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Jadran d.d. — Interim / Quarterly Report 2018
Jul 30, 2018
2094_10-q_2018-07-30_04f9c029-e8d5-4c97-83e3-1086c65b7ae2.pdf
Interim / Quarterly Report
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MANAGEMET'S REPORT ON THE COMPANY'S BUSINESS OPERATIONS
for the period January - June 2018
(unaudited)
Crikvenica, July 2018
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
Contents
| 1. GENERAL INFORMATION 1 | |
|---|---|
| 2. ORGANISATIONAL AND OWNERSHIP STRUCTURE 2 | |
| 3. BUSINESS RESULTS 3 | |
| 4. KEY INDICATORS 4 | |
| 5. EXPOSURE TO RISKS 5 | |
| 6. EMPLOYEES 7 | |
| 7. CORPORATE GOVERNANCE CODE 7 |
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
1. GENERAL INFORMATION
Name and the company
JADRAN, joint stock company for hotels and tourism, company registration number (MBS): 040000817, identification number (OIB): 56994999963. Abbreviated company name is JADRAN d.d.
Headquarters and legal form
JADRAN d.d. is a joint stock company. Its headquarters are in Crikvenica, Bana Jelačića 16, Republic of Croatia.
Securities
The share capital of the Company amounts to HRK 491,316,690.00, or 49,131,669 ordinary stocks, each in the nominal amount of HRK 10.00. Stocks are issued in non-materialised form mark JDRN-R-B, ISIN HRJDRNRB0002, and are deposited in the depository of the Central Depository and Clearing Company.
Members of the Management Board:
- Goran Fabris, President of the Management Board
- Karlo Čulo, Member of the Management Board
Supervisory Board:
- Tomislav Kitonić, President of the Supervisory Board
- Ante Jelčić, Deputy President of the Supervisory Board
- Ivan Blažević, Member of the Supervisory Board
- Dragan Magaš, Member of the Supervisory Board
- Mirko Herceg, Member of the Supervisory Board
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
2. ORGANISATIONAL AND OWNERSHIP STRUCTURE
JADRAN d.d. is a joint stock company that is not a member of any group of companies and has no subsidiaries. Until April 2018, the Company was predominantly owned by the Republic of Croatia, and the Agreement on the Sale and Transfer of the Company's Stocks was concluded between the Restructuring and Sale Centre (CERP) and PBZ Croatia osiguranje d.d. and Erste d.o.o. on 6 April 2018.
The Company's List of shareholders with 5% or more of shares in the Company's share capital (as at 30 June 2018):
- PBZ CO OMF CATEGORY B holds 22,363,352 Stocks, representing 45,52% share in the Company's share capital;
- ERSTE PLAVI OMF CATEGORY B holds 11,963,530 Stocks, representing 24,35% share in the Company's share capital;
- CERP, on behalf of the Republic of Croatia, holds 2,492,020 Stocks, representing 5,07% share in the Company's share capital.
Shareholders of the Company on 30 June 2018
Source: The Croatian Central Clearing Depository Company
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
3. BUSINESS RESULTS
In the observed period from January to June 2018, Jadran d.d. achieved a total of 120,685 overnight stays, which is 4% more than overnight stays realised in 2017. The hotels realised the same number of overnight stays compared to the same period in 2017, while the camps realised 16% more overnight stays compared to 2017. In the period January – June 2018, capacity utilisation was at the same level as in the same period last year, while utilisation in camps recorded 16% higher results than in 2017.
The highest capacity utilisation was achieved by hotel Zagreb, TS Kačjak, TS Ad Turres, hotel International and hotels Slaven and Kaštel.
In the first six months of 2018, 15% more total revenues were realised, and 11% more expenditures than in the same period in 2017.
In 2018, the revenue structure shows 13% higher business income (income from accommodation and catering services) compared to the previous period in 2017.
Expense structure shows 9% increase in operating expenses compared to 2017. Material expenses are 8% lower in 2018 compared to 2017, while labour costs are 24% higher in the observed period of 2018 than in 2017.
Financial revenues are 57% higher in 2018 than in the observed period in 2017, while financial expenditures for the same period were 7% lower than in the previous year.
In the period from 1 January to 30 June 2018, realised loss is 6% lower than the loss realised in the same observed period in 2017.
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
4. KEY INDICATORS
| TOTAL JADRAN |
OVERNIGHT STAYS |
ARRIVALS | UNITS | CAPACITY BEDS |
|||
|---|---|---|---|---|---|---|---|
| TS | 25.567 | 7.222 | 11.230 | 1.177 | |||
| Hotels | 63.756 | 22.182 | 33.449 | 1.408 | |||
| Camp | 29.609 | 9.822 | 11.437 | 1.500 | |||
| Camping site | 1.764 | 573 | 665 | 90 | |||
| TOTAL | 120.696 | 39.799 | 56.781 | 4.175 |
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
5. EXPOSURE TO RISKS
We list the most significant risks for the Company or its business operations:
Risk of competition
The risk of competition is exceptionally high in the tourist market since other similar tourist destinations invest significant resources in growth and development of their capacities as well as in marketing activities aimed at tourist arrivals. The competition, inter alia, focuses on the price, quality and content of the tourist offer in the area of Crikvenica Riviera and other domestic and foreign tourist destinations.
Currency risk
Exposure of the Company to currency risk exists within business operations related to users of the Company's services who contract prices of services in foreign currency or apply the currency clause.
The Company also has foreign currency-based costs.
The strong kuna exchange rate policy also has a partial impact on reducing the Company's competitiveness on the world market for tourist services.
Interest rate risk
The Company is exposed to interest rate risk as it concludes credit agreements with variable interest rates. The Company manages this risk by maintaining an appropriate ratio of fixed and variable interest rates in its credit portfolio.
Risk of settlement by other contracting party
Risk of settlement by other contracting party is present in all bilateral mandatory legal relations. Given that the issue of meeting the Company's financial obligations is one of the key elements for uninterrupted business operations, the Company pays considerable attention to this risk, especially due to the situation in the domestic economy.
Liquidity risk
The Company manages this risk by maintaining adequate reserves, loans from banks as well as other sources of funding by constantly monitoring the planned and realised cash flows and compares the profile of maturity of financial assets and liabilities.
Risk of changes in tax and concession regulations
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr The risk of changes in tax regulations implies likelihood that the legislature will change the tax regulations in a manner that would negatively affect the profitability of the Company's business. The risk of changes in tax and other regulations represents a significant risk for potential investors in the
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
Company's shares. This risk is also reflected through possible changes in tax rates, but also in taxation subjects.
The Company is also exposed to risks of potential change in regulations related to concessions and concession permits, i.e. concession fees for maritime use. The right to use maritime domain is one of significant conditions for further operations of the Company.
The risk of the tourist branch of the economy and the risk of change in tourist trends
A wider political situation also has influence on tourism trends, as well as the increase in terrorism activities and the latest crisis related to refugee migrants from war-affected North African and Middle East countries, to which the Republic of Croatia has become a standard route towards the Western Europe.
Specificities of the hotel industry include a relatively short period of production and service processes, a discontinuous flow of work processes, the inability to store the tourist product, the constant preparedness of workers and means of production and the provision of services that start at the time of guest arrival (clients), i.e. according to their orders, including diversity of products and services, direct communication with guests and the need to constantly adapt to their requirements, the specificity of working conditions (long standing, long walking, high temperatures, certain nervous tension and the like), the inability to accurately plan and distribute production and service delivery in time, the rigidity of the scope and the structure of the funds that make up the dominant participation of fixed costs in the total hotel costs, the inability to fully adjust the number of employees and the level of employment capacity, the elasticity of working hours, the need to differentiate the hotel's sales prices, or constantly adjust the consumption, etc.
One of risks in the tourism industry is the seasonality where only one bad season may lead to business disturbances and liquidity problems.
Risk of lost court disputes
The Company is involved in numerous court disputes, judicial and extra-judicial proceedings regarding the establishment of ownership rights, proceedings regarding setting aside legal actions of creditors with separate satisfaction rights who did not accept the terms of the Bankruptcy Plan, civil and enforcement proceedings and proceedings conducted for the reimbursement of seized property.
Court disputes that may pose a risk for the Company are disputes to set aside legal actions of creditors who did not accept the terms of the Bankruptcy Plan. The disputes are against former employees of the Company and against Croatia osiguranje d.d. Zagreb, Rijeka Branch Office. They all have mortgages and records of foreclosures on the real property of the Company.
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
6. EMPLOYEES
The total number of employees on 30 June 2018 in JADRAN d.d. was 478 workers. Within this number, 154 workers are in permanent employment, 265 workers are employed for a limited time and 59 are students.
7. CORPORATE GOVERNANCE CODE
JADRAN d.d. applies and is governed by the principals of corporate governance practice. The Company did not adopt its own corporate governance code but it applies the provisions of the Zagreb Stock Exchange Code (the Code is available at the following link http://zse.hr/default.aspx?id=10865 ).
Shares of the Company are listed in the official market of the Zagreb Stock Exchange.
All reports and other prescribed information are publicly disclosed and made available to the public in accordance with the Capital Market Act and the Rules of the Stock Exchange.
The Company applies the recommendations of the Code, with certain deviations as stated and explained below.
Up to now, the Company did not introduce the possibility of participation and voting of shareholders at the General Assembly using modern communication technology, since there was no need to do so, i.e. no such requests have been made by the shareholders.
Remuneration to the members of the Supervisory Board is determined in a fixed amount, in accordance with the decision of the General Assembly.
The Audit Committee, the Appointment and Remuneration Committee and the Corporate Governance Committee have been appointed on 6 July 2018.
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
| ENCLOSURE 1 Reporting period: |
01.01.2018. | to | 30.06.2018. | |
|---|---|---|---|---|
| Quarterly Financial Report TFI-POD | ||||
| Tax number (MB): | 03145662 | |||
| Registration number (MBS): | 040000817 | |||
| Personal identification | 56994999963 | |||
| number (OIB): | Issuer: JADRAN D.D., CRIKVENICA | |||
| Postal code and location: | 51260 | CRIKVENICA | ||
| Street and number: Bana Jelačića 16 | ||||
| E-mail: [email protected] | ||||
| Internet address: www.jadran-crikvenica.hr | ||||
| Code and city / municipality 5 3 |
CRIKVENICA | |||
| Code and county 8 |
PRIMORSKO-GORANSKA | Number of employees: | ||
| Consolidated Report NO |
(at the end of year) Business activity code: |
|||
| Entities in consolidation (according to IFRS) | Registered seat: | Tax number (MB): | ||
| Book-keeping office: | ||||
| Contact person Natali Ivančić Majetić | ||||
| Telephone: +385 (0)51 800 482 | (Name and surname of contact person) | Telefaks: | +385 (0)51 241 349 | |
| E-mail: [email protected] | ||||
| Name and surname: Karlo Čulo | ||||
| (authorized representatives) | ||||
| Documents to be published: 2. Management Commentary Statement with notes 3. Responsibility of the Management for the preparation of the financial statements |
1. Financial Statements (Balance Sheet, Income statement, Cash Flow Statement, Statement of Changes in Equity) | |||
| (seal) | (signature of authorized representative) |
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
Balance Sheet
| as at 30 June 2018 | ||
|---|---|---|
| Item | AOP | Previous | Current |
|---|---|---|---|
| period | period | ||
| 1 | 2 | 3 | 4 |
| A) RECEIVABLES FOR REGISTARED UNPAID CAPITAL | 001 | ||
| B) NON CURRENT ASSETS (003+010+020+029+033) | 002 | 627.634.236 | 627.522.540 |
| I. INTANGIBLE ASSETS (004 do 009) | 003 | 284.252 | 203.251 |
| 1. Research & Development expenditure | 004 | ||
| 2. Patents, licences, royalties, trade marks, software&similar rights | 005 | 274.867 | 203.251 |
| 3. Goodwill | 006 | ||
| 4. Prepayments for intangible assets | 007 | ||
| 5. Intangible assets under construction | 008 | 9.385 | 0 |
| 6. Other intangible assets | 009 | ||
| II. PROPERTY, PLANT AND EQUIPMENT (011 do 019) | 010 | 623.803.273 | 625.137.780 |
| 1. Land | 011 | 298.461.517 | 298.373.064 |
| 2. Property | 012 | 263.799.030 | 296.811.446 |
| 3. Plants and equipment | 013 | 16.145.604 | 29.602.953 |
| 4. Tools, plants&vehicles | 014 | ||
| 5. Biological asset | 015 | ||
| 6. Prepayments for tangible assets | 016 | ||
| 7. Assets under construction | 017 | 45.397.122 | 350.317 |
| 8. Other tangible assets | 018 | ||
| 9. Investments property | 019 | ||
| III. FINANCIAL ASSETS (021 do 028) | 020 | 3.212.240 | 1.847.038 |
| 1. Investments in subsidiaries | 021 | ||
| 2. Loans to subsidiaries | 022 | ||
| 3. Participating interests (stakes) | 023 | ||
| 4. Loans to participating interest | 024 | ||
| 5. Investments in securities | 025 | ||
| 6. Loans & deposits | 026 | ||
| 7. Other non-current financial assets | 027 | 3.212.240 | 1.847.038 |
| 8. Investment accounted by equity method | 028 | ||
| IV. RECEIVABLES (030 do 032) | 029 | 0 | 0 |
| 1. Receivables from subsidiaries | 030 | ||
| 2. Receivables from credit sales | 031 | ||
| 3. Other receivables | 032 | ||
| V. DEFERRED TAX ASSETS | 033 | 334.471 | 334.471 |
| C) CURENT ASSETS (035+043+050+058) | 034 | 16.417.529 | 19.596.882 |
| I. INVENTORIES (036 do 042) | 035 | 1.030.455 | 1.159.461 |
| 1. Raw materials & consumables | 036 | 1.009.014 | 1.114.369 |
| 2. Work in progress | 037 | ||
| 3. Products | 038 | ||
| 4. Merchandise | 039 | 21.441 | 45.092 |
| 5. Prepayments for inventories | 040 | ||
| 6. Other available-for-sale assets | 041 | ||
| 7. Biological asset | 042 | ||
| II. RECEIVABLES (044 do 049) | 043 | 9.483.403 | 8.836.683 |
| 1. Receivables for trade debt of subsidiaries | 044 | ||
| 2. Trade receivables | 045 | 5.476.754 | 4.617.011 |
| 3. Receivables for trade debts of participating entities | 046 | ||
| 4. Amounts receivable from employees | 047 | 140.130 | 101.673 |
| 5. Receivables from government agencies | 048 | 6.932 | 1.185.075 |
| 6. Other receivables | 049 | 3.859.587 | 2.932.924 |
| III. FINANCIAL ASSETS (051 do 057) | 050 | 222.199 | 66.100 |
| 1. Investments in subsidiaries | 051 | ||
| 2. Loans to subsidiaries | 052 | ||
| 3. Participating interests (stakes) | 053 | ||
| 4. Loans to participating interest | 054 | ||
| 5. Investments in securities | 055 |
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
| 6. Loans & deposits | 056 | 222.199 | 66.100 |
|---|---|---|---|
| 7. Other financial assets | 057 | ||
| IV. CASH AND CASH EQUIVALENTS | 058 | 5.681.472 | 9.534.638 |
| D) PREPAYMENTS AND ACCRUED INCOME | 059 | 1.183.981 | 1.941.374 |
| E) TOTAL ASSETS (001+002+034+059) | 060 | 645.235.746 | 649.060.796 |
| F) OFF-BALANCE SHEET ITEMS | 061 | ||
| EQUITY AND LIABILITES | |||
| A) EQUITY (063+064+065+071+072+075+078) | 062 | 517.937.418 | 510.729.605 |
| I. SHARE CAPITAL | 063 | 491.316.690 | 491.316.690 |
| II. CAPITAL RESERVES | 064 | 25.401.322 | 25.401.322 |
| III. RESERVES FROM PROFIT (066+067-068+069+070) | 065 | 0 | |
| 1. Legal reserves | 066 | ||
| 2. Reserves for treasury shares | 067 | ||
| 3. Treasury shares and stakes (less) | 068 | ||
| 4. Statutory reserves | 069 | ||
| 5. Other reserves | 070 | ||
| IV. REVALUATION RESERVES | 071 | ||
| V. RETAINED EARNINGS (073-074) | 072 | 11.586.151 | 3.718.510 |
| 1. Retained earnings | 073 | 11.586.151 | 3.718.510 |
| 2. Loss brought forward | 074 | ||
| VI. PROFIT OR LOSS FOR THE FINANCIAL YEAR (076-077) | 075 | 10.366.745 | 9.706.917 |
| 1. Profit for the financial year | 076 | ||
| 2. Loss for the financial year | 077 | 10.366.745 | 9.706.917 |
| VII. MINORITY INTEREST | 078 | ||
| B) PROVISIONS (080 do 082) | 079 | 839.413 | 885.032 |
| 1. Provisions for redundancy costs | 080 | 392.923 | 438.542 |
| 2. Provisions for tax obligations | 081 | ||
| 3. Other provisions | 082 | 446.490 | 446.490 |
| C) NON-CURRENT LIABILITIES (084 do 092) | 083 | 82.233.066 | 93.252.562 |
| 1. Amounts payable to subsidiaries | 084 | ||
| 2. Liabilities for loans, deposits and other | 085 | ||
| 3. Liabilities towards banks and other financial institutions | 086 | 72.271.702 | 83.649.933 |
| 4. Amounts payable for prepayment | 087 | ||
| 5. Trade payables | 088 | ||
| 6. Amounts payable for securities | 089 | ||
| 7. Liabilities toward participating interests | 090 | ||
| 8. Other non-current liabilities | 091 | 9.961.364 | 9.602.629 |
| 9. Deffered tax | 092 | ||
| D) CURRENT LIABILITIES (094 do 105) | 093 | 41.583.385 | 43.166.457 |
| 1. Amounts payable to subsidiaries | 094 | ||
| 2. Liabilities for loans, deposits and other | 095 | 455.282 | 500.946 |
| 3. Liabilities towards banks and other financial institutions | 096 | 1.395.555 | 5.630.604 |
| 4. Amounts payable for prepayment | 097 | 15.713.373 | 17.421.850 |
| 5. Trade payables | 098 | 19.819.607 | 14.191.311 |
| 6. Amounts payable for securities | 099 | ||
| 7. Liabilities toward participating interests | 100 | ||
| 8. Amounts payable to employees | 101 | 2.137.201 | 2.170.050 |
| 9. Liabilities for taxes and contributions | 102 | 2.022.795 | 2.483.824 |
| 10. Dividend payables | 103 | ||
| 11. Liabilities directly associated with the assets classified as held for sale | 104 | ||
| 12. Other current liabilities | 105 | 39.572 | 767.872 |
| E) ACCRUED CHARGES AND DEFERRED REVENUE | 106 | 2.642.464 | 1.027.140 |
| F) TOTAL EQUITY AND LIABILITIES (062+079+083+093+106) | 107 | 645.235.746 | 649.060.796 |
| G) OFF-BALANCE SHEET ITEMS | 108 | ||
| ANNEX TO THE BALANCE SHEET (to be filled in by entrepreneur submitting consolidated financial report) | |||
| A) CAPITAL AND RESERVES | |||
| 1. Attributable to equity holders of the parent company's capital | 109 | ||
| 2. Attributable to minority interest | 110 | ||
| Note 1.: APPENDIX TO THE BALANCE SHEET (to be filled in by entites w ho submitting consolidated financial statements). |
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
| Item | AOP | Previous period | Current period | |||
|---|---|---|---|---|---|---|
| Cumulativ е |
Quarter | Cumulative | Quarter | |||
| 1 | 2 | з | 4 | 5 | 6 | |
| I. OPERATING INCOME (112+113) | 111 | 23.331.656 | 20.415.680 | 26.346.588 | 23.280.729 | |
| 1. Sales revenue | 112 | 21.232.072 | 19.152.945 | 24.753.869 | 22.492.708 | |
| 2. Other operating income II. OPERATING EXPENSES |
113 | 2.099.584 | 1.262.735 | 1.592.719 | 788.021 | |
| (115+116+120+124+125+126+129+130) | 114 | 33.136.287 | 22.075.309 | 36.141.141 | 23.990.680 | |
| 1. Changes in inventories of finished products and work in progress |
115 | |||||
| 2. Raw material and consumables used (117 do 119) | 116 | 14.995.305 | 10.593.652 | 13.860.261 | 10.222.800 | |
| a) Cost of raw materials & consumables | 117 | 7.327.721 | 5.735.688 | 7.368.012 | 5.842.582 | |
| b) Cost of goods sold | 118 | 26.960 | 23.878 | 33.747 | 32.376 | |
| c) Other costs | 119 | 7.640.624 | 4.834.086 | 6.458.502 | 4.347.842 | |
| 3. Staff costs (121 do 123) | 120 | 11.197.879 | 7.638.700 | 13.901.250 | 9.214.212 | |
| a) Net salaries | 121 | 7.255.594 | 4.986.187 | 8.754.434 | 5.868.102 | |
| b) Employee income tax and contributions c) Employer's contributions |
122 123 |
2.401.362 1.540.923 |
1.596.647 1.055.866 |
3.258.376 1.888.440 |
2.081.669 1.264.441 |
|
| 4. Depreciation and amortisation expense | 124 | 4.344.991 | 2.173.908 | 5.315.105 | 2.659.204 | |
| 5. Other costs | 125 | 2.544.417 | 1.651.188 | 2.842.943 | 1.672.882 | |
| 6. Impairment losses (127+128) | 126 | 0 | 0 | 0 | 0 | |
| a) non-current assets (except financial assets) | 127 | |||||
| b) current asssets (except financial assets) | 128 | |||||
| 7. Provisions | 129 | 0 | o | n | 0 | |
| 8. Other operating expenses | 130 | 53.695 | 17.861 | 221.582 | 221.582 | |
| III. FINANCIAL INCOME (132 do 136) | 131 | 957.400 | 936.572 | 1.504.271 | 1.498.466 | |
| 1. Interest, foreign exhange gains, dividends and other income from related parties |
132 | |||||
| 2. Interest, foreign exchange gains, dividends and other income from non-related and other entities |
133 | 957.400 | 936.572 | 1.504.271 | 1.498.466 | |
| 3. Income from associates and ownership interests | 134 | |||||
| 4. Unrealized gains | 135 | |||||
| 5. Other financial income | 136 | |||||
| IV. FINANCIAL EXPENSES (138 do 141) | 137 | 1.519.514 | 1.078.337 | 1.416.635 | 757.700 | |
| 1. Interest, foreign exchange losses and other expenses | 138 | |||||
| with related parties 2. Interest, foreign exchange differences and other |
||||||
| expenses with non-related and other entities 3. Unrealized losses |
139 140 |
1.519.514 | 1.078.337 | 1.416.635 | 757.700 | |
| 4. Other financial expenses | 141 | |||||
| SHARE OF INCOME OF ASSOCIATES v. |
142 | |||||
| VI. SHARE OF LOSS OF ASSOCIATES | 143 | |||||
| VII. EXTRAORDINARY - OTHER INCOME | 144 | |||||
| VIII. EXTRAORDINARY - OTHER EXPENSES | 145 | |||||
| IX. TOTAL INCOME (111+131+142 + 144) | 146 | 24.289.056 | 21.352.252 | 27.850.859 | 24.779.195 | |
| X. TOTAL EXPENSES (114+137+143 + 145) | 147 | 34.655.801 | 23.153.646 | 37.557.776 | 24.748.380 | |
| XI. PROFIT OR LOSS BEFORE TAX (146-147) | 148 | 10.366.745 | 1.801.394 | 9.706.917 | 30.815 | |
| 1. Profit before tax (146-147) | 149 | 30.815 | ||||
| 2. Loss before tax (147-146) XII. INCOME TAX EXPENSE |
150 151 |
10.366.745 | 1.801.394 | 9.706.917 | ||
| XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) | 152 | 10.366.745 | 1.801.394 | 9.706.917 | 30.815 | |
| 1. Profit for the period (149-151) | 153 | 30.815 | ||||
| 2. Loss for the period (151-148) | 154 | 10.366.745 | 1.801.394 | 9.706.917 | ||
| ANNEX TO THE PROFIT AND LOSS ACCOUNT (to be filled in by entities submitting consolidated financial statements) | ||||||
| XIV. PROFIT OR LOSS FOR THE PERIOD | ||||||
| 1. Attributable to owners of the company 2. Attributable to non-controlling interests |
155 156 |
|||||
| STATEMENTS OF COMPREHEN SIVE INCOME (to be filled by entities who work in compliance with IFRS) | ||||||
| I. PROFIT OR LOSS FOR THE PERIOD (= 152) | 157 | $-10.366.745$ | $-1.801.394$ | $-9.706.917$ | 30.815 | |
| II. OTHER COMPREHEN SIVE INCOME /LOSS BEFORE TAX | 158 | |||||
| (159 do 165) | 159 | |||||
| 1. Exchange differences arising from foreign operations 2. Revaluation of non-current assets and intangible assets |
160 | |||||
| 3. Gains or loss available for sale investments | 161 | |||||
| 4. Gains or loss on net movement on cash flow hedges | 162 | |||||
| 5. Gains or loss on net investments hedge | 163 | |||||
| 6. Share of the other comprehensive income/loss of associates |
164 | |||||
| 7. Acturial gain / loss on post employment benefit obligations |
165 | |||||
| III. TAX ON OTHER COMPREHENSIVE INCOME OF THE | 166 | |||||
| PERIOD IV. NET OTHER COMPREHENSIVE INCOME OR LOSS FOR |
||||||
| THE YEAR (158-166) | 167 | |||||
| V. TOTAL COMPREHEN SIVE INCOME/LOSS FOR THE PERIOD (157+167) |
168 | $-10.366.745$ | $-1.801.394$ | $-9.706.917$ | 30.815 | |
| APPENDIX Statement of Comprehensive Income (to be filled in by entities submitting consolidated financial statements) | ||||||
| VI. TOTAL COMPREHEN SIVE INCOME/LOSS FOR THE PERIOD | ||||||
| 1. Attributable to owners of the company | 169 | |||||
| 2. Attributable to non-controlling interests | 170 |
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
| CASH FLOW STATEMENT - Indirect method in the period 01 January 2018 to 30 June 2018 |
||||||
|---|---|---|---|---|---|---|
| Issuer: JADRAN D.D., CRIKVENICA | ||||||
| Item | AOP | Previous period |
Current period |
|||
| 1 | 2 | 3 | 4 | |||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| 1. Profit before tax | 001 | -10.366.745 | -9.706.917 | |||
| 2. Depreciation and amortisation | 002 | 4.344.991 | 5.315.105 | |||
| 3. Increase in liabilities | 003 | 29.267.110 | 19.156.057 | |||
| 4. Decrease in receivables | 004 | |||||
| 5. Decrease in inventories | 005 | |||||
| 6. Other increase in cash flow | 006 | 110.181 | ||||
| I. Total increase in operating cash flow (001 do 006) | 007 | 23.245.356 | 14.874.426 | |||
| 1. Decrease in liabilities | 008 | 2.433.835 | ||||
| 2. Increase in receivables | 009 | 6.740.578 | 5.548.322 | |||
| 3. Increase in inventories | 010 | 673.135 | 697.794 | |||
| 4. Other decrease in cash flow | 011 | 286.912 | 675.279 | |||
| II. Total decrease in operating cash flow (008 do 011) | 012 | 10.134.460 | 6.921.395 | |||
| A1) NET INCREASE IN OPERATING CASH FLOW | 013 | 13.110.896 | 7.953.031 | |||
| (007-012) A2) NET DECREASE IN OPERATING CASH FLOW |
||||||
| (012-007) | 014 | |||||
| CASH FLOW FROM INVESTMENT ACTIVITIES | ||||||
| 1. Proceeds from sale of property, plant and equipment | 015 | |||||
| 2. Net disposal of financial assets | 016 | |||||
| 3. Interest received | 017 | 56.841 | 622 | |||
| 4. Dividend received | 018 | |||||
| 5. Other cash from investing activities | 019 | 987.047 | 66.100 | |||
| III. Total cash flow from investing activities (015 do 019) | 020 | 1.043.888 | 66.722 | |||
| 1. Purchase of property, plant and equipment and intangible assets | 021 | 40.729.056 | 2.472.477 | |||
| 2. Purchase of financial instruments | 022 | |||||
| 3. Other cash flow used in investing activites | 023 | 32.280 | ||||
| IV. Total cash flow from investing activities (021 do 023) | 024 | 40.761.336 | 2.472.477 | |||
| B1) NET INCREASE IN CASH FLOW FROM INVESTING ACTIVITIES (020-024) |
025 | |||||
| B2) NET DECREASE IN CASH FLOW FROM INVESTING ACTIVITIES (024-020) |
026 | 39.717.448 | 2.405.755 | |||
| CASH FLOW FROM FINANCIAL ACTIVITIES | ||||||
| 1. Proceeds from issuance of financial instruments | 027 | |||||
| 2. Proceeds from loans | 028 | 29.263.677 | 2.648.708 | |||
| 3. Other cash flow from financial activities | 029 | 0 | ||||
| V. Total cash flow from financial activities (027 do 029) | 030 | 29.263.677 | 2.648.708 | |||
| 1. Repayment of interest-bearing borrowings | 031 | 1.313.816 | ||||
| 2. Dividend paid | 032 | |||||
| 3. Repayment of finance lease | 033 | |||||
| 4. Repurchase of treasury shares | 034 | |||||
| 5. Other cash flow used in financial activities | 035 | 886.345 | ||||
| VI. Total cash flow used in financial activities (031 do 035) | 036 | 886.345 | 1.313.816 | |||
| C1) NET INCREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (030-036) |
037 | 28.377.332 | 1.334.892 | |||
| C2) NET DECREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES | 038 | |||||
| (036-030) Total increase in cash flow (013 – 014 + 025 – 026 + 037 – 038) |
039 | |||||
| 1.770.780 | 6.882.168 | |||||
| Total decrease in cash flow (014 – 013 + 026 – 025 + 038 – 037) Cash and cash equivalents at the beginning of the period |
040 041 |
|||||
| Increase in cash and cash equivalents | 042 | 3.910.692 1.770.780 |
2.652.470 6.882.168 |
|||
| Decrease in cash and cash equivalents | 043 | |||||
| Cash and cash equivalents at the end of the period | 044 | 5.681.472 | 9.534.638 | |||
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
STATEMENT OF CHANGES IN EQUITY
| for the period from 30.6.2018 1.1.2018 to |
|||
|---|---|---|---|
| Item | AOP | Previous period |
Current period |
| 1 | 2 | 3 | 4 |
| 1. Share capital | 001 | 491.316.690 | 491.316.690 |
| 2. Capital reserves | 002 | 25.401.322 | 25.401.322 |
| 3. Reserves from profit | 003 | ||
| 4. Retained earnings | 004 | 11.586.151 | 3.718.510 |
| 5. Profit or loss for the period | 005 | -10.366.745 | -9.706.917 |
| 6. Revaluation of property, plant and equipment | 006 | ||
| 7. Revaluation of intangible assets | 007 | ||
| 8. Revaluation of financial financial assets available for sale | 008 | ||
| 9. Other revaluations | 009 | ||
| 10. Total capital and reserves (AOP 001 do 009) | 010 | 517.937.418 | 510.729.605 |
| 11. Foreign exchange differences from investments in foreign operations | 011 | 0 | |
| 12. Current and deferred taxes | 012 | ||
| 13. Cash flow hedge | 013 | ||
| 14. Changes in accounting policies | 014 | ||
| 15. Prior year adjustment | 015 | 0 | -3.636.990 |
| 16. Other changes in equity | 016 | ||
| 17. Total increase/decrease in equity (AOP 011 do 016) | 017 | 0 | -3.636.990 |
| 17 a. Parent company share in subsidiary | 018 | ||
| 17 b. Minority interest | 019 |
Items that decrease equity have negative sign
Items from 001 to 009 are state of balance sheet date
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
Notes to financial statements
Business data for the period from 1 January to 30 June 2018 are specified in the interim report which is an integral part of the report for the second quarter of 2018, i.e. the half-year of 2018.
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X
Pursuant to Articles 407 and 410 of the Capital Market Act (Official Gazette 88/08, 146/08), the Management Board of the company JADRAN d.d., according to our best knowledge, gives the following
STATEMENT BY PERSONS RESPONSIBLE FOR THE PREPARATION OF THE REPORT
Unaudited financial reports of JADRAN d.d. are prepared in accordance with International Financial Reporting Standards and the Accounting Act valid at the date of the financial reports.
Unaudited financial reports of JADRAN d.d. for the period from 1 January 2018 to 30 June 2018 provide a true and fair view of the assets and liabilities, losses and gains, financial position and operations of the Company.
Report on business operations contains a true and faithful presentation of the Company's business development and results, along with a description of the most significant risks and uncertainties to which the Company is exposed.
In Crikvenica, 25 July 2018
President of the Management Board
Member of the Management Board
Jadran d.d. Hotels and Tourism, Bana Jelačića 16, HR-51260 Crikvenica | www.jadran-crikvenica.hr
Management Board: Phone: +385 (0)51 241 222 Fax: +385 (0)51 241 632 Email: [email protected]
Marketing: Phone: +385 (0)51 241 970 Fax: +385 (0)51 241 975 Email: [email protected]
Personal Identification Number (OIB): 56994999963 Privredna banka d.d. 2340009-1110722690 IBAN: HR4323400091110722690 SWIFT: PBZGHR2X