* 2009 results as the co expected, sees growth in 2010
* Closely eyeing acquisition opportunities home and abroad
By Igor Ilic
ZAGREB, Jan 27 (Reuters) - Croatia's leading food and
healthcare firm Atlantic Grupa <ATGR.ZA> posted a double-digit
growth in 2009 despite a fall in consumer spending and sees
further growth this year, its chief executive said on Wednesday.
"For 2010 we see sales rising another seven percent and EBIT
(earnings before interest and taxes) some 10 percent, which is
an ambitious plan in a stagnating environment," Emil Tedeschi
told Reuters in an interview.
"Last year we lived up to our expectations of a double-digit
revenue and EBIT growth. It is a great result in a recession
year," he said.
Atlantic Grupa, which is both a producer and retailer, is in
some 30 markets in the European Union and the Balkans and earns
40 percent of revenues abroad.
The consolidated 2009 results will be released in March. Its
2008 net profit was 78.4 million kuna ($15.08 million) on
revenues of 2 billion kuna.
The company's shares, which closed at 717.97 kuna on
Tuesday, had the biggest growth on the local equity market in
2009, rising 48 percent, while the Zagreb stock market index
Crobex <> rose 16 percent in the same period.
Tedeschi said the company had restructured before the
recession and had relatively low debt, which helped it sail
through the downturn.
"Our financial potential is solid and Atlantic can secure
enough funds on the capital markets for even bigger
transactions. That's why we can consider further investments and
eye potential acquisitions at home and abroad," he said.
ACQUISITIONS
Atlantic plans to bring its own new products to the markets
of the Czech Republic and Slovakia this year.
"Local distributors in those countries have approached us to
agree on the delivering of our products on the markets there,"
Tedeschi said.
Tedeschi is the majority owner of the firm, which has traded
on the Zagreb stock exchange since late 2007. Atlantic has
regularly posted a quarterly growth ever since.
Tedeschi said Atlantic was keen to gain control of another
Croatian food major, Podravka <PODR.ZA>, whose management is
under investigation for corruption.
Most analysts have for years seen Podravka, which operates in
central and eastern Europe, as an underperformer with strong
potential.
"We're interested in becoming a majority owner if
shareholders, including the state, conclude that a new ownership
scheme is necessary," Tedeschi said. The state owns 26 percent
in Podravka.
(Editing by Sharon Lindores)
($1=5.197 Croatian Kuna)
