Date of release: 9.6.2009.
ADRIS GRUPA: Group’s tourist segment also records a positive result
The Supervisory Board has proposed to the Shareholders Assembly, to be held on August 31, 2009 in Rovinj, to allocate HRK 114.8 million from the Company’s retained profit to dividends, in the amount of HRK 7 per share. The dividend will be paid on a one-off basis on October 2, 2009, based on the shareholder status in the Central Clearing & Depository Company as at September 11, 2009.
Rovinj, June 9, 2009 – At yesterday’s meeting, Adris’ Supervisory Board accepted the financial statements for the year 2008, in which Adris grupa recorded a successful performance. Total income amounted to HRK 3.40 billion, operating income to HRK 3.18 billion, repeating last year’s performance, while sales increased by 13% to HRK 3.11 billion. Domestic sales reached HRK 2 billion, and foreign sales HRK 1.12 billion. In the same period, the Group recorded an EBITDA of HRK 981 million. EBIT was HRK 574 million, net profit HRK 504 million.
TDR: Exports still account for half of sales
In the given period, TDR posted a total income of HRK 2.34 billion. Operating income was HRK 2.30 billion, up 5.7% year-on-year. EBITDA reached HRK 883 million. Total sales in 2008 amounted to 13.59 billion cigarettes, with 50% achieved on export markets, including the two new markets – Italy and Iran.
TDR set up its own distribution in Croatia early in 2008. The company took over a 25 percent share in Veletabak, the leading cigarette distributor in Serbia, and has so secured better availability of TDR’s products for a long period of time. In Macedonia, the company has taken charge of the process of importing its own products.
Istragrafika saw a 4.9% increase in sales, thus remaining the leading manufacturer of retail cardboard packaging in Croatia.
After years of restructuring, Hrvatski duhani also closed the year 2008 with a profit.
Tourism: Growth in bednights and sales
When reporting on the Company’s performance, President of the Management Board of Adris grupa, Ante Vlahovic, M.Sc., pointed out that the Group’s tourism segment recorded a positive result after years of unfavorable financial performance. Sales amounted to HRK 473 million, which represents a 14% growth. 2.75 million bednights were recorded, 4.6% more compared to the previous year. Average prices rose 10%, as a direct result of major investments in product quality and overall tourist supply. Operating profit was HRK 37 million.
Maistra has completed its first 5* hotel in the Rovinj – Vrsar destination, Monte Mulini. Furthermore, existing products (TN Belvedere, TN Petalon, TN Blesicka) have been fully completed in order to improve the quality of tourist offer, in line with the strategy of positioning the offer in a higher price category, while keeping the same capacities – purchase of the hotel resort on the Sv. Katarina Island near Rovinj will certainly additionally contribute to this. With the return of this little island into Croatia’s ownership, pre-requisites have been created for further transformation of Rovinj into a 5* destination.
The Supervisory Board agreed to the merger of Rovinjturist d.d. with Maistra, which should be completed this year.
iNovine started operations
The Supervisory Board was also informed about a successful merger between Duhan d.d. Zagreb and Duhan d.d. Rijeka into iNovine with the aim of creating one of Croatia’s leading specialized retail chains. This year’s acquisition of a 51% interest in Opresa d.d. Sarajevo will also be a major contribution to this goal.
It was emphasized that Abilia d.o.o., real estate management and development company, also performed successfully in the year 2008, and that Adris grupa purchased fish farming companies Cenmar d.d. and Marimirna d.d. from their foreign owners early in 2008. These companies produce roughly 1,300 tons of gilt-head sea bream and sea bass a year, and around 15 million fry, which represents a half of total amount of fish farmed in Croatia. Furthermore, acquisitions of Marikultura Istra and Bisage-Net in Sali at the Island of Ugljan were confirmed mid 2008. The plans for the health food segment include a considerable increase in production, development of an indigenous mark and launching of bio production with greater environmental protection.
General Shareholders’ Assembly on August 31, 2009
The Supervisory Board has proposed to the General Shareholders’ Assembly, scheduled for August 31, 2009 in Rovinj, to allocate HRK 114.8 million from the Company’s retained profit to dividends, in the amount of HRK 7 per share. The dividend will be paid on a one-off basis on October 2, 2009, based on the shareholder status in the Central Clearing & Depository Company as at September 11, 2009.
At the same time, Adris’ Supervisory Board has proposed to the Shareholders’ Assembly dismiss all members of the Management and Supervisory Boards and has nominated appointment of Rino Bubicic, Tomislav Budin D.Sc., Andrea Cerin, Teodora Hodak, Ivan Lokmer, Hrvoje Patajac, M.Sc., and Marica Šorak Pokrajac D.Sc. as members of the Supervisory Board. The term of office of Supervisory Board’s members will expire on December 31, 2012.
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