Interim / Quarterly Report • Jul 27, 2017
Interim / Quarterly Report
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QUARTERLY Valamar Dubrovnik President Hotel 5*, Dubrovnik (INTERIM) REPORT OF THE GROUP AND THE COMPANY VALAMAR RIVIERA D.D.
for the period from 1 January 2017 to 30 June 2017
Operating costs grew by HRK 84 million and totaled HRK 429 million, mainly due to i) this year's consolidation of the Imperial hotel group, ii) increased material costs driven by larger business volumes, iii) a different (monthly) calculation of the costs of payroll and incentives, iv) the salary increase policy, and v) the hiring of construction site staff (to carry out the large investments) and the resort staff (to ensure high service quality in the new Premium/ Upscale properties).
The Group's financial result was HRK 21 million (HRK 42 million in 2016), mainly due to last year's one-off income driven by the sale of the share portfolio.
4
| Significant Business Events | 5 |
|---|---|
| Results of the Group | 8 |
| Results of the Company | 16 |
| 2017 Investments | 17 |
| 2018 Investments | 19 |
| The risks of the Company and the Group | 21 |
| Corporate Governance | 25 |
| Related-party transactions | 26 |
| Branch offices of the Company | 26 |
| RIVP-R-A share | 27 |
| Investors Day and the 2016 Integrated Annual Report and Corporate Social Responsibility | 29 |
| Other information | 30 |
| Responsibility for the quarterly financial statements | 31 |
| Quarterly financial statements | 32 |
Valamar Riviera is the leading Croatian tourism company and one of the leading tourism groups in Croatia. It also one of the largest investors in Croatian tourism with more than HRK 4 billion invested over the last 14 years. It owns two brands: Valamar Hotels and Resorts and Camping Adriatic. With last year's acquisition of Imperial, a hotel group on the island of Rab, the Valamar Riviera 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 operates about 12% of the total categorized tourist accommodation in Croatia. Valamar's properties can welcome more than 56,000 guests daily in about 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, about 21,000 shareholders and around 5,300 people employed during peak season, as well as 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 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 hotel portfolio and Rab as a destination.
The General Assembly of Valamar Riviera was held on 4 May 2017. The following was established during the Assembly:
In order to improve the operating efficiency and streamline operations, on 6 February 2017 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 the merged company Puntižela.
By taking into consideration (i) the acquisition of Imperial, (ii) the 2017 investments worth over HRK 900 million, and (iii) the initial booking pace from source markets, in its 2017 business plan Valamar Riviera is targeting a total consolidated net operating revenue of HRK 1.57 billion (Imperial excluded), representing a 7% increase compared to 2016, or HRK 1.69 billion including Imperial and Imperial's interim business plan (which was reviewed in April 2017). Considering the seasonality of operations and past practice, Valamar Riviera is going to announce the expected range of 2017 consolidated operating income and EBITDA in October 2017, including variances from the set targets.
Valamar Riviera d.d. and PBZ Croatia osiguranje, a pension fund management company acting in its own name and on behalf of the obligatory pension funds it manages (category A and B) submitted on 15 May 2017 a joint offer for the investment and recapitalization of Helios Faros d.d. u stečaju, a bankrupt hospitality company with registered office in Stari Grad on the island of Hvar. On 20 July 2017, the Assembly of bankruptcy creditors of Helios Faros decided to prepare a Bankruptcy plan following the investment and recapitalization offer for Helios Faros. In this offer, PBZ Croatia Osiguranje and Valamar Riviera presented a restructuring plan as well as a six-year investment plan worth HRK 650 million for investments in hospitality assets. The total renovation and construction of two premium resorts containing around 700 accommodation units would reposition the Helios Faros portfolio as premium accommodation, thus turning Stari Grad into an attractive and well-known destination. According to this plan, Helios Faros would employ 500 people after the renovation of the two hotels, Arkada and Lavanda. The Bankruptcy plan for Helios Faros would enable the company to emerge from bankruptcy and continue its business operations in close partnership with the destination, Stari Grad, in order to
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 bring prosperity to the whole island. PBZ Croatia osiguranje and Valamar Riviera see this project as a confirmation of synergies from the joint activity of a large institutional investor and a strategic tourism investor contributing with its business expertise and results. Consequently, Valamar Riviera would manage Helios Faros' development and business operations through a model contract related to the management of facilities. However, the Bankruptcy plan still needs to be adopted by the Assembly of bankruptcy creditors and validated by the bankruptcy judge.
On 5 June 2017, Valamar Riviera announced the conclusion of a contract with Kinderhotels Europa Management-Marketing-Verwaltungs-und Verlags GesmbH regarding the purchase of the right to use the Kinderhotels brand for a period of 5 years and 5 months. With this, Valamar has become part of the Kinderhotel chain, specialized in family vacations. Kinderhotels Europa is a marketing association that brings together highquality premium family hotels under the Austrian "Kinderhotels" brand. The collaboration between Valamar and Kinderhotels Europa will enable the hotel branding of Valamar Girandella Maro Resort 5* in Rabac, planned to be opened for season 2018. There are 50 such hotels in Europe, with this one being the third in Croatia.
In accordance with the previously announced investment cycle until 2020, worth up to HRK 2 billion, the Supervisory Board of Valamar Riviera has approved investments for the year 2018 totaling HRK 703.8 million. The approved investments represent the continuation of the company strategy to reposition the portfolio towards products and services with high added value. In 2018, the Company plans to complete the Valamar Girandella Resort 4*/5* in Rabac. It will include the first Kinderhotel in Valamar's portfolio, thus expanding the familyoriented portfolio segment. The investment in the Valamar Pinia Family Suites 5* in Poreč will also result in a new, luxury family hotel. The continuation of Valamar's large strategical investments in premium camping in Istria and on the island of Krk is also included in the 2018 investment plans. Investments in Dubrovnik are focused on creating additional amenities
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.
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
Dubrovnik Babin-Kuk, Dubrovnik for the Valamar Argosy 4* hotel. Numerous other projects that include investments in amenities for guests as well as accommodation for seasonal employees are also planned in accordance with the Company's strategic goals until 2020. For details, see "2018 Investments" on page 19.
The Company's Management Board presents the unaudited quarterly financial reports for the second quarter of 2017 (from 1 April 2017 to 30 June 2017) and for the first half of 2017 (from 1 January 2017 to 30 June 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 Company balance sheet for the reviewed period (as of 30 June 2017) contains the data for the merged company Puntižela d.o.o. for the period following the merger, i.e. as from 1 April 2017. Please note that the 2017 data cannot be entirely compared to the previous period, as the latter did not include Puntižela d.o.o.
The Group balance sheet for the reviewed period (as of 30 June 2017) and the previous period (as of 31 December 2016) contains the data for Imperial d.d.
The Company income statement for the reviewed period includes the data of the merged companies: Bastion upravljanje d.o.o. for the period following the merger i.e. as from 1 July 2016, Hoteli Baška d.d. for the period following the merger i.e. as from 1 April 2016, Puntižela d.o.o. for the period following the merger, i.e. as from 1 April 2017. 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 income statement for the reviewed period includes the data for the following companies: 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 - 6/2016 | 1 - 6/2017 | 2017/2016 |
|---|---|---|---|
| Total revenues | 507,163,870 | 571,468,377 | 12.7% |
| Operating income | 435,205,124 | 523,559,917 | 20.3% |
| Sales revenues | 419,648,604 | 512,108,569 | 22.0% |
| Board revenues (accomodation and board revenues)2 | 323,055,046 | 411,064,198 | 27.2% |
| Operating expenses3 | 345,385,320 | 429,310,628 | 24.3% |
| EBITDA4 | 86,311,609 | 90,741,624 | 5.1% |
| Extraordinary operations result and one-off items5 | 7,848,819 | 1,200,523 | -84.7% |
| Adjusted EBITDA6 | 78,462,790 | 89,541,101 | 14.1% |
| EBIT | -45,132,237 | -75,033,746 | 66.3% |
| Adjusted EBIT6 | -52,981,056 | -76,234,269 | 43.9% |
| EBT | -2,658,239 | -54,186,027 | 1938.4% |
| EBT margin | -0.6% | -10.3% | -970 bp |
| 31/12/2016 | 30/6/2017 | 2017/2016 | |
| Net debt7 | 1,398,102,734 | 1,812,296,661 | 29.6% |
| Cash and cash equivalents | 274,650,648 | 124,568,364 | -54.6% |
| 1 - 6/2016 | 1 - 6/2017 | 2017/2016 | |
|---|---|---|---|
| Number of accommodation units (capacity) | 18,072 | 20,852 | 15.4% |
| Accommodation units sold | 783,650 | 924,412 | 18.0% |
| Overnights | 1,434,810 | 1,861,460 | 29.7% |
| ADR11 (in HRK) | 412 | 445 | 7.9% |
Market capitalization8 4,295,057,872 5,447,621,040 26.8% EV9 5,693,160,606 7,259,917,701 27.5%
is calculated as: operating income - total operating costs + depreciation and amortisation + value adjustments.
short-term investments in securities – current loans given, deposits, etc.
Overnights and ADR
1 - 6/2016 1 - 6/2017 Total revenues Sales revenues Accommodation units sold Revenues (in HRK '000) Accommodation units 530,000 600,000 460,000 390,000 320,000 250,000 440,000 571,468 512,109 924,412 507,164 419,649 783,650 550,000 660,000 770,000 880,000 990,000
The first half of 2017 was marked by strong business results. Valamar Riviera reported a strong growth in total revenues (+12.7% to HRK 571.5 million; HRK 507.2 million in 2016). If extraordinary income is excluded, total revenues grew by 14.3%. The consolidation of Imperial carried 7.9 percentage points of the Group's growth due to the negative effect of this year's lower financial income. Of the total revenues growth, HRK 92.5 million were consolidated sales revenues (from HRK 419.6 million to HRK 512.1 million), while the remaining part was mainly the decrease in financial income of HRK 24 million (from HRK 72 million to HRK 48 million) due to last year's oneoff income generated by the sale of the share portfolio. Sales revenues grew by a high 22.0%, mainly due to the increase in board revenues (+27% to HRK 411 million; HRK 323 million in 2016) and revenues of other operating departments (+48%): laundry, tourist agency, equipment-renting services for events, etc.
Adjusted EBITDA12 saw a strong 14.1% growth and totaled HRK 89.5 million (HRK 78.5 million in 2016), with the consolidation of Imperial contributing with 4 percentage points. Adjusted EBITDA growth was driven by the largest series of investments so far that focused on raising the competitive edge and quality of services and products, the Imperial acquisition, increased operating efficiency and the optimization of prices, marketing mix and sales channels driven by higher demand. Unadjusted EBITDA grew by 5.1% and totaled HRK 90.8 million.
All marketing segments grew in January and February, except for M.I.C.E.13. March saw smaller business volumes due to Easter holidays occurring in April. However, this was offset in April when all marketing segments received great feedback. May was affected by the later occurrence of holidays in the German source market, and the positive effects were carried over into June. Apart from the holiday factor, June saw a strong demand for Valamar Riviera's portfolio products and services, thus driving an optimum price yield, especially in destination Poreč. This resulted in an 18.0% growth or 924.412 accommodation units sold in the first half of 2017. Due to the larger business volume and the 7.9% average daily rate increase to HRK 445, board revenues grew by HRK 88.0 million.
In relation to the previous comparable period, operating income saw a strong 20.3% growth and totaled HRK 523.6 million. In the operating income, i) HRK 512.1 million represented sales revenues (HRK 419.6 million in 2016), ii) HRK 11.4 million represented other operating revenues (HRK 15.6 million in 2016). Domestic sales revenues totaled HRK 53.4 million and represented 9.3% of the total revenues (8.7% in 2016). In relation to the previous comparable period, they grew by 21.1%. International sales revenues grew by HRK 83.6 million, totaled HRK 459.1 million and represented 80.3% of the total revenues (74.0% in 2016). Other operating revenues fell by HRK 4.1 million. Other operating and financial income represented 10.4 % of the total revenues (17.3% in 2016).
Total operating costs were HRK 429.3 million. They grew by 24.3% mainly due to i) this year's consolidation of the Imperial hotel group, ii) increased material costs due to larger business volumes, iii) a different (monthly) calculation of the costs of payroll and incentives14, iv) the salary increase policy (totaling 4% since June 2016 and a 0.5% increment for years of service since 1 January 2017), and iv) the hiring of construction site
12 Adjustments were made for (i) extraordinary income (in the amount of HRK 4.9 million in the first half of 2017, and HRK 11.4 million in the comparative period of last year), (ii) extraordinary expenses (in the amount of HRK 3.3 million in the first half of 2017, and HRK 2.0 million in the comparative period of last year),
and (iii) termination benefit costs (in the amount of HRK 0.4 million in the first half of 2017, and HRK 1.5 million in the comparative period of last year). Extraordinary operations result and one-off items amounted to HRK 1.2 million in the first half of 2017, and HRK 7.8 million in the comparative period of last year.
13 Meetings, incentives, conferencing, exhibitions.
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.
Camping Ježevac 4*, Island of Krk staff (to carry out the large investments) and the resort staff (to ensure high service quality in the new Premium/ Upscale properties). For comparability's sake, if the payroll cost calculation and Imperial's data are excluded, operating costs grew by 13.0% and remained under control through their active management.
In relation to last year's comparable period, loss before tax grew by HRK 51.5 million and totaled HRK 54.2 million. Operating loss grew by HRK 29.9 million and totaled HRK 75.0 million. The negative EBT margin of -10% (-1% in 2016) was mainly due to the seasonality of business operations, i.e. lower revenues and a larger share of fixed costs during the first half.
A number of factors indicate towards a positive business outlook: compared to last year, the booking pace increased and the effects of the intensive investment cycle are expected to be visible in the second half and especially in the third quarter of this year.
| (in HRK) | 1 - 6/2016 | 1 - 6/2017 | 2017/2016 |
|---|---|---|---|
| Operating costs3 | 345,385,320 | 429,400,278 | 24.3% |
| Total operating expenses | 480,337,361 | 598,578,927 | 24.6% |
| Material costs | 148,171,187 | 176,172,842 | 18.9% |
| Staff costs | 145,598,450 | 198,820,249 | 36.6% |
| Depreciation and amortisation | 131,402,096 | 165,705,733 | 26.1% |
| Other costs | 50,855,450 | 54,332,820 | 6.8% |
| Provisions and value adjustments | 41,750 | 69,637 | 66.8% |
| Other operating expenses | 4,268,428 | 3,477,646 | -18.5% |
Compared to the same period last year, first-half total operating expenses grew by 24.6%. This is mainly due to this year's consolidation of Imperial, increased amortization costs, material costs and staff costs (as previously explained). For comparability's sake, if the payroll (incentives) cost calculation and Imperial's data are excluded, total operating expenses grew by 11.2%.
Material costs represented 29.4% of total operating expenses (30.8% in 2016) and totaled HRK 176.2 million. They grew by 18.9% mainly due to the consolidation of Imperial and the increased costs of raw material (direct food and beverages costs and costs of energy sources and water) due to increased business volumes.
Staff costs totaled HRK 198.8 million and represented 33.2% of total operating expenses (30.3% in 2016). Their 36.6% growth can be attributed to the factors mentioned earlier in the detailed description of realized operating costs.
Amortization represented 27.7% of operating expenses (27.4% in 2016) and totaled HRK 165.7 million (HRK 131.4 million in 2016). It grew by 26.1% mainly due to the larger consolidation scope and the previous intensive investment cycle. Other costs grew by 6.8% or HRK 3.5 million mainly due to the Imperial consolidation. Provisions and value adjustments totaled HRK 69.6 thousand. Other operating expenses totaled HRK 3.5 million and fell by HRK 0.8 million.
2017 first-half financial income totaled HRK 47.9 million. In relation to last year's comparable period, they fell by HRK 24.0 million. Other financial income had the most significant decrease of HRK 35.2 million, mainly due to last year's onetime income generated by the sale of the share portfolio. Interest rates, foreign exchange differences, dividends and similar income from third parties reported the highest individual growth in the first half. They grew by HRK 9.9 million because of foreign exchange differences related to long-term loans due to HRK appreciation. Unrealized gains from financial assets also grew by HRK 1.2 million due to gains from fair-valued FX forwards.
The Group's financial expenses totaled HRK 27.1 million and fell by HRK 2.4 million in relation to the first half of 2017. Unrealized loss from financial assets fell by HRK 3.3 million mainly due to more favorable trends in the fair value of interest rate swaps i.e. a reduction in liabilities related to them. Financial expenses related to interests, foreign exchange differences and other expenses from third parties grew by HRK 1.9 million. Most of this growth is represented by interest rates related to long-term loans contracted as financial leverage for the 2017 investments.
As of 30 June 2017, the total value of the Group's assets increased by 8.2% compared to 31 December 2016.
The total share capital and reserves fell by 6.4% and totaled HRK 2,222.9 million mainly due to the realized loss (HRK 45.4 million) during the first half in relation to the profit (HRK 342.3) realized as of 31 December 2016.
Total long-term liabilities grew from HRK 1,556.1 million to HRK 1,876.7 million due to the loans contracted to finance this year's investment cycle.
Total short-term liabilities totaled HRK 588.5 million and grew by 49.3% compared to 31 December 2016. This is mainly caused by typically higher liabilities related to advance payments from customers totaling HRK 253.0 million.
Cash and cash equivalents as of 30 June 2017 totaled HRK 124.6 million. This typical decrease (in relation to year-end 2016) is mainly due to outflows related to the preparations for the 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.
Assets and liabilities
| HOTELS AND RESORTS Total |
Premium | Upscale Midscale |
Economy | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 - 6/2016 | 1 - 6/2017 | 2017/ 2016 |
1 - 6/2016 | 1 - 6/2017 | 2017/ 2016 |
1 - 6/2016 | 1 - 6/2017 | 2017/ 2016 |
1 - 6/2016 | 1 - 6/2017 | 2017/ 2016 |
1 - 6/2016 | 1 - 6/2017 | 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 | 461,128 | 553,583 | 20.0% | 87,439 | 83,746 | -4.2% | 84,534 | 119,152 | 41.0% | 189,303 | 216,956 | 14.6% | 99,852 | 133,729 | 33.9% |
| Overnights | 900,624 | 1,115,700 | 23.9% | 143,990 | 166,033 | 15.3% | 173,742 | 259,051 | 49.1% | 376,562 | 430,143 | 14.2% | 206,330 | 260,473 | 26.2% |
| ADR11 (in HRK) | 568 | 590 | 3.9% | 856 | 998 | 16.6% | 720 | 777 | 7.8% | 497 | 516 | 3.6% | 319 | 289 | -9.6% |
| Board revenues (in HRK) | 261,807,848 | 326,613,071 | 24.8% | 74,859,969 | 83,591,911 | 11.7% | 60,897,220 | 92,571,638 | 52.0% | 94,174,134 | 111,841,319 | 18.8% | 31,876,525 | 38,608,203 | 21.1% |
| CAMPING RESORTS | Total | Premium Upscale |
Midscale | Economy | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 - 6/2016 | 1 - 6/2017 | 2017/ 2016 |
1 - 6/2016 | 1 - 6/2017 | 2017/ 2016 |
1 - 6/2016 | 1 - 6/2017 | 2017/ 2016 |
1 - 6/2016 | 1 - 6/2017 | 2017/ 2016 |
1 - 6/2016 | 1 - 6/2017 | 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 | 322,522 | 370,829 | 15.0% | 23,840 | 123,598 | 418.4% | 144,899 | 56,071 | -61.3% | 104,018 | 145,826 | 40.2% | 49,765 | 45,334 | -8.9% |
| Overnights | 534,186 | 745,760 | 39.6% | 57,830 | 278,734 | 382.0% | 244,144 | 108,647 | -55.5% | 166,619 | 284,404 | 70.7% | 65,593 | 73,975 | 12.8% |
| ADR11 (in HRK) | 190 | 228 | 19.9% | 276 | 267 | -3.1% | 208 | 249 | 19.3% | 166 | 205 | 23.3% | 145 | 168 | 16.0% |
| Board revenues (in HRK) | 61,247,198 | 84,451,128 | 37.9% | 6,568,312 | 33,003,985 | 402.5% | 30,184,912 | 13,936,657 | -53.8% | 17,298,023 | 29,907,402 | 72.9% | 7,195,950 | 7,603,084 | 5.7% |
| DESTINATION | Poreč | Rabac | Island of Krk | Island of Rab | Dubrovnik | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 - 6/2016 | 1 - 6/2017 | 2017/ 2016 |
1 - 6/2016 | 1 - 6/2017 | 2017/ 2016 |
1 - 6/2016 | 1 - 6/2017 | 2017/ 2016 |
1 - 6/2016 | 1 - 6/2017 | 2017/ 2016 |
1 - 6/2016 | 1 - 6/2017 | 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 | 419,291 | 445,468 | 6.2% | 90,493 | 116,525 | 28.8% | 139,475 | 154,676 | 10.9% | / | 72,779 | / | 134,391 | 134,964 | 0.4% |
| Overnights | 768,206 | 892,744 | 16.2% | 187,240 | 230,203 | 22.9% | 254,941 | 311,997 | 22.4% | / | 178,138 | / | 224,423 | 248,378 | 10.7% |
| ADR11 (in HRK) | 357 | 400 | 11.9% | 434 | 451 | 3.9% | 282 | 341 | 20.9% | / | 399 | / | 703 | 729 | 3.7% |
| Board revenues (in HRK) | 149,889,202 | 178,252,040 | 18.9% | 39,316,979 | 52,609,098 | 33.8% | 39,350,116 | 52,745,025 | 34.0% | / | 29,035,617 | / | 94,498,750 | 98,422,417 | 4.2% |
16 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.
Valamar Riviera reported a strong growth in board revenues at all destinations and in all segments except for the Upscale camping segment because Camping Resort Lanterna 4* went from Upscale to Premium. The strong business results were driven by the excellent market feedback that the new investments received, the acquisition of the Imperial hotel group, the optimization of the marketing mix and prices driven by higher demand and the successful realization of group stays (leisure and events).
The Premium segment of hotels and resorts reported HRK 83.6 million in board revenues. They grew by HRK 8.7 million mainly due to a strong 18% growth of the average daily rate for Valamar Isabella Island Resort 4*&5* and the business volume at the new Valamar Girandella Resort 4*/5*. Two hotels in Dubrovnik, the Valamar Dubrovnik President 5* and the Valamar Lacroma 4* reported a slight fall because last year's Daimler AG – Mercedes-Benz M.I.C.E. event did not take place. However, this was offset mainly by allotments, groups and average daily rate optimization.
Upscale hotels and resorts reported the strongest growth in board revenues (+HRK 31.7 million). The number of accommodation units sold grew by 41.0% and the realized average daily rate was HRK 777. The resulting board revenues totaled HRK 92.6 million. This years' business generated at the new Bellevue Family Life Resort 4* contributed most to this growth: with fewer operating days, this Upscale property achieved a near 70% growth in board revenues. The Tamaris cluster reported strong growth driven by increased demand in June and the "X-Jam Croatia" event. Except for M.I.C.E., all marketing segments contributed to the board revenue growth at the Valamar Argosy 4*, particularly the allotment and group channels. The individual channel reported the strongest growth at the Valamar Sanfior 4* in Rabac. This year's consolidation of the hotels and resorts on the island of Rab influenced board revenues by 9%.
The Midscale segment reported HRK 111.8 million in board revenues, which were negatively affected by Bellevue Family Life Resort 4* going from Midscale to Upscale. However, this was offset by the positive effect of the consolidation of Imperial Midscale hotels and resorts (carrying 13.8% of the
growth) as well as the comparable growth reported by other Midscale properties. Most of it was generated by the hotels: i) Valamar Diamant 4* (increase in individual channels and groups), ii) Valamar Rubin 3* (excellent individual channel feedback), and iii) Corinthia 3* (more operating days and a successful realization of leisure groups in April).
The Economy segment of hotels and resorts reported a high 21.1% growth and totaled HRK 38.6 million in board revenues, which were negatively affected by the newly- renovated Valamar Girandella Resort 4*/5* going from Economy to Premium. However, this was offset by the positive effect of the Imperial consolidation (carrying 5.8% of the growth) and other comparable segment growth. Most of it was generated by i) Lanterna Apartments 2* (increased demand and the "X-Jam Croatia" event at the end of June), ii) Marina Hotel and Mediteran Residence 2* (accommodation of staff hired for carrying out the investments in Rabac), and iii) Tirena hotel 3* (excellent group channel feedback).
During the first half of 2017, camping resorts reported high total board revenues (HRK 84.5 million). Campsites reported strong overall performance due to increased demand (especially in June) and the excellent feedback received for this year's investments. The optimization of the average rate for mobile homes and the increased number of overnights resulted in a strong 37.9% growth in board revenues. This year's consolidation of camping resorts on the island of Rab affected board revenues by 14.6%. The Premium segment grew by HRK 26.4 million, mainly because Camping Resort Lanterna 4* went from Upscale to Premium. Camping Resort Lanterna reported a high growth in board revenues, especially in June. Its increased business volume was mostly influenced by the solid feedback received by marketing activities related to the placement of this year's investments in new products and amenities for the resort guests. The rest of the growth was mainly attributed to the excellent performance of Camping Resort Krk 5*. Excluding Camping Resort Lanterna 4* last year's business, the Upscale segment reported a strong 32.5% growth in board revenues. All Midscale campsites reported growth in board revenues that totaled HRK 29.9 million. Most of the growth is influenced by the consolidation of the Rab-based campsites. The Economy segment reported a 16% increase in the average daily rate. Consequently, board revenues increased by HRK 0.4 million and totaled HRK 7.6 million.
Board revenues in destination Poreč grew by 18.9 % and totaled HRK 178.3 million. Half of it was generated by business operations at Valamar Isabella Island Resort 4*&5*, Apartments Lanterna 2* and Camping Resort Lanterna 4*. Board revenues in destination Rabac grew by HRK 13.3 million and is mainly due to the excellent feedback received by the new investments, Valamar Girandella Resort 4*/5* and Bellevue Family Life Resort 4* as well as the significant increase of business volume at Marina Hotel & Mediteran Residence 2* and Hotel & Casa Valamar Sanfior 4*. Board revenues in destination Krk totaled HRK 52.7 million and are mainly due to their growth reported in the Krk camping segment (especially for campsites that underwent investments) and the Corinthia hotel 3*. Although the previously mentioned M.I.C.E. event was not held this year, destination Dubrovnik reported HRK 98.4 million in board revenues. The 4.2% growth of the Dubrovnik region was mostly carried by the Valamar Argosy hotel 4* and Tirena hotel 3*. The Rab-based properties reported HRK 29.0 million in board revenues.
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 Overview17 | Categorization | Segment | Destination | |||
|---|---|---|---|---|---|---|
| 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 | |
| Bellevue Family Life Resort | **** | **** | 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 Overview17 | Categorization | Segment | Destination | ||
|---|---|---|---|---|---|
| 2016 | 2017 | 2016 | 2017 | ||
| Camping Krk | * | * | Premium | Premium | Island of Krk |
| Camping Ježevac | **** | **** | Upscale | Upscale | Island of Krk |
| Camping Resort 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 |
Please note 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 current period and prior period until the time of the merger, i.e. until 31 March 2017 did not include the data for Puntižela d.o.o. Similarly, the items in the prior period until the time of the merger, i.e. 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 also be viewed in the context of the said transactions in the previous period.
In the first half of 2017, total revenues grew by HRK 38.2 million and totaled HRK 536.4 million. Sales revenues totaled HRK 482.4 million and represented 90% of total revenues (84% in 2016). They increased by HRK 65.8 million compared to the same period last year. Sales revenues between parties within the group totaled HRK 5.1 million (HRK 0.4 million in 2016) and are mostly driven by the management fee for the Imperial properties on the island of Rab. Sales revenues outside the group totaled HRK 477.3 million (HRK 416.1 million in 2016). Domestic sales revenues grew by 18.2% in relation to the prior comparable period, totaling HRK 51.5 million and represented 9.6% of total revenues (8.7% in 2016). International sales revenues totaled HRK 430.9 million, representing 80.3% of total revenues (74.9% in 2016). They grew by 15.5% in relation to the prior comparable period. Other operating and financial income comprised 10% of total revenues (16% in 2016). Other operating revenues fell by 29%, totaling HRK 8.9 million and represented 2% of the total revenues (2% in 2016).
Material costs totaled HRK 179.8 million and represented 33% of operating expenses (34% in 2016). They grew by HRK 19.9 million due to the increased costs of raw material (direct food and beverages costs and costs of energy sources and water) due to increased business volumes.
Staff costs totaled HRK 185.8 million, representing 34% of operating expenses (30% in 2016). Compared to the same period last year, they grew by HRK 44.6 million. This growth was attributed to i) this year's inclusion of Hoteli Baška and Puntižela staff, ii) a different (monthly) calculation of the costs of payroll and incentives and , 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 construction site staff (to carry out the large investments) and the resort staff (to ensure high service quality in the new Premium/ Upscale properties).
Amortization represented 24% of operating expenses (25% in 2016) and totaled HRK 133.9 million (HRK 118.3 million in 2016). The 13% growth is the result of earlier large investments and the merger of Hoteli Baška.
Other costs grew by 1.7% and totaled HRK 50.6 million. Provisions and value adjustments totaled HRK 70 thousand. Other operating expenses totaled HRK 3.1 million and grew by HRK 1.5 million.
In the first half of 2017, financial income totaled HRK 45.2 million and fell by HRK 24.1 million in relation to the prior comparable period. Other financial income had the most significant decrease of HRK 34.8 million, mainly due to last year's one-time income generated by the sale of shares. Interest rates, foreign exchange differences, dividends and similar income from unrelated parties reported the highest individual growth in the first half. They grew by HRK 9.5 million because of foreign exchange differences related to long-term loans due to HRK appreciation. Unrealized gains from financial assets also grew by HRK 1.2 million due to gains from fairvalued FX forwards.
The Company's financial expenses totaled HRK 23.5 million and decreased by HRK 2.4 million in relation to last year's comparable period. Unrealized loss from financial assets fell by HRK 3.1 million are mainly due to favorable trends in the fair value of interest rate swaps i.e. a reduction in liabilities related to them. Financial expenses related to interests, foreign exchange differences and other expenses from third parties grew by HRK 1.0 million. Most of this growth is represented by interest rates related to long-term loans contracted as financial leverage for the 2017 investment cycle.
In the reviewed period, The Company reported HRK 40.3 million in loss before tax, while in last year's comparable period the Company reported HRK 1.6 million in profit before tax. The Company's gross margin is -8.2% (0.4% in 2016). A number of factors indicate towards a positive business outlook: compared to last year, the booking pace increased and the effects of the intensive investment cycle are expected to be visible in the second half and especially in the third quarter of this year.
The total company assets as of 30 June 2017 amounted to HRK 4,518.5 million and increased by 15.3% compared to the previous period.
Valamar Riviera successfully completed the largest series of investments in the Company's portfolio so far worth over HRK 900 million18. HRK 494 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 186 million was focused on campsites. The most significant were the investments in Camping Resort Lanterna and two campsites, Zablaće and Ježevac. Investment maintenance totaled HRK 68 million, while other individual investments totaled HRK 138 million. Imperial's investments totaled nearly HRK 21 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* welcomed guests in Rabac at the start of this year's tourist season. The large investment project in Rabac included 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 2,000 m 2 . The new features included a brandnew Maro club and various children playgrounds, two entertainment centers, a wellness facility, indoor and outdoor fitness facilities, a bike center and other sports amenities. More than 600 staff members attend to over 2,700 guests daily. The investments included various improvements of beaches and promenades as well as a total landscape redesign of the whole area. Croatian contractors and suppliers were hired to carry out most of the construction work and about 50% of them were local, Istrian entrepreneurs. These investments have repositioned Rabac as a leading high-end vacation destination. The 3-year strategic partnerships with the leading European tour operators – TUI and DER Touristik Köln (seasons 2017,
Family Life Bellevue Resort 4*, Rabac 2018 and 2019) have secured 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.
Besides key investments in Rabac, Valamar Riviera continued investing in the concept of Premium camping. Investments totaling HRK 98 million were focused on upgrades in Camping Resort Lanterna 4*, one of the best European campsites. The reception area together with the shops and catering establishments underwent renovation. The campsite now features new high quality mobile homes and new amenities for children. Valamar Riviera invested HRK 66 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*. In order to improve the quality of other campsites on the island of Krk, as well as in Istria and Dubrovnik, a range of investments was focused on improving accommodation, beach amenities, and catering establishments.
In 2017 Imperial completed its investment cycle totaling nearly HRK 21 million. Most of it was invested in San Marino campsite 3*, which featured a new premium zone with luxury mobile homes at the start of this tourist season. Significant investments were made in improving the business communication network and preparing the necessary project documentation for the forthcoming investments.
Moreover, several other projects to create new and improve existing features were completed and they will considerably improve the quality and experience at all destinations. They included beaches, expanding the Wi-Fi coverage, business digitalization, technological processes and energy efficiency.
The planned 2018 investments totaling HRK 703.8 million represent the continuation of Valamar Riviera's intensive investment cycle. In accordance with the strategic goals until 2020, the company will invest in repositioning its portfolio towards products and services with high added value.
The Company plans to complete the Valamar Girandella Resort 4*/5* in Rabac in 2018. HRK 116 million have been earmarked for the opening of the Valamar Girandella Maro Resort Hotel 5* in Rabac, the first Kinderhotel in Valamar's portfolio. Kinderhotels Europa is a marketing association that brings together high-quality premium family hotels under the Austrian "Kinderhotels" brand. This will finalize the process of repositioning Rabac as the leading vacation destination for high-end guests. The services and design of the Valamar Girandella Maro Resort Hotel 5* will be tailored according to the needs of families with children of various age groups. The whole hotel concept is family-oriented: from the hotel lobby, restaurant and pool complex to the interior design of 149 new premium accommodation units.
The present Pinia apartment complex in Poreč will be turned into Valamar Pinia Family Suites 5*, a new luxury family hotel offering 96 rooms. The HRK 108 million investment will be focused on accommodation, a new pool complex and sundeck, the nearby beach and catering establishments.
A quarter of the approved investments include the continuation of Valamar's investments in premium camping: Istra Camping Resort in Funtana, Camping Resort Lanterna in Poreč and Camping Ježevac on the island of Krk. The first phase of repositioning Istra Camping Resort as premium accommodation is planned for 2018. The planned reconstruction will include the whole infrastructure, one part of the camping pitches, a sanitary block and the "Trattoria La Pentola" restaurant. The investments planned
Hotel Valamar Argosy 4*, Dubrovnik in Camping Resort Lanterna 4* will be focused on improving accommodation and quality. In the forthcoming season, the resort will feature a new premium mobile home zone designed according to the "Maro" brand standards. "Maro" is a Valamar brand that is family-oriented and includes child-friendly services and facilities. Moreover, the resort sports zone will be renovated and new facilities and services will be added. The investments in Camping Ježevac 4* will also include the expansion of the mobile home zone and new catering establishments.
The investments in Dubrovnik are focused on repositioning the Valamar Argosy 4* hotel as "adults friendly" premium accommodation: the hotel rooms will be upgraded and new facilities and services will be added. HRK 53 million have been earmarked for this investment.
Investment maintenance totals HRK 64 million. There are also numerous projects for improving guest products and amenities and accommodation for seasonal employees.
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, increase of the property tax and VAT and the rate of total contributions to salaries (both among the highest on the Mediterranean), and potential increase of the intourist tax. While global trends report low interest rates and market demand focuses on safe tourist destinations, Croatia has the opportunity to reposition its tourism by incentivizing investments in products and services with high added value 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/
Villa Polesini, Poreč 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 1.2 million invested in training and professional development during the first half of 2017). 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.
Camping Resort Lanterna 4*, Poreč 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
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: As the term of office for the Supervisory Board members expired on 6 July 2017 (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), the following were elected for a new 4 –year term of office: Mr. Gustav Wurmböck - Chairman, Mr. Franz Lanschützer - Deputy Chairman, Mr. Mladen Markoč - Deputy Chairman, and members: Mr. Georg Eltz, Mr. Hans Dominik Turnovszky, Mr. Vicko Ferić, and Mr. Valter Knapić - employee representative elected by the Works Council. The term of office for the newly elected Supervisory Board members started on 7 July 2017.
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.
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 5.1 million19 (in 2016: HRK 421 thousand) for the Company, and HRK 10 thousand (in 2016: HRK 8 thousand) for the Group. The expenses amounted to HRK 15.2 million (in 2016: HRK 15.1 million) for the Company, and HRK 196 thousand (in 2016: HRK 443 thousand) for the Group.
On 30 June 2017 the related-party receivables and payables balance totaled HRK 129.1 million20 for the Company (at yearend 2016: HRK 138.5 million20), and HRK 4 for the Group (at year-end 2016 there was none). Liabilities for the Company totaled HRK 832 thousand (at year-end 2016: HRK 279 thousand), while HRK 196 thousand for the Group (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 management fee regarding the management of Imperial's properties and facilities. The Management contract has been implemented as of 4 January 2017.
20 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 did not acquire its treasury shares in the first half of 2017. In the respective period the Company released 62,583 treasury shares, out of which 24,182 for dividend payout. On 30 June 2017, the Company held in total 1,794,451 treasury shares, or 1.42% of the share capital.
In the period from 1 January 2017 to 30 June 2017, the highest recorded share price in regular trading on the regulated market was HRK 44.48, while the lowest was HRK 34.68. The Company's share price increased by 25.2%, exceeding both CROBEX and CROBEX 10 indices trends, which recorded a decrease of 6.3% and 3.4% respectively. With a regular trading turnover of HRK 1.6 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 26.2%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 half of 2017, more than forty meetings were held, including those held at US financial centers, London Stock Exchange and at the Zagreb and Ljubljana Stock Exchange conference. 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.
21 Block transactions are excluded from the calculation.
Performance of Valamar Riviera's share and CROBEX and CROBEX 10 indices
Analytical coverage of Valamar Riviera is provided by:
1) Addiko Bank d.d., Zagreb;
2) Alta invest d.d., Ljubljana;
3) ERSTE bank d.d., Zagreb;
4) FIMA vrijednosnice d.o.o., Varaždin;
5) Interkapital vrijednosni papiri d.o.o., Zagreb;
6) Raiffeisenbank Austria d.d., Zagreb;
7) UniCredit Group - Zagrebačka banka d.d., Zagreb.
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 - 30/6/2017.
The grand opening of Valamar's two resorts in Rabac on 8 June was a great introduction into the second Valamar Riviera Investors Day. Management Board President Željko Kukurin and Management Board Member Marko Čižmek presented an update on the business operations, development and strategy to create new value for Valamar Riviera. After the presentations, a tour of the new resorts was organized for nearly 40 participants in this year's Investors Day.
On this occasion, the 2016 Integrated Annual Report and Corporate Social Responsibility was presented to the investors. This report was created in accordance with the Global Reporting Initiative G4 guidelines. The aim of this report is to give a long-term insight into the company business and strategy to all key stakeholders (shareholders, employees and guests) as well as partners, local communities and the general public. The report is particularly focused on corporate social responsibility, which represents the foundation of the company's sustainable business and further development. The report is available from the Zagreb Stock Exchange website and at: www.valamar-riviera.com .
As one of the largest employers in Croatia (on 30 June 2017, the Company employed 4,949 employees, out of which 1,185 were permanent employees), 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.
In the course of the second quarter of 2017 and the first half of 2017, the Company's Management Board performed the actions provided for by law and the Articles of Association with respect to the management and representation of the Company, and planned a business policy that was implemented with prudent care. The Company's Management Board will continue to undertake all the necessary measures in order to ensure sustainability and business growth. The quarterly separate and consolidated financial statements for the second quarter of 2017 and the interim report of the Company's Management Board covering the period from 1 January 2017 to 30 June 2017 were adopted by the Management Board on 24 July 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.
Management Board of the Company
In Poreč, 24 July 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
Management Board member 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) | 5.035 |
| 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) | |
|---|---|---|
Taxpayer: 36201212847; Valamar Riviera d.d.
| 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 | 4.472.600.301 |
| I. INTANGIBLE ASSETS (ADP 004 to 009) | 003 | 24.080.361 | 24.730.501 |
| 1. Research and Development expenditure | 004 | ||
| 2. Patents, licences, royalties, trademarks and service marks, software and similar rights | 005 | 17.238.280 | 15.409.206 |
| 3. Goodwill | 006 | 6.567.609 | 6.567.609 |
| 4. Prepayments for intangible assets | 007 | ||
| 5. Intangible assets under construction | 008 | 274.472 | 2.753.686 |
| 6. Other intangible assets | 009 | ||
| II. TANGIBLE ASSETS (ADP 011 to 019) | 010 | 3.941.768.572 | 4.310.088.030 |
| 1. Land | 011 | 873.211.455 | 874.674.979 |
| 2. Property | 012 | 2.522.990.552 | 2.404.608.395 |
| 3. Plants and equipment | 013 | 225.945.122 | 228.473.418 |
| 4. Tools, plants and vehicles | 014 | 81.203.324 | 79.567.337 |
| 5. Biological asset | 015 | ||
| 6. Prepayments for tangible assets | 016 | 31.783.971 | 22.986.523 |
| 7. Assets under construction | 017 | 168.568.553 | 663.888.981 |
| 8. Other tangible assets | 018 | 27.197.353 | 25.384.871 |
| 9. Investments property | 019 | 10.868.242 | 10.503.526 |
| III. NON-CURRENT FINANCIAL ASSETS (ADP 021 to 030) | 020 | 6.601.376 | 5.044.108 |
| 1. Stakes (shares) in undertakings in a Group | 021 | 1.365.316 | 1.443.289 |
| 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 | 3.184.880 |
| 8. Given loans, deposits and similar | 028 | 299.735 | 245.939 |
| 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 | 971.473 |
| 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 | 883.973 |
| V. DEFERRED TAX ASSETS | 036 | 131.637.986 | 131.766.189 |
| C) CURENT ASSETS (ADP 038+046+053+063) | 037 | 336.880.206 | 249.223.750 |
| I. INVENTORIES (ADP 039 to 045) | 038 | 19.245.740 | 22.950.228 |
| 1. Raw materials and consumables | 039 | 18.967.510 | 22.063.059 |
| 2. Work in progress | 040 | ||
| 3. Finished products | 041 | ||
| 4. Merchandise | 042 | 236.606 | 185.407 |
| 5. Prepayments for inventories | 043 | 41.624 | 701.762 |
| 6. Other available-for-sale assets | 044 | ||
| 7. Biological asset | 045 | ||
| II. RECEIVABLES (ADP 047 to 052) | 046 | 42.229.932 | 96.168.193 |
| 1. Receivables from undertakings in a Group | 047 | 204 | 243.061 |
| 2. Receivables from undertakings with participating interest | 048 | 253 | |
| 3. Trade receivables | 049 | 17.711.198 | 76.215.299 |
| 4. Receivables from employees and members of the undertaking | 050 | 657.014 | 6.098.155 |
| 5. Receivables from Government and other institutions | 051 | 21.012.831 | 4.117.136 |
| 6. Other receivables | 052 | 2.848.432 | 9.494.542 |
| III. CURRENT FINANCIAL ASSETS (ADP 054 to 062) | 053 | 753.886 | 5.536.965 |
| 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 | 46.598 | |
| 8. Given loans, deposits and similar | 061 | 753.886 | 753.716 |
| 9. Other financial assets | 062 | 4.736.651 | |
| IV. CASH AND CASH EQUIVALENTS | 063 | 274.650.648 | 124.568.364 |
| D) PREPAYMENTS AND ACCRUED INCOME | 064 | 23.369.940 | 108.267.034 |
| E) TOTAL ASSETS (ADP 001+002+037+064) | 065 | 4.465.334.310 | 4.830.091.085 |
| F) OFF-BALANCE SHEET ITEMS | 066 | 54.631.638 | 54.583.654 |
| E) ACCRUED EXPENSES AND DEFERRED INCOME | 122 | 91.807.715 | 92.399.004 |
|---|---|---|---|
| 14. Other current liabilities | 121 | 3.145.649 | 5.295.540 |
| 13. Liabilities arising from non-current assets held for sale | 120 | ||
| 12. Liabilities arising from share in the result | 119 | 235.003 | 232.434 |
| 11. Taxes, contributions and similar liabilities | 118 | 11.615.356 | 43.835.817 |
| 10. Liabilities to emloyees | 117 | 20.674.590 | 37.395.888 |
| 9. Liabilities upon loan stocks | 116 | ||
| 8. Trade payables | 115 | 154.542.693 | 252.977.070 |
| 7. Amounts payable for prepayment | 114 | 23.380.655 | 126.632.282 |
| 6. Liabilities to banks and other financial institutions | 113 | 180.344.025 | 121.904.956 |
| 5. Liabilities for loans, deposits and other | 112 | 103.000 | 51.500 |
| 4. Liabilities for loans, deposits etc of undertakings with participating interest | 111 | ||
| 3. Liabilities to undertakings with participating interest | 110 | ||
| 2. Liabilities for loans, deposits etc of undertakings in a Group | 109 | ||
| 1. Liabilities to undertakings in a Group | 108 | 70.197 | 194.063 |
| D) CURRENT LIABILITIES (ADP 108 to 121) | 107 | 394.111.168 | 588.519.550 |
| 11. Deffered tax | 106 | 56.198.159 | 56.201.165 |
| 10. Other non-current liabilities | 105 | 2.044.339 | 1.556.661 |
| 9. Amounts payable for securities | 104 | ||
| 8. Trade payables | 103 | ||
| 7. Liabilities for advance payments | 102 | ||
| 6. Liabilities to banks and other financial institutions | 101 | 1.488.677.568 | 1.809.744.763 |
| 5. Liabilities for loans, deposits and other | 100 | 9.149.000 | 9.149.000 |
| 4. Liabilities for loans, deposits etc of undertakings with participating interest | 099 | ||
| 3. Liabilities to undertakings with participating interest | 098 | ||
| 2. Liabilities for loans, deposits etc of undertakings in a Group | 097 | ||
| 1. Liabilites to related parties | 096 | ||
| C) NON-CURRENT LIBILITIES (ADP 096 to 106) | 095 | 1.556.069.066 | 1.876.651.589 |
| 6. Other provisions | 094 | ||
| 5. Provision for costs within warranty period | 093 | ||
| 4. Provisions for renewal of natural resources | 092 | ||
| 3. Provisions for litigations in progress | 091 | 49.709.322 | 49.632.004 |
| 2. Provisions for tax obligations | 090 | ||
| 1. Provisions for pensions, severance pay and similar libabilities | 089 | ||
| B) PROVISIONS (ADP 089 to 094) | 088 | 49.709.322 | 49.632.004 |
| VIII. MINORITY INTEREST | 087 | 235.842.123 | 227.197.873 |
| 2. Loss for the financial year | 086 | 45.413.573 | |
| 1. Profit for the financial year | 085 | 342.313.777 | |
| VII. PROFIT OR LOSS FOR THE FINANCIAL YEAR (ADP 085-086) | 084 | 342.313.777 | -45.413.573 |
| 2. Loss carried forward | 083 | ||
| 1. Retained earnings | 082 | 36.580.064 | 263.139.338 |
| VI. RETAINED EARNINGS OR LOSS CARRIED FORWARD (ADP 082-083) | 081 | 36.580.064 | 263.139.338 |
| 2. Efficient portion of cash flow hedge 3. Efficient portion of foreign net investment hedge |
079 080 |
||
| 1. Fair value of financial assets available for sale | 078 | 273.313 | 285.337 |
| V. FAIR VALUE RESERVES (ADP 078 to 080) | 077 | 273.313 | 285.337 |
| IV. REVALUATION RESERVES | 076 | ||
| 5. Other reserves | 075 | 9.529.123 | 9.529.123 |
| 4. Statutory reserves | 074 | ||
| 3. Own stocks and shares (deductible items) | 073 | 37.141.295 | 35.889.621 |
| 2. Reserves for own shares | 072 | 44.815.284 | 44.815.284 |
| 1. Legal reserves | 071 | 67.198.750 | 83.601.061 |
| III. RESERVES FROM PROFIT (ADP 071+072-073+074+075) | 070 | 84.401.862 | 102.055.847 |
| II. CAPITAL RESERVES | 069 | 2.204.690 | 3.602.906 |
| I. SHARE CAPITAL | 068 | 1.672.021.210 | 1.672.021.210 |
| A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+081+084+087) | 067 | 2.373.637.039 | 2.222.888.938 |
| LIABILITIES | |||
| 1 | 2 | 3 | 4 |
| Item | code | year | year |
| ADP | Preceding | Current |
| 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 | 435.205.124 | 382.399.363 | 523.559.917 | 490.179.021 | |
| 1. Revenues from sales with undertakings in a Group | 126 | |||||
| 2. Sales revenues (outside the Group) | 127 | 419.648.604 | 373.594.742 | 512.553.585 | 484.636.612 | |
| 3. Revenues from use of own products, goods and services | 128 | 1.170.372 | -1.706.432 | 1.719.687 | 867.512 | |
| 4. Other operating revenues with undertakings in a Group | 129 | |||||
| 5.Other operating revenues (outside the Group) | 130 | 14.386.148 | 10.511.053 | 9.286.645 | 4.674.897 | |
| II. OPERATING EXPENSES (ADP 132+133+137+141+142+143+146+153) | 131 | 480.337.361 | 314.088.254 | 598.593.663 | 399.579.939 | |
| 1. Changes in inventories of finished products and work in progress | 132 | |||||
| 2. Material costs (ADP 134 to 136) | 133 | 148.171.187 | 116.327.628 | 176.172.842 | 142.925.518 | |
| a) Cost of raw materials & consumables | 134 | 91.528.406 | 73.956.864 | 115.719.176 | 98.847.317 | |
| b) Cost of goods sold | 135 | 565.037 | 522.162 | 1.279.151 | 1.259.231 | |
| c) Other costs | 136 | 56.077.744 | 41.848.602 | 59.174.515 | 42.818.970 | |
| 3. Staff costs (ADP 138 to 140) | 137 | 145.598.450 | 99.175.730 | 198.820.249 | 141.107.441 | |
| a) Net salaries | 138 | 88.067.739 | 60.821.970 | 119.978.913 | 85.417.765 | |
| b) Employee income tax | 139 | 35.959.658 | 23.788.565 | 50.830.821 | 35.635.635 | |
| c) Tax on payroll | 140 | 21.571.053 | 14.565.195 | 28.010.515 | 20.054.041 | |
| 4. Depreciation and amortisation | 141 | 131.402.096 | 65.782.544 | 165.705.733 | 84.674.996 | |
| 5. Other expenditures | 142 | 50.855.450 | 31.476.380 | 54.332.820 | 29.861.179 | |
| 6. Value adjustment (ADP 144+145) | 143 | 41.750 | 38.525 | 69.637 | 50.136 | |
| a) non-current assets (without financial assets) | 144 | |||||
| b) current asssets (without financial assets) | 145 | 41.750 | 38.525 | 69.637 | 50.136 | |
| 7. Provisions (ADP 147 to 152) a) Provision for pensions, severance payments and other employment benefits |
146 147 |
0 | 0 | 0 | 0 | |
| 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 | 4.268.428 | 1.287.447 | 3.492.382 | 960.669 | |
| III. FINANCIAL INCOME (ADP 155 to 164) | 154 | 71.958.746 | 38.265.346 | 47.908.460 | 17.200.994 | |
| 1. Income from stakes (shares) in undertakings in a Group 2 Income from stakes (shares) in undertakings with participating interest |
155 156 |
|||||
| 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 | 2.278.523 | 2.278.523 | |||
| 6. Income from other non-current financial investments and loans | 160 | |||||
| 7. Other interest income | 161 | 236.882 | 63.606 | 214.617 | 114.142 | |
| 8. Foreign exchange differences and other financial income | 162 | 26.597.080 | 2.984.247 | 38.805.350 | 14.471.259 | |
| 9. Unrealized gains (income) from the financial assets | 163 | 5.873.651 | 4.962.161 | 7.098.050 | 1.505.332 | |
| 10. Other financial income | 164 | 36.972.610 | 27.976.809 | 1.790.443 | 1.110.261 | |
| IV. FINANCIAL COSTS (ADP 166 to 172) 1. Interest expenses and similar expenses with undertakings in a Group |
165 166 |
29.484.748 | 13.782.708 | 27.060.741 | 14.709.023 | |
| 2. Foreign exchange differences and other expenses with undertakings in a Group |
167 | |||||
| 3. Interest expenses and similar | 168 | 15.552.436 | 8.029.090 | 20.212.684 | 11.420.867 | |
| 4. Foreign exchange differences and other expenses | 169 | 7.442.891 | 2.588.639 | 4.567.953 | 1.341.979 | |
| 5. Unrealized loss (expenses) from the financial assets | 170 | 4.926.588 | 2.873.481 | 1.605.295 | 1.557.746 | |
| 6. Value adjustment expense on financial assets (net) | 171 | |||||
| 7. Other financial expenses | 172 | 1.562.833 | 291.498 | 674.809 | 388.431 | |
| 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 | 507.163.870 | 420.664.709 | 571.468.377 | 507.380.015 | |
| X. TOTAL EXPENSES (ADP 131+165+175+176) | 178 | 509.822.109 | 327.870.962 | 625.654.404 | 414.288.962 | |
| XI. PROFIT OR LOSS BEFORE TAX (ADP 177-178) | 179 | -2.658.239 | 92.793.747 | -54.186.027 | 93.091.053 | |
| 1. Profit before tax (ADP 177-178) | 180 | -2.658.239 | 92.793.747 | -54.186.027 | 93.091.053 | |
| 2. Loss before tax (ADP 178-177) | 181 | 0 | 0 | 0 | 0 | |
| XII. INCOME TAX EXPENSE | 182 | -1.885.951 | -128.203 | |||
| XIII. PROFIT OR LOSS FOR THE PERIOD (ADP 179-182) | 183 | -772.288 | 92.793.747 | -54.057.824 | 93.091.053 | |
| 1. Profit for the period (ADP 179-182) | 184 | -772.288 | 92.793.747 | -54.057.824 | 93.091.053 | |
| 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 | -772.288 | 92.793.747 | -54.057.824 | 93.091.053 |
|---|---|---|---|---|---|
| 1. Attributable to parent company's shareholders | 200 | -770.660 | 92.790.215 | -45.413.573 | 94.294.558 |
| 2. Attributable to non-controlling interests | 201 | -1.628 | 3.532 | -8.644.251 | -1.203.505 |
| I. PROFIT OR LOSS FOR THE PERIOD | 202 | -772.288 | 92.793.747 | -54.057.824 | 93.091.053 |
|---|---|---|---|---|---|
| II. OTHER COMPREHENSIVE INCOME /LOSS BEFORE TAX (ADP 204 to 211) |
203 | -33.432.007 | -24.973.318 | 15.028 | 9.862 |
| 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 | -33.432.007 | -24.973.318 | 15.028 | 9.862 |
| 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 | -2.684.410 | -882.806 | 3.005 | 1.972 |
| IV. NET OTHER COMPREHENSIVE INCOME OR LOSS FOR THE YEAR (ADP 203-212) |
213 | -30.747.597 | -24.090.512 | 12.023 | 7.890 |
| V. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD (ADP 202+213) |
214 | -31.519.885 | 68.703.235 | -54.045.801 | 93.098.943 |
| VI. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD (ADP 216+217) |
215 | -31.519.885 | 68.703.235 | -54.045.801 | 93.098.943 |
|---|---|---|---|---|---|
| 1. Attributable to parent company's shareholders | 216 | -31.518.257 | 68.699.703 | -45.401.550 | 94.302.448 |
| 2. Attributable to non-controlling interests | 217 | -1.628 | 3.532 | -8.644.251 | -1.203.505 |
| ADP | Preceding | Current | |
|---|---|---|---|
| Item | code | year | year |
| 1 | 2 | 3 | 4 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| 1. Profit before taxes | 001 | -2.658.239 | -54.186.027 |
| 2. Adjustments (ADP 003 to 010): | 002 | 64.528.974 | 137.218.583 |
| a) Depreciation and amortisation | 003 | 131.402.096 | 165.705.733 |
| b) Profit and loss from sales and value adjustments of non-current tangible and intangible assets | 004 | -1.475.448 | 216.747 |
| c) Profit and loss from sales and unrealised profit and loss and value adjustments of financial assets | 005 | -35.405.222 | -190.252 |
| d) Income from interest and dividends | 006 | -2.127.419 | -1.873.148 |
| e) Interest expenses | 007 | 15.552.436 | 20.212.684 |
| f) Provisions | 008 | -21.672.194 | -7.797.837 |
| g) Foreign exchange differences (unrealized) | 009 | -20.798.213 | -33.562.588 |
| h) Other adjustments for non-cash transactions and unrealized profit and loss | 010 | -947.062 | -5.492.756 |
| I. Increase or decrease of cash flow before changes in working capital (ADP 001+002) | 011 | 61.870.735 | 83.032.556 |
| 3. Changes in working capital (ADP 013 to 016) | 012 | 100.045.539 | 135.115.766 |
| a) Increase or decrease of current liabilities | 013 | 240.019.808 | 277.530.166 |
| b) Increase or decrease of current receivables | 014 | -134.186.376 | -138.668.286 |
| c) Increase or decrease of inventories | 015 | -5.787.893 | -3.746.114 |
| d) Other increase or decrease of working capital | 016 | ||
| II. Cash from operating activities (ADP 011+012) | 017 | 161.916.274 | 218.148.322 |
| 4. Interest | 018 | -15.632.555 | -21.550.350 |
| 5. Income tax paid | 019 | -612.276 | -2.154.062 |
| A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019) | 020 | 145.671.443 | 194.443.910 |
| CASH FLOW FROM INVESTMENT ACTIVITIES | |||
| 1. Proceeds from sale of non-current assets | 021 | 5.884.739 | 215.364 |
| 2. Proceeds from selling financial instruments | 022 | 41.110.148 | 1.808.303 |
| 3. Proceeds from interest rates | 023 | 913.001 | 646.159 |
| 4. Proceeds from dividends | 024 | ||
| 5. Proceeds from repayment of given loans and savings | 025 | 3.348.552 | 6.592.988 |
| 6. Other proceeds from investment activities | 026 | ||
| III. Total cash proceeds from investment activities (ADP 021 to 026) | 027 | 51.256.440 | 9.262.814 |
| 1. Purchase of non-current tangible and intangible assets | 028 | -179.175.911 | -546.798.710 |
| 2. Purchase of financial instruments | 029 | ||
| 3. Loans and deposits for the period | 030 | -3.971.771 | -6.242.389 |
| 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 | -183.147.682 | -553.041.099 |
| B) NET INCREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027+033) | 034 | -131.891.242 | -543.778.285 |
| 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 | 167.894.362 | 352.133.649 |
| 4. Other proceeds from financial activities | 038 | ||
| V. Total proceeds from financial activities (ADP 035 to 038) | 039 | 167.894.362 | 352.133.649 |
| 1. Repayment of loan principals, loans and other borrowings and debt-based financial | 040 | -100.461.581 | -54.436.930 |
| instruments | |||
| 2. Dividends paid | 041 | -37.330.521 | -98.342.353 |
| 3. Payment of finance lease liabilities | 042 | -208.743 | -102.275 |
| 4. Re-purchase of treasury shares and decrease in subscribed share capital | 043 | -35.692.643 | |
| 5. Other payments from financial activities | 044 | ||
| VI. Total cash payments from financing activities (ADP 040 to 044) | 045 | -173.693.488 | -152.881.558 |
| C) NET CASH FLOW FROM FINANCIAL ACTIVITIES (ADP 039+045) | 046 | -5.799.126 | 199.252.091 |
| 1. Cash and cash equivalents-unrealized foreign exchange differences | 047 | ||
| D) NET INCREASE OR DECREASE OF CASH FLOW (ADP 020+034+046+047) | 048 | 7.981.075 | -150.082.284 |
| 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 |
318.755.282 326.736.357 |
274.650.648 124.568.364 |
38 Statement of Changes in Equity (for the period from 1/1/2017 to 30/6/2017)
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- ing interest |
11 | 0 | 0 | ||||||||||||||||
| 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 | 15 | 0 | 0 | ||||||||||||||||
| in pre-bankruptcy settlement) | |||||||||||||||||||
| 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 -424.943 |
-73.650.397 | -40.995.024 3.003.448 |
-40.995.024 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 | -45.413.573 | -45.413.573 | -45.413.573 | |||||||||||||||
| 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 | 15.029 | 15.029 | 15.029 | |||||||||||||||
| 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 | -3.006 | -3.006 | -3.006 | |||||||||||||||
| 15. Increase/decrease of subscribed share capital (except by reinvested profit and | 41 | 0 | 0 | ||||||||||||||||
| in pre-bankruptcy settlement) 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 | -1.251.675 | 1.251.675 | 1.251.675 | |||||||||||||||
| 19. Share in profit/ dividend payout | 45 | 0 | 0 | ||||||||||||||||
| 20. Other distribution to majority owners | 46 | 1.398.217 | -99.352.192 | -97.953.975 | -97.953.975 | ||||||||||||||
| 21. Transfer to reserves according to annual plan | 47 | 16.402.311 | 325.911.466 | -342.313.777 | 0 | -8.644.251 | -8.644.251 | ||||||||||||
| 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 | 3.602.907 | 83.601.061 | 44.815.284 | 35.889.620 | 0 | 9.529.123 | 0 | 285.336 | 0 | 0 | 263.139.338 | -45.413.573 1.995.691.066 | 227.197.872 2.222.888.938 | ||||
| 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 | 12.023 | 0 | 0 | 0 | 0 | 12.023 | 0 | 12.023 | ||
| II. COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD | 51 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.023 | 0 | 0 | 0 | -45.413.573 | -45.401.550 | 0 | -45.401.550 | ||
| (ADP 31 + 50) III. TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD, RECOGNIZED |
52 | 0 | 1.398.217 | 16.402.311 | 0 | -1.251.675 | 0 | 0 | 0 | 0 | 0 | 0 | 226.559.274 | -342.313.777 | -96.702.300 | -8.644.251 | -105.346.551 | ||
| DIRECTLY IN EQUITY (ADP 41 to 48) |
(1) The notes to financial statements include additional and supplemental information not presented in the Balance Sheet, Income Statement, Cash Flow Statement or the Statement of Changes in Equity in accordance with the provisions of the relevant financial reporting standards.
| Companies of the consolidation subject | Balance sheet-previous period | Balance sheet-current period | ||
|---|---|---|---|---|
| 31/12/2016 | 30/6/2017 | |||
| Mirta Bašćanska d.o.o. Vala Bašćanska d.o.o. |
Yes (merged to Hoteli Baška d.d. 13/1/2016) Yes (merged to Hoteli Baška d.d. 13/1/2016) |
|||
| Baškaturist d.o.o. | Yes (merged to Hoteli Baška d.d. 13/1/2016) | |||
| Hoteli Baška d.d. | Yes (merged to Valamar Riviera d.d. 31/3/2016) | |||
| Bastion upravljanje d.o.o. | Yes (merged to Valamar Riviera d.d. 30/6/2016) | |||
| Puntižela d.o.o. | Yes (merged to Valamar Riviera d.d. 31/3/2017) | |||
| Valamar hotels & resorts GmbH | Yes | No | ||
| Elafiti Babin kuk d.o.o. | Yes | Yes | ||
| Magične stijene d.o.o. | Yes | Yes | ||
| Palme turizam d.o.o. | Yes | Yes | ||
| Pogača Babin Kuk d.o.o. | Yes | Yes | ||
| Bugenvilia d.o.o. | Yes | Yes | ||
| Imperial d.d. | Yes | Yes |
| Income statment-previous period | Income statment-current period |
|---|---|
| 30/6/2016 | 30/6/2017 |
| 1/1 - 13/1 | - |
| 1/1 - 13/1 | - |
| 1/1 - 13/1 | - |
| 1/1 - 31/3 | - |
| 1/1 - 30/6 | - |
| 1/1 - 30/6 | 1/1 - 31/3 (merged to Valamar Riviera d.d. 31/3/2017) |
| 1/1 - 30/6 1/1 - 30/6 1/1 - 30/6 1/1 - 30/6 1/1 - 30/6 |
- 1/1 - 30/6 1/1 - 30/6 1/1 - 30/6 1/1 - 30/6 1/1 - 30/6 1/1 - 30/6 |
| (merged to Hoteli Baška d.d. 13/1/2016) (merged to Hoteli Baška d.d. 13/1/2016) (merged to Hoteli Baška d.d. 13/1/2016) (merged to Valamar Riviera d.d. 31/3/2016) (merged to Valamar Riviera d.d. 30/6/2016) - - |
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) | 4.532 |
| 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)
Taxpayer: 36201212847; Valamar Riviera d.d.
| 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 | 4.191.335.979 |
| I. INTANGIBLE ASSETS (ADP 004 to 009) | 003 | 17.342.793 | 24.589.026 |
| 1. Research and Development expenditure | 004 | ||
| 2. Patents, licences, royalties, trademarks and service marks, software and similar rights | 005 | 17.068.321 | 15.305.831 |
| 3. Goodwill | 006 | 6.567.609 | |
| 4. Prepayments for intangible assets | 007 | ||
| 5. Intangible assets under construction | 008 | 274.472 | 2.715.586 |
| 6. Other intangible assets | 009 | ||
| II. TANGIBLE ASSETS (ADP 011 to 019) | 010 | 2.906.793.288 | 3.322.238.456 |
| 1. Land | 011 | 595.574.908 | 612.901.944 |
| 2. Property | 012 | 1.805.980.339 | 1.727.738.496 |
| 3. Plants and equipment | 013 | 207.011.662 | 206.672.671 |
| 4. Tools, plants and vehicles | 014 | 62.668.696 | 67.459.996 |
| 5. Biological asset | 015 | ||
| 6. Prepayments for tangible assets | 016 | 29.697.670 | 22.520.994 |
| 7. Assets under construction | 017 | 167.870.168 | 649.322.466 |
| 8. Other tangible assets | 018 | 27.121.603 | 25.118.363 |
| 9. Investments property | 019 | 10.868.242 | 10.503.526 |
| III. NON-CURRENT FINANCIAL ASSETS (ADP 021 to 030) | 020 | 675.525.760 | 637.236.019 |
| 1. Stakes (shares) in undertakings in a Group | 021 | 670.319.700 | 633.665.200 |
| 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 | 3.184.880 |
| 8. Given loans, deposits and similar | 028 | 299.735 | 245.939 |
| 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 | 113.529.089 |
| 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 | 281.400 |
| V. DEFERRED TAX ASSETS | 036 | 93.615.187 | 93.743.389 |
| C) CURENT ASSETS (ADP 038+046+053+063) | 037 | 319.356.014 | 223.423.436 |
| I. INVENTORIES (ADP 039 to 045) | 038 | 18.253.553 | 19.809.163 |
| 1. Raw materials and consumables | 039 | 18.026.040 | 19.654.514 |
| 2. Work in progress | 040 | ||
| 3. Finished products | 041 | ||
| 4. Merchandise | 042 | 227.513 | 154.649 |
| 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 | 100.184.370 |
| 1. Receivables from undertakings in a Group | 047 | 25.253.754 | 15.807.892 |
| 2. Receivables from undertakings with participating interest | 048 | ||
| 3. Trade receivables | 049 | 16.702.108 | 68.758.116 |
| 4. Receivables from employees and members of the undertaking | 050 | 649.460 | 6.071.376 |
| 5. Receivables from Government and other institutions | 051 | 18.294.801 | 77.409 |
| 6. Other receivables | 052 | 1.827.877 | 9.469.577 |
| III. CURRENT FINANCIAL ASSETS (ADP 054 to 062) | 053 | 726.764 | 5.465.245 |
| 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 | 25.800 |
| 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 | 702.795 |
| 9. Other financial assets | 062 | 4.736.650 | |
| IV. CASH AND CASH EQUIVALENTS | 063 | 237.647.697 | 97.964.658 |
| D) PREPAYMENTS AND ACCRUED INCOME | 064 | 21.820.614 | 103.746.416 |
| E) TOTAL ASSETS (ADP 001+002+037+064) | 065 | 4.148.007.140 | 4.518.505.831 |
| F) OFF-BALANCE SHEET ITEMS | 066 | 54.631.638 | 54.583.654 |
| Current year |
Preceding year |
ADP code |
Item |
|---|---|---|---|
| 4 | 3 | 2 | 1 |
| LIABILITIES | |||
| 2.176.979.905 | 2.324.082.480 | 067 | A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+081+084+087) |
| 1.672.021.210 | 1.672.021.210 | 068 | I. SHARE CAPITAL |
| 3.602.906 | 2.204.690 | 069 | II. CAPITAL RESERVES |
| 102.055.847 | 84.401.862 | 070 | III. RESERVES FROM PROFIT (ADP 071+072-073+074+075) |
| 83.601.061 | 67.198.750 | 071 | 1. Legal reserves |
| 44.815.284 | 44.815.284 | 072 | 2. Reserves for own shares |
| 35.889.621 | 37.141.295 | 073 | 3. Own stocks and shares (deductible items) |
| 074 | 4. Statutory reserves | ||
| 9.529.123 | 9.529.123 | 075 | 5. Other reserves |
| 076 | IV. REVALUATION RESERVES | ||
| 285.337 285.337 |
273.313 273.313 |
077 078 |
V. FAIR VALUE RESERVES (ADP 078 to 080) 1. Fair value of financial assets available for sale |
| 079 | 2. Efficient portion of cash flow hedge | ||
| 080 | 3. Efficient portion of foreign net investment hedge | ||
| 439.340.145 | 228.523.684 | 081 | VI. RETAINED EARNINGS OR LOSS CARRIED FORWARD (ADP 082-083) |
| 439.340.145 | 228.523.684 | 082 | 1. Retained earnings |
| 083 | 2. Loss carried forward | ||
| -40.325.540 | 336.657.721 | 084 | VII. PROFIT OR LOSS FOR THE FINANCIAL YEAR (ADP 085-086) |
| 336.657.721 | 085 | 1. Profit for the financial year | |
| 40.325.540 | 086 | 2. Loss for the financial year | |
| 087 | VIII. MINORITY INTEREST | ||
| 26.501.490 | 26.578.807 | 088 | B) PROVISIONS (ADP 089 to 094) |
| 089 | 1. Provisions for pensions, severance pay and similar libabilities | ||
| 090 | 2. Provisions for tax obligations | ||
| 26.501.490 | 26.578.807 | 091 | 3. Provisions for litigations in progress |
| 092 | 4. Provisions for renewal of natural resources | ||
| 093 | 5. Provision for costs within warranty period | ||
| 094 | 6. Other provisions | ||
| 1.681.574.589 | 1.351.548.203 | 095 | C) NON-CURRENT LIBILITIES (ADP 096 to 106) |
| 096 | 1. Liabilites to related parties | ||
| 097 | 2. Liabilities for loans, deposits etc of undertakings in a Group | ||
| 098 | 3. Liabilities to undertakings with participating interest | ||
| 099 | 4. Liabilities for loans, deposits etc of undertakings with participating interest | ||
| 100 | 5. Liabilities for loans, deposits and other | ||
| 1.663.097.003 | 1.332.585.946 | 101 | 6. Liabilities to banks and other financial institutions |
| 102 103 |
7. Liabilities for advance payments 8. Trade payables |
||
| 104 | 9. Amounts payable for securities | ||
| 1.556.662 | 2.044.339 | 105 | 10. Other non-current liabilities |
| 16.920.924 | 16.917.918 | 106 | 11. Deffered tax |
| 547.432.154 | 361.331.313 | 107 | D) CURRENT LIABILITIES (ADP 108 to 121) |
| 832.369 | 195.394 | 108 | 1. Liabilities to undertakings in a Group |
| 109 | 2. Liabilities for loans, deposits etc of undertakings in a Group | ||
| 110 | 3. Liabilities to undertakings with participating interest | ||
| 111 | 4. Liabilities for loans, deposits etc of undertakings with participating interest | ||
| 112 | 5. Liabilities for loans, deposits and other | ||
| 109.674.216 | 159.263.170 | 113 | 6. Liabilities to banks and other financial institutions |
| 238.061.385 | 22.878.112 | 114 | 7. Amounts payable for prepayment |
| 120.754.119 | 150.726.630 | 115 | 8. Trade payables |
| 116 | 9. Liabilities upon loan stocks | ||
| 34.646.365 | 18.821.064 | 117 | 10. Liabilities to emloyees |
| 39.192.014 | 7.640.156 | 118 | 11. Taxes, contributions and similar liabilities |
| 72.403 | 59.985 | 119 | 12. Liabilities arising from share in the result |
| 120 | 13. Liabilities arising from non-current assets held for sale | ||
| 4.199.283 | 1.746.802 | 121 | 14. Other current liabilities |
| 86.017.693 | 84.466.337 | 122 | E) ACCRUED EXPENSES AND DEFERRED INCOME |
| 4.518.505.831 54.583.654 |
|||
| 4.148.007.140 54.631.638 |
123 124 |
F) TOTAL LIABILITIES (ADP 067+088+095+107+122) G) OFF-BALANCE SHEET ITEMS |
| Item | ADP code |
Preceding period | Current period | |||
|---|---|---|---|---|---|---|
| Cummulative | Quarter | Cummulative | Quarter | |||
| 1 I. OPERATING INCOME (ADP 126+127+128+129+130) |
2 125 |
3 428.954.339 |
4 378.538.652 |
5 491.231.504 |
6 460.309.911 |
|
| 1. Revenues from sales with undertakings in a Group | 126 | 396.756 | 118.177 | 5.059.943 | 4.171.709 | |
| 2. Sales revenues (outside the Group) | 127 | 416.149.035 | 370.304.699 | 477.320.464 | 451.807.787 | |
| 3. Revenues from use of own products, goods and services | 128 | 1.170.373 | 582.653 | 1.716.240 | 864.065 | |
| 4. Other operating revenues with undertakings in a Group | 129 | 15.824 | 1.383 | 35.107 | 31.707 | |
| 5.Other operating revenues (outside the Group) | 130 | 11.222.351 | 7.531.740 | 7.099.750 | 3.434.643 | |
| II. OPERATING EXPENSES (ADP 132+133+137+141+142+143+146+153) | 131 | 470.716.677 | 314.766.159 | 553.208.576 | 369.466.782 | |
| 1. Changes in inventories of finished products and work in progress | 132 | |||||
| 2. Material costs (ADP 134 to 136) | 133 | 159.900.604 | 122.411.408 | 179.802.191 | 141.114.492 | |
| a) Cost of raw materials & consumables | 134 | 90.469.259 | 73.268.144 | 108.541.882 | 92.211.423 | |
| b) Cost of goods sold | 135 | 565.038 | 522.163 | 1.255.465 | 1.235.586 | |
| c) Other costs | 136 | 68.866.307 | 48.621.101 | 70.004.844 | 47.667.483 | |
| 3. Staff costs (ADP 138 to 140) | 137 | 141.185.679 | 98.289.066 | 185.760.916 | 131.969.534 | |
| a) Net salaries | 138 | 86.014.541 | 60.318.723 | 111.763.065 | 79.687.249 | |
| b) Employee income tax | 139 | 35.034.227 | 23.919.867 | 47.832.412 | 33.566.456 | |
| c) Tax on payroll | 140 | 20.136.911 | 14.050.476 | 26.165.439 | 18.715.829 | |
| 4. Depreciation and amortisation | 141 | 118.284.009 | 61.947.268 | 133.874.756 | 67.680.950 | |
| 5. Other expenditures | 142 | 49.699.510 | 31.290.485 | 50.563.921 | 27.733.908 | |
| 6. Value adjustment (ADP 144+145) | 143 | 41.750 | 38.525 | 69.637 | 50.136 | |
| a) non-current assets (without financial assets) | 144 | |||||
| b) current asssets (without financial assets) | 145 | 41.750 | 38.525 | 69.637 | 50.136 | |
| 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 | 1.605.125 | 789.407 | 3.137.155 | 917.762 | |
| III. FINANCIAL INCOME (ADP 155 to 164) | 154 | 69.275.275 | 38.181.248 | 45.183.869 | 14.304.108 | |
| 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 | 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 | 229.941 | 56.884 | 116.844 | 78.259 | |
| 8. Foreign exchange differences and other financial income | 162 | 26.597.080 | 5.185.395 | 36.186.688 | 11.618.373 | |
| 9. Unrealized gains (income) from the financial assets | 163 | 5.873.651 | 4.962.161 | 7.098.050 | 1.505.332 | |
| 10. Other financial income | 164 | 36.574.603 | 27.976.808 | 1.782.287 | 1.102.144 | |
| IV. FINANCIAL COSTS (ADP 166 to 172) | 165 | 25.922.361 | 13.073.988 | 23.532.337 | 12.905.008 | |
| 1. Interest expenses and similar expenses with undertakings in a Group | 166 | |||||
| 2. Foreign exchange differences and other expenses with undertakings | 167 | |||||
| in a Group 3. Interest expenses and similar |
168 | 14.566.421 | 8.403.437 | 17.417.961 | 9.875.872 | |
| 4. Foreign exchange differences and other expenses | 169 | 5.799.840 | 1.505.572 | 3.901.614 | 1.116.801 | |
| 5. Unrealized loss (expenses) from the financial assets | 170 | 4.926.588 | 2.873.481 | 1.605.295 | 1.557.746 | |
| 6. Value adjustment expense on financial assets (net) | 171 | |||||
| 7. Other financial expenses | 172 | 629.512 | 291.498 | 607.467 | 354.589 | |
| 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 | 498.229.614 | 416.719.900 | 536.415.373 | 474.614.019 | |
| X. TOTAL EXPENSES (ADP 131+165+175+176) | 178 | 496.639.038 | 327.840.147 | 576.740.913 | 382.371.790 | |
| XI. PROFIT OR LOSS BEFORE TAX (ADP 177-178) | 179 | 1.590.576 | 88.879.753 | -40.325.540 | 92.242.229 | |
| 1. Profit before tax (ADP 177-178) | 180 | 1.590.576 | 88.879.753 | -40.325.540 | 92.242.229 | |
| 2. Loss before tax (ADP 178-177) | 181 | 0 | 0 | 0 | 0 | |
| XII. INCOME TAX EXPENSE | 182 | |||||
| XIII. PROFIT OR LOSS FOR THE PERIOD (ADP 179-182) | 183 | 1.590.576 | 88.879.753 | -40.325.540 | 92.242.229 | |
| 1. Profit for the period (ADP 179-182) | 184 | 1.590.576 | 88.879.753 | -40.325.540 | 92.242.229 | |
| 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 |
PROFIT OR LOSS FROM DISCONTINUED OPERATIONS (applicable for entities which use IFRS and have discontinued operations)
| 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 | |
|---|---|---|
| 1. Attributable to parent company's shareholders | 200 | |
| 2. Attributable to non-controlling interests | 201 | |
| I. PROFIT OR LOSS FOR THE PERIOD | 202 | 1.590.576 | 88.879.753 | -40.325.540 | 92.242.229 |
|---|---|---|---|---|---|
| II. OTHER COMPREHENSIVE INCOME /LOSS BEFORE TAX (ADP 204 to 211) |
203 | -33.999.145 | -24.982.265 | 15.028 | 9.862 |
| 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 | -33.999.145 | -24.982.265 | 15.028 | 9.862 |
| 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 | -2.687.971 | -884.594 | 3.005 | 1.972 |
| IV. NET OTHER COMPREHENSIVE INCOME OR LOSS FOR THE YEAR (ADP 203-212) |
213 | -31.311.174 | -24.097.671 | 12.023 | 7.890 |
| V. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD (ADP 202+213) |
214 | -29.720.598 | 64.782.082 | -40.313.517 | 92.250.119 |
| 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 | 1.590.576 | -40.325.540 |
| 2. Adjustments (ADP 003 to 010): | 002 | 54.670.873 | 105.088.993 |
| a) Depreciation and amortisation | 003 | 118.284.009 | 133.874.757 |
| b) Profit and loss from sales and value adjustments of non-current tangible and intangible assets | 004 | -1.475.448 | 216.747 |
| c) Profit and loss from sales and unrealised profit and loss and value adjustments of financial assets | 005 | -36.082.056 | -190.253 |
| d) Income from interest and dividends | 006 | -227.848 | -519.843 |
| e) Interest expenses | 007 | 14.516.923 | 18.025.428 |
| f) Provisions | 008 | -16.347.658 | -7.719.221 |
| g) Foreign exchange differences (unrealized) | 009 | -23.049.986 | -33.105.866 |
| h) Other adjustments for non-cash transactions and unrealized profit and loss | 010 | -947.063 | -5.492.756 |
| I. Increase or decrease of cash flow before changes in working capital (ADP 001+002) | 011 | 56.261.449 | 64.763.453 |
| 3. Changes in working capital (ADP 013 to 016) | 012 | 111.483.381 | 135.254.981 |
| a) Increase or decrease of current liabilities | 013 | 231.177.162 | 257.244.698 |
| b) Increase or decrease of current receivables | 014 | -114.051.913 | -120.434.107 |
| c) Increase or decrease of inventories | 015 | -5.641.868 | -1.555.610 |
| d) Other increase or decrease of working capital | 016 | ||
| II. Cash from operating activities (ADP 011+012) | 017 | 167.744.830 | 200.018.434 |
| 4. Interest | 018 | -12.941.669 | -17.873.842 |
| 5. Income tax paid | 019 | 392.362 | 102.565 |
| A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019) | 020 | 155.195.523 | 182.247.157 |
| CASH FLOW FROM INVESTMENT ACTIVITIES | |||
| 1. Proceeds from sale of non-current assets | 021 | 5.880.499 | 215.364 |
| 2. Proceeds from selling financial instruments | 022 | 39.024.277 | 1.808.303 |
| 3. Proceeds from interest rates | 023 | 904.101 | 539.924 |
| 4. Proceeds from dividends | 024 | 598.453 | |
| 5. Proceeds from repayment of given loans and savings | 025 | 3.078.502 | 6.504.200 |
| 6. Other proceeds from investment activities | 026 | 2.549 | 336.317 |
| III. Total cash proceeds from investment activities (AOP 021 to 026) | 027 | 48.889.928 | 10.002.561 |
| 1. Purchase of non-current tangible and intangible assets | 028 | -176.365.149 | -533.308.996 |
| 2. Purchase of financial instruments | 029 | ||
| 3. Loans and deposits for the period | 030 | -3.609.327 | -6.243.101 |
| 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 | -179.974.476 | -539.552.097 |
| B) NET INCREASE OF CASH FLOW FROM INVESMENT ACTIVITIES (ADP 027+033) | 034 | -131.084.548 | -529.549.536 |
| 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 | 166.765.759 | 352.133.648 |
| 4. Other proceeds from financial activities | 038 | ||
| V. Total proceeds from financial activities (ADP 035 to 038) | 039 | 166.765.759 | 352.133.648 |
| 1. Repayment of loan principals, loans and other borrowings and debt-based financial | |||
| instruments | 040 | -99.724.072 | -46.069.680 |
| 2. Dividends paid | 041 | -37.330.521 | -98.342.353 |
| 3. Payment of finance lease liabilities | 042 | -131.991 | -102.275 |
| 4. Re-purchase of treasury shares and decrease in subscribed share capital | 043 | -35.692.643 | |
| 5. Other payments from financial activities | 044 | ||
| VI. Total cash payments from financing activities (ADP 040 to 044) | 045 | -172.879.227 | -144.514.308 |
| C) NET CASH FLOW FROM FINANCIAL ACTIVITIES (ADP 039+045) | 046 | -6.113.468 | 207.619.340 |
| 1. Cash and cash equivalents-unrealized foreign exchange differences | 047 | ||
| D) NET INCREASE OR DECREASE OF CASH FLOW (ADP 020+034+046+047) | 048 | 17.997.507 | -139.683.039 |
| E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD | 049 | 301.797.080 | 237.647.697 |
| F) CASH AND CASH EQUIVALENTS AT THE END OF PERIOD (ADP 048+049) | 050 | 319.794.587 | 97.964.658 |
46 Statement of Changes in Equity (for the period from 1/1/2017 to 30/6/2017) Taxpayer: 36201212847; Valamar Riviera d.d.
| Minority Fair value of Efficient portion Treasury shares Efficient portion Retained Total distribut (non-con Subscribed Capital re Legal reserves Reserves for Statutory re Revaluation financial assets of foreign net Net profit/ loss and shares (de Other reserves of cash flow earnings / loss able to majority trolling) interest serves own shares serves reserves available for investment for the period Share capital ductible item) hedge carried forward owners sale hedge |
Minority (non-controlling) interest | ||
|---|---|---|---|
| Total capital and reserves |
|||
| 17 + 8 to 15) |
18 (16+17) |
| $\mathbf 0$ | 31.431.842 | 211.961.240 | 105.854.201 | 2.088.581.493 | 2.088.581.493 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| $\bigcirc$ | $\circ$ | |||||||||
| $\bigcirc$ | $\Omega$ | |||||||||
| $\mathbf 0$ | $\mathbf 0$ | $\mathbf 0$ | 31.431.842 | $\mathbf 0$ | $\mathbf 0$ | 211.961.240 | 105.854.201 | 2.088.581.493 | $\mathbf{0}$ | 2.088.581.493 |
| 336.657.721 | 336.657.721 | 336.657.721 $\circ$ |
||||||||
| $\bigcirc$ | $\bigcirc$ $\overline{O}$ |
$\overline{O}$ | ||||||||
| $-34.190.767$ | $-34.190.767$ | $-34.190.767$ | ||||||||
| $\overline{0}$ | ||||||||||
| $\bigcirc$ | $\bigcirc$ | |||||||||
| $\bigcirc$ | $\Omega$ | |||||||||
| $\bigcirc$ | $\circ$ | |||||||||
| $\overline{O}$ | $\circ$ | |||||||||
| 305.943 | $-177.011$ | $-177.011$ | ||||||||
| 2.726.295 | 2.726.295 | 2.726.295 | ||||||||
| $\bigcirc$ | $\bigcirc$ | |||||||||
| $\bigcirc$ | $\mathbf 0$ | |||||||||
| $\bigcap$ | $\circ$ | |||||||||
| -36.708.367 | $-36.708.367$ | |||||||||
| $-73.910.156$ | $-41.254.783$ | -41.254.783 | ||||||||
| $-1.463.210$ | $-1.463.210$ | |||||||||
| 9.529.123 | 90.472.600 | $-105.854.201$ | 9.911.109 | 9.911.109 | ||||||
| $\bigcirc$ | $\overline{O}$ | |||||||||
| $\bf{0}$ | 9.529.123 | $\mathbf 0$ | 273.313 | $\mathbf 0$ | $\mathbf 0$ | 228.523.684 | 336.657.721 | 2.324.082.480 | $\mathbf 0$ | 2.324.082.480 |
| $\bf{0}$ | $\mathbf 0$ | $\mathbf 0$ | $-31.158.529$ | 0 | $\mathbf 0$ | $\mathbf 0$ | $\mathbf 0$ | $-31.641.483$ | $\mathbf{0}$ | $-31.641.483$ |
| $\bf{0}$ | $\mathbf 0$ | $\mathbf 0$ | $-31.158.529$ | 0 | $\mathbf 0$ | 0 | 336.657.721 | 305.016.238 | $\mathbf 0$ | 305.016.238 |
| $\bf{0}$ | 9.529.123 | $\pmb{0}$ | $\pmb{0}$ | $\mathbf 0$ | $\mathbf 0$ | 16.562.444 | $-105.854.201$ | $-69.515.251$ | $\mathbf 0$ | $-69.515.251$ |
| $\circ$ $\circ$ 2.324.082.480 $\mathbf{0}$ |
|---|
| $-40.325.540$ |
| $\circ$ |
| $\circ$ |
| 15.029 |
| $\circ$ |
| $\circ$ |
| $\bigcirc$ |
| $\bigcirc$ |
| $\circ$ |
| $-3.006$ |
| $\mathbf 0$ |
| $\circ$ |
| $\overline{0}$ |
| 1.251.674 |
| $\circ$ |
| -97.953.976 |
| $-10.086.756$ |
| $\circ$ |
| 2.176.979.905 $\mathbf 0$ |
| 12.023 $\mathbf 0$ |
| $\mathbf 0$ $-40.313.517$ |
| -106.789.058 $\mathbf 0$ |
Description ADP Share capital Capital reserves Legal reserves Reserves for own shares Treasury shares and shares (deductible item) Statutory re-1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 (3 to 6 - 7 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 08 -34.190.767 -34.190.767 -34.190.767 9. Profit or loss from cash flow hedge 09 0 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- ing interest 11 0 0 12. Actuarial gains/losses from defined benefit plans 12 0 0 13. Other changes in capital (minorities) 13 -482.954 305.943 -177.011 -177.011 14. Taxation of transactions recognized directly in equity 14 2.726.295 2.726.295 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 19 -32.655.373 -73.910.156 -41.254.783 -41.254.783 20. Other distribution to majority owners 20 2.578.505 4.041.715 -1.463.210 -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 (ADP 05+24) 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 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 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 0 228.523.684 336.657.721 2.324.082.480 0 2.324.082.480 5. Profit/loss for the period 31 -40.325.540 -40.325.540 -40.325.540 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 15.029 15.029 15.029 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 participating 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 -3.006 -3.006 -3.006 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 -1.251.674 1.251.674 1.251.674 19. Share in profit/ dividend payout 45 0 0 20. Other distribution to majority owners 46 1.398.216 -99.352.192 -97.953.976 -97.953.976 21. Transfer to reserves according to annual plan 47 16.402.311 310.168.654 -336.657.721 -10.086.756 -10.086.756 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 3.602.906 83.601.061 44.815.284 35.889.621 0 9.529.123 0 285.336 0 0 439.340.146 -40.325.540 2.176.979.905 0 2.176.979.905 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 12.023 0 0 0 0 12.023 0 12.023 II. COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 31 + 50) 51 0 0 0 0 0 0 0 0 12.023 0 0 0 -40.325.540 -40.313.517 0 -40.313.517 III. TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD, RECOGNIZED DIRECTLY IN EQUITY (ADP 41 to 48) 52 0 1.398.216 16.402.311 0 -1.251.674 0 0 0 0 0 0 210.816.462 -336.657.721 -106.789.058 0 -106.789.058
Valamar Riviera d.d. Stancija Kaligari 1 52440 Poreč, Hrvatska T +385 (52) 408 002 F +385 (52) 451 608 E [email protected] W www.valamar.com
Investor Relations Stancija Kaligari 1 52440 Poreč, Hrvatska T +385 (52) 408 159 F +385 (52) 451 608 E [email protected] W www.valamar-riviera.com
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