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STRONG GROWTH OF AGROKOR'S REVENUES

Half-Yearly Results Announce Agrokor Group Results Above Average For The Year 2003

Ivica Todorić, President of the Agrokor Group, today presented Agrokor's half-yearly results in the presence of his associates Tomislav Lučić, Executive Vice President for Finance, Drago Munjiza, President of the Board of Konzum and Mislav Galić, President of the Board of Ledo. The Group's half-yearly results verify the proper set-up and implementation of its growth and development strategy. Consolidated revenues generated in the first six months of the year amount to Kn 3.9bn. Such strong increase in revenues of as much as 39%, exceeding by far the planned figures, definetely confirms Agrokor as one of the leading companies in Croatia and positions it among the biggest companies in the region that due to its clear vision, management know-how and continuous investments in technologies and people was able to achieve above-average results in an unstable and capricious transitional period. "In the first half of 2003 Agrokor invested over Kn 450m into new plants, new equipment and new knowledge, thus improving its operating efficiency. Currently several important investment projects are in process and works have started on seven large construction sites in Croatia. Only one year after the filling plant Sveta Jana in Jastrebarsko was taken into operation and due to the extraordinary market success of the Jana spring water, a new investment in the extention of the filling plant and the purchase of new lines is already in progress. This investment shall increase the capacities for the production of Jana spring waters several times and enable the realization of significant export business that will position Jana as a strong Croatian export brand and the Sveta Jana filling plant shall certainly become one of the strongest in Europe", said Ivica Todorić, President of the Agrokor Group. He also emphasized that the construction of the new plant in Bjelovarska industrija mesa (Bjelovar Meat Industry) of several thousand square meters, with state-of-the-art fresh and frozen meat processing and packing equipment, is about to be completed. Of Agrokor's most recent projects Ivica Todorić also pointed out the construction of a Super Konzum in Slavonski Brod and Konzum maxi in Kutina, which will be the first Konzum retail outlets in these towns, as well as the investment of Agroprerada in the fruits and vegetables cooling plant in Dugo Selo, which will be completely technologically modernized by this investment. Agrokor's this year's investments and its exceptionally good business concept have made it possible to employ more than 2000 people in the first six months of this year, whereby the total number of Group employees has reached 10000. Agrokor's companies have set aside part of their revenues to support numerous humanitarian, cultural and sports events throughout Croatia.