Podravka Grouppodravka-cdn.azureedge.net/repository/files/2/d/2d... · Investor relations Podravka Group Business Results Jan-Sep 2010 New products in BP Meat 11 Meat ragout can bee

Podravka Group Business Results Jan-Sep 2010Investor relations

November 2010

Podravka Group

Overview of the business results for the period

January-September 2010


Content

Overview

Sales

Business results

Share performance

Guidelines for 2010

November 2010


November 2010

This presentation contains certain forward-looking statements with respect to the

financial condition, results of operations and business of the Podravka Group. These

forward-looking statements represent the Company's expectations or beliefs

concerning future events and involve known and unknown risks and uncertainties that

could cause actual results, performance or events to differ materially from those

expressed or implied in such statements.

Disclaimer

3


Overview

November 2010


analysis has shown that

Vegeta has extremely great

expansion potential in the

special food seasonings

segment, so 25 new special

food seasonings under the

Vegeta brand were launched

on the Polish market

November 2010

Overview of key events

on 8th February 2010

Podravka d.d. issued the

second tranche of commercial

notes amounted HRK 130

million

Podravka soups won the

«Trusted brand 2010» award

Podravka d.d. stock entered

the blue chip index of the

Zagreb Stock Exchange

CROBEX10 on 29 March

2010

the operating costs/expenses

of the Podravka Group are

HRK 115.3 million lesser

(-5%)

the realised net profit of the

Podravka Group is HRK 82.3

million, which represents a

95% growth compared to the

same period of the year

before

changes in Management

Board and Supervisory Board

of Podravka d.d.

Podravka´s products that

have received Superior Taste

Award are: Studenac, Mild

Ajvar, Lino lada, Doughnut

mix, Corn bread mix and

Seed bread mix

5

Podravka’s Vegeta Natur was

announced Hit FMCG product

of 2010 in Poland

Podravka d.d. received a put

option note from the OTP

Bank for 10.64% shares held

by FIMA AMI Ltd. and they

also activated call option for

the relevant shares


Awards in 2010Superior Taste Award 2010

6

Trusted Brands Croatia in 2010

• Podravka soups won the «Trusted brand

2010» award on the grounds of a survey

on preferences conducted among readers

of Reader’s Digest who during May and

June had to assess brands they trust the

most.

Best novelty in 2010 – Czech

Republic

• Vegeta Natur has won at the

prestigious independent

competition Consumer choice –

Best Novely 2010 in the Czech

Republic

Hit FMCG in 2010 - Poland

• Vegeta Natur was announced Hit

FMCG product of 2010 in Poland

in the selection of the prominent

merchant magazine, Žicie

Handlowe.

• Superior Taste Award awarded by

International Taste &

Quality Institute from Bruxelles –

one of the leading world organisations

which test the quality of taste of all

product categories from the food and

beverage segment.

• Studenac brand found itself among

top products and was rated with

maximum three star grade, which

placed it in the category of products

with supreme taste and quality.

• other awarded products are:

Ajvar Mild, Lino lada, Doughnut mix,

Corn bread mix and Bread mix with

seeds.

November 2010


New products in BP Dishes and Food seasonings

7

Vegeta do … / Vegeta for ... is an offer for modern consumers who appreciate perfectly seasoned dishes with a rich and distinguished taste. The line consists of 15

classic food seasoning compositions of the highest quality dehydrated herbs and vegetables carefully selected for the most popular dishes, equally for traditional Polish

dishes – among others with minced meat, bigos, tripes, chicken, as well as for world dishes – for Chinese, Mexican and Italian dishes all up to kebab or meat sticks.

Thanks to this rich offer of food seasonings from the Vegeta do… / Vegeta for …, our favourite dishes can be quick, simple and easy.

Vegeta Natur do … / Vegeta Natur for... was created inspired by the richness of nature. Each of 10 original food seasonings Vegeta Natur for...contains only

natural and finely selected ingredients – aromatic herbs, dehydrated vegetables and fresh spices. The products contain no artificial additives, flavour enhancers or

preservatives. Food seasonings from the series Vegeta Natur for ... offer a range of interesting compositions, equally for warm dishes – mushroom dishes, potato

dishes or baked vegetables as well as for cold dishes – for kefir, cottage cheese with cream, tomato and mozzarella and all kinds of different salads.

Special food seasonings on the market of Poland under Vegeta brand

November 2010


New products in BP Dishes and Food seasonings

8

Soup with vegetable and semolina dumplings, Soup with meat and

semolina dumplings and Soup with liver and semolina dumplings are new

Podravka soups where each bag of soup contains extra quantities of two different

kinds of dumplings.

Vegeta universal marinade, Vegeta piquant marinade, Vegeta Mediterranean

marinade and Vegeta garlic marinadeare for all those who desire a moderate and

compact taste of meat and fish dishes, goulash and vegetable stews. The exquisite

combination of oil and vinegar, dehydrated vegetables and spices in these Vegeta

marinades guarantee an irresistible taste of all your barbecues, roasts and similar.

Products contain no preservatives, flavour enhancers nor aromas.

Fant seasoning mix for chilli con carne is an ideal base for preparing this piquant seasoned

dish.

Fant seasoning mix for meat and vegetables in a wok assists in simple preparation of exotic

dishes.

Fant seasoning mix for stewed vegetables Ratatouille helps prepare vegetable specialties

containing a combination of different vegetables and a selection of fine herbs.

Fant seasoning mix for Stroganoff is an ideal base for preparing the famous Russian dish

Stroganoff.

November 2010


New products in BP Podravka food

9

Lino vanillino flakes with an irresistible taste of vanilla, containing 7 vitamins and white

chocolate.

Lino pillows are an excellent choice for the start of the day and offer delight in the

extraordinary taste coming from a combination of top quality cereal and crunchy cocoa cream

filled pillows.

Lino keksolino apple is an excellent combination of cereal, biscuits and real apple with 9

vitamins and calcium.

Premium chocolate pudding will capture you with its rich

chocolate and creamy taste and a perfect combination of

cocoa and chocolate gives the pudding a distinctive dark

chocolate colour.

Premium bourbon vanilla pudding will attract all vanilla

fans with its tempting aroma and the rich and creamy taste

of vanilla bourbon.

Rum sugar and Bourbon vanilla sugar are splendid secret

helpers that everyone should have in the kitchen.

Green olives, Green pitted olives and Green

olives stuffed with pepper paste. By taking over

the SMS brand, loyal customers have been offered

a recognisable traditional recipe and quality now

refreshed by a new design.

Eva Tuna salad Americana is prepared from carefully

selected pieces of the finest tuna fish and the best chunks of

vegetables and spices from various worldwide cuisines.

Eva Tuna chunks in own juice are prepared from chunks

of tuna meat in own juice, respectively, in brine without the

usual addition of oil.

Eva Salmon fillets in olive oil and Eva Mackerel fillets in

olive oil are high quality products that can be used as a

standalone meal but also provides many opportunities for

combining with other ingredients.

November 2010


New products in BP Beverages

10

Instant mate tea with orange and guarana aroma refreshes and invigorates

body and soul. Apart from its great taste it is enriched with vitamin C in the

amounts that will satisfy 30% of daily allowances of vitamins.

Instant yellow tea with mango and lichi aroma is 15 g of pure pleasure.

Apart from its great taste it is enriched with vitamin C in the amounts that will

satisfy 50% of daily allowances of vitamins.

Instant green tea with added real lemon juice will thrill your palates. Apart from

its great taste it is enriched with vitamin C in the amounts that will satisfy 30% of

daily allowances of vitamins. Practical preparation is also one of its traits

Apart from the real tea extract, Instant black tea also contains powder cinnamon and real honey,

giving the tea a special thrilling taste. Apart from its great taste it is enriched with vitamin C in the

amounts that will satisfy 30% of daily allowances of vitamins. The preparation is simple and

practical.

Lero instant drink with natural orange flavouring and

Lero instant drink with natural lemon flavouring are

refreshing drinks with rich orange and lemon taste enriched

with nine vitamines. One glass of Lero instant drink prepared

from 15 g of instant grains dissolved in 200 ml water, meets

50% of daily recommended allowances for added vitamins.

Lero instant drink quenches thirst in hot summer days, and in

winter time it revives the body worn down by cold. The

product is of exceptional quality and full scent, taste and

aroma, enriched with vitamins, necessary to maintain body

health.

November 2010


New products in BP Meat

11

Meat ragout can bee used as sauce for different kinds of pasta

or potatoes, but can also be used to make soufflés, lasagne,

cannelloni, moussaka, and stuffing for different kinds of

vegetables.

It is extremly practical product because it shortens the time

needed to prepare the favorite dishes.

Smoked bacon is a durable product made in technological process

that includes salting, drying, ripening and smoking. It has very strong

smell of smoke and fullness of taste. An ideal proportion of meat

and fat make this product a delicacy.

Garlic sausage and homemade spicy sausage

are durable smoked sausages produced from high

quality meat that provides an ultimate gourmet

delight.

November 2010


New products in OTC drugs

12

Lupocet flu forte is an OTC drug intended for alleviating

the symptoms of cold and flu such as nose running and

itching, watery eyes, hoarseness, cough, headache, fever

and exhaustion.

Lupocet flu forte contains active substance with wide effect:

paracetamol, chlorphenamin and vitamin C (ascorbic acid).

Lupocet belongs to a class of drugs that act as analgesics

(painkillers) and antipyretics (fever lowering drugs). Lupocet

effervescent tablets are designed to ease the pain of different

origin: headache, toothache, flu conditions, pain in the area of a

nerve, nerve inflammation, inflammatory damage to peripheral

nerves, sciatica, muscular rheumatism, pain after operations and

injuries, painful menstruation and to reduce elevated body

temperature.

Floceta lotion is applied to relieve the skin

burns after sunbathing with mild inflammatory

changes in the skin.

It is based on natural ingridients: camomille

liquid extract, marigold liquid extract and

bisabolol from cammomile essential oil.

Floceta lotion soothes, cools and regenerates

the damaged skin after excessive sun

exposure or other injuries.

November 2010


Sales

November 2010


Sales of the Podravka Group

HRK mn

3,6603,218 3,295 3,441 3,468 3,432

Sales on domestic and foreign markets

2002 – September 2010

Domestic market

Foreign markets

Group-CG**

Total Grupa

CAGR*2002 – 2009

*Compound Annual Growth Rate

3.9%

4.5%

4.9%

3.0%

**Group-CG Group without commercial goods

14

2,747 3,587

1,5211,748 1,769 1,829 1,881 1,938 1,947 1,869

1,282

1,226

1,470 1,5261,612 1,587 1,494

1,713 1,718

1,312

2002. 2003. 2004. 2005. 2006. 2007. 2008. 2009. 1.-9.2010.

2,594

November 2010

2002 2003 2004 2005 2006 2007 2008 2009 Jan-Sep 2010


49.4%

23.1%

14.0%

8.1%

5.4%

Croatia

South-East Europe

Central Europe

Western Europe, overseas countries & the Orient

Eastern Europe

Sales structure per markets for Jan-Sep 2010

Sales structure of Podravka Group per markets

Sales structure of SBA F&B per markets

Sales structure of SBA Pharmaceuticals per

markets

(Bulgaria, Pribaltic, Romania, Russia, Ukraine, other countries of EE))

(Albania, Bosnia and Herzegovina, Montenegro, Kosovo, Macedonia, Slovenia, Serbia)

(Czech Republic, Hungary, Poland, Slovakia)

(Austria, Australia, Benelux, Canada, France ,Germany, Great Britain, Scandinavia, Switzerland, Turkey, USA, other countries )

15

47.1%

22.7%

16.4%

10.0%3.8%

59.0%24.7%

4.2%

11.7%

November 2010


23%

15%

13%9%

5%

13%

8%

14%25%

16%

13%8%

4%

13%

8%

13%

Food seasonings

Fruit and vegetable products, side dishes and other

Baby food, sweets and snack

Podravka dishes

Fish and fishery products

Meat products

Beverages

Other

+3%

-2%

+2%

-6%

-9%

-3%

-12%

-7%

SBA Food & Beverages

Sales of SBA Food & Beverages in Jan-Sep 2009 HRK 2,139.9 mn -3%

16

Sales structure of SBA Food & Beverages per product group

Sales of SBA Food & Beverages in Jan-Jun 2010 HRK 2.078,9 mn -3%

Jan-Sep 2009

Jan-Sep 2010

November 2010


21%

18%

11%11%

7%

5%

27%

22%

16%

17%

10%

5%

4%

26%

Blood & Blood forming organs, Heart & Cardiovascular system

Musculoskeletal & Nervous system

Dermatologicals

OTC

General anti-infectives & Antiparasitic Medicines

Respiratory, Digestive & Genitourinary system

Other (Farmavita, Pharmacies, other)

SBA Pharmaceuticals

Sales of SBA Pharmaceuticals in Jan-Sep 2009 HRK 523.6 mn +7%

17

Sales structure of SBA Pharmaceuticals according ATK classification

Sales of SBA Pharmaceuticals in Jan-Sep 2010 HRK 514.9 mn -2%

Jan-Sep 2010

Jan-Sep 2009

-1%

-12%

+45%

-15%

-19%

-16%

-3%

November 2010


Croatian market

Market characteristic

total sales decrease -8%

total sales HRK 1,282.1 mn

sales decrease of Podravka brands -8%

presence of the crisis on the domestic market

Sales by SBA

Organic sales per Business programs

k

change

-8%

-8%

18

76,3%

24%

76%

24%

November 2010

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

BP DISHES AND FOOD

SEASONINGS

BP BEVERAGES BP PODRAVKA FOOD

BP MEAT

Food & Beverages

Pharmaceuticals


Food & beverages

Pharmaceuticals

21%

47%

9%

13%

4%

0%

6% Slovenia

B&H

Macedonia

Serbia

Kosovo

Albania

Montenegro

79%

21%

South-East Europe market

total sales decrease

total sales HRK 599.5 mn

sales decrease of Podravka brands -4%

crisis on the market of South-East Europe

Slovenia: very good sales of Čoko and Čokolešnik

sales decrease of syrups and powder beverages

Market characteristic Sales per countries

k

change

Sales per SBA

-5%

-15%

SEE: Albania, Bosnia and Herzegovina, Montenegro, Kosovo,

Macedonija, Slovenia, Serbia

19

-7%

0%

-10%

0%

-13%

+3%

-49%

-7%

November 2010


94%

6%

Central Europe market

total sales increase +8%


Poland: sales increase of food seasonings +17%

Slovakia: sales increase of side dishes +80%


k

change

-3%

+4%

-4%

+24%

Sales per SBA

+6%

+30%

CE: Czech Republic, Hungary, Poland, Slovakia

20

Poland: sales increase of tomato based

products +40%

32%

20%9%

39%

November 2010

Food & beverages

Pharmaceuticals

Czech Republic

Slovakia

Hungary

Poland


99%

1%

Western Europe, Overseas countries & the Orient



sales increase of Podravka brands +19%

Australia: sales increase of food seasonings +42%

Austria: sales increase of food seasonings +13%

Turkey: succesfull sales of food seasonings


k

change

-2%

+36%

+11%

+32%

+34%

Sales per SBA

+20%

+174%

WE, OC & the Orient: Austria, Australia, Benelux, France, Canada, Germany,

Great Britain Scandinavia, Switzerland, Turkey, USA, other countries of WE

21

22%

20%

14%

12%

32%

November 2010

Food & beverages

Pharmaceuticals

Germany

Australia

USA

Austria

Other countries


57%

43%

70%

19%

6%5%

Eastern Europe market



Romania: sales increase of food seasonings +12%

Bulgaria: sales increase of food seasonings +19%


k

change

+41%

+17%

-14%

+12%

Sales per SBA

-3%

+130%

EE: Pribaltic, Romania, Russia, Ukraine, other countries of EE

22

Russia: sales increase SBA Pharmaceuticals

November 2010

Food & beverages

Pharmaceuticals

Russia

Romania

Pribaltic

Other countries


Business results

November 2010


Podravka Group business resultsHRK mn

24

PODRAVKA GROUP REPORTED

RESULTS

RESULTS

CORRECTED

FOR ONE-OFF

ITEMS

change

(reported

results)

change

(results

corrected for

one-off items)

Jan-Sep

2010

Jan-Sep

2009

Jan-Sep

2010

Jan-Sep

2009

Jan-Sep 2010

/ Jan-Sep2009

Jan-Sep 2010

/ Jan-Sep2009

Sales 2,593.8 2,663.5 2,593.8 2,663.5 -3% -3%

Gross profit 1,079.3 1,072.0 1,079.3 1,072.0 1% 1%

EBITDA 275.9 244.4 311.6 278.8 13% 12%

EBIT 159.3 123.2 195.0 157.6 29% 24%

Net profit 82.3 42.2 118.0 76.6 95% 54%

Profit margins %

Gross margin 41.6 40.2 41.6 40.2 140bp 140bp

EBITDA margin 10.6 9.2 12.0 10.5 140bp 150bp

EBIT margin 6.1 4.6 7.5 5.9 150bp 160bp

Net margin 3.2 1.6 4.5 2.9 160bp 160bp

November 2010


Business results of SBA Food & BeveragesHRK mn

25

SBA FOOD & BEVERAGES REPORTED

RESULTS

RESULTS

CORRECTED

FOR ONE-OFF

ITEMS

change

(reported

results)

change

(results

corrected for

one-off items)

Jan-Sep

2010

Jan-Sep

2009

Jan-Sep

2010

Jan-Sep

2009Jan-Sep 2010

/ Jan-Sep2009

Jan-Sep 2010

/ Jan-Sep2009

Sales 2,078.9 2,139.9 2,078.9 2,139.9 -3% -3%

Gross profit 801.0 804.4 801.0 804.4 0% 0%

EBITDA 186.0 165.2 219.5 196.8 13% 12%

EBIT 101.7 78.1 135.2 109.6 30% 23%

Net profit 53.1 25.1 86.6 56.7 112% 53%

Profit margins %



EBIT margin 4.9 3.6 6.5 5.1 130bp 140bp

Net margin 2.6 1.2 4.2 2.6 140bp 160bp

November 2010


Business results of SBA PharmaceuticalsHRK mn

26

SBA PHARMACEUTICALS REPORTED

RESULTS

RESULTS

CORRECTED

FOR ONE-OFF

ITEMS

change

(reported

results)

change

(results

corrected for

one-off items)

Jan-Sep

2010

Jan-Sep

2009

Jan-Sep

2010

Jan-Sep

2009

Jan-Sep 2010

/ Jan-Sep2009Jan-Sep 2010

/ Jan-Sep2009

Sales 514.9 523.6 514.9 523.6 -2% -2%

Gross profit 278.3 267.6 278.3 267.6 4% 4%

EBITDA 89.9 79.2 92.1 82.0 14% 12%

EBIT 57.6 45.2 59.8 48.0 27% 25%

Net profit 29.2 17.1 31.4 19.9 71% 58%

Profit margins %



EBIT margin 11.2 8.6 11.6 9.2 260bp 240bp

Net margin 5.7 3.3 6.1 3.8 240bp 230bp

November 2010


DEBT RATIOS**

Podravka Group balance sheet (summary)

HRK mn

PODRAVKA GROUP31 /12/2009 31/12/

2009

27

LIQUIDITY RATIOS

30/09/

201030/09/2010

Debt/ equity* 90% 100%

Debt / assets 38% 39%

Net debt 1,370.5 1,449.0

Senior net Debt 3.4 3.9

Interest coverage 2.8 2.2

Non-current assets 2,071.3 2,131.3

Current assets 1,951.8 2,005.4

Inventories 696.4 646.8

Trade and other receivables 1,086.4 1,187.0

Cash and cash equivalents 154.2 145.3

Other current assets 14.9 26.3

TOTAL ASSEST 4,023.1 4,136.7

Shareholders' equity* 1,688.3 1,597.7

Non-controlling interests 34.2 34.4

Non-current liabilities 434.3 826.1

Long-term borrowings 399.2 789.2

Other non-current liabilities 35.1 36.8

Current liabilities 1,866.3 1,678.6

Trade and other payables 723.1 849.1

Financial liabilities at fair value through P&L 367.8 -

Short-term borrowings 757.7 805.1

Other current liabilities 17.6 24.5

TOTAL EQUITY AND LIABILITIES 4,023.1 4,136.7

Cash ratio 0.1 0.1

Quick ratio 0.7 0.8

Current ratio 1.0 1.2

* attributable to the equity holders of the parent

November 2010

PROFITABILITY RATIOS**

ROE 8.4% 6.3%

ROA 3.5% 2.4%

** ratios are calculated without one-off items (ratios for 2010 are

annualised)


399,202

789,216916,321

467,498

525,335515,358

512,193

183,81085,661

74,148

171,398

186,785

613,279621,240772,795

575,068

285,462

130,855

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jan-Sep 201020092008200720062005

Short term debt

Current part of LTD

Long term debt

intebtedness in relation to

31/12/ 2009

Podravka Group indebtedness movement

HRK mn

40%

26%

833.0 982.2

Indebtedness movement and debt structure

2005 – 30/09/2010

Debt structure 30/09/2010

1,116.7 -4.4%1,774.8

28

1,594.3

34%

100%

1,524.7

November 2010


102,911 89,494 59,369 91,893 113,360 101,972

552,248

254,911327,813

704,319

938,340

622,870

177,839

637,790 729,532

978,565

542,566

799,832

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2005 2006 2007 2008 2009 Jan - Sep 2010

November 2010

2010

/ 2009

Currency structure of the Group' s debt

Debt structure

per currency

on 30/09/2010

52% +47%

41% -34%

7% -10%

Currency structure of the Group's debt

2005-30/09/2010

debt refinancing by new

corporate bond

denominated in HRK

29

second tranche

of commercial

notes

EUR

HRK

other curencies

HRK mn

first tranche of

commercial

notes


63%17%

12%

8%

63%17%

11%

9%

Structure of operating costs / expenses

HRK 2,522.2 mnHRK 2,406.9 mn OPERATING COSTS

% of sales

30/09/2009

Total

2010 / 2009

60%

16%

11%

8%

95%

-5%

-3%

+2%

-14%

-5%

Jan-Sep 2009

% of sales

30/09/2010

58%

16%

11%

7%

93%

30

Jan-Sep 2010

November 2010

Cost of goods sold

Selling & distribution costs

Marketing expenses

General & administrative expenses


Share

November 2010


Comparative indices movement November 2010

January 2009 - September 2010 (1st January 2009 = 100)

CROBEX 5.51% CROBEX 10 7.99% CEERIUS 1.50%

INDEX WEIGHTING (31/10/2010)

Index

32

HRK

0

50

100

150

200

250

300

350

400

50

70

90

110

130

150

170

190

BEUFOOD Index

CRO Index

SETXEUR Index

CETOP20 Index

PODRRA CZ Equity


255

221

186 193

244

270

238 247272

306 296 287

336 342327

347322

289278

288288 284

-

10

20

30

40

50

60

70

80

150

200

250

300

350

400

450

500

550

VOLUME WACP

Share price and volume movement '000 piecesHRK

Last price 276.43

Highest price 400.00

Lowest price 240.00

Turnover (HRK mn) 80.44

Mcap (HRK mn) 1,498.25

33

2009

296.99

338.50

176.00

100.45

1,609.70

BLOOMBERG

PODRRA:CZ

ZAGREB STOCK EXCHANGE

PODR-R-A

REUTERS

PODR.ZA

TICKERS RECOMMENDATIONS

HAAB

BUY

ERSTE

HOLD

RBA

HOLD

INTERCAPITAL

BUY

Jan-Oct 2010

November 2010


Shareholders structure as of 29 October 2010November 2010

Total 5,420,003

576,880

575,598

534,170

439,810

349,974

325,163

324,291

321,804

176,512

79,539

177,511

1,538,751

CPF (Croatian Privatization Fund), CIPI ( Croatian Institute for Pension Insurance), MPF (Mandatory Pension Fund)

TOP 10 68.3%

other legal and natural persons 31.7%

34

*omnibus custody account


Guidelines for 2010

November 2010


2010

Guidelines for 2010November 2010

planned SALES GROWTH

improvement of operating efficiency / optimization of business processes / cost control

indebtedness reduction / financial stability

organic growth / development of new products

strengthening of market shares / key brands and categories extension

planned EBITDA margin

planned EBIT margin

-5%

11%

6%

+2%

12%

6%

E

S

T

I

M

A

T

E

36


Irena Kos

Voditeljica Odnosa s investitorima

PODRAVKA d.d.

Telefon: + 385 1 489 19 13

Fax: + 385 1 489 19 99

E-mail: [email protected]

Investor relations

[email protected]

mailto:[email protected]



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Podravka Grouppodravka-cdn.azureedge.net/repository/files/2/d/2d... · Investor relations Podravka Group Business Results Jan-Sep 2010 New products in BP Meat 11 Meat ragout can bee