Quarterly Report • Apr 28, 2017
Quarterly Report
Open in ViewerOpens in native device viewer
for the period from 1 January 2017 to 31 March 2017
The Group's financial net result was HRK 18.4 million (HRK 18.0 million in 2016). This was largely the result of foreign exchange gains due to a stronger HRK in relation to EUR and unrealized balance sheet items (loans, deposits and foreign currency accounts).
Enterprise value continued to grow (+21%) as a result of increased market capitalization and prudent net debt management.
4
| Significant business events | 5 |
|---|---|
| Results of the Group | 8 |
| Results of the Company | 15 |
| Investments 2017 | 16 |
| The risks of the Company and the Group | 18 |
| Corporate Governance | 22 |
| Related-party transactions | 23 |
| Branch offices of the Company | 23 |
| Share | 24 |
| Additional information | 26 |
| Responsibility for the quarterly financial statements | 27 |
| Quarterly financial statements | 28 |
Valamar Riviera is the leading Croatian tourism company and one of the leading tourism groups in Croatia. It is a large tourism investor with more than HRK 3 billion invested over the last 13 years. It owns two brands: Valamar Hotels and Resorts and Camping Adriatic. With last year's acquisition of Imperial 1 , a hotel group on the island of Rab, the Group now operates 30 hotels and resorts and 15 camping resorts in five attractive destinations along the Adriatic coast – from Istria and the islands of Krk and Rab to Dubrovnik. It manages about 12% of the total categorized accommodation in Croatia. Valamar's properties can welcome more than 56,000 guests daily in almost 21,000 accommodation units. In terms of accommodation capacity, Valamar Riviera is the largest tourism group in Croatia. Valamar Riviera promotes the interests of all its stakeholders: guests, suppliers and partners, local communities and destinations, around 21,000 shareholders, around 5,300 people employed during peak season and the whole community. The stakeholders' interests are actively promoted through Valamar Riviera's principles of sustainable growth, development and corporate social responsibility. The company aims at growing and developing further through portfolio investments, new acquisitions and partnerships, the development of its destinations and human resources and by increasing operational efficiency.
At the end of last year, Valamar Riviera concluded a Management contract with Imperial regarding the management of Imperial's properties and facilities. The contract has been implemented as of 4 January 2017. On 27 December 2016, when the takeover bid transaction was completed, Valamar Riviera acquired 54.71% of Imperial's share capital. Valamar Riviera also concluded a Cooperation Agreement with Allianz ZB from Zagreb, acting in its own 1 Transaction details are described in the paragraph below.
Family Life Bellevue Resort 4* (preliminary visualization), Rabac name and on behalf of the mandatory pension funds it manages (category A and B). With this agreement, the two companies established joint activity towards Imperial. Valamar Riviera and Allianz ZB expect to achieve significant synergies in the future development of Imperial's portfolio and Rab as a destination.
The Management Board met on 21 February 2017, while the Supervisory Board met on 24 February 2017. During these meetings the annual audited financial reports for 2016 (consolidated and non-consolidated) were determined. On 14 March 2017, the Management Board decided to convoke the General Assembly. It will be held on 4 May 2017 at the Pical hotel in Poreč. On 22 March 2017, the Supervisory Board determined the proposals for the forthcoming General Assembly regarding the distribution of profit, dividend payout, appointment of the Company's auditor for the year 2017, election of the Supervisory Board members and amendment to the company statute.
In order to improve the operating efficiency and rationalize operations, on 6 February 2017 the Management Board of Valamar Riviera initiated the merger of Puntižela d.o.o. The merger was completed on 31 March 2017 upon its entry into the court register. Consequently, Valamar Riviera has become the universal legal successor of Puntižela.
By taking into consideration (i) the acquisition of Imperial, (ii) the announced investments for 2017 (totaling HRK 873 million) which are proceeding as planned, and (iii) the initial booking pace from source markets, in its business plan for 2017 Valamar Riviera is targeting a total consolidated net operating revenue of HRK 1.69 billion (based on Imperial's interim business plan which will be reviewed in April 2017). Excluding Imperial business Valamar Riviera is targeting a 7% increase compared to 2016 or HRK 1.57 billion. Considering the seasonality of operations and past practice, Valamar Riviera is going to announce the expected range of EBITDA and consolidated operating revenues for 2017 in October 2017, including variances from the set targets.
Note: Our targets and plans are based on currently available information, current assumptions and projections of future events. These plans are not a guarantee of future results and are subject to future events, risks, and uncertainties, many of which are beyond the control of, or currently
unknown to Valamar Riviera, as well as potentially erroneous assumptions that could cause the actual results to materially differ from the said plans. Risks and uncertainties include, but are not limited to the ones described in the chapter "Risks of the Company and the Group". Should materially significant changes to the stated target results for the business year 2017 occur, Valamar Riviera shall immediately inform the public thereof, in compliance with Article 459 of the Capital Market Act. The given targets and plans are not an outright recommendation to buy, hold or sell Valamar Riviera's shares.
Valamar Girandella Resort 4* (preliminary visualization), Rabac The Company's Management Board presents the unaudited quarterly financial reports for the period from 1 January 2017 to 31 March 2017. These reports must be viewed in the context of the said mergers and acquisitions, and they provide information on the state of the Company and Group, as well as significant events.
The Group balance sheet for the reviewed period (as of 31 March 2017) contains the data for Hoteli Baška (merged company) for the period following the merger, i.e. as of 1 April 2016. Please note that the 2017 data cannot be entirely compared to the same period last year, as the latter did not include Hoteli Baška.
The Group balance sheet for the reviewed period (as of 31 March 2017) and the previous period (as of 31 December 2016) contains the data for Imperial d.d. Rab.
The Company's income statement for the reviewed period includes the data of the merged company, Bastion upravljanje d.o.o., for the period following the merger i.e. 1 July 2016, as well as the data for Hoteli Baška d.d., for the period following the merger, i.e. as of 1 April 2016. Please note that 2017 data are not fully comparable to the data for the previous period, as the latter do not include, until the time of the merger, the data for the said merged companies.
The Group's income statement for the reviewed period includes the data for the following companies: Puntižela 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 Imperial d.d. Thus, the data for 2017 are not fully comparable to the data for the previous period, as the latter do not include Imperial d.d.
| (in HRK) | 1 - 3/2016 | 1 - 3/2017 | 2017/2016 |
|---|---|---|---|
| Total revenues | 86,499,161 | 64,088,362 | -25.9% |
| Sales revenues | 46,053,862 | 27,913,573 | -39.4% |
| Board revenues (accomodation and board revenues)3 | 26,842,802 | 14,651,779 | -45.4% |
| Operating expenses4 | 98,063,971 | 115,473,721 | 17.8% |
| EBITDA5 | -47,820,569 | -84,582,590 | 76.9% |
| Extraordinary operations result and one-off items6 | 2,454,958 | 907,805 | -63.0% |
| Adjusted EBITDA7 | -50,275,527 | -85,490,395 | 70.0% |
| EBIT | -113,443,346 | -165,632,828 | 46.0% |
| Adjusted EBIT7 | -115,898,304 | -166,540,633 | 43.7% |
| EBT | -95,451,986 | -147,277,080 | 54.3% |
| EBT margin | -180.8% | -441.2% | -26,040 bp |
| 31/12/2016 | 31/3/2017 | 2017/2016 | |
| Net debt8 | 1,398,102,734 | 1,614,350,175 | 15.5% |
| Cash and cash equivalents | 274,650,648 | 112,958,844 | -58.9% |
| Market capitalization9 | 4,295,057,872 | 5,251,170,783 | 22.3% |
| EV10 | 5,693,160,606 | 6,865,520,958 | 20.6% |
| 1 - 3/2016 | 1 - 3/2017 | 2017/2016 | |
|---|---|---|---|
| Number of accommodation units (capacity) | 18,072 | 20,852 | 15.4% |
| Accommodation units sold | 61,282 | 51,573 | -15.8% |
| Overnights | 88,801 | 83,857 | -5.6% |
| ADR12 (in HRK) | 438 | 284 | -35.2% |
amortisation + value adjustments.
short-term investments in securities – current loans given, deposits, etc.
Overnights and ADR
Revenues and accommodation units sold
1 - 3/2016 1 - 3/2017 Total revenues Sales revenues Accommodation units sold Revenues (in HRK '000) Accommodation units 80,000 100,000 60,000 40,000 20,000 0 0 64,088 27,914 51,573 86,499 46,054 61,282 18,000 36,000 54,000 72,000 90,000
More than HRK 870 million were invested in the preparations for this year's season. This represents the largest investments of a Croatian tourism company in a single year. The investments represent one of the strategic goals aiming at improving the competitive position and upgrading the properties and services. This year the focus is on destination Rabac.
In the first quarter of 2017, the Group reported HRK 27.9 million in sales revenues. Their 39.4% decrease was mainly influenced by two factors: last year's M.I.C.E.13 event known as "Global Training Experience" by Daimler AG- Mercedes-Benz did not take place and the Easter holidays occurred in the course of the second quarter. Because of this, most properties remained closed in the first quarter.
However, numerous interesting products, experiences and reasons for visiting have contributed the growth of all marketing segments (M.I.C.E. excluded) in January and February. Business volume decreased in March due to the previously mentioned impact of shifted Easter holidays. In the first quarter of 2017, the Group reported 83,857 overnights, which represented a 5.6% decrease. Although the average daily rate of certain properties and sales segments grew, it fell by 35% when considering the whole Group. This is because last year's preseason average daily rate was boosted by a
13 Meetings, incentives, conferencing, exhibitions.
one-time M.I.C.E. event in Dubrovnik while this year's average daily rate was influenced by the low average rate of staff accommodation in Economy properties (for employees working at Rabac's construction sites). Consequently, the average daily rate fell to HRK 284. Please note that this April the Group reported a significant increase in business volume not only compared to last year's Easter period but also in relation to the comparable Easter periods in the previous years.
Compared to the same period last year, total revenues fell by 25.9% and totaled HRK 64.1 million. In the total revenues i) HRK 27.9 million represented sales revenues (HRK 46.1 million in 2016), ii) HRK 5.5 million represented other operating revenues (HRK 6.8 million in 2016) and iii) HRK 30.7 million represented financial income (HRK 33.7 million in 2016). Domestic sales revenues totaled HRK 14.4 million and represented 22.5% of total revenues (10.7% in 2016). They grew by 56.0% in relation to the previous comparable period. International sales revenues fell by HRK 23.3 million and totaled HRK 13.5 million, representing 21.1% of total revenues (42.6% in 2016). During the first quarter of 2017, board revenues fell by HRK 12.2 million and totaled HRK 14.7 million. Other operating revenues fell by HRK 1.3 million, while financial income fell by HRK 3.0 million mainly due
to last year's one-off income generated by the sale of the Group's share portfolio. Other operating and financial income represented 56.4% of total revenues (46.8% in 2016).
Operating costs grew by 17.8% and totaled HRK 115.5 million. This is mainly due to i) this year's consolidation of Imperial hotel group, ii) different (monthly) calculation of salary and incentive costs14, iii) salary increase policy, and iv) the hiring of new staff that was necessary to carry out the heavy investments and ensure high service quality in the new Premium and Upscale properties. By excluding the salary cost calculation and Imperial's data for comparability's sake, operating costs grew by 8%.
A negative EBITDA is typical for the first quarter due to a decreased business volume. EBITDA fell by HRK 36.8 million and the resulting loss was HRK 84.6 million. Adjusted EBITDA15 fell by HRK 35.2 million and totaled HRK 85.5 million. Compared to the same period last year, loss before tax grew by HRK 51.8 million and totaled HRK 147.3 million. Operating loss grew by 46% and totaled HRK 165.6 million. The Group's gross margin is -441% (-181% in 2016). The outlook remains positive due to a better booking pace compared to last year's results and the expected effects of this year's heavy investments.
(iii) termination benefit costs (in the amount of HRK 0.2 million in the first quarter of 2017, and HRK 1.4 million in the comparative period of last year). Extraordinary operations result and one-off items amounted to HRK 0.9 million in the first quarter of 2017, and HRK 2.5 million in the comparative period of last year.
14 In 2016 the cost of salaries and incentives was calculated in the third and fourth quarter. However, this year the cost is calculated monthly in order to have a more accurate report on a yearly basis.
15 Adjustments were made for (i) extraordinary income (in the amount of HRK 3.4 million in the first quarter of 2017, and HRK 5.0 million in the comparative period of last year), (ii) extraordinary expenses (in the amount of HRK 2.4 million in the first quarter of 2017, and HRK 1.2 million in the comparative period of last year), and
| (in HRK) | 1 - 3/2016 | 1 - 3/2017 | 2017/2016 |
|---|---|---|---|
| Operating costs4 | 98,063,971 | 115,473,721 | 17.8% |
| Total operating expenses | 166,249,107 | 199,013,724 | 19.7% |
| Material costs | 31,843,559 | 33,247,324 | 4.4% |
| Staff costs | 46,422,720 | 57,712,808 | 24.3% |
| Depreciation and amortisation | 65,619,552 | 81,030,737 | 23.5% |
| Other costs | 19,379,070 | 24,471,641 | 26.3% |
| Provisions and value adjustments | 3,225 | 19,501 | 504.7% |
| Other operating expenses | 2,980,981 | 2,531,713 | -15.1% |
When considering last year's comparable period, during the first quarter of 2017 total operating expenses grew by 19.7%. This is mainly due to this years' consolidation of Imperial hotel group, the increase in the cost of amortization and staff costs, as will be stated next. By excluding the monthly salary cost calculation and Imperial's data for comparability's sake, total operating expenses grew by 12%.
Material costs grew by 4.4% and totaled HRK 33.2 million, representing 16.7% of total operating expenses (19.2% in 2016). The growth is entirely attributable to Imperial's consolidation.
Staff costs grew by 24.3%, totaled HRK 57.7 million, and represented 29.0% of total operating expenses (27.9% in 2016). Their 24.3% growth was caused by the factors mentioned on the previous page where operating costs are reported.
Amortization and depreciation represented 40.7% of operating expenses (39.5% in 2016) and totaled HRK 81.0 million (HRK 65.6 million in 2016). The 23.5% growth is the result of earlier large investments and the scope of the consolidation.
Other costs grew by 26.3% or HRK 5.1 million. 10.4% of the growth is a result of Imperial's consolidation. The remaining part is mainly due to i) the cost of student scholarships and employee training, ii) earlier council charge payments, and iii) increased costs of property insurance because of large investments in the recent period. Provisions and value adjustments totaled HRK 20 thousand. Other operating expenses totaled HRK 2.5 million and fell by HRK 0.4 million.
In the first quarter of 2017, the Group's financial income totaled HRK 30.7 million. In relation to the prior comparable period, they fell by HRK 3.0 million. Other financial income reported the most significant decrease of HRK 7.9 million, mainly due to last year's one-time income generated by the sale of the share portfolio. In relation to the prior comparable period, unrealized gains from financial assets reported the most significant growth of HRK 4.7 million in the first quarter. Their growth was mainly due to the favorable market conditions of agreed FX forward transactions and interest rate swaps. Foreign exchange differences and other financial income grew by HRK 0.5 million. The most significant were unrealised exchange rate gains related to long-term loans, due to a stronger HRK in relation to EUR in the first quarter of 2017.
Financial expenses fell by HRK 3.4 million in relation to prior year's comparable period and totaled HRK 12.4 million. Unrealized loss from financial assets fell by HRK 2.0 million mainly due to a reduction in liabilities related to agreed interest rate swaps. Other financial expenses fell by HRK 1.0 million in relation to prior year's comparable period and totaled HRK 0.3 million. This is mostly due to last year's sale of the Group's share portfolio and the one-time impact it had due to the adjustment of the acquisition cost of shares and their market value at the time of the sale. Financial expenses related to foreign exchange differences and interest fell by HRK 0.4 million.
As of 31 March 2017, the total value of the Group's assets decreased by 1.5% compared to 31 December 2016. This decrease and the decrease of other balance sheet items should be viewed in the context of a typical decrease in the business volume in the first quarter of the year.
The total share capital and reserves fell by HRK 147.1 million and totaled HRK 2,226.3 million mainly due to the realized loss. Total long-term liabilities grew from HRK 1,556.1 million to HRK 1,628.4 million due to the loans used to finance this year's investment projects.
Total short-term liabilities totaled HRK 411.5 million and grew by 4.4% compared to 31 December 2016. This is mainly caused by typically higher liabilities related to advance payments from customers in the amount of HRK 89.1 million.
Cash and cash equivalents as of 31 March 2017 totaled HRK 113,0 million. This typical decrease (in relation to year-end 2016) is mainly due to outflows related to the preparations for the forthcoming tourist season.
The reported cash and cash equivalents indicate a strong potential from business activities. Together with external borrowing, they are able to secure a smooth continuation of future investments and potential acquisitions.
| HOTELS AND RESORTS Total |
Premium | Upscale | Midscale | Economy | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
|
| Number of accommodation units | 7,927 | 8,982 | 13.3% | 1,037 | 1,269 | 22.4% | 1,422 | 1,980 | 39.2% | 3,112 | 3,493 | 12.2% | 2,356 | 2,240 | -4.9% |
| Accommodation units sold | 54,622 | 47,729 | -12.3% | 25,336 | 9,001 | -64.5% | 4,993 | 4,331 | -8.8% | 22,064 | 15,887 | -28.2% | 2,229 | 18,510 | 730.4% |
| Overnights | 85,381 | 83,290 | -2.2% | 28,616 | 14,624 | -48.9% | 9,559 | 8,045 | -12.2% | 43,197 | 28,099 | -35.2% | 4,009 | 32,522 | 711.2% |
| ADR12 (in HRK) | 478 | 297 | -38.1% | 553 | 439 | -20.6% | 496 | 454 | -12.9% | 410 | 421 | 3.0% | 258 | 85 | -67.2% |
| Board revenues (in HRK) | 26,104,859 | 14,176,651 | -45.7% | 14,007,153 | 3,949,544 | -71.8% | 2,476,054 | 1,968,054 | -20.5% | 9,046,416 | 6,692,502 | -26.0% | 575,236 | 1,566,550 | 172.3% |
| CAMPING RESORTS Total |
Premium | Upscale Midscale |
Economy | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
|
| Number of accommodation units | 10,145 | 11,870 | 17.0% | 511 | 3,466 | 578.3% | 4,437 | 1,434 | -67.7% | 3,387 | 5,150 | 52.1% | 1,810 | 1,820 | 0.6% |
| Accommodation units sold | 6,660 | 3,667 | -44.9% | 0 | 10 | / | 1,740 | 70 | -96.0% | 494 | 57 | -88.5% | 4,426 | 3,530 | -20.2% |
| Overnights | 3,420 | 318 | -90.7% | 0 | 15 | / | 1,572 | 116 | -92.6% | 1,045 | 116 | -88.9% | 803 | 71 | -91.2% |
| ADR12 (in HRK) | 111 | 130 | 16.9% | 0 | 598 | / | 231 | 1,565 | 576.4% | 473 | 4,720 | 898.6% | 23 | 26 | 11.4% |
| Board revenues (in HRK) | 737,943 | 475,128 | -35.6% | 0 | 5,983 | / | 402,556 | 109,540 | -72.8% | 233,526 | 269,067 | 15.2% | 101,861 | 90,538 | -11.1% |
| DESTINATION Poreč |
Rabac | Island of Krk Island of Rab |
Dubrovnik | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
1 - 3/2016 | 1 - 3/2017 | 2017/ 2016 |
|
| Number of accommodation units | 10,632 | 10,584 | -0.5% | 2,065 | 1,971 | -4.6% | 3,414 | 3,577 | 4.8% | / | 2,759 | / | 1,961 | 1,961 | 0.0% |
| Accommodation units sold | 28,201 | 20,319 | -27.9% | 3,413 | 21,417 | 527.5% | 1,596 | 118 | -92.6% | / | 744 | / | 28,072 | 8,899 | -68.3% |
| Overnights | 47,271 | 29,312 | -38.0% | 6,507 | 38,441 | 490.8% | 1,188 | 138 | -88.4% | / | 1,449 | / | 33,835 | 14,567 | -56.9% |
| ADR12 (in HRK) | 353 | 356 | 0.8% | 435 | 145 | -66.7% | 227 | 1,247 | 449.3% | / | 537 | / | 536 | 424 | -20.9% |
| Board revenues (in HRK) | 9,960,652 | 7,226,492 | -27.4% | 1,485,480 | 3,108,448 | 109.3% | 362,570 | 147,123 | -59.4% | / | 399,796 | / | 15,034,100 | 3,769,919 | -74.9% |
17 According to the classification under the USALI international standard for reporting in hotel industry (Uniform System of Accounts for the Lodging Industry). Business operations of Imperial's properties on the Island of Rab are not included in 2016. Puntižela - Pula business is included in destination Poreč. A detailed comparison of the new portfolio segmentation can be found on page 15.
Hotels and resorts reported HRK 14.2 million in board revenues. The decrease of HRK 11.9 million is because last year's M.I.C.E. event known as "Global Training Experience" did not take place and Easter holidays occurred in April 2017. Much effort was put in the preparation of the properties' winter placements that resulted in the growth of all marketing segments (M.I.C.E. excluded), sports groups in particular, in the first two months of the year. March saw reduced business volumes; most of the properties remained closed because of Easter holidays occurring in April. Please note that the hotels and resorts on the island of Rab influenced the first-quarter total board revenues by 2%.
Premium hotels and resorts reported a HRK 10.1 million decrease in board revenues. This is mainly due to the nonrealization of the M.I.C.E. event at two hotels in Dubrovnik: the Valamar Dubrovnik President 5* and the Valamar Lacroma 4*. The HRK 3.9 million in board revenues were primarily influenced by the performance of Valamar Lacroma 4*, with a small contribution by Valamar Isabella Island Resort 4*/5*. All the other premium hotels and resorts were closed.
Upscale and Midscale hotels and resorts reported lower board revenues: this is because these properties were closed due to Easter holidays occurring later this year. Upscale properties reported HRK 2.0 million in board
revenues: that is the result of 4,331 accommodation units sold at an average rate of HRK 454. The performance of Valamar Sanfior 4* contributed to most of these results due to a longer operating period. Midscale hotels and resorts achieved HRK 6.7 million in board revenues. Valamar Diamant 4* contributed to most of these results: the hotel's board revenues grew due to an excellent feedback from sports groups and M.I.C.E. events. This year's consolidation of Upscale and Midscale hotels and properties on the island of Rab had very little influence on board revenues - merely 4%.
Economy hotels and resorts reported HRK 1.6 million in board revenues: this represents an increase of HRK 1.0 million. This was largely due to the accommodation of the staff hired for carrying out the investments in Rabac.
Campsites do not operate in the first quarter and their revenues are based on the charged flat fee for the winter period.
Board revenues in Poreč totaled HRK 7.2 million, most of the business volume was related to operations at the Valamar Diamant 4*. Board revenues in Rabac grew by HRK 1.6 million due to Valamar Sanfior's longer operating period and the accommodation of the workers at the Marina Hotel and Mediteran Residence 2* (workers on the construction sites in Rabac). First-quarter performance for the island of Krk is entirely related to the campsites' winter flat fee charge. Dubrovnik reported HRK 3.8 million in board revenues. Due to the said non-realization of the M.I.C.E. event revenues fell by HRK 11.3 million. Rab's properties contributed to the board revenues with a total of HRK 0.4 million.
Over the years Valamar Riviera has consolidated its portfolio in order to clearly differentiate, develop and reposition its tourism products. A precise definition of market segments, innovative development of service concepts, brand management, profitability increase and return-oninvestment optimization demanded a revised segmentation of the portfolio of hospitality properties to provide for an improved portfolio management.
Last year's acquisition of Imperial d.d. added 5 new hotels and resorts and 2 camping resorts to Valamar Riviera's portfolio. The additional 2,759 accommodation units will contribute to the growth of the Group's business volume and profitability in 2017. The Group's total accommodation capacity in 2017 is 20,852 accommodation units.
| Hotels and Resorts Overview18 | Categorization | Segment | ||||
|---|---|---|---|---|---|---|
| 2016 | 2017 | 2016 | 2017 | |||
| Valamar Dubrovnik President Hotel | * | * | Premium | Premium | Dubrovnik | |
| Valamar Isabella Island Resort | * / ** | * / ** | Premium | Premium | Poreč | |
| Valamar Lacroma Hotel | ****+ | ****+ | Premium | Premium | Dubrovnik | |
| Valamar Club Tamaris | **** | **** | Upscale | Upscale | Poreč | |
| Valamar Riviera Hotel & Residence | **** | **** | Upscale | Upscale | Poreč | |
| Valamar Zagreb Hotel | **** | **** | Upscale | Upscale | Poreč | |
| Hotel & Casa Valamar Sanifor | **** | **** | Upscale | Upscale | Rabac | |
| Valamar Argosy Hotel | **** | **** | Upscale | Upscale | Dubrovnik | |
| Hotel Padova | **** | **** | Upscale | Upscale | Island of Rab | |
| Valamar Diamant Hotel & Residence | **** | **** | Midscale | Midscale | Poreč | |
| Valamar Crystal Hotel | **** | **** | Midscale | Midscale | Poreč | |
| Valamar Pinia Hotel & Residence | *** | *** | Midscale | Midscale | Poreč | |
| Valamar Rubin Hotel | *** | *** | Midscale | Midscale | Poreč | |
| Valamar Bellevue Hotel & Residence Albona | **** | **** | Midscale | Upscale | Rabac | |
| Allegro Hotel | *** | *** | Midscale | Midscale | Rabac | |
| Miramar Hotel | *** | *** | Midscale | Midscale | Rabac | |
| Hotel Corinthia | *** | *** | Midscale | Midscale | Island of Krk | |
| Zvonimir Hotel, Atrium & Villa Adria | * / ** | * / ** | Midscale | Midscale | Island of Krk | |
| Valamar Koralj Romantic Hotel | *** | *** | Midscale | Midscale | Island of Krk | |
| Valamar Club Dubrovnik | *** | *** | Midscale | Midscale | Dubrovnik | |
| Grand Hotel Imperial | *** | *** | Midscale | Midscale | Island of Rab | |
| Hotel & Ville Carolina | *** | *** | Midscale | Midscale | Island of Rab | |
| Tourist Village San Marino | *** | *** | Midscale | Midscale | Island of Rab | |
| Naturist Resort Solaris | *** | *** | Economy | Economy | Poreč | |
| Pical Hotel | *** | *** | Economy | Economy | Poreč | |
| Tirena Hotel | *** | *** | Economy | Economy | Dubrovnik | |
| Valamar Girandella Resort | ** | **** | Economy | Premium | Rabac | |
| Lanterna Apartments | ** | ** | Economy | Economy | Poreč | |
| Hotel Eva & Apartments Suha Punta | ** | ** | Economy | Economy | Island of Rab | |
| Marina Hotel & Mediteran Residence | ** | ** | Economy | Economy | Rabac |
| Camping Resorts Overview18 | Categorization | Segment | Destination | ||
|---|---|---|---|---|---|
| 2016 | 2017 | 2016 | 2017 | ||
| Camping Krk | * | * | Premium | Premium | Island of Krk |
| Camping Ježevac | **** | **** | Upscale | Upscale | Island of Krk |
| Camping Lanterna | **** | **** | Upscale | Premium | Poreč |
| Camping Marina | **** | **** | Upscale | Upscale | Rabac |
| Naturist Camping Bunculuka | **** | **** | Upscale | Upscale | Island of Krk |
| Camping Orsera | *** | *** | Midscale | Midscale | Poreč |
| Naturist Resort Solaris | *** | *** | Midscale | Midscale | Poreč |
| Camping Zablaće | *** | *** | Midscale | Midscale | Island of Krk |
| Camping Škrila | *** | *** | Midscale | Midscale | Island of Krk |
| Camping Solitudo | *** | *** | Midscale | Midscale | Dubrovnik |
| Camping & Residence San Marino | *** | *** | Midscale | Midscale | Island of Rab |
| Camping Padova 3 | *** | *** | Midscale | Midscale | Island of Rab |
| Naturist Camping Istra | ** | ** | Economy | Economy | Poreč |
| Camping Brioni | ** | ** | Economy | Economy | Pula - Puntižela |
| Camping Tunarica | ** | ** | Economy | Economy | Rabac |
It should be noted that the data provided in the current year's financial reports are not fully comparable to prior year's data because of the said mergers. The items in the prior period until the time of the merger, that is i) until 31 March 2016 did not include the data for Hoteli Baška d.d. (merged company), and ii) until 30 June 2016 did not include the data for Bastion upravljanje d.o.o. (merged company). All significant changes in the Company's financial reports should be viewed in the context of the said transactions in the previous period.
In the first quarter of 2017 total revenues fell by HRK 19.7 million, totaling HRK 61.8 million. Sales revenues totaled HRK 26.4 million and represented 43% of total revenues (57% in 2016). They fell by HRK 19.7 million compared to the same period last year. Their 43% decrease was mainly influenced by two factors: last year's M.I.C.E. event known as "Global Training Experience" by Daimler AG- Mercedes-Benz did not take place and the Easter holidays occurred in the course of the second quarter. Because of this, most properties remained closed in the first quarter. Sales revenues between parties within the group totaled HRK 0.9 million (HRK 0.3 million in 2016), while sales revenues outside the group totaled HRK 25.5 million (HRK 45.8 million in 2016). Domestic sales revenues grew by 42% in relation to the prior comparable period, totaling HRK 13.4 million and represented 22% of total revenues (12% in 2016). International sales revenues totaled HRK 13.0 million, representing 21% of total revenues (45% in 2016) They fell by 65% in relation to the prior comparable period. Other operating and financial income comprised 57% of total revenues (43% in 2016). Other operating revenues grew by 5%, totaling HRK 4.5 million and represented 7% of total revenues (5% in 2016).
Material costs grew by HRK 1.2 million, totaling HRK 38.7 million and represented 20% of operating expenses (22% in 2016). Staff costs totaled HRK 53.8 million, representing 28% of operating expenses (25% in 2016). Compared to the same period last year, they grew by HRK 10.9 million. This growth was attributed to i) this year's inclusion of Hoteli Baška staff, ii) a different (monthly) calculation of the costs of incentives and salaries, iii) salary increase policy (totaling 4% since June 2016 and a 0.5% salary increment for years of service since 1 January 2017), and iv) the hiring of new staff. The latter was necessary to carry out the large investments and ensure high quality of service in the new Premium and Upscale properties.
Amortization and depreciation represented 34% of operating expenses (33% in 2016) and totaled HRK 66.2 million (HRK 56.3 million in 2016). The 17% growth is the result of earlier large investments and the merger of Hoteli Baška.
Other costs were HRK 22.8 million. They grew by HRK 4.4 million mainly due to i) the cost of student scholarships and employee training, ii) earlier payment plan of the council charge, and iii) increased costs of property insurance because of large investments in the recent period. Value adjustments and provisions totaled HRK 20 thousand. Other operating expenses totaled HRK 2.2 million and grew by HRK 1.4 million.
In the first quarter of 2017, financial income totaled HRK 30.9 million and fell by HRK 0.2 million in relation to the prior comparable period. Other financial income reported the most significant decrease of HRK 7.9 million, mainly due to last year's one-time income generated by the sale of shares. Unrealized gains from financial assets totaled HRK 4.7 million and they reported the most significant growth in the first quarter. Their growth was mainly due to the favorable market conditions of agreed FX forward transactions and interest rate swaps. Foreign exchange differences and other financial income grew by HRK 3.2 million. The most significant were
unrealised exchange rate gains related to long-term loans, due to a stronger HRK in relation to EUR in the first quarter of 2017.
Financial expenses totaled HRK 10.6 million and decreased by HRK 2.2 million in relation to the previous comparable period. Unrealized loss from financial assets fell by HRK 2.0 million due to a reduction in liabilities related to agreed interest rate swaps. Foreign exchange losses fell by HRK 1.3 million due to smaller foreign currency deposits. Financial expenses resulting from interests and similar expenses increased from HRK 6.2 million in the first quarter of 2016 to HRK 7.5 million in this year's comparable period. The most significant increase is related to interest rates of long-term loans contracted in 2016.
Compared to the same period last year, loss before taxes increased by HRK 45.3 million to HRK 132.6 million. Operating loss increased by 45% to HRK 152.8 million. The Company's gross margin is -429% (-173% in 2016). The outlook remains positive due to a better booking pace compared to last year's results and the expected effects of significant investment projects.
The total company assets as of 31 March 2017 amounted to HRK 4,096.1 million and decreased by 1% in relation to the total assets as of 31 December 2016.
Valamar Riviera is completing the largest series of investments in the Company's portfolio so far worth over HRK 870 million19. HRK 465 million were earmarked for improving products and services in Rabac (Family Life Bellevue Resort 4* and Valamar Girandella Resort 4*/5*). Besides investing in hotels and resorts, a series of investments totaling HRK 188 million is focused on campsites. The most significant are investments in Camping resort Lanterna and two campsites, Zablaće and Ježevac. Investment maintenance totals HRK 71 million, while other individual investments total HRK 149 million.
Two luxury resorts, a brand new Family Life Bellevue Resort 4* (the first TUI Family Life hotel in Croatia) and a fully renovated Valamar Girandella Resort 4*/5* will welcome Rabac's guests in early June 2017. This large investment project in Rabac includes the total reconstruction of the two resorts totaling 764 accommodation units, the construction of 17 restaurants and bars, and 13 pools with total water surface of more than 2,000m2 . The new features include Maro club and various children playgrounds, two entertainment centers, a spa, indoor and outdoor fitness facilities, a bike center and other sports amenities. More than 600 staff members will attend to more than 2,700 guests daily. The investments include various improvements of beaches and promenades as well as a total landscape redesign of the whole area. Croatian contractors and suppliers have been hired to carry out most of the construction work and 50% of them are local, Istrian entrepreneurs. These investments are proceeding as planned, and will reposition Rabac as a leading upscale vacation destination. The 3-year strategic partnerships with the leading European tour operators – TUI and DER Touristik Köln (seasons 2017, 2018 and 2019) will ensure occupancy. With this, more than 100,000 guests are expected to visit Rabac in the next three years, thus improving the promotion of Istrian tourism. Moreover, the number of guests from air travel markets will grow, thus creating opportunities for season prolongation.
Interactive video footage of the construction site in Rabac on 24/4/2017 (Valamar Girandella Resort 4* and Family Life Bellevue Resort 4*), Rabac
19 A portion already recorded in 2016. Note: To experience the video footage of the construction site in Rabac you need Adobe Flash Player installed on your computer.
Family Life Bellevue Resort 4* (preliminary visualization), Rabac Besides key investments in Rabac, Valamar Riviera continues investing in the concept of premium camping. Investments totaling HRK 98 million are focused on upgrades in Camping resort Lanterna 4*, one of the leading European campsites. The reception area together with the shops and catering establishments will be renovated, while the campsite will feature new high quality mobile homes and new amenities for children. Valamar Riviera will invest HRK 68 million in upgrading accommodation and services on the island of Krk and in new high quality mobile homes for two campsites, Ježevac 4* and Zablaće 3*/4*. In order to improve the quality of other campsites on the island of Krk, in Istria, and in Dubrovnik a range of investments will be focused on improving accommodation, beach amenities, and catering establishments. Moreover, a range of other projects to create new and improve existing features is in the pipeline. They will considerably improve the quality and experience in all destinations. They will focus on beaches, expanding the Wi-Fi coverage, business digitalization, technological processes and energy saving.
As stated in our strategic goals, by continuously raising the quality of the portfolio properties and services, we are creating the basis for generating added value both for our guests and for all Valamar Riviera's stakeholders. However, numerous factors reduce the competitiveness of Croatian tourism and hinder further investment potential: the still unresolved issue of tourism land, skilled labor shortages, potential increase of the property tax and tourist tax, VAT and the rate of total contributions to salaries (both among the highest on the Mediterranean). While global trends report low interest rates and market demand focuses on safe tourist destinations, Croatia has the opportunity to reposition its tourism offer by incentivizing investments in high value-added products and services that stimulate employment and economic growth. Unfortunately, tourism is still not sufficiently recognized as an opportunity for the Croatian economy. Apart from the current HBOR loans (Croatian Bank for Reconstruction and Development), tax incentives prescribed by the Act on Investment Promotion and Improvement, and the decrease in the income tax rate (from 20% to 18%, January 2017) there are no other measures that could significantly increase the growth pace and contribute to level Croatia's position with other destinations on the Mediterranean.
Tourism is a global industry, closely connected with the real and financial economy, geopolitical position and environmental sustainability. The integrity of this industry will determine its future growth. The Company and Group monitor and assess risks at micro and macro levels. Moreover, when defining the strategy, particular attention is given to the short and medium–term risk impact in order to maintain business sustainability over time.
When monitoring and assessing risks the Company and Group use a proactive approach thus assessing the potential impact of each individual risk. The Company and Group consider risk management to be a key factor of differentiation among competitors. Risk management aims at creating sustainable value, thus offering reliability and security to numerous stakeholders.
There are five key steps in a risk management process:
The different types of risks facing Valamar Riviera can be classified into the following groups:
impact on meeting liabilities for the company and the Group, liquidity, debt management etc.;
• Business risks
related to the way company business is conducted in terms of supply and demand, competition, adapting to market trends, investments, growth etc.;
Operational risks
Global risks
can arise from natural disasters, pandemics, food shortage, social unrest, wars and other force majeure events beyond Valamar Riviera's control;
Compliance risks
In their day-to-day business activities, the Company and Group face a number of financial threats, especially:
The Company and Group have a proactive approach in mitigating interest rate and foreign exchange risks, by employing available market instruments. Internal risk management goals and policies aim at protecting foreign currency inflows during seasonal activity and partial interest hedging of the principal loan amount.
The Company and Group conduct their business operations across national borders and are exposed to foreign exchange risks. They mainly result from changes in the euro/ kuna exchange rate. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities. Most of our sales revenue generated abroad and long-term debt is denominated in euros. Hence, for the most part the Company and Group are naturally hedged from exchange rate risks. Since some liabilities are denominated in kunas, the Company and Group actively manage risks by using derivative instruments available on the financial market. The instruments are used according to operating assessments and expected market trends. In this way the assets, liabilities and cash flow are protected from the risk impact.
Variable rate loans expose the Company and Group to cash flow interest rate risk. Periodically, the Company and Group resort to derivative instruments in order to hedge cash flow and interest rate by applying interest rate swaps. The economic effect of such swaps is the conversion of variable interest rate loans into fixed interest rate loans for a precommitted hedged part of the loan principal. The Company and Group have interest-bearing assets (cash assets and deposits) so their revenue and cash flow depend on changes in market interest rates. This becomes evident especially during the season when the Company and Group have significant cash surpluses at their disposal.
Credit risk arises from cash assets, time deposits and receivables. According to the Company and Group sales policy, business transactions are conducted only with customers with suitable credit history, i.e. by agreeing advances, bank securities and (for individual customers) payments made through major credit card companies. The Company and Group continuously strive to monitor their exposure towards other parties and their credit rating as well as obtain security instruments (bills of exchange, promissory notes) in order to reduce bad debt risks related to services provided.
The Company and Group hold equity securities and are exposed to equity price risk due to security price volatility. Valamar Riviera is not an active participant in the market trade in terms of investing in equity and debt securities. However, with the HRK 285 million invested in buying shares of Imperial d.d., the company is exposed to the said risk to a certain extent.
The Company and Group have a sound liquidity risk management. Sufficient funds for meeting liabilities are available at any given moment through adequate amounts from contracted credit lines and by ensuring credit line availability in the future. Liquidity risk is managed by generating strong positive net operating cash flows, while capital investments are financed by credit lines. All the credit lines in 2017 have already been arranged with financial institutions. The repayment of the major credit lines coincides with periods of strong cash inflows from operations. The Company and Group monitor the level of available funds through daily cash and debt reports. Long-term cash flow forecasts as well as annual (monthly) forecasts are based on the set budget. After meeting the needs of working capital management the surplus is deposited in the treasury. From there the funds are invested in interest-bearing current accounts, time deposits, money market deposit accounts and marketable securities. Only instruments with suitable maturities and sufficient liquidity are selected, according to the forecast needs for liquid funds.
The market value of shares is the riskiest asset class due to its volatility resulting from the volatile nature of the whole capital market, macroeconomic trends on markets where the Company and Group operate and discrepancies between the expectations of financial analysts and the actual results. Furthermore, other contributing factors are also changes in the dividend policy, various activities in the segment of consolidations, mergers, acquisitions and forming of strategic
Company and Group as well as the fluctuations in the financial results for the Company and Group. In case any negative implications happen to be associated with these factors there is a considerable risk of market value drop that will in turn prevent investors from selling their shares at a fair market price.
The Company and Group are constantly exposed to risks threatening its competitiveness and future stability. Since the Company and Group own real estate, this business model requires a large amount of capital in order to maintain high product and service standards. Various large capital investments in the upgrade of products and services can surpass budget expectations, delay the end of construction works, as well as the town-planning regulations and fiscal policy may be changed. These risks can increase costs for the Company and Group, and have a negative impact on the cash flow and revenues. In the previous period, the company and Group's business decisions improved their results and operating efficiency in the demanding Mediterranean market. These positive trends are expected to continue in the future through a prudent long-term strategic management.
Over 95% of Valamar Riviera's guests come from other countries and they are very careful when choosing their vacation destination in the competitive Mediterranean environment. Stable country macroeconomic indicators are important decision-making factors especially those relating to exchange rates and the price of goods and services because they directly affect the guests' purchasing power. However small, the share of domestic guests is also important; it is a segment directly influenced by various other macroeconomic indicators: employment/ unemployment rate, GNP rise/
Valamar Lacroma Hotel 4*, Dubrovnik partnership, the instability of the business model of the fall, industrial production and others. They all have a direct impact not only on the purchasing power of Croatian residents but they also determine whether they will choose to spend their vacation on the Adriatic.
When considering risks related to the tourism and hospitality industry, in previous years, the Croatian economy has been afflicted by the consequences of a global financial crisis and economic standstill. In this period, the tourism and hospitality industry has been among the rare growing industries in Croatia. Moreover, the marked seasonality of this industry leads to insufficient use of the Company and Group's resources. After joining the European Union, the Croatian market became part of a large European market, while safety risks decreased after joining the NATO. The Croatian Tourism Development strategy until 2020 (a government document published in the Official Gazette no. 55/13) defines the kind of tourism Croatia wants and needs to develop using the country's comparative advantages and expertise in order to improve the competitiveness of Croatian tourism. Maintaining the current tourism growth rates in the following years is of vital importance. It can be achieved by strategically developing tourism products and investing in the creation of additional values, which will help distinguish Croatian tourism from its competitors by emphasizing its uniqueness, appeal and quality.
Good management of human resources is vital for the future growth of the Company and Group. Risks related to shortages of specific skills, expertise and jobs are connected with the opening and expansion of the labor market. Valamar Riviera is one of the largest and most desirable employers in tourism. The active approach towards HR management develops key talents and supports investments in training opportunities (over HRK 3 million invested in training and professional development in 2016). We determine the needs for new skills and expertise
by following emerging global trends in tourism. In this way, we are able to respond to challenges effectively. Through a continual dialogue with our social partners, we have ensured a high level of workers' rights in terms of competitive salaries, reward systems, career development, employees' wellbeing and cooperation with training institutions from all parts of Croatia.
Operational risks are risks connected with direct or indirect losses that arise form inadequate or wrong internal or external processes within the Company and the Group. They include the creation and analysis of finanical reporting data, and also inadequate information sharing. When implementing the system of operational risk management, the Company and Group focused on its continuity and complexity due to the size of the organization. The benefits of the system include i) defining and identifying the Company and Group risk profile in relation to the operating risk ii) identifying and managing the known risk occurrences in order to decrease the Company and Group costs and iii) data analysis which indicates the business trends for the Company and Group and trends in the domestic economy.
The Company and Group are aware of the reliability of IT business solutions and safety in the cyber world. Hence, they continually upgrade, develop and implement new technologies in everyday business operations. A special focus is given to providing sufficient resources for the development and implementation of new technologies related to ICT, data protection, and upgrade of the current business systems and implementation of new ones.
Despite improved security and political conditions, which have encouraged to a certain extent investments into tourism and hospitality, there are challenges that the Croatian tourism has to face, such as:
Environmental risks can also have an adverse effect on the Company and Group's business results, primarily in terms of customer satisfaction with the whole experience while staying at one of Valamar's properties and this can affect the number of arrivals. The possible risks can include: sea pollution (caused by oil or chemical spillage), but also long-term water quality reduction and coast pollution due to inadequate waste disposal and waste water treatment as well as extensive use of agricultural fertilizers. Other environmental conditions typical for climate changes such as long drought periods or long rainy periods can directly influence the guests' length of stay in the hotels and campsites as well as increasing Valamar Argosy Hotel 4*, Dubrovnik Ville Carolina 3*, Baška
the operating costs. A number of other natural disasters and calamities (earthquakes, fires, floods and rainstorms), air pollution caused by toxic gas emissions from industrial plants and vehicles, as well excessive urbanization and the introduction of invasive species should also be taken into consideration.
Changes in tax laws and other regulations pose a very serious threat and represent a demanding segment in risk management because in this particular situation the possibilities for the Company and Group are limited. In previous years, there has been a number of important changes in tax and non-tax charging regulations, which have adversely affected the Company and Group profitability:
• In March 2012 the standard VAT rate grew from 23% to 25%, in January 2013 a new 10% VAT rate was introduced only to be replaced within a year by a 13% VAT rate applicable to the tourism and hospitality industry (January 2014), while in January 2017 a new 25% VAT rate was introduced for F&B (a la carte) services;
Such frequent changes in laws regulating taxes and parafiscal charges often take place only after the business policy and budget for the next financial year have been approved and commercial terms and conditions with partners agreed. All this jeopardizes the Company and Group financial position and future investment plans as well as credibility towards shareholders. The Company and Group are also threatened by changes in regulations governing concession fees for maritime domain and tourism land use, the latter still presenting unresolved legal issues. Given the nature of the Company and Group's business, the right to use parts of the maritime domain as well as land for tourism purposes is of vital importance for future growth, especially for campsite-related operations.
The company Valamar Riviera d.d. and the Group continuously strive to develop and operate according to good practices of corporate governance. The business strategy, corporate policy, key corporate regulations and business practice are all geared towards creating a transparent and efficient business operation while forging solid bonds with the local community. In order to foster further growth and set high corporate governance standards, the Company adopted its own Corporate Governance Code in 2008 and the Management Board fully complies with its provisions. After the company was listed on the Official market of the Zagreb Stock Exchange, the Company has also complied with the Zagreb Stock Exchange Governance Code. The Company respects and implements the prescribed corporate governance measures (as reported in detail in the prescribed annual questionnaire and published as prescribed on the Zagreb Stock Exchange and Valamar Riviera websites).
The major direct shareholders according to the Central Depository and Clearing Company data are listed in the table in the "Valamar Riviera Share" section.
The Company defined the process of preparing and disclosing financial reports in a detailed internal document. With this, the financial reporting procedure is set within a system of internal review and risk management. Moreover, in order to monitor and mitigate the financial reporting risk, the Company uses the measures described in "The Risks of the Company and the Group".
The Companies Act and the Company's Articles of Association define the General Assembly's authority and prescribe how it meets and works. The meeting invitation, proposals and the adopted resolutions are made public according to the provisions of the Companies Act, the Capital Market Act and the Zagreb Stock Exchange Rules.
There is a time limit related to the voting right at the General Assembly: according to the provisions of the Croatian Companies Act, shareholders are required to register their participation within the prescribed time limit in order to attend the General Assembly. Under no circumstances can the financial right arising from securities be separated from holding the securities. There are no securities with special control rights nor are there any limitations to voting rights in the Company (one share, one vote). The Company's Articles of Association comply with the Croatian Companies Act and they define the procedure of appointing and recalling members of the Management Board and Supervisory Board. There are no limitations based on gender, age, education, profession or similar.
According to the General Assembly's decision dated 17 November 2014, the Company can acquire its own shares.
The Companies Act determines any amendments to the Company's Articles of Association, without any additional limitations.
The Management Board members' authority fully complies with the regulations prescribed by the Companies Act.
Management Board: Mr. Željko Kukurin, President of the Management Board, and Mr. Marko Čižmek, Member of the Management Board.
Supervisory Board: Mr. Gustav Wurmböck, Chairman, Mr. Franz Lanschützer, Deputy Chairman, Mr. Mladen Markoč, Deputy Chairman, and members: Mr. Georg Eltz, Ms. Mariza Jugovac, Mr. Hans Dominik Turnovszky and Mr. Vicko Ferić.
In order to perform efficiently its function and duties as prescribed by the Audit Act, the Supervisory Board has formed the following bodies:
Presidium of the Supervisory Board: Mr. Gustav Wurmböck, Chairman, Mr. Franz Lanschützer and Mr. Mladen Markoč, Presidium Members.
Audit Committee: Mr. Georg Eltz, Chairman, and members: Mr. Franz Lanschützer, Mr. Mladen Markoč, Mr. Vicko Ferić, and Mr. Dubravko Kušeta.
The Investment Committee: Mr. Franz Lanschützer, Chairman and members: Mr. Georg Eltz, Mr. Vicko Ferić, Mr. Hans Dominik Turnovszky, and Mr. Gustav Wurmböck.
Compliant to effective regulations and Company bylaws, The Management and Supervisory Board primarily act through meetings and by correspondence in their decision-making.
Transactions between related parties within the Group are conducted under standard commercial terms and conditions and at current market prices.
In the period under review, revenues resulting from relatedparty transactions totaled HRK 894 thousand (in 2016: HRK 306 thousand) for the Company, and HRK 3 thousand (in 2016: HRK 5 thousand) for the Group. The expenses amounted to HRK 7.2 million (there were none in 2016) for the Company. In the first quarter of 2017 there were no expenses (in 2016: HRK 315 thousand) for the Group.
On 31 March 2017 the related-party receivables and payables balance totaled HRK 132.2 million20 for the Company (at year-end 2016: HRK 138.5 million20), and HRK 312 for the Group (at year-end 2016 there was none). Liabilities for the Company totaled HRK 80 thousand (at year-end 2016: HRK 279 thousand), while for the Group there were none (at the end of 2016: HRK 154 thousand).
The following branch offices were registered on 2 September 2011: Podružnica za turizam RABAC (branch office for tourism), with registered office in Rabac, Slobode 80, Podružnica za turizam ZLATNI OTOK (branch office for tourism), with registered office in Krk, Vršanska 8. Podružnica za turizam DUBROVNIK-BABIN KUK (branch office for tourism), with registered office in Dubrovnik, Dr. Ante Starčevića 45, was registered on 4 October 2013. Podružnica za savjetovanje u vezi s poslovanjem i upravljanjem ZAGREB (Branch Office for Business and Management Consulting), with registered office in Zagreb, Miramarska 24 was registered on 1 October 2014, and on 1 April 2017 Podružnica za turizam BRIONI (branch office for tourism), with registered office in Pula, Puntižela 155. The Rabac, Zlatni otok, Dubrovnik-Babin kuk and Brioni branch offices, as economic drivers of their local communities, continue to operate in their destinations supporting their development by promoting further investments,hospitality development and participation in social and business activities.
19 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.
The Company has not acquired or released its treasury shares in the first quarter of 2017. On 31 March 2017, the Company held in total 1,857,034 treasury shares, or 1.47% of the share capital.
In the period from 1 January 2017 to 31 March 2017, the highest recorded share price in regular trading on the regulated market was HRK 44.40, while the lowest was HRK 34.88. The Company's share price increased by 18.4%, exceeding both CROBEX and CROBEX 10 indices trends, which both recorded a decrease of 0.1%. With a regular trading turnover of HRK 2 million a day21, the Valamar Riviera's share is among the 2 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 (CROX22 and SETX23), and SEE Link indices24 (SEELinX and SEELinX EWI). 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 review was an average 29.5%25.
The Company actively holds meetings and conference calls with domestic and foreign investors, as well as presentations for investors thus providing support to highlevel transparency, creation of additional liquidity, increase of share value, and involvement of potential investors. During the first quarter of 2017, more than twenty meetings were held, including those held at US financial centers and the London Stock Exchange. In pursuing such an approach, Valamar Riviera can contribute to the Company's value further growth for the benefit of all stakeholders, aiming at making the share recognizable as the leading Croatian tourism share.
Performance of Valamar Riviera's share and CROBEX and CROBEX 10 indices
Analytical coverage of Valamar Riviera is provided by:
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). 24 SEE Link is a regional platform for securities trading. It was founded by Bulgarian, Macedonian, and Zagreb Stock Exchange. SEE LinX and SEE LinX EWI are two "blue chip" regional indices composed of ten most liquid regional companies listed on three Stock Exchanges: five from Croatia, three from Bulgaria, and two from Macedonia.
25 Block transactions are excluded from the calculation. Data refers to the period 1/1 - 31/3/2017.
As one of the largest employers in Croatia (on 31 March 2017, the Company employed 2,471 employees, out of which 1,169 permanent ones), the Company and the Group systematically and continuously invest in the development of human resources. An integral strategic approach to human resources management and top practices applied include transparent hiring processes, clear objectives, measurement of employees' performance, rewarding systems, opportunities for employees' career advancements, investment in employees' development, etc.
Nine umbrella programs comprise Valamar Riviera's corporate social responsibility (CSR) efforts and focus on various areas: i) developing Valamar's destinations and caring for the environment, ii) supporting culture, arts and sports, iii) helping those in need and caring for retired employees, iv) introducing tourism and hospitality to the youngest and developing skills in this sector, and v) developing hospitality infrastructure. More about Valamar Riviera's CSR you will be able to read in the new Integrated Annual Report to be published during the second quarter of 2017.
In the course of the first quarter of 2017, the Management Board managed and represented the company in compliance with the provisions of pertaining legal acts and the Articles of Associations, while prudently planning and implementing the business policy. The Management Board will continue to undertake all the necessary measures in order to ensure sustainability and business growth. On 25 April 2017 the Management Board adopted the financial statements for the first quarter of 2017.
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.
In Poreč, 25 April 2017
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
Marko Čižmek Ljubica Grbac
Member of the Management Board Director of Department of Finance and Accounting
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) | 2.741 |
| NKD code: | 5510 | |||
| Consolidated report: | YES | |||
| Companies of the consolidation subject (according to IFRS): |
Seat: | MB: | ||
| 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 | ||
| 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 | ||
| Imperial d.d. | Rab | 03044572 | ||
| Accounting firm: | ||||
| Contact person: | Sopta Anka | |||
| (please insert only the contact's full name) | ||||
| Telephone: | 052/408 188 | Fax: | 052/408 110 | |
| E-mail address: | [email protected] | |||
| Family name and name: | Kukurin Željko, Čižmek Marko | |||
| (authorized representative) |
Financial statements (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. | (authorized representative's signature) | |
|---|---|---|
| ADP | Preceding | Current | |
|---|---|---|---|
| Item | code | year | year |
| 1 | 2 | 3 | 4 |
| A) SUBSCRIBED CAPITAL UNPAID | 001 | ||
| B) NON CURRENT ASSETS (ADP 003+010+020+031+036) | 002 | 4.105.084.164 | 4.208.490.765 |
| I. INTANGIBLE ASSETS (ADP 004 to 009) | 003 | 24.080.361 | 24.380.944 |
| 1. Research and Development expenditure | 004 | ||
| 2. Patents, licences, royalties, trademarks and service marks, software and similar rights | 005 | 17.238.280 | 16.209.985 |
| 3. Goodwill | 006 | 6.567.609 | 6.567.609 |
| 4. Prepayments for intangible assets | 007 | ||
| 5. Intangible assets under construction | 008 | 274.472 | 1.603.350 |
| 6. Other intangible assets | 009 | ||
| II. TANGIBLE ASSETS (ADP 011 to 019) | 010 | 3.941.768.572 | 4.046.348.177 |
| 1. Land | 011 | 873.211.455 | 873.536.455 |
| 2. Property | 012 | 2.522.990.552 | 2.463.522.234 |
| 3. Plants and equipment | 013 | 225.945.122 | 215.772.750 |
| 4. Tools, plants and vehicles | 014 | 81.203.324 | 76.626.055 |
| 5. Biological asset | 015 | ||
| 6. Prepayments for tangible assets | 016 | 31.783.971 | 36.968.540 |
| 7. Assets under construction | 017 | 168.568.553 | 343.074.618 |
| 8. Other tangible assets | 018 | 27.197.353 | 26.161.641 |
| 9. Investments property | 019 | 10.868.242 | 10.685.884 |
| III. NON-CURRENT FINANCIAL ASSETS (ADP 021 to 030) | 020 | 6.601.376 | 5.148.839 |
| 1. Stakes (shares) in undertakings in a Group | 021 | 1.365.316 | 1.287.849 |
| 2. Investments in other securities of undertakings in a Group | 022 | ||
| 3. Loans, deposits etc given to undertakings in a Group | 023 | ||
| 4. Stakes (shares) in undertakings with participating interest | 024 | ||
| 5. Investments in other securities of undertakings with participating interest | 025 | ||
| 6. Loans, deposits etc given to undertakings with participating interest | 026 | ||
| 7. Investments in securities | 027 | 4.766.325 | 3.418.019 |
| 8. Given loans, deposits and similar | 028 | 299.735 | 272.971 |
| 9. Other investments accounted for using the equity method | 029 | ||
| 10. Other non-current financial assets | 030 | 170.000 | 170.000 |
| IV. TRADE RECEIVABLES (ADP 032 to 035) | 031 | 995.869 | 974.819 |
| 1. Receivables from undertakings in a Group | 032 | ||
| 2. Receivables from undertakings with participating interests | 033 | ||
| 3. Trade receivables | 034 | 87.500 | |
| 4. Other receivables | 035 | 995.869 | 887.319 |
| V. DEFERRED TAX ASSETS | 036 | 131.637.986 | 131.637.986 |
| C) CURENT ASSETS (ADP 038+046+053+063) | 037 | 336.880.206 | 162.883.080 |
| I. INVENTORIES (ADP 039 to 045) | 038 | 19.245.740 | 19.972.534 |
| 1. Raw materials and consumables | 039 | 18.967.510 | 19.338.234 |
| 2. Work in progress | 040 | ||
| 3. Finished products | 041 | ||
| 4. Merchandise | 042 | 236.606 | 133.443 |
| 5. Prepayments for inventories | 043 | 41.624 | 500.857 |
| 6. Other available-for-sale assets | 044 | ||
| 7. Biological asset | 045 | ||
| II. RECEIVABLES (ADP 047 to 052) | 046 | 42.229.932 | 24.242.191 |
| 1. Receivables from undertakings in a Group | 047 | 204 | 233.090 |
| 2. Receivables from undertakings with participating interest | 048 | 253 | |
| 3. Trade receivables | 049 | 17.711.198 | 9.811.092 |
| 4. Receivables from employees and members of the undertaking | 050 | 657.014 | 963.053 |
| 5. Receivables from Government and other institutions | 051 | 21.012.831 | 7.579.261 |
| 6. Other receivables | 052 | 2.848.432 | 5.655.695 |
| III. CURRENT FINANCIAL ASSETS (ADP 054 to 062) | 053 | 753.886 | 5.709.511 |
| 1. Stakes (shares) in undertakings in a Group | 054 | ||
| 2. Investments in other securities of undertakings in a Group | 055 | ||
| 3. Loans, deposits etc given to undertakings in a Group | 056 | ||
| 4. Stakes(shares) in undertakings with participating interest | 057 | ||
| 5. Investments in other securities of undertakings with participating interest | 058 | ||
| 6. Loans, deposits etc given to undertakings with participating interest | 059 | ||
| 7. Investments in securities | 060 | ||
| 8. Given loans, deposits and similar | 061 | 753.886 | 753.813 |
| 9. Other financial assets | 062 | 4.955.698 | |
| IV. CASH AND CASH EQUIVALENTS | 063 | 274.650.648 | 112.958.844 |
| D) PREPAYMENTS AND ACCRUED INCOME | 064 | 23.369.940 | 25.448.391 |
| E) TOTAL ASSETS (ADP 001+002+037+064) | 065 | 4.465.334.310 54.631.638 |
4.396.822.236 54.609.241 |
| F) OFF-BALANCE SHEET ITEMS | 066 |
| ADP | Preceding | Current | |
|---|---|---|---|
| Item | code | year | year |
| 1 | 2 | 3 | 4 |
| LIABILITIES | |||
| A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+081+084+087) | 067 | 2.373.637.039 | 2.226.558.495 |
| I. SHARE CAPITAL | 068 | 1.672.021.210 | 1.672.021.210 |
| II. CAPITAL RESERVES | 069 | 2.204.690 | 2.204.690 |
| III. RESERVES FROM PROFIT (ADP 071+072-073+074+075) | 070 | 84.401.862 | 84.401.862 |
| 1. Legal reserves | 071 | 67.198.750 | 67.198.750 |
| 2. Reserves for own shares | 072 | 44.815.284 | 44.815.284 |
| 3. Own stocks and shares (deductible items) | 073 | 37.141.295 | 37.141.295 |
| 4. Statutory reserves | 074 | ||
| 5. Other reserves | 075 | 9.529.123 | 9.529.123 |
| IV. REVALUATION RESERVES | 076 | ||
| V. FAIR VALUE RESERVES (ADP 078 to 080) | 077 | 273.313 | 471.848 |
| 1. Fair value of financial assets available for sale | 078 | 273.313 | 471.848 |
| 2. Efficient portion of cash flow hedge | 079 | ||
| 3. Efficient portion of foreign net investment hedge | 080 | ||
| VI. RETAINED EARNINGS OR LOSS CARRIED FORWARD (ADP 082-083) | 081 | 36.580.064 | 378.893.841 |
| 1. Retained earnings | 082 | 36.580.064 | 378.893.841 |
| 2. Loss carried forward | 083 | ||
| VII. PROFIT OR LOSS FOR THE FINANCIAL YEAR (ADP 085-086) | 084 | 342.313.777 | -139.836.334 |
| 1. Profit for the financial year | 085 | 342.313.777 | |
| 2. Loss for the financial year | 086 | 139.836.334 | |
| VIII. MINORITY INTEREST | 087 | 235.842.123 | 228.401.378 |
| B) PROVISIONS (ADP 089 to 094) | 088 | 49.709.322 | 49.641.467 |
| 1. Provisions for pensions, severance pay and similar libabilities | 089 | ||
| 2. Provisions for tax obligations | 090 | ||
| 3. Provisions for litigations in progress | 091 | 49.709.322 | 49.641.467 |
| 4. Provisions for renewal of natural resources | 092 | ||
| 5. Provision for costs within warranty period | 093 | ||
| 6. Other provisions | 094 | ||
| C) NON-CURRENT LIBILITIES (ADP 096 to 106) | 095 | 1.556.069.066 | 1.628.360.670 |
| 1. Liabilites to related parties | 096 | ||
| 2. Liabilities for loans, deposits etc of undertakings in a Group | 097 | ||
| 3. Liabilities to undertakings with participating interest | 098 | ||
| 4. Liabilities for loans, deposits etc of undertakings with participating interest | 099 | ||
| 5. Liabilities for loans, deposits and other | 100 | 9.149.000 | 9.149.000 |
| 6. Liabilities to banks and other financial institutions | 101 | 1.488.677.568 | 1.561.288.130 |
| 7. Liabilities for advance payments | 102 | ||
| 8. Trade payables | 103 | ||
| 9. Amounts payable for securities | 104 | ||
| 10. Other non-current liabilities | 105 | 2.044.339 | 1.675.747 |
| 11. Deffered tax | 106 | 56.198.159 | 56.247.793 |
| D) CURRENT LIABILITIES (ADP 108 to 121) | 107 | 394.111.168 | 411.514.016 |
| 1. Liabilities to undertakings in a Group | 108 | 70.197 | |
| 2. Liabilities for loans, deposits etc of undertakings in a Group | 109 | ||
| 3. Liabilities to undertakings with participating interest | 110 | ||
| 4. Liabilities for loans, deposits etc of undertakings with participating interest | 111 | 9.000 | |
| 5. Liabilities for loans, deposits and other | 112 | 103.000 | 51.500 |
| 6. Liabilities to banks and other financial institutions | 113 | 180.344.025 | 160.992.221 |
| 7. Amounts payable for prepayment | 114 | 23.380.655 | 115.168.319 |
| 8. Trade payables | 115 | 154.542.693 | 106.530.000 |
| 9. Liabilities upon loan stocks | 116 | ||
| 10. Liabilities to emloyees | 117 | 20.674.590 | 18.040.164 |
| 11. Taxes, contributions and similar liabilities | 118 | 11.615.356 | 9.163.290 |
| 12. Liabilities arising from share in the result | 119 | 235.003 | 235.003 |
| 13. Liabilities arising from non-current assets held for sale | 120 | ||
| 14. Other current liabilities | 121 | 3.145.649 | 1.324.519 |
| E) ACCRUED EXPENSES AND DEFERRED INCOME | 122 | 91.807.715 | 80.747.588 |
| F) TOTAL LIABILITIES (ADP 067+088+095+107+122) | 123 | 4.465.334.310 | 4.396.822.236 |
| G) OFF-BALANCE SHEET ITEMS | 124 | 54.631.638 | 54.609.241 |
Taxpayer: 36201212847; Valamar Riviera d.d.
| Item | ADP code |
Preceding period | Current period | ||
|---|---|---|---|---|---|
| 1 | 2 | Cummulative 3 |
Quarter 4 |
Cummulative 5 |
Quarter 6 |
| I. OPERATING INCOME (ADP 126+127+128+129+130) | 125 | 52.805.761 | 52.805.761 | 33.380.896 | 33.380.896 |
| 1. Revenues from sales with undertakings in a Group | 126 | ||||
| 2. Sales revenues (outside the Group) | 127 | 46.053.862 | 46.053.862 | 27.916.973 | 27.916.973 |
| 3. Revenues from use of own products, goods and services | 128 | 2.876.804 | 2.876.804 | 852.175 | 852.175 |
| 4. Other operating revenues with undertakings in a Group | 129 | ||||
| 5.Other operating revenues (outside the Group) | 130 | 3.875.095 | 3.875.095 | 4.611.748 | 4.611.748 |
| II. OPERATING EXPENSES (ADP 132+133+137+141+142+143+146+153) | 131 | 166.249.107 | 166.249.107 | 199.013.724 | 199.013.724 |
| 1. Changes in inventories of finished products and work in progress | 132 | ||||
| 2. Material costs (ADP 134 to 136) | 133 | 31.843.559 | 31.843.559 | 33.247.324 | 33.247.324 |
| a) Cost of raw materials & consumables | 134 | 17.571.542 | 17.571.542 | 16.871.859 | 16.871.859 |
| b) Cost of goods sold | 135 | 42.875 | 42.875 | 19.920 | 19.920 |
| c) Other costs | 136 | 14.229.142 | 14.229.142 | 16.355.545 | 16.355.545 |
| 3. Staff costs (ADP 138 to 140) | 137 | 46.422.720 | 46.422.720 | 57.712.808 | 57.712.808 |
| a) Net salaries | 138 | 27.245.769 | 27.245.769 | 34.561.148 | 34.561.148 |
| b) Employee income tax | 139 | 12.171.093 | 12.171.093 | 15.195.186 | 15.195.186 |
| c) Tax on payroll | 140 | 7.005.858 | 7.005.858 | 7.956.474 | 7.956.474 |
| 4. Depreciation and amortisation | 141 | 65.619.552 | 65.619.552 | 81.030.737 | 81.030.737 |
| 5. Other expenditures | 142 | 19.379.070 | 19.379.070 | 24.471.641 | 24.471.641 |
| 6. Value adjustment (ADP 144+145) | 143 | 3.225 | 3.225 | 19.501 | 19.501 |
| a) non-current assets (without financial assets) | 144 | ||||
| b) current asssets (without financial assets) | 145 | 3.225 | 3.225 | 19.501 | 19.501 |
| 7. Provisions (ADP 147 to 152) | 146 | 0 | 0 | 0 | 0 |
| a) Provision for pensions, severance payments and other employment benefits |
147 | ||||
| b) Provisions for tax liabilities | 148 | ||||
| c) Provisions for litigations in progress | 149 | ||||
| d) Provisions for renewal of natural resources | 150 | ||||
| e) Provision for costs within warranty period | 151 | ||||
| f) Other provisions | 152 | ||||
| 8. Other operating expenses | 153 | 2.980.981 | 2.980.981 | 2.531.713 | 2.531.713 |
| III. FINANCIAL INCOME (ADP 155 to 164) | 154 | 33.693.400 | 33.693.400 | 30.707.466 | 30.707.466 |
| 1. Income from stakes (shares) in undertakings in a Group | 155 | ||||
| 2 Income from stakes (shares) in undertakings with participating interest | 156 | ||||
| 3. Income from other non-current financial investments and loans to undertakings in a Group |
157 | ||||
| 4. Other interest income from undertakings in a Group | 158 | ||||
| 5. Foreign exchange differences and other financial income from undertakings in a Group |
159 | ||||
| 6. Income from other non-current financial investments and loans | 160 | ||||
| 7. Other interest income | 161 | 173.276 | 173.276 | 100.475 | 100.475 |
| 8. Foreign exchange differences and other financial income | 162 | 23.612.833 | 23.612.833 | 24.334.091 | 24.334.091 |
| 9. Unrealized gains (income) from the financial assets | 163 | 911.490 | 911.490 | 5.592.718 | 5.592.718 |
| 10. Other financial income | 164 | 8.995.801 | 8.995.801 | 680.182 | 680.182 |
| IV. FINANCIAL COSTS (ADP 166 to 172) | 165 | 15.702.040 | 15.702.040 | 12.351.718 | 12.351.718 |
| 1. Interest expenses and similar expenses with undertakings in a Group 2. Foreign exchange differences and other expenses with undertakings |
166 | ||||
| in a Group | 167 | ||||
| 3. Interest expenses and similar | 168 | 7.523.346 | 7.523.346 | 8.791.817 | 8.791.817 |
| 4. Foreign exchange differences and other expenses | 169 | 4.854.252 | 4.854.252 | 3.225.974 | 3.225.974 |
| 5. Unrealized loss (expenses) from the financial assets | 170 | 2.053.107 | 2.053.107 | 47.549 | 47.549 |
| 6. Value adjustment expense on financial assets (net) | 171 | ||||
| 7. Other financial expenses | 172 | 1.271.335 | 1.271.335 | 286.378 | 286.378 |
| V. SHARE OF PROFIT FROM UNDERTAKINGS WITH PARTICIPATING INTEREST | 173 | ||||
| VI. SHARE OF PROFIT FROM JOINT VENTURES | 174 | ||||
| VII. SHARE OF LOSS FROM UNDERTAKINGS WITH PARTICIPATING INTEREST | 175 | ||||
| VIII. SHARE OF LOSS FROM JOINT VENTURES | 176 | ||||
| IX. TOTAL INCOME (ADP 125+154+173+174) | 177 | 86.499.161 | 86.499.161 | 64.088.362 | 64.088.362 |
| X. TOTAL EXPENSES (ADP 131+165+175+176) | 178 | 181.951.147 | 181.951.147 | 211.365.442 | 211.365.442 |
| XI. PROFIT OR LOSS BEFORE TAX (ADP 177-178) | 179 | -95.451.986 | -95.451.986 | -147.277.080 | -147.277.080 |
| 1. Profit before tax (ADP 177-178) | 180 | -95.451.986 | -95.451.986 | -147.277.080 | -147.277.080 |
| 2. Loss before tax (ADP 178-177) | 181 | 0 | 0 | 0 | 0 |
| XII. INCOME TAX EXPENSE | 182 | 3.040 | 3.040 | ||
| XIII. PROFIT OR LOSS FOR THE PERIOD (ADP 179-182) | 183 | -95.455.026 | -95.455.026 | -147.277.080 | -147.277.080 |
| 1. Profit for the period (ADP 179-182) | 184 | -95.455.026 | -95.455.026 | -147.277.080 | -147.277.080 |
| 2. Loss for the period (ADP 182-179) | 185 | 0 | 0 | 0 | 0 |
| Item | ADP code |
Preceding period | Current period | |||
|---|---|---|---|---|---|---|
| Cummulative | Quarter | Cummulative | Quarter | |||
| 1 | 2 | 3 | 4 | 5 | 6 |
| XIV. PROFIT OR LOSS FROM DISCONTINUED OPERATIONS BEFORE TAX (ADP 187-188) |
186 |
|---|---|
| 1. Profit before tax from discontinued operations | 187 |
| 2. Loss before tax from discontinued operations | 188 |
| XV. INCOME TAX EXPENSE FROM DISCONTINUED OPERATIONS | 189 |
| 1. Profit for the period from discontinued operations (ADP 186-189) | 190 |
| 2. Loss for the period from discontinued operations (ADP 189-186) | 191 |
| XVI. PROFIT OR LOSS BEFORE TAX (179+186) | 192 |
|---|---|
| 1. Profit before tax (ADP 192) | 193 |
| 2. Loss before tax (ADP 192) | 194 |
| XVII. INCOME TAX EXPENSE (ADP 182+189) | 195 |
| XVIII. PROFIT OR LOSS FOR THE PERIOD (ADP 192-195) | 196 |
| 1. Profit for the period (ADP 192-195) | 197 |
| 2. Loss for the period (ADP 195-192) | 198 |
| XIX. PROFIT OR LOSS FOR THE PERIOD (ADP 200+201) | 199 | -95.455.026 | -95.455.026 | -147.277.080 | -147.277.080 |
|---|---|---|---|---|---|
| 1. Attributable to parent company's shareholders | 200 | -95.449.866 | -95.449.866 | -139.836.334 | -139.836.334 |
| 2. Attributable to non-controlling interests | 201 | -5.160 | -5.160 | -7.440.746 | -7.440.746 |
| I. PROFIT OR LOSS FOR THE PERIOD | -95.455.026 | -95.455.026 | -147.277.080 | -147.277.080 | |
|---|---|---|---|---|---|
| II. OTHER COMPREHENSIVE INCOME /LOSS BEFORE TAX (ADP 204 to 211) |
203 | -8.458.689 | -8.458.689 | 248.168 | 248.168 |
| 1. Exchange differences arising from foreign operations | 204 | ||||
| 2. Revaluation of non-current assets and intangible assets | 205 | ||||
| 3. Gains or loss available for sale investments | 206 | -8.458.689 | -8.458.689 | 248.168 | 248.168 |
| 4. Gains or loss on net movement on cash flow hedges | 207 | ||||
| 5. Gains or loss on net investments hedge | 208 | ||||
| 6. Share of the other comprehensive income/loss of associates | 209 | ||||
| 7. Acturial gain / loss on post employment benefit obligations | 210 | ||||
| 8. Other changes in capital (minorities) | 211 | ||||
| III. TAX ON OTHER COMPREHENSIVE INCOME OF THE PERIOD | 212 | -1.801.604 | -1.801.604 | 49.633 | 49.633 |
| IV. NET OTHER COMPREHENSIVE INCOME OR LOSS FOR THE YEAR (ADP 203-212) |
213 | -6.657.085 | -6.657.085 | 198.535 | 198.535 |
| V. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD (ADP 202+213) |
214 | -102.112.111 | -102.112.111 | -147.078.545 | -147.078.545 |
| VI. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD (ADP 216+217) |
215 | -102.112.111 | -102.112.111 | -147.078.545 | -147.078.545 |
|---|---|---|---|---|---|
| 1. Attributable to parent company's shareholders | 216 | -102.106.951 | -102.106.951 | -139.637.799 | -139.637.799 |
| 2. Attributable to non-controlling interests | 217 | -5.160 | -5.160 | -7.440.746 | -7.440.746 |
| ADP | Preceding | Current | |
|---|---|---|---|
| Item | code | year | year |
| 1 | 2 | 3 | 4 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| 1. Profit before taxes | 001 | -95.451.986 | -147.277.080 |
| 2. Adjustments (ADP 003 to 010): | 002 | 44.036.109 | 70.518.091 |
| a) Depreciation and amortisation | 003 | 65.619.552 | 81.030.737 |
| b) Profit and loss from sales and value adjustments of non-current tangible and intangible assets | 004 | -1.497.530 | -29.499 |
| c) Profit and loss from sales and unrealised profit and loss and value adjustments of financial assets | 005 | -6.885.747 | -211.828 |
| d) Income from interest and dividends | 006 | -172.856 | -38.746 |
| e) Interest expenses | 007 | 7.428.747 | 9.078.195 |
| f) Provisions | 008 | -2.016.678 | 8.430.277 |
| g) Foreign exchange differences (unrealized) | 009 | -19.802.941 | -22.212.431 |
| h) Other adjustments for non-cash transactions and unrealized profit and loss | 010 | 1.363.562 | -5.528.614 |
| I. Increase or decrease of cash flow before changes in working capital (ADP 001+002) | 011 | -51.415.877 | -76.758.989 |
| 3. Changes in working capital (ADP 013 to 016) | 012 | 26.884.898 | 52.205.684 |
| a) Increase or decrease of current liabilities | 013 | 53.763.402 | 37.100.100 |
| b) Increase or decrease of current receivables | 014 | -24.290.207 | 15.874.003 |
| c) Increase or decrease of inventories | 015 | -2.588.297 | -768.419 |
| d) Other increase or decrease of working capital | 016 | ||
| II. Cash from operating activities (ADP 011+012) | 017 | -24.530.979 | -24.553.305 |
| 4. Interest | 018 | -7.419.918 | -10.471.507 |
| 5. Income tax paid | 019 | 1.309.318 | -1.326.223 |
| A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019) | 020 | -30.641.579 | -36.351.035 |
| CASH FLOW FROM INVESTMENT ACTIVITIES | |||
| 1. Proceeds from sale of non-current assets | 021 | 1.775.588 | 135.498 |
| 2. Proceeds from selling financial instruments | 022 | 11.587.707 | 1.808.303 |
| 3. Proceeds from interest rates | 023 | 450.319 | 43.005 |
| 4. Proceeds from dividends | 024 | ||
| 5. Proceeds from repayment of given loans and savings | 025 | 1.639.466 | 2.770.489 |
| 6. Other proceeds from investment activities | 026 | 1.225.404 | |
| III. Total cash proceeds from investment activities (ADP 021 to 026) | 027 | 16.678.484 | 4.757.295 |
| 1. Purchase of non-current tangible and intangible assets | 028 | -36.752.185 | -204.471.047 |
| 2. Purchase of financial instruments | 029 | ||
| 3. Loans and deposits for the period | 030 | -1.610.079 | -1.836.122 |
| 4. Acquisition of subsidiary, net of acquired cash | 031 | ||
| 5. Other payments from investment activities | 032 | ||
| IV. Total cash payments from investment activities (ADP 028 to 032) | 033 | -38.362.264 | -206.307.169 |
| B) NET INCREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027+033) | 034 | -21.683.780 | -201.549.874 |
| CASH FLOW FROM FINANCIAL ACTIVITIES | |||
| 1. Proceeds from increase of subscribed capital | 035 | ||
| 2. Proceeds from issuing equity-based and debt-based financial instruments | 036 | ||
| 3. Proceeds from loan principal, loans and other borrowings | 037 | 19.230.503 | 93.511.020 |
| 4. Other proceeds from financial activities | 038 | ||
| V. Total proceeds from financial activities (ADP 035 to 038) | 039 | 19.230.503 | 93.511.020 |
| 1. Repayment of loan principals, loans and other borrowings and debt-based financial instruments |
040 | -57.553.365 | -17.260.582 |
| 2. Dividends paid | 041 | ||
| 3. Payment of finance lease liabilities | 042 | -67.535 | -41.333 |
| 4. Re-purchase of treasury shares and decrease in subscribed share capital | 043 | -35.659.598 | |
| 5. Other payments from financial activities | 044 | ||
| VI. Total cash payments from financing activities (ADP 040 to 044) | 045 | -93.280.498 | -17.301.915 |
| C) NET CASH FLOW FROM FINANCIAL ACTIVITIES (ADP 039+045) | 046 | -74.049.995 | 76.209.105 |
| 1. Cash and cash equivalents-unrealized foreign exchange differences | 047 | ||
| D) NET INCREASE OR DECREASE OF CASH FLOW (ADP 020+034+046+047) | 048 | -126.375.354 | -161.691.804 |
| E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD F) CASH AND CASH EQUIVALENTS AT THE END OF PERIOD (ADP 048+049) |
049 050 |
318.755.282 192.379.928 |
274.650.648 112.958.844 |
34 Statement of Changes in Equity According to TFI-POD (for the period from 1/1/2017 to 31/3/2017) Taxpayer: 36201212847; Valamar Riviera d.d.
| Minority (non-controlling) interest | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | ADP | Subscribed Share capital |
Capital re serves |
Legal reserves Reserves for | own shares | Treasury shares and shares (de ductible item) |
Statutory re serves |
Other reserves | Revaluation reserves |
Fair value of financial assets available for sale |
Efficient portion of cash flow hedge |
Efficient portion of foreign net investment hedge |
Retained earnings / loss carried forward |
Net profit/ loss for the period |
Total distribut able to majority owners |
Minority (non-con trolling) interest |
Total capital and reserves |
|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 (3 to 6 - 7 + 8 to 15) |
17 | 18 (16+17) | |
| Previous period | ||||||||||||||||||
| 1. Balance at 1 January of the previuos period | 01 | 1.672.021.210 | -373.815 | 61.906.040 | 34.344.407 | 33.513.244 | 0 | 0 | 0 | 31.189.527 | 30.576.912 | 105.441.776 1.901.592.813 | 97.869 1.901.690.682 | |||||
| 2. Changes in accounting policies | 02 | 0 | 0 | |||||||||||||||
| 3. Error correction | 03 | 0 | 0 | |||||||||||||||
| 4. Balance at 1 January of the previous period (ADP 01 to 03) | 04 | 1.672.021.210 | -373.815 | 61.906.040 | 34.344.407 | 33.513.244 | 0 | 0 | 0 | 31.189.527 | 0 | 0 30.576.912 |
105.441.776 1.901.592.813 | 97.869 1.901.690.682 | ||||
| 5. Profit/loss for the period | 05 | 342.313.777 | 342.313.777 | 235.842.123 | 578.155.900 | |||||||||||||
| 6. Foreign currency translation differences- foreign operations | 06 | 0 | 0 | |||||||||||||||
| 7. Changes in revaluation reserves of non-current tangible and intangible assets | 07 | 0 | 0 | |||||||||||||||
| 8. Profit or loss from re-evaluation of finacial assets held for sale | 08 | -33.642.778 | -33.642.778 | -33.642.778 | ||||||||||||||
| 9. Profit or loss from cash flow hedge | 09 | 0 | 0 | |||||||||||||||
| 10. Profit or loss from foreign net investment hedge | 10 | 0 | 0 | |||||||||||||||
| 11. Share in other comprehensive income/loss from undertakings with participat- | 11 | 0 | 0 | |||||||||||||||
| ing interest | ||||||||||||||||||
| 12. Actuarial gains/losses from defined benefit plans | 12 | 0 | 0 | |||||||||||||||
| 13. Other changes in capital (minorities) | 13 | 0 | 0 | |||||||||||||||
| 14. Taxation of transactions recognized directly in equity | 14 | 2.726.564 | 2.726.564 | 2.726.564 | ||||||||||||||
| 15. Increase/decrease of subscribed share capital (except by reinvested profit and in pre-bankruptcy settlement) |
15 | 0 | 0 | |||||||||||||||
| 16. Increase of subscribed share capital by profit reinvestment | 16 | 0 | 0 | |||||||||||||||
| 17. Increase of subscribed share capital in pre-bankruptcy settlement | 17 | 0 | 0 | |||||||||||||||
| 18. Repurchase of own shares/ stakes | 18 | 36.708.367 | -36.708.367 | -36.708.367 | ||||||||||||||
| 19. Share in profit/ dividend payout | 19 | -32.655.373 | -73.650.397 | -40.995.024 | -40.995.024 | |||||||||||||
| 20. Other distribution to majority owners | 20 | 2.578.505 | -424.943 | 3.003.448 | 3.003.448 | |||||||||||||
| 21. Transfer to reserves according to annual plan | 21 | 5.292.710 | 10.470.877 | 9.529.123 | -5.292.710 | -105.441.776 | -85.441.776 | -97.869 | -85.539.645 | |||||||||
| 22. Increase in reserves in pre-bankruptcy settlement | 22 | 84.946.259 | 84.946.259 | 84.946.259 | ||||||||||||||
| 23. Balance at 31 Decemeber of previous period (ADP 04 to 22) | 23 | 1.672.021.210 | 2.204.690 | 67.198.750 | 44.815.284 | 37.141.295 | 0 9.529.123 |
0 | 273.313 | 0 | 0 36.580.064 |
342.313.777 2.137.794.916 | 235.842.123 2.373.637.039 | |||||
| ADDITION TO STATEMENT OF CHANGES IN EQUITY (only for IFRS adopters) | ||||||||||||||||||
| I. OTHER COMPREHENSIVE INCOME OF PREVIOUS PERIOD NET OF TAX (ADP 06 to 14) |
24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30.916.214 | 0 | 0 0 |
0 | -30.916.214 | 0 | -30.916.214 | ||
| II. COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD | ||||||||||||||||||
| (ADP 05+24) | 25 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30.916.214 | 0 | 0 0 |
342.313.777 | 311.397.563 | 235.842.123 | 547.239.686 | ||
| III. TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD, RECOGNIZED DIRECTLY IN EQUITY (ADP 15 to 22) |
26 | 0 | 2.578.505 | 5.292.710 | 10.470.877 | 3.628.051 | 0 9.529.123 |
0 | 0 | 0 | 0 6.003.152 |
-105.441.776 | -75.195.460 | -97.869 | -75.293.329 | |||
| Current period | ||||||||||||||||||
| 1. Balance at 1 January of current period | 27 | 1.672.021.210 | 2.204.690 | 67.198.750 | 44.815.284 | 37.141.295 | 0 9.529.123 |
0 | 273.313 | 0 | 0 36.580.064 |
342.313.777 2.137.794.916 | 235.842.123 2.373.637.039 | |||||
| 2. Changes in accounting policies | 28 | 0 | 0 | |||||||||||||||
| 3. Error correction | 29 | 0 | 0 | |||||||||||||||
| 4. Balance at 1 January of current period (ADP 27 to 29) | 30 | 1.672.021.210 | 2.204.690 | 67.198.750 | 44.815.284 | 37.141.295 | 0 9.529.123 |
0 | 273.313 | 0 | 0 36.580.064 |
342.313.777 2.137.794.916 | 235.842.123 2.373.637.039 | |||||
| 5. Profit/loss for the period | 31 | -139.836.334 | -139.836.334 | -139.836.334 | ||||||||||||||
| 6. Foreign currency translation differences- foreign operations | 32 | 0 | 0 | |||||||||||||||
| 7. Changes in revaluation reserves of non-current tangible and intangible assets | 33 | 0 | 0 | |||||||||||||||
| 8. Profit or loss from re-evaluation of finacial assets held for sale | 34 | 248.168 | 248.168 | 248.168 | ||||||||||||||
| 9. Profit or loss from cash flow hedge | 35 | 0 | 0 | |||||||||||||||
| 10. Profit or loss from foreign net investment hedge | 36 | 0 | 0 | |||||||||||||||
| 11. Share in other comprehensive income/loss from undertakings with participat | 37 | 0 | 0 | |||||||||||||||
| ing interest | ||||||||||||||||||
| 12. Actuarial gains/losses from defined benefit plans | 38 | 0 | 0 | |||||||||||||||
| 13. Other changes in capital (minorities) | 39 | 0 | 0 | |||||||||||||||
| 14. Taxation of transactions recognized directly in equity | 40 | -49.633 | -49.633 | -49.633 | ||||||||||||||
| 15. Increase/decrease of subscribed share capital (except by reinvested profit and in pre-bankruptcy settlement) |
41 | 0 | 0 | |||||||||||||||
| 16. Increase of subscribed share capital by profit reinvestment | 42 | 0 | 0 | |||||||||||||||
| 17. Increase of subscribed share capital in pre-bankruptcy settlement | 43 | 0 | 0 | |||||||||||||||
| 18. Repurchase of own shares/ stakes | 44 | 0 | 0 | |||||||||||||||
| 19. Share in profit/ dividend payout | 45 | 0 | 0 | |||||||||||||||
| 20. Other distribution to majority owners | 46 | 0 | 0 | |||||||||||||||
| 21. Transfer to reserves according to annual plan | 47 | 342.313.777 | -342.313.777 | 0 | -7.440.745 | -7.440.745 | ||||||||||||
| 22. Increase in reserves in pre-bankruptcy settlement | 48 | 0 | 0 | |||||||||||||||
| 23. Balance as at 31 December of the current period (ADP 30 to 48) | 49 | 1.672.021.210 | 2.204.690 | 67.198.750 | 44.815.284 | 37.141.295 | 0 9.529.123 |
0 | 471.848 | 0 | 0 378.893.841 |
-139.836.334 1.998.157.117 | 228.401.378 2.226.558.495 | |||||
| ADDITION TO STATEMENT OF CHANGES IN EQUITY (only for IFRS adopters) | ||||||||||||||||||
| I. OTHER COMPREHENSIVE INCOME OF CURRENT PERIOD, NET OF TAX | ||||||||||||||||||
| (ADP 32 to 40) | 50 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 198.535 | 0 | 0 0 |
0 | 198.535 | 0 | 198.535 | ||
| II. COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 31 + 50) |
51 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 198.535 | 0 | 0 0 |
-139.836.334 | -139.637.799 | 0 | -139.637.799 | ||
| III. TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD, RECOGNIZED DIRECTLY IN EQUITY (ADP 41 to 48) |
52 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 342.313.777 |
-342.313.777 | 0 | -7.440.745 | -7.440.745 | ||
(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 31/12/2016 |
Balance sheet-current period 31/3/2017 |
|---|---|---|
| Mirta Bašćanska d.o.o. Vala Bašćanska d.o.o. Baškaturist d.o.o. Hoteli Baška d.d. Bastion upravljanje d.o.o. Puntižela d.o.o. |
Yes (merged to Hoteli Baška d.d. 13/1/2016) Yes (merged to Hoteli Baška d.d. 13/1/2016) Yes (merged to Hoteli Baška d.d. 13/1/2016) Yes (merged to Valamar Riviera d.d. 31/3/2016) Yes (merged to Valamar Riviera d.d. 30/6/2016) Yes (merged to Valamar Riviera d.d. 31/3/2017) |
|
| Valamar hotels & resorts GmbH | Yes | No |
| Elafiti Babin kuk d.o.o. Magične stijene d.o.o. Palme turizam d.o.o. |
Yes Yes Yes |
Yes Yes Yes |
| Pogača Babin Kuk d.o.o. Bugenvilia d.o.o. |
Yes Yes |
Yes Yes |
| Imperial d.d. | Yes | Yes |
| Companies of the consolidation subject: | Income statment-previous period | Income statment-current period |
|---|---|---|
| 31/12/2016 | 31/3/2017 | |
| Mirta Bašćanska d.o.o. | 1/1 - 13/1 (merged to Hoteli Baška d.d. 13/1/2016) |
- |
| Vala Bašćanska d.o.o. | 1/1 - 13/1 | |
| (merged to Hoteli Baška d.d. 13/1/2016) | - | |
| Baškaturist d.o.o. | 1/1 - 13/1 | - |
| (merged to Hoteli Baška d.d. 13/1/2016) | ||
| Hoteli Baška d.d. | 1/1 - 31/3 | - |
| (merged to Valamar Riviera d.d. 31/3/2016) | ||
| Bastion upravljanje d.o.o. | 1/1 - 31/3 | |
| (merged to Valamar Riviera d.d. 30/6/2016) | - | |
| Puntižela d.o.o. | 1/1 - 31/3 | 1/1 - 31/3 |
| (merged to Valamar Riviera d.d. 31/3/2017) | ||
| Valamar hotels & resorts GmbH | - | - |
| Elafiti Babin kuk d.o.o. | 1/1 - 31/3 | 1/1 - 31/3 |
| Magične stijene d.o.o. | 1/1 - 31/3 | 1/1 - 31/3 |
| Palme turizam d.o.o. | 1/1 - 31/3 | 1/1 - 31/3 |
| Pogača Babin Kuk d.o.o. | 1/1 - 31/3 | 1/1 - 31/3 |
| Bugenvilia d.o.o. | 1/1 - 31/3 | 1/1 - 31/3 |
| Imperial d.d. | - | 1/1 - 31/3 |
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) | 2.471 |
| NKD code: | 5510 | |||
| Consolidated report: | NO | |||
| Companies of the consolidation | ||||
| subject (according to IFRS): | Seat: | MB: | ||
| Accounting firm: | ||||
| Contact person: | Sopta Anka | |||
| (please insert only the contact's full name) | ||||
| Telephone: | 052/408 188 | Fax: | 052/408 110 | |
| E-mail address: | [email protected] | |||
| Family name and name: | Kukurin Željko, Čižmek Marko | |||
| (authorized representative) |
Documents disclosed:
Financial statements (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. (authorized representative's signature)
| ADP | Preceding | Current | |
|---|---|---|---|
| Item | code | year | year |
| 1 | 2 | 3 | 4 |
| A) SUBSCRIBED CAPITAL UNPAID | 001 | ||
| B) NON CURRENT ASSETS (ADP 003+010+020+031+036) | 002 | 3.806.830.512 | 3.919.244.044 |
| I. INTANGIBLE ASSETS (ADP 004 to 009) | 003 | 17.342.793 | 17.663.623 |
| 1. Research and Development expenditure | 004 | ||
| 2. Patents, licences, royalties, trademarks and service marks, software and similar rights | 005 | 17.068.321 | 16.060.273 |
| 3. Goodwill | 006 | ||
| 4. Prepayments for intangible assets | 007 | ||
| 5. Intangible assets under construction | 008 | 274.472 | 1.603.350 |
| 6. Other intangible assets | 009 | ||
| II. TANGIBLE ASSETS (ADP 011 to 019) | 010 | 2.906.793.288 | 3.020.470.609 |
| 1. Land | 011 | 595.574.908 | 595.899.908 |
| 2. Property | 012 | 1.805.980.339 | 1.759.691.460 |
| 3. Plants and equipment | 013 | 207.011.662 | 197.701.193 |
| 4. Tools, plants and vehicles | 014 | 62.668.696 | 58.791.787 |
| 5. Biological asset | 015 | ||
| 6. Prepayments for tangible assets | 016 | 29.697.670 | 34.469.255 |
| 7. Assets under construction | 017 | 167.870.168 | 337.069.480 |
| 8. Other tangible assets | 018 | 27.121.603 | 26.161.642 |
| 9. Investments property | 019 | 10.868.242 | 10.685.884 |
| III. NON-CURRENT FINANCIAL ASSETS (ADP 021 to 030) | 020 | 675.525.760 | 673.962.190 |
| 1. Stakes (shares) in undertakings in a Group | 021 | 670.319.700 | 670.131.200 |
| 2. Investments in other securities of undertakings in a Group | 022 | ||
| 3. Loans, deposits etc given to undertakings in a Group | 023 | ||
| 4. Stakes (shares) in undertakings with participating interest | 024 | ||
| 5. Investments in other securities of undertakings with participating interest | 025 | ||
| 6. Loans, deposits etc given to undertakings with participating interest | 026 | ||
| 7. Investments in securities | 027 | 4.766.325 | 3.418.019 |
| 8. Given loans, deposits and similar | 028 | 299.735 | 272.971 |
| 9. Other investments accounted for using the equity method | 029 | ||
| 10. Other non-current financial assets | 030 | 140.000 | 140.000 |
| IV. TRADE RECEIVABLES (ADP 032 to 035) | 031 | 113.553.484 | 113.532.435 |
| 1. Receivables from undertakings in a Group | 032 | 113.247.689 | 113.247.689 |
| 2. Receivables from undertakings with participating interests | 033 | ||
| 3. Trade receivables | 034 | ||
| 4. Other receivables | 035 | 305.795 | 284.746 |
| V. DEFERRED TAX ASSETS | 036 | 93.615.187 | 93.615.187 |
| C) CURENT ASSETS (ADP 038+046+053+063) | 037 | 319.356.014 | 152.950.562 |
| I. INVENTORIES (ADP 039 to 045) | 038 | 18.253.553 | 18.344.258 |
| 1. Raw materials and consumables | 039 | 18.026.040 | 18.219.443 |
| 2. Work in progress | 040 | ||
| 3. Finished products | 041 | ||
| 4. Merchandise | 042 | 227.513 | 124.815 |
| 5. Prepayments for inventories | 043 | ||
| 6. Other available-for-sale assets | 044 | ||
| 7. Biological asset | 045 | ||
| II. RECEIVABLES (ADP 047 to 052) | 046 | 62.728.000 | 38.979.993 |
| 1. Receivables from undertakings in a Group | 047 | 25.253.754 | 18.966.932 |
| 2. Receivables from undertakings with participating interest | 048 | ||
| 3. Trade receivables | 049 | 16.702.108 | 9.096.133 |
| 4. Receivables from employees and members of the undertaking | 050 | 649.460 | 947.344 |
| 5. Receivables from Government and other institutions | 051 | 18.294.801 | 4.336.671 |
| 6. Other receivables | 052 | 1.827.877 | 5.632.913 |
| III. CURRENT FINANCIAL ASSETS (ADP 054 to 062) | 053 | 726.764 | 5.682.389 |
| 1. Stakes (shares) in undertakings in a Group | 054 | ||
| 2. Investments in other securities of undertakings in a Group | 055 | ||
| 3. Loans, deposits etc given to undertakings in a Group | 056 | 23.800 | 23.800 |
| 4. Stakes (shares) in undertakings with participating interest | 057 | ||
| 5. Investments in other securities of undertakings with participating interest | 058 | ||
| 6. Loans, deposits etc given to undertakings with participating interest | 059 | ||
| 7. Investments in securities | 060 | ||
| 8. Given loans, deposits and similar | 061 | 702.964 | 702.891 |
| 9. Other financial assets | 062 | 4.955.698 | |
| IV. CASH AND CASH EQUIVALENTS | 063 | 237.647.697 | 89.943.922 |
| D) PREPAYMENTS AND ACCRUED INCOME | 064 | 21.820.614 | 23.869.370 |
| E) TOTAL ASSETS (ADP 001+002+037+064) | 065 | 4.148.007.140 | 4.096.063.976 |
| F) OFF-BALANCE SHEET ITEMS | 066 | 54.631.638 | 54.609.241 |
| ADP | Preceding | Current | |
|---|---|---|---|
| Item | code | year | year |
| 1 | 2 | 3 | 4 |
| LIABILITIES | |||
| A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+081+084+087) | 067 | 2.324.082.480 | 2.191.713.246 |
| I. SHARE CAPITAL | 068 | 1.672.021.210 | 1.672.021.210 |
| II. CAPITAL RESERVES | 069 | 2.204.690 | 2.204.690 |
| III. RESERVES FROM PROFIT (ADP 071+072-073+074+075) | 070 | 84.401.862 | 84.401.862 |
| 1. Legal reserves | 071 | 67.198.750 | 67.198.750 |
| 2. Reserves for own shares | 072 | 44.815.284 | 44.815.284 |
| 3. Own stocks and shares (deductible items) | 073 | 37.141.295 | 37.141.295 |
| 4. Statutory reserves | 074 | ||
| 5. Other reserves | 075 | 9.529.123 | 9.529.123 |
| IV. REVALUATION RESERVES | 076 | ||
| V. FAIR VALUE RESERVES (ADP 078 to 080) | 077 | 273.313 | 471.848 |
| 1. Fair value of financial assets available for sale | 078 | 273.313 | 471.848 |
| 2. Efficient portion of cash flow hedge | 079 | ||
| 3. Efficient portion of foreign net investment hedge | 080 | ||
| VI. RETAINED EARNINGS OR LOSS CARRIED FORWARD (ADP 082-083) | 081 | 228.523.684 | 565.181.405 |
| 1. Retained earnings | 082 | 228.523.684 | 565.181.405 |
| 2. Loss carried forward | 083 | ||
| VII. PROFIT OR LOSS FOR THE FINANCIAL YEAR (ADP 085-086) | 084 | 336.657.721 | -132.567.769 |
| 1. Profit for the financial year | 085 | 336.657.721 | |
| 2. Loss for the financial year | 086 | 132.567.769 | |
| VIII. MINORITY INTEREST | 087 | ||
| B) PROVISIONS (ADP 089 to 094) | 088 | 26.578.807 | 26.510.953 |
| 1. Provisions for pensions, severance pay and similar libabilities | 089 | ||
| 2. Provisions for tax obligations | 090 | ||
| 3. Provisions for litigations in progress | 091 | 26.578.807 | 26.510.953 |
| 4. Provisions for renewal of natural resources | 092 | ||
| 5. Provision for costs within warranty period | 093 | ||
| 6. Other provisions | 094 | ||
| C) NON-CURRENT LIBILITIES (ADP 096 to 106) | 095 | 1.351.548.203 | 1.423.949.860 |
| 1. Liabilites to related parties | 096 | ||
| 2. Liabilities for loans, deposits etc of undertakings in a Group | 097 | ||
| 3. Liabilities to undertakings with participating interest | 098 | ||
| 4. Liabilities for loans, deposits etc of undertakings with participating interest | 099 | ||
| 5. Liabilities for loans, deposits and other | 100 | ||
| 6. Liabilities to banks and other financial institutions | 101 | 1.332.585.946 | 1.405.306.562 |
| 7. Liabilities for advance payments | 102 | ||
| 8. Trade payables | 103 | ||
| 9. Amounts payable for securities | 104 | ||
| 10. Other non-current liabilities | 105 | 2.044.339 | 1.675.747 |
| 11. Deffered tax | 106 | 16.917.918 | 16.967.551 |
| D) CURRENT LIABILITIES (ADP 108 to 121) | 107 | 361.331.313 | 378.560.062 |
| 1. Liabilities to undertakings in a Group | 108 | 195.394 | 79.857 |
| 2. Liabilities for loans, deposits etc of undertakings in a Group | 109 | ||
| 3. Liabilities to undertakings with participating interest | 110 | ||
| 4. Liabilities for loans, deposits etc of undertakings with participating interest | 111 | ||
| 5. Liabilities for loans, deposits and other | 112 | ||
| 6. Liabilities to banks and other financial institutions | 113 | 159.263.170 | 141.425.982 |
| 7. Amounts payable for prepayment | 114 | 22.878.112 | 107.712.846 |
| 8. Trade payables | 115 | 150.726.630 | 104.408.628 |
| 9. Liabilities upon loan stocks | 116 | ||
| 10. Liabilities to emloyees | 117 | 18.821.064 | 16.399.417 |
| 11. Taxes, contributions and similar liabilities | 118 | 7.640.156 | 7.624.687 |
| 12. Liabilities arising from share in the result | 119 | 59.985 | 59.985 |
| 13. Liabilities arising from non-current assets held for sale | 120 | ||
| 14. Other current liabilities | 121 | 1.746.802 | 848.660 |
| E) ACCRUED EXPENSES AND DEFERRED INCOME | 122 | 84.466.337 | 75.329.855 |
| F) TOTAL LIABILITIES (ADP 067+088+095+107+122) | 123 | 4.148.007.140 | 4.096.063.976 |
| G) OFF-BALANCE SHEET ITEMS | 124 | 54.631.638 | 54.609.241 |
Taxpayer: 36201212847; Valamar Riviera d.d.
| Item | ADP code |
Preceding period | Current period | ||||
|---|---|---|---|---|---|---|---|
| 1 | 2 | Cummulative 3 |
Quarter 4 |
Cummulative 5 |
Quarter 6 |
||
| I. OPERATING INCOME (ADP 126+127+128+129+130) | 125 | 50.415.688 | 50.415.688 | 30.921.593 | 30.921.593 | ||
| 1. Revenues from sales with undertakings in a Group | 126 | 278.579 | 278.579 | 888.234 | 888.234 | ||
| 2. Sales revenues (outside the Group) | 127 | 45.844.336 | 45.844.336 | 25.512.677 | 25.512.677 | ||
| 3. Revenues from use of own products, goods and services | 128 | 587.720 | 587.720 | 852.175 | 852.175 | ||
| 4. Other operating revenues with undertakings in a Group | 129 | 14.441 | 14.441 | 3.400 | 3.400 | ||
| 5.Other operating revenues (outside the Group) | 130 | 3.690.612 | 3.690.612 | 3.665.107 | 3.665.107 | ||
| II. OPERATING EXPENSES (ADP 132+133+137+141+142+143+146+153) | 131 | 155.950.518 | 155.950.518 | 183.741.794 | 183.741.794 | ||
| 1. Changes in inventories of finished products and work in progress | 132 | ||||||
| 2. Material costs (ADP 134 to 136) | 133 | 37.489.196 | 37.489.196 | 38.687.699 | 38.687.699 | ||
| a) Cost of raw materials & consumables | 134 | 17.201.115 | 17.201.115 | 16.330.459 | 16.330.459 | ||
| b) Cost of goods sold | 135 | 42.875 | 42.875 | 19.879 | 19.879 | ||
| c) Other costs | 136 | 20.245.206 | 20.245.206 | 22.337.361 | 22.337.361 | ||
| 3. Staff costs (ADP 138 to 140) | 137 | 42.896.612 | 42.896.612 | 53.791.382 | 53.791.382 | ||
| a) Net salaries | 138 | 25.695.818 | 25.695.818 | 32.075.816 | 32.075.816 | ||
| b) Employee income tax | 139 | 11.114.359 | 11.114.359 | 14.265.956 | 14.265.956 | ||
| c) Tax on payroll | 140 | 6.086.435 | 6.086.435 | 7.449.610 | 7.449.610 | ||
| 4. Depreciation and amortisation 5. Other expenditures |
141 142 |
56.336.741 18.409.025 |
56.336.741 18.409.025 |
66.193.806 22.830.013 |
66.193.806 22.830.013 |
||
| 6. Value adjustment (ADP 144+145) | 143 | 3.225 | 3.225 | 19.501 | 19.501 | ||
| a) non-current assets (without financial assets) | 144 | ||||||
| b) current asssets (without financial assets) | 145 | 3.225 | 3.225 | 19.501 | 19.501 | ||
| 7. Provisions (ADP 147 to 152) | 146 | 0 | 0 | 0 | 0 | ||
| a) Provision for pensions, severance payments and other employment benefits |
147 | ||||||
| b) Provisions for tax liabilities | 148 | ||||||
| c) Provisions for litigations in progress | 149 | ||||||
| d) Provisions for renewal of natural resources | 150 | ||||||
| e) Provision for costs within warranty period | 151 | ||||||
| f) Other provisions | 152 | ||||||
| 8. Other operating expenses | 153 | 815.719 | 815.719 | 2.219.393 | 2.219.393 | ||
| III. FINANCIAL INCOME (ADP 155 to 164) | 154 | 31.094.026 | 31.094.026 | 30.879.761 | 30.879.761 | ||
| 1. Income from stakes (shares) in undertakings in a Group | 155 | ||||||
| 2 Income from stakes (shares) in undertakings with participating interest 3. Income from other non-current financial investments and loans to |
156 157 |
||||||
| undertakings in a Group 4. Other interest income from undertakings in a Group |
158 | ||||||
| 5. Foreign exchange differences and other financial income from | |||||||
| undertakings in a Group | 159 | ||||||
| 6. Income from other non-current financial investments and loans | 160 | ||||||
| 7. Other interest income | 161 | 173.057 | 173.057 | 38.585 | 38.585 | ||
| 8. Foreign exchange differences and other financial income | 162 | 21.411.685 | 21.411.685 | 24.568.315 | 24.568.315 | ||
| 9. Unrealized gains (income) from the financial assets | 163 | 911.490 | 911.490 | 5.592.718 | 5.592.718 | ||
| 10. Other financial income | 164 | 8.597.794 | 8.597.794 | 680.143 | 680.143 | ||
| IV. FINANCIAL COSTS (ADP 166 to 172) | 165 | 12.848.373 | 12.848.373 | 10.627.329 | 10.627.329 | ||
| 1. Interest expenses and similar expenses with undertakings in a Group | 166 | ||||||
| 2. Foreign exchange differences and other expenses with undertakings in a Group |
167 | ||||||
| 3. Interest expenses and similar | 168 | 6.162.984 | 6.162.984 | 7.542.089 | 7.542.089 | ||
| 4. Foreign exchange differences and other expenses | 169 | 4.294.268 | 4.294.268 | 2.784.813 | 2.784.813 | ||
| 5. Unrealized loss (expenses) from the financial assets | 170 | 2.053.107 | 2.053.107 | 47.549 | 47.549 | ||
| 6. Value adjustment expense on financial assets (net) | 171 | ||||||
| 7. Other financial expenses | 172 | 338.014 | 338.014 | 252.878 | 252.878 | ||
| V. SHARE OF PROFIT FROM UNDERTAKINGS WITH PARTICIPATING INTEREST | 173 | ||||||
| VI. SHARE OF PROFIT FROM JOINT VENTURES | 174 | ||||||
| VII. SHARE OF LOSS FROM UNDERTAKINGS WITH PARTICIPATING INTEREST | 175 | ||||||
| VIII. SHARE OF LOSS FROM JOINT VENTURES | 176 | ||||||
| IX. TOTAL INCOME (ADP 125+154+173+174) | 177 | 81.509.714 | 81.509.714 | 61.801.354 | 61.801.354 | ||
| X. TOTAL EXPENSES (ADP 131+165+175+176) | 178 | 168.798.891 | 168.798.891 | 194.369.123 | 194.369.123 | ||
| XI. PROFIT OR LOSS BEFORE TAX (ADP 177-178) | 179 | -87.289.177 | -87.289.177 | -132.567.769 | -132.567.769 | ||
| 1. Profit before tax (ADP 177-178) | 180 | -87.289.177 | -87.289.177 | -132.567.769 | -132.567.769 | ||
| 2. Loss before tax (ADP 178-177) XII. INCOME TAX EXPENSE |
181 182 |
0 | 0 | 0 | 0 | ||
| XIII. PROFIT OR LOSS FOR THE PERIOD (ADP 179-182) | 183 | -87.289.177 | -87.289.177 | -132.567.769 | -132.567.769 | ||
| 1. Profit for the period (ADP 179-182) | 184 | -87.289.177 | -87.289.177 | -132.567.769 | -132.567.769 | ||
| 2. Loss for the period (ADP 182-179) | 185 | 0 | 0 | 0 | 0 | ||
| Item | ADP code |
Preceding period | Current period | |||
|---|---|---|---|---|---|---|
| Cummulative | Quarter | Cummulative | Quarter | |||
| 1 | 2 | 3 | 4 | 5 | 6 |
| XIV. PROFIT OR LOSS FROM DISCONTINUED OPERATIONS BEFORE TAX (ADP 187-188) |
186 |
|---|---|
| 1. Profit before tax from discontinued operations | 187 |
| 2. Loss before tax from discontinued operations | 188 |
| XV. INCOME TAX EXPENSE FROM DISCONTINUED OPERATIONS | 189 |
| 1. Profit for the period from discontinued operations (ADP 186-189) | 190 |
| 2. Loss for the period from discontinued operations (ADP 189-186) | 191 |
| XVI. PROFIT OR LOSS BEFORE TAX (179+186) | 192 |
|---|---|
| 1. Profit before tax (ADP 192) | 193 |
| 2. Loss before tax (ADP 192) | 194 |
| XVII. INCOME TAX EXPENSE (ADP 182+189) | 195 |
| XVIII. PROFIT OR LOSS FOR THE PERIOD (ADP 192-195) | 196 |
| 1. Profit for the period (ADP 192-195) | 197 |
| 2. Loss for the period (ADP 195-192) | 198 |
| 199 | |
|---|---|
| 200 | |
| 201 | |
| I. PROFIT OR LOSS FOR THE PERIOD | -87.289.177 | -87.289.177 | -132.567.769 | -132.567.769 | ||||
|---|---|---|---|---|---|---|---|---|
| II. OTHER COMPREHENSIVE INCOME /LOSS BEFORE TAX (ADP 204 to 211) |
203 | -9.016.880 | -9.016.880 | 248.168 | 248.168 | |||
| 1. Exchange differences arising from foreign operations | 204 | |||||||
| 2. Revaluation of non-current assets and intangible assets | 205 | |||||||
| 3. Gains or loss available for sale investments | 206 | -9.016.880 | -9.016.880 | 248.168 | 248.168 | |||
| 4. Gains or loss on net movement on cash flow hedges | 207 | |||||||
| 5. Gains or loss on net investments hedge | 208 | |||||||
| 6. Share of the other comprehensive income/loss of associates | 209 | |||||||
| 7. Acturial gain / loss on post employment benefit obligations | 210 | |||||||
| 8. Other changes in capital (minorities) | 211 | |||||||
| III. TAX ON OTHER COMPREHENSIVE INCOME OF THE PERIOD | 212 | -1.803.376 | -1.803.376 | 49.633 | 49.633 | |||
| IV. NET OTHER COMPREHENSIVE INCOME OR LOSS FOR THE YEAR (ADP 203-212) |
213 | -7.213.504 | -7.213.504 | 198.535 | 198.535 | |||
| V. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD (ADP 202+213) |
214 | -94.502.681 | -94.502.681 | -132.369.234 | -132.369.234 |
| VI. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD (ADP 216+217) |
215 |
|---|---|
| 1. Attributable to parent company's shareholders | 216 |
| 2. Attributable to non-controlling interests | 217 |
| ADP | Preceding | Current | |
|---|---|---|---|
| Item | code | year | year |
| 1 | 2 | 3 | 4 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| 1. Profit before taxes | 001 | -87.289.177 | -132.567.769 |
| 2. Adjustments (ADP 003 to 010): | 002 | 34.643.580 | 53.588.184 |
| a) Depreciation and amortisation | 003 | 56.336.741 | 66.193.807 |
| b) Profit and loss from sales and value adjustments of non-current tangible and intangible assets | 004 | -1.497.530 | -29.499 |
| c) Profit and loss from sales and unrealised profit and loss and value adjustments of financial assets | 005 | -7.410.080 | -211.829 |
| d) Income from interest and dividends | 006 | -172.856 | -447.803 |
| e) Interest expenses | 007 | 6.500.998 | 7.794.966 |
| f) Provisions | 008 | -358.263 | 9.008.892 |
| g) Foreign exchange differences (unrealized) | 009 | -19.802.941 | -23.161.817 |
| h) Other adjustments for non-cash transactions and unrealized profit and loss | 010 | 1.047.511 | -5.558.533 |
| I. Increase or decrease of cash flow before changes in working capital (ADP 001+002) | 011 | -52.645.597 | -78.979.585 |
| 3. Changes in working capital (ADP 013 to 016) | 012 | 35.781.206 | 58.617.200 |
| a) Increase or decrease of current liabilities | 013 | 54.718.822 | 37.377.556 |
| b) Increase or decrease of current receivables | 014 | -16.349.502 | 21.330.350 |
| c) Increase or decrease of inventories | 015 | -2.588.114 | -90.706 |
| d) Other increase or decrease of working capital | 016 | ||
| II. Cash from operating activities (ADP 011+012) | 017 | -16.864.391 | -20.362.385 |
| 4. Interest | 018 | -6.381.224 | -9.391.931 |
| 5. Income tax paid | 019 | 176.675 | -52.823 |
| A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019) | 020 | -23.068.940 | -29.807.139 |
| CASH FLOW FROM INVESTMENT ACTIVITIES | |||
| 1. Proceeds from sale of non-current assets | 021 | 1.775.588 | 135.498 |
| 2. Proceeds from selling financial instruments | 022 | 11.587.707 | 1.808.303 |
| 3. Proceeds from interest rates | 023 | 450.454 | 40.716 |
| 4. Proceeds from dividends | 024 | 598.453 | |
| 5. Proceeds from repayment of given loans and savings | 025 | 1.652.708 | 2.063.356 |
| 6. Other proceeds from investment activities | 026 | ||
| III. Total cash proceeds from investment activities (AOP 021 to 026) | 027 | 15.466.457 | 4.646.326 |
| 1. Purchase of non-current tangible and intangible assets | 028 | -34.974.799 | -198.752.080 |
| 2. Purchase of financial instruments | 029 | ||
| 3. Loans and deposits for the period | 030 | -1.610.079 | -1.836.122 |
| 4. Acquisition of subsidiary, net of acquired cash | 031 | ||
| 5. Other payments from investment activities | 032 | ||
| IV. Total cash payments from investment activities (ADP 028 to 032) | 033 | -36.584.878 | -200.588.202 |
| B) NET INCREASE OF CASH FLOW FROM INVESMENT ACTIVITIES (ADP 027+033) | 034 | -21.118.421 | -195.941.876 |
| CASH FLOW FROM FINANCIAL ACTIVITIES | |||
| 1. Proceeds from increase of subscribed capital | 035 | ||
| 2. Proceeds from issuing equity-based and debt-based financial instruments | 036 | ||
| 3. Proceeds from loan principal, loans and other borrowings | 037 | 19.230.505 | 93.511.017 |
| 4. Other proceeds from financial activities | 038 | ||
| V. Total proceeds from financial activities (ADP 035 to 038) | 039 | 19.230.505 | 93.511.017 |
| 1. Repayment of loan principals, loans and other borrowings and debt-based financial instruments |
040 | -55.183.058 | -15.424.445 |
| 2. Dividends paid | 041 | ||
| 3. Payment of finance lease liabilities | 042 | -67.535 | -41.331 |
| 4. Re-purchase of treasury shares and decrease in subscribed share capital | 043 | -35.659.599 | |
| 5. Other payments from financial activities | 044 | ||
| VI. Total cash payments from financing activities (ADP 040 to 044) | 045 | -90.910.192 | -15.465.776 |
| C) NET CASH FLOW FROM FINANCIAL ACTIVITIES (ADP 039+045) | 046 | -71.679.687 | 78.045.241 |
| 1. Cash and cash equivalents-unrealized foreign exchange differences | 047 | ||
| D) NET INCREASE OR DECREASE OF CASH FLOW (ADP 020+034+046+047) | 048 | -115.867.048 | -147.703.774 |
| E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD | 049 | 301.797.080 | 237.647.696 |
| F) CASH AND CASH EQUIVALENTS AT THE END OF PERIOD (ADP 048+049) | 050 | 185.930.032 | 89.943.922 |
42 Statement of Changes in Equity According to TFI-POD (for the period from 1/1/2017 to 31/3/2017) Taxpayer: 36201212847; Valamar Riviera d.d.
| Minority (non-controlling) interest | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | ADP | Subscribed Share capital |
Capital re serves |
Legal reserves Reserves for | own shares | Treasury shares and shares (de ductible item) |
Statutory re serves |
Other reserves | Revaluation reserves |
Fair value of financial assets available for sale |
Efficient portion of cash flow hedge |
Efficient portion of foreign net investment hedge |
Retained earnings / loss carried forward |
Net profit/ loss for the period |
Total distribut able to majority owners |
Minority (non-con trolling) interest |
Total capital and reserves |
|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 (3 to 6 - 7 + 8 to 15) |
17 | 18 (16+17) | |
| Previous period | ||||||||||||||||||
| 1. Balance at 1 January of the previuos period | 01 | 1.672.021.210 | 109.139 | 61.906.040 | 34.344.407 | 29.046.586 | 0 | 31.431.842 | 211.961.240 | 105.854.201 2.088.581.493 | 2.088.581.493 | |||||||
| 2. Changes in accounting policies | 02 | 0 | 0 | |||||||||||||||
| 3. Error correction | 03 | 0 | 0 | |||||||||||||||
| 4. Balance at 1 January of the previous period (ADP 01 to 03) | 04 | 1.672.021.210 | 109.139 | 61.906.040 | 34.344.407 | 29.046.586 | 0 | 0 | 0 | 31.431.842 | 0 0 |
211.961.240 | 105.854.201 2.088.581.493 | 0 2.088.581.493 | ||||
| 5. Profit/loss for the period | 05 | 336.657.721 | 336.657.721 | 336.657.721 | ||||||||||||||
| 6. Foreign currency translation differences- foreign operations | 06 | 0 | 0 | 0 | ||||||||||||||
| 7. Changes in revaluation reserves of non-current tangible and intangible assets | 07 | 0 | 0 | |||||||||||||||
| 8. Profit or loss from re-evaluation of finacial assets held for sale 9. Profit or loss from cash flow hedge |
08 09 |
-34.190.767 | 0 | -34.190.767 0 |
-34.190.767 0 |
|||||||||||||
| 10. Profit or loss from foreign net investment hedge | 10 | 0 | 0 | |||||||||||||||
| 11. Share in other comprehensive income/loss from undertakings with participat- | 11 | 0 | 0 | |||||||||||||||
| ing interest | ||||||||||||||||||
| 12. Actuarial gains/losses from defined benefit plans | 12 | 0 | 0 | |||||||||||||||
| 13. Other changes in capital (minorities) 14. Taxation of transactions recognized directly in equity |
13 14 |
-482.954 | 305.943 2.726.295 |
-177.011 2.726.295 |
-177.011 2.726.295 |
|||||||||||||
| 15. Increase/decrease of subscribed share capital (except by reinvested profit and | ||||||||||||||||||
| in pre-bankruptcy settlement) | 15 | 0 | 0 | |||||||||||||||
| 16. Increase of subscribed share capital by profit reinvestment | 16 | 0 | 0 | |||||||||||||||
| 17. Increase of subscribed share capital in pre-bankruptcy settlement | 17 | 0 | 0 | |||||||||||||||
| 18. Repurchase of own shares/ stakes | 18 | 36.708.367 | -36.708.367 | -36.708.367 | ||||||||||||||
| 19. Share in profit/ dividend payout 20. Other distribution to majority owners |
19 20 |
2.578.505 | -32.655.373 4.041.715 |
-73.910.156 | -41.254.783 -1.463.210 |
-41.254.783 -1.463.210 |
||||||||||||
| 21. Transfer to reserves according to annual plan | 21 | 5.292.710 | 10.470.877 | 9.529.123 | 90.472.600 | -105.854.201 | 9.911.109 | 9.911.109 | ||||||||||
| 22. Increase in reserves in pre-bankruptcy settlement | 22 | 0 | 0 | |||||||||||||||
| 23. Balance at 31 Decemeber of previous period (ADP 04 to 22) | 23 | 1.672.021.210 | 2.204.690 | 67.198.750 | 44.815.284 | 37.141.295 | 0 | 9.529.123 | 0 | 273.313 | 0 0 |
228.523.684 | 336.657.721 2.324.082.480 | 0 2.324.082.480 | ||||
| ADDITION TO STATEMENT OF CHANGES IN EQUITY (only for IFRS adopters) | ||||||||||||||||||
| I. OTHER COMPREHENSIVE INCOME OF PREVIOUS PERIOD NET OF TAX (ADP 06 to 14) |
24 | 0 | -482.954 | 0 | 0 | 0 | 0 | 0 | 0 | -31.158.529 | 0 0 |
0 | 0 | -31.641.483 | 0 | -31.641.483 | ||
| II. COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD | 25 | 0 | -482.954 | 0 | 0 | 0 | 0 | 0 | 0 | -31.158.529 | 0 0 |
0 | 336.657.721 | 305.016.238 | 0 | 305.016.238 | ||
| (ADP 05+24) III. TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD, RECOGNIZED |
||||||||||||||||||
| DIRECTLY IN EQUITY (ADP 15 to 22) | 26 | 0 | 2.578.505 | 5.292.710 | 10.470.877 | 8.094.709 | 0 | 9.529.123 | 0 | 0 | 0 0 |
16.562.444 | -105.854.201 | -69.515.251 | 0 | -69.515.251 | ||
| Current period | ||||||||||||||||||
| 1. Balance at 1 January of current period | 27 | 1.672.021.210 | 2.204.690 | 67.198.750 | 44.815.284 | 37.141.295 | 0 | 9.529.123 | 0 | 273.313 | 0 0 |
228.523.684 | 336.657.721 2.324.082.480 | 0 2.324.082.480 | ||||
| 2. Changes in accounting policies | 28 | 0 | 0 | |||||||||||||||
| 3. Error correction 4. Balance at 1 January of current period (ADP 27 to 29) |
29 30 |
1.672.021.210 | 2.204.690 | 67.198.750 | 44.815.284 | 37.141.295 | 0 | 9.529.123 | 0 | 273.313 | 0 0 |
228.523.684 | 0 336.657.721 2.324.082.480 |
0 0 2.324.082.480 |
||||
| 5. Profit/loss for the period | 31 | -132.567.769 | -132.567.769 | -132.567.769 | ||||||||||||||
| 6. Foreign currency translation differences- foreign operations | 32 | 0 | 0 | |||||||||||||||
| 7. Changes in revaluation reserves of non-current tangible and intangible assets | 33 | 0 | 0 | |||||||||||||||
| 8. Profit or loss from re-evaluation of finacial assets held for sale | 34 | 248.168 | 248.168 | 248.168 | ||||||||||||||
| 9. Profit or loss from cash flow hedge | 35 | 0 | 0 | |||||||||||||||
| 10. Profit or loss from foreign net investment hedge | 36 | 0 | 0 | |||||||||||||||
| 11. Share in other comprehensive income/loss from undertakings with participat ing interest |
37 | 0 | 0 | |||||||||||||||
| 12. Actuarial gains/losses from defined benefit plans | 38 | 0 | 0 | |||||||||||||||
| 13. Other changes in capital (minorities) | 39 | 0 | 0 | |||||||||||||||
| 14. Taxation of transactions recognized directly in equity | 40 | -49.633 | -49.633 | -49.633 | ||||||||||||||
| 15. Increase/decrease of subscribed share capital (except by reinvested profit and in pre-bankruptcy settlement) |
41 | 0 | 0 | |||||||||||||||
| 16. Increase of subscribed share capital by profit reinvestment | 42 | 0 | 0 | |||||||||||||||
| 17. Increase of subscribed share capital in pre-bankruptcy settlement | 43 | 0 | 0 | |||||||||||||||
| 18. Repurchase of own shares/ stakes | 44 | 0 | 0 | |||||||||||||||
| 19. Share in profit/ dividend payout | 45 | 0 | 0 | |||||||||||||||
| 20. Other distribution to majority owners | 46 | 0 | 0 | |||||||||||||||
| 21. Transfer to reserves according to annual plan 22. Increase in reserves in pre-bankruptcy settlement |
47 48 |
336.657.721 | -336.657.721 | 0 0 |
0 0 |
|||||||||||||
| 23. Balance as at 31 December of the current period (ADP 30 to 48) | 49 | 1.672.021.210 | 2.204.690 | 67.198.750 | 44.815.284 | 37.141.295 | 0 | 9.529.123 | 0 | 471.848 | 0 0 |
565.181.405 | -132.567.769 2.191.713.246 | 0 2.191.713.246 | ||||
| ADDITION TO STATEMENT OF CHANGES IN EQUITY (only for IFRS adopters) | ||||||||||||||||||
| I. OTHER COMPREHENSIVE INCOME OF CURRENT PERIOD, NET OF TAX | 50 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 198.535 | 0 0 |
0 | 0 | 198.535 | 0 | 198.535 | ||
| (ADP 32 to 40) II. COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD |
||||||||||||||||||
| (ADP 31 + 50) | 51 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 198.535 | 0 0 |
0 | -132.567.769 | -132.369.234 | 0 | -132.369.234 | ||
| III. TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD, RECOGNIZED DIRECTLY IN EQUITY (ADP 41 to 48) |
52 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 0 |
336.657.721 | -336.657.721 | 0 | 0 | 0 |
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
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.