Quarterly Report • Apr 28, 2016
Quarterly Report
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for the period from 1 January 2016 to 31 March 2016
4
| Significant business events | 5 |
|---|---|
| Results of the Group | 7 |
| Results of the Company | 12 |
| Investments | 13 |
| The risks of the Company and the Group | 16 |
| Corporate Governance | 19 |
| Related-party transactions | 20 |
| Branch offices of the Company | 20 |
| Share | 21 |
| Corporate Social Responsability | 23 |
| Awards and Certificates | 25 |
| Other information | 26 |
| Responsibility for the quarterly financial statements | 27 |
| Quarterly financial statements | 28 |
Valamar Riviera is the leading tourism company and one of the leading tourism groups in Croatia. It is one of the major investor in the tourism sector, its investments reaching almost HRK 2.6 billion in the last 13 years. Valamar Riviera Group operates at four attractive destinations, covering the area from Istria and Kvarner to Dubrovnik, and manages around 10 percent of the categorised tourist accommodation. It is the owner of the Valamar Hotels and Resorts and Camping Adriatic brands. Its hospitality facilities portfolio encompasses thirty hotels and resorts and thirteen campsites. The Valamar Riviera Group can accommodate approximately 48,000 guests a day, which makes it one of the biggest tourism groups in Croatia in terms of its capacities.
Valamar Riviera pursues interests of all its stakeholders, ranging from several local communities, over 21,200 shareholders and 4,100 employees engaged by the Group in the high season, to a number of partners. These interests have been actively promoted through a sustainable growth and development concept based on the principles of corporate social responsibility. Further growth and development will be achieved by increasing operational efficiency, investing further into portfolio, pursuing acquisitions and partnerships, developing destinations where we operate, and training Valamar Riviera's employees.
On 31 March 2016, pursuant to a decision of the Commercial Court in Pazin, the company Hoteli Baška d.d. was merged with the company Valamar Riviera d.d. Accordingly, Valamar Riviera became a universal legal successor to Hoteli Baška. A Merger Contract between Valamar Riviera and Hoteli Baška was concluded on 10 February 2016 and filed for
registration in the Court Register of the Commercial Court in Rijeka and the Commercial Court in Pazin on 11 February 2016. Since Valamar Riviera was the sole shareholder of the company Hoteli Baška, in compliance with Article 531(1) of the Companies Act, the Valamar Riviera's General Assembly was not convoked. Please note that on 13 January 2016, the subsidiaries Baškaturist d.o.o., Mirta Bašćanska d.o.o., and Vala Bašćanska d.o.o., which were 100%-owned by Valamar Riviera, were merged with the subsidiary Hoteli Baška d.d.; following the mergers, Valamar Riviera d.d. has become the sole shareholder of the company Hoteli Baška. Consolidating the hospitality property portfolio, management, and shareholding structure in a single strategic company, will allow for a more transparent corporate governance and streamlined operations, including additional strengthening of the balance sheet assets.
In the Baška destination Valamar Riviera has recognised a clear potential to apply its experience gained at other destinations where it pursues its business operations. Continued investments in employees, products, services, and experience have created a new value for shareholders. This merger provides an opportunity to create an additional value from the synergy of two companies for both the employees of the merged company Hoteli Baška and the local community. In the forthcoming period, the key activities will be planning and elaboration of future investments at the Baška destination, as well as development of the whole Krk destination, where Valamar Riviera has taken over the leading position.
On 4 March 2016, the Valamar Riviera's Management Board adopted a decision convoking the Company's General Assembly to be held on 27 April 2016 in the Valamar Diamant hotel in Poreč. On 15 March 2016, the Valamar Riviera's Supervisory Board held a session establishing audited consolidated and separate annual financial statements of the Company for 2015. The Supervisory Board established also proposed decisions for the forthcoming General Assembly concerning profit
distribution, dividend pay-out, 2016 auditor, and amendments to the Company's Articles of Association. At the same session, the Supervisory Board approved the investment in Family Life Bellevue Resort 4* in Rabac in the amount of HRK 196.7 which is to be realised in 2017. Furthermore, approval was given to establish a strategic business collaboration with the companies TUI Northern Europe Limited, TUI UK, and TUI Nordic Holding AB. It encompasses the branding of the Family Life Bellevue Resort as the first Family Life concept in Croatia in accordance with TUI's standards and a three-year business collaboration (2017, 2018, and 2019 seasons). The Family Life Bellevue Resort project is a part of the strategic plan to develop the Rabac destination into a 4* holiday destination in the period 2016-2018, including a HRK 56 million investment framework.
On 23 March 2016, Valamar Riviera concluded a Credit Contract with the Croatian Bank for Reconstruction and Development (HBOR) to the amount of EUR 24,291,114 paid out in kuna value, with the final due date in 2033. These funds are earmarked for investments in quality standard improvements at the Poreč, Rabac, Krk, and Dubrovnik destinations for the 2016 season.
The Company's Management Board hereby presents the quarterly financial statements for the first quarter of 2016 (1 January 2016 – 31 March 2016), noting that the presented statements must be viewed in the context of the above mentioned changes resulting from mergers, and that they provide information on the status of the Company and the Group, as well as on significant events.
The Company's income statement for the period under consideration comprises the data for the merged company Valamar hoteli i ljetovališta d.o.o. for the period following the merger, i.e. as of 28 February 2015. Please note that the data for 2016 are not fully comparable to the data for the previous period, as the latter do not comprise the data for the merged company Valamar hoteli i ljetovališta d.o.o. until the moment of its merger.
The Group's income statement for the first quarter of 2016 comprises the data for the following companies: Puntižela d.o.o., Bastion upravljanje d.o.o., Elafiti Babin kuk d.o.o., Magične stijene d.o.o., Palme turizam d.o.o., Pogača Babin Kuk d.o.o., Bugenvilia d.o.o., and Hoteli Baška d.d., while the data for the companies Mirta Bašćanska d.o.o., Vala Bašćanska d.o.o., and Baškaturist d.o.o. are included as of the day of their merger to the company Hoteli Baška d.d., i.e. as of 13 January 2016. Thus, the data for 2016 are not fully comparable to the data for the previous period, as the latter do not comprise the data for the following companies: Hoteli Baška d.d., Mirta Bašćanska d.o.o., Vala Bašćanska d.o.o., and Baškaturist d.o.o.
| (in HRK) | 1 - 3/2015 | 1 - 3/2016 | 2016/2015 |
|---|---|---|---|
| Total revenues | 28,407,306 | 86,499,161 | 204.5% |
| Sales revenues | 17,016,200 | 46,053,862 | 170.6% |
| Board revenues (accomodation and board revenues)2 | 8,938,900 | 26,842,802 | 200.3% |
| Operating expenses3 | 79,786,903 | 98,063,971 | 22.9% |
| EBITDA4 | -63,286,806 | -47,820,569 | 24.4% |
| Extraordinary operations result and one-off items5 | 1,288,085 | -2,454,958 | / |
| Adjusted EBITDA6 | -61,998,721 | -50,275,527 | 18.9% |
| EBIT | -120,800,957 | -113,443,346 | 6.1% |
| Adjusted EBIT6 | -119,512,872 | -110,988,388 | 7.1% |
| EBT | -149,275,996 | -95,451,986 | 36.1% |
| EBT margin | -622.4% | -180.8% | 44,160 bb |
| 31/3/2015 | 31/3/2016 | 2016/2015 | |
| Net debt7 | 1,082,520,078 | 1,165,825,934 | 7.7% |
| Cash and cash equivalents | 318,755,282 | 192,379,928 | -39.6% |
| 1 - 3/2015 | 1 - 3/2016 | 2016/2015 | |
|---|---|---|---|
| Number of accommodation units (capacity) | 16,056 | 18,072 | 12.6% |
| Accommodation units sold | 23,787 | 61,282 | 157.6% |
| Overnights | 49,038 | 88,801 | 81.1% |
| ADR8 (in HRK) | 376 | 438 | 16.5% |
7
Overnights and ADR
Great pre-season results have been achieved through careful preparations. A variety of implemented interesting guests motives and experiences in combination with early Easter holidays have contributed to better business results. "Global Training Experience", a M.I.C.E.9 event organised by Daimler AG – Mercedes-Benz, has had a very positive impact, leading to an increase of business efficiency. A 157.6% increase in the number of accommodation units sold has been achieved. ADR was 16.5% higher. Such a growth of the physical indicators and the average daily rate has resulted in a 200% increase in board revenues.
Business consolidation and restructuring had a positive impact on the whole business. Despite a multiple increase in operating volume, operating expenses were up only 15.4%, excluding Baška companies' expenses. Please note that Baška properties were closed and that no sales revenues were generated during the first quarter of 2016.
As in all previous years, considerable funds have been invested in the preparation of the season. Investments represent a strategic goal aimed at improving the competitive strength and increasing the quality of services and facilities, this year's focus being on the camping segment.
In relation to the previous comparable period, there is a 170.6% increase in sales revenues to HRK 46.1 million. This strong sales revenues growth has resulted from a high increase in board revenues (+200%) and the sale of à la carte food and beverages (+177%). Other operating income is down 3.1%, while financial income is up HRK 29.3 million, mainly as a result of foreign exchange gains. This has resulted in a HRK 58.1 million increase in total revenues to HRK 86.5 million.
The first quarter is characterised by the typical negative EBITDA as a result of less significant business operations in terms of volume. EBITDA is HRK 15.5 million better, resulting in a HRK 47.8 million loss, while the adjusted EBITDA10 is HRK 18.9 better, resulting in a HRK 50.3 million loss. An indicator of positive future expectations is the improved operating business. It is driven by successful marketing, sales, and business activities.
High-quality sales channel management and the successful realisation of M.I.C.E. events have reflected in a 81% increase in the number of overnights to 88,801. ADR is HRK 62 higher, amounting to HRK 438. National sales revenues amount to HRK 9.2 million, accounting for 10.7% of total revenues (28.9% in 2015). They are 12.4% above the previous comparable period. Sales revenues generated on international markets amount to HRK 36.8 million, accounting for 42.6% of total revenues (31.0% in 2015). They are 318.5% above the previous comparable period. Other operating and financial income accounts for 46.8% of total revenues.
10 Adjustments were made for (i) extraordinary income (in the amount of HRK 5.0 million in the first quarter of 2016, and HRK 6.1 million in the comparative period of last year), (ii) extraordinary expenses (in the amount of HRK 1.2 million in the first quarter of 2016 and HRK 2.0 million in the comparative period of the last year), and (iii) termination benefit costs (in the amount of 1.4 million in the first quarter of 2016, and HRK 5.4 million in the comparative period of the last year).
9 Meetings, incentives, conferencing, exhibitions.
| (in HRK) | 1 - 3/2015 | 1 - 3/2016 | 2016/2015 |
|---|---|---|---|
| Operating expenses3 | 79,786,903 | 98,063,971 | 22.9% |
| Total operating expenses | 144,784,514 | 166,249,107 | 14.8% |
| Material costs | 28,946,075 | 31,843,559 | 10.0% |
| Staff costs | 37,582,199 | 46,422,720 | 23.5% |
| Depreciation and amortisation | 57,387,303 | 65,619,552 | 14.3% |
| Other expenditures | 18,827,980 | 19,379,070 | 2.9% |
| Provisions and value adjustments | 126,848 | 3,225 | -97.5% |
| Other operating expenses | 1,914,110 | 2,980,981 | 55.7% |
In the first quarter of 2016, total operating expenses were 14.8% higher. This was driven by increased operating volume and the Baška companies consolidation. Excluding the effect of the Baška companies consolidation, the total operating expenses was higher by modest 5.8%. Such a modest growth confirms the continuation of the positive management consolidation and restructuring trend at all levels across Valamar Riviera.
Accounting for 19.2% of total operating expenses (20.0% in 2015), material costs have increased by 10.0% to HRK 31.8 million. 5.2% of that growth relates to the Baška companies consolidation. The remaining part is mostly related to the increase of raw materials and materials costs, particularly direct food and beverage costs as a result of increased operating volume and higher à la carte spending.
Staff costs amount to HRK 46.4 million, accounting for 27.9% of total operating expenses (26.0% in 2015). A 23.5% increase in staff costs in the first quarter of 2016 comes from facilities being open for a longer period of time, from the takeover of employees from the newly acquired Baška companies, and partially from an increase in employees' salaries (1.5% in June 2015 and 0.5% addition for years of service).
Depreciation and amortisation amount to HRK 65.6 million (HRK 57.4 million in 2015), accounting for 39.5% of operating expenses (39.6% in 201). Their 14.3% growth is driven by a wider consolidation scope and the earlier intensive investment cycle.
Other operating expenses amount to HRK 3.0 million, indicating a HRK 1.1 million growth as a result of the Baška companies consolidation. Value adjustments amount to HRK 3 thousand, indicating a HRK 124 thousand decrease. Other expenses are up 2.9%, i.e. HRK 0.6 million, as a result of the Baška companies consolidation.
In the first quarter of 2016, financial income amounted to HRK 33.7 million and was HRK 29.3 million above the same period last year. The biggest growth item are interest income, foreign exchange differences, dividends, and similar income from operations with third parties, recording a HRK 21.2 million growth. As a result of the kuna strengthening by 2% in relation to euro in the first quarter of 2016, foreign exchange gains from settling unrealised balance sheet items have recorded the highest growth to the amount of HRK 20.2 million. This has led to a decrease in liabilities denominated in euro and
disclosed in kuna in the balance sheet. Other financial income is HRK 8.1 million higher, mainly as a result of the revenue from selling portfolio shares to the amount of HRK 7.8 million.
Financial expenses amount to HRK 15.7 million and are HRK 17.2 million below the same period last year. Interest expenses and foreign exchange differences record a HRK 19.1 million decrease. The valuation of contracted IRSs and forwards at the end of the first quarter has resulted in HRK 0.8 million additional financial expenses. Other financial expenses are up HRK 1.2 million. The most significant change compared to the same period last year are foreign exchange losses recording a HRK 22.9 million decrease as a result of the mentioned kuna strengthening in relation to euro. A HRK 3.1 million increase in interest expenses in the first quarter of this year is a result of (i) an increase in credit debt driven by the withdrawal of funds from granted credit lines for financing the 2014/15 investment cycle; (ii) a new borrowing for financing the Baška acquisition in the fourth quarter of 2015; and (iii) the Baška companies consolidation.
As at 31 March 2016, the total value of the Group's assets is 3.4% lower compared to 31 December 2015. The reason for the decrease in the value of assets and other balance sheet items should be considered in the context of the usual operating volume decrease in the first quarter of the year.
The total share capital and reserves have decreased from HRK 1,902 million to HRK 1,763 million, mostly as a result of the generated loss adjusted for the acquisition of treasury shares.
Total non-current liabilities are 2.3% lower, amounting to HRK 1,301.2 million as at 31 March 2016, mainly as a result of the earlier mentioned foreign exchange gains.
Total current liabilities amount to HRK 289.8 million and are 26.3% higher compared to 31 December 2015. This comes from normally higher advances received from customers (HRK 59.3 million) and trade payables (HRK 32.2 million).
Cash and cash equivalents as at 31 March 2016 amount to HRK 192.4 million. Their decrease, compared to the end of 2015, being a result of the usual outflows associated with the preparation of the tourist season. Cash and cash equivalents position indicates a strong further cash potential from operating activities, which, together with external borrowing, provides for a smooth continuation of future investing activities.
| DESTINATION | Poreč | Rabac | Krk13 | Dubrovnik | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 - 3/2015 | 1 - 3/2016 | 2016/2015 | 1 - 3/2015 | 1 - 3/2016 | 2016/2015 | 1 - 3/2015 | 1 - 3/2016 | 2016/2015 | 1 - 3/2015 | 1 - 3/2016 | 2016/2015 | |
| Number of accommodation units (capacity) | 10,390 | 10,632 | 2.3% | 1,913 | 2,065 | 7.9% | 1,800 | 3,414 | 89.7% | 1,953 | 1,961 | 0.4% |
| Accommodation units sold | 16,089 | 28,201 | 75.3% | 1,845 | 3,413 | 85.0% | 22 | 1,596 | 7,154.5% | 5,831 | 28,072 | 381.4% |
| Overnights | 36,523 | 47,271 | 29.4% | 3,235 | 6,507 | 101.1% | 44 | 1,188 | 2,600.0% | 9,236 | 33,835 | 266.3% |
| ADR8 | 342 | 353 | 3.2% | 341 | 435 | 27.6% | 6,973 | 227 | -96,7% | 454 | 536 | 18.0% |
| Board revenues (in HRK) | 5,506,372 | 9,960,652 | 80.9% | 629,351 | 1,485,480 | 136.0% | 153,406 | 362,570 | 136.3% | 2,649,771 | 15,034,100 | 467.4% |
| PRODUCT | Hotels and resorts 4 and 513 | Hotels and resorts 2 and 313 | Campsites | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 - 3/2015 | 1 - 3/2016 | 2016/2015 | 1 - 3/2015 | 1 - 3/2016 | 2016/2015 | 1 - 3/2015 | 1 - 3/2016 | 2016/2015 | ||
| Number of accommodation units (capacity) | 2,734 | 3,254 | 19.0% | 4,348 | 4,711 | 8.3% | 8,938 | 10,107 | 13.1% | |
| Accommodation units sold | 14,775 | 45,689 | 209.2% | 8,853 | 9,003 | 1.7% | / | / | / | |
| Overnights | 25,167 | 67,449 | 168.0% | 23,438 | 18,137 | -22.6% | / | / | / | |
| ADR8 | 461 | 503 | 9.1% | 186 | 349 | 87.6% | / | / | / | |
| Board revenues (in HRK) | 6,815,225 | 22,970,867 | 237.1% | 1,648,940 | 3,141,606 | 90.5% | 474,735 | 730,330 | 53.8% |
All Valamar Riviera's destinations and products have recorded higher board revenues. The most significant impact is exercised by the Dubrovnik and Poreč destinations in the 4* and 5* hotels and resorts segment. At the Dubrovnik destination, the number of overnights is 24,599 above the comparable period last year, with board revenues being up HRK 12.4 million. At the Poreč destination, board revenues are up HRK 4.5 million. The 4* and 5* hotels and resorts segment has recorded in total HRK 16.2 million higher board revenues. Excellent results come from the optimised sales mix, an excellent response to marketing activities, early Easter holidays, and the successful realisation of M.I.C.E. events in Dubrovnik. This has allowed for facilities to stay open longer, which, together with a high occupancy levels, has had a direct impact on the growth of board revenues and operational efficiency.
The Valamar Diamant 4* hotel is to be given the greatest credit for the 81% increase in board revenues at the Poreč destination. Staying open for additional 55 days and high occupancy levels have resulted in a 135% increase in board revenues. More than a half of overnights have been realised through the allotment channel, the largest share being the Slovenian market. The remaining part were mostly groups. Sports groups mostly comprised cyclists, tennis players, and other groups using the sports hall. Leisure group were mostly youth groups and therapy groups.
Valamar Lacroma 4* and Valamar Dubrovnik President 5* hotels have had the strongest impact on the growth in the number of overnights and average daily rate at the Dubrovnik destination. High occupancy levels and staying open additional 37 days for the Valamar Lacroma 4* hotel and additional 60 days for the Valamar Dubrovnik President hotel have resulted in HRK 11.5 million board revenues. This is mainly a result of M.I.C.E. events, i.e. organisation of the "Global Training Experience" by Daimler AG – Mercedes-Benz, which started on 8 February 2016. Together with the Valamar Diamant 4* hotel in Poreč, they were the primary driver of the board revenues growth in the 4* and 5* hotels and resorts segment.
Valamar Diamant 4*, Valamar Crystal 4*, Valamar Zagreb 4*, and Valamar Riviera 4* hotels at the Poreč destination, as well as Valamar Casa & Sanfior 4*, Miramar 3*, and Allegro 3* hotels at the Rabac destination had an excellent booking during the New Year holidays. The segmentation of the Valamar's offer for sportspersons, both amateurs and professionals, has led to an increased inflow of sports groups to 3 *hotels during Easter holidays, thus contributing the most to the growth of hotels and resrots 2* and 3*.
In the first quarter, campsites generally do not provide accommodation services and their business operations are mostly related to revenues from wintertime lump sum. Revenues achieved at the Krk destination come mostly from wintertime lump sum in campsites and from campsite Ježevac 4* as it is opened from 25 March 2016.
properties were closed and didn't realized board revenues during the first quarter of 2016. Products are classified based on the obtained categorization.
12 According to the classification under the USALI international standard for reporting in hotel industry (Uniform System of Accounts for the Lodging Industry).
13 Business operations of Baška companies are included for the period January – March 2016, but not in the comparable period of 2015. Note: Hoteli Baška's
We are emphasising that the data provided in the current quarterly financial statements are not fully comparable to the data from the previous year on grounds of the described merger processes. The items in the previous period until the merger date in February 2015, do not include the data for the merged company Valamar hoteli i ljetovališta d.o.o. All significant changes in the financial statements of the Company should be observed as a result of the transaction concerned in the previous period.
In the period from 1 January 2016 to 31 March 2016, total revenues increased have by HRK 29 million to HRK 81.5 million. Sales revenues amount to HRK 46.1 million, accounting for 57% of total revenues (33% in 2015). They are HRK 26.2 million above the same period last year. Other operating income, amounting to HRK 4.3 million and being 37% lower, accounts for 5.3% of total revenues (13% in 2015). The decrease is primarily driven by the absence of last year's non-reversal of provisions for paid termination benefits.
Material costs are flat to last year, amounting to HRK 37.5 million and accounting for 24% of operating expenses (26% in 2015).
Staff costs amount to HRK 42.9 million, accounting for 28% of operating expenses (23% in 2015). They are HRK 9.2 million above the same period last year. The increase in staff costs is mostly related to a higher operating volume, the takeover of employees from merged companies, and, to a lesser extent, an increase in employees' salaries.
Company's financial income amounts to HRK 31.1 million, making it HRK 2.7 million higher compared to the same period last year. The biggest growth item is interest income, foreign exchange differences, dividends, and similar income from operations with third parties, recording a HRK 19.1 million growth. Foreign exchange gains from settling unrealised balance sheet items have recorded the highest growth, amounting to HRK 18.4 million owing to the strengthening of kuna by 2% in relation to euro in the first quarter of 2016. This has led to a decrease in liabilities denominated in euro and disclosed in kuna in the balance sheet. In the first quarter of 2016, there was no dividend revenue from the subsidiary Valamar hoteli i ljetovališta d.o.o. as it was merged to Valamar Riviera by the end of February 2015. Other financial income is HRK 7.7 million higher, mainly as a result of the revenue from selling portfolio shares to the amount of HRK 7.4 million.
In the first quarter of 2016, financial expenses amounted to HRK 12.8 million and were HRK 19.3 million below the same period last year. Interest expenses and foreign exchange differences record a HRK 20.3 million decrease. The most significant change compared to the same period last year are foreign exchange losses recording a HRK 22.9 million decrease. A HRK 1.8 million increase in interest expenses in the first quarter of this year is a result of an increase in credit debt driven by (i) the withdrawal of funds from granted credit lines for financing the 2014/15 investment cycle, as well as (ii) the debt increase for financing the acquisition of Baška companies approved in the fourth quarter of 2015.
A good response to marketing and sales activities and the successful realisation of M.I.C.E. events have resulted in increased operational efficiency of business activities. In the period under consideration, loss before tax decreased by HRK 37.0 million to HRK 87.3 million. Operating loss decreased by HRK 15.0 million to HRK 105.5 million. The Company's gross margin is -173% (-514% in 2015).
As at 31/03/2016, the Company's total assets amount to HRK 3,448 million, which is HRK 107.2 million below the previous period.
In 2016, investments worth more than HRK 260 million14 are focused on further increasing the quality of its portfolio of hotels, apartments, and campsites. More than 50% of total 2016 investments is earmarked for developing accommodation, services, and contents in campsites operating under the Camping Adriatic by Valamar brand.
With an almost HRK 34 million worth investment cycle, the Krk campsite will become the first five-star campsite in the Republic of Croatia. It is a unique, eco-friendly family camping resort and one of the three Croatian member campsites of the prestigious "Leading Campings of Europe" association. Its distinguishing features are a swimming pool with heated water, a wellness oasis, a promenade with entertaining contents, a children's swimming pool, a children's water playground, and completely refurbished toilet facilities. Its rich offer also includes Maro Mini and Midi clubs for younger children, as well as Teens Club and Hobby Club for older children. The campsite will also offer new accommodation capacities under the name Bella Vista Premium Village, comprising 63 designed mobile homes with a view of the sea. Special attention is paid to energy efficiency and sustainable development. The campsite has a unique system for waste water purification and landscape irrigation by utilising purified waste water. More than 300 trees have been planted. The beach is marked by the Blue Flag.
A HRK 87 million investment will raise the Lanterna campsite category from 3 to 4 stars. Lanterna campsite is the leading Istrian campsite, also a member of the "Leading Campings of Europe" association. We continue investing in the completion of the Istrian Village project which will
get new accommodation capacities. The accommodation offer will be improved with innovative accommodation units for those who love luxurious camping, i.e. Glamping, as well with two completely new thematic accommodation zones with 119 new mobile homes in total. A number of plots will be renovated, while the campsite's landscape will be given a new appearance and the campsite will have a refurbished reception area, a new sand beach Adria with a beach bar, new Cafe Belvedere, and other contents. The guests of this campsite will be able to enjoy a new aqua park with a 1,350 m2 surface area, four swimming pools, a multitude of slides, and other attractions for children. The main swimming pool located near the beach will be renovated as well, and two toilet facilities will be refurbished. Investments are also being made with a view to increasing the quality of other campsites on the island of Krk, in Istria, and in Dubrovnik by improving accommodation, beach offer, and hospitality contents.
The camping segment has a potential to develop into innovative camping resorts, i.e. resorts offering higher valueadded accommodations and services aiming at high-end customers. Such projects are still difficult to develop as the issue of tourism land has not been resolved yet, and thus Valamar Riviera is still restricted to partial investments in campsite premises and contents. The resolving of tourism land concessions would release a potential for stronger repositioning of campsites both in the Valamar Riviera's portfolio and the entire Croatia. This would place campsites at a high competitiveness level compared to the best camping resorts in Europe.
A HRK 12 million investment continues developing the last year's successful project Isabella Island Resort in order to raise the quality of a part of products and services to a fivestar level (Miramare annex, castle, and 7 villas).
This year, Valamar Riviera has also enriched its hospitality offer. Completely renovated restaurants ex. Slavija (new contents: restaurant "La Pentola II", alehouse "Bier Garten", and the beach club,) Delfin, and Orsera, will be made
Valamar Isabella Island Resort 4*, Poreč available to guests. A range of other projects, which will considerably increase the quality of offer and experience at all destinations by generating new contents and improving the existing ones, is also in the pipeline. Among a number of projects, the Valamar Diamant 4* hotel's sports hall will be adopted into a multifunctional hall for sports and other events. We will continue further investments in beaches, personal accommodation improvements, IT and business digitalisation projects, technological processes and energy savings in laundry rooms, and other energy efficiency related projects.
Valamar Riviera has been continuously working to prepare 2017 projects at all destinations where it runs its business operations. By continuously raising the quality of portfolio facilities, services, and contents, we are creating the basis for generating added value both for our guests and for all Valamar Riviera's stakeholders. A VAT rate at the level of those applied in the Mediterranean countries and the resolution of the tourism land issue would contribute to an additional acceleration of investments, as well as to the growth and development of the entire tourism sector. Unfortunately, the tourism is still not sufficiently recognised as an opportunity for the Croatian economy. Apart from the existing financing programmes provided by Croatian Bank for Reconstruction and Development, there are no other measures that would significantly accelerate growth and development and thus provide for a level playing field for the Croatian tourism and the tourism in other Mediterranean countries.
Bearing in mind the fact that almost 95% of the Company and Group's guests are foreign guests who carefully choose their vacation destination in the competitive Mediterranean environment, the stability of a country's macro-economic indicators is very important, with special emphasis being given to the exchange rate and prices of goods and services with a direct impact on guests' purchasing power. Although smaller in share, the number of arrivals of domestic guests to the Company and Group's facilities is important as well, and also impacted by a number of other national macroeconomic indicators, such as employment/unemployment, domestic gross product increase/decrease, industrial product increase/decrease, as well as other indicators having a direct impact on the purchasing power of the Croatian citizens and, consequently, on their decision at which of the Adriatic destinations to spend their summer vacation.
The risk related to the change of tax and other regulations is another significant risk for the Company and the Group and one of the more demanding segments of risk management with only limited possibilities for the Company and the Group. During previous years, frequent changes of tax regulations had a negative impact on the profitability of the Company and the Group, the most significant being:
• Increase of the general value added tax (hereinafter: VAT) rate from 23% to 25% (March 2012) decrease of the intermediate value added tax rate from 25% to 10% (January 2013) followed, within a period of one year, by the increase of the intermediate value added tax rate in the hospitality and tourism industry from 10% to 13% (January 2014);
Such frequent changes of regulations related to tax levies imposed on the economy, which often take place after the Company and the Group have already adopted their business policy and the budget for the following year and agreed on commercial terms and conditions with their business partners, materially distort the financial position of the Company and the Group and jeopardise further investment plans, and thus the trust of investors.
The Company and the Group are also exposed to the risks of potential change of regulations concerning concessions and concession approvals, i.e. concession fees for the use of maritime domain, but also concession fees for the use of touristic land, the area which has not been regulated until the present day. Namely, in view of the core business of the Company and the Group, the right of use of maritime domain and touristic land is one of the significant conditions of further business operations, particularly in campsites.
In their day-to-day operations and activities undertaken, the Company and the Group are exposed to a number of financial risks, in particular to the following ones:
The Company and the Group hedge interest rate and foreign exchange risks by applying instruments available in the market in order to mitigate these risks. Internal risk management objectives and policies refer to the protection of foreign exchange inflows during seasonal activity and to the partial interest hedge of loan principal.
The Company and the Group operate internationally and are exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the euro and in a minor part in Swiss franc. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities. The majority of international sale revenues are denominated in euro, with long-term debt being denominated in euro and in a minor part Swiss franc. Accordingly, movements in exchange rates between the euro, Swiss franc and Croatian kuna may have an impact on the results of future operations and future cash flow. The Company and the Group make use of derivative instruments in accordance with operating estimates and expected market developments. Given that the inflow is to a large extent denominated in euro, as well as the majority of credit liabilities, the Company and the Group are to the largest extent naturally hedged.
Bank debentures committed at variable rates expose the Company and the Group to cash flow interest rate risk. The Company and the Group periodically use derivative instruments to actively hedge cash flow and fair value interest rate risk exposure by applying interest rate swap from a variable rate to a fixed one. The economic effect of such interest rate swap is the conversion of credits at a variable rate into credits at a fixed rate for pre-committed part of the loan principal protected in this way. The Company and the Group have interest-bearing assets (cash assets and deposits), resulting in the Company and Group's income and operating cash flows being influenced by changes in market interest rates. This becomes particularly evident during the season when the Company and the Group have significant excess funds at their disposal.
Credit risk arises from cash, time deposits and trade receivables, where the Company and the Group have no significant concentration of credit risk. Following the sales policies of the Company and the Group, they commit to collaboration with customers with an appropriate credit history, i.e. their commitment is made conditional upon advance payments, payment of bank securities or by major credit cards (individual customers). With a view to reducing their credit risk, the Company and the Group continuously monitor their exposure to parties they operate with and their credit standing, obtain security instruments (bills of exchange, promissory notes) and thus lowering bad debt risk with regard to services provided.
The Company and the Group are holders of equity and debt securities and are exposed to price risk of listed equity securities. The Company and the Group do not actively participate in the capital market in terms of investments in equity and debt securities, so that the price risk of equity securities in their possession is not significant.
Prudent liquidity risk management exercised by the Company and the Group implies maintaining at all times sufficient cash
to settle all their liabilities by developing cash flow projections at a monthly, annual and long-term basis. On top of currently available cash, the Company and the Group aim to maintain flexibility in funding by keeping committed credit lines available. Excess funds above the amount required for working capital management are invested in interest-bearing deposits, time deposits, money market deposits and marketable securities, thereby choosing instruments with appropriate maturities or sufficient liquidity in accordance with the projected needs for liquid funds.
As an asset class with the highest risk, the market value of shares can be exceptionally volatile, as it is affected by the volatility of the whole capital market, macro-economic movements on the markets in which the Company and the Group operate, discrepancies with regard to financial analysts' expectations in relation to the performance, changes in dividend policy, activities concerning mergers, acquisitions and entering into strategic partnerships, instability of the Company and Group's business model, as well as fluctuations in the financial results of the Company and Group's business operations. If the given factors have a negative connotation, there is a significant risk of share market value drop. Furthermore, there is a significant risk of investors not being able to sell their shares at any time at a fair market value.
On a daily basis, the Company and the Group face business risks potentially leading the weakening of competitive strength, and thus jeopardising their further stability. In the previous period, the Company and the Group made business decisions contributing to the increase of their competitive strength on the demanding Mediterranean market and thus improved the performance and the efficiency of their business operations, which gave rise to the expectation of continued positive trends in the future as well, subject to prudent long-term strategic management.
In the Republic of Croatia, tourism has been one of few growing branches of the economy during the last several years marked by the global financial crisis and economic downturn, which have had a significant impact on the Croatian economy as well. Upon joining the European Union, the Republic of Croatia's market has become a part of the large European market, while the membership of the Republic of Croatia in NATO has reduced safety risks. The Tourism Development Strategy of the Republic of Croatia until 2020 (Official Gazette No. 55/13) provides answers to the question what kind of tourism the Republic of Croatia wants and needs to develop by using its comparative advantages as well as knowledge and skills with a view to strengthening the competitive capacity of the Croatian tourism. It is important that the achieved growth rates of the Croatian tourism are maintained over the following years, an objective to be accomplished only through further strategic considerations in developing tourism products and by investing in the creation of additional values, which will differentiate Croatian tourism from its competitive environment by pointing out its uniqueness, attractiveness and quality.
Despite the improved security and political circumstance, which gave rise to the launching of investment cycles in tourism, the Croatian tourism, as one of the strategic branches of the Croatian economy, is still faced with a number of challenges and risks, such as:
The performance of the Company and Group's business operations can also be affected by environmental risks, primarily with regard to customer satisfaction with the whole experience of staying in Valamar's facilities, reflecting as a result in a reduced number of arrivals. Such risks include, for example, sea water pollution (e.g. as a result of tanker breakage or discharge of chemicals into the sea), but also less intense deterioration of sea quality and shoreline pollution arising from insufficient quality of waste water management and sewage along the Croatian coast of the Adriatic Sea. Likewise, climate changes, such as long drought periods or, on the other hand, long rain periods, can also have a direct impact on how long guests stay in hotels and campsites of the Group and the Company, or can also lead to increased operating costs. This also includes various other natural disasters and adverse climatic events (such as earthquakes, fires, floods), air pollution caused by toxic gas emissions from e.g. industrial plants, etc.
The company Valamar Riviera d.d., as well as the Group, has been continuously developing and acting in compliance with the good corporate governance practice. Through its business strategy, policy, key acts, and business practice, it strives to contribute to transparent and efficient business operations and high-quality links with the environment in which it runs its operations. In 2008, the Company adopted its Code of Corporate Governance with a view to further strengthening and establishing high corporate governance standards. The Management Board fully complies with the provisions of the adopted Code. Since its shares were listed in the Official Market of Zagrebačka burza d.d., the Company has been applying the Code of Corporate Governance of Zagrebačka burza d.d. (in detail in the annual questionnaire published in compliance with the regulations).
The major direct shareholders in accordance with the data from the Central Depository and Clearing Company are listed in the table under the section "Share".
General risk management characteristics are described in the section "The risks of the Company and the Group."
There is a time limit related to the use of voting rights at the general assembly pursuant to the provisions of the Companies Act – shareholders are required to register their participation within the period stipulated by law. There is no case in which the financial right stemming from securities would be separate from holding the securities. In the Company, there are no securities with special rights of control nor are there any voting right limitations.
The rules on the appointment and recall of members of the Management Board and members of the Supervisory Board are established by the Articles of Association, in accordance with the provisions of the Companies Act.
The Company can acquire treasury shares pursuant to the decision of the General Assembly of 17 November 2014. The rules on amending the Company's Articles of Association have been established by the Companies Act and there are no additional limitations.
The authorisations of the Management Board members are also fully in accordance with the provisions of the Companies Act.
The Management Board: Mr. Željko Kukurin, President of the Management Board, and Mr. Marko Čižmek, Member of the Management Board.
The Supervisory Board: Mr. Gustav Wurmböck, President, Mr. Mladen Markoč, Vice-president, Mr. Franz Lanschützer, Vicepresident, and members: Mr. Georg Eltz, Mr. Hans Dominik Turnovszky, Mr. Vicko Ferić, and Ms. Mariza Jugovac.
For a more efficient performance of its functions and duties as prescribed by the provisions of the Audit Act the Supervisory Board named:
The Presidium of the Supervisory Board: Mr. Gustav Wurmböck, President, Mr. Mladen Markoč, and Mr. Franz Lanschützer, Vicepresident.
The Audit Committee: Mr. Georg Eltz, President, and members: Mr. Franz Lanschützer, Mr. Mladen Markoč, Mr. Vicko Ferić, and Mr. Dubravko Kušeta.
The Investment Committee: Mr. Franz Lanschützer, President, and members: Mr. Georg Eltz, Mr. Vicko Ferić, Mr. Hans Dominik Turnovszky, and Mr. Gustav Wurmböck.
The Management and the Supervisory Boards primarily act through meetings and by making correspondent decisions, in accordance with effective regulations and Company's bylaws.
The transactions with related parties within the Group are effected at regular commercial terms and conditions and at market prices.
In the period under consideration, revenues resulting from related-party transactions amounted to HRK 306 thousand (in 2015: HRK 24.6 million) for the Company, and HRK 5 thousand (in 2015: HRK 4 thousand) for the Group, while expenses amounted to HRK 7.7 million (in 2015: HRK 10.7 million) for the Company, and HRK 315 thousand (in 2015: HRK 127 thousand) for the Group.
Balances of related-party receivables and liabilities as at 31 March 2016 amounted to: HRK 158.3 million15 receivables for the Company (at the end of 2015: HRK 165.0 million15, and HRK 1 thousand for the Group (at the end of 2015: HRK 2 thousand); HRK 225 thousand liabilities for the Company (at the end of 2015: HRK 306 thousand), and HRK 101 thousand for the Group (at the end of 2015: HRK 405 thousand).
Please note that pursuant to the Hotel Management Contract, from 2004 to 27 February 2015, the Company entrusted the management of its hospitality properties to the leading hospitality management company in Croatia, Valamar hoteli i ljetovališta d.o.o. The services concerned included the management of hotels and other tourism facilities and services, the laundry and other centralised tourism functions, such as procurement, technical maintenance, marketing, sales, human resources, IT, etc. The merger of Valamar hoteli i ljetovališta d.o.o. to the Company (described under Significant Business Events) will contribute to a further increase in operational efficiency.
On 2 September 2011, the establishment of branch offices was entered in the court register as follows: Branch Office for Tourism RABAC, with registered office in Rabac, Slobode 80, and Branch Office for Tourism ZLATNI OTOK, with registered office in Krk, Vršanska 8. On 4 October 2013, the establishment of the Branch Office for Tourism DUBROVNIK-BABIN KUK, with registered office in Dubrovnik, Dr. Ante Starčevića 45, was registered, and on 1 October 2014, the Branch Office for Business and Management Consulting ZAGREB, with registered office in Zagreb, Miramarska cesta 24.
The Branch Offices Rabac, Zlatni otok and Dubrovnik-Babin kuk, as economic drivers of their local communities, continue to operate at their destinations supporting their development by further investments, tourism development and participation in social and business activities.
15 For the most part refers to the re-invoiced amount arising from the investment made in the reconstruction and upgrading of the hotel Valamar Lacroma owned by subsidiary Elafiti Babin-kuk d.o.o.
In 2016, the Company acquired 1,439,555 treasury shares on the regulated market, at the total acquisition cost of HRK 35,659,598. The acquisition concerned makes 1.14% of the registered capital. On 31 March 2016, the Company held in total 2,843,949 treasury shares, or 2.26% of the registered capital.
In the period from 1 January 2016 to 31 March 2016, the highest recorded share price in regular trading on the regulated market was HRK 24.97, while the lowest was HRK 22.30. The Company's share price increased by 2.7%, exceeding both CROBEX and CROBEX 10 indices development, which recorded a modest growth of 0.1%, respectively 0.4%. With the regular trading turnover of HRK 773 thousand a day16, the Valamar Riviera's share is among the 3 most frequently traded shares on the Zagreb Stock Exchange. Apart from the Zagreb Stock Exchange indices, the share makes a component part of the Vienna Stock Exchange indices (CROX17 and SETX18).
Zagrebačka banka d.d. and Interkapital vrijednosni papiri d.o.o. perform specialist tasks of ordinary shares of the Company listed in the Official Market of Zagrebačka burza d.d. They provide support to Valamar Riviera's share turnover, which in the period under consideration was 32.8% on average19.
The Company actively holds meetings and conference calls with domestic and foreign investors, thus providing support to high-level transparency, creation of additional liquidity, increase of share value, and involvement of potential investors. In pursuing such an approach, Valamar Riviera can contribute to further growth of the Company's value for the benefit of all stakeholders, with a view to making the Valamar Riviera's share recognisable as the leading Croatian tourism share.
16 Block transactions are excluded from the calculation.
17 Croatian Traded Index (CROX) is a capitalization-weighted price index and is made up of 12 most liquid and highest capitalized shares of
Performance of Valamar Riviera's share and CROBEX and CROBEX 10 indices
Analytical coverage of Valamar Riviera is provided by:
1) Alta invest d.d., Ljubljana;
2) ERSTE bank d.d., Zagreb;
3) Hypo Alpe-Adria-Bank d.d., Zagreb;
4) Interkapital vrijednosni papiri d.o.o., Zagreb;
5) Raiffeisenbank Austria d.d., Zagreb;
6) UniCredit Group - Zagrebačka banka d.d., Zagreb.
Zagreb Stock Exchange.
18 South-East Europe Traded Index (SETX) is a capitalization-weighted price index consisting of blue chip stocks traded on stock exchanges in the region of South-eastern Europe (shares listed in Bucharest, Ljubljana, Sofia, Belgrade and Zagreb).
19 Block transactions are excluded from the calculation. Data refers to the period 1/1 - 31/3/2016.
Valamar Riviera's corporate social responsibility is part of a 60-year long tradition. Accordingly, in March 2016, the Company became a member of the Croatian Business Council for Sustainable Development. Membership in this respectable body is a proof of Valamar Riviera's orientation towards sustainable business operations. Sustainability is a key platform ensuring long-term growth of the company's value and the overall development of business operations in tourism. Through its day-to-day business operations, Valamar Riviera assumes responsibility towards guests, employees, partners, investors, shareholders, local community, and the environment.
The development of corporate social responsibility is focused on the education and development of employees, destination development, investments in the local community and care of deprived segments of society, systematic approach to environmental protection, and business and communication transparency in relations with shareholders.
In the first quarter of 2016, Valamar Riviera developed a corporate social responsibility strategy. Eight umbrella programmes were established focusing on enrichment of the tourism offer, development of culture, arts, and sports, environmental protection, knowledge improvement in tourism, local community development, and support to the deprived. Valamar Riviera has been actively working on preservation of natural resources, development of employees, and steering the young towards building a career in tourism. The Company has been developing high-quality contents, authentic experiences, and local culture at destinations, thus motivating its partners and
suppliers to pursue socially responsible business operations. For the third year in a row, the project "A thousand days at the Adriatic Sea" is implemented in support of the work of institutions and associations for children with special needs and without proper parental care. Moreover, in 2016, for the third time in a row, the "We love the Adriatic Sea" project is implemented, primarily focusing on beach cleaning projects at the destinations where Valamar runs its business operations. At the beginning of this year, Valamar Riviera opted for a unique product on the domestic market. It is ZelEn, the project of obtaining electricity exclusively from renewable sources. ZelEn is intended exclusively for HEP Opskrba's clients who have decided to apply corporate social responsibility, environmental care, and the use of energy from renewable sources in their business operations. By implementing this project, the Company will reduce greenhouse gas emissions by 60% on the annual level.
Valamar Riviera builds long-term business relations with a number of partners and suppliers based on international sustainability standards and principles. The contracting of goods and services procurement and delivery mainly with local suppliers (more than 95%) directly strengthens the local economy and market. The selection of local suppliers drives forward healthy competition, supply and demand strengthening, partnership strengthening, and fairer price and quality ratios. Product and service quality, observing deadlines, and fostering long-term business collaboration are the basis for the success of both the Company and its partners.
Valamar Riviera communicates with its investors in a transparent manner. Business reporting quality, achieved by means of regular and timely publishing of required information, make the basis of Valamar Riviera's communication with investors.
In 2016, a number of further recognitions has been granted to Valamar Riviera's hotels, resorts, and campsites. The award granted to the Krk campsite by DCC Europa – Preis is particularly worth mentioning. Krk and Lanterna campsites have received the Best Camping 2016 recognition by German association ADAC. Valamar Club Tamaris, Valamar Riviera, Valamar Dubrovnik President, and Valamar Isabella hotels have been granted the prestigious 2016 Traveller's Choice Award by TripAdvisor. The Valamar Lacroma Dubrovnik hotel has been awarded the TOP 10 Premium Resort Meeting Hotels recognition by the Kongres Magazine. Valamar Riviera is proud of the award granted to the employee Saša Krajinović, who has been declared the Best Istria and Kvarner 2016 Sommelier. A special recognition has been awarded to Marko Čižmek, Member of the Valamar Riviera's Management Board, who has been declared the Chief Financial Officer of the Year by the Banka.hr magazine and the company Deloitte. This award is also a great recognition to the entire Valamar Riviera's financial team.
By the end of second quarter of 2016, Valamar Riviera will publish its first integrated report covering sustainable develop-ment and financial performance in accordance with the internationally recognised Global Reporting Initiative's (GRI) G4 Sustainability Reporting Guidelines. On 31 March 2016, the Company employed 2,109 workers, 975 of them permanent, and 1,134 seasonal.
In the course of the first quarter of 2016 (from 1 January 2016 to 31 March 2016), the Company's Management Board performed the actions provided for by law and the Articles of Association with respect to the management and representation of the Company, and planned a business policy that was implemented with prudent care. The Company's Management Board will continue to undertake all the necessary measures in order to ensure sustainability and business growth. The quarterly separate and consolidated financial statements for the first quarter of 2016 (from 1 January 2016 to 31 March 2016) were adopted by the Management Board on 26 April 2016.
The Company's Management Board expresses its gratitude to all shareholders, business partners, and guests for their support and trust, and particularly to all employees for their contribution.
Managament Board
In Poreč, 26 April 2016
In accordance with provisions of Law on Capital Market, Marko Čižmek, Management board member responsible for finance, treasury and IT business as well as relations with institutional investors and Ljubica Grbac director of department of finance and accounting, procurator and person responsible for finance and accounting, together as persons responsible for the preparation of quarterly reports of company VALAMAR RIVIERA d.d. seated in Poreč, Stancija Kaligari 1, OIB 36201212847 (hereinafter: Company), hereby make the following
According to our best knowledge
Management Board member director of Department of Finance and Accounting
Marko Čižmek Ljubica Grbac
Quarterly financial report TFI-POD
| Tax number (MB): | 3474771 | |||
|---|---|---|---|---|
| Company registration number (MBS): |
040020883 | |||
| Personal identification number (OIB): |
36201212847 | |||
| Issuing company: | Valamar Riviera d.d. | |||
| Postal code and place | 52440 | Poreč | ||
| Street and house number: | Stancija Kaligari 1 | |||
| E-mail address: | [email protected] | |||
| Internet address: | www.valamar-riviera.com | |||
| Municipality/city code and name: | 348 | Poreč | ||
| Number of | ||||
| County code and name: | 18 | Istarska | employees: (period end) |
2.228 |
| NKD code: | 5510 | |||
| Consolidated report: | ||||
| Companies of the consolidation | YES | |||
| subject (according to IFRS): | Seat: | MB: | ||
| Valamar hoteli i ljetovališta d.o.o. | Zagreb | 01537369 | ||
| Valamar hotels & resorts GmbH | Frankfurt | 04724750667 | ||
| Hoteli Baška d.d. | Baška | 03035140 | ||
| Mirta Bašćanska d.o.o. | Baška | 01841017 | ||
| Vala Bašćanska d.o.o. | Baška | 02086131 | ||
| Baškaturist d.o.o. | Baška | 03849236 | ||
| Puntižela d.o.o. | Pula | 03203379 | ||
| Bastion upravljanje d.o.o. | Zagreb | 01877453 | ||
| Citatis d.o.o. | Zagreb | 02626969 | ||
| Elafiti Babin kuk d.o.o. | Dubrovnik | 01273094 | ||
| Magične stijene d.o.o. | Dubrovnik | 02315211 | ||
| Palme turizam d.o.o. | Dubrovnik | 02006103 | ||
| Pogača Babin Kuk d.o.o. | Dubrovnik | 02236346 | ||
| Bugenvilia d.o.o. | Dubrovnik | 02006120 | ||
| Bookkeeping service: | ||||
| Contact person: | Sopta Anka | |||
| (only surname and name) | ||||
| Telephone: | 052/408 188 | Telefaks: | 052/408 110 | |
| E-mail address: | [email protected] | |||
| Family name and name: | Kukurin Željko, Čižmek Marko | |||
| (person authorized to represent the company) | ||||
Documents disclosed:
(Balance Sheet, Income Statement, Cash Flow Statement, Statement of Changes in Equity and notes to financial statements)
Management Interim Report
Declaration of the persons responsible for preparing the issuer's statements
L.S. (signature of the person authorized to represent the company)
| Position | AOP | Previous period | Current period |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| ASSETS | |||
| A) RECEIVABELS FOR SUBSCRIBED NOT PAID CAPITAL | 001 | ||
| B) NON-CURRENT ASSETS (003+010+020+029+033) | 002 | 3.190.008.042 | 3.171.151.389 |
| I. INTANGIBLE ASSETS (004 to 009) | 003 | 17.006.943 | 16.767.747 |
| 1. Expenditure for development | 004 | ||
| 2. Concessions, patents, licenses, trademarks, service marks, software and other rights | 005 | 10.327.568 | 9.856.786 |
| 3. Goodwill | 006 | 6.567.609 | 6.567.609 |
| 4. Advances for purchase of intangible assets | 007 | ||
| 5. Intangible assets in progress | 008 | 111.766 | 343.352 |
| 6. Other intangible assets | 009 | ||
| II. PROPERTY, PLANT AND EQUIPMENT (011 to 019) | 010 | 3.065.294.774 | 3.061.806.041 |
| 1. Land | 011 | 659.328.328 | 659.078.928 |
| 2. Buildings | 012 | 2.052.868.793 | 2.021.849.871 |
| 3. Plant and equipement | 013 | 203.822.037 | 188.003.064 |
| 4. Tools, working inventory and transportation assets | 014 | 64.897.404 | 66.489.695 |
| 5. Biological assets | 015 | ||
| 6. Advances for purchase of tangible assets | 016 | 5.072.180 | 4.849.918 |
| 7. Tangible assets in progress | 017 | 32.731.559 | 75.880.898 |
| 8. Other tangible assets | 018 | 24.833.592 | 24.105.644 |
| 9. Investment in real-estate | 019 | 21.740.881 | 21.548.023 |
| III. NON-CURRENT FINANCIAL ASSETS (021 to 028) | 020 | 46.547.373 | 31.573.758 |
| 1. Share in related parties | 021 | 1.241.421 | 1.413.690 |
| 2. Loans to related parties | 022 | ||
| 3. Participating interests (shares) | 023 | 140.000 | 140.000 |
| 4. Loans to companies with participating interest | 024 | ||
| 5. Investments in securities | 025 | 44.761.794 | 29.641.626 |
| 6. Loans, deposits, etc. | 026 | 404.158 | 378.442 |
| 7. Other non-current financial assets | 027 | ||
| 8. Equity-accounted investments | 028 | ||
| IV. RECEIVABLES (030 to 032) | 029 | 645.153 | 627.377 |
| 1. Receivables from related parties | 030 | ||
| 2. Receivables arising from sales on credit | 031 | 286.116 | 273.631 |
| 3. Other receivables | 032 | 359.037 | 353.746 |
| V. DEFERRED TAX ASSET | 033 | 60.513.799 | 60.376.466 |
| C) CURRENT ASSETS (035+043+050+058) | 034 | 355.363.412 | 246.006.736 |
| I. INVENTORIES (036 to 042) | 035 | 9.761.018 | 12.349.315 |
| 1. Raw materials and supplies | 036 | 8.951.383 | 11.506.580 |
| 2. Production in progress | 037 | ||
| 3. Finished products | 038 | ||
| 4. Merchandise | 039 | 64.641 | 97.741 |
| 5. Advances for inventories | 040 | ||
| 6. Long term assets held for sale | 041 | 744.994 | 744.994 |
| 7. Biological assets | 042 | ||
| II. RECEIVABLES (044 to 049) | 043 | 26.681.432 | 41.256.319 |
| 1. Receivables from related parties | 044 | 458 | 1.250 |
| 2. Receivables from end-customers | 045 | 13.147.988 | 34.875.921 |
| 3. Receivables from participating parties | 046 | 253 | 253 |
| 4. Receivables from employees and members of the company | 047 | 485.727 | 910.634 |
| 5. Receivables from government and other institutions | 048 | 9.285.057 | 2.095.038 |
| 6. Other receivables | 049 | 3.761.949 | 3.373.223 |
| III. CURRENT FINANCIAL ASSETS (051 to 057) | 050 | 165.680 | 21.174 |
| 1. Share in related parties | 051 | ||
| 2. Loans to related parties | 052 | ||
| 3. Participating interests (shares) | 053 | ||
| 4. Loans to companies with participating interest | 054 | ||
| 5. Investments in securities | 055 | ||
| 6. Loans, deposits, etc. | 056 | 24.845 | 21.174 |
| 7. Other financial assets | 057 | 140.835 | |
| IV. CASH AND CASH EQUIVALENTS | 058 | 318.755.282 | 192.379.928 |
| D) PREPAYMENTS AND ACCRUED INCOME | 059 | 21.247.239 | 28.216.325 |
| E) TOTAL ASSETS (001+002+034+059) | 060 | 3.566.618.693 | 3.445.374.450 |
| F) OFF BALANCE SHEET ITEMS | 061 | 54.717.679 | 54.695.910 |
| Position | AOP | Previous period | Current period |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| EQUITY AND LIABILITIES | |||
| A) ISSUED CAPITAL AND RESERVES (063+064+065+071+072+075+078) | 062 | 1.901.690.680 | 1.763.236.023 |
| I. SUBSCRIBED SHARE CAPITAL | 063 | 1.672.021.210 | 1.672.021.210 |
| II. CAPITAL RESERVES | 064 | -373.815 | -373.815 |
| III.RESERVES FROM PROFIT (066+067-068+069+070) | 065 | 62.737.202 | 65.077.604 |
| 1. Legal reserves | 066 | 61.906.040 | 61.906.040 |
| 2. Reserve for own shares | 067 | 34.344.407 | 72.344.407 |
| 3. Treasury shares and shares (deductible items) | 068 | 33.513.245 | 69.172.843 |
| 4. Statutory reserves | 069 | ||
| 5. Other reserves | 070 | ||
| IV. REVALUATION RESERVES | 071 | 31.189.526 | 24.532.443 |
| V. RETAINED EARNINGS OR LOSS CARRIED FORWARD (073-074) | 072 | 30.576.912 | 97.335.739 |
| 1. Retained earnings | 073 | 30.576.912 | 97.335.739 |
| 2. Loss carried forward | 074 | ||
| VI. NET PROFIT OR LOSS FOR THE PERIOD (076-077) | 075 | 105.441.776 | -95.449.866 |
| 1. Net profit for the period | |||
| 076 | 105.441.776 | ||
| 2. Net loss for the period | 077 | 95.449.866 | |
| VII. MINORITY INTEREST | 078 | 97.869 | 92.708 |
| B) PROVISIONS (080 to 082) | 079 | 87.186 | 0 |
| 1. Provisions for pensions, severance pay and similar liabilities | 080 | ||
| 2. Provisions for tax liabilities | 081 | 16.011 | |
| 3. Other provisions | 082 | 71.175 | |
| C) NON-CURRENT LIABILITIES (084 to 092) | 083 | 1.331.861.034 | 1.301.243.331 |
| 1. Liabilites to related parties | 084 | ||
| 2. Liabilities for loans, deposits, etc. | 085 | ||
| 3. Liabilities to banks and other financial institutions | 086 | 1.306.223.976 | 1.276.107.277 |
| 4. Liabilities for advances | 087 | ||
| 5. Trade payables | 088 | ||
| 6. Commitments on securities | 089 | ||
| 7. Liabilities to companies with participating interest | 090 | ||
| 8. Other non-current liabilities | 091 | 2.833.087 | 4.133.688 |
| 9. Deferred tax liabilities | 092 | 22.803.971 | 21.002.366 |
| D) CURRENT LIABILITIES (094 to 105) | 093 | 229.556.759 | 289.828.715 |
| 1. Liabilites to related parties | 094 | 70.585 | 275 |
| 2. Liabilities for loans, deposits, etc. | 095 | ||
| 3. Liabilities to banks and other financial institutions | 096 | 139.838.023 | 111.761.385 |
| 4. Liabilities for advances | 097 | 14.788.881 | 74.040.801 |
| 5. Trade payables | 098 | 47.731.018 | 79.925.504 |
| 6. Commitments on securities | 099 | ||
| 7. Liabilities to companies with participating interest | 100 | ||
| 8. Liabilities to emloyees | 101 | 15.738.902 | 16.064.331 |
| 9. Taxes, contributions and similar liabilities | 102 | 7.870.246 | 6.594.652 |
| 10. Liabilities arising from share in the result | 103 | 45.653 | 72.403 |
| 11. Liabilities arising from non-current assets held for sale | 104 | 2.832 | |
| 12. Other current liabilities | 105 | 3.470.619 | 1.369.364 |
| E) ACCRUED EXPENSES AND DEFERRED INCOME | 106 | 103.423.034 | 91.066.381 |
| F) TOTAL EQUITY AND LIABILITIES (062+079+083+093+106) | 107 | 3.566.618.693 | 3.445.374.450 |
| G) OFF BALANCE SHEET ITEMS | 108 | 54.717.679 | 54.695.910 |
| ADDITION TO BALANCE SHEET (only for consolidated financial statements) | |||
| ISSUED CAPITAL AND RESERVES | |||
| 1. Attributable to majority owners | 109 | 1.901.592.811 | 1.763.143.315 |
| 2. Attributable to minority interest | 110 | 97.869 | 92.708 |
| Position | AOP Previous period |
Current period | ||||
|---|---|---|---|---|---|---|
| Cummulative | Quarter | Cummulative | Quarter | |||
| 1 | 2 | 3 | 4 | 5 | 6 | |
| I. OPERATING INCOME (112 to 113) | 111 | 23.983.557 | 23.983.557 | 52.805.761 | 52.805.761 | |
| 1. Sales revenues | 112 | 17.016.200 | 17.016.200 | 46.053.862 | 46.053.862 | |
| 2. Other operating revenues | 113 | 6.967.357 | 6.967.357 | 6.751.899 | 6.751.899 | |
| II. OPERATING COSTS | 114 | 144.784.514 | 144.784.514 | 166.249.107 | 166.249.107 | |
| (115+116+120+124+125+126+129+130) | ||||||
| 1. Change in inventories of work in progress | 115 | |||||
| 2. Material expenses (117 to 119) | 116 | 28.946.075 | 28.946.075 | 31.843.559 | 31.843.559 | |
| a) Costs of raw materials | 117 | 12.689.921 | 12.689.921 | 17.571.542 | 17.571.542 | |
| b) Cost of goods sold | 118 | 8.454 | 8.454 | 42.875 | 42.875 | |
| c) Other material expenses | 119 | 16.247.699 | 16.247.699 | 14.229.142 | 14.229.142 | |
| 3. Employee benefits expenses (121 to 123) | 120 | 37.582.199 | 37.582.199 | 46.422.720 | 46.422.720 | |
| a) Net salaries | 121 | 21.752.669 | 21.752.669 | 27.245.769 | 27.245.769 | |
| b) Tax and contributions from salary expenses | 122 | 10.378.651 | 10.378.651 | 12.039.791 | 12.039.791 | |
| c) Contributions on salary | 123 | 5.450.879 | 5.450.879 | 7.137.160 | 7.137.160 | |
| 4. Depreciation and amortisation | 124 | 57.387.303 | 57.387.303 | 65.619.552 | 65.619.552 | |
| 5. Other expenses | 125 | 18.827.980 | 18.827.980 | 19.379.070 | 19.379.070 | |
| 6. Write down of assets (127+128) | 126 | 126.848 | 126.848 | 3.225 | 3.225 | |
| a) non-current assets (except financial assets) | 127 | |||||
| b) current assets (except financial assets) | 128 | 126.848 | 126.848 | 3.225 | 3.225 | |
| 7. Provisions | 129 | |||||
| 8. Other operating costs | 130 | 1.914.110 | 1.914.110 | 2.980.981 | 2.980.981 | |
| III. FINANCIAL INCOME (132 to 136) | 131 | 4.423.748 | 4.423.748 | 33.693.400 | 33.693.400 | |
| 1. Interest, foreign exchange differences, dividends and | ||||||
| similar income from related parties | 132 | |||||
| 2. Interest, foreign exchange differences, dividends and | ||||||
| similar income from third parties | 133 | 2.598.515 | 2.598.515 | 23.786.109 | 23.786.109 | |
| 3. Income from investments in associates and joint ventures | 134 | |||||
| 4. Unrealised gains (income) from financial assets | 135 | 1.504.345 | 1.504.345 | 911.490 | 911.490 | |
| 5. Other financial income | 136 | 320.888 | 320.888 | 8.995.801 | 8.995.801 | |
| IV. FINANCIAL EXPENSES (138 to 141) | 137 | 32.898.787 | 32.898.787 | 15.702.040 | 15.702.040 | |
| 1. Interest, foreign exchange differences, dividends and | ||||||
| similar expenses from related parties | 138 | |||||
| 2. Interest, foreign exchange differences, dividends and | 139 | 31.522.235 | 31.522.235 | 12.377.598 | 12.377.598 | |
| similar expenses from third parties | ||||||
| 3. Unrealised losses (expenses) from financial assets | 140 | 1.266.500 | 1.266.500 | 2.053.107 | 2.053.107 | |
| 4. Other financial expenses | 141 | 110.052 | 110.052 | 1.271.335 | 1.271.335 | |
| V. SHARE OF PROFIT FROM ASSOCIATED COMPANIES | 142 | |||||
| VI. SHARE OF LOSS FROM ASSOCIATED COMPANIES | 143 | |||||
| VII. EXTRAORDINARY - OTHER INCOME | 144 | |||||
| VIII. EXTRAORDINARY - OTHER EXPENSES | 145 | |||||
| IX. TOTAL INCOME (111+131+142+144) | 146 | 28.407.306 | 28.407.306 | 86.499.161 | 86.499.161 | |
| X. TOTAL EXPENSES (114+137+143+145) | 147 | 177.683.302 | 177.683.302 | 181.951.147 | 181.951.147 | |
| XI. PROFIT OR LOSS BEFORE TAXES (146-147) | 148 | -149.275.996 | -149.275.996 | -95.451.986 | -95.451.986 | |
| 1. Profit before taxes (146-147) | 149 | 0 | 0 | 0 | 0 | |
| 2. Loss before taxes (147-146) | 150 | 149.275.996 | 149.275.996 | 95.451.986 | 95.451.986 | |
| XII. TAXATION | 151 | 3.040 | 3.040 | |||
| XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) | 152 | -149.275.996 | -149.275.996 | -95.455.026 | -95.455.026 | |
| 1. Profit for the period (149-151) | 153 | 0 | 0 | 0 | 0 | |
| 2. Loss for the period (151-148) | 154 | 149.275.996 | 149.275.996 | 95.455.026 | 95.455.026 |
Company: Valamar Riviera d.d.
| Position | AOP | Previous period | Current period | ||
|---|---|---|---|---|---|
| Cummulative | Quarter | Cummulative | Quarter | ||
| 1 | 2 | 3 | 4 | 5 | 6 |
| XIV. PROFIT OR LOSS FOR THE PERIOD | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1. Attributable to majority owners | 155 | -149.269.596 | -149.269.596 | -95.449.866 | -95.449.866 | ||||
| 2. Attributable to minority interest | 156 | -6.399 | -6.399 | -5.160 | -5.160 |
| 157 | -149.275.996 | -149.275.996 | -95.455.026 | -95.455.026 |
|---|---|---|---|---|
| 158 | 1.101.372 | 1.101.372 | -8.458.689 | -8.458.689 |
| 159 | ||||
| 160 | ||||
| 161 | 1.101.372 | 1.101.372 | -8.458.689 | -8.458.689 |
| 162 | ||||
| 163 | ||||
| 164 | ||||
| 165 | ||||
| 166 | 220.274 | 220.274 | -1.801.604 | -1.801.604 |
| 167 | 881.098 | 881.098 | -6.657.085 | -6.657.085 |
| 168 | -148.394.898 | -148.394.898 | -102.112.111 | -102.112.111 |
| VI. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD |
|||||
|---|---|---|---|---|---|
| 1. Attributable to majority owners | 169 | -148.388.498 | -148.388.498 | -102.106.951 | -102.106.951 |
| 2. Attributable to minority interest | 170 | -6.399 | -6.399 | -5.160 | -5.160 |
| Position | AOP | Previous period | Current period |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| CASH FLOWS FROM OPERATING ACTIVITIES 1. Profit before tax |
001 | -149.275.996 | -95.451.986 |
| 2. Depreciation and amortisation | 002 | 57.387.303 | 65.619.552 |
| 3. Increase of current liabilities | 003 | 55.606.043 | 88.350.282 |
| 4. Decrease of current receivables | 004 | 15.187.208 | |
| 5. Decrease of inventories | 005 | ||
| 6. Other cash flow increases | 006 | 863.952 | 162.282 |
| I. Total increase of cash flow from operating activities | 007 | -20.231.490 | 58.680.130 |
| 1. Decrease of current liabilities | 008 | ||
| 2. Increase of current receivables | 009 | 8.284.887 | 14.589.006 |
| 3. Increase of inventories | 010 | 1.164.910 | 2.588.297 |
| 4. Other cash flow decreases | 011 | 24.674.025 | 19.826.742 |
| II. Total decrease of cash flow from operating activities | 012 | 34.123.822 | 37.004.045 |
| A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES | 013 | 0 | 21.676.085 |
| A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES | 014 | 54.355.312 | 0 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| 1. Proceeds from sale of non-current assets | 015 | ||
| 2. Proceeds from sale of non-current financial assets | 016 | 15.162.115 | |
| 3. Interest received | 017 | ||
| 4. Dividend received | 018 | ||
| 5. Other proceeds from investing activities | 019 | 137.333 | |
| III. Total cash inflows from investing activities | 020 | 0 | 15.299.448 |
| 1. Purchase of non-current assets | 021 | 86.211.730 | 61.891.624 |
| 2. Purchase of non-current financial assets | 022 | ||
| 3. Other cash outflows from investing activities | 023 | ||
| IV. Total cash outflows from investing activities | 024 | 86.211.730 | 61.891.624 |
| B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES | 025 | 0 | 0 |
| B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES | 026 | 86.211.730 | 46.592.176 |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| 1. Proceeds from issue of equity securities and debt securities | 027 | ||
| 2. Proceeds from loans and borrowings | 028 | 64.222.205 | |
| 3. Other proceeds from financing activities | 029 | ||
| V. Total cash inflows from financing activities | 030 | 64.222.205 | 0 |
| 1. Repayment of loans and bonds | 031 | 58.193.338 | |
| 2. Dividends paid | 032 | ||
| 3. Repayment of finance lease | 033 | ||
| 4. Purchase of treasury shares | 034 | 4.636.522 | 35.659.598 |
| 5. Other cash outflows from financing activities | 035 | 127.625 | 7.606.327 |
| VI. Total cash outflows from financing activities | 036 | 4.764.147 | 101.459.263 |
| C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES | 037 | 59.458.058 | 0 |
| C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES | 038 | 0 | 101.459.263 |
| Total increases of cash flows | 039 | 0 | 0 |
| Total decreases of cash flows | 040 | 81.108.984 | 126.375.354 |
| Cash and cash equivalents at the beginning of period | 041 | 195.201.504 | 318.755.282 |
| Increase of cash and cash equivalents | 042 | ||
| Decrease of cash and cash equivalents | 043 | 81.108.984 | 126.375.354 |
| Cash and cash equivalents at the end of period | 044 | 114.092.520 | 192.379.928 |
| Position | AOP | Previous year | Current year |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| 1. Subscribed share capital | 001 | 1.672.021.210 | 1.672.021.210 |
| 2. Capital reserves | 002 | -373.815 | -373.815 |
| 3. Reserves from profit | 003 | 62.737.202 | 65.077.604 |
| 4. Retained earnings or loss carried forward | 004 | 30.576.912 | 97.335.739 |
| 5. Net profit or loss for the period | 005 | 105.441.776 | -95.449.866 |
| 6. Revaluation of tangible assets | 006 | ||
| 7. Revaluation of intangible assets | 007 | ||
| 8. Revaluation of available for sale assets | 008 | 31.189.526 | 24.532.443 |
| 9. Other revaluation | 009 | ||
| 10. Total equity and reserves (AOP 001 to 009) | 010 | 1.901.592.811 | 1.763.143.315 |
| 11. Foreign exchenge differences from foreign investments | 011 | ||
| 12. Current and deferred taxes | 012 | ||
| 13. Cash flow hedge | 013 | ||
| 14. Change of accounting policies | 014 | ||
| 15. Correction of significant mistakes of prior period | 015 | ||
| 16. Other changes | 016 | ||
| 17.Total increase or decrease of equity (AOP 011 to 016) | 017 | 0 | 0 |
| 17 a. Attributable to majority owners | 018 | 1.901.592.811 | 1.763.143.315 |
| 17 b. Attributable to minority interest | 019 | 97.869 | 92.708 |
(1) The notes to financial statements include additional and supplemental information not presented in the Balance Sheet, Income Statement, Cash Flow Statement or the Statement of Changes in Equity in accordance with the provisions of the relevant financial reporting standards.
| Companies of the consolidation subject | Balance sheet-previous period | Balance sheet-current period |
|---|---|---|
| 2015 | 31.12.2015 | 31.03.2016 |
| Valamar hoteli i ljetovališta d.o.o. | Yes | No |
| Valamar hotels & resorts GmbH | Yes | No |
| Hoteli Baška d.d. | Yes | Yes |
| Mirta Bašćanska d.o.o. | Yes | Yes |
| Vala Bašćanska d.o.o. | Yes | Yes |
| Baškaturist d.o.o. | Yes | Yes |
| Puntižela d.o.o. | Yes | Yes |
| Citatis d.o.o. | Yes | No |
| Bastion upravljanje d.o.o. | Yes | Yes |
| Elafiti Babin kuk d.o.o. | Yes | Yes |
| Magične stijene d.o.o. | Yes | Yes |
| Palme turizam d.o.o. | Yes | Yes |
| Pogača Babin Kuk d.o.o. | Yes | Yes |
| Bugenvilia d.o.o. | Yes | Yes |
| Companies of the consolidation subject 2016 |
Income statment-previous period 31.03.2015 |
Income statment-current period 31.03.2016 |
|---|---|---|
| Valamar hoteli i ljetovališta d.o.o. | 01.01.-27.02. | - |
| Valamar hotels & resorts GmbH | - | - |
| Hoteli Baška d.d. | - | 01.01.-31.03. |
| Mirta Bašćanska d.o.o. | - | 01.01.-13.01. |
| Vala Bašćanska d.o.o. | - | 01.01.-13.01. |
| Baškaturist d.o.o. | - | 01.01.-13.01. |
| Puntižela d.o.o. | 01.01.-31.03. | 01.01.-31.03. |
| Citatis d.o.o. | 01.01.-31.03. | - |
| Bastion upravljanje d.o.o. | 01.01.-31.03. | 01.01.-31.03. |
| Elafiti Babin kuk d.o.o. | 01.01.-31.03. | 01.01.-31.03. |
| Magične stijene d.o.o. | 01.01.-31.03. | 01.01.-31.03. |
| Palme turizam d.o.o. | 01.01.-31.03. | 01.01.-31.03. |
| Pogača Babin Kuk d.o.o. | 01.01.-31.03. | 01.01.-31.03. |
| Bugenvilia d.o.o. | 01.01.-31.03. | 01.01.-31.03. |
Quarterly financial report TFI-POD
| Tax number (MB): | 3474771 | |||
|---|---|---|---|---|
| Company registration number (MBS): |
040020883 | |||
| Personal identification number (OIB): |
36201212847 | |||
| Issuing company: | Valamar Riviera d.d. | |||
| Postal code and place | 52440 | Poreč | ||
| Street and house number: | Stancija Kaligari 1 | |||
| E-mail address: | [email protected] | |||
| Internet address: | www.valamar-riviera.com | |||
| Municipality/city code and name: | 348 | Poreč | ||
| Number of | ||||
| employees: | ||||
| County code and name: | 18 | Istarska | (period end) | 2.109 |
| NKD code: | 5510 | |||
| Consolidated report: | NO | |||
| Companies of the consolidation subject (according to IFRS): |
Seat: | MB: | ||
| Bookkeeping service: | ||||
| Contact person: | Sopta Anka | |||
| (only surname and name) | ||||
| Telephone: | 052/408 188 | Telefaks: | 052/408 110 | |
| E-mail address: | [email protected] | |||
| Family name and name: | Kukurin Željko, Čižmek Marko | |||
| (person authorized to represent the company) | ||||
Documents disclosed:
(Balance Sheet, Income Statement, Cash Flow Statement, Statement of Changes in Equity and notes to financial statements)
Management Interim Report
Declaration of the persons responsible for preparing the issuer's statements
L.S. (signature of the person authorized to represent the company)
| Position | AOP | Previous period | Current period |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| ASSETS | |||
| A) RECEIVABELS FOR SUBSCRIBED NOT PAID CAPITAL | 001 | ||
| B) NON-CURRENT ASSETS (003+010+020+029+033) | 002 | 3.171.672.610 | 3.162.237.824 |
| I. INTANGIBLE ASSETS (004 to 009) | 003 | 9.202.261 | 8.972.390 |
| 1. Expenditure for development | 004 | ||
| 2. Concessions, patents, licenses, trademarks, service marks, software and other rights | 005 | 9.090.495 | 8.629.038 |
| 3. Goodwill | 006 | ||
| 4. Advances for purchase of intangible assets | 007 | ||
| 5. Intangible assets in progress | 008 | 111.766 | 343.352 |
| 6. Other intangible assets | 009 | ||
| II. PROPERTY, PLANT AND EQUIPMENT (011 to 019) | 010 | 2.379.794.741 | 2.383.802.109 |
| 1. Land | 011 | 519.577.779 | 519.324.556 |
| 2. Buildings | 012 | 1.525.902.691 | 1.500.260.154 |
| 3. Plant and equipement | 013 | 189.682.352 | 181.010.067 |
| 4. Tools, working inventory and transportation assets | 014 | 63.877.369 | 61.783.670 |
| 5. Biological assets | 015 | ||
| 6. Advances for purchase of tangible assets | 016 | 5.072.180 | 4.732.063 |
| 7. Tangible assets in progress | 017 | 32.557.369 | 74.480.944 |
| 8. Other tangible assets | 018 | 24.663.310 | 23.905.732 |
| 9. Investment in real-estate | 019 | 18.461.691 | 18.304.923 |
| III. NON-CURRENT FINANCIAL ASSETS (021 to 028) | 020 | 625.876.740 | 612.682.233 |
| 1. Share in related parties | 021 | 584.753.048 | 584.753.048 |
| 2. Loans to related parties | 022 | ||
| 3. Participating interests (shares) | 023 | 140.000 | 140.000 |
| 4. Loans to companies with participating interest | 024 | ||
| 5. Investments in securities | 025 | 40.983.692 | 27.789.185 |
| 6. Loans, deposits, etc. | 026 | ||
| 7. Other non-current financial assets | 027 | ||
| 8. Equity-accounted investments | 028 | ||
| IV. RECEIVABLES (030 to 032) | 029 | 136.460.510 | 136.442.734 |
| 1. Receivables from related parties | 030 | 135.815.357 | 135.815.357 |
| 2. Receivables arising from sales on credit | 031 | 286.116 | 273.631 |
| 3. Other receivables | 032 | 359.037 | 353.746 |
| V. DEFERRED TAX ASSET | 033 | 20.338.358 | 20.338.358 |
| C) CURRENT ASSETS (035+043+050+058) | 034 | 363.445.425 | 258.774.184 |
| I. INVENTORIES (036 to 042) | 035 | 9.604.766 | 12.192.880 |
| 1. Raw materials and supplies | 036 | 8.810.975 | 11.363.069 |
| 2. Production in progress | 037 | ||
| 3. Finished products | 038 | ||
| 4. Merchandise | 039 | 48.797 | 84.817 |
| 5. Advances for inventories | 040 | ||
| 6. Long term assets held for sale | 041 | 744.994 | 744.994 |
| 7. Biological assets | 042 | ||
| II. RECEIVABLES (044 to 049) | 043 | 51.857.599 | 60.609.798 |
| 1. Receivables from related parties | 044 | 29.181.921 | 22.431.032 |
| 2. Receivables from end-customers | 045 | 12.765.099 | 34.210.560 |
| 3. Receivables from participating parties | 046 | ||
| 4. Receivables from employees and members of the company | 047 | 485.286 | 890.088 |
| 5. Receivables from government and other institutions | 048 | 7.009.354 | 78.614 |
| 6. Other receivables | 049 | 2.415.939 | 2.999.504 |
| III. CURRENT FINANCIAL ASSETS (051 to 057) | 050 | 185.980 | 41.474 |
| 1. Share in related parties | 051 | ||
| 2. Loans to related parties | 052 | 20.300 | 20.300 |
| 3. Participating interests (shares) | 053 | ||
| 4. Loans to companies with participating interest | 054 | ||
| 5. Investments in securities | 055 | ||
| 6. Loans, deposits, etc. | 056 | 24.845 | 21.174 |
| 7. Other financial assets | 057 | 140.835 | |
| IV. CASH AND CASH EQUIVALENTS | 058 | 301.797.080 | 185.930.032 |
| D) PREPAYMENTS AND ACCRUED INCOME | 059 | 20.594.349 | 27.472.287 |
| E) TOTAL ASSETS (001+002+034+059) | 060 | 3.555.712.384 | 3.448.484.295 |
| F) OFF BALANCE SHEET ITEMS | 061 | 54.717.679 | 54.695.910 |
| 1 2 3 4 EQUITY AND LIABILITIES A) ISSUED CAPITAL AND RESERVES (063+064+065+071+072+075+078) 062 2.088.581.493 1.958.419.214 I. SUBSCRIBED SHARE CAPITAL 063 1.672.021.210 1.672.021.210 II. CAPITAL RESERVES 064 109.139 109.139 III.RESERVES FROM PROFIT (066+067-068+069+070) 065 67.203.861 69.544.263 1. Legal reserves 066 61.906.040 61.906.040 2. Reserve for own shares 067 34.344.407 72.344.407 3. Treasury shares and shares (deductible items) 068 29.046.586 64.706.184 4. Statutory reserves 069 5. Other reserves 070 IV. REVALUATION RESERVES 071 31.431.842 24.218.338 V. RETAINED EARNINGS OR LOSS CARRIED FORWARD (073-074) 072 211.961.240 279.815.441 073 211.961.240 279.815.441 1. Retained earnings 2. Loss carried forward 074 VI. NET PROFIT OR LOSS FOR THE PERIOD (076-077) 075 105.854.201 -87.289.177 1. Net profit for the period 076 105.854.201 2. Net loss for the period 077 87.289.177 VII. MINORITY INTEREST 078 B) PROVISIONS (080 to 082) 079 0 0 1. Provisions for pensions, severance pay and similar liabilities 080 2. Provisions for tax liabilities 081 3. Other provisions 082 C) NON-CURRENT LIABILITIES (084 to 092) 083 1.164.439.231 1.122.931.558 1. Liabilites to related parties 084 2. Liabilities for loans, deposits, etc. 085 3. Liabilities to banks and other financial institutions 086 1.158.888.007 1.117.883.109 4. Liabilities for advances 087 5. Trade payables 088 6. Commitments on securities 089 7. Liabilities to companies with participating interest 090 8. Other non-current liabilities 091 2.833.086 4.133.688 9. Deferred tax liabilities 092 2.718.138 914.761 D) CURRENT LIABILITIES (094 to 105) 093 205.346.633 279.515.814 1. Liabilites to related parties 094 204.906 25.222 2. Liabilities for loans, deposits, etc. 095 3. Liabilities to banks and other financial institutions 096 125.355.698 110.537.566 4. Liabilities for advances 097 12.944.972 70.980.296 5. Trade payables 098 43.376.126 75.331.558 6. Commitments on securities 099 7. Liabilities to companies with participating interest 100 101 14.943.850 14.769.960 8. Liabilities to emloyees 9. Taxes, contributions and similar liabilities 102 6.643.162 6.501.127 10. Liabilities arising from share in the result 103 11. Liabilities arising from non-current assets held for sale 104 12. Other current liabilities 105 1.877.919 1.370.085 E) ACCRUED EXPENSES AND DEFERRED INCOME 106 97.345.027 87.617.709 F) TOTAL EQUITY AND LIABILITIES (062+079+083+093+106) 107 3.555.712.384 3.448.484.295 G) OFF BALANCE SHEET ITEMS 108 54.717.679 54.695.910 ADDITION TO BALANCE SHEET (only for consolidated financial statements) ISSUED CAPITAL AND RESERVES 1. Attributable to majority owners 109 |
Position | AOP | Previous period | Current period |
|---|---|---|---|---|
| 2. Attributable to minority interest | 110 | 0 | 0 |
| Position | AOP Previous period Current period |
||||
|---|---|---|---|---|---|
| Cummulative | Quarter | Cummulative | Quarter | ||
| 1 | 2 | 3 | 4 | 5 | 6 |
| I. OPERATING INCOME (112 to 113) | 111 | 24.193.182 | 24.193.182 | 50.415.687 | 50.415.687 |
| 1. Sales revenues | 112 | 17.366.046 | 17.366.046 | 46.122.914 | 46.122.914 |
| 2. Other operating revenues | 113 | 6.827.135 | 6.827.135 | 4.292.773 | 4.292.773 |
| II. OPERATING COSTS | 114 | 144.689.944 | 144.689.944 | 155.950.518 | 155.950.518 |
| (115+116+120+124+125+126+129+130) | |||||
| 1. Change in inventories of work in progress | 115 | ||||
| 2. Material expenses (117 to 119) | 116 | 37.495.373 | 37.495.373 | 37.489.196 | 37.489.196 |
| a) Costs of raw materials | 117 | 12.492.793 | 12.492.793 | 17.201.115 | 17.201.115 |
| b) Cost of goods sold | 118 | 5.976 | 5.976 | 42.875 | 42.875 |
| c) Other material expenses | 119 | 24.996.603 | 24.996.603 | 20.245.206 | 20.245.206 |
| 3. Employee benefits expenses (121 to 123) | 120 | 33.733.625 | 33.733.625 | 42.896.613 | 42.896.613 |
| a) Net salaries | 121 | 19.720.615 | 19.720.615 | 25.695.818 | 25.695.818 |
| b) Tax and contributions from salary expenses | 122 | 9.064.700 | 9.064.700 | 11.114.360 | 11.114.360 |
| c) Contributions on salary | 123 | 4.948.310 | 4.948.310 | 6.086.435 | 6.086.435 |
| 4. Depreciation and amortisation | 124 | 53.484.484 | 53.484.484 | 56.336.741 | 56.336.741 |
| 5. Other expenses | 125 | 18.075.750 | 18.075.750 | 18.409.025 | 18.409.025 |
| 6. Write down of assets (127+128) | 126 | 126.848 | 126.848 | 3.225 | 3.225 |
| a) non-current assets (except financial assets) | 127 | ||||
| b) current assets (except financial assets) | 128 | 126.848 | 126.848 | 3.225 | 3.225 |
| 7. Provisions | 129 | ||||
| 8. Other operating costs | 130 | 1.773.865 | 1.773.865 | 815.718 | 815.718 |
| III. FINANCIAL INCOME (132 to 136) | 131 | 28.347.500 | 28.347.500 | 31.094.027 | 31.094.027 |
| 1. Interest, foreign exchange differences, dividends and similar income from related parties |
132 | 24.037.704 | 24.037.704 | ||
| 2. Interest, foreign exchange differences, dividends and similar income from third parties |
133 | 2.484.563 | 2.484.563 | 21.584.742 | 21.584.742 |
| 3. Income from investments in associates and joint ventures | 134 | ||||
| 4. Unrealised gains (income) from financial assets | 135 | 1.504.346 | 1.504.346 | 911.490 | 911.490 |
| 5. Other financial income | 136 | 320.888 | 320.888 | 8.597.795 | 8.597.795 |
| IV. FINANCIAL EXPENSES (138 to 141) | 137 | 32.111.995 | 32.111.995 | 12.848.373 | 12.848.373 |
| 1. Interest, foreign exchange differences, dividends and similar expenses from related parties |
138 | ||||
| 2. Interest, foreign exchange differences, dividends and similar expenses from third parties |
139 | 30.735.443 | 30.735.443 | 10.457.252 | 10.457.252 |
| 3. Unrealised losses (expenses) from financial assets | 140 | 1.266.500 | 1.266.500 | 2.053.107 | 2.053.107 |
| 4. Other financial expenses | 141 | 110.052 | 110.052 | 338.014 | 338.014 |
| V. SHARE OF PROFIT FROM ASSOCIATED COMPANIES | 142 | ||||
| VI. SHARE OF LOSS FROM ASSOCIATED COMPANIES | 143 | ||||
| VII. EXTRAORDINARY - OTHER INCOME | 144 | ||||
| VIII. EXTRAORDINARY - OTHER EXPENSES | 145 | ||||
| IX. TOTAL INCOME (111+131+142+144) | 146 | 52.540.682 | 52.540.682 | 81.509.714 | 81.509.714 |
| X. TOTAL EXPENSES (114+137+143+145) | 147 | 176.801.939 | 176.801.939 | 168.798.891 | 168.798.891 |
| XI. PROFIT OR LOSS BEFORE TAXES (146-147) | 148 | -124.261.257 | -124.261.257 | -87.289.177 | -87.289.177 |
| 1. Profit before taxes (146-147) | 149 | 0 | 0 | 0 | 0 |
| 2. Loss before taxes (147-146) | 150 | 124.261.257 | 124.261.257 | 87.289.177 | 87.289.177 |
| XII. TAXATION | 151 | ||||
| XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) | 152 | -124.261.257 | -124.261.257 | -87.289.177 | -87.289.177 |
| 1. Profit for the period (149-151) | 153 | 0 | 0 | 0 | 0 |
| 2. Loss for the period (151-148) | 154 | 124.261.257 | 124.261.257 | 87.289.177 | 87.289.177 |
Company: Valamar Riviera d.d.
| Position | AOP | Previous period | Current period | ||
|---|---|---|---|---|---|
| Cummulative | Quarter | Cummulative | Quarter | ||
| 1 | 2 | 3 | 4 | 5 | 6 |
| XIV. PROFIT OR LOSS FOR THE PERIOD | |||||
|---|---|---|---|---|---|
| 1. Attributable to majority owners | 155 | -124.261.257 | -124.261.257 | -87.289.177 | -87.289.177 |
| 2. Attributable to minority interest | 156 |
| -87.289.177 | ||||
|---|---|---|---|---|
| 158 | 1.101.372 | 1.101.372 | -9.016.880 | -9.016.880 |
| 159 | ||||
| 160 | ||||
| 161 | 1.101.372 | 1.101.372 | -9.016.880 | -9.016.880 |
| 162 | ||||
| 163 | ||||
| 164 | ||||
| 165 | ||||
| 166 | 220.274 | 220.274 | -1.803.376 | -1.803.376 |
| 167 | 881.098 | 881.098 | -7.213.504 | -7.213.504 |
| 168 | -123.380.159 | -123.380.159 | -94.502.681 | -94.502.681 |
| 157 | -124.261.257 | -124.261.257 | -87.289.177 |
| VI. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD |
|||
|---|---|---|---|
| 1. Attributable to majority owners | 169 | ||
| 2. Attributable to minority interest | 170 | ||
| Position | AOP | Previous period | Current period |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| 1. Profit before tax | 001 | -124.261.257 | -87.289.177 |
| 2. Depreciation and amortisation | 002 | 53.484.484 | 56.336.741 |
| 3. Increase of current liabilities | 003 | 54.085.650 | 88.987.313 |
| 4. Decrease of current receivables | 004 | 18.690.637 | |
| 5. Decrease of inventories | 005 | ||
| 6. Other cash flow increases | 006 | 1.111.117 | |
| I. Total increase of cash flow from operating activities | 007 | 3.110.631 | 58.034.877 |
| 1. Decrease of current liabilities | 008 | ||
| 2. Increase of current receivables | 009 | 6.148.708 | 8.752.200 |
| 3. Increase of inventories | 010 | 1.319.156 | 2.588.113 |
| 4. Other cash flow decreases | 011 | 19.300.355 | 16.945.749 |
| II. Total decrease of cash flow from operating activities | 012 | 26.768.219 | 28.286.062 |
| A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES | 013 | 0 | 29.748.815 |
| A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES | 014 | 23.657.588 | 0 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| 1. Proceeds from sale of non-current assets | 015 | ||
| 2. Proceeds from sale of non-current financial assets | 016 | ||
| 3. Interest received | 017 | ||
| 4. Dividend received | 018 | ||
| 5. Other proceeds from investing activities | 019 | 4.339.778 | 13.194.507 |
| III. Total cash inflows from investing activities | 020 | 4.339.778 | 13.194.507 |
| 1. Purchase of non-current assets | 021 | 86.617.912 | 60.114.237 |
| 2. Purchase of non-current financial assets | 022 | 4.636.522 | |
| 3. Other cash outflows from investing activities | 023 | ||
| IV. Total cash outflows from investing activities | 024 | 91.254.434 | 60.114.237 |
| B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES | 025 | 0 | 0 |
| B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES | 026 | 86.914.656 | 46.919.730 |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| 1. Proceeds from issue of equity securities and debt securities | 027 | ||
| 2. Proceeds from loans and borrowings | 028 | 63.009.148 | |
| 3. Other proceeds from financing activities | 029 | 881.098 | |
| V. Total cash inflows from financing activities | 030 | 63.890.246 | 0 |
| 1. Repayment of loans and bonds | 031 | 55.823.030 | |
| 2. Dividends paid | 032 | ||
| 3. Repayment of finance lease | 033 | ||
| 4. Purchase of treasury shares | 034 | 35.659.598 | |
| 5. Other cash outflows from financing activities | 035 | 7.532.263 | 7.213.505 |
| VI. Total cash outflows from financing activities | 036 | 7.532.263 | 98.696.133 |
| C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES | 037 | 56.357.983 | 0 |
| C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES | 038 | 0 | 98.696.133 |
| Total increases of cash flows | 039 | 0 | 0 |
| Total decreases of cash flows | 040 | 54.214.261 | 115.867.048 |
| Cash and cash equivalents at the beginning of period | 041 | 166.188.610 | 301.797.080 |
| Increase of cash and cash equivalents | 042 | ||
| Decrease of cash and cash equivalents | 043 | 54.214.261 | 115.867.048 |
| Cash and cash equivalents at the end of period | 044 | 111.974.349 | 185.930.032 |
| Position | AOP | Previous year | Current year |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| 1. Subscribed share capital | 001 | 1.672.021.210 | 1.672.021.210 |
| 2. Capital reserves | 002 | 109.139 | 109.139 |
| 3. Reserves from profit | 003 | 67.203.861 | 69.544.263 |
| 4. Retained earnings or loss carried forward | 004 | 211.961.240 | 279.815.441 |
| 5. Net profit or loss for the period | 005 | 105.854.201 | -87.289.177 |
| 6. Revaluation of tangible assets | 006 | ||
| 7. Revaluation of intangible assets | 007 | ||
| 8. Revaluation of available for sale assets | 008 | 31.431.842 | 24.218.338 |
| 9. Other revaluation | 009 | ||
| 10. Total equity and reserves (AOP 001 to 009) | 010 | 2.088.581.493 | 1.958.419.214 |
| 11. Foreign exchenge differences from foreign investments | 011 | ||
| 12. Current and deferred taxes | 012 | ||
| 13. Cash flow hedge | 013 | ||
| 14. Change of accounting policies | 014 | ||
| 15. Correction of significant mistakes of prior period | 015 | ||
| 16. Other changes | 016 | ||
| 17.Total increase or decrease of equity (AOP 011 to 016) | 017 | 0 | 0 |
| 17 a. Attributable to majority owners | 018 | ||
| 17 b. Attributable to minority interest | 019 |
Valamar Riviera d.d. Stancija Kaligari 1 52440 Poreč, Hrvatska T +385 (52) 408 002 F +385 (52) 451 608 E [email protected] W www.valamar.com
Investor Relations Stancija Kaligari 1 52440 Poreč, Hrvatska T +385 (52) 408 159 F +385 (52) 451 608 E [email protected] W www.valamar-riviera.com
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