The session of the General Assembly of the Adris Group, held in Rovinj, ended the holding of the annual general meetings of the companies within the Group.Explaining last year’s business results and business plan for this year, the President of the Management Board of the Adris Group, mr. sc. Ante Vlahović, commented on the socio-economic, legal-political and psychological circumstances in which we live and do business.He pointed out that Adris, in the circumstances of declining competitiveness, lack of necessary structural reforms and general negative attitude towards entrepreneurship, after the completion of the transformation of the system, continued with strategic moves at the Group level. “Success in Croatia has never been associated with the prevailing Croatian mentality. We will continue to invest, select the best people and follow best business practices. Adris, instead of mediocrity, chooses excellence!”Vlahovic pointed out.The key event that, as he pointed out, will contribute to the further growth and development of Adris is the decision to purchase and sign a contract on the purchase and sale of shares and a strategic partnership with HUP Zagreb. With the preparation of the acquisition at the end of 2017 and the formal completion in the first part of 2018, the Adris Group continued its investment strategy in the highest segments of the hotel offer. Preconditions have been created for year-round operations and increased operational, financial and other synergy effects, which strengthens Adris’ core business. By expanding its tourist portfolio to growing Croatian destinations, one of the leading hotel companies has been created, which operates in the most attractive tourist destinations in the country.As reported by the company’s management, in 2017 the Adris group generated total revenue in the amount of HRK 5,54 billion. Operating revenue amounted to HRK 4,99 billion, while revenue from the sale of goods and services amounted to HRK 4,37 billion. Revenue of HRK 3,03 billion was generated on the domestic market, and HRK 1,35 billion on foreign markets. Net profit amounts to HRK 374 million, with profit after minority interests amounting to HRK 293 million, which includes an additional provision based on exposure to Agrokor. Thus, a provision in the amount of 60 percent of total receivables was made. Finally, in 2017, Adris companies achieved double-digit growth in net profit, and, looking at the consolidated, the growth is 33 percent.Maistra achieved double-digit growth in key business indicatorsAdris’ investments to date, worth more than HRK 2017 billion, in the highest segment of services and destination development, with further efficiency gains, have resulted in double-digit growth in all key Maistra business indicators in 3,5. There were 1,14 million overnight stays, an increase of ten percent compared to the previous year, with an increase in the average price of overnight stays of five percent. Operating revenues amounted to 13 billion and were 400 percent higher than last year. EBITDA (profit before depreciation, interest and taxes) amounts to HRK 21 million, which is a growth of 27 percent. EBIT (earnings before interest and taxes) grew by 229 percent and amounted to HRK 162 million. The realized net profit amounts to HRK 14 million, which is an increase of XNUMX percent compared to the previous year.Investments in 2017 amounted to HRK 510 million. At the beginning of the year, the reconstruction of the accommodation part of the Eden hotel worth 66 million kuna was completed. Investments in camps, worth almost HRK 200 million, have also been completed, mostly related to the arrangement of infrastructure and raising the quality of common facilities. At the end of 2017, the renovation of the Hilton Hotel in Dubrovnik began. The newly renovated hotel reopened in April this year. During 2017, work began on the construction of the new Park Hotel, a key product in the process of completing the top hotel offer in Rovinj, which is expected to be completed by the end of this year. In addition to investing in raising the quality of its own content, Maistra is continuously working onincreasing the recognizability and shaping the tourist offer of Rovinj as a destination. Among other events, in May 2017, Maistra re-organized the prestigious international sporting event, the Beach Polo Tournament.The low total indebtedness of the tourism part of the Group enables the continuation of the investment cycle which is the basis for further growth and development of the company. By 2021, an additional two billion kuna will be invested in the tourist part of the Group, which will bring 95 percent of hotel capacities to the highest level of supply.Dividend growth, HRK 17,50 per share will be paid on July 20, 2018. Pursuant to the decision of the General Assembly on the payment of a dividend of HRK 17,5 per share, the amount of HRK 287 million will be allocated from the undistributed retained earnings of the Company for the payment of a dividend. The dividend will be paid on July 20, 2018, to the accounts of the shareholders according to the balance and statement of the Central Depository and Clearing Company on June 29, 2018. The calculated amount of dividend on treasury shares is retained in retained earnings.
ANDREW King will start second on the grid for group two when the flag drops for the Williams Industries International Race Meet today in Barbados. The Guyanese who posted a 1:03.048 second time will line up alongside Barbados’ Mark Maloney who posted a 1:02.287.King, who spoke to the media said, “The performance today wasn’t bad. We have a few small changes to make and hopefully we can move up one spot.”“We are not worried, I think it was a good day considering how late we got the car yesterday,” King said.Meanwhile Mohan Rangasammy who is also running in Group 4 says that he is plagued with trouble.“We had found some issues with the car between Friday and today (yesterday) and we are getting better,” he said.Danny Persaud who will drive in Group 3 also suffered mechanical issues but qualified fourth.“We had some issues after qualifying but we will be ready for tomorrow (today),” he said.Meanwhile, Rameez Mohamed qualified seventh on the grid for the Group 2 and will run the ‘Class 2’ segment of the group.“Tyres made a big difference today (Saturday). We ran a less-grippy tyre than the other guys and we can’t get the tyre to buy here so we will run with a different class.”There was not much luck for Kristian Jeffrey who will start seventh as well, after mechanical issues plagued him also.“In the first practice, we were in the top three but just before qualifying, we had an issue with the car not downshifting. We found the problem after so tomorrow we should be good.“However, fighting through the pack will be tough. I have to get the launch perfect,” he added.Today’s race begins at 09:00hrs. (By Stephan Sookram in Barbados, compliments of Secure Innovations and Concepts Inc., Transpacific Motorspares and Auto Sales, Nexus Machining and Fabrication workshop, B.M. Soat Auto Sales and Spares, Miracle Optical)