Adris Grupa is not downsizing, management is taking a 30% pay cut

In addition to the HRK 3m donated by the Adris Foundation for the procurement of respirators for Rijeka and Pula hospitals, Adris Management Board also decided to donate HRK 2m for the reconstruction of cultural monuments damaged in the recent earthquake in Zagreb

In order to overcome the difficulty of the situation caused by the coronavirus pandemic, the Management Board of Adris Grupa, with the approval of the Supervisory Board, has made a series of decisions that will impact the operations of affiliated companies, primarily their liquidity and profitability, and the long-term sustainability of the company in the newly emerged circumstances.

In addition, regardless of the circumstances domestically and globally, and of the severity of economic and social situation, Adris Management Board decided that no employees would be laid off. The investments that have already been agreed and investments that have been launched will be realized, and preparations for planned projects will also continue.

However, aware of the circumstances and the unknowns concerning the duration of the crisis – and regardless of the exceptionally good business results achieved in 2019, the company's strength and potential – the management of the company will be taking a 30% pay cut in the next 3+3 months.

According to unaudited consolidated reports for Q4 2019, Adris Grupa recorded HRK 6.1bn in total revenues in 2019, which represents a 5% growth. Revenues from sales of goods and services stood at HRK 5.4bn and were 7% higher compared to the previous year. Revenues from foreign markets were 5% higher, amounting to HRK 1.59bn. Net income amounted to HRK 506m, up by 13.4%. Net income after minority interest amounted to HRK 402 and was 31% higher than in the previous year.

In addition to the HRK 3m donated by the Adris Foundation for the procurement of respirators for Rijeka and Pula hospitals, the Adris Management Board also decided to donate HRK 2m for the reconstruction of cultural monuments damaged in the recent earthquake in Zagreb.

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