian ruble and Serbian dinar, among other factors, the company said. At the same time, Atlantic Grupa said the forecast for a growth of 8.3% to 460 million kuna in full-year earnings before interest and taxes (EBIT) has been affirmed. The company s total consolidated income rose 0.97% to 3.84 billion kuna in the nine months through September, while total expenses climbed to 3.58 billion kuna from 3.55 billion kuna. Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 0.7% to million kuna through September. Capital expenditures amounted to million kuna, up from the 67.1 million invested in the same period last year. The largest sales growth through September was

25 achieved on the Slovenian market (19.8%) which represents 15.2% of total sales. Croatia is the group s largest market in terms of sales with a 25.7% share and with growth of 6.4% in the first nine months of The group s sales in Russia and the Commonwealth of Independent States recorded growth of 6.2% through September, making up 5.9% of total consolidated sales. (1 euro=7.66 Croatian kuna) 9-mo-cons-net-profit-up-cuts-fy-sales-target Croatia s Podravka 9-mo net profit down 15% ZAGREB (Croatia), October 30 (SeeNews) - Croatian food, beverage and drug producer Podravka said its net profit fell to 83.5 million kuna ($13.7 million/10.9 million euro) in the first nine months of 2014 from 98.7 million kuna a year earlier. The company s total revenue decreased to 2.63 billion kuna in the nine months through September from 2.69 billion kuna in the same period last year while total expenses edged down 1.93% to 2.53 billion kuna, Podravka said in a statement. Podravka continued to restructure its business operations in 2014 by closing the low-profit segment of the bakery in early April. At the end of last year the company discontinued operations on the fresh meat and frozen food segments. In April, contracts were signed on the transfer of trademarks, recipes and equipment and on acquiring the business of production and sales of canned meat pates and canned meat products between Podravka and PIK Vrbovec. These contracts have enabled Podravka to take over the canned meat programme and brands of PIK Vrbovec for further production and sales in all markets, the company added. (1 euro=7.66 Croatian kuna) Slovenia s Mercator opens subscription for new share issue LJUBLJANA (Slovenia), October 27 (SeeNews) Slovenian retailer Mercator said subscription for its new share issue, which is part of a planned 97 million euro ($123 million) capital hike, started on Monday and will close on November 15. Only Agrokor Investments, a unit of Croatian food-to-retail concern Agrokor which owns 80.75% in Mercator, will be eligible to take part in the subscription, Mercator said in a bourse filing. Mercator said last week it will raise its capital to million euro through in-kind and cash contributions. The 023 company will issue at least 2,325,582 ordinary registered no par value shares in dematerialised form with a notional value of euro and an issue price of 86 euro each. The capital increase will be considered successful if all 2,325,582 shares are paid up for. ($= euro) Bosnia s Bingo notifies anti-trust body of plans to acquire Intermarche unit SARAJEVO (Bosnia and Herzegovina), October 24 (SeeNews) - Bosnian retailer Bingo has notified to the local anti-trust authorities its plans to take over C.D.E.B. Trgovacko Drustvo, a unit of French retailer Intermarche, official data indicated. Intermarche operates under the Interex brand in the Balkan state. Bingo also plans to acquire local real estate firm European Retail Company, a document posted on the website of Bosnia s Competition Council showed. In September, local media reported that the local retailer plans to take over in the next couple of months 25 retail units from Intermarche and that there was market talk that Bingo, owned by Bosnian businessman Senad Dzambic, was also eyeing around 20 retail units operated in the country by ailing Slovenian company Tus. The planned business concentration will have an impact on the retail trade with foodstuffs and consumer goods in Bosnia, the document showed. Unofficial estimates that have appeared in local media put the price tag of the acquisition of the Interex supermarkets at around 30 million euro ($38 million), similar to the amount that Bingo was reportedly ready to pay for the Tus stores. According to Bosnian media, Tuzla-based Bingo, set up in 1993, operates around 100 stores, ranking as the country s second largest retailer behind recently merged peers Konzum and Mercator. If Bingo goes through with its reported acquisition plans, the move would add to the recent shakeup of Bosnia s retail landscape which saw Belgian food retailer Delhaize Group exit the market this summer, selling its 39 stores there to Tropic Group B.V. Podravka appoints new director for SEE markets ZAGREB (Croatia), October 16 (SeeNews) - Croatian food, beverage and drug producer Podravka said on Thursday it has appointed Milan Tadic as its new director for the Southeast European markets.