This is the second increase in Zagrebački holding's credit rating in the past few months and, among other things, reflects the agency's expectations that Zagrebački holding, with the implementation of the initiated organizational, operational and financial restructuring measures, will reach the planned goals by the end of this year despite the challenging macroeconomic and energy environment.
Moody's raised Zagreb Holding's long-term rating by two levels on Tuesday (July 19th 2022), from Ba1 to Baa2, placing it in the investment category, with a stable outlook. The credit rating followed Moody's decision to raise the rating of the Republic of Croatia on July 15, 2022.
Earnings in 2021 before interest, taxes, depreciation and amortization (EBITDA) amounted to HRK 230 million and were HRK 77 million higher than in 2020, before the adjustment of one-off items for 2020 and 2021. The increase in EBITDA means that a recovery is visible and that the business trend is reversed in a positive direction.
The action is traditionally organized by the Medvednica Nature Park with the aim of removing and disposing of waste and educating the public about the need for a conscientious attitude towards nature. This year, the Zagreb Holding supported the action by ensuring the removal of bulky waste by Čistoća trucks, and about twenty employees of the Zagreb Holding joined the numerous volunteers.
As part of the support to the humanitarian action “Insert a bottle cap for an expensive medicine!”, all recycling yards in the city of Zagreb, which are managed by the Čistoća subsidiary, will also receive plastic bottle caps this week. This is the result of a signed cooperation agreement with the Leukemia and Lymphoma Society patients, within which the Čistoća subsidiary provides collection points and containers for collecting plastic bottle caps.
In addition to investing in the quality and improvement of core business services, the City Cemetery subsidiary is also making efforts to modernize other parts of its business. In the past few months, the portfolio of market services in the field of subsidiary’s work has been expanded with new services, some of which are realized in cooperation with subsidiaries and other partners.
Stabilization of business, transformation of the organization and focus on sustainability and business development are the three key goals to which the Management Board of Zagreb Holding will attend to in 2022, said the President of the Management Board of Zagreb Holding, Ivan Novaković, at today’s press briefing.
Based on public tenders published on 16 and 23 November 2021, the Management Board of Zagreb Holding Ltd. made a decision on the election of 9 subsidiary managers, one director and member of the Management Board of affiliated companies – City gasworks Zagreb Ltd. and Zagreb plakat Ltd.