Quarterly Report • Oct 27, 2017
Quarterly Report
Open in ViewerOpens in native device viewer
QUARTERLY Valamar Club Tamaris 4*, Poreč REPORT OF THE GROUP AND THE COMPANY VALAMAR RIVIERA D.D.
for the period from 1 January 2017 to 30 September 2017
In the first nine months of 2017 the Group reported strong adjusted EBITDA growth, up 19% and totaling HRK 772 million (HRK 649 million in 2016). The growth was mainly driven by higher sales revenues (up 20%; from HRK 1,382 million to HRK 1,665 million) and active operating efficiency management seen in the achieved adjusted EBITDA margin of 46% (46% in 2016), despite this year's negative effect of foreign exchange differences on achieved sales revenues (1.3% average HRK vs. EUR appreciation compared to the first nine months in 2016) and VAT rate for hospitality services going from 13% to 25% as of 1 January 2017.
Total revenues were HRK 1,740 million, up 17% over last year's comparable period (HRK 1,487 million in 2016). In the total revenues, HRK 1,665 million represented sales revenues (HRK 1,382 million in 2016) while the remaining part was mainly financial income, down by HRK 22 million (from HRK 81 million to HRK 59 million) due to last year's one-off income from share portfolio sales. Sales revenues growth was largely driven by higher board revenues (up 23% and totaling HRK 1,387 million; HRK 1,127 million in 2016) and revenues of other operating departments (+32%; laundry, tourist agency, etc.).
In the first nine months of 2017 the Group reported 5,925,880 overnights (+20%) while the average daily rate rose by 6%. Board revenue growth was mainly driven by: i) the Imperial hotel group acquisition, ii) large investments focused on improving competitiveness and the quality of services and products, iii) demand-driven optimization of the distribution and price management iv) better occupancy and strong business results achieved during the first half of 2017.
Operating costs rose by 22% and totaled HRK 903 million, mainly due to i) this year's consolidation of the Imperial hotel group, ii) increased material costs driven by larger business volumes, iii) the salary increase policy, and iv) new employees hired as construction staff (to carry out the large investments) and resort staff (to ensure service quality in the new Premium/Upscale properties).
The Group reported a negative financial result of HRK 9 million (in 2016 the reported profit was HRK 38 million). This was mainly due to last year's one-off income driven by share portfolio sales and forex loss related to longterm loans due to HRK vs. EUR depreciation during the third quarter of 2017.
Enterprise value continued to grow (+21%) driven by increased market capitalization and efficient net debt management.
By the end of last year, Valamar Riviera concluded a Management contract regarding the management of Imperial's properties and facilities. The contract has been implemented as of 4 January 2017. Valamar Riviera successfully acquired 54.71% of Imperial's share capital by the end of last year. Valamar Riviera now manages a portfolio that includes 30 hotels and resorts and 15 camping resorts that can welcome more than 56,000 guests daily.
The Group's largest investments cycle worth over HRK 900 million was completed, and the new investments received great market feedback. Most of the investment was focused on the projects in Rabac (Family Life Bellevue Resort 4* and Valamar Girandella Resort 4*&5*), the development of premium camping resorts, Imperial's projects and a range of other smaller projects for improving quality, operating efficiency and energy saving.
Valamar's press release is available from the Valamar Riviera corporate website (valamar-riviera.com/ en/3Q2017).
Considering the previously announced targeted total consolidated operating net revenues of HRK 1.57 billion excluding Imperial and HRK 1.69 billion including Imperial, Valamar Riviera announces the expected range of 2017 consolidated operating revenues and EBITDA.
In the business year 2017 we expect consolidated operating revenues ranging between HRK 1,755 million and HRK 1,775 million (HRK 1,489 million in 2016), with expected growth ranging between 17.9% and 19.2% (from HRK 266 million to HRK 286 million).
For more details and disclaimer, see page 18.
In the business year 2017 expected EBITDA will range between HRK 600 million and HRK 610 million (HRK 513 million in 2016) representing an increase ranging between 17.1 % and 19.0 % (from HRK 87 million to HRK 97 million), resulting in an expected EBITDA margin between 33.8% and 34.8% compared to 34.4 % in 2016. For more details and disclaimer, see page 18.
In accordance with our strategic goals for the period up to 2020, we are focusing on investments projects aimed at improving the portfolio properties and services. However, numerous factors reduce the competitiveness of Croatian tourism and hinder further investment potential: VAT and the rate of total contributions to salaries (both among the highest in the Mediterranean), the still unresolved issue of tourism land, skilled labor shortages, the possible introduction of the property tax and the likely tourist tax increase. For more details, see "2017 Investments" on page 20 and
"2018 Investments" on page 22.
Following the successful acquisition of the Baška hotel group on Krk island and the Imperial hotel group on Rab island, we are considering further expansion by pursuing new partnerships and acquisition opportunities in Croatia and abroad.
| Significant Business Events | 6 |
|---|---|
| Results of the Group | 9 |
| 2017 Outlook | 18 |
| Results of the Company | 19 |
| Investments 2017 | 20 |
| Investments 2018 | 22 |
| The Risks of the Company and the Group | 24 |
| Corporate Governance | 28 |
| Related-party Transactions | 29 |
| Branch Offices of the Company | 29 |
| Valamar Riviera Share | 30 |
| Investors Day and the 2016 Integrated Annual Report and Corporate Social Responsibility | 32 |
| Other information | 33 |
| Responsibility for the quarterly financial statements | 34 |
| Quarterly financial statements | 35 |
Valamar Riviera is the leading tourism company and one of the leading tourism groups in Croatia. It is 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 Rab island, 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 almost 6,000 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 operating 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 tourist destination.
The General Assembly of Valamar Riviera was held on 4 May 2017 during which the following was established:
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 with its entry into the court register. Consequently, Valamar Riviera has become the universal legal successor of the merged company Puntižela.
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 Hvar island. 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 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. Helios Faros would employ 500 people after the renovation of the Arkada and Lavanda hotels. The Bankruptcy plan would enable Helios Faros to emerge from bankruptcy and continue its business operations in close partnership with the destination, Stari Grad, in order to bring prosperity to the whole island. PBZ Croatia osiguranje and Valamar Riviera see this project as a confirmation of synergies arising from the joint activity of a large institutional investor and a strategic tourism investor contributing with its expertise and results. Consequently, Valamar Riviera would manage Helios Faros' development and 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-MarketingVerwaltungs-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 the 2018 season. There are 50 such hotels in Europe, with this one being the third in Croatia.
At its meeting held on 28 June 2017, the Supervisory Board of Valamar Riviera approved new large 2018 investments to reposition the portfolio towards products and services with high added value. The investment community was notified on 5 September 2017 that the investment in a new family hotel, the Valamar Pinia Family Suites 5*, has been postponed due to an unpredictable fiscal framework for investors in tourism as well as delays in the preparation of required technical documentation. The Company will ultimately decide on 2018 investments at begining of December 2017. For details, see "2018 Investments" on page 22.
On 25 September 2017 and 28 September 2017, Valamar Riviera notified of the legal transactions concluded with TUI UK and DER Touristik Deutschland GmbH related to the provision of hospitality services at the Company's properties. The total estimated annual value of the concluded agreements is HRK 80 million and HRK 70 million, respectively. The partnerships with TUI UK and DER Touristik, two leading tour operators on the European source market, will secure one part of the occupancy at the Company's hotels in 2018 main season and shoulder season.
In order to improve operating efficiency and streamline operations, the Supervisory Board of Valamar Riviera approved the initiation of the Elafiti Babin-kuk d.o.o. merger on 20 October 2017. Elafiti Babin-kuk d.o.o. is a company where Valamar Riviera holds 100% stake and the merger will be
Valamar Isabella Island Resort 4*&5*, Poreč completed until year-end 2017, pursuant to the provisions of the Companies Act.
The Company's Management Board presents the unaudited quarterly financial reports for the third quarter of 2017 (from 1 July 2017 to 30 September 2017) and for the period from 1 January 2017 to 30 September 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 at 30 September 2017 includes the data of the merged company Puntižela d.o.o. for the period following the merger, i.e. as from 1 April 2017. Please note that 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 at 30 September 2017 and the previous period as at 31 December 2016 includes Imperial d.d data.
The Company income statement for the reviewed period includes the data of the merged companies: Hoteli Baška d.d. for the period following the merger i.e. as from 1 April 2016, Bastion upravljanje d.o.o. for the period following the merger i.e. as from 1 July 2016, and 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 previous period data, 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, 2017 data are not fully comparable to previous period data, as the latter do not include Imperial d.d.
| (in HRK) | 1- 9/2016 | 1 - 9/2017 | 2017/2016 |
|---|---|---|---|
| Total revenues | 1,487,365,977 | 1,739,969,899 | 17.0% |
| Operating income | 1,405,912,098 | 1,680,873,240 | 19.6% |
| Sales revenues | 1,382,496,771 | 1,665,128,196 | 20.4% |
| Board revenues (accomodation and board revenues)2 | 1,127,157,104 | 1,386,545,958 | 23.0% |
| Operating costs3 | 739,558,085 | 902,758,732 | 22.1% |
| EBITDA4 | 656,973,820 | 772,371,312 | 17.6% |
| Extraordinary operations result and one-off items5 | 7,721,543 | 390,489 | -94.9% |
| Adjusted EBITDA6 | 649,252,277 | 771,980,822 | 18.9% |
| EBIT | 459,598,404 | 509,121,889 | 10.8% |
| Adjusted EBIT6 | 451,876,861 | 508,731,399 | 12.6% |
| EBT | 497,244,496 | 499,926,708 | 0.5% |
| EBT margin | 35.4% | 29.7% | -570 bp |
| EBITDA margin | 46.7% | 46.0% | -70 bp |
| Adjusted EBITDA margin6 | 46.2% | 45.9% | -30 bp |
| 31/12/2016 | 30/9/2017 | 2017/2016 | |
|---|---|---|---|
| Net debt7 | 1,398,102,734 | 1,521,953,968 | 8.9% |
| Cash and cash equivalents | 274,650,648 | 359,757,672 | 31.0% |
| Market capitalization8 | 4,295,057,872 | 5,385,504,495 | 25.4% |
| EV9 | 5,693,160,606 | 6,907,458,463 | 21.3% |
| DPS10 | 0.60 | 0.80 | 33.3% |
| 1- 9/2016 | 1 - 9/2017 | 2017/2016 | |
|---|---|---|---|
| Number of accommodation units (capacity) | 18,072 | 20,852 | 15.4% |
| Accommodation units sold | 2,152,050 | 2,497,053 | 16.0% |
| Overnights | 4,926,274 | 5,925,880 | 20.3% |
| ADR12 (in HRK) | 524 | 555 | 6.0% |
| RevPAR13 (in HRK) | 62,370 | 66,495 | 6.6% |
Valamar Riviera continues achieving strong business results in 2017. During the first nine months total revenues rose by HRK 252.6 million (+17%) to HRK 1,740.0 million (HRK 1,487.4 million in 2016). Imperial's consolidation contributed with 9.6 percentage points of the Group's growth. If extraordinary income is excluded, total revenues rose by 20.6%. Total growth is mainly due to i) the HRK 282.6 million increase in sales revenues (from HRK 1,382.5 million to HRK 1,665.1 million), and ii) the HRK 22.4 million decrease in financial income (from HRK 81.5 million to HRK 59.1 million) due to last year's one-off income generated by the sale of the share portfolio. The strong growth in sales revenues is mainly due to higher board revenues (up 23.0% and totaling HRK 1,386.5 million; HRK 1,127.2 million in 2016) and revenues of other operating departments (+32%; laundry, tourist agency, etc.).
Despite the negative effect of foreign exchange differences on sales revenues and increased VAT rate for hospitality services (as specified further in the text), adjusted EBITDA14 saw a strong 18.9% growth and totaled HRK 772.0 million (HRK 649.3 million in 2016), with the Imperial consolidation carrying 11 percentage points of the growth. The HRK 122.7 million growth was driven by the largest investment cycle so far focused on improving competitiveness and the quality of services and products, the Imperial hotel group acquisition, active operating efficiency management and demanddriven optimization of distribution and price management.
11 In 2016 key business indicators do not include data of Imperial d.d.
12 Average daily rate is recorded on the basis of board revenues (accommodation and board's food and beverage revenues).
13 Revenue per accommodation unit is recorded on the basis of cumulative board revenues (accommodation and board's food and beverage revenues).
Consequently, unadjusted EBITDA also rose by 17.6% and totaled HRK 772.4 million. Please note that the strong growth in adjusted and unadjusted EBITDA is influenced by the negative effect of 1.3% average HRK vs. EUR appreciation compared to the first nine months in 2016 and VAT rate for hospitality services going from 13% to 25% as of 1 January 2017.
All marketing segments grew in January and February, except for M.I.C.E.15 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. The growth in board revenues in high season (July-September) was mainly driven by the average daily rate increase. The direct sales channel presented the highest growth rates, especially in northern destinations, as focus was shifted from the less profitable OTA16 sales channel. 2,497,053 accommodation units were sold in the first nine months of 2017, representing a 16.0% growth. Board revenues grew by HRK 259.4 million due to larger business volumes and the 6.0% increase in the average daily rate to HRK 555.
14 Adjustments were made for (i) extraordinary income (in the amount of HRK 6.2 million in the first nine months of 2017, and HRK 17.3 million in the comparative period of last year), (ii) extraordinary expenses (in the amount of HRK 5.2 million in the first nine months of 2017, and HRK 7.7 million in the comparative period of last year), and (iii) termination benefit costs (in the amount of HRK 0.6 million in the first
nine months of 2017, and HRK 1.9 million in the comparative period of last year). Extraordinary operations result and one-off items amounted to HRK 0.4 million in the first half of 2017, and HRK 7.7 million in the comparative period of last year.
15 Meetings, incentives, conferencing, exhibitions. 16 Online travel agencies.
Camping Krk 5*, Krk Valamar Riviera reported a 19.6% growth in consolidated operating income that totaled HRK 1,680.9 million. HRK 15.8 million represented other operating revenues (HRK 23.4 million in 2016), while the remaining HRK 1,665.1 million represented sales revenues. Domestic sales revenues totaled HRK 130.5 million, representing 7.5% of total revenues (6.8% in 2016) and rose by 29.0% over previous comparable period results. International sales revenues rose by HRK 253.3 million, totaling HRK 1,534.7 million and represented 88.2% of total revenues (86.1% in 2016). Other operating revenues fell by HRK 7.7 million. Other operating and financial income represented 4.3 % of the total revenues (7.1% in 2016).
Total operating costs were HRK 902.8 million. They grew by 22.1% mainly due to i) this year's consolidation of the Imperial hotel group, ii) increased material costs driven by larger business volumes, iii) the salary increase policy (2% in June 2016, 2% in December 2016, 1.5% in June 2017, and 0.5% increment for years of service since 1 January 2017), and iv) new employees hired as construction staff (to carry out the large investments) and resort staff (to ensure service quality in the new Premium/Upscale properties). For comparability's sake, if Imperial's consolidation is excluded, operating costs grew by 13.3% and remained under control through their active management.
Profit before tax rose by HRK 2.7 million over last year's comparable period results and totaled HRK 500.0 million. Operating profit rose by HRK 49.5 million and totaled HRK 509.1 million. EBT margin fell by 550 basis points to 30% (35% in 2016) due to the 33.5% amortization growth and a HRK 46.8 million decrease in the financial result (for details, see next page).
| (in HRK) | 1 -9/2016 | 1 - 9/2017 | 2017/2016 |
|---|---|---|---|
| Operating costs18 | 739,558,085 | 902,758,732 | 22.1% |
| Total operating expenses | 946,313,694 | 1,171,751,351 | 23.8% |
| Material costs | 359,946,104 | 428,336,554 | 19.0% |
| Staff costs | 288,972,289 | 371,576,608 | 28.6% |
| Depreciation and amortisation | 197,103,933 | 263,179,786 | 33.5% |
| Other costs | 89,863,787 | 102,056,770 | 13.6% |
| Provisions and value adjustments | 271,483 | 69,637 | -74.3% |
| Other operating expenses | 10,156,098 | 6,531,996 | -35.7% |
Compared to the same period last year, during the first nine months of 2017 total operating expenses grew by 23.8%. 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 Imperial's data are excluded, total operating expenses grew by 16.0%.
Material costs represented 36.6% of total operating expenses (38.0% in 2016) and totaled HRK 428.4 million. They grew by 19.0% mainly due to Imperial's consolidation and increased raw material costs (especially direct food and beverages costs as well as costs of energy sources and water) driven by larger business volumes.
Staff costs totaled HRK 371.6 million and represented 31.7% of total operating expenses (30.5% in 2016). Their 28.6% growth was driven by the factors mentioned earlier in the detailed description of realized operating costs.
Amortization grew by 33.5% mainly due to the larger consolidation scope and the previous investments and totaled HRK 263.2 million (HRK 197.1 million in 2016) representing 22.5% of operating expenses (20.8% in 2016). Other costs rose by 13.6% or HRK 12.2 million mainly due to Imperial's consolidation. Provisions and value adjustments totaled HRK 69.6 thousand. Other operating expenses totaled HRK 6.5 million and fell by HRK 3.6 million.
Financial income totaled HRK 59.1 million in the first nine months of 2017 and fell by HRK 22.4 million compared to the same period last year. Other financial income presented the most significant decrease of HRK 35.0 million, mainly due to last year's one-time income generated by the sale of the share portfolio. Interest rates, foreign exchange differences, dividends and similar income from third parties presented the highest individual growth in the first nine months compared to the same period last year. They grew by HRK 13.7 million driven by forex differences related to long-term loans due to HRK appreciation in 1H 2017. Unrealized gains from financial assets fell by HRK 1.1 million due to last year's one-time effect of the early termination of an interest rate derivative financial instrument.
The Group's financial expenses totaled HRK 68.3 million and grew by HRK 24.5 million in relation to the previous comparable period. Financial expenses related to interests, foreign exchange differences and other expenses from third parties grew by HRK 28.4 million. Due to HRK depreciation in 3Q 2017, forex losses related to long-term loans grew by HRK 21.9 million. Financial expenses related to interests rose by HRK 6.1 million, mainly due to financial leverage used for the 2017 investment cycle. Other financial expenses fell by HRK 2.6 million due to last year's expense related to the Group's share portfolio sales and the early repayment charges for the termination of an interest rate derivative financial instrument.
17 Classified according to the Quarterly Financial Statement (TFI POD-RDG).
18 Operating costs include material costs, staff costs, other costs, and other operating costs reduced by extraordinary expenses and one-off items.
| (in HRK) | 31.12.2016. | 30.9.2017. | 2017./2016. |
|---|---|---|---|
| Average share price per | 34.59 | 43.35 | 25.3% |
| Market capitalization8 | 4,295,057,872 | 5,385,504,495 | 25.4% |
| Net debt7 | 1,398,102,734 | 1,521,953,968 | 8.9% |
| EV9 | 5,693,160,606 | 6,907,458,463 | 21.3% |
| DPS10 | 0.60 | 0.80 | 33.3% |
As at 30 September 2017 the total value of the Group's assets increased by 15.5% compared to 31 December 2016.
Total share capital and reserves grew by 17.0% and totaled HRK 2,777.0 million mainly due to i) the HRK 483.6 million profit realized during the first nine months of the current year in relation to the HRK 342.3 profit realized as at 31 December 2016 and ii) the realized HRK 263.1 million in retained profit in relation to HRK 36.6 million realized in last years' comparable period.
Total long-term liabilities grew from HRK 1,556.1 million to HRK 1,898.5 million due to loans contracted to finance this year's investment cycle.
Total short-term liabilities were HRK 322.1 million and fell by 18.3% compared to 31 December 2016. This is mainly due to i) lower trade payables (HRK 49.7 million decrease) due to a smaller range of 2017/18 investments (for details, see page 22), ii) the current repayment of long-term debt (HRK 134.9 million decrease) and the typically higher iii) liabilities related to advance payments from customers (HRK 70.8 million increase), iv) liabilities related to employees (HRK 15.8 million growth due to a larger consolidation scope and the increased number of employees compared to 31 December 2016), and v) liabilities related to taxes, contributions and similar (HRK 25.7 million increase).
Cash and cash equivalents as at 30 September 2017 totaled HRK 359.8 million. Their 31.0% increase indicates a strong potential from business activities. Together with external financing, they are able to secure a smooth continuation of future investments and potential acquisitions.
| HOTELS AND RESORTS | Total | Premium | Upscale | Midscale | Economy | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 - 9/2016 | 1 - 9/2017 | 2017/ 2016 |
1 - 9/2016 | 1 - 9/2017 | 2017/ 2016 |
1 - 9/2016 | 1 - 9/2017 | 2017/ 2016 |
1 - 9/2016 | 1 - 9/2017 | 2017/ 2016 |
1 - 9/2016 | 1 - 9/2017 | 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 | 1,135,259 | 1,321,988 | 16.4% | 177,036 | 191,397 | 8.1% | 206,416 | 283,214 | 37.2% | 451,331 | 515,428 | 14.2% | 300,476 | 331,949 | 10.5% |
| Overnights | 2,462,250 | 2,890,063 | 17.4% | 344,390 | 414,395 | 20.3% | 465,161 | 675,421 | 45.2% | 974,975 | 1,094,676 | 12.3% | 677,724 | 705,571 | 4.1% |
| ADR12 (in HRK) | 770 | 795 | 3.3% | 1,180 | 1,344 | 13.9% | 1,031 | 1,058 | 2.6% | 713 | 705 | -1.2% | 434 | 395 | -8.9% |
| Board revenues (in HRK) | 873,876,123 | 1,051,156,986 | 20.3% | 208,976,675 | 257,240,730 | 23.1% | 212,715,413 | 299,502,555 | 40.8% | 321,797,842 | 363,192,131 | 12.9% | 130,386,193 | 131,221,570 | 0.6% |
Board revenues in the hotels and resorts segment saw a high growth (HRK 177.3 million) and totaled HRK 1,051.2 million, mainly carried by the Premium and Upscale segment. The strong business results were driven by the excellent market feedback that the new investments received, the acquisition of the Imperial hotel group, demand-driven optimization of the marketing mix and prices and the successful realization of group stays (leisure and events). Please note that the growth was partly due to the business operations of the hotels and resorts on the island of Rab. If they were excluded, the total board revenues of hotels and resorts grew by 10%.
The Premium segment of hotels and resorts reported HRK 257.2 million in board revenues, due to a HRK 164 increase in the average daily rate and the 8.1% increase in the number of accommodation units sold. The 23.1% growth in board revenues was mainly due to the newly-opened Valamar Girandella Resort 4*&5* that achieved a 75% growth in board revenues with fewer operating days and Valamar Isabella Island Resort 4*&5* reporting strong growth in the direct sales channel along with the 15% growth in the average daily rate. Last year's Daimler AG – Mercedes-Benz M.I.C.E. event did not take place, but this was compensated by allotments and growth in all other sales channels with focus on the average daily rate optimization at the Valamar Dubrovnik President 5*and Valamar Lacroma 4*.
Upscale hotels and resorts reported the strongest growth in board revenues (+HRK 86.8 million). Accommodation units sold grew by 37.2% and the realized average daily rate was HRK 1,058, thus resulting in board revenues totaling HRK 299.5 million. The achieved results were mainly due to i) this year's business generated at the new Bellevue Family Life Resort 4*: with fewer operating days, this Upscale property achieved a near 65% growth in board revenues, and ii) this year's consolidation of the hotels and resorts on the island of Rab with their 9% contribution to board revenues. The strong growth reported by the Valamar Zagreb 4* was driven by the increase in the average daily rate in peak season and larger business volumes in the preseason period, especially through allotments and groups. Valamar Hotel & Casa Sanfior 4* reported strong growth mainly due to a very good group placement in the preseason period and the excellent feedback received by the direct sales channel. Two events, "X-Jam Croatia" and "Lighthouse Festival Croatia" are the main drivers for the board revenue growth reported by the Tamaris cluster. The allotment and group sales channels mainly contributed to the board revenue growth reported by the Valamar Argosy 4*.
The Midscale segment achieved HRK 363.2 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 this year's consolidation of Imperial Midscale hotels and resorts (18% contribution to board revenues). All Midscale hotels and resorts reported growth, with most of the comparable growth generated by the hotels: i) Valamar Diamant 4*, Valamar Crystal 4* and Valamar Rubin 3* (successful replacement of the OTA sales channel with the direct channel, ii) Miramar 3* and Allegro 3* (increase in allotments and in the direct channel in peak season), iii) Corinthia 3* (more operating days, successful group placement in the preseason period and excellent feedback received by the individual channel in peak season) and iv) Valamar Club Dubrovnik 3* (sales channel optimization with focus on the allotment and group channels).
The Economy segment of hotels and resorts totaled HRK 131.2 million in board revenues. The Economy segment was 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 this year's consolidation of destination Rab (carrying 9% of the growth) and other comparable segment growth. Most of it was generated by i) Lanterna Apartments 2* (increased demand, "X-Jam Croatia" and "Lighthouse Festival Croatia"), ii) Tirena 3* (excellent feedback received by the allotment and group channel). Marina Hotel and Mediteran Residence 2* reported a drop in board revenues due to the accommodation of seasonal staff in destination Rabac.
14
| CAMPING RESORTS | Total | Premium | Upscale | Midscale | Economy | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 - 9/2016 | 1 - 9/2017 | 2017/ 2016 |
1 - 9/2016 | 1 - 9/2017 | 2017/ 2016 |
1 - 9/2016 | 1 - 9/2017 | 2017/ 2016 |
1 - 9/2016 | 1 - 9/2017 | 2017/ 2016 |
1 - 9/2016 | 1 - 9/2017 | 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 | 0.5% |
| Accommodation units sold | 1,016,791 | 1,175,065 | 15.6% | 67,535 | 383,697 | 468.1% | 465,767 | 165,511 | -64.5% | 331,484 | 475,776 | 43.5% | 152,005 | 150,081 | -1.3% |
| Overnights | 2,464,024 | 3,035,817 | 23.2% | 197,294 | 1,128,592 | 472.0% | 1,194,363 | 393,896 | -67.0% | 717,211 | 1,148,132 | 60.1% | 355,156 | 365,197 | 2.8% |
| ADR12 (in HRK) | 249 | 285 | 14.6% | 362 | 345 | -4.5% | 280 | 317 | 13.2% | 209 | 251 | 20.5% | 193 | 206 | 6.7% |
| Board revenues (in HRK) | 253,280,981 | 335,388,972 | 32.4% | 24,419,347 | 132,448,152 | 442.4% | 130,335,205 | 52,428,916 | -59.8% | 69,116,362 | 119,536,786 | 73.0% | 29,410,067 | 30,975,118 | 5.3% |
Camping resorts reported high board revenues totaling HRK 335.4 million in the first nine months of 2017. Campsites reported strong overall performance due to increased demand and the excellent feedback received by this year's investments, mobile homes in particular. The optimization of the average rate for mobile homes, the increased number of overnights and this year's consolidation of the camping resorts on Rab resulted in a strong 32.4% growth in board revenues. This year's consolidation of Rab camping resorts affected revenues by 15%.
The Premium segment grew by HRK 108.0 million, mainly because Camping Resort Lanterna 4* went from Upscale to Premium. Camping Resort Lanterna 4* reported an 18% growth in board revenues due to the great feedback received by marketing activities related to the placement of this year's investments in new products and amenities. The rest of the growth was mainly driven by the excellent performance of Camping Resort Krk 5*.
Excluding Camping Resort Lanterna 4* last year's operation, the Upscale segment reported a strong 25.3% growth in board revenues. The high growth in board revenues reported by Camping Marina 4* and Ježevac 4* was mainly due to the investment in new mobile homes. Better results at Camping Bunculuka 4* were driven by the average daily rate increase. All Midscale campsites reported growth in board revenues that totaled HRK 119.5 million. Most of the growth was driven by the consolidation of Rab campsites. The remaining 18% in the growth resulted from a better performance of the following campsites: i) Stara Baška 3* and Zablaće 3* due to investments in new mobile homes, and ii) Solaris 3*, Orsera 3* and Solitudo 3* due to increased business volume.
The Economy segment achieved HRK 31.0 million in board revenues. The 5.3% growth was mainly influenced by the investment in Camping Brioni 2* and a better performance reported by Istra 2* and Tunarica 2*.
| DESTINATION | Poreč | Rabac | Island of Krk | Island of Rab | Dubrovnik | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 - 9/2016 | 1 - 9/2017 | 2017/ 2016 |
1 - 9/2016 | 1 - 9/2017 | 2017/ 2016 |
1 - 9/2016 | 1 - 9/2017 | 2017/ 2016 |
1 - 9/2016 | 1 - 9/2017 | 2017/ 2016 |
1 - 9/2016 | 1 - 9/2017 | 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 | 1,192,839 | 1,235,135 | 3.5% | 252,544 | 287,726 | 13.9% | 423,473 | 434,586 | 2.6% | / | 252,389 | / | 283,194 | 287,217 | 1.4% |
| Overnights | 2,813,257 | 2,990,665 | 6.3% | 590,167 | 639,858 | 8.4% | 991,139 | 1,035,442 | 4.5% | / | 695,238 | / | 531,711 | 564,677 | 6.2% |
| ADR12 (in HRK) | 469 | 490 | 4.7% | 579 | 658 | 13.8% | 387 | 438 | 13.2% | / | 505 | / | 912 | 953 | 4.5% |
| Board revenues (in HRK) | 558,985,247 | 605,770,006 | 8.4% | 146,117,945 | 189,467,303 | 29.7% | 163,772,689 | 190,308,846 | 16.2% | / | 127,383,259 | / | 258,281,223 | 273,616,544 | 5.9% |
Board revenues in destination Poreč totaled HRK 605.8 million (HRK 559.0 million in 2016). The 4.7% increase in the average daily rate and the 3.5% increase in the number of accommodation units sold resulted in the HRK 46.8 million increase in board revenues. Most of the board revenues growth in this destination was generated by business operations at Valamar Isabella Island Resort 4*&5*, Apartments Lanterna 2*, Camping Resort Lanterna 4*, Valamar Zagreb 4* and the Brulo region: Valamar Diamant 4*, Valamar Crystal 4* and Valamar Rubin 3*.
Board revenues in destination Rabac grew by HRK 43.3 million and totaled HRK 189.5 million (HRK 146.1 million in 2016), 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 business generated at Hotel & Casa Valamar Sanfior 4*, Allegro 3* and Miramar 3* and Camping Marina 4*.
Board revenues in destination Krk totaled HRK 190.3 million (HRK 163.8 million in 2016) and are mainly due to the 13.2% increase in the average daily rate and 11,113 more accommodation units sold. The Krk-based campsites, especially Ježevac 4* and Zablaće 3*, along with the Corinthia hotel 3* are the main contributors to the HRK 26.5 million growth.
This year's consolidation of the Rab-based hotels and camping resorts contributed with HRK 127.4 million. Compared to last year, destination Rab reported a near 14% growth in board revenues.
Although the previously mentioned M.I.C.E. event was not held this year, destination Dubrovnik reported a HRK 15.3 million growth in board revenues. The achieved board revenues totaling HRK 273.6 million (HRK 258.3 million in 2016) were mainly due to the 4.5% increase in the average daily rate. All Dubrovnik-based hotels and resorts as well as camping resorts reported board revenues growth.
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.
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 contributes 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 Overview20 | 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 Overview20 | Categorization | Segment | ||||
|---|---|---|---|---|---|---|
| 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 |
Considering the previously announced targeted total consolidated operating net revenues of HRK 1.57 billion excluding Imperial and HRK 1.69 billion including Imperial, Valamar Riviera announces the expected range of 2017 consolidated operating revenues and EBITDA.
In the business year 2017 we expect consolidated operating revenues ranging between HRK 1,755 million and HRK 1,775 million (HRK 1,489 million in 2016), with expected growth ranging between 17.9% and 19.2% (from HRK 266 million to HRK 286 million).
In the business year 2017 expected EBITDA will range between HRK 600 million and HRK 610 million (HRK 513 million in 2016) representing an increase ranging between 17.1 % and 19.0 % (from HRK 87 million to HRK 97 million), resulting in an expected EBITDA margin between 33.8% and 34.8%, compared to 34.4 % in 2016.
Our outlook is based on (i) results achieved in the first nine months of 2017; (ii) operating revenues achieved by 19 October 2017; (iii) recorded bookings (representing 98.8% of the realized and expected 2017 accommodation revenues recorded in the books); (iv) 4Q business results forecast; and (v) the absence of significant negative effects of the risks to which the Company and the Group are exposed.
Outlook statements are based on currently available information, current assumptions, forward-looking expectations and projections. This outlook is not a guarantee of future results and is subject to future events, risks, and uncertainties, many of which are beyond the control of, or currently unknown to Valamar Riviera, as well as potentially incorrect assumptions that could cause the actual results to materially differ from the said expectations and forecasts. Risks and uncertainties include, but are not limited to those described in the chapter "Risks of the Company and the Group".
Materially significant deviations from the 2017 outlook may arise from changes in circumstances, assumptions not being realized, as well as other risks, uncertainties, and factors, including:
report audits, as well as findings of tax and other business audits;
Should materially significant changes to the stated outlook for the business year 2017 occur, Valamar Riviera shall immediately inform the public thereof, in compliance with Article 459 of the Capital Market Act. The given outlook statements are not an outright recommendation to buy, hold or sell Valamar Riviera's shares.
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 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 merged Hoteli Baška d.d. and ii) until 30 June 2016 did not include the merged Bastion upravljanje d.o.o. 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 period from 1 January 2017 to 30 September 2017, total revenues grew by HRK 130.8 million (+9%) and totaled HRK 1,597.9 million. Sales revenues totaled HRK 1,529.6 million and represented 96% of total revenues (93% in 2016). They increased by HRK 161.3 million (+12%) compared to the same period last year. Sales revenues between parties within the group totaled HRK 9.4 million (HRK 0.5 million in 2016) largely consisting of the management fee for Imperial's properties on Rab. Sales revenues outside the group totaled HRK 1,520.2 million (HRK 1,368 million in 2016). Domestic sales revenues grew by 17.6% over prior comparable period results, totaling HRK 117 million and representing 7.3% of total revenues (6.8% in 2016). International sales revenues totaled HRK 1,412.6 million, representing 88.4% of total revenues (86.5% in 2016) and grew by 11.3% over prior comparable period results. Other operating and financial income represented 4% of total revenues (7% in 2016). Other operating revenues fell by 37%, totaling HRK 12.7 million and represented 1% of total revenues (1% in 2016).
Material costs totaled HRK 418.6 million, representing 39% of operating expenses (40% in 2016) and rose by HRK 41.5 million due to higher raw material costs (direct food and beverages costs and costs of energy sources and water) driven by larger business volume.
Staff costs totaled HRK 344.5 million, represented 32% of operating expenses (30% in 2016) and grew by HRK 60.9 million compared to the same period last year. Staff costs growth was driven by the i) Hoteli Baška and Puntižela mergers and staff carryover, ii) salary increase policy (2% in June 2016, 2% in December 2016, 1.5% in June 2017, and 0.5% increment for years of service since 1 January 2017), and iii) the hiring of construction site staff (to carry out the large investments) and resort staff (to ensure high service quality in the new Premium/Upscale properties).
Amortization rose by 20% due to previous large investments and the Hoteli Baška and Puntižela mergers. Amortization represented 20% of operating expenses (19% in 2016) and totaled HRK 215.6 million (HRK 180.2 million in 2016). Other costs rose by 8.1% and totaled HRK 95.5 million. Provisions and value adjustments totaled HRK 70 thousand. Other operating expenses totaled HRK 6 million and fell by HRK 1.5 million.
During the first nine months of 2017, financial income totaled HRK 55.6 million and fell by HRK 23.1 million compared to the same period last year. Other financial income had the most significant decrease of HRK 34.7 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 presented the highest individual growth of HRK 12.6 million in the first nine months of 2017, driven by foreign exchange differences related to long-term loans due to HRK appreciation. Unrealized gains from financial assets fell by HRK 1.1 million due to last year's one –time effect related to the early termination of an interest rate derivative financial instrument.
The Company's financial expenses totaled HRK 67.4 million and grew by HRK 27.7 million compared to the same period last year. Financial expenses related to interests, foreign exchange differences and other expenses from third parties rose by HRK 25.1 million. Due to HRK depreciation in 3Q 2017, foreign exchange losses related to long-term loans rose by HRK 20.1 million. Financial expenses related to interests grew by HRK 5.9 million due to the financial leverage used for the 2017 investment cycle. Other financial expenses grew by HRK 3.9 million driven by the negative land revaluation in a subsidiary.
Operating profit rose by HRK 10.7 million and totaled HRK 461.9 million, driven by the largest series of investments so far focused on improving competitiveness, services and products, as well as active operating efficiency management and demand–driven optimization of prices, marketing mix and sales channels. Profit before tax was HRK 450.1 million (HRK 490.3 million in 2016). The Company gross margin was 29.2% (35.3% in 2016).
Total company assets as of 30 September 2017 were HRK 4,803 million and grew by 15.8% compared to 31 December 2016.
Valamar Riviera successfully completed the largest series of investments in the Company's portfolio so far worth over HRK 900 million21. 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 brand-new Maro club and various children playgrounds, two entertainment centers, a wellness facility, indoor and outdoor fitness facilities, a bike center and other sports amenities. Almost 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, 2018 and 2019)
Family Life Bellevue Resort 4*, Rabac 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.
In line with the previously announced investments worth up to HRK 2 billion until 2020, Valamar is planning new large investments in 2018 that will be definitely determined at begining of December 2017. The investments will include the strategical repositioning of the hotel and camping portfolio towards products and services with high added value.
With the planned completion of Valamar Girandella Resort 4*&5*, Rabac will be repositioned as leading vacation destination for high-end guests. The first Kinderhotel in Valamar Riviera's portfolio, the Valamar Girandella Maro Resort Hotel 5*, will offer family-friendly design and services tailored according to the needs of families with children of various ages. Kinderhotels Europa is a marketing association that brings together high-quality premium family hotels under the Austrian "Kinderhotels" brand. Investments in Dubrovnik are focused on repositioning hotel accommodation and developing new, high-end "adult friendly" services and amenities. Large investments in premium camping will continue, focusing on Istria and Krk island. Plans include numerous other investments in improving competitiveness and quality for guest amenities and products as well as projects focused on accommodation for seasonal employees.
As stated in our strategic goals, by continuously raising the quality of the portfolio properties and services, we create added value both for our guests and for all company stakeholders. However, numerous factors reduce the competitiveness of Croatian tourism and hinder further investment potential: VAT (one of the highest rates in the Mediterranean), the rate of total contributions to salaries, the still unresolved issue of tourism land, skilled labor shortages, the possible introduction of the property tax
Hotel Valamar Argosy 4*, Dubrovnik and the tourist tax increase. 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 financing programs offered by HBOR (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 in 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 domicile countries 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/
Hotel Padova 4*, Island of Rab 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 1.5 million invested in training and professional development during the first nine months 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 Krk 5*, Island of Krk 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
the operating costs. A number of other natural disasters and calamities (earthquakes, fires, floods and rainstorms), air pollution caused by toxic gas emissions from industrial plants and vehicles, as well excessive urbanization and the introduction of invasive species should also be taken into consideration.
Changes in tax laws and other regulations pose a very serious threat and represent a demanding segment in risk management because in this particular situation the possibilities for the Company and Group are limited. In previous years, there has been a number of important changes in tax and non-tax charging regulations, which have adversely affected the Company and Group profitability:
• In March 2012 the standard VAT rate grew from 23% to 25%, in January 2013 a new 10% VAT rate was introduced only to be replaced within a year by a 13% VAT rate applicable to the tourism and hospitality industry (January 2014), while in January 2017 a new 25% VAT rate was introduced for F&B (a la carte) services;
Such frequent changes in laws regulating taxes and parafiscal charges often take place only after the business policy and budget for the next financial year have been approved and commercial terms and conditions with partners agreed. All this jeopardizes the Company and Group financial position and future investment plans as well as credibility towards shareholders. The Company and Group are also threatened by changes in regulations governing concession fees for maritime domain and tourism land use, the latter still presenting unresolved legal issues. Given the nature of the Company and Group's business, the right to use parts of the maritime domain as well as land for tourism purposes is of vital importance for future growth, especially for campsiterelated 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 9.5 million22 (in 2016: HRK 546 thousand) for the Company, and HRK 20 thousand (in 2016: HRK 12 thousand) for the Group. The expenses amounted to HRK 22.5 million (in 2016: HRK 22.4 million) for the Company, and HRK 196 thousand (in 2016: HRK 581 thousand) for the Group.
On 30 September 2017 the related-party receivables and payables balance totaled HRK 123.5 million23 for the Company (at year-end 2016: HRK 138.5 million23), and HRK 8 thousand for the Group (at year-end 2016 there was none). Liabilities for the Company totaled HRK 58 thousand (at year-end 2016: HRK 279 thousand), while the Group had no liabilites (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.
22 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.
23 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 nine months of 2017. In the respective period the Company released 62,583 treasury shares, out of which 24,182 for dividend payout. On 30 September 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 September 2017, the highest recorded share price in regular trading on the regulated market was HRK 48.60, while the lowest was HRK 34.68. The Company's share price increased by 23.8%, exceeding both CROBEX and CROBEX 10 indices trends, which recorded a decrease of 9.1% and 7.2% respectively. With a regular trading turnover of HRK 1.4 million a day24, the Valamar Riviera's share is the most traded share on the Zagreb Stock Exchange.
Apart from the Zagreb Stock Exchange indices, the share makes a component part of the Vienna Stock Exchange indices (CROX25 and SETX26), and SEE Link indices27 (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 24.9%28.
The Company actively holds meetings and conference calls with domestic and foreign investors, as well as presentations for investors thus providing support to high-level transparency, creation of additional liquidity, increase of share value, and involvement of potential investors. During the first nine months of 2017, more than fifty-five meetings were held, including those held at US financial centers, London Stock Exchange, at the Zagreb and Ljubljana Stock Exchange conference, and Wood&Co brokerage house conference in Bucharest and Erste Group conference in Stegersbach. By the end of this year we plan to participate in the following investor conferences: Auerbach Grayson "Frontier & Emerging Markets
Performance of Valamar Riviera's share and CROBEX and CROBEX 10 indices
Conference" - New York (October), WOOD&Co/Belgrade Stock Exchange: Upgrade in Belgrade - Belgrade (November) and Wood&Co "EME Conference 2017" - Prague (December). In this way Valamar Riviera strives to grow further value for all its stakeholders and promote Valamar Riviera's share as one of the leading shares not only on the Croatian capital market but also among other tourism shares in the region.
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). 27 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 Analytical coverage of Valamar Riviera is provided by:
"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.
28 Block transactions are excluded from the calculation. Data refers to the period 1/1 - 30/9/2017.
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 September 2017, the Group employed 5,115 employees, out of which 1,375 premanent ones, while the Company employed 4,618, out of which 1,180 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 third quarter of 2017 and the first nine months 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 third quarter of 2017 and for the period from 1 January 2017 to 30 September 2017 were adopted by the Management Board on 25 October 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, 25 October 2017
In accordance with provisions of Law on Capital Market, Marko Čižmek, Management board member responsible for finance, treasury and IT business as well as relations with institutional investors and Ljubica Grbac director of department of finance and accounting, procurator and person responsible for finance and accounting, together as persons responsible for the preparation of quarterly reports of company Valamar Riviera d.d. seated in Poreč, Stancija Kaligari 1, OIB 36201212847 (hereinafter: Company), hereby make the following
According to our best knowledge
Marko Čižmek Ljubica Grbac
Member of the Management Board Director of Department of Finance and Accounting
Quarterly financial report TFI-POD
| Tax number (MB): | 3474771 | |||
|---|---|---|---|---|
| Company registration number (MBS): |
040020883 | |||
| Personal identification number (OIB): |
36201212847 | |||
| Issuing company: | Valamar Riviera d.d. | |||
| Postal code and place | 52440 | Poreč | ||
| Street and house number: | Stancija Kaligari 1 | |||
| E-mail address: | [email protected] | |||
| Internet address: | www.valamar-riviera.com | |||
| Municipality/city code and name: | 348 | Poreč | ||
| Number of | ||||
| employees: | ||||
| County code and name: | 18 | Istarska | (period end) | 5.115 |
| 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 | 4.548.871.693 |
| I. INTANGIBLE ASSETS (ADP 004 to 009) | 003 | 24.080.361 | 24.563.441 |
| 1. Research and Development expenditure | 004 | ||
| 2. Patents, licences, royalties, trademarks and service marks, software and similar rights | 005 | 17.238.280 | 13.986.816 |
| 3. Goodwill | 006 | 6.567.609 | 6.567.609 |
| 4. Prepayments for intangible assets | 007 | ||
| 5. Intangible assets under construction | 008 | 274.472 | 4.009.016 |
| 6. Other intangible assets | 009 | ||
| II. TANGIBLE ASSETS (ADP 011 to 019) | 010 | 3.941.768.572 | 4.386.518.223 |
| 1. Land | 011 | 873.211.455 | 874.708.080 |
| 2. Property | 012 | 2.522.990.552 | 2.392.254.603 |
| 3. Plants and equipment | 013 | 225.945.122 | 249.838.374 |
| 4. Tools, plants and vehicles | 014 | 81.203.324 | 94.220.465 |
| 5. Biological asset | 015 | ||
| 6. Prepayments for tangible assets | 016 | 31.783.971 | 6.798.809 |
| 7. Assets under construction | 017 | 168.568.553 | 734.245.113 |
| 8. Other tangible assets | 018 | 27.197.353 | 24.231.345 |
| 9. Investments property | 019 | 10.868.242 | 10.221.434 |
| III. NON-CURRENT FINANCIAL ASSETS (ADP 021 to 030) | 020 | 6.601.376 | 5.138.925 |
| 1. Stakes (shares) in undertakings in a Group | 021 | 1.365.316 | 1.553.010 |
| 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 | 3.197.280 |
| 8. Given loans, deposits and similar | 028 | 299.735 | 218.635 |
| 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 | 884.915 |
| 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 | 797.415 |
| V. DEFERRED TAX ASSETS | 036 | 131.637.986 | 131.766.189 |
| C) CURENT ASSETS (ADP 038+046+053+063) | 037 | 336.880.206 | 531.294.007 |
| I. INVENTORIES (ADP 039 to 045) | 038 | 19.245.740 | 18.339.851 |
| 1. Raw materials and consumables | 039 | 18.967.510 | 17.668.861 |
| 2. Work in progress | 040 | ||
| 3. Finished products | 041 | ||
| 4. Merchandise | 042 | 236.606 | 416.074 |
| 5. Prepayments for inventories | 043 | 41.624 | 254.916 |
| 6. Other available-for-sale assets | 044 | ||
| 7. Biological asset | 045 | ||
| II. RECEIVABLES (ADP 047 to 052) | 046 | 42.229.932 | 151.536.210 |
| 1. Receivables from undertakings in a Group | 047 | 204 | 250.688 |
| 2. Receivables from undertakings with participating interest | 048 | 253 | |
| 3. Trade receivables | 049 | 17.711.198 | 134.688.853 |
| 4. Receivables from employees and members of the undertaking | 050 | 657.014 | 5.253.641 |
| 5. Receivables from Government and other institutions | 051 | 21.012.831 | 5.993.804 |
| 6. Other receivables | 052 | 2.848.432 | 5.349.224 |
| III. CURRENT FINANCIAL ASSETS (ADP 054 to 062) | 053 | 753.886 | 1.660.274 |
| 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 | 252.267 | |
| 8. Given loans, deposits and similar | 061 | 753.886 | 709.967 |
| 9. Other financial assets | 062 | 698.040 | |
| IV. CASH AND CASH EQUIVALENTS | 063 | 274.650.648 | 359.757.672 |
| D) PREPAYMENTS AND ACCRUED INCOME | 064 | 23.369.940 | 78.612.453 |
| E) TOTAL ASSETS (ADP 001+002+037+064) | 065 | 4.465.334.310 | 5.158.778.153 |
| F) OFF-BALANCE SHEET ITEMS | 066 | 54.631.638 | 54.572.742 |
| ADP | Preceding | Current | |
|---|---|---|---|
| Item | code | year | year |
| 1 | 2 | 3 | 4 |
| LIABILITIES | |||
| A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+081+084+087) | 067 | 2.373.637.039 | 2.777.011.593 |
| I. SHARE CAPITAL | 068 | 1.672.021.210 | 1.672.021.210 |
| II. CAPITAL RESERVES | 069 | 2.204.690 | 3.602.906 |
| III. RESERVES FROM PROFIT (ADP 071+072-073+074+075) | 070 | 84.401.862 | 102.055.848 |
| 1. Legal reserves | 071 | 67.198.750 | 83.601.061 |
| 2. Reserves for own shares | 072 | 44.815.284 | 44.815.285 |
| 3. Own stocks and shares (deductible items) | 073 | 37.141.295 | 35.889.621 |
| 4. Statutory reserves | 074 | ||
| 5. Other reserves | 075 | 9.529.123 | 9.529.123 |
| IV. REVALUATION RESERVES | 076 | ||
| V. FAIR VALUE RESERVES (ADP 078 to 080) | 077 | 273.313 | 295.257 |
| 1. Fair value of financial assets available for sale | 078 | 273.313 | 295.257 |
| 2. Efficient portion of cash flow hedge | 079 | ||
| 3. Efficient portion of foreign net investment hedge | 080 | ||
| VI. RETAINED EARNINGS OR LOSS CARRIED FORWARD (ADP 082-083) | 081 | 36.580.064 | 263.139.338 |
| 1. Retained earnings | 082 | 36.580.064 | 263.139.338 |
| 2. Loss carried forward | 083 | ||
| VII. PROFIT OR LOSS FOR THE FINANCIAL YEAR (ADP 085-086) | 084 | 342.313.777 | 483.622.369 |
| 1. Profit for the financial year | 085 | 342.313.777 | 483.622.369 |
| 2. Loss for the financial year | 086 | ||
| VIII. MINORITY INTEREST | 087 | 235.842.123 | 252.274.665 |
| B) PROVISIONS (ADP 089 to 094) | 088 | 49.709.322 | 49.632.004 |
| 1. Provisions for pensions, severance pay and similar libabilities | 089 | ||
| 2. Provisions for tax obligations | 090 | ||
| 3. Provisions for litigations in progress | 091 | 49.709.322 | 49.632.004 |
| 4. Provisions for renewal of natural resources | 092 | ||
| 5. Provision for costs within warranty period | 093 | ||
| 6. Other provisions | 094 | ||
| C) NON-CURRENT LIBILITIES (ADP 096 to 106) | 095 | 1.556.069.066 | 1.898.533.118 |
| 1. Liabilites to related parties | 096 | ||
| 2. Liabilities for loans, deposits etc of undertakings in a Group | 097 | ||
| 3. Liabilities to undertakings with participating interest | 098 | ||
| 4. Liabilities for loans, deposits etc of undertakings with participating interest | 099 | ||
| 5. Liabilities for loans, deposits and other | 100 | 9.149.000 | 9.149.000 |
| 6. Liabilities to banks and other financial institutions | 101 | 1.488.677.568 | 1.831.276.762 |
| 7. Liabilities for advance payments | 102 | ||
| 8. Trade payables | 103 | ||
| 9. Amounts payable for securities | 104 | ||
| 10. Other non-current liabilities | 105 | 2.044.339 | 1.903.711 |
| 11. Deffered tax | 106 | 56.198.159 | 56.203.645 |
| D) CURRENT LIABILITIES (ADP 108 to 121) | 107 | 394.111.168 | 322.065.574 |
| 1. Liabilities to undertakings in a Group | 108 | 70.197 | |
| 2. Liabilities for loans, deposits etc of undertakings in a Group | 109 | ||
| 3. Liabilities to undertakings with participating interest | 110 | ||
| 4. Liabilities for loans, deposits etc of undertakings with participating interest | 111 | ||
| 5. Liabilities for loans, deposits and other | 112 | 103.000 | |
| 6. Liabilities to banks and other financial institutions | 113 | 180.344.025 | 45.445.392 |
| 7. Amounts payable for prepayment 8. Trade payables |
114 115 |
23.380.655 154.542.693 |
94.191.487 104.827.447 |
| 9. Liabilities upon loan stocks 10. Liabilities to emloyees |
116 117 |
20.674.590 | 36.497.202 |
| 11. Taxes, contributions and similar liabilities | 118 | 11.615.356 | 37.345.966 |
| 12. Liabilities arising from share in the result | 119 | 235.003 | 232.420 |
| 13. Liabilities arising from non-current assets held for sale 14. Other current liabilities |
120 121 |
3.145.649 | 3.525.660 |
| E) ACCRUED EXPENSES AND DEFERRED INCOME | |||
| F) TOTAL LIABILITIES (ADP 067+088+095+107+122) | 122 123 |
91.807.715 4.465.334.310 |
111.535.864 5.158.778.153 |
| 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 | 1.405.912.098 | 970.706.974 | 1.680.875.183 | 1.157.315.266 | |||
| 1. Revenues from sales with undertakings in a Group | 126 | |||||||
| 2. Sales revenues (outside the Group) | 127 | 1.382.496.771 | 962.848.167 | 1.666.351.570 | 1.153.797.985 | |||
| 3. Revenues from use of own products, goods and services | 128 | 1.945.358 | 774.986 | 3.147.401 | 1.427.714 | |||
| 4. Other operating revenues with undertakings in a Group | 129 | -1 | -1 | |||||
| 5.Other operating revenues (outside the Group) | 130 | 21.469.970 | 7.083.822 | 11.376.212 | 2.089.567 | |||
| II. OPERATING EXPENSES (ADP 132+133+137+141+142+143+146+153) | 131 | 946.313.694 | 465.976.333 | 1.171.766.086 | 573.172.423 | |||
| 1. Changes in inventories of finished products and work in progress | 132 | |||||||
| 2. Material costs (ADP 134 to 136) | 133 | 359.946.104 | 211.774.917 | 428.336.554 | 252.163.712 | |||
| a) Cost of raw materials & consumables | 134 | 207.874.892 | 116.346.486 | 263.476.140 | 147.756.964 | |||
| b) Cost of goods sold | 135 | 2.235.915 | 1.670.878 | 2.846.708 | 1.567.557 | |||
| c) Other costs | 136 | 149.835.297 | 93.757.553 | 162.013.706 | 102.839.191 | |||
| 3. Staff costs (ADP 138 to 140) | 137 | 288.972.289 | 143.373.839 | 371.576.608 | 172.756.359 | |||
| a) Net salaries | 138 | 181.108.553 | 93.040.814 | 224.485.300 | 104.506.387 | |||
| b) Employee income tax | 139 | 68.129.422 | 32.169.764 | 94.926.444 | 44.095.623 | |||
| c) Tax on payroll | 140 | 39.734.314 | 18.163.261 | 52.164.864 | 24.154.349 | |||
| 4. Depreciation and amortisation | 141 | 197.103.933 | 65.701.837 | 263.179.785 | 97.474.052 | |||
| 5. Other expenditures | 142 | 89.863.787 | 39.008.337 | 102.056.770 | 47.723.950 | |||
| 6. Value adjustment (ADP 144+145) | 143 | 271.483 | 229.733 | 69.637 | 0 | |||
| a) non-current assets (without financial assets) | 144 | 0 | ||||||
| b) current asssets (without financial assets) | 145 | 271.483 | 229.733 | 69.637 | 0 | |||
| 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 | 10.156.098 | 5.887.670 | 6.546.732 | 3.054.350 | |||
| III. FINANCIAL INCOME (ADP 155 to 164) | 154 | 81.453.879 | 9.495.133 | 59.094.716 | 11.186.255 | |||
| 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 | 2.323.649 | 45.126 | |||||
| 6. Income from other non-current financial investments and loans | 160 | |||||||
| 7. Other interest income | 161 | 295.386 | 58.504 | 292.212 | 77.595 | |||
| 8. Foreign exchange differences and other financial income | 162 | 32.975.610 | 6.378.530 | 49.028.510 | 10.223.160 | |||
| 9. Unrealized gains (income) from the financial assets | 163 | 8.150.742 | 2.277.091 | 7.098.051 | 0 | |||
| 10. Other financial income | 164 | 37.708.492 | 735.882 | 2.675.943 | 885.500 | |||
| IV. FINANCIAL COSTS (ADP 166 to 172) | 165 | 43.807.787 | 14.323.039 | 68.277.105 | 41.216.364 | |||
| 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 | 24.440.395 | 8.887.959 | 32.119.530 | 11.906.846 | |||
| 4. Foreign exchange differences and other expenses | 169 | 8.642.300 | 1.199.409 | 29.337.968 | 24.770.015 | |||
| 5. Unrealized loss (expenses) from the financial assets | 170 | 7.293.756 | 2.367.168 | 5.990.955 | 4.385.660 | |||
| 6. Value adjustment expense on financial assets (net) | 171 | 0 | ||||||
| 7. Other financial expenses | 172 | 3.431.336 | 1.868.503 | 828.652 | 153.843 | |||
| V. SHARE OF PROFIT FROM UNDERTAKINGS WITH PARTICIPATING INTEREST | 173 | |||||||
| VI. SHARE OF PROFIT FROM JOINT VENTURES | 174 175 |
|||||||
| VII. SHARE OF LOSS FROM UNDERTAKINGS WITH PARTICIPATING INTEREST | ||||||||
| VIII. SHARE OF LOSS FROM JOINT VENTURES IX. TOTAL INCOME (ADP 125+154+173+174) |
176 177 |
1.487.365.977 | 980.202.107 | 1.739.969.899 | 1.168.501.521 | |||
| X. TOTAL EXPENSES (ADP 131+165+175+176) | 178 | 990.121.481 | 480.299.372 | 1.240.043.191 | 614.388.787 | |||
| XI. PROFIT OR LOSS BEFORE TAX (ADP 177-178) | 179 | 497.244.496 | 499.902.735 | 499.926.708 | 554.112.734 | |||
| 1. Profit before tax (ADP 177-178) | 180 | 497.244.496 | 499.902.735 | 499.926.708 | 554.112.734 | |||
| 2. Loss before tax (ADP 178-177) | 181 | 0 | 0 | 0 | 0 | |||
| XII. INCOME TAX EXPENSE | 182 | -1.959.653 | -128.203 | |||||
| XIII. PROFIT OR LOSS FOR THE PERIOD (ADP 179-182) | 183 | 499.204.149 | 499.902.735 | 500.054.911 | 554.112.734 | |||
| 1. Profit for the period (ADP 179-182) | 184 | 499.204.149 | 499.902.735 | 500.054.911 | 554.112.734 | |||
| 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 (ADP 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 | 499.204.149 | 499.902.735 | 500.054.911 | 554.112.734 |
|---|---|---|---|---|---|
| 1. Attributable to parent company's shareholders | 200 | 499.159.070 | 499.856.028 | 483.622.369 | 529.035.942 |
| 2. Attributable to non-controlling interests | 201 | 45.079 | 46.707 | 16.432.542 | 25.076.793 |
| I. PROFIT OR LOSS FOR THE PERIOD | 202 | 499.204.149 | 499.902.735 | 500.054.911 | 554.112.734 |
|---|---|---|---|---|---|
| II. OTHER COMPREHENSIVE INCOME /LOSS BEFORE TAX (ADP 204 to 211) |
203 | -33.475.610 | -443.099 | 27.429 | 12.401 |
| 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 | -33.475.610 | -443.099 | 27.429 | 12.401 |
| 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 | -2.693.131 | -88.620 | 5.485 | 2.480 |
| IV. NET OTHER COMPREHENSIVE INCOME OR LOSS FOR THE YEAR (ADP 203-212) |
213 | -30.782.479 | -354.479 | 21.944 | 9.921 |
| V. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD (ADP 202+213) |
214 | 468.421.670 | 499.548.256 | 500.076.855 | 554.122.655 |
| VI. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD (ADP 216+217) |
215 | 468.421.670 | 499.548.256 | 500.076.855 | 554.122.655 |
|---|---|---|---|---|---|
| 1. Attributable to parent company's shareholders | 216 | 468.376.591 | 499.501.549 | 483.644.313 | 529.045.862 |
| 2. Attributable to non-controlling interests | 217 | 45.079 | 46.707 | 16.432.542 | 25.076.793 |
| ADP | Preceding | Current | |
|---|---|---|---|
| Item | code | year | year |
| 1 | 2 | 3 | 4 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| 1. Profit before taxes | 001 | 497.244.496 | 499.926.708 |
| 2. Adjustments (ADP 003 to 010) | 002 | 161.333.291 | 276.238.216 |
| a) Depreciation and amortisation | 003 | 197.103.933 | 263.179.785 |
| b) Profit and loss from sales and value adjustments of non-current tangible and intangible assets | 004 | -633.182 | -1.726.874 |
| c) Profit and loss from sales and unrealised profit and loss and value adjustments of financial assets | 005 | -34.246.385 | 5.427.318 |
| d) Income from interest and dividends | 006 | -3.125.059 | -3.240.918 |
| e) Interest expenses | 007 | 24.440.395 | 32.119.530 |
| f) Provisions | 008 | -87.186 | -36.231 |
| g) Foreign exchange differences (unrealized) | 009 | -21.262.238 | -18.377.298 |
| h) Other adjustments for non-cash transactions and unrealized profit and loss | 010 | -856.987 | -1.107.096 |
| I. Increase or decrease of cash flow before changes in working capital (ADP 001+002) | 011 | 658.577.787 | 776.164.924 |
| 3. Changes in working capital (ADP 013 to 016) | 012 | -9.115.162 | -142.234.931 |
| a) Increase or decrease of current liabilities | 013 | 87.973.011 | 4.143.408 |
| b) Increase or decrease of current receivables | 014 | -90.167.939 | -110.063.486 |
| c) Increase or decrease of inventories | 015 | -1.968.376 | 905.889 |
| d) Other increase or decrease of working capital | 016 | -4.951.858 | -37.220.742 |
| II. Cash from operating activities (ADP 011+012) | 017 | 649.462.625 | 633.929.993 |
| 4. Interest | 018 | -25.479.208 | -32.119.530 |
| 5. Income tax paid | 019 | 352.212 | -2.205.551 |
| A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019) | 020 | 624.335.629 | 599.604.912 |
| CASH FLOW FROM INVESTMENT ACTIVITIES | |||
| 1. Proceeds from sale of non-current assets | 021 | 633.182 | 1.726.874 |
| 2. Proceeds from selling financial instruments | 022 | 39.876.233 | 1.808.303 |
| 3. Proceeds from interest rates 4. Proceeds from dividends |
023 024 |
295.386 | 292.212 |
| 5. Proceeds from repayment of given loans and savings | 025 | 40.847.730 | 9.822.386 |
| 6. Other proceeds from investment activities | 026 | 1.650.145 | |
| III. Total cash proceeds from investment activities (ADP 021 to 026) | 027 | 81.652.531 | 15.299.920 |
| 1. Purchase of non-current tangible and intangible assets | 028 | -243.594.982 | -708.412.516 |
| 2. Purchase of financial instruments | 029 | -187.694 | |
| 3. Loans and deposits for the period | 030 | -13.576.377 | -8.508.756 |
| 4. Acquisition of subsidiary, net of acquired cash | 031 | ||
| 5. Other payments from investment activities | 032 | -1.870.439 | |
| IV. Total cash payments from investment activities (ADP 028 to 032) | 033 | -259.041.798 | -717.108.966 |
| B) NET INCREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027+033) | 034 | -177.389.267 | -701.809.046 |
| 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 | 1.640.052 | |
| 3. Proceeds from loan principal, loans and other borrowings | 037 | 83.643.840 | 351.154.105 |
| 4. Other proceeds from financial activities | 038 | 21.943 | |
| V. Total proceeds from financial activities (ADP 035 to 038) | 039 | 83.643.840 | 352.816.100 |
| 1. Repayment of loan principals, loans and other borrowings and debt-based financial instruments |
040 | -92.351.124 | -67.007.822 |
| 2. Dividends paid | 041 | -37.330.521 | -98.342.354 |
| 3. Payment of finance lease liabilities | 042 | -154.766 | |
| 4. Re-purchase of treasury shares and decrease in subscribed share capital | 043 | -35.692.643 | |
| 5. Other payments from financial activities | 044 | -30.540.164 | |
| VI. Total cash payments from financing activities (ADP 040 to 044) | 045 | -195.914.452 | -165.504.942 |
| C) NET CASH FLOW FROM FINANCIAL ACTIVITIES (ADP 039+045) | 046 | -112.270.612 | 187.311.158 |
| 1. Cash and cash equivalents-unrealized foreign exchange differences | 047 | ||
| D) NET INCREASE OR DECREASE OF CASH FLOW (ADP 020+034+046+047) | 048 | 334.675.750 | 85.107.024 |
| E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD | 049 | 318.755.282 | 274.650.648 |
| F) CASH AND CASH EQUIVALENTS AT THE END OF PERIOD (ADP 048+049) | 050 | 653.431.032 | 359.757.672 |
41 Statement of Changes in Equity (for the period from 1/1/2017 to 30/9/2017)
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 |
carried forward | Retained earnings / loss |
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) III. TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD, RECOGNIZED |
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 | ||
| 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 | 483.622.369 | 483.622.369 | 483.622.369 | |||||||||||||||
| 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 | 27.429 | 27.429 | 27.429 | |||||||||||||||
| 9. Profit or loss from cash flow hedge 10. Profit or loss from foreign net investment hedge |
35 36 |
0 0 |
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 | -5.485 | -5.485 | -5.485 | |||||||||||||||
| 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 | -1.251.675 | 1.251.675 | 1.251.675 | |||||||||||||||
| 19. Share in profit/ dividend payout | 45 | 0 | 0 | ||||||||||||||||
| 20. Other distribution to majority owners | 46 | 1.398.216 | -99.352.192 | -97.953.976 | -97.953.976 | ||||||||||||||
| 21. Transfer to reserves according to annual plan | 47 | 16.402.311 | 325.911.466 | -342.313.777 | 0 | 16.432.542 | 16.432.542 | ||||||||||||
| 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 | 35.889.620 | 0 | 9.529.123 | 0 | 295.257 | 0 | 0 | 263.139.338 | 483.622.369 2.524.736.928 | 252.274.665 2.777.011.593 | ||||
| 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) II. COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD |
50 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.944 | 0 | 0 | 0 | 0 | 21.944 | 0 | 21.944 | ||
| (ADP 31 + 50) | 51 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.944 | 0 | 0 | 0 | 483.622.369 | 483.644.313 | 0 | 483.644.313 | ||
| 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 | -1.251.675 | 0 | 0 | 0 | 0 | 0 | 0 | 226.559.274 | -342.313.777 | -96.702.301 | 16.432.542 | -80.269.759 | ||
(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 | 30/9/2017 | ||||
| Mirta Bašćanska d.o.o. Vala Bašćanska d.o.o. Baškaturist d.o.o. |
Yes (merged to Hoteli Baška d.d. 13/1/2016) Yes (merged to Hoteli Baška d.d. 13/1/2016) |
||||
| Hoteli Baška d.d. Bastion upravljanje d.o.o. Puntižela d.o.o. Valamar hotels & resorts GmbH |
Yes (merged to Hoteli Baška d.d. 13/1/2016) Yes (merged to Valamar Riviera d.d. 31/3/2016) Yes (merged to Valamar Riviera d.d. 30/6/2016) Yes (merged to Valamar Riviera d.d. 31/3/2017) Yes |
||||
| 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. Imperial d.d. |
Yes Yes Yes Yes Yes Yes |
No Yes Yes Yes Yes Yes Yes |
|||
| Companies of the consolidation subject: | Income statment-previous period | Income statment-current period |
|---|---|---|
| 30/9/2016 | 30/9/2017 | |
| Mirta Bašćanska d.o.o. | 1/1 - 13/1 | - |
| (merged to Hoteli Baška d.d. 13/1/2016) | ||
| Vala Bašćanska d.o.o. | 1/1 - 13/1 | - |
| (merged to Hoteli Baška d.d. 13/1/2016) | ||
| Baškaturist d.o.o. | 1/1 - 13/1 | - |
| (merged to Hoteli Baška d.d. 13/1/2016) | ||
| Hoteli Baška d.d. | 1/1 - 31/3 | |
| (merged to Valamar Riviera d.d. 31/3/2016) | - | |
| Bastion upravljanje d.o.o. | 1/1 - 30/6 | |
| (merged to Valamar Riviera d.d. 30/6/2016) | - | |
| Puntižela d.o.o. | 1/1 - 31/3 | |
| 1/1 - 30/9 | (merged to Valamar Riviera d.d. 31/3/2017) | |
| Valamar hotels & resorts GmbH | - | - |
| Elafiti Babin kuk d.o.o. | 1/1 - 30/9 | 1/1 - 30/9 |
| Magične stijene d.o.o. | 1/1 - 30/9 | 1/1 - 30/9 |
| Palme turizam d.o.o. | 1/1 - 30/9 | 1/1 - 30/9 |
| Pogača Babin Kuk d.o.o. | 1/1 - 30/9 | 1/1 - 30/9 |
| Bugenvilia d.o.o. | 1/1 - 30/9 | 1/1 - 30/9 |
| Imperial d.d. | - | 1/1 - 30/9 |
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) | 4.618 |
| 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 | 4.275.823.384 |
| I. INTANGIBLE ASSETS (ADP 004 to 009) | 003 | 17.342.793 | 24.186.436 |
| 1. Research and Development expenditure | 004 | ||
| 2. Patents, licences, royalties, trademarks and service marks, software and similar rights | 005 | 17.068.321 | 13.609.811 |
| 3. Goodwill | 006 | 6.567.609 | |
| 4. Prepayments for intangible assets | 007 | ||
| 5. Intangible assets under construction | 008 | 274.472 | 4.009.016 |
| 6. Other intangible assets | 009 | ||
| II. TANGIBLE ASSETS (ADP 011 to 019) | 010 | 2.906.793.288 | 3.412.859.837 |
| 1. Land | 011 | 595.574.908 | 612.935.044 |
| 2. Property | 012 | 1.805.980.339 | 1.716.226.643 |
| 3. Plants and equipment | 013 | 207.011.662 | 227.106.095 |
| 4. Tools, plants and vehicles | 014 | 62.668.696 | 82.203.594 |
| 5. Biological asset | 015 | ||
| 6. Prepayments for tangible assets | 016 | 29.697.670 | 6.629.315 |
| 7. Assets under construction | 017 | 167.870.168 | 733.564.172 |
| 8. Other tangible assets | 018 | 27.121.603 | 23.973.540 |
| 9. Investments property | 019 | 10.868.242 | 10.221.434 |
| III. NON-CURRENT FINANCIAL ASSETS (ADP 021 to 030) | 020 | 675.525.760 | 631.591.191 |
| 1. Stakes (shares) in undertakings in a Group | 021 | 670.319.700 | 628.035.276 |
| 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 | 3.197.280 |
| 8. Given loans, deposits and similar | 028 | 299.735 | 218.635 |
| 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 | 113.442.531 |
| 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 | 194.842 |
| V. DEFERRED TAX ASSETS | 036 | 93.615.187 | 93.743.389 |
| C) CURENT ASSETS (ADP 038+046+053+063) | 037 | 319.356.014 | 450.701.872 |
| I. INVENTORIES (ADP 039 to 045) | 038 | 18.253.553 | 17.308.102 |
| 1. Raw materials and consumables | 039 | 18.026.040 | 16.911.932 |
| 2. Work in progress | 040 | ||
| 3. Finished products | 041 | ||
| 4. Merchandise | 042 | 227.513 | 396.170 |
| 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 | 146.565.225 |
| 1. Receivables from undertakings in a Group | 047 | 25.253.754 | 10.177.517 |
| 2. Receivables from undertakings with participating interest | 048 | ||
| 3. Trade receivables | 049 | 16.702.108 | 125.420.852 |
| 4. Receivables from employees and members of the undertaking | 050 | 649.460 | 5.059.593 |
| 5. Receivables from Government and other institutions | 051 | 18.294.801 | 577.891 |
| 6. Other receivables | 052 | 1.827.877 | 5.329.372 |
| III. CURRENT FINANCIAL ASSETS (ADP 054 to 062) | 053 | 726.764 | 1.426.635 |
| 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 | 698.040 | |
| IV. CASH AND CASH EQUIVALENTS | 063 | 237.647.697 | 285.401.910 |
| D) PREPAYMENTS AND ACCRUED INCOME | 064 | 21.820.614 | 76.699.054 |
| E) TOTAL ASSETS (ADP 001+002+037+064) | 065 | 4.148.007.140 | 4.803.224.310 |
| F) OFF-BALANCE SHEET ITEMS | 066 | 54.631.638 | 54.572.742 |
| ADP | Preceding | Current | |
|---|---|---|---|
| Item | code | year | year |
| 1 | 2 | 3 | 4 |
| LIABILITIES | |||
| A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+081+084+087) | 067 | 2.324.082.480 | 2.667.465.019 |
| I. SHARE CAPITAL | 068 | 1.672.021.210 | 1.672.021.210 |
| II. CAPITAL RESERVES | 069 | 2.204.690 | 3.602.906 |
| III. RESERVES FROM PROFIT (ADP 071+072-073+074+075) | 070 | 84.401.862 | 102.055.847 |
| 1. Legal reserves | 071 | 67.198.750 | 83.601.061 |
| 2. Reserves for own shares | 072 | 44.815.284 | 44.815.284 |
| 3. Own stocks and shares (deductible items) | 073 | 37.141.295 | 35.889.621 |
| 4. Statutory reserves | 074 | ||
| 5. Other reserves | 075 | 9.529.123 | 9.529.123 |
| IV. REVALUATION RESERVES | 076 | ||
| V. FAIR VALUE RESERVES (ADP 078 to 080) | 077 | 273.313 | 295.257 |
| 1. Fair value of financial assets available for sale | 078 | 273.313 | 295.257 |
| 2. Efficient portion of cash flow hedge | 079 | ||
| 3. Efficient portion of foreign net investment hedge | 080 | ||
| VI. RETAINED EARNINGS OR LOSS CARRIED FORWARD (ADP 082-083) | 081 | 228.523.684 | 439.340.145 |
| 1. Retained earnings | 082 | 228.523.684 | 439.340.145 |
| 2. Loss carried forward | 083 | ||
| VII. PROFIT OR LOSS FOR THE FINANCIAL YEAR (ADP 085-086) | 084 | 336.657.721 | 450.149.654 |
| 1. Profit for the financial year | 085 | 336.657.721 | 450.149.654 |
| 2. Loss for the financial year | 086 | ||
| VIII. MINORITY INTEREST | 087 | ||
| B) PROVISIONS (ADP 089 to 094) | 088 | 26.578.807 | 26.501.490 |
| 1. Provisions for pensions, severance pay and similar libabilities | 089 | ||
| 2. Provisions for tax obligations | 090 | ||
| 3. Provisions for litigations in progress | 091 | 26.578.807 | 26.501.490 |
| 4. Provisions for renewal of natural resources | 092 | ||
| 5. Provision for costs within warranty period | 093 | ||
| 6. Other provisions | 094 | ||
| C) NON-CURRENT LIBILITIES (ADP 096 to 106) | 095 | 1.351.548.203 | 1.701.973.162 |
| 1. Liabilites to related parties | 096 | ||
| 2. Liabilities for loans, deposits etc of undertakings in a Group | 097 | ||
| 3. Liabilities to undertakings with participating interest | 098 | ||
| 4. Liabilities for loans, deposits etc of undertakings with participating interest | 099 | ||
| 5. Liabilities for loans, deposits and other | 100 | ||
| 6. Liabilities to banks and other financial institutions | 101 | 1.332.585.946 | 1.683.146.047 |
| 7. Liabilities for advance payments | 102 | ||
| 8. Trade payables | 103 | ||
| 9. Amounts payable for securities | 104 | ||
| 10. Other non-current liabilities | 105 | 2.044.339 | 1.903.711 |
| 11. Deffered tax | 106 | 16.917.918 | 16.923.404 |
| D) CURRENT LIABILITIES (ADP 108 to 121) | 107 | 361.331.313 | 303.609.524 |
| 1. Liabilities to undertakings in a Group | 108 | 195.394 | 57.620 |
| 2. Liabilities for loans, deposits etc of undertakings in a Group | 109 | ||
| 3. Liabilities to undertakings with participating interest | 110 | ||
| 4. Liabilities for loans, deposits etc of undertakings with participating interest | 111 | ||
| 5. Liabilities for loans, deposits and other | 112 | ||
| 6. Liabilities to banks and other financial institutions | 113 | 159.263.170 | 42.248.542 |
| 7. Amounts payable for prepayment | 114 | 22.878.112 | 91.716.146 |
| 8. Trade payables | 115 | 150.726.630 | 99.815.100 |
| 9. Liabilities upon loan stocks | 116 | ||
| 10. Liabilities to emloyees | 117 | 18.821.064 | 33.641.147 |
| 11. Taxes, contributions and similar liabilities | 118 | 7.640.156 | 33.192.873 |
| 12. Liabilities arising from share in the result | 119 | 59.985 | 72.403 |
| 13. Liabilities arising from non-current assets held for sale | 120 | ||
| 14. Other current liabilities | 121 | 1.746.802 | 2.865.693 |
| E) ACCRUED EXPENSES AND DEFERRED INCOME | 122 | 84.466.337 | 103.675.115 |
| F) TOTAL LIABILITIES (ADP 067+088+095+107+122) G) OFF-BALANCE SHEET ITEMS |
123 124 |
4.148.007.140 54.631.638 |
4.803.224.310 54.572.742 |
| Item | ADP code |
Preceding period | Current period | ||||
|---|---|---|---|---|---|---|---|
| 1 | 2 | Cummulative 3 |
Quarter 4 |
Cummulative 5 |
Quarter 6 |
||
| I. OPERATING INCOME (ADP 126 to 130) | 125 | 1.388.401.414 | 959.447.075 | 1.542.299.506 | 1.051.068.002 | ||
| 1. Revenues from sales with undertakings in a Group | 126 | 504.586 | 107.830 | 9.431.040 | 4.371.097 | ||
| 2. Sales revenues (outside the Group) | 127 | 1.367.787.599 | 951.638.564 | 1.520.187.012 | 1.042.866.548 | ||
| 3. Revenues from use of own products, goods and services | 128 | 1.945.358 | 774.985 | 3.136.095 | 1.419.855 | ||
| 4. Other operating revenues with undertakings in a Group | 129 | 24.222 | 8.398 | 42.241 | 7.134 | ||
| 5.Other operating revenues (outside the Group) | 130 | 18.139.649 | 6.917.298 | 9.503.118 | 2.403.368 | ||
| II. OPERATING EXPENSES (ADP 132+133+137+141+142+143+146+153) | 131 | 937.164.842 | 466.448.165 | 1.080.372.852 | 527.164.276 | ||
| 1. Changes in inventories of finished products and work in progress | 132 | ||||||
| 2. Material costs (ADP 134 to 136) | 133 | 377.176.173 | 217.275.569 | 418.643.424 | 238.841.233 | ||
| a) Cost of raw materials & consumables | 134 | 206.303.849 | 115.834.590 | 241.602.189 | 133.060.307 | ||
| b) Cost of goods sold | 135 | 2.235.915 | 1.670.877 | 2.749.445 | 1.493.980 | ||
| c) Other costs | 136 | 168.636.409 | 99.770.102 | 174.291.790 | 104.286.946 | ||
| 3. Staff costs (ADP 138 to 140) | 137 | 283.614.136 | 142.428.457 | 344.484.076 | 158.723.160 | ||
| a) Net salaries | 138 | 178.485.660 | 92.471.119 | 207.014.411 | 95.251.346 | ||
| b) Employee income tax | 139 | 67.203.991 | 32.169.764 | 89.158.734 | 41.326.322 | ||
| c) Tax on payroll 4. Depreciation and amortisation |
140 141 |
37.924.485 180.248.254 |
17.787.574 61.964.245 |
48.310.931 215.613.149 |
22.145.492 81.738.393 |
||
| 5. Other expenditures | 142 | 88.369.594 | 38.670.084 | 95.540.566 | 44.976.645 | ||
| 6. Value adjustment (ADP 144+145) | 143 | 271.483 | 229.733 | 69.637 | 0 | ||
| a) non-current assets (without financial assets) | 144 | ||||||
| b) current asssets (without financial assets) | 145 | 271.483 | 229.733 | 69.637 | 0 | ||
| 7. Provisions (ADP 147 to 152) | 146 | 0 | 0 | 0 | 0 | ||
| a) Provision for pensions, severance payments and other employment | 147 | ||||||
| benefits | |||||||
| 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 8. Other operating expenses |
152 153 |
7.485.202 | 5.880.077 | 6.022.000 | 2.884.845 | ||
| III. FINANCIAL INCOME (ADP 155 to 164) | 154 | 78.723.787 | 9.448.512 | 55.622.830 | 10.438.960 | ||
| 1. Income from stakes (shares) in undertakings in a Group | 155 | ||||||
| 2 Income from stakes (shares) in undertakings with participating interest | 156 | ||||||
| 3. Income from other non-current financial investments and loans to | |||||||
| undertakings in a Group | 157 | ||||||
| 4. Other interest income from undertakings in a Group | 158 | ||||||
| 5. Foreign exchange differences and other financial income from undertakings in a Group |
159 | ||||||
| 6. Income from other non-current financial investments and loans | 160 | ||||||
| 7. Other interest income | 161 | 286.949 | 57.008 | 161.037 | 44.193 | ||
| 8. Foreign exchange differences and other financial income | 162 | 32.975.611 | 6.378.531 | 45.717.290 | 9.530.602 | ||
| 9. Unrealized gains (income) from the financial assets | 163 | 8.150.742 | 2.277.091 | 7.098.051 | 0 | ||
| 10. Other financial income | 164 | 37.310.485 | 735.882 | 2.646.452 | 864.165 | ||
| IV. FINANCIAL COSTS (ADP 166 to 172) | 165 | 39.703.711 | 13.781.350 | 67.399.830 | 43.867.493 | ||
| 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 | 23.006.268 | 8.439.847 | 28.006.784 | 10.588.823 | ||
| 4. Foreign exchange differences and other expenses | 169 | 6.905.672 | 1.105.832 | 27.044.408 | 23.142.794 | ||
| 5. Unrealized loss (expenses) from the financial assets | 170 | 7.293.756 | 2.367.168 | 5.990.954 | 4.385.659 | ||
| 6. Value adjustment expense on financial assets (net) | 171 | 5.629.924 | 5.629.924 | ||||
| 7. Other financial expenses | 172 | 2.498.015 | 1.868.503 | 727.760 | 120.293 | ||
| 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 | 1.467.125.201 | 968.895.587 | 1.597.922.336 | 1.061.506.962 | ||
| X. TOTAL EXPENSES (ADP 131+165+175+176) | 178 | 976.868.553 | 480.229.515 | 1.147.772.682 | 571.031.769 | ||
| XI. PROFIT OR LOSS BEFORE TAX (ADP 177-178) | 179 | 490.256.648 | 488.666.072 | 450.149.654 | 490.475.193 | ||
| 1. Profit before tax (ADP 177-178) | 180 | 490.256.648 | 488.666.072 | 450.149.654 | 490.475.193 | ||
| 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 | 490.256.648 | 488.666.072 | 450.149.654 | 490.475.193 | ||
| 1. Profit for the period (ADP 179-182) | 184 | 490.256.648 | 488.666.072 | 450.149.654 | 490.475.193 | ||
| 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 (ADP 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 | 490.256.648 | 488.666.072 | 450.149.654 | 490.475.193 |
|---|---|---|---|---|---|
| 1. Attributable to parent company's shareholders | 200 | 490.256.648 | 488.666.072 | 450.149.654 | 490.475.193 |
| 2. Attributable to non-controlling interests | 201 | ||||
| I. PROFIT OR LOSS FOR THE PERIOD | 202 | 490.256.648 | 488.666.072 | 450.149.654 | 490.475.193 |
|---|---|---|---|---|---|
| II. OTHER COMPREHENSIVE INCOME /LOSS BEFORE TAX (ADP 204 to 211) |
203 | -33.645.125 | -354.020 | 27.429 | 12.401 |
| 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 | -33.645.125 | -354.020 | 27.429 | 12.401 |
| 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 | -2.620.331 | -67.640 | 5.485 | 2.480 |
| IV. NET OTHER COMPREHENSIVE INCOME OR LOSS FOR THE YEAR (ADP 203-212) |
213 | -31.024.794 | -286.380 | 21.944 | 9.921 |
| V. TOTAL COMPREHENSIVE INCOME/LOSS FOR THE PERIOD (ADP 202+213) |
214 | 459.231.854 | 488.379.692 | 450.171.598 | 490.485.115 |
| 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 | 490.256.648 | 450.149.654 |
| 2. Adjustments (ADP 003 to 010) | 002 | 135.272.421 | 226.821.157 |
| a) Depreciation and amortisation | 003 | 180.248.254 | 215.613.149 |
| b) Profit and loss from sales and value adjustments of non-current tangible and intangible assets | 004 | -628.943 | -541.985 |
| c) Profit and loss from sales and unrealised profit and loss and value adjustments of financial assets | 005 | -34.781.699 | 5.427.318 |
| d) Income from interest and dividends | 006 | -2.856.857 | -3.080.252 |
| e) Interest expenses | 007 | 23.006.268 | 28.006.784 |
| f) Provisions | 008 | -5.313.060 | -36.231 |
| g) Foreign exchange differences (unrealized) | 009 | -23.544.555 | -17.460.530 |
| h) Other adjustments for non-cash transactions and unrealized profit and loss | 010 | -856.987 | -1.107.096 |
| I. Increase or decrease of cash flow before changes in working capital (ADP 001+002) | 011 | 625.529.069 | 676.970.811 |
| 3. Changes in working capital (ADP 013 to 016) | 012 | 46.015.556 | -61.382.401 |
| a) Increase or decrease of current liabilities | 013 | 172.373.397 | 59.856.663 |
| b) Increase or decrease of current receivables | 014 | -124.710.997 | -81.302.416 |
| c) Increase or decrease of inventories | 015 | -2.124.627 | 945.450 |
| d) Other increase or decrease of working capital | 016 | 477.783 | -40.882.098 |
| II. Cash from operating activities (ADP 011+012) | 017 | 671.544.625 | 615.588.410 |
| 4. Interest | 018 | -24.192.460 | -28.006.784 |
| 5. Income tax paid | 019 | 352.212 | 102.419 |
| A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019) | 020 | 647.704.377 | 587.684.045 |
| CASH FLOW FROM INVESTMENT ACTIVITIES | |||
| 1. Proceeds from sale of non-current assets | 021 | 628.943 | 541.985 |
| 2. Proceeds from selling financial instruments | 022 | 39.024.278 | 42.284.424 |
| 3. Proceeds from interest rates | 023 | 676.253 | 161.037 |
| 4. Proceeds from dividends | 024 | ||
| 5. Proceeds from repayment of given loans and savings | 025 | 37.988.547 | 8.873.326 |
| 6. Other proceeds from investment activities | 026 | 199.960.560 | 1.650.144 |
| III. Total cash proceeds from investment activities (ADP 021 to 026) | 027 | 278.278.581 | 53.510.916 |
| 1. Purchase of non-current tangible and intangible assets | 028 | -612.507.247 | -728.523.341 |
| 2. Purchase of financial instruments | 029 | ||
| 3. Loans and deposits for the period | 030 | -11.603.406 | -8.513.163 |
| 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 | -624.110.653 | -737.036.504 |
| B) NET INCREASE OF CASH FLOW FROM INVESMENT ACTIVITIES (ADP 027+033) | 034 | -345.832.072 | -683.525.588 |
| 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 | 1.640.052 | |
| 3. Proceeds from loan principal, loans and other borrowings | 037 | 240.082.078 | 359.147.306 |
| 4. Other proceeds from financial activities | 038 | 21.943 | |
| V. Total proceeds from financial activities (ADP 035 to 038) | 039 | 240.082.078 | 360.809.301 |
| 1. Repayment of loan principals, loans and other borrowings and debt-based financial instruments |
040 | -91.852.251 | -108.501.465 |
| 2. Dividends paid | 041 | -37.330.521 | -98.342.354 |
| 3. Payment of finance lease liabilities | 042 | -193.777 | -154.767 |
| 4. Re-purchase of treasury shares and decrease in subscribed share capital | 043 | -35.692.643 | |
| 5. Other payments from financial activities | 044 | -31.024.795 | -10.214.959 |
| VI. Total cash payments from financing activities (ADP 040 to 044) | 045 | -196.093.987 | -217.213.545 |
| C) NET CASH FLOW FROM FINANCIAL ACTIVITIES (ADP 039+045) | 046 | 43.988.091 | 143.595.756 |
| 1. Cash and cash equivalents-unrealized foreign exchange differences | 047 | ||
| D) NET INCREASE OR DECREASE OF CASH FLOW (ADP 020+034+046+047) | 048 | 345.860.396 | 47.754.213 |
| 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 | 647.657.476 | 285.401.910 |
49 Statement of Changes in Equity (for the period from 1/1/2017 to 30/9/2017)
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 Total capital (non-con and reserves trolling) interest |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 (3 to 6 - 7 + 8 to 15) |
17 18 (16+17) |
| Previous period | ||||||||||||||||
| 1. Balance at 1 January of the previuos period | 01 | 1.672.021.210 | 109.139 | 61.906.040 | 34.344.407 | 29.046.586 | 0 | 31.431.842 | 211.961.240 | 105.854.201 2.088.581.493 | 2.088.581.493 | |||||
| 2. Changes in accounting policies | 02 | 0 | 0 | |||||||||||||
| 3. Error correction | 03 | 0 | 0 | |||||||||||||
| 4. Balance at 1 January of the previous period (ADP 01 to 03) | 04 | 1.672.021.210 | 109.139 | 61.906.040 | 34.344.407 | 29.046.586 | 0 | 0 | 0 31.431.842 |
0 | 0 211.961.240 |
105.854.201 2.088.581.493 | 0 2.088.581.493 | |||
| 5. Profit/loss for the period | 05 | 336.657.721 | 336.657.721 | 336.657.721 | ||||||||||||
| 6. Foreign currency translation differences- foreign operations | 06 | 0 | 0 | 0 | ||||||||||||
| 7. Changes in revaluation reserves of non-current tangible and intangible assets | 07 | 0 | 0 | |||||||||||||
| 8. Profit or loss from re-evaluation of finacial assets held for sale | 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 11. Share in other comprehensive income/loss from undertakings with participat- ing interest |
10 11 |
0 0 |
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 18. Repurchase of own shares/ stakes |
17 18 |
36.708.367 | 0 -36.708.367 |
0 -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 | 450.149.654 | 450.149.654 | 450.149.654 | ||||||||||||
| 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 | 27.429 | 27.429 | 27.429 | ||||||||||||
| 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 | -5.485 | -5.485 | -5.485 | ||||||||||||
| 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 | -99.352.193 | -97.953.977 | -97.953.977 | |||||||||||
| 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 23. Balance as at 31 December of the current period (ADP 30 to 48) |
48 49 |
1.672.021.210 | 3.602.906 | 83.601.061 | 44.815.284 | 35.889.621 | 0 9.529.123 |
0 295.257 |
0 | 0 439.340.145 |
0 450.149.654 2.667.465.019 |
0 0 2.667.465.019 |
||||
| 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) II. COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD |
50 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 21.944 |
0 | 0 0 |
0 | 21.944 | 0 21.944 |
||
| (ADP 31 + 50) | 51 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 21.944 |
0 | 0 0 |
450.149.654 | 450.171.598 | 0 450.171.598 |
||
| 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 | 0 210.816.461 |
-336.657.721 | -106.789.059 | 0 -106.789.059 |
Valamar Riviera d.d. Stancija Kaligari 1 52440 Poreč, Hrvatska T +385 (52) 408 002 F +385 (52) 451 608 E [email protected] W www.valamar.com
Investor Relations Stancija Kaligari 1 52440 Poreč, Hrvatska T +385 (52) 408 159 F +385 (52) 451 608 E [email protected] W www.valamar-riviera.com
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.