Podravka Group business results for the first six months of 2011

Net profit of Podravka Group in the first six months amounts to 55.6 million HRK which is an increase of 78% compared to the same period last year.

Net profit of Podravka Group in the first six months amounts to 55.6 million HRK which is an increase of 78% compared to the same period last year.

Revenues from sales of Podravka Group amounted to 1.724.2 million HRK, an increase of 4% compared to the same period in 2010. Sales of SBA Food and beverages amounted to 1.369.1 million, which shows increased sales by 4% compared to the same period last year.

Sales growth is the result of increasing sales on foreign markets (5%) and Croatian market where, for the relevant period, sales grew by 3%. Foreign markets, which recorded sales growth of SBA Food and beverages are the markets of Southeast Europe (5%), especially Serbian market (13%) and the market of Bosnia and Herzegovina (4%), the market of Central Europe (7%) with Czech Republic (17%) and Poland (12%) and the market of Western Europe, overseas and the Far East (5%) with the largest growing markets of Austria (49%) and Australia (12%).

SBA Pharmaceuticals achieved sales of 355.1 million HRK, which represents a sales increase of 2% over the same period in 2010. Overseas markets increased sales of SBA Pharmaceuticals by 9%, with the largest contribution of the market of Bosnia and Herzegovina (9%). Significant sales growth is recorded in Slovenia (44%), Russia (4%) and Turkey (170%).

Operating profit (EBIT) of Podravka Group is EUR 102.2 million HRK, indicating an increase of 37% and the EBIT margin was raised to 5.9%.

Detailed information about Podravka Group business results for the first six months of 2011 can be found on Podravka d.d website under Investors / Financial reports / Disclosure of Business Results.