FOR THE YEAR ENDED 31 DECEMBER 2021
INCLUDING INDEPENDENT AUDITOR'S REPORT
ANNUAL REPORT
Address: Rudolfa Strohala 2
Ordinary shares: ISIN HRACI0RA0000
Economic activity: R 9329
Mark
et: Regular market
LEI:7478000090X86WBQ6C10
Home member state: Croatia
ADRIATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
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CONTENTS
MANAGEMENTREPORTFORTHEYEAR2021
STATEMENTBYTHEPERSONSRESPONSIBLEFORFINANCIALREPORTING
PROPOSEDDECISIONONPROFITDISTRIBUTION
DECISIONOFTHESUPERVISORYBOARDONAPROVING THEANNUALFINANCIAL
STATEMENTSFOR2021
FINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2021INCLUDING
INDEPENDENTAUDITOR'SREPORT
Management report
1
GENERALCOMPANYDATA
ACI d.d. is a chain of 22 marinas spread along the Adriatic, from Umag in the north to Dubrovnik in
the south. In addition to marinas, ACI d.d. provides services in the anchorage in the Podražanj bay,
which uses the infrastructure of Marina Žut and complementing business activity. The Company’s
main business activity is providing yearly, monthly and daily berthing services in ports for nautical
tourism. In addition to this, ACI offers its clients supplementary services, such as boat lowering and
lifting, towing, boat ramp services and so on. Other activities, such as catering, retail business,
charter etc., are provided by other legal and natural entities on the basis of business cooperation
contracts. In 2021, ACI marinas had 5,865 berths at their disposal, of which 5,279 wet berths and
586 dry berths. Marinas conduct business in concession areas, for which the Company pays
concession fees. The fees consist of a fixed part, which is paid on the basis of the surface area of a
marina, and a variable part, which is paid based on the income that marinas have generated
themselves. Concession contracts of the marinas expire in late 2030, with the exceptions of the
Marina Veljko Barbieri, which expires in 2027, and anchorage Žut, expiring in 2026.
SUPERVISORYBOARD
In 2021, the members of the Supervisory Board were:
Dražen Ivanušec, President of the Supervisory Board
Dobrica Rončević, Vice President of the Supervisory Board
Marijeta Hladilo, Member of the Supervisory Board
Tomislav Ninić, Member of the Supervisory Board.
Members of the Supervisory Board are usually elected for a term of four years.
In 2021, following the four-year term ending in July 2020, the terms that the members of the
Supervisory Board were elected to were restricted to three months, with extensions provided on
three occasions, at General Assemblies held on 8 March, 28 June and 12 October 2021.
MANAGEMENTBOARD
The Company’s Management as at 31 December 2021 consists of one member:
Kristijan Pavić- Member of the Management Board – director (represents the Company
individually and independently)
Pursuant to the Decision of the Company’s Supervisory Board of 11 February 2022, starting from
14 February 2022, the Management Board of the Company consists of three members. In addition
to Kristijan Pavić, President of the Management Board, the members of the Management Board
are:
Josip Ostrogović, Member of the Management Board (represents the Company
together with the President of the Management Board)
Ivan Herak, Member of the Management Board (represents the Company together with
the President of the Management Board).
EMPLOYEES
As at 31 December 2021, the Company had 334 employees, whilst as at 31 December 2020, the
Company employed 340 employees.
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MANAGEMENTREPORTFORTHEYEAR2021
Comment from the president of the Management Board
Key performance indicators
Description of the most important risk and uncertainties
Significant events in 2021
Sales revenue trends
Profitability trends
Financial performance indicators
Market capitalisation
Ownership structure
Corporative governance
Environmental care and social responsibility
Management report
3
COMMENTFROMTHEPRESIDENTOFTHEMANAGEMENT
BOARD
The results achieved in 2021 exceeded our
expectations, especially if we take into account
the uncertainties and unknowns that marked
the year preceding it and that had accompanied
us into 2021.
The modification and adaptation of business
processes to new circumstances and the results
of the work done to date have primarily been
reflected in the preservation of financial
stability and liquidity of ACI. We have preserved
jobs and maintained fair relations with our
business partners, all with an increase in sales
revenue by HRK 36 million.
Results planned for 2022 are set at the pre-
pandemic level, and we hope that the
circumstances we are currently witnessing will
allow us to realise them.
This leaves room for the development of strategic projects that were started in the past and
the development of new ones with the aim of improving business, primarily by expanding
services other than the core business ones.
During the year, we invested HRK 44 million in the system. Among the most important
projects is the completion of the long-planned reconstruction of the breakwater on Korčula;
we also invested in the land and sea infrastructure of the marina in Vodice, and
considerable investments were made in infrastructure in Marina Dubrovnik, with works
being underway.
At this moment, further development of the Company is primarily linked to investing in
new projects and activities, but also to solving the problem of the concession contracts
period, where some strategic investments are already not profitable due to the short period
of return on investment. The above-mentioned issues, at the moment, represent the main
limiting factor in making investments and putting into action other business ideas related
to the system.
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KEYPERFOMANCEINDICATORS
inthousandsofHRK 2021 2020
Net profit 13,335 198
Operating income 212,608 179,752
EBITDA 83,674 70,336
Net profit margin 6.5% 0.1%
EBITDA margin 39% 38%
Debt ratio 26% 27%
CAPEX* 43,974 47,512
Boats days 1,420,115 1,382,244
Number of employees as at 31 December 334 340
* Right-of-use assets - lease and advance payments for tangible assets are not included
OperatingincomeandEBITDA
212,608
83,674
179,752
70,336
0
50.000
100.000
150.000
200.000
250.000
Operatingincome EBITDA
31December2021 31December2020
Management report
5
DESCRIPTIONOFTHEMOSTIMPORTANTRISKSAND
UNCERTAINTIES
Due to the uncertainty surrounding the pandemic that affected business in 2021, the activities of
the Company are still focused on maintaining the health of employees, customers, business partners
and visitors to marinas, but also on concerns about short-, medium- and long-term consequences
of this crisis. All decisions made by the Management Board are in accordance with instructions,
recommendations and decisions of the Civil Protection Committee of the Republic of Croatia and
other competent institutions, and are in line with the measures taken by the Government of the
Republic of Croatia to mitigate the negative effects of the epidemic on the Croatian economy.
The Company is actively involved in the Safe Stay in Croatia project launched by the Ministry of
Tourism and Sports in cooperation with the Croatian National Tourist Board, which aims to position
Croatia as a safe and desirable tourist destination. All marinas in the ACI system are registered in
the project, have the safety label of the World Travel and Tourism Council Safe Travels and the
national safety label Safe Stay in Croatia. The mark, ie the stamp, guarantees that the safety
protocols prescribed by the Ministry of Tourism and Sports are respected in the marina.
In cooperation with the Association of Marinas of the Croatian Chamber of Economy, Ministry of
Tourism and Sport and County Institutes of Public Health ACI has actively become involved in the
vaccination of tourist workers, and it is estimated that 70% of its employees have been vaccinated.
Regarding other risks that may affect operations as well as the achievement of results, it is
important to note that certain risks have been identified within the Company and the adoption of a
Risk management policy is planned to reduce possible negative impacts and monitor their
movements.
The credit risk of the Company is relatively low (in principle, under the annual and monthly
berthing contracts, services are paid in advance). In addition, even in the cases of payment by
instalments, the Company’s credit risk is reduced by taking measures to control the collection of
payments and by ensuring collateral instruments. Exposure to the risk of market interest rate
change is primarily linked to cash cover, and cash and cash equivalents; however, the Company
continuously monitors the trends in interest rate changes on the market, and takes action
accordingly, having in mind a favourable outcome for the Company. Interest rate risk is minimized
since fixed interest rates have been negotiated in the long-term loan agreement. The Company is
protected from currency risks by continuously planning and monitoring inflow and outflow, and,
where justified, by contracting sales and purchases in the same currency and adjusting the cash
flow dynamics. The Company manages liquidity risk by constantly monitoring the projected cash
flow and comparing and adjusting it to the actual cash inflow and outflow.
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DESCRIPTIONOFTHEMOSTIMPORTANTRISKSAND
UNCERTAINTIES(continued)
At the moment, the Company's priority is to resolve the issue of extending concession contract
periods so that the development of strategic projects can be considered. Currently, the operation of
ACI marinas is significantly affected by the duration of the concession contracts, under which all
ACI concessions (except the Veljko Barbieri marina and anchorage) expire in 2030. Limiting the
duration of the concession is the factor that has the greatest impact on the development potential
of the Company, therefore activities have been started with the aim of obtaining concession for all
marinas in the system.
Consequently, in late 2020, the Company received a written response from the relevant ministry
confirming and supporting our request for extending the concession contract periods, and stating
that, following the collection of all documentation needed, it agreed to propose to the Government
of the Republic of Croatia to grant the request.
In late September 2021, the decision of the County Council of the Šibenik-Knin County on granting
a concession on maritime domain for anchorages in the bays of Dunkovac, Vozarica and Srednja
Draga, which was awarded to ACI as concessionaire, was annulled. Consequently, appropriate
accounting records were kept in the last quarter of 2021.
Management report
7
SIGNIFICANTEVENTSIN2021
The Company's management continuously monitors the market and considers new business
opportunities in order to expand its portfolio of services with the aim of diversifying its business. It
continuously invests in the system with a view to improving the marinas and increasing guest
satisfaction. An overview of investments made in the last three years is presented below.
As a result of commitments that had been undertaken previously and investment projects already
initiated, in 2021 the Company made investments in the total amount of HRK 44 million (2020: HRK
47.5 million), of which HRK 23.5 million was invested in Marina Korčula, primarily in order to
complete the reconstruction of the breakwater. Over HRK 7.9 million was invested in Marina
Dubrovnik in order to carry out the removal of the pier and finalise the construction of the coastal
wall, while over HRK 2.9 million was invested in Marina Vodice in order to carry out works on the
improvement of offices and charter premises and to improve anchoring systems. More than HRK
2.9 million was also invested in anchoring systems in marinas Skradin and Trogir. Other
investments were made with the aim of of improving and raising standards and quality in other
marinas as well.
In 2021, the Company recognised asset impairment losses and value adjustment losses in the total
of HRK 0.9 million due to the adjustment of the remaining present value of assets in which
investments were made in 2021 or which were no longer usable.
2021
HRK 44 milion
2020
HRK 47.5 milion
2019
HRK 49.4 milion
Marina Korčula
23.5
Marina
Dubrovnik 7.9
Marina Vodice 2.9
Marina Skradin 1.5
Marina Trogir 1.4
Other investments
6.8
Significantinvestmentsin2021(inmilionHRK)
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SIGNIFICANTEVENTSIN2021(continued)
In February 2021 the Company concluded a Joint Venture Agreement with Gitone Kvarner d.o.o.,
for which purpose the company ACI–Gitoned.o.o. was founded, in which ACI has a 50% stake.
The Joint Venture has submitted a tender for the award of the concession on the construction and
commercial use of the nautical tourism port of Porto Baroš in Rijeka. At the session held in May
2021, the Government adopted the Decision to award the concession to ACI – Gitone d.o.o. for a
period of 30 years from the date of signing the concession contract. The signing of the contract will
be preceded by obtaining location permits, for which a period of 2 years is specified in the Decision.
In the said period, the newly established Company will intensively engage in all the activities
needed to obtain the documentation that is necessary to start the construction.
In addition to expandingthemarinaportfolio, ACI spent the past, somewhat quieter, period to
develop the idea of an additional service that would be complementary to the services Company
currently offers. It is a project related to the segment of air transport, by which ACI would provide
its clients with commercial services of transporting passengers by seaplanes. Since this is a specific
activity that represents a significant shift from the main activity of the Company, the planned
activities were authorised by the General Assembly of ACI d.d. at the meeting held in June 2021.
In September 2021, an additional loan agreement was signed, granting the Company a significantly
more favourable interest rate compared to the one agreed upon when the loan was made in 2018.
The additional agreement determined the interest rate at 0.7% compared to 1.47%, which was
initially agreed upon.
Management report
9
SIGNIFICANTEVENTSIN2021(continued)
This year as well, ACI has been actively involved in the Nautičkapatrola(‘BoatingPatrol’) project
of the Jutarnji List newspaper, which visited 35 marinas on the Adriatic for the fifth consequent
year. The poll held among the users of berthing services helped create the top list of Croatian
marinas and determine the recipient of the 2021 Golden Anchor. Awards were received by five ACI
marinas in mid-October: Marina Rovinj, which won exclusive recognition for the development of
elite nautical tourism, Marina Dubrovnik, which received the Golden Berth in Gastronomy Award,
Marina Cres, which was awarded the Golden Smile of the Adriatic Award, Marina Vrboska, which
was ranked third in category, and marina Vodice, as the Pearl of the Green Highway.
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SIGNIFICANTEVENTSIN2021(continued)
Since the Company places significant
emphasis on ecology and the preservation of
natural resources, in June 2021, large-scale
underwater clean-up operations were also
organised in the marinas in Šimuni and
Dubrovnik. An additional proof of the care
and attention paid to the preservation of the
environment at the Company level are the
Blue Flags, which have also been awarded in
2021 to all ACI marinas that are open all year
round.
Additional recognition for investment in
Marina Rovinj also arrived from the
Croatian Chamber of Civil Engineering. In
June 2021, the Croatian Chamber of Civil
Engineers awarded its Kolos
Construction Awards, and the project that
stood out among the winners was the
reconstruction and construction of ACI
marina Rovinj, currently the marina with
the highest standard of luxury on the
Adriatic
.
At the end of September, ACI received
another recognition, the prize of the City of
Skradin for exceptional contribution to the
development of nautical tourism in the
marina Skradin.
Management report
11
SIGNIFICANTEVENTSIN2021(continued)
In August 2021 the Company successfully renewed 4 ISO certificates: the ones for quality,
environmental and energy management and for IT security. In addition, ACI was awarded the ZelEn
certificate by HEP Opskrba d.o.o., confirming its use of energy from renewable sources.
In the crisis caused by the epidemic, the Company has recognized the importance of technology and
the availability of information and is continuously working to improve and modernize business
records and exchange information with our customers and the general public. During 2020 and
2021, the Company's website was redesigned, which still offers all the necessary information
primarily for our boaters but also all stakeholders of the Company. In order to optimize business
processes, Company plans to improve the software solution that would upgrade a number of new
functionalities.
Company also monitors and publishes in a timely manner all measures in force that can directly or
indirectly affect our boaters and other marina visitors.
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SALESREVENUETRENDS
Physicalindicatorsinboatdays
Typeofberth 2021 2020 Difference Index
Annual berth 1,214,027 1,221,903 (7,877) 99
Monthly berth 111,251 100,493 10,758 111
Daily berth 94,837 59,848 34,989 158
Total 1,420,115 1,382,244 37,871 103
Compared to the comparable period, the Company recorded a growth of physical indicators of 38
thousand boat days, which is an increase of 3%, primarily due to the growth of physical indicators
of daily berth, which increased by 35 thousand boat days. The impact and changes in
epidemiological measures and the establishment of trends at the international level are stated. The
number of boat days on a monthly berth increased by 11%, while the number of boat days on an
annual berth was realized with a decrease of 1% compared to 2020.
Physicalindicatorsinmetredays
Typeofberth 2021 2020 Difference Index
Annual berth 13,994,946 14,031,193 (36,247) 100
Monthly berth 1,153,681 1,053,286 100,395 110
Daily berth 1,185,431 737,064 448,367 161
Total 16,334,057 15,821,543 512,514 103
Physical indicators in meter days are similar to those of boat days, with a 3% increase at the system
level. Based on the presented physical indicators, it follows that the average length of vessels at
berth in ACI marinas is 11.50 meters (2020: 11.45).
As at 31 December 2021, 3,290 vessels were registered at the marinas on an annual berth, which is
56 vessels less than on the same day of the comparable period, when there were 3,346.
Management report
13
SALESREVENUETRENDS(continued)
Salesrevenuebystructure
InthousandsofHRK 2021 2020 Difference Index
Annual berthing service 102,126 102,559 (433) 100
Monthly berthing service 11,087 9,635 1,452 115
Daily berthing service 56,454 33,838 22,616 167
Income from other services to boaters 12,317 9,075 3,242 136
Rental income 19,034 13,351 5,683 143
Income from boat rental and charter 4,593 1,295 3,298 355
Total 205,611 169,753 35,858 121
In 2021, the Company recorded an increase in sales revenues, which rose by HRK 35.9 million
compared to the same period last year, representing an increase of 21%.
The gradual calming of the crisis caused by the COVID epidemic has created the prerequisites for a
very successful tourist season. The operating income earned in the third quarter was at the level of
the one in 2019, while in the fourth quarter of 2021 there was an increase in revenue, by 11%
compared to the comparable period. Revenue growth in both periods was mostly the result of
providing daily berthing services, which had a 63% share in the total increase.
Annualberthing
service (‐1.21%)
Monthlyberthing
service 4.05%
Dailyberthingservice
63.07%
Incomefromother
servicestoboaters
9.04%
Rentalincome 15.85%
Incomefromboat
rentalandcharter
9.20%
Shareofincometypeintotalincrease
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SALESREVENUETRENDS(continued)
Owing to the daily berthing service, an increase of HRK 22.6 million, or 67%, was achieved
compared to the comparable period. This is the result of a high number of visitors to ACI marinas,
especially in the second and third quarters of 2021, due to the fact that the Company made it
possible for boaters to stay safely in its marinas by adhering to all the recommendations given by
experts and by vaccinating marina employees.
By easing the measures that the Company had made available to its business partners with
businesses within the marinas in order to overcome the crisis situation, a significant increase in
rental income in the amount of HRK 5.7 million, or 43%, was realised.
In comparison to the comparable
period, which was marked primarily by
the travel ban between countries, in
2021, there was a significant increase
in the services provided in relation to
the lease of the ClubSwan fleet of
vessels which, together with the
charter of vessel Catamaran SABA 50,
generated a revenue of HRK 4.6 million
by 31 December 2021.
In addition to the revenues generated
from daily berthing services,
revenues from other services provided
to boaters increased by HRK 3.2 million compared to the comparable period, which represents an
increase of 36%.
Income from annual berthing
services was generated at the level of
the comparable period, bearing in
mind that the boat owners using the
annual berth service were granted a
total of HRK 8,1 million in reduced
rates, which represents an increase in
reduced rates of HRK 4.3 million
compared to 2020. The most
significant increase was recorded in
marinas Rovinj (HRK 1.6 million),
Dubrovnik (HRK 940 thousand) Split
(HRK 834 thousand), and Trogir (HRK
598 thousand).
Management report
15
SALESREVENUETRENDS(continued)
Salesrevenuebybusinessunit
InthousandsofHRK 2021 2020 Difference Index
Umag 9,621 8,964 657 107
Rovinj 12,230 6,931 5,299 176
Pula 5,909 4,985 924 119
Pomer 8,618 7,792 826 111
Opatija 13,733 12,850 883 107
Cres 14,054 12,691 1,363 111
Supetarska Draga 6,097 4,965 1,132 123
Rab 2,891 2,097 794 138
Šimuni 5,574 5,072 502 110
Žut 2,341 1,942 399 121
Piškera 2,857 1,801 1,056 159
Jezera 8,609 7,335 1,274 117
Vodice 12,074 11,535 539 105
Skradin 10,590 7,403 3,187 143
Trogir 9,721 8,159 1,562 119
Split 24,465 18,978 5,487 129
Milna 7,396 5,158 2,238 143
Vrboska 3,755 2,853 902 132
Plamižana 9,345 4,828 4,517 194
Korčula 3,488 4,967 (1,479) 70
Dubrovnik 22,317 21,701 616 103
Veljko Barbieri 5,308 5,441 (133) 98
ACI Sail 4,593 1,295 3,298 355
General administrative and technical
services
25 10 15 -
Total 205,611 169,753 35,858 121
In 2021, there was an increase in sales revenue in all ACI marinas except the Korčula marina, where
reconstruction works were carried out during the reporting period, which is why there were no
revenues from daily berths, and in the marina Veljko Barbieri there was a decrease of 2%.
The increase in sales revenue over HRK 3 million was realized in the marinas Rovinj, Palmižana,
Skradin and from the ACI Sail business unit.
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PROFITABILITYTRENDS
Operatingexpensestructure
InthousandsofHRK 2021 2020 Difference Index
Cost of materials (11,886) (9,516) 2,370 125
Cost of services (34,462) (29,622) 4,840 116
Personnel costs (60,287) (54,167) 6,120 111
Depreciation, amortisation and impairment (66,039) (68,222) (2,183) 97
Other operating expences (22,096) (16,090) 6,006 137
Other gains/(losses) - net 13 (21) (34) -
Other expences from Joint Venture (216) - 216 -
Total (194,973) (177,638) 17,335 110
In 2021, the Company's operating expenses increased by HRK 17.3 million, or 10%, compared to
the previous year.
Due to the rising market prices, a rather significant expense increase was recorded in the costs of
materials and services, which increased by HRK 7.2 million, or 18%, especially in other external
costs, which rose by HRK 1.2 million, and intellectual services, which increased by HRK 1 million,
while the cost of electricity rose by HRK 0.7 million, utility expenses by HRK 0.8 million, the cost of
sponsorships by HRK 0.9 million, and insurance and protection costs by HRK 0.8 million.
Personnel costs rose by HRK 6.1 million, primarily due to the adjustments in marina employees’
coefficients in accordance with the Collective Agreement, due to the different dynamics of the use
of annual leave compared to previous periods and due to the increased number of employees in
high season as well as an increase in severance pay.
The increase in other operating expenses was primarily influenced by the rise in the cost of
donations for generally beneficial purposes. Specifically, within the complete reconstruction of
Marina Rovinj, based on the agreement entered into with Maistra, ACI participated in financing the
reconstruction of the city infrastructure along the access road to the marina by donating HRK 3.3
million to the City of Rovinj. At the same time, concession costs increased by HRK 2.1 million due
to an increase in revenues that form the basis for calculating the variable part of the fee. The
increase in concession costs is partly due to the amendment of the Concessions Act, which stipulates
that from 2021 the income of the subconcessionaire generated in the activity it performs under the
concession contract is added to the total revenue of the concessionaire, in this case forming the
basis for calculating the concession fee. In addition, there was an increase in insurance costs,
specifically in the voluntary pension insurance premiums for employees, in the amount of HRK 0.7
million and an increase in subsequently identified costs incurred for previous periods in the amount
of HRK 1.4 million.
The depreciation cost decreased by HRK 2.2 million due to a reduction in the value of fixed tangible
assets, primarily buildings, with a decrease of HRK 1.4 million, and plant and equipment, with a
decrease of HRK 1 million.
Management report
17
PROFITABILITYTRENDS(continued)
Owerviewofresults
InthousandsofHRK 2021 2020 Razlike Indeks
Operating revenue 212,608 179,752 32,856 118
Operating expence (194,973) (177,638) (17,335) 110
Profit before tax 17,080 517 16,563 3,304
NetProfit 13,335 198 13,137 6,735
EBITDA 83,674 70,336 13,338 119
Operating revenues increased by HRK 32.9 million or 18% compared to the same period due to the
increase in sales revenues.
At the same time, operating expenses increased by HRK 17.3 million or 10% compared to the
comparable period, which is elaborated in more detail in the structure of operating expenses.
In 2021, a positive gross financial result in the amount of HRK 17.1 million and EBITDA in the
amount of HRK 83,7 million were achieved, which is an increase of HRK 13.3 million.
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FINANCIALPERFORMANCEINDICATORS
Financialperformanceindicators
2021 2020
In thousands of HRK
Operating revenue 212,608 179,752
Total assets 678,155 664,305
EBITDA 83,674 70,336
Annual net profit 13,335 198
ROA 1.97% 0.03%
ROE 2.7% 0.04%
EBITDA margin 39% 38%
Net profit margin 6,3% 0.1%
Current ratio 2.05 1.97
Cash ratio 1.3 0.9
Financial stability 0.8 0.9
Debt ratio 26% 27%
Total assets - to - capital ratio 1.36 1.37
Based on the main financial performance indicators stated for 2021, and due to the achieved
positive gross financial result, which is higher by HRK 16.6 million compared to the comparable
period, an increase is shown in the achieved indicators, primarily in the net profit margin, EBITDA
margin and asset profitability indicators as well as in the return on invested capital indicators.
Management report
19
MARKETCAPITALISATION
The ordinary shares of ACI d.d. are listed on the Zagreb Stock Exchange under the stock symbol ACI.
As at 31 December 2021, based on the data by Codex sortium d.o.o. ACI has a total of 683
stockholders.
The nominal value of the share is HRK 3,600, whereas the last average transaction share price was
HRK 7,000.
The Company's market capitalisation as at 31 December 2021 was HRK 777.4 milion.
Trendsoftheaverageshareprice
Informationonsharebuyback
During 2021, the Company did not hold its own shares, either directly or through a person acting
in its own name, and on behalf of the Company. There is no repurchase of treasury shares in the
Company, nor is there a workers' shareholding program.
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OWNERSHIPSTRUCTURE
Below is the ownership structure, showing the top 10 sharesholders with the largest shareholding.
The Republic of Croatia is the majority shareholder with 78.58% of Company equity share.
Ownershipstructureasat31December2021
REPUBLICOFCROATIA
(Shareholderproxyon
85.615sharesisthe
MinistryofPhysical
Planning,Construction
andStateAssets)
78,58%
OTPBankd.d.(AZOMF
–Bcategory)
8,37%
ERSTE&STEIERMARKIS
CHEBANKd.d.(PBZCO
OMF– Bcategory)
3,02%
RAIFFEISENBANK
AUSTRIAd.d.
(aggregatecustodial
accountforDP)
1,14%
ZAGREBAČKABANKA
d.d.(AZPROFITOpen
VoluntaryPension
Fund)
1,12%
BAHOVECd.o.o.
0,59%
OTPBankd.d.(AZ
MandatoryPension
Fund– Acategory)
0,46%
CROATIAN
HEALTH INSURANCE
FUND (Shareholderproxy
istheMinistryofPhysical
Planning,Construction
andStateAssets)
0,33%
BIUKSLAVKO
0,17%
MINORITY
SHAREHOLDERS
6,23%
Management report
21
FUTUREDEVELOPMENTOFTHECOMPANY
Plan2022 31December2021Realised
Operating revenue 247,303 212,608
Net profit 29,364 13,335
EBITDA 103,692 83,674
Investments in the amount of HRK 97 million areplanned for 2022. Of that amount, 90% refers to
capital investment, 7% to investment maintenance, while current maintenance makes up 3% of the
total planned amount. The largest share of investment is intended for the completion of projects
started in the previous year.
In order to expand the business activities to air transport, in 2021 a new operating unit called ACI
AIR was established, the main service of which would be to provide seaplane transport connecting
islands to the mainland. It is this business venture that will significantly affect the business plan for
2022, when the purchase of aircraft and other equipment for the purposes of ACI AIR's operation
is planned. This project will ensure that the 22 ACI marinas are connected, and, in addition to using
its own marinas, ACI plans to use 10 seaplane bases to connect islands to the mainland.
In addition, with regard to larger investments, based on the preventive inspections of anchoring
systems that have been conducted by a company authorised by the Croatian Register of Shipping,
the reconstruction of anchoring systems of piers and vessels will be carried out in several marinas
in the system in order to increase the safety of berths and to renew the certificates with the Croatian
Register of Shipping.
The Government's decision to award
a concession for the Porto Baroš
port of nautical tourism will also
significantly affect the Company's
further strategic orientation. In
2021, ACI and Gitone Kvarner d.o.o.
established a new company, ACI-
Gitone d.o.o., which was granted a
concession for the construction of
the future ACI Marina Rijeka port of
nautical tourism by public tender in
respect of the construction and use
of a special purpose port – port of
nautical tourism of Porto Baroš in
Rijeka. The ownership structure of
the newly established Company is divided in equal proportion, i.e., ACI has a 50% share. This project
will primarily contribute to the development of nautical tourism and consequently to an increase
in the local population satisfaction, principally by creating new jobs.
The planned operating income is affected by the planned revenues of ACISAIL, where the income
from lease of boat is expected to rise significantly, and by the planned increase in revenues in
MarinaKorčula after the reconstruction of the marina has been completed. In most marinas in the
system, there are plans to slightly increase operating income following the market's recovery from
the impact of the pandemic.
ADRIATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
22
22
CORPORATEGOVERNANCE
In 2021, the Company applied the Corporate Governance Code adopted by the Croatian Financial
Services Supervisory Agency (HANFA) and the Zagreb Stock Exchange, which came into force on 1
January 2020 and has been made public on the websites of the Stock Exchange (www.zse.hr) and
HANFA (www.hanfa.hr). In addition, considering the ownership structure and due to the status of
ACI d.d. as a company of strategic interest to the Republic of Croatia, the Company is also required
to apply the provisions of the Corporate Governance Code for Companies in which the Republic of
Croatia Has Shares or Interest (Narodne novine 132/17, 52/18).
The organs of ACI d.d. ensuring that the standards of good corporate governance practice are
applied are:
the General Assembly,
the Supervisory Board,
the Management Board.
The Supervisory Board Committees:
the Audit Committee,
the Appointment and Remuneration Committee.
The General Assembly is the body in which shareholders exercise their rights in the Company. The
General Assembly of the Company decides on matters determined by law and the Articles of
Association. The Company’s General Assembly is convened by the Management Board. On the
requisition of a shareholder who has, or more shareholders who among themselves have, shares
with a total nominal value of 5% (five percent) of the Company's equity and who state the purpose
and reason for its convening, the Management Board is required to convene the Company’s General
Assembly.
The General Assembly must be called at least thirty days before it is to take place and the agenda
must be made public. The time limit for convening the general assembly is extended by the days
specified for the application to participate or for the exercise of the right to vote at the general
assembly. The notice of the assembly must specify the place and time of the General Assembly and
the agenda.
Shareholders, their representatives and proxies have the right to participate and exercise their right
to vote at the General Assembly, provided that the shareholders are registered in the Central
Depository and Clearing Company computer system and that they notify the Company about their
intent to attend the General Assembly no later than six days before the General Assembly is
scheduled. The day the Company is notified is not included in this period. The General Assembly
may make legally valid decisions if at least 50% of the total number of voting shares is represented.
The General Assembly appoints an auditor, who is authorised by law to review the Company's
operations and submit a report to the General Assembly at least once a year or upon request.
The total fees for the statutory audit of annual financial statements for 2021 was HRK 80,000.00;
the fees for tax consulting amounted to HRK 57,600, and the Company paid a total of HRK
1,258,232.82 for consulting services in 2021.
The Supervisory Board has five members. Members of the Supervisory Board are elected for a term
of up to four years. One Supervisory Board member is an employee representative and is appointed
and recalled in accordance with the Labour Act, while other Supervisory Board members are
elected by the General Assembly of the Company by a majority vote, giving votes to each
Management report
23
CORPORATEGOVERNANCE(continued)
candidate specifically. In 2021, no employee representative was appointed to the Supervisory
Board.
The Supervisory Board meet to work and make decisions, and decisions may be made if the majority
of the Supervisory Board members are present at a meeting. The Supervisory Board makes
decisions by a majority of the votes cast.
The Supervisory Board of the Company supervises the conduct of the Company's business and
performs other tasks placed within its competence pursuant to the law and the Articles of
Association. The remuneration and reimbursement for the work of the Supervisory Board members
is stipulated in Article 21(4) and (5) of the Company’s Articles of Association. Pursuant to Article
21(4) of the Company's Articles of Association, in exchange for work in the Supervisory Board, a
Supervisory Board member is entitled to remuneration of HRK 2,000.00 net per month. Pursuant
to Article 21(5) of the Company's Articles of Association, in addition to the specified remuneration,
a Supervisory Board member is also entitled to the reimbursement of expenses related to meeting
attendance. The Remuneration Policy for Supervisory Board Members of Adriatic Croatia
International Club, za djelatnost marina d.d. was approved by the General Assembly in early 2022.
In 2021, the Supervisory Board members received the following income from the Company:
Dražen Ivanušec, HRK 37,521.84,
Dobrica Rončević, HRK 31,601.00,
Tomislav Ninić, HRK 33,880.55,
Marijeta Hladilo, HRK 46,805.63 (of which HRK 31,203.77 as a Supervisory Board member;
HRK 15,601.86 as an Audit Committee member.
Supervisory Board Committees
The Audit Committee is an advisory body that supports the Supervisory Board of ACI d.d. in its
efforts to generate effective corporate governance, particularly in order to enable thorough
analyses of financial statements and provide expert support to the Company's accounting
department.
The Audit Committee members are:
Marijeta Hladilo, President
Davor Vasček, Vice President
Denis Buterin, Member
The Audit Committee must have at least three members. The President and Vice President of the
Audit Committee are elected by the Audit Committee from among its members at the inaugural
meeting, convened by the Supervisory Board President. The majority of the Audit Committee
members must be independent with respect to the Company. A person is deemed independent if he
or she does not have any business, financial, family or other close relationship with the Company,
its majority shareholders or the Management, or if there are no other circumstances that cast doubt
on his or her independence. At least one member of the Audit Committee must be specialised in
accounting and/or auditing.
Members of the Audit Committee as a whole must have knowledge of the sector in which the
Company operates. The Audit Committee is independent in its work. The Audit Committee meetings
are held, as a rule, four times a year (quarterly). The Audit Committee must regularly report to the
Company's Supervisory Board on its work and results. The Audit Committee considers the
ADRIATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
24
24
CORPORATEGOVERNANCE(continued)
provisions, conditions and recommendations on an annual basis and proposes necessary changes
to the Supervisory Board of the Company, which reviews the effectiveness of the Audit Committee
once a year. The Audit Committee must regularly report to the Company's Supervisory Board on its
work and results.
In accordance with the Rules of Procedure, the Audit Committee has the following tasks:
informing the Supervisory Board of the outcome of the statutory audit, explaining how the
statutory audit has contributed to the integrity of financial reporting and explaining the
Committee’s role in the process;
monitoring the financial reporting process and submitting recommendations or proposals
in order to ensure its integrity;
with regard to financial reporting, monitoring the effectiveness of the internal quality
control system and the risk management system, and the Internal Audit, without violating
its own independence;
monitoring the process of the annual financial statements statutory audit, taking into
account all the findings and conclusions of the inspection in accordance with Article 26(6)
of the Regulation (EU) No 537/2014.;
examining and monitoring the independence of the audit firm in accordance with Articles
48, 49, 50, 52, 53 and 54 of the Audit Act and Article 6 of the Regulation (EU) No 537/2014,
in particular the appropriateness of providing non-audit services in accordance with Article
44 of the Audit Act, Article 4(2) and (3), and Article of the Regulation (EU) No 537/2014,
subject to its prior approval;
being responsible for the audit firm appointment process and proposing the selection of an
audit firm in accordance with Article 16 of the Regulation (EU) No 537/2014.
The members of the Appointment and Remuneration Committee:
Marijeta Hladilo, President
Tomislav Ninić, Member
Dobrica Rončević, Member
The Management Board may have between one and five members, which is decided upon by the
Supervisory Board. If the Supervisory Board decides that the Management Board shall consist of
more than one member, it shall make a decision to appoint one of the Management Board members
as President.
The Management Board has the rights and duties established by law, the Articles of Association and
other documents, as well as decisions of the Company's bodies. It conducts the Company's business
and submits reports to the Supervisory Board and the General Assembly of the Company. If the
Management Board consists of several members, it is required to submit the Management Board
Rules of Procedure in writing to the Supervisory Board for approval as soon as possible. Pursuant
to the Articles of Association, in certain cases the Management Board makes decisions with the
approval of the Supervisory Board. In addition to the competences and powers set out by law, the
Supervisory Board decides on the granting of prior (and only exceptionally subsequent) approval
to the Management Board to undertake the following tasks: establish new companies at home and
abroad and dissolve existing companies, adopt the Management Board Rules of Procedure, buy or
sell shares and interest in other companies, and encumber shares and interest held by the Company
in other companies, buy or sell real property, and encumber real property owned by the Company
the individual value of which exceeds HRK 1,000,000.00, assume guarantees in the amounts over
Management report
25
CORPORATEGOVERNANCE(continued)
HRK 1,000,000, take out loans and issue securities over the amount of HRK 1,000,000.00, give
procuration.
In 2021, the members of the Management Board received the following gross 2 income from the
Company, including reimbursement:
Kristijan Pavić HRK 686,626.37,
Juraj Bukša HRK 407,506.47 (Management Board Member until 12 August 2021)
The salaries of the Management Board members are set out in the contracts concluded between the
Company and the Management Board members, and in the Remuneration Policy for Management
Board Members of ADRIATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina, d.d., for the
period 2020–2023, which was approved by the General Assembly on 16 November 2020 for the
period from 2020 to 2023. The stated incomes for 2021 contain only the fixed pay.
An option of a variable part of the salary exists, which is determined by the Supervisory Board
providing specific conditions are met and in accordance with the criteria set in advance; however
this was not applied in 2021.
It is the assessment of the Company's Management Board that the current circumstances do not
warrant drawing up a long-term plan of succession. Remuneration and reimbursement to the
Supervisory Board members for their work are regulated in the Articles of Association and the
Remuneration Policies.
Appointments and remuneration are regulated in the Articles of Association and the provisions of
the Collective Agreement as well as employment contracts and the said Remuneration Policies. It
is the assessment of the Company's Management Board that there is currently no need for the
additional regulation of this. It is also assessed that the current circumstances do not warrant
drawing up a long-term plan of succession.
In 2021, ACI d.d. did not have research and development expenditures that are the basis for
government subsidies.
The Company completes the Compliance Questionnaire for Issuers of Shares on an annual basis, in
which it gives explanations if there has been a partial implementation of or departure from the
recommendations. In 2021, the Company departed from the provisions of the Corporate
Governance Code in the part given below. It is important to point out that in late 2021 and early
2022, the Company adopted a number of internal documents, procedures and policies, and certain
instances of non-compliance given below will be, for the most part, fully aligned with the provisions
of the Code with the aim of improving business practice and the transparency of business.
The Company does not require the Management Board to report to the Supervisory Board
at regular intervals about the Company's operating results, financial situation, significant
financial and non-financial risks and results of interactions with shareholders and other
stakeholders, and there is no requirement that the President of the Management Board
must immediately notify the Supervisory Board if an event arises or is likely to arise which
may potentially have a significant impact on the Company’s results, financial position or
reputation. Due to the change and the appointment of a three-member Management Board
in early 2022, the Company amended the Rules of Procedure, specifying the tasks and
responsibilities related to reporting on operating business, financial situation, and financial
ADRIATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
26
26
CORPORATEGOVERNANCE(continued)
and non-financial risks, and the Articles 4 and 5 of the Code will be fully implemented in
2022.
The Supervisory Board has not formally set a target percentage of female members in the
Management Board and Supervisory Board, and there is non-compliance with the
provisions of the Code (Article 14). The Regulation of the Government of the Republic of
Croatia on the conditions for the election and appointment of supervisory and management
board members in legal entities of special interest to the Republic of Croatia and the manner
of their election lays down the conditions and procedures for the election and appointment
of candidates for management and supervisory board members, and the procedure is
carried out by the relevant ministry.
The Supervisory Board has not established formal procedures for appointing members to
the Management Board and the Supervisory Board, and when nominating candidates for
Supervisory Board members to the General Assembly, the Company does not make
available, in the General Assembly materials, all the information referred to in Article 16 of
the Code. In addition, materials for the General Assembly do not contain all the information
pursuant to Article 17 of the Code. The Supervisory Board has not created a Supervisory
Board profile determining the minimum number of members and the combination of skills,
knowledge and education, as well as the professional and practical experience required in
the Supervisory Board. The Supervisory Board does not include members of different
genders, ages, backgrounds and experiences with a view to ensuring diversity of
perspectives when making decisions. Also, Article 21 is not acted on. With regard to these
instances of non-compliance with the Code, the Company acts in accordance with the
Regulation of the Government of the Republic of Croatia on the conditions for the election
and appointment of supervisory and management board members in legal entities of special
interest to the Republic of Croatia and the manner of their election, which sets out the
procedure for the election and the appointment of candidates for management and
supervisory board members, stipulating that the procedure is carried out by the relevant
ministry, which then submits its proposal to the Government, which in turn submits the
proposal to the General Assembly. Since the appointment procedure is within the remit of
the relevant ministry, the evaluation of the results and documentation in the re-election
process is conducted by the ministry. In addition, at its meeting on 8 December 2021, the
Supervisory Board established the Procedure for the Appointment/Election of the
Management Board and Supervisory Board Members, which entered into force having been
approved by the Company’s General Assembly on 25 January 2022. The Procedure defines
the above and will be fully implemented in 2022.
In relation to Articles 37, 39, 40, 49, 56 and 79 of the Code, the Supervisory Board
established the Procedure for the Appointment/Election of the Management Board and
Supervisory Board Members, defining the above; however, it entered into force in early
2022 having been approved by the Company's General Assembly and will be implemented
in 2022.
Pursuant to Article 31 of the Code, the Supervisory Board adopted a general work plan that
includes the schedule and the agenda of future meetings, with the schedule specified in the
Calendar of Events.
The Annual Report does not include the evaluation report on the Supervisory Board and its
committees, which assesses all the circumstances referred to in Article 41 of the Code.
REPORT ON THE SUPERVISION OF THE COMPANY'S AFFAIRS
28
28
Report to the General Assembly ACI d.d. on the supervision
carriedoutonthemanagementofthecompany'saffairsin2021
12 April 2022
Pursuant to Article 263(3) and Article 300c of the Companies Act, the Supervisory Board submits
to the General Assembly
REPORTONTHESUPERVISIONCARRIEDOUTONTHEMANAGEMENTOFTHE
COMPANY'SAFFAIRSIN2021ANDTHERESULTSOFTHEREVIEWOFTHE2021
REPORT
CompositionoftheSupervisoryBoardandsupervisionofthemanagementofthecompany's
affairsin2021
In 2021, the Supervisory Board supervised the management of ACI d.d.’s affairs comprised of the
following members:
Mr Dražen Ivanušec, as President of the Supervisory Board, in the period: 01/01/2021 –
31/12/2021,
Mr Dobrica Rončević, as Vice President, in the period: 01/01/2021 - 16/02/2021., 08/03/2021 -
08/06/2021, 28/06/2021 - 28/09/2021, and 12/10/2021 - 31/12/2021,
Ms Marijeta Hladilo, as a member, in the period: 01/01/2021 - 16/02/2021, 08/03/2021 -
08/06/2021, 28/06/2021 - 28/09/2021, and 12/10/2021 - 31/12/2021,
Mr Tomislav Ninić, as a member in the period: 01/01/2021 - 16/02/2021, 08/03/2021 -
08/06/2021, 28/06/2021 - 28/09/2021, and 12/10/2021 - 31/12/2021.
In 2021, no employee representative was appointed to the Supervisory Board.
The Supervisory Board supervised the management of the Company's affairs in accordance with
the provisions of the Companies Act and the Articles of Association of ACI d.d.
In 2021, the Supervisory Board held a total of twenty meetings, at which it discussed the state of
the Company’s affairs and took necessary decisions.
During their term of office, the Supervisory Board members attended the meetings of the
Supervisory Board, with the exception of the one held on 9 July 2021, from which Mr Dobrica
Rončević was absent due to a work commitment, and the one held on 29 October 2021, from which
Ms Hladilo was absent due to a work commitment.
The first meeting was held on 25 January 2021, on which draft decisions were adopted on the
election of the members of the Supervisory Board and on the Audit Committee to be submitted to
the General Assembly of the Company; the President and Vice President of the General Assembly of
the Company were appointed; and the information on exercising the right of access to information
in 2020 was taken into account.
The second meeting was held on 15 February 2021, on which consent was given to conclude a joint
venture agreement to establish the company ACI-Gitone d.o.o.; the information on the conclusion
of the Management Contract for ACI Marina Rijeka and the Joint Venture Agreement was taken note
of; and consent was given to conclude an employment contract.
The third meeting was held on 8 March 2021, on which the President and Vice President of the
Supervisory Board were appointed.
REPORT ON THE SUPERVISION OF THE COMPANY'S AFFAIRS
29
Report to the General Assembly ACI d.d. on the supervision
carriedoutonthemanagementofthecompany'saffairsin2021
(continued)
CompositionoftheSupervisoryBoardandsupervisionofthemanagementofthe
company'saffairsin2021(continued)
The fourth meeting was held on 16 March 2021, on which consent was given to accept the offer for
a concession on the maritime domain for the purpose of the construction and commercial use of a
special purpose port – the port of nautical tourism of Porto Baroš in Rijeka.
The fifth meeting was held on 8 April 2021, on which consent was given to conclude a contract for
provision of telecommunication services, to conclude a contract for services of purchasing,
developing and implementing an IT system and its maintaing, and to conclude a contract to carry
out the works on the reconstruction of the anchoring system of piers and vessels in ACI Marina
Trogir; consent was given to conclude an employment contract; the Seasonal Workers Plan was
approved; and information on the ACI AIR project was taken note of.
The sixth meeting was held on 30 April 2021, on which the Annual Financial Report for the Year
Ended on 31 December 2020 with Independent Auditor’s Report was accepted; the Supervisory
Board Report on the supervision of the management of the company's affairs for 2020 was adopted;
and draft decisions were adopted to be submitted to the General Assembly of the Company on the
following matters: the approval of the remuneration reports for the members of the Supervisory
Board and the Management Board for the business year 2020, profit distribution, granting a
discharge to the Management Board and the Supervisory Board for 2020, and the appointment of
auditors for 2021. Also, the company's Quarterly Report for the period ended on 31 March 2021
was taken note of.
The seventh meeting was held on 14 May 2021, on which draft decisions were adopted to be
submitted to the General Assembly of the Company on the following matters: the election of the
members of the Supervisory Board and on the Audit Committee, the signing of the Concession
Agreement for a Special Purpose Port – the Port of Nautical Tourism of Porto Baroš, the ACI AIR
project, the amendment of the Company’s Articles of Association, and the drafting of the
consolidated text of the Company’s Articles of Association; and the President and Vice President of
the General Assembly of the Company were appointed.
The eighth meeting was held on 7 June 2021, on which consent was given to conclude an
employment contract, and to amend the Seasonal Workers Employment Plan.
The ninth meeting was held on 28 June 2021, on which the President and Vice President of the
Supervisory Board were appointed; the questionnaires stipulated in the Corporate Governance
Code were approved, and the consolidated text of the Statute of the Company was drafted.
The tenth meeting was held on 9 July 2021, on which the Report on the Exercise of the Right of
Access to Information for the period 1 January – 30 June 2021 was taken note of; consent was given
to conclude the Agreement on Regulating Mutual Relations and on Donation with Maistra d.d. and
the City of Rovinj-Rovigno; consent was given consent to conclude an employment contract; the
decision on giving procuration was accepted; and the decision was taken to start the procedure for
the selection of the President and members of the Management Board.
The eleventh meeting was held on 23 July 2021, on which consent was given to conclude the Annex
1 to the Agreement for the Reconstruction of the Main Breakwater in ACI Marina Korčula.
REPORT ON THE SUPERVISION OF THE COMPANY'S AFFAIRS
30
30
Report to the General Assembly ACI d.d. on the supervision
carriedoutonthemanagementofthecompany'saffairsin2021
(continued)
CompositionoftheSupervisoryBoardandsupervisionofthemanagementofthe
company'saffairsin2021(continued)
The twelfth meeting was held on 12 August 2021, on which a decision was taken on the
Management Board of the company, and a decision to conclude the Agreement on the Rights and
Obligations of the Management Board members; and consent was given to conclude an employment
contract.
The thirteenth meeting was held on 30 August 2021, on which draft decisions were adopted on the
election of the members of the Supervisory Board and on the Audit Committee to be submitted to
the General Assembly of the Company.
The fourteenth meeting was held on 24 September 2021, on which the Half-Yearly Report for the
Period Ended on 30 June 2021 (unaudited) was taken note of; the President and Vice President of
the General Assembly of the Company were appointed, consent was given to conclude the Annex 2
to the Loan Agreement; consent was given to conclude Annex I to the contract to carry out works
on the reconstruction of the anchoring system of piers and vessels in ACI Marina Trogir; consent
was given to conclude an employment contract; the Permanent Seasonal Workers Plan was
approved; and the information on the guidelines for the work of supervisory boards in legal entities
of special interest to the Republic of Croatia was taken note of.
The fifteenth meeting was held on 28 September 2021, on which the selected tenderer was
approved and consent was given to conclude a contract to carry out the reconstruction of the
infrastructure in ACI Marina Dubrovnik.
The sixteenth meeting was held on 12 October 2021, on which the President and Vice President of
the Supervisory Board were appointed.
The seventeenth meeting was held on 29 October 2021, on which the Nine-Month Report for the
period ended on 30 September 2021 (unaudited) was taken note of; the selected tenderer was
approved and consent was given to conclude a contract for the removal of the pier I and the
construction of the coastal wall in ACI Marina Dubrovnik; consent was given to conclude an
agreement with HEP ODS, Elektrolika Gospić (LNT Novalja) on electrical connection; and consent
was given to conclude an employment contract.
The eighteenth meeting was held on 8 December 2021, on which consent was given to adopt
internal documents in accordance with the Corporate Governance Code of HANFA and the Zagreb
Stock Exchange d.d., the Guidelines for the Work of Supervisory and Audit Committees in Legal
Entities of Special State Interest and the Guidelines for Risk Management in the Operations of Public
Sector Institutions; a report on the work and annual evaluation of the work of the Audit Committee
was taken note of; the members of the Supervisory Board were instructed to evaluate the work of
the Supervisory Board; draft decisions were adopted to be submitted to the General Assembly of
the Company on the following matters: the election of the members of the Supervisory Board, the
Audit Committee, the approval of the Remuneration Policy for Members of the Supervisory Board
of Adriatic Croatia International Club, za djelatnost marina d.d., and the approval of the Procedures
for the Appointment/Election of Members of the Management Board and the Supervisory Board;
an amendment was made to the draft decision on profit distribution, the President and Vice
REPORT ON THE SUPERVISION OF THE COMPANY'S AFFAIRS
31
Report to the General Assembly ACI d.d. on the supervision
carriedoutonthemanagementofthecompany'saffairsin2021
(continued)
CompositionoftheSupervisoryBoardandsupervisionofthemanagementofthe
company'saffairsin2021(continued)
President of the General Assembly of the Company were appointed; the 2022 Supervisory Board
Work Plan was adopted; and consent was given to conclude an employment contract.
The nineteenth meeting was held on 16 December 2021, on which the selected tenderer was
approved and consent was given to conclude the Electricity Supply Contract.
The twentieth meeting was held on 23 December 2021, on which the selected tenderer was
approved and consent was given to conclude a contract for the insurance of property, liability
insurance and insurance of vessels; consent was given to the 2022 Business Plan; and the Rules of
Procedure of the Committee for Appointments and Receipts were adopted.
The Management Board of the Company reported to the Supervisory Board on all major business
matters, the course of business, and the state of the Company's affairs in general. Upon the
completed supervision of the work and operations, the Supervisory Board has determined that the
Company acts in accordance with the law and internal documents of the Company, and that it fully
acts in accordance with the decisions of the General Assembly of the Company.
CompositionoftheManagementBord
The
company's business in 2021 was managed by Mr Kristijan Pavić, as President of the
Management Board from 1 January to 12 August 2021 and as Management Board Member from 13
August to 31 December 2021, and Mr Juraj Bukša, as Management Board Member from 1 January
to 12 August 2021.
SupervisoryBoardCommittees
In order to perform its function more efficiently, the Supervisory Board acts through the following
committees: The Audit Committee and the Appointments and Remuneration Committee.
AuditCommittee
In 2021, in the periods 01/01/2021 – 16/02/2021, 08/03/2021 – 08/06/2021, 28/06/2021 –
28/09/2021 and 12/10/2021 – 31/12/2021, the Audit Committee was comprised of: Ms Marijeta
Hladilo, President, Mr Davor Vašiček, Vice President, and Mr Denis Buterin, Audit Committee
Member.
In 2021, the Audit Committee held a total of eight meetings in which, among other things, annual
and periodic financial statements were reviewed and analysed prior to their publication, whereby
particular attention was paid to the accuracy and consistency of the accounting methods applied.
The Audit Committee reviewed and monitored the independence of external auditors, as well as
their work when auditing the annual accounts. The Audit Committee reported to the Supervisory
Board on the outcome of the statutory audit, the way the statutory audit contributed to the integrity
of the financial reporting and the role of the Audit Committee in the process. In relation to the
Management Board, the Audit Committee reviewed the conduct of the management regarding the
recommendations made by the external auditor. Furthermore, the Audit Committee assessed the
quality of the internal control systems, the effectiveness of the internal audit and risk management
REPORT ON THE SUPERVISION OF THE COMPANY'S AFFAIRS
32
32
Report to the General Assembly ACI d.d. on the supervision
carriedoutonthemanagementofthecompany'saffairsin2021
(continued)
AuditCommittee(continued)
systems through a situational analysis and an overview of the implementation of internal audit
recommendations. In its work, the Audit Committee expressed opinions and made
recommendations to the Management Board of the Company that attended all meetings, and
reported its work to the Supervisory Board of the Company.
During their term of office, the members of the Audit Committee attended the meetings of the Audit
Committee, with the exception of the meeting held on 20 April 2021, from which Ms Hladilo was
absent due to a work commitment.
The first meeting was held on 15 February 2022, on which the Interim Report on the Financial
Results for the year Ended 31 December 2020 (unaudited) was accepted and the 2021 Audit
Committee Work Plan was adopted.
The second meeting was held on 8 March 2021, on which a the President and Vice President of the
Audit Committee were appointed.
The third meeting was held on 30 April 2021, on which the opinion by the audit firm BDO Croatia
d.o.o., Zagreb was approved that in addition to possible corrections that may arise from what was
presented in the Basis for Qualified Opinion section, the attached annual financial statement
presents truthfully and fairly the financial state of the Company on 31 December 2020, its financial
performance and cash flows of the Company in 2020 in accordance with the Accounting Act and the
International Financial Reporting Standards (IFRS) of the European Commission. Based on its
activities and available information and reports, the Audit Committee concluded that the auditing
process of financial statements was carried out in accordance with the law and professional
standards and that the auditor's reports fully ensure the integrity of the Company's financial
reporting. Furthermore, the 2020 Remuneration Report was adopted at the meeting; the Report on
the Work of the Audit Committee in 2020 was adopted; the internal audit reports – the audit reports
on the compliance of the operations of ACI Marina Rovinj with internal procedures and best practice
were adopted; and the audit of the costs of business trips and the use of official vehicles were
adopted; the bids for statutory audits of the financial statements of ACI d.d. for 2021 were analysed
and a recommendation was made to the Supervisory Board to accept the bid by company BDO
Croatia d.o.o., Zagreb; the Quarterly Report for the Period Ended on 31 March 2021 (unaudited)
was reviewed and adopted.
The fourth meeting was held on 28 June 2021, on which the President and Vice President of the
Audit Committee were appointed.
The fifth meeting was held on 29 July 2021, on which the Semiannual Report for the period ended
30 June 2021 (unaudited) was accepted and internal audit reports on the treasury's business and
the implementation of the recommendations of the internal audit were adopted.
The sixth meeting was held on 12 October 20 2021, on which the President and Vice President of
the Audit Committee were appointed.
The seventh meeting was held on 25 October 2021, on which the Nine-month Report of ACI d.d. for
the period ended 30 September 2021 (unaudited) was accepted.
REPORT ON THE SUPERVISION OF THE COMPANY'S AFFAIRS
33
Report to the General Assembly ACI d.d. on the supervision
carriedoutonthemanagementofthecompany'saffairsin2021
(continued)
AuditCommittee(continued)
The eighth meeting was held on 22 November 2021, on which the external auditors' report on the
course of the business audit for 2021 was taken note of, and internal audit reports were adopted:
Managing client complaints and Entrustment of secondary activities in ACI marinas; the annual
internal audit plan for 2022 was adopted; consent was given to the content of internal documents
proposed in accordance with the Corporate Governance Code of HANFA and the Zagreb Stock
Exchange d.d., Guidelines for the Work of Supervisory and Audit Committees in Legal Entities of
Special Interest to the Stated and Risk Management Guidelines for Public Sector Institutions; the
Audit Committee's 2022 Work Plan was adopted; and an annual evaluation of the work of the Audit
Committee was carried out.
AppointmentandRemunerationCommittee
In the period from 8 December to 31 December 2021, the Appointment and Remuneration
Committee was comprised of: Ms Marijeta Hladilo, as President, Mr Tomislav Ninić, as member, and
Mr Dobrica Rončević, as member. In this period, the Appointment and Remuneration Committee
did not hold a meeting.
Resultsoftheself‐assessmentoftheworkoftheSupervisoryBoardanditscommittees
The Supervisory Board conducted an assessment of its effectiveness for the 2021 business year,
chaired by the Supervisory Board President, based on the recommendations of the Corporate
Governance Code implemented by the Company. All members of the Supervisory Board
participated in the assessment. The Supervisory Board concluded that the Supervisory Board and
its committees carry out their roles and responsibilities in an appropriate and effective manner.
The structure, size and composition of the Supervisory Board and its committees were assessed to
be appropriate and adequately balanced, according to expertise, skills, etc. The preparation for and
functioning of the meetings was assessed as effective. The Supervisory Board will continue to follow
best corporate governance practices and will continue to self-assess its work, striving for even
greater effectiveness in the future.
Resultsofthe2021reportreview
Having reviewed the auditors' reports of BDO Croatia d.o.o. and the annual financial statements for
the year ended on 31 December 2021, submitted to it by the Management Board of the Company,
the Supervisory Board found that the above Annual Financial Statements were made according to
the state of the accounts and that they show the accurate state of the Company’s property and
affairs. Namely, in the opinion of the external independent auditor, in addition to possible
corrections that may arise from what was presented in the Basis for Qualified Opinion section, the
attached annual financial statements present truthfully and fairly the financial state of the Company
on 31 December 2021, its financial performance and cash flows of the Company for the year that
ended at that date in accordance with the Accounting Act and the International Financial Reporting
Standards (IFRS) established by the European Commission and published in the Official Journal of
the European Union (IFRS).
REPORT ON THE SUPERVISION OF THE COMPANY'S AFFAIRS
34
34
Report to the General Assembly ACI d.d. on the supervision
carriedoutonthemanagementofthecompany'saffairsin2021
(continued)
Resultsofthe2021reportreview(continued)
Taking into a
ccount the above, the Supervisory Board approved these financial statements.
An integral part of the above reports of ACI d.d., for the year ended 31 December 2021, are:
a) Management Report for the year 2021
b) Responsibility for fi
nancial statements
c) Indep
ende
nt Auditor's Report
d) Statement of Comprehensive Income
e) Statement of Financial Position
f) Cash Flow Statement
g) Statement of changes in equ
ity
h)
Not
es to
financial statements.
The Supervisory Board received a proposal from the Management Board on the distribution of
profit made in 2021, which established that ACI d.d. in the year ending 31 December 2021, made a
net profit after tax of HRK 13,335,352.47, proposing that the profits earned be allocated to retained
earnings.
The Supervisory Board agrees with this proposal of the Management Board on the distribution of
profit and proposes to the General Assembly to approve such a decision.
This report will be submitted to the General Assembly of the Company.
Dražen Ivanušec
President o
f the Supervisory Board
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d
35
ENVIRONMENTALCAREANDSOCIALRESPONSIBILITY
By behaving responsibly and following the Blue Flag rules and fulfilling its criteria, ACI marinas
meet environmental standards in accordance with international regulations for environmental
protection and sustainable development. The Blue Flags received are an additional
acknowledgement of ACI d.d.’s sustainable governance and management of the sea and coastal
areas. A total of 18 marinas within the ACI system were awarded the Blue Flag in 2021.
By signing a collective agreement ACI d.d. guarantees a full protection of rights and dignities of its
workers. Discrimination is prohibited in relation to employment requirements, including the
criteria and requirements for candidate selection for a certain position on all levels of professional
hierarchy, career advancement, access to all kinds and levels of professional training, upskilling and
reskilling, employment and work conditions, and rights deriving from employment and in relation
to employment, including equal pay, termination of contract, rights of members of and their activity
in workers’ and employers’ association or any other professional organisations, including benefits
deriving from that membership.
The Company ensures the protection and safety of workers in every form relating to work, applies
measures to protect the health and safety of workers, prevents danger at work, notifies workers of
danger at work and provides training in safety at work, and implements all other prescribed
measures of safety at work.
ACI d.d., as a company with a long-standing tradition of socially responsible business conduct,
supports a number of activities benefiting the society and helps the ones in need.
ADRIATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
ADRIATICCROATIAINTERNATIONALCLUB,
zadjelatnostmarinad.d.
FINANCIALSTATEMENTSFORTHEYEAR
ENDED31DECEMBER2021
INCLUDINGINDEPENDENTAUDITOR'SREPORT
ADRIATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
CONTENTS
RESPONSIBILITY FOR FINANCIAL STATEMENTS …………………………………………………… 1
INDEPENDENT AUDITOR'S REPORT ……………………………………………………………………… 2
STATEMENT OF COMOPREHENSIVE INCOME ………………………………………………………… 9
STATEMENT OF FINANCIAL POSITION …………………………………………………………………..10
CASH FLOW STATEMENT ……………………………………………………………………………………... 12
STATEMENT OF CHANGES IN EQUITY …………………………………………………………………… 13
NOTES TO FINANCIAL STATEMENTS ...…………………………………………………………………. 14
Tel: +385 1 2395 741
Fax: +385 1 2303 691
E-mail: bdo-croatia.hr
BDO Croatia d.o.o.
10000 Zagreb
Radnička cesta 180
Registrirano kod Trgovačkog suda
u Zagrebu pod brojem 080044149
OIB 76394522236
2
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Adriatic Croatia International Club, za djelatnost marina d.d., Rijeka
Report on the audit of the annual financial statements
Qualified Opinion
We have audited the annual financial statements of the company Adriatic Croatia International Club,
za djelatnost marina d.d., Rijeka, Rudolfa Strohala 2, (‘’the Company’’) for the year ended 31
December 2021, which comprise the Statement of financial position as at 31 December 2021, Statement
of comprehensive income, Statement of changes in equity and Statement of cash flows for the year
then ended, including accompanying notes, and summary of principal accounting policies.
In our opinion, except for the matter and possible effects of the matter described in the Basis for
Qualified Opinion section of our report, the accompanying financial statements give a true and fair
view of the financial position of the Company as at 31 December 2021, and of its financial performance
and its cash flows for the year then ended in accordance with the International Financial Reporting
Standards determined by the European Commission and published in the Official Journal of the EU
(“IFRS”).
Basis for Qualified Opinion
As shown in Notes 1.4 and 5 to the annual financial statements, as at 31 December 2021 in the
Statement of Financial Position, the Company has stated investment in marinas Rovinj, Piškera, Žut,
Korčula and Veljko Barbieri in the amount of HRK 222,187 thousand net book value. Considering that
the concessions for the noted marinas expire in the period from 2027 to 2030, we determined the
existence of indicators of possible impairment losses for which the Company was required to make a
formal estimate of the recoverable amount as of 31 December 2021, in accordance with International
Accounting requirements Standard 36 (IAS 36) “Impairment of Assets”. Performing audit procedures,
we have not been able to assure us in the recoverability amount of the investments in question, and
consequently we have not been able to determine the effects of adjustments, if any, on the Company’s
annual financial statements for 2021.
In 2020 the Company has stated in the Statement of comprehensive income within other operating
revenue the amount of HRK 3,252 thousand relating to income generated in the previous period. These
revenue should have been retrospectively adjusted in accordance with the requirements of
International Accounting Standard 8 (IAS 8) “Accounting Policies, Changes in Accounting Estimates and
Errors”. Accordingly, the Company’s revenue is overestimated in the Statement of comprehensive
income for 2020 in the amount of HRK 3,252 thousand, and retained earnings in the Statement of
financial position as at 31 December 2021 were underestimated in the same amount. This was basis of
our qualified opinon for annual financial statements for year ended 31 December 2020. Our opinion for
annaul financial statements for year ended 31 Decemeber 2021 is also qualified due to the
comparability of the information presented in the current period with the information presented for
the comparative period.
We conducted our audit in accordance with International Standards of Auditing (ISAs). Our
responsibilities under those standards are further described in our Independent Auditor’s report under
section Auditor’s responsibilities for the audit of the annual financial statements. We are independent
of the Company in accordance with the Code of Ethics for Professional Accountants (IESBA Code), and
we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified
opinion.
BDO Croatia d.o.o.
3
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
Report on the audit of the annual financial statements (continued)
Key Audit Matter
Key audit matters are those matters that, in our professional judgment, are of most significance in our
audit of the annual financial statements for the current period and include the most significant
recognized risks of significant misstatement due to error or fraud with the greatest impact on our audit
strategy, the allocation of our available resources, and the time spent by the engaged audit team.
These matters were addressed in the context of our audit of the annual financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We
have determined the matters described below as the key audit matters to be communicated in our
Independent Auditor’s report:
Recognition and accrual of revenue
In the Statement of comprehensive income for 2021, the Company reported sales revenue in the
amount of HRK 205,611 thousand (2020: HRK 169,753 thousand), while in the Statement of Financial
Position as at 31 December 2021 it stated trade receivables in the amount of HRK 5,537 thousand (31
December 2020: HRK 7,067 thousand), contract assets in the amount of HRK 12,130 thousand (31
December 2020: HRK 14,621 thousand), contract liabilities in the amount of HRK 9,602 thousand (31
December 2020: HRK 11,413 thousand) ) and deferred revenue from berthing services in the amount
of HRK 42,329 thousand (31 December 2020: HRK 40,378 thousand).
Key Audit Matter How we addressed the key audit matter
The application of the revenue recognition
principle in accordance with IFRS 15 –
Revenue from Contracts with Customers is
complex and requires significant
assumptions and estimates.
Sales revenue comprises a high volume of
individually low value transactions that are
recognized over time after the execution of
the liability in accordance with the
applicable financial reporting standards.
As part of the risk assessment, we assessed
that there is a risk that revenue is
recognized in the financial statements in
amounts higher than those actually
generated by the Company as part of
business activities, as well as the risk that
revenues are not properly accrued in the
period to which they belong.
In the wake of these factors, we consider
that the accuracy and proper demarcate of
recognized revenue is associated with a
significant risk of material misstatement in
the financial statements and required our
increased attention, therefore we consider
it as such a key audit matter.
Related disclosures in the accompanying
annual financial statements
See notes 2.9, 2.18, 5., 6., 22., 23., 31. and
33.
in the accompanying annual financial
statements.
Our audit procedures related to this matter included,
among others:
- assessing the Company’s accounting policy for
compliance with the requirements of the IFRS 15 -
Revenue from Contracts with Customers
- understanding and evaluating the design and
operational effectiveness of internal controls
related to the collection and recording of revenue
recognition transactions over time;
- for a sample of contracts with customers,
determining the contract consideration by
checking whether the transactions of revenue from
berthing services and rental income are recorded
in accordance with the agreed terms and
conditions and in accordance with the prices
defined and approved by the Company’s
Management Board;
- for a sample of contracts with customers, an
assessment of whether revenue from berthing
services contracted and prepaid is properly
recorded by determining the timing of the transfer
of control resulting in the recognition of revenue,
by reference to transaction documentation;
- assessment of the invoicing system and the
measurement system up to the general ledger
entry;
- obtaining a sample of outgoing invoices to compare
the existence and accuracy of the total net amount
of the invoice with general ledger entry;
- assessing the adequacy and completeness of
disclosures related to the transactions of revenue
from berthing services and rental income in
accordance with requirements of the financial
reporting standards.
BDO Croatia d.o.o.
4
INDEPENDENT
AUDITOR’S REPORT (CONTINUED)
Report on the audit of the annual financial statements (continued)
Other Information in the Annual Report
The Management is responsible for other information. Other information includes information included
in the Annual report, but do not include the annual financial statements and our Independent Auditor’s
report on them.
Our opinion on the annual financial statements does not include other information.
In relation with our audit of the annual financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the annual financial statements or with our knowledge obtained in the audit or otherwise, appears to
be materially misstated.
Regarding the Management Report and the Statement on the Application of the Corporate Governance
Code, we also carried out the procedures required by the valid Croatian Accounting Act (the
“Accounting Act”). These procedures include considering:
whether the Company’s Management Report has been prepared in accordance with
Article 21
of the
Accounting Act and whether the Company’s Management Report has been prepared in all
relevant respect in accordance with the accompanying financial statements
;
whether the spe
cific information in the Statement on the
Application of the Corporate
Gove
rnance Code required under Article 22, paragraph 1, items 3 and 4 of the Accounting Act
(“relevant parts of the Statement on the Application of the Corporate Governance Code”)
has
been prepare
d in accordance with Article 22 of the Accounting Act;
whether the Statement on the Application of the Corporate Governance Code includes
disclosures in accordance with Article 22, paragraph 1, items 2,5, 6 and 7 of the Accounting
Act.
Based on the procedures required to be performed as part of our audit of the annual financial
statements and the above procedures, in our opinion:
The information contained in the Group’s Management Report and the relevant parts of the
Statement of Application of the Corporate Governance Code for the financial year for whic
h
the financial statements have been prepared is consistent, in all material respects, with the
Company’s
annual financial statements set out on pages 9 to 68 and the opinion as set out in
the Qualified Opinion section above;
The Management Report and the relevant parts of the Statement on the Application of the
Corporate Governance Code have been prepared, in all relevant respects, in accordan
ce with
Arti
cles 21 and 22 of the Accounting Act;
The Statement on the Application of the Corporate Governance Code shall include th
e
info
rmation required by Article 22, paragraph 1, items 2, 5 and 6 of the Accounting Act.
Furthermore, taking into account the knowledge and understanding of the Company’s operations and
the environment in which it operates, which we acquired during our audit, we are required to report
whether we have identified material misstatements in the Management Report and Corporate
Governance Statement. In that sense, we have nothing to report.
BDO Croatia d.o.o.
5
INDEPENDENT
AUDITOR’S REPORT (CONTINUED)
Report on the audit of the annual financial statements (continued)
Responsibilities of the Management Board and Those Charged with Governance for Annual Financial
Statements
The Management Board is responsible for the preparation of the annual financial statements that give
a true and fair view in accordance with the IFRS, and for such internal control as the Management Board
determines necessary to enable the preparation of annual financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the annual financial statements, the Management Board is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Management Board either intends
to liquidate the Company or to cease operations, or has no real alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting
process.
Auditor’s Responsibilities for the Audit of the Annual Financial Statements
Our objectives are to obtain reasonable assurance about whether the annual financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an Independent
Auditor’s report that includes our opinion. Reasonable assurance is a higher level of assurance but is
not a guarantee that an audit conducted in accordance with ISAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users made on the basis of these annual financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
identify and assess the risks of material misstatement of the annual financial st
atements,
whether due
to fraud or error, design and perform audit procedures responsive to those risk
s,
and o
btain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than of on
e
resulting from error
, as fraud may involve collusion, forgery, intentional omission
s,
mi
srepresentations, or the override of internal controls.
obtain an understanding of internal controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s intern
al control.
evaluate the
appropriateness of accounting policies used and the reasonableness of
accounting
estimate
s and related disclosures made by the Manage
ment Board.
conclud
e on the appropriateness of the Manage
ment’s use of the going concern basis of
acc
ounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are requ
ired
to draw attention in
our auditor’s report to the related disclosures in the annual financial
statements or, if such disclosures are inadequate, to modify our opinio
n.
Our c
onclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company to
cease to continue as a going
concern.
BDO Croatia d.o.o.
6
INDEPENDENT
AUDITOR’S REPORT (CONTINUED)
Report on the audit of the annual financial statements (continued)
Auditor’s Responsibilities for the Audit of the Annual Financial Statements (continued)
• evalu
ate the overall presentation, structure and content of the annual financial
statements, including
disclosures,
and whether the annual financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal controls that we identify during our audit.
We also make a statement to those charged with governance that we have complied with the relevant
ethical requirements regarding independence and that we will communicate with them any relationship
and other matters that may reasonably be considered to affect our independence as well as, where
applicable, on related safeguards.
Among the issues communicated to those charged with governance, we identify those issues that are
the most important in auditing the annual financial statements of the current period and therefore
present the key audit matters. We describe these matters in our Independent Auditors’ Report, unless
the law or regulation prevents the matters from being publicly disclosed, or when we decide, in
extremely rare circumstances, that the matter should not be reported in our Independent Auditors’
Report because the negative consequences of the disclosure could reasonably be expected to outweigh
the benefits of public interest from such communication.
Statement on other legal requirements
On 28 June 2021, we were appointed by the General Assembly of the Company to audit the annual
financial statements of the Company for 2021.
At the date of this Report, we have been continuously engaged in carrying out the Company’s statutory
audits of the Company’s annual financial statements for 2021, which totals 4 years.
In the audit of the annual financial statements of the Company for 2020, we determined the significance
for the financial statements as a whole in the amount of HRK 4,128 thousand, which represents
approximately 1.8% of the realized sales revenue for 2021.
We have chosen sales revenue as a measure of materiality because we believe it is the most appropriate
measure given the significant fluctuations in profit before tax in the current and prior periods. Our
audit opinion is consistent with the supplementary report for the Audit committee of the Company
prepared in accordance with the provisions of Article 11 of Regulation (EU) no. 537/2014.
During the period between the starting date of the audited annual financial statements of the Company
for 2021 and the date of this Independent Auditor’s Report, we did not provide prohibited non-audit
services to the Company and did not provide services for the design and implementation of internal
control procedures or risk management related to preparation and/or control of financial information
or the design and implementation of technological systems for financial information, and we have
maintained independence in relation to the Company.
BDO Croatia d.o.o.
7
INDEPENDENT AUDIT
OR’S REPORT (CONTINUED)
Report on the audit of the annual financial statements (continued)
Statement on other legal requirements (continued)
Report based on the requirements of the Commission Delegated Regulation (EU) 2018/815
supplementing Directive 2004/109/EC of the European Parliament and of the Council with regard
to regulatory technical standards on the specification of a single electronic reporting format
Auditor's assurance report on the compliance of annual separate and consolidated financial statements
(hereinafter: financial statements), prepared pursuant to the provision of Article 462, paragraph 5 of
the Capital Market Act (Official Gazette, nos. 65/18, 17/20 and 83/21) by applying the Delegated
Regulation (EU) 2018/815 establishing a single electronic reporting format for issuers (hereinafter: the
ESEF Regulation).
We conducted the engagement with expressing reasonable assurance as to whether the financial
statements prepared for the purposes of public disclosure pursuant to Article 462, paragraph 5 of the
Capital Market Act, which are contained in the electronic file ACI-2021-12-31-en, in all material
aspects prepared in accordance with the requirements of the ESEF Regulation.
Responsibilities of Management and those charged with governance
The Company's Management is responsible for the preparation and content of the financial statements
in accordance with the ESEF Regulation. In addition, the Company's Management is responsible for
maintaining a system of internal controls that reasonably assures the preparation of financial
statements without material non-compliance with the reporting requirements of the ESEF Regulation,
whether due to fraud or error.
The Management of the Company is also responsible for:
- public disclosure of the financial statements contained in the annual report in a valid XHTML format;
- selection and use of XBRL codes in accordance with the requirements of the ESEF Regulation.
Those in charge of governance are responsible for overseeing the preparation of financial statements
in the ESEF format as part of the financial reporting process.
Auditor's responsibilities
It is our responsibility to express a conclusion, based on the audit evidence gathered, as to whether
the financial statements are free from material non-compliance with the requirements of the ESEF
Regulation. We conducted this reasonable assurance engagement in accordance with International
Standard on Assurance Engagements (ISAE) 3000 (revised) - Assurance engagements other than audits
or reviews of historical financial information.
Procedures performed
The nature, timing and extent of the procedures selected depend on the auditor's judgment.
Reasonable assurance is a high level of assurance. However, it does not assure that the scope of testing
will reveal all significant non-compliance with the ESEF Regulation.
As part of the selected procedures, we have performed the following activities:
- we have read the requirements of the ESEF Regulation,
- we have gained an understanding of the Company's internal controls relevant to the
application of the requirements of the ESEF Regulation,
- we have identified and assessed the risks of material non-compliance with the ESEF
Regulation due to fraud or errors; and
- based on that, we have planned and designed procedures for responding to assessed risks
and for obtaining reasonable assurance for the purpose of expressing our conclusion.
BDO Croatia d.o.o.
8
INDEPENDENT
AUDITOR’S REPORT (CONTINUED)
Report on the audit of the annual financial statements (continued)
Report on the requirements of the ESEF Regulation (continued)
The aim of our procedures was to assess whether:
- the financial statements, which are included in the separate and consolidated annual report,
are prepared in the valid XHTML format,
- the information contained in the separate and consolidated financial statements required by
- ESEF Regulation, are labelled and all labels meet the following requirements:
- XBRL markup language was used,
- the elements of the basic taxonomy listed in the ESEF Regulation with the closest accounting
meaning were used, unless an additional element of taxonomy has been created in accordance
with Annex IV ESEF Regulations,
- the labels comply with the common labelling rules under the ESEF Regulation.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Conclusion
In our opinion, based on the procedures performed and the evidence obtained, the financial statements
presented in ESEF format, contained in the above mentioned electronic file and based on the provision
of Article 462, paragraph 5, of the Capital Market Act prepared for the purposes of public disclosure,
in all material respects are in line with the requirements of the Articles 3, 4 and 6 of the ESEF Regulation
for the year ended 31 December 2021.
In addition to this conclusion, as well as the opinions contained in this Independent Auditor's Report for
the accompanying financial statements and annual report for the year ended 31 December 2021, we do
not express any opinion on the information contained in these reprorts or other information contained
in the above file.
The partner involved in the audit of the Company’s annual financial statements for 2021 which results
in this Independent Auditor’s Report, is the certified auditor Vedrana Stipić.
Zagreb, 5 April 2022
BDO Croatia d.o.o.
Radnička cesta 180
10000 Zagreb
Vedrana Stipić, Member of the
Management Board, Certified
auditor
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2021
9
In thosands of HR
K
Note 2021 2020
Sales revenue 6 205,611 169,753
Other operating revenue 7 6,997 9,999
Totaloperatingincome 212,608 179,752
Costs of raw and other materials 8 (11,886 ) (9,516 )
Personnel costs 9 (60,287 ) (54,167 )
Depreciation, amortisation and impairment 10 (66,039 ) (68,222 )
Other external costs 11 (34,462 ) (29,622 )
Other operating expenses 12 (22,096 ) (16,090 )
Other gains/(losses) - net 13 (21 )
Other joint venture costs (216 ) -
Totaloperatingexpense (194,973 ) (177,638 )
Operat
ingprofit 17,635 2,114
Financial income 3,019 5,780
Financial expenses (3,574 ) (7,377 )
Net‐Financialexpenses 13 (555 ) (1,597 )
Profitbeforetax 17,080 517
Tax expense 14 (3,745 ) (319 )
Netprofit 15 13,335 198
Totalcomprehensiveincome 13,335 198
Basic earnings per share to the Company's
shareholders
16 120.07 1.78
The accompanying accounting policies and notes are integral part of these financial statements.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
STATEMENT OF FINANCIAL POSITION
as at 31 December 2021
10
In thosands of HRK Note
31 December
2021
31December
2020
ASSETS
Non–currentassets
Property, plant and equipment 16 389,743 401,790
Right-of-use- assets 17 16,889 21,604
Investment property 18 58,664 67,552
Intangible assets 19 2,127 1,435
Investments calculated using the cost
method
20 284 -
Deferred tax assets 21 511 733
CurrentAssets
Inventory 673 562
Trade receivables 22 5,537 7,067
Contract asset 23 12,130 14,621
Corporation tax receivbles - 3,549
Other receivables 24 4,860 3,462
Deposits 25 50,181 62,858
Financial assets at fair value trough profit
or loss
Cash and cash equivalents 26 136,449 78,978
TotalAssets 678,155 664,305
The
accompanying accounting policies and notes are integral part of these financial statements.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
STATEMENT OF FINANCIAL POSITION
as at 31 December 2021
11
CAPITALANDLIABILITIES
Note
31 December
2021
31December
2020
Capitalandliabilities
Issued share capital 27 399,815 399,815
Legal reserves 28 19,991 19,991
Retained earnings 28 80,038 66,703
Totalcapital 499,844 486,509
Liabilities
Long–termliabilities
Loan liabilities 29 58,753 69,617
Lease liabilities 17 13,451 18,061
Provisions 30 3,230 2,835
Other long-term liabilities 392 485
Short–termliabilities
Loan liabilities 29 10,811 11,022
Contract liabilities 31 9,602 11,413
Lease liabilities 17 3,769 3,838
Provisions 30 2,877 1,271
Trade payables 32 16,550 6,613
Income tax liability 672 -
Deferred revenue 33 42,726 40,669
Other short term liabilities 34 15,478 11,972
Totalliabilities 178,311 177,796
Totalcapitalandliabilities 678,155 664,305
The accompanying accounting policies and notes are integral part of these financial statements.
ADRIATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
CASH FLOW STATEMENT
for the year ended 31 December 2021
12
In thousands of HRK Note 2021
2020
Cashflowfromoperatingactivities
Cash receipts from sales of goods and services 267,094 208,376
Cash receipts from insurance for indemnity 588 117
Other cash receipts 845 1,764
Totalcashreceipts 268,527 210,257
Cash expenditures to suppliers (63,802 ) (60,750 )
Cash expenditures for employees (59,108 ) (55,939 )
Cash expenditures for insurance for damages (64 ) (44 )
Cash expenditures for interest (1,223 ) (1,557 )
Cash expenditures for taxes (42,496 ) (36,149 )
Other cash expenditures (1,861 ) (1,932 )
Totalcashexpenditures (168,554 ) (156,371 )
Netcashflowfromoperatingactivities 99,973 53,886
Cashflowfrominvestingactivities
Cash receipts from sales of property, plant and equipment,
and intangible assets
Cash receipts from interest 453 543
Cash receipts from dividends
Cash receipts for short- and long-term deposits 22,534 57,608
Totalcashreceipts 23,010 58,764
Cash expenditures for the purchase of property, plant and
equipment and intangible assets
(40,456 ) (50,575 )
Cash expenditures for short- and long-term deposits (10,000 ) (32,705 )
Cash expenditures for joint venture (500 ) -
Totalcashexpenditures (50,956 ) (83,280 )
Netcashflowfrominvestingactivities (27,946 ) (24,516 )
Cashflowfromfinancingactivities
Principal loan repayment cash expenditures (10,684 ) (10,752 )
Lease payment cash expenditures
(3,968 ) (4,071 )
Dividend payment (19 ) (19,110 )
Totalcashexpenditures (14,671 ) (33,933 )
Netcashflowfromfinancingactivities (14,671 ) (33,933 )
Netincreaseincashandcashequivalents 57,356 (4,563 )
Cashandcashequivalentsatthebeginningoftheyear 78,978
Unrealisedforeignexchangegainsandlosses 115 109
Cashandcashequivalentsattheendoftheyear 26 136,449 78,978
The accompanying accounting policies and notes are integral part of these financial statements.
ADRIATIC CROATIA INTER
NATIONAL CLUB, za djelatnost marina d.d.
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2021
13
In thousands of HRK
Share
Capital
Legaland
other
reserves
Retained
earnings
Total
Balanceasat1January2020 399,815 19,991 85,611 505,417
Total comprehensive income - - 198 198
Dividend - - (19,106 ) (19,106 )
Balanceasat31December2020 399,815 19,991 66,703 486,509
Balanceasat1January2021 399,815 19,991 66,703 486,509
Total comprehensive income - - 13,335 13,335
Balanceasat31December2021 399,815 19,991 80,038 499,844
The accompanying accounting policies and notes are integral part of these financial statements.
ADRIATIC CROATIA INTERNATIONA
L CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
14
NOTE1–GENERALINFORMATION
1.1. Foundingandhistory
founded in 1983. On 24 June 1994, following its ownership transformation, it was registered with the
Commercial Court in Rijeka as ADRIATIC CROATIA INTERNATIONAL CLUB d.d. The Company is
headquartered in Rijeka, at the address: Rudolfa Strohala 2. On 8 August 2017, the Company changed its
name and from that date has been registered with the Commercial Court in Rijeka as Adriatic Croatia
International Club, za djelatnost marina d.d.
1.2. Mainactivities
The core business of the Company is the organisation and providing berthing services to boats in marinas
along the Croatian coast, and other activities related to chartering, construction and repair of boats, as
well as other activities, according to the decision of the Commercial Court in Rijeka. The Company was
granted concessions by the Government of the Republic of Croatia to use the maritime domain, on the
basis of which 22 marinas were built on this domain.
As at 31 December 2021, the Company employed 334 employees, and as at 31 December 2020, it
employed 340 employees.
1.3. CompanyBodies
AuditCom
mitee
Marijeta Hladilo President
from 16 November 2020 to 16 February 2021; from 08
March 2021 to 08 Jun 2021, from 28 Jun 2021 to 27
September 2021, from 12 October 2021 to 11 January 2022
from 25 January 2022
Davor Vašiček
Vice
President
from 16 November 2020 to 16 Februar
y
2021; from 08
March 2021 to 08 Jun 2021, from 28 Jun 2021 to 27
September 2021, from 12 October 2021 to 11 January 2022
from 25 January 2022
Denis Buterin Member
from 16 November 2020 to 16 Februar
y
2021; from 08
March 2021 to 08 Jun 2021, from 28 Jun 2021 to 27
September 2021, from 12 October 2021 to 11 January 2022
from 25 January 2022
SupervisoryBoard Termofoffice
Dražen Ivanušec President from 16 Jul
y
2019
Dobrica Rončević Vice President
from 16 November 2020 to 16 Februar
y
2021; from 08 Marc
h
2021 to 08 Jun 2021, from 28 Jun 2021 to 27 September 2021
,
from 12 October 2021 to 11 January 2022, from 25 January
2022
Tomislav Ninić Member
from 16 November 2020 to 16 February 2021; from 08 Marc
h
2021 to 08 Jun 2021, from 28 Jun 2021 to 27 September 2021
,
from 12 October 2021 to 11 January 2022from 25 January
2022
Marijeta Hladilo Member
from 16 November 2020 to 16 February 2021; from 08 Marc
h
2021 to 08 Jun 2021, from 28 Jun 2021 to 27 September 2021
,
from 12 October 2021 to 11 January 2022from 25 January
2022
ADRIATIC CROATIA INTER
NATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
15
1.3. CompanyBodies(continued)
ManagementBoard
Kristijan Pavić
President
Member - director
from 12 August 2017 to 12 August 2021,
from 13 April 2021,
President form 14 February 2022
Juraj Bukša Member from 14 October 2017 to 12 August 2021
Ivan Herak Member from 14 February 2022
Josip Ostrogović Member from 14 February 2022
1.4. LegalframeworkwithinwichtheCompanyoperatesandthebasisforpresentingfinancial
statements
The issue of concessions on maritime domains is regulated by the following laws and subordinate
legislation:
Decision of the Government of the Republic of Croatia on amending the decisions on grating
concessions on maritime domain for the commercial use of the special purpose ports – ports
of
nautical
tourism of Pula, Rab, Šimuni, Žut, Skradin, Trogir, Milna, Vrboska, Palmižana and Korčula
from 25 January 2007 (Official Gazette of the Republic of Croatia, NN 13/07)
,
D
ecision of the Government of the Republic of Croatia amending the Decision on amending the
decisions on granting concessions on maritime domain for the commercial use of the special
purpose ports – ports of nautical tourism of Pula, Rab, Šimuni, Žut, Skradin, Trogir, Milna, Vrboska,
Palmižana and Korčula from 19 July 2007 (Official Gazette of the Republic of Croatia, NN 77/07),
Decision on amending the Decision amending the decisions on granting concessions on maritime
domain for the commercial use of the special purpose ports – ports of nautical tourism of Pul
a,
R
ab, Šimuni, Žut, Skradin, Trogir, Milna, Vrboska, Palmižana and Korčula from 16 January 201
4
(Official G
azette of the Republic of Croatia, NN 6/14),
Decision on amending the Decision amending the decisions on granting concessions on maritime
domain for the commercial use of the special purpose ports – ports of nautical tourism of Pul
a,
Rab,
Šimuni, Žut, Skradin, Trogir, Milna, Vrboska, Palmižana and Korčula from 12 December
2013
(Official G
azette of the Republic of Croatia, NN 155/13),
Decision of the Government of the Republic of Croatia on granting a concession on mar
itime
d
omain for the commercial use of the special purpose port – port of nautical tourism of Umag from
15 October 1998 (Official Gazette of the Republic of Croatia, NN 138/98),
Decision of the Government of the Republic of Croatia amending the Decision on granting
a
concession
on maritime domain for the commercial use of the special purpose port – port of
nautical tourism of Umag from 28 November 2002 (Official Gazette of the Republic of Croatia
, NN
14
5/02),
Decision
of the Government of the Republic of Croatia on granting a concession on maritime
d
omain for the commercial use of the special purpose port – port of nautical tourism of Rovinj
from 15 October 1998 (Official Gazette of the Republic of Croatia, NN 138/98)
,
ADRIATIC CROATIA INTERNATIONAL CLUB, za djelatnost
marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
16
1.4. LegalframeworkwithinwichtheCom
panyoperatesandthebasisforpresentingfinancial
statements(continued)
Decision of the Government of the Republic of Croatia amending the Decision on granting
a
concession on maritime domain for the commercial use of the special purpose port – port of
nautical tourism of Rovinj from 7. November 2002 (Official Gazette of the Republic of Croatia, NN
133/02),
Decision on amending the Decision on granting a concession on maritime domain for the
commercial use of the special purpose port – port of nautical tourism of Rovinj from 22 October
2015 (Official Gazette of the Republic of Croatia, NN 115/2015),
Decision of the County Council of the Istria County on granting concessions on maritime domain
for the commercial use of ports of nautical tourism from 1 December 1998 (Official Gazette of Istria
County, No 7/98),
Decision of the Government of the Republic of Croatia on granting a concession on maritime
domain for the commercial use of the special purpose port – port of nautical tourism of Pomer (NN
145/02),
Decision of the Government of the Republic of Croatia on amending the Decision on granting a
concession on maritime domain for the commercial use of the special purpose port – port of
nautical tourism of Pomer from 7 February 2008 (Official Gazette of the Republic of Croatia, NN
18/08),
Decision on amending the Decision on granting a concession on maritime domain for t
he
commercial use of the special purpose port – port of nautical tourism of Pomer (Official Gazette of
the Republic of Croatia, NN 115/15),
Decision of the Government of the Republic of Croatia on granting a concession on maritime
domain for the commercial use of the special purpose port – port of nautical tourism of Opatija
dated 15 October 1998 (Official Gazette of the Republic of Croatia, NN 138/98),
Decision of the Government of the Republic of Croatia on granting a concession on maritime
domain for the commercial use of the special purpose port – port of nautical tourism of Cres
(Official Gazette of the Republic of Croatia, NN 138/98),
De
c
ision of the Government of the Republic of Croatia on granting a concession on maritime
domain for the commercial use of the special purpose port – port of nautical tourism of Supetarska
Draga dated 15 October 1998 (Official Gazette of the Republic of Croatia, NN 138/98),
Decision of the County Council of the Primorje-Gorski Kotar County on granting a concession
for
the port of nautical tourism Marina ACI Rab dated 10 June 1998 (Official Gazette of the Primorje-
Gorski Kotar County, No 14/99),
Decision of the County Council of the Zadar County on granting a concession on maritime domain
for the commercial use of the special purpose port – port of nautical tourism of Šimuni dated 7 July
1998 (Decision of the County Council of the Zadar County, Classification No 342-01/98.01/25,
Entry No 2198/1-03-2, from 7 July 1998),
ADRIATIC CROATIA INTERNATIONA
L CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
17
1.4. LegalframeworkwithinwichtheCo
mpanyoperatesandthebasisforpresentingfinancial
statements(continued)
Decision of the County Council of the Šibenik-Knin County on granting a concession on maritime
domain for the commercial use of the special purpose port – port of nautical tourism of Piškera
dated 8 March 1999 (Official Gazette of the Šibenik-Knin County, No 5/99),
Decision of the County Council of the Šibenik-Knin County on granting a concession on maritime
domain for the commercial use of the special purpose port – port of nautical tourism of Žut dated
8 March 1999 (Official Gazette of the Šibenik-Knin County, No 5
/99),
Decision of the Government of the Republic of Croatia on granting a concession on maritime domain
for the commercial use of the special purpose port – port of nautical tourism of Jezera dated 15
October 1998 (Official Gazette of the Republic of Croatia, NN 138/98),
Decision of the Government of the Republic of Croatia on amending the Decision on granting a
concession on maritime domain for the commercial use of the special purpose port – port of
nautical tourism of Jezera dated 28 November 2002 (Official Gazette of the Republic of Croatia, NN
145/02)
Decision of the Government of the Republic of Croatia on granting a concession on maritime
domain for the commercial use of the special purpose port – port of nautical tourism of Vodice
dated 15 October 1998 (Official Gazette of the Republic of Croatia, NN 138/98),
Decision of the Government of the Republic of Croatia on amending the Decision on granting a
concession on maritime domain for the commercial use of the special purpose port – port of
nautical tourism of Vodice dated 28 November 2002 (Official Gazette of the Republic of Croatia,
NN 145/02),
Decision of the County Council of the Šibenik-Knin County on granting a concession on m
aritime
domain for the commercial use of the special purpose port – port of nautical tourism of Skradin dated
8 March 1999 (Official Gazette of the Šibenik-Knin County, No 5/99),
Decision o
f the County Council of the Split-Dalmatia County on granting the right to use and enjoy the
special purpose port – port of nautical tourism of Trogir dated 10 October 2007 (Official Gazette of
the -Dalmatia County, No 7/9),
Decision of the County Council of the Split-Dalmatia County on amending the Decision on granting
the right to use and enjoy the special purpose port – port of nautical tourism of Trogir dated 3
December 1998 (Official Gazette of the -Dalmatia County, No 8/9
8),
Decision of the Government of the Republic of Croatia on granting a concession on maritime domain
for
the commercial use of the special purpose port – port of nautical tourism of Split dated 15 October
1998 (Official Gazette of the Republic of Croatia, NN 138/98
),
Decision of the County Council of the Split-Dalmatia County on granting the concession on maritime
domain for the use and commercial use of the special purpose port – port of nautical tourism of
Milna dated 7 June 1999 (Official Gazette of the Split-Dalmatia County, No 4/99),
ADRIATIC CROATIA INTERNATIONA
L CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
18
1.4. LegalframeworkwithinwichtheCo
mpanyoperatesandthebasisforpresentingfinancial
statements(continued)
Decision of the County Council of the Split-Dalmatia County on granting the right to use and enjoy
the special purpose port – port of nautical tourism of Vrboska dated 10 October 1997
(Official
Gazette of the Split-Dalmatia County, No 7/97),
Decision of the County Council of the Split-Dalmatia County on amending the Decision on granting
the right to use and enjoy the special purpose port – port of nautical tourism of Vrboska dated 3
December 1998 (Official Gazette of the Split-Dalmatia County, No 8/98),
Decision of the County Council of the Split-Dalmatia County on granting the concession on
maritime domain for the use and commercial use of the special purpose port – port of nautical
tourism of Palmižana dated 7 June 1999 (Official Gazette of the Split-Dalmatia County, No 4/99),
Decision of the County Council of the Dubrovnik-Neretva County on granting the concession on
maritime domain for the use and commercial use of the special purpose port – port of nautic
al
tourism of Korčula dated 15 February 1999,
Decision of the Government of the Republic of Croatia on granting a concession on maritime
domain for the commercial use of the special purpose port – port of nautical tourism of Dubrovnik
dated 15 October 1998 (Official Gazette of the Republic of Croatia, NN 138/98),
Decision of the Government of the Republic of Croatia on amending the Decision on granting a
concession on maritime domain for the commercial use of the special purpose port – port of
nautical tourism of Dubrovnik dated 11 November 2004 (Official Gazette of the Republic of
Croatia, NN 162/04),
Decision on the selection of the most economically advantageous tenderer bidding for the
concession on maritime domain for the commercial use of the special purpose port, anchorage in
Podražanj Bay, the Island of Žut (Official Gazette of the Šibeni
k-Knin C
ounty, No 8/2011),
Maritime Code (Official Gazette of the Republic of Croatia, NN 181/04, 76/07, 146/08, 61/11,
56/13, 26/15, 17/19),
Mariti
me Domain and Seaports Act (Official Gazette of the Republic of Croatia, NN 158/03,
100/04, 141/06, 38/09, 123/11, 56/16, 98/19) an
d
Regulation on classification of ports open to public transport and special purpose ports (Official
Gazette of the Republic of Croatia, NN110/04, 82/07).
On the basis of the decision of the Government of the Republic of Croatia on authorising other legal and
natural persons to carry out secondary activities of a smaller scale in the ports of nautical tourism in the
ACI d.d. system from 2009, the Company uses, in conducting its business, an area of land of 362.651 m
2
and a water area of 985.584 m
2
, on which 22 marinas and one anchorage were constructed.
ADRIATIC CROATIA INTER
NATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
19
1.
4. LegalframeworkwithinwichtheCompanyoperatesandthebasisforpresentingfinancial
statements(continued)
In 2007, on the basis of the Government’s decisions amending the decisions on granting concessions on
maritime domain for nautical tourism ports of Pula, Rab, Šimuni, Žut, Skradin, Trogir, Milna, Vrboska,
Palmižana and Korčula, the annex to the contract with ACI Marina Umag, and the extension of the
concession period until 2030 for the other ten ports of nautical tourism which were granted concessions
by the County, and which were reclassified to special purpose ports of importance for the Republic of
Croatia, the concession periods for all marinas in the ACI system have been harmonised, with the
exception of ACI Marina Piškera, whose concession period expired on 29 December 2003.
Pursuant to the Decision of the Government of the Republic of Croatia from 16 January 2014, the
Company signed a contract for the use of the maritime domain of marina Piškera until 31 December
2030, with an increase in the concession fee for the use of maritime domain. A land area of 15,222 m
2
and a water area of 21,052 m
2
are used, for which a concession fee is paid.
On 1 September 2012, ACI d.d. signed a Concession Contract on Maritime Domain with the Dubrovnik-
Neretva County, obtaining thereby the right to construction and commercial use of the shoreside and
maritime facilities in the special purpose port – marina in the Slano Bay, increasing the area of the
maritime domain granted by concession by a total of 66.279 m
2
. The concession was granted for a period
of 15 years, counting from the date of signing the Contract and expires on 1 September 2027. The
construction of Marina Veljko Barbieri started in 2014, and marina was finally put into operation on 1
August 2016.
The decision of the Government of the Republic of Croatia of 12 December 2013 expanded the port area
in Marina Vrboska granted by concession by 6,079 m
2
and increased the concession fee for the entire
concession area of the marina.
The Decision on amending the Decision on granting the concession
on maritime domain for the
commercial use of the special purpose port – port of nautical tourism of Rovinj dated 22 October 2015
(Official Gazette of the Republic of Croatia, NN 115/2015) reduced the concession area due to
compliance with the spatial planning documentation. The area of the maritime domain subject to this
Decision was altered upon obtaining the building inspection certificate from a total of 67,868 m
2
(16,719
m
2
land and 51,149 m
2
sea) to 67,580 m
2
(16,147 m
2
land and 51,433 m
2
sea).
The Decision on amending the Decision on granting the concession on maritime domain for the
commercial use of the special purpose port – port of nautical tourism of Pomer dated 22 October 2015
(Official Gazette of the Republic of Croatia, NN 115/2015) reduced the land concession area while
increasing the water concession area of the concession due to compliance with the spatial planning
documentation. The area of the maritime domain which is the subject of this Decision was altered from
a total of 43,492 m
2
(9,296 m
2
of land and 34,628 m
2
of sea) to 50,195 m
2
(9,283 m
2
of land and 40,912
m
2
of sea).
In 2019 a Decision was adopted on granting concessions on maritime domain for the commercial use
and the anchorage system construction in the special purpose ports – ports of nautical tourism –
anchorage in the bays of Dunkovac, Vozarica and Srednja Draga, and in May 2020 a contract was signed
with the Šibenik-Knin County, increasing the water area by 22,455 m
2
. In September 2021, the ruling of
the Administrative Court in Split annulled the decision to grant the concession on the maritime domain.
ADRIATIC CROATIA INTERNATIONAL CLUB, za djelatnost
marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
20
1.4. LegalframeworkwithinwichtheCom
panyoperatesandthebasisforpresentingfinancial
statements(continued)
The Company has an obligation to pay an annual fee to the concession grantor, and the fee is charged to
the income statement in the accounting period to which it relates. The annual fee paid by the
concessionaire to the concession grantor – the Republic of Croatia or Šibenik-Knin and Dubrovnik-
Neretva Counties consists of two parts:
invariable part in the amount of HRK 0.7 per m
2
of the area occupied per year for all marinas except
marinas Piškera and Vrboska, where the permanent part is calculated in the amount of HRK 10 per
m
2
, and marina Veljko Barbieri, where the amount per m
2
ranges from HRK 4.5 to HRK 6 per m
2
of
the area occupied per year (depending on the five-year period of exploitation). The invariable part
of the concession fee for the Žut anchorage is calculated in the amount of HRK 0.7 per m
2
var
iable part of the fee in the value of 2.5%, which is calculated for all marinas except marinas
Piškera and Vrboska, where the variable part amounts to 4% of the total revenue. For Marina Veljko
Barbieri, the variable part ranges from 4% to 6% (depending on the five-year period of
e
xploitation). For the anchorage in the bay of Podražanj on the Island of Žut, the variable part is
calculated in the value of 10% of the total revenue earned.
ADRIATIC CROATIA INTER
NATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
21
1.
5. ImpactofCOVID‐19onbusiness
The year 2021 continued with the global spread of the COVID-19 virus, bringing a decrease in turnover
both in nautical tourism and most other industries, especially during the pre-season. The Company
actively monitors all aspects of the COVID-19 situation and related risks. All the decisions made by the
Management Board during the year were in keeping with the measures adopted by the Government of
the Republic of Croatia in order to mitigate the negative impact of the pandemic on the economy and the
instructions, recommendations and decisions issued by the Civil Protection Committee of the Republic
of Croatia.
In 2021, the number of realised boat days on daily berths increased by 35 thousand boat days, or by
58%, compared to 2020, and there was an increase in the realised boat days in the monthly berthing
services as well, while the realised boat days in the annual berthing services marked a decrease by 1%
compared to 2020. The charging of the charter fee on the price of the annual berthing service for charter
boats was also suspended in 2021 (depending on the marina, charter fee is from 15% to 20%), which
resulted in a decrease in the revenues from the annual berthing service. At the beginning of the year, the
Company implemented the decision to suspend collection from some of the lessees performing
secondary activities in the marinas, but, compared to 2020, there was still a significant increase in
revenues from secondary activities, in the amount of HRK 5.7 million, or by 43%.
There was an increase in operating income by HRK 33 million, or 18%, to HRK 212.6 million, compared
to HRK 179.8 million in 2020, whcih was primarily due to a significant increase in revenues from the
daily berthing service (HRK 22.6 million, or +67%), but also to an increase in revenues from all other
services.
Aware of the possible risks, the Company reorganised its business in order to reduce the negative impact
of the COVID-19 virus on the Company's operations. In view of the successful operating results so far,
the Company currently has satisfactory financial means, cash and cash equivalents, and has responded
in a timely manner to the outflow regarding capital investments and other business activities that the
Company has deemed not necessary at this time.
1.6. ImpactofRussia'sactionsdestabilisingthesituationinUkraineonbusi
ness
W
ith regard to the new circumstances relating to the war in Ukraine in February 2022, as well as the
sanctions against Russian citizens, the Company assessed that at this time its exposure to risk in relation
to legal and natural persons from Russia or Ukraine is not high. Of the total number of users of the annual
berthing service in the ACI system, the contracts of Russian and Ukrainian nationals account for about
1%; and since, as a rule, payment in advance is contractually agreed upon, it is estimated that at present
the exposure is not high.
In addition, the Company has no relationships with entities with which there would be a direct or
indirect ownership connection, nor does it have investments in entities in Russia or Ukraine or in
entities that are significantly linked to entities in Russia or Ukraine, therefore there is also no exposure
in this part.
ADRIATIC CROATIA INTERNATIONAL CLUB, za djelatnost
marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
22
NOTE2–BASISONWITCHFINANCIALSTATEMENTSWEREPREPARED
A summary of significant accounting policies adopted for the preparation of financial statements is listed
below. The policies were consistently applied for all periods included in these statements, unless
otherwise stated.
2.1.
Declarationofcomplianceandthebasisoftherepresentation
The Company’s financial statements for the year 2021 have been prepared in accordance with the valid
Croatian Accounting Act and the International Financial Reporting Standards, established by the European
Commission and published in the Official Journal of the European Union (IFRS).
The Company’s financial statements have been prepared in accordance with the valid Croatian Accounting
Act and the International Financial Reporting Standards, established by the European Commission and
published in the Official Journal of the European Union (IFRS).
2.2.
Firstapplicationofnewrevisionstoexistingstandardsinforceforthecurrentreporting
period
A summary of the important accounting policies adopted for the preparation of financial statements are
listed below. The policies were consistently applied for all periods included in these statements, unless
otherwise stated.
2.2.1.
First application of new amendments to existing standards in force for the current
reportingperiod
The following amendments to the existing standards and new interpretation issued by the International
Accounting Standards Board (IASB) and adopted by the EU are effective for the current financial period:
- COVID-19-Related Rent Concessions beyond 30 June 2021 (Amendments to IFRS 16) – extended
period of application of the exemption until 30 June 2022 (effective for annual periods beginning
on or after 1 April 2021);
- Interest Rate Benchmark Reform – Phase 2 introduces amendments to IFRS 9, IAS 39, IFRS 7, IFRS
4 and IFRS 16 and is not mandatorily effective until annual periods beginning on or after 1 January
2021.
The adoption of these amendments to existing standards did not lead to significant changes in the
Company’s financial statements.
2.2.2.
Standardsandamendmentstoexistingstandardspublish edbytheIASBandadopted
intheEuropeanUnion,butnotyetinforce
At the date of approval of these financial statements, the following amendments to existing standards
published by the IASB and adopted in the European Union were published, but not in force:
- Annual Improvements to IFRSs - 2018-2020 cycle - (effective for annual periods beginning on or
after 1 January 2022);
ADRIATIC CROATIA INTER
NATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
23
2.2.2.
StandardsandamendmentstoexistingstandardspublishedbytheIASBandadopted
intheEuropeanUnion,butnotyetinforce(continued)
- IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendment – Onerous Contracts
Cost of Fulfilling a Contract): The amendments define what costs should be included in the entity's
assessment of whether the contract will be detrimental (effective for annual periods beginning on
or after 1 January 2022);
- IAS 16 Property, Plant and Equipment (Amendment - Proceeds before Intended Use): The
amendments prohibit a company from deducting from the cost of property, plant and equipment
amounts received from selling items produced while the company is preparing the asset for its
intended use. Instead, a company will recognise such sales proceeds and related cost in profit or
loss (effective for annual periods beginning on or after 1 January 2022);
- IFRS 3 Business Combinations Amendment – Reference to the Conceptual Framework (effective
for annual periods beginning on or after 1 January 2022).
2.2.3.
Standards and amendments to the existing standards issued by IASB and not yet
adoptedbytheEU
IFRS currently adopted in the European Union do not differ significantly from the regulations adopted by
the International Accounting Standards Board (IASB), except for the following new standards and
amendments to existing standards, the adoption of which the European Union has not yet decided on 5
April 2022 relate to IFRSs issued by the IASB:
- IFRS 17 Insurance Contracts
- IAS 1 Presentation of Financial Statements (Amendment – Classification of Liabilities as Current or
Non-current)
- IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 (Amendment –
Disclosure of Accounting Policies)
- IAS 8 Accounting policies, Changes in Accounting Estimates and Errors (Amendment - Definition
of Accounting Estimates)
- IAS 12 Income Taxes (Amendment – Deferred Tax related to Assets and Liabilities arising from a
Single Transaction)
Amendments stated above are effective for annual periods beginning on or after 1 January 2022.
The Company expects that the adoption of these new standards and amendments to existing standards
will not lead to significant changes in the Company’s financial statements in the period of the first
application of the standards.
ADRIATIC CROATIA INTERNATIONA
L CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
24
2.3.
Foreigncurrencies
a) Functionalandreportingcurrency
The items included in the Company’s financial statements are noted in the currency of the primary
economic environment in which the Company operates (‘functional currency’). Financial statements are
presented in the Croatia kuna, which represents the functional and reporting currency of the Company.
b) Transactionandforeigncurrencybalances
Transactions in foreign means of payment are converted into functional currency so that the amounts in
foreign means of payment are converted at the exchange rate on the day of the transaction. Gains or
losses on exchange rate differences occurring in the settlement of those transactions and the conversion
of monetary assets and liabilities expressed in foreign currencies are recognised in the profit or loss
account. The EUR exchange rate as at 31 December 2021 was EUR 7.517174 (EUR 7.536898 as at 31
December 2020).
Gains or losses on exchange rate differences relating to liabilities per loans received are shown in the
Financing expenditure – net section of the Income Statement. Other gains or losses on exchange rate
differences are expressed in the other gains/(losses) – net item of the income statement.
2.4.
Intangibleassets
Intangible assets include non-cash means that can be identified without physical characteristics.
Intangible assets are recorded in the statement of financial position only if it is likely that future economic
benefits attributable to the means will flow into the Company and that the acquisition cost can be
determined. After initial recognition, intangible assets (software licenses) are recorded in the accounts
and financial statements at the acquisition cost minus the correction of value and impairment losses.
Amortisation of intangible assets with a definite or limited useful life is calculated under the straight-line
(linear) method over the estimated useful life or in the agreed period of use. Below is a useful life for
intangible assets.
DESCRIPTION
2021 2020
Investments in software 3 to 5 years 3 to 5 years
Intangible
assets is excluded from the Statement of Financial Position in the event of expenditure or sale
or where future economic benefits are not expected from it. The gains and losses earned/incurred by the
sale are determined by comparing the income and book value of the asset and are included in other
revenue.
ADRIATIC CROATIA INTER
NATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
25
2.5.
Right‐of‐use‐assets
All leases are accounted for by recognising a right-of-use asset and a lease liability except for:
Leases of low-value assets; and
Leases with a lease term of twelve months or less from the date of first application.
2.5.1.Right‐of‐use‐assets
Right-of-use assets are recorded separately in the Statement of financial position.
Right-of-use assets are initially calculated in the amount of the lease liabilities, minus all lease incentives
received and is increased by:
any lease payments made on or before the lease commencement dat
e;
any initial direct costs incurred; and
the
amount of the provision recognised when the Company contractually bears the costs of
dismantling, removing or renovating the place where the property is locat
ed.
Right-of-us
e assets are subsequently measured at acquisition costs less accumulated depreciation and
any accumulated impairment losses and are adjusted for any remeasurement of the lease liability due to
reassessment or lease modifications. Right-of-use assets are depreciated over the useful life of the asset
and lease periods on a linear basis, whichever period is shorter.
Below is the useful life of a right-of-use asset:
DESCRIPTION
2021 2020
Office buildings
6 years 6 years
Concessions 8 to 12 years 8 to 12 years
Cars 4 years 2 to 4 years
2.5.2.Leaseliabilities
Lease liability is measured at the present value of the remainin
g lease payments, discounted using the
interest rate contained in the lease, if this rate can be easily determined, or the Company’s incremental
borrowing rates. The Company’s incremental borrowing rate is the rate of interest the Company would
pay to borrow, over a similar term and with a similar security, the funds necessary to acquire assets of a
value similar to value of the right-of-use assets in a similar economic environment, under comparable
terms and conditions.
ADRIATIC CROATIA INTERNATIONAL CLUB, za djelatnost
marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
26
2.5.
Right‐of‐useassets(continued)
2.5.2.Leaseliabilities(continued)
On the date of initial recognition, the book value of lease liabilities also includes:
Amounts expected to be paid by the lessee under any residual value guarantee;
The exercise price of purchase options if the lessee is reasonably certain to exercise this
option; and
T
he payment of lease termination penalties if the lease term reflects the lessee exercising
the option to terminate the
lease.
After the initial measurement, the lease liability increases to reflect interest on lease liabilities and
decreases to reflect the lease payments made. The lease liability is remeasured when there is a change
in future lease payments resulting from a change in an index or a rate or when there is a change in the
assessment of the term of any lease.
2.6.
Property,plantandequiopment
Land is recorded in at original acquisition cost and is not depreciated. The value of the land was entered
into the business books on the basis of a 2006 estimate. The new estimate was made in early 2014 to
assess the recoverable value, on the basis of which it was found that no significant deviations occurred.
An individual property, plant and equipment item that meets the asset recognition criteria is measured
at cost. The cost of a particular item of property, plant and equipment comprises the purchase price,
including import duties and non-refundable purchase taxes, after deducting discounts allowed, and any
costs directly attributable to bringing the item of property, plant and equipment to the location and
working condition for its intended use.
Subsequent expenditure on assets that meet the recognition criteria is recognised as an asset or addition
to the property, and maintenance and repairs debit the expense account in the period in which they were
incurred.
Each part of an item of property, plant, and equipment with a cost that is significant in relation to the total
cost of the item is depreciated separately. Depreciation of an asset begins at the moment when the asset
is ready for intended use, and is calculated using the linear method. Land and property in preparation are
not depreciated.
Useful lives of asset use are as follows:
DESCRIPTION
2021 2020
Buildings 6 to 40 years 7 to 40 years
Plant and equipment 1 to 32 years 1 to 32 years
Tools and machinery 3 to 10 years 3 to 10 years
ADRIATIC CROATIA INTER
NATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
27
2.6.
Property,plantandequipment(continued)
Useful life is estimated at the time of purchase of each asset in the group of tangible assets. Useful life is
determined on the basis of the expected use of the assets, expected physical wear, technical ageing and
the economic benefits that can be achieved through the use of the asset.
Useful life, depreciation method and residual value are reviewed at the end of each financial year, and if
expectations differ from previous estimates, changes are recognised as changes in accounting estimates.
Assets are excluded from the statement of financial position when they are permanently withdrawn from
use or when they are alienated. Gains or losses to be recognised in the profit and loss account are
determined as the difference between the income and the book value of the alienated asset.
Property, plant and equipment that have been withdrawn from active use and are held for sale are
recorded at book value or at fair value on the day when the assets are withdrawn from active use,
whichever is less. If, following the conclusion of a construction contract, there are significant delays in
the execution of works, the Company, in accordance with the contractual relations, calculates penalty
rates, which represent compensation for damages arising from non-compliance with the contractual
deadlines. This compensation is recognised in the Statement of Comprehensive Income in the Other
operating income section in the year in which they were incurred.
2.7.
Investmentproperty
Investment property refers to commercial premises and represents the property the Company holds to
lease out. Investment property is recorded at a historical cost minus the accumulated depreciation.
Subsequent expenditures are capitalised only when it is likely that the Company will have future
economic benefits from it and when the cost can be measured reliably. All other repair and maintenance
costs are charged to the Statement of Comprehensive Income when they are incurred.
The useful life of assets for 2021 is from 6 to 40 years (2020: 7 to 40 years).
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
28
2.8.
Impairmentofassets
a) Impairmentofnon‐financialassets
Assets that are depreciated are checked for impairment when events or changed circumstances
indicate that book value may not be recoverable. Impairment loss is recognised as the difference
between the book value of an asset and its recoverable amount. Recoverable amount is the fair
value of the asset minus the cost of sale or the value of the assets in use, whichever is higher.
For impairment review purposes, the asset is allocated to the lowest level (cash generating
units) to determine the cash flow individually. Non-financial assets for which impairment losses
are reported are checked on each reporting date for the possible elimination of impairments.
b) Impairmentoffinancialassets
Impairment of trade and other receivables is carried out on the basis of assessing the probability
of the collection of payment of each receivable based on objective evidence, and if there is
objective evidence of impairment of receivables arising after initial recognition, the value of the
receivable is reduced and impairment losses are incurred, which are recognised as expenses in
the income statement.
Historical probabilities of default or collectability of trade receivables are used to measure the
expected impairment loss, which are complemented by future parameters relevant to credit
risk.
The general approach of expected losses applies to loans, debt instruments measured at
amortised cost. The simplified approach of expected credit losses applies to trade receivables
and contractual assets resulting in early recognition of impairment costs.
2.9.
Contractassetsandcontractliabilities
Contracts with customers are presented in the statement of financial position as contract assets
representing claims on contracts with customers and a contract liability that reflects the
transfer of promised goods or services that customers expect to be entitled to. Contract assets
and liabilities are reported in the balance sheet since a signed contract with a client provides
the Company to an unconditional right to compensation.
Contract assets and liabilities are reported in the statement of financial position as current
assets and liabilities since they refer to a period of up to one year.
Contract assets and liabilities are presented for each individual contract with a customer, are
recognised on the balance sheet at the time of the conclusion of the berthing contract, and relate
to berthing contracts which received no payment from the client on the balance sheet date.
The subsequent valuation of contract assets is carried out in accordance with the provisions of
Note 2.8 in the section Impairment of financial assets.
ADRIATIC
CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
29
2.10.
Financialassets
The Company recognises financial assets in its financial statements when it becomes a party to
contractual terms of an instrument. Depending on the asset management business model and the
contractual characteristics of financial asset cash flows, the Company measures financial assets
at amortised cost, fair value through other comprehensive income or fair value through profit
and loss account.
The Company classifies assets as shown below:
Classification and measurement Classification and measurement
Assets
Non – current assets
Financial assets (Deposits) Hold to collect/Amortised cost
Current assets
Cash and cash equivalents
Hold to collect/Amortised cos
t
Trade and other receivables
Hold to collect/Amortised cos
t
Financial assets (Deposits)
Deposits
Hold to collect/Amortised cos
t
Equity instruments Fair value through profit and loss (FVTPL)
Debt instruments
Hold to collect/Amortised cost ,
Hold to collect and sell /Fair value through
other comprehensive income
The business model reflects the way in which the Company manages assets to achieve cash
flows – regardless of whether the Company’s goal is: (i) solely the collection of contractual cash
flows from assets (hold to collect) or (ii) collect both contractual cash flows and cash flows
arising from the sale of assets (hold to collect contractual cash flows and sales), and if none of
the above points is applicable, financial assets are classified as part of another business model
and measured at fair value through profit and loss.
For the valuation of held debt instruments, it is important which business model applies to each
of them individually and whether they show the characteristics of an ordinary loan, i.e., whether
their cash flows consist solely of interest and principal. If they show these characteristics and,
according to the business model, are not intended for sale but held to maturity, they must be
measured at amortised cost. If the business model seeks to partially sell and partially hold these
instruments, they are be measured at fair value through other comprehensive profits with
subsequent reclassification into the income statement. In all other cases, financial assets are
measured at fair value through profit and loss. Equity instrument valuation is measured through
the profit and loss account (FVTPL). This is because investments prioritise maximising profits
in the short term. The acquisition and sale of equity instruments are based on business policy
considerations. Dividends are recognised in the income statement when they do not represent
the repayment of principal.
ADRIATI
C CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
30
2.10.
Financialassets(continued)
Investment in shares as financial assets whose change in fair value is recognised in the
Statement of Comprehensive Income are valued at the time of acquisition at the cost of
acquisition, which at that time represents their fair value, and the cost of acquiring shares is
equal to the “book value” of the shares. Transaction costs directly related to the purchase of
shares or holdings are not included in the cost of acquiring shares (holdings) but are charged to
expense in the period incurred. The fair values of listed investments are based on current offer
prices, and any changes made on the basis of subsequent valuation are recognised in the Income
Statement, in the Net Financial Income and Expenses section.
a) Customercontractreceivables
Customer contract receivables refer to annual berthing contracts whose fee falls due in full
within 7 days from the contract validity period start date. The Company is entitled to
compensation unconditionally and at the time of the signing of the contract by a customer it
records the contract receivables and contract liability.
Receivables are initially measured at fair value, while the expected loss model is used for
subsequent evaluation, using historical data and information.
As trade receivables do not contain a significant financing component in accordance wiht IFRS
15, and since they cover all those receivables whose maturity is less than one year, a simplified
approach to expected losses applies, resulting in an earlier recognition of the impairment of
trade receivables. At the end of each business year, the Company develops a model to make an
estimate of expected credit losses applying historical data on credit losses from earlier periods.
The structure of customers is relatively homogeneous, with a small number of individual claims,
and the Company estimates that the amount of expected future losses is insignificant. During
the reporting period, there were no significant impacts on the amount of value adjustment of
claims against customers.
2.11.
Jointventureinvestment
A joint venture is a type of a joint arrangement in which parties that have joint control over the
business are entitled to the net assets of the joint venture. Joint control is the contractually agreed
sharing of control over a business, which exists only when unanimous consent of the parties
sharing control is required to decide on relevant activities.
When determining the significant impact or joint control, the following factors apply:
− Structure,
− Legal form,
− Contract agreement,
− Other facts and circumstances.
Taking into account these factors, the Company determined that its joint business structured as
a special purpose vehicle (SPV) grants rights to net assets and is therefore classified as a joint
venture.
The Company's investment in the joint venture is recorded using the equity method. According
to the equity method, investment in a joint venture is initially recognised at cost. The book value
of the investment is adjusted in order to recognise changes in the Company's share in the joint
venture's net assets since the date of the acquisition.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
31
2.11.
Jointventureinvestment(continued)
Statement of comprehensive income reflects the Company's share in the joint venture's operating
results. Any changes in the other comprehensive income of the investees are presented within
the Company's other comprehensive income section. Unrealised gains and losses from
transactions between the Company and the joint venture are eliminated to the level of the
Company's share in the joint venture.
When the Company's share in the joint venture's losses becomes equal to or greater than its share
in the joint venture, the Company does not recognise any further losses unless there is a legal or
constructive obligation or it has made payments on behalf of the joint venture.
The Company's total share in the profit or loss of the joint venture is shown in the Statement of
comprehensive income, separately from operating profit, and represents profit or loss after tax.
The financial statements of the joint venture are drawn up for the same reporting period as for
the Company. Accounting policies are aligned with the Company's accounting policies as
appropriate.
After applying the equity method, the Company determines at each reporting date whether there
are indicators of impairment of the joint venture. If such indicators exist, the Company calculates
the impairment amount as the difference between the recoverable amount of the joint venture
and its book value, and then reports a loss in the Statement of comprehensive income under the
Joint Venture Profit Share heading. A recoverable amount is the value in use calculated as the
present value of the Company's shares in future cash flows or a fair value minus the costs of
disposal, whichever is higher.
Upon loss of control of the joint venture, the Company measures and recognises all retained
investment at its fair value, unless significant impact is retained. In this case, the Company
continues to apply the equity method and does not measure the retained share. The difference
between the book value of the investment at the date of the suspension of the equity method use
and the fair value of the retained share and the income from disposal is recognised in the income
statement.
2.12.
Inventoryandsmallinventory
Inventory is valued at the lower of acquisition cost and net realisable value, after provisioning
for obsolete inventory. Net realisable value is the selling price in the ordinary course of business
less the costs necessary to make a sale. The inventory cost calculation is done using the average
weighted value method. Trade goods are shown at a selling price minus taxes and margins. Small
inventory is completely written off when placed in recovery.
2.13.
Non–currentassetsheldforsale
Non-current assets and sales groups, i.e., disposal groups, are classified as held for sale if their
carrying amount will be recovered principally through a sale transaction rather than through
continuing use.
This condition is considered to be fulfilled only when the assets in fact, i.e., the sales group, are
currently available for sale in their existing state and solely under conditions common for the
sale of this type of asset or disposal group and if the sale is highly likely.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
32
2.14.
Cashandcashequivalents
Cash and cash equivalents include cash, call deposits and other short-term highly liquid
instruments with maturities of three months or less.
2.15.
Loans
Loans are initially recognised at fair value less transaction costs. In future periods, loans are
reported at amortised cost; any differences between proceeds (less transaction costs) and
redemption value are recognised in the income statement for the duration of the loan, using the
effective interest rate method. Loans are classified as long-term liabilities other than maturing
liabilities within 12 months, which are classified as short-term.
2.16.
Currentanddeferredtax
The amount of corporation tax for the current year is calculated on the basis of the tax laws in
force in the Republic of Croatia on the date the Statement of Financial Position is issued. The
management periodically evaluates individual items in tax returns with regard to situations
where applicable tax provisions are subject to interpretation and considers the formation of
provisions, where appropriate, based on the expected amount to be paid to the Tax
Administration. The amount of deferred tax is calculated under the balance sheet liability
method, on the temporary differences between the tax base of assets and liabilities and their
book value in the financial statements. Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply to the period when the assets are realised or the liabilities are
settled, based on tax rates and tax laws that have been enacted or substantively enacted by the
balance sheet date. A deferred tax asset is recognised for deductible temporary differences to the
extent that it is probable that taxable profit will be available against which deductible temporary
differences can be utilised.
2.17.
Employeebenefits
a) Pensionandotherpost–retirementliabilities
In the course of its regular business, simultaneously with salary payment, the Company makes
regular payments of contributions in accordance with the law on behalf of its employees who are
members of mandatory pension funds. Mandatory pension contributions to funds are reported
as part of the cost of salaries when calculated. The Company does not have an additional pension
plan and therefore has no other obligations regarding the pensions of employees. Furthermore,
the Company has no obligation to provide any other employee benefits after their retirement
except for a one-time payment at the very moment of retirement, which is regulated in Company
regulations. The balance sheet liability represents the present value of one-off severance pay
liabilities at regular retirement at the balance sheet date, which is adjusted on an annual basis to
changes in the estimated discount rate, employee turnover rate and legal provisions related to
the age of retirement.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
33
2.17.
Employeebenefits(continued)
b) Severancepay
Severance liabilities are recognised when an employee’s employment is terminated by the
Company before the regular retirement date or by the employee’s decision to voluntarily accept
termination of employment in exchange for compensation. The Company recognises severance
liabilities when it has demonstrably undertaken an obligation to terminate employment with
current employees on the basis of a detailed formal plan, without being able to withdraw from it
or when it provides severance pays as a result of the offer to encourage voluntary termination of
employment
c) Long‐termemployee'sbenefits
The Company recognises the liability for long-term employee benefits (Years-of-Service awards)
evenly during the period in which the award was achieved, based on the actual number of years
of service. The liability for long-term employee benefits includes assumptions on the number of
employees to whom those benefits should be paid, the estimated cost of those benefits and the
discount rate.
d) Short‐termemployee'sbenefits
The Company recognises the provision for accumulated unused annual leave when there is a
contractual obligation or employees’ entitlement, which is the basis for the obligation.
2.18.
Long‐termprovisionsforriskandcharges
Provisions for severance, lawsuits and employee benefits are recognised when the Company has
a present obligation (legal or derivative) arising from past events, when it is likely that the
Company will settle this liability and when the amount of the liability can be reliably estimated.
The amount of provision shown reflects the best possible estimate of the expenditure to be paid
in order to settle the current obligation at the end of the reporting period, taking into account
risks and uncertainty.
2.19.
Revenuerecognition
A five-step model is used for the recognition of revenues from contracts with customers:
1.
Identify the contra
ct with a customer
2.
Identify the performance obligations
in the contract
3.
Determine the transaction price
4.
Allocate the transaction price to the performance obligations in the contra
ct
5.
Recognise revenue when (or as) the entity satisfies a performance obligation
.
Reven
ue is recognised for each separate performance obligation in the contract in the amount of
the transaction price. The transaction price is the amount of consideration in the contract to
which the Company expects to be entitled in exchange for transferring promised goods or
services to a customer.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
34
2.19.
Revenuerecognition(continued)
Revenue is reported in amounts less value added tax, estimated returns, rebates and discounts.
The Company recognises revenue when the amount of revenue can be reliably measured, when
the Company will have future economic benefits, and when specific criteria for the Company’s
activities described below are met.
a) Revenuefromcontractswithcustomers
Revenue from contracts with customers relate primarily to revenue realised under an annual (or
a multi-month) berthing contract and contracts to perform secondary activities.
Contract liability and trade receivables are recognised on the basis of a concluded contract, while
the income is recognised over time upon fulfilment of the obligations. In the event of an early
termination of the contract, the remaining revenue is recognised upon termination of the
contract, in accordance with the terms of contract.
b) Revenuefromprovisionofservices
Revenue from services are recognised in the period in which the services are provided, based on
the share of services actually provided in relation to the total of services to be provided. Revenue
from the provision of services of using annual, monthly and daily berths and other services are
recognised evenly during the period when the service is provided.
c) Interestincome
Interest income earned on the basis of term deposits and customer interest are recognised on a
time-proportional basis using the effective interest rate method.
d) Dividendincome
Dividend income is recognised when the shareholder’s right to receive payment is established.
2.20.
Distributionofdividends
The distribution of dividends to the Company’s shareholders is recognised as a liability in the
financial statements in the period in which the dividends are approved by the General Assembly
of the Company’s shareholders.
2.21.
Value–addedtax(VAT)
The Tax Administration requires that VAT be settled on a net basis. VAT resulting from sales and
purchase transactions is recognised and reported on the balance sheet on a net basis. In case of
impairment loss on receivables, the impairment loss is shown in the gross amount of the
receivables, including VAT.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
35
2.22.
Accountspayable
Accounts payable are obligations to pay the supplier for the goods or services received during
ordinary course of business. Accounts payable are classified as current if they are due within one
year or within a normal operating cycle if it is longer. Otherwise, they are classified as long-term.
Accounts payable are initially recognised at fair value and subsequently measured at amortised
cost using the effective interest rate method.
2.23.
Reclassifications
In 2021, the Company changed the way certain items of expenses are presented in the statement
of comprehensive income in order to better understand the financial statements.
In order to reconcile the presentation of comparable data with the data presented in 2020, the
following items have been reclassified in the financial statements for the year ended 31
December 2020:
in thousands of HRK 2020 impact
2020
reclasified
Cost of material and services 39,138 (39,138) -
Cost of raw and other materials - 9,516 9,516
Other external costs - 29,622 29,622
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
36
NOTE3–RI
SKMANAGEMENT
a) Liquidityri
sk
The Company manages its liquidity by maintaining adequate reserves,
using appropriate banking
products, continuously monitoring forecast and realised cash inflows and outflows, and
reconciling the maturity of financial assets and financial liabilities. The objective of liquidity risk
and control management is to ensure that the Company is able to make payments at all times.
Prudent liquidity risk management includes keeping sufficient amounts of cash, managing
surpluses of available funds, and ensuring the availability of funds by adequate amount of
committed lines of credit. Trade payables and other liabilities are shown in notes 31 and 33
accompanying the financial statements.
The following table analyses the expected maturity of the Company’s non-derivative financial
assets. The tables are drawn up on the basis of undiscounted contractual maturities of financial
assets, including the interest to be earned on those assets. Disclosing information on non-
derivative financial assets is essential in order to understand how the Company manages
liquidity risk, since liquidity is managed based on the net amount of financial assets and financial
liabilities.
i
n thousands of HRK
Weighted
average
effective
interestrate
%
Upto1
mth
From1
to3
mths
From3,
mths
to1yr
Total
31December2021
Interest‐free
Cash and cash
equivalents
- 136,449 - - 136,449
Trade receivables - 5,537 - - 5,537
Contract assets - - - 12,130 12,130
Other receivables - 2,407 - 2,560 4,967
144,393 ‐ 14,690 159,083
Fixedinterestrate
instruments
Deposits 0.46% ‐‐50,181 50,181
144,393 ‐ 64,871 209,264
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
37
NOTE3–RI
SKMANAGEMENT(continued)
a) Liquidityri
sk(continued)
in thousands of HRK
Weighted
average
effective
interest
rate%
Upto1
mth
From1
to3
mths
From3,
mths
to1yr
Total
31December2020
Interest‐free
Cash and cash
equivalents
- 78,978 - - 78,978
Trade receivables - 7,067 - - 7,067
Contract assets - - - 14,621 14,621
Other receivables - 761 3,549 2,795 7,105
86,806 3,549 17,416 107,771
Fixedinterestrate
instruments
Deposits 0.38% ‐‐62,858 62,858
86,806 3,549 80,274 170,629
The
following tables analyse the remaining period until the contractual maturity of the
Company’s non-derivative financial assets. The tables are drawn up on the basis of undiscounted
cash outflows on financial liabilities by the earliest date on which payment may be requested
from the Company. The table includes cash outflows by both principal and interest.
in thousands of
HRK
Weighted
average
effective
interestrate
%
Upto1
mth
From1
to3
mths
From
3,mths
to1yr
From1
yr,to5
Yr
Total
31December
2021
Interest‐free
Trade payables - 6,745 - 9,805 - 16,550
Contract
liabilities
- - - 9,602 - 9,602
Other liabilities - 5,374 9,278 4,375 3,621 22,648
12,119 9,278 23,782 3,621 48,800
Loan liabilities - 129 2,670 8,012 58,753 69,564
Lease liabilities - - 1,755 2,014 13,451 17,220
12,248 13,703 33,808 75,825 135,584
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
38
NOTE3–RI
SKMANAGEMENT(continued)
a) Liquidityri
sk(continued)
in thousands of HRK
Weighted
average
effective
interestrate
%
Upto
1mth
From1
to3
mths
From
3,mths
to1yr
From1
yr,to5
Yr
Total
31December2020
Interest‐free
Trade payables - 3,439 - 3,174 - 6,613
Contract liabilities - - - 11,413 - 11,413
Other liabilities - 2,943 7,692 2,782 3,146 16,563
6,382 7,692 17,369 3,146 34,589
Loan liabilities - - 2,989 8,033 69,617 80,639
Lease liabilities - 151 2,291 1,366 18,091 21,899
6,533 12,972 26,768 90,854 137,127
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
39
NOTE3–RI
SKMANAGEMENT(continued)
b) Capitalriskmanagement
The
Company manages capital in order to ensure its going concern.
The indebtedness on the date of the financial position statement was as follows:
Debt 31December2021 31December2020
Long - term loans 58,753 69,617
Current portion of long-term liabilities 10,811 11,022
Cash and cash equivalents 136,449 78,978
Net debt 66,885 (1,661)
Principal
499,844 486,509
Debt‐to‐principalratio 13.4% (0.3%)
c) Creditrisk
The
Company’s credit risk-bearing assets consist mainly of financial deposits and trade
receivables.
The Company’s sales policies are defined in such a way that the credit risk is relatively low (in
principle, under the annual and monthly berthing contracts, the services are paid in advance). In
addition, even in the case of payment by instalments, the Company’s credit risk is reduced by
implementing strict measures to control the collection and delivery of services, as well as by
obtaining debtor’s instruments of collateral. Credit risk relating to cash and cash equivalents is
relatively low given the agreed fixed interest on term deposits in banks with which the Company
has a long-standing successful cooperation.
d) Marketrisk
Market risk is the risk of fluctuations in fair value or future cash flows of financial instruments
due to changes in market prices, and covers the following three risks:
currencyrisk–The Company is exposed to currency risk arising from the fluctuations in the
EUR exchange rate and relating predominantly to recognised assets and liabilities. The Company
has no significant assets and/or liabilities reported in other foreign currencies. Compared to the
reported state as at 31 December 2021, if the EUR exchange rate were to rise/decrease by 1%
compared to HRK (2020, 1%), assuming that all other indicators remained unchanged, profit
before tax for the reporting period would be HRK 651 thousand (in 2020, HRK 37 thousands)
higher/ lower, mainly as a result of gains/losses from exchange rate differences in converting
from EUR in financial assets, foreign exchange accounts and loans;
interest rate risk – the risk of fluctuations in fair value or future cash flows of financial
instruments due to changes in market interest rates. The Company is not exposed to significant
interest rate risk given the agreed fixed interest on term deposits and loans
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
40
NOTE3–RI
SKMANAGEMENT(continued)
d) Marketrisk(continued)
othe
r price risks – the risk of fluctuations in fair value or future cash flows of a financial
instrument due to changes in market prices, which do not arise from interest rate or currency
risk.
In the observed period, the Company generated interest income on term deposits in the amount
of HRK 259 thousands (in 2020, HRK 287 thousands).
d) Fairvalueoffinancialinstruments
The fair value of financial assets and financial liabilities is determined as follows:
The fair value of financial assets and financial liabilities traded on active liquid markets
under standard conditions is determined with reference to the quoted market price.
The fair value of other financial assets and financial liabilities is determined
in
accordance
with generally accepted pricing models based on the analysis of discounted
cash flow, using prices from existing market
transactions.
Fairva
lueindicatorsrecognisedinbalancesheet
Financial instruments that are measured at fair value after initial recognition are classified into
three groups in accordance with IFRS 13:
1. Level 1 Observable Indicators – fair value indicators are derived from (unadjusted)
prices quoted in active markets for identical assets and identical liabilities
2. Level 2 Observable Indicators – fair value indicators are derived from data other than
quoted prices included within Level 1, and refer to the asset or liability in q
uestion
(i.e., their prices) or are indirect (derived fro
m prices), and
3. Level 3 Indicators – indicators derived using valuation methods in which data
on
assets or liabilities that are not based on available market data (unobservable inputs)
are us
ed
Financi
al assets at fair value through the profit and loss account are recognised in the Level 1
Observable Indicators and is made up of shares, which are valued in accordance with market
prices (Central Depository and Clearing Company) and the value of which is adjusted on each
reporting date through Statement of Comprehensive Income.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
41
NOTE4‐
KEYACCOUNTINGESTIMATES
The Management Board is required to use judgments in the process of applying the Company’s
accounting policies. Estimates are continuously evaluated and are based on experience and other
factors, including expectations of future events deemed acceptable under pre-existing
circumstances. The Company makes estimates and creates assumptions regarding the future. The
resulting accounting estimates, by definition, rarely correspond to actual results. The following
provides estimates and assumptions that could lead to a significant risk of resulting in a material
adjustment to the carrying amounts of assets and liabilities within the next financial year.
Lawsuitsandlegalclaims
The Company is a party to a number of lawsuits arising from ordinary business. Provisions are
recorded if there is a present liability resulting from a past event (taking into account all available
evidence, including the opinion of legal experts) where it is likely that the settlement of the
obligation will require a drain on resources and if the amount of the obligation can be reliably
estimated. Provisions for lawsuits and legal claims are made on the basis of the Management
Board’s assessment of potential losses after consulting a lawyer.
Usefullifeofproperty,plantandequipment
The Management determines and reviews the useful life and associated depreciable cost of
property, plant and equipment. This assessment is based on the estimated remaining useful life
of assets and the duration of concession contract periods. The Management will increase the
depreciable cost if the useful life of an asset is estimated to be lower than before the evaluation
or will write off ageing and discarded assets. The useful life of assets will be reviewed from time
to time to determine whether there are circumstances to change the estimate in relation to the
previously established one. Changes to the estimate, if any, will be displayed in future periods
through the changed depreciable cost over the remaining, changed useful life.
If depreciation rates on property, plant and equipment were 5% higher/lower, assuming
unchanged other variables, net profit for the year and net book value of property, plant and
equipment would be HRK 2.971 thousand (2020: HRK 13,821 thousand) lower/higher.
Actuarialestimates
Actuarial estimates were applied when calculating employee benefits. The cost of defined salaries
was determined using actuarial estimates. Actuarial estimates i
nclude the identification of
assumptions
about discount rates, future increases in salaries and mortality or fluctuation rates.
Due to the long-term nature of these plans, such estimates are subject to uncertainty.
Availabilityoftaxableprofitforwhichdeferredtaxassetsmayberecognised
Deferred tax assets are recognised for any unused tax losses to the extent that it is probable that
profit will be made that will allow its use.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
42
NOTE5‐
BUSINESSSEGMENTREPORTING
The Company beholds business as a whole, i.e., as one segment. In addition, it beholds and evaluates
its performance on a geographical basis, type and market in which revenue is generated. Revenue
analysed as part of business segments include operating and financial revenue.
Totalrevenueandnon‐currenttangibleandintangibleassetsshowngeographically
In thousands HRK
Totalrevenue
Non‐currenttangibleand
intangibleassets
2021 2020
31De
cember
2021
31December
2020
Umag 9,798 9,263 6,906 9,107
Rovinj 12,532 7,047 133,327 148,950
Pula 6,002 5,100 7,755 9,045
Pomer 8,805 8,033 25,663 29,180
Opatija 14,311 13,489 12,677 15,120
Cres 14,185 12,993 23,725 28,015
Supetarska Draga 6,266 5,140 5,454 6,602
Rab 2,918 2,167 2,280 2,135
Šimuni 5,731 5,170 5,535 6,237
Žut 2,424 1,983 6,850 7,171
Piškera 3,045 1,938 6,332 6,518
Jezera 8,673 7,500 8,456 9,858
Vodice 12,165 11,915 8,981 7,767
Skradin 10,709 7,542 7,611 9,593
Trogir 10,183 8,406 5,474 3,617
Split 25,798 20,217 39,510 43,544
Milna 7,598 6,444 9,764 10,770
Vrboska 3,774 2,902 3,891 4,769
Plamižana 9,524 5,053 4,444 5,576
Korčula 3,578 5,057 38,013 18,928
Dubrovnik 22,899 22,455 36,435 34,145
Veljko Barbieri 5,431 5,767 37,665 44,474
ACI Sail 4,987 1,971 21,487 8,240
General administrative
and technical services
4,291 7,980 9,188 23,020
215,627 185,532 467,423 492,381
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
43
NOTE5
‐BUSINESSSEGMENTREPORTING(continued)
Totalrevenuepermarketinwhichtheyaregenerated
The Company operates in two main territorial areas, i.e., markets, by which total revenue is shown,
while all non- current assets are related to the Croatian market.
In thousands HRK
Totalrevenue
Non‐currenttangibleand
intangibleassets
2021 2020
31De
cember
2021
31December
2020
Domestic market 86,592 82,858 467,423 492,381
Foreign market 129,035 102,674 - -
215,627 185,532 467,423 492,381
Informationonmajorcustomers
The total net claims against customers as at 31 December 2021 amounted to HRK 7,537 thousand
(as at 31 December 2020, HRK 7,067 thousand). All receivables are related to services, and the
Company did not have any individual receivables greater than 10% of the total trade receivables as
at 31 December 2021.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
44
NOTE6–SALESREVENUE
In thousands HRK 2021 2020
Annual berthing service 102,126 102,559
Monthly berthing service 11,087 9,635
Daily berthing service 56,454 33,838
Other boating services 12,317 8,399
Rental income 19,034 13,351
Income from boat rental and charter 4,593 1,971
205,611 169,753
NOTE7–OTHEROPER
ATINGREVENUE
In thousands HRK 2021 2020
Revenue from re-invoiced overhead costs 3,206 2,770
Collection of accounts receivable previously
ajusted (Note 22)
1,371 522
Advertising revenue 919 947
Income from damages compensations 590 149
Revenue from previous years 297 3,253
Income from provisions for lawsuits
reversed
99 49
Prihodi od prodaje rashodovanih sredstava i
dugotrajne imovine
22 643
Income from contract penalties - 348
Other revenue 493 1,318
6,99
7 9,999
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
45
NOTE8–CO
STOFRAWANDOTHERMATERIALS
In thousands HRK 2021 2020
Material costs
2,709 1,725
Energy costs
7,800 6,630
Maintenance material costs
1,371 1,129
Small inventory costs
6 32
11,8
86 9,516
NOTE9–PE
RSONELCOSTS
In thousands HRK 2021 2020
Gross wages 53,356 50,075
Severance pays 1,228 333
Other benefits 5,703 3,759
60,2
87 54,167
In 2021 the Company employed 355 employees on average (2020: 346).
i) Pension contributions calculated by the Company to pay into mandatory pension
funds for the year ended 31 December 2021 amount to HRK 9,944 thousand
(2020: HRK 9,667 thousand).
ii) Other employee benefits include transportation costs, training, untaken annual
leave liability and occasional bonuses.
NOTE10–DEPRECIAT
ION,AMORTIZATIONANDVALUEIMPAIRMENT
In thousands HRK 2021 2020
Depreciation of property, plant and equipment 52,639 55,119
Property investment depreciation 8,945 9,286
Right-of-use depreciation 3,282 3,291
Amortisation of intangible assets 462 526
Impairment of non-current assets 711 -
66,0
39 68,222
A detailed explanation of the depreciation and amortization cost and value impairment of non-
current assets is given in notes 16, 17, 18 and 19.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
46
NOTE11–OTHEREXT
ERNALCOSTS
In thousands HRK 2021 2020
Maintenance and security services 11,660 10,813
Utilities 7,553 6,716
Mail, transport and communications services 3,705 3,507
Promotional services, sponsorships and boat show
costs
4,147 3,467
Intellectual and personal services 3,834 2,812
Lease services 220 287
Berth brokers costs 885 203
Cost of goods sold 248 147
Other external service costs 2,210 1,670
34,4
62 29,622
NOTE12–OTHEROPE
RATINGEXPENSES
In thousands HRK 2021 2020
Maritime domain – concessions i) 6,748 4,628
Insurance costs 2,703 1,901
Value adjustment and trade receivables (Note 22) 1,483 1,888
Unamortised value of disposal/sold assets 1,668 1,087
Subsequently identified operating costs 2,303 854
Contributions, membership fees and similar duties 974 799
Provisions for fees and risks 359 585
Bank fees and payment transactions costs 597 430
Representation costs 566 347
Indemnity expense 75 316
Per diem and travel expenses 288 273
Reimbursement to members of the Management
Board Supervisory Board and Audit Committee
207 258
Other operating expenses ii) 4,125 2,724
22,0
96 16,090
i) Fees for maritime domain - concessions relate to variable payments based on
concluded concession contracts, which are not stated as right-to-use property. In
Note 17, the costs of the variable part of the concession fee are stated in addition to
other leases not covered by IFRS 16.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
47
NOTE12–OTHEROPE
RATINGEXPENSES(continued)
ii) In 2021, the Company donated HRK 3.3 million to the City of Rovinj to repair the
city’s infrastructure along the access road to the marina Rovinj as part of a complete
reconstruction, while in 2020 it donated HRK 2 million to the Municipality of
Dubrovačko Primorje for the construction of a road leading to the Veljko Barbieri
Marina in Slano.
NOTE13–NETFINANCIALEXPENSES
In thousands HRK 2021 2020
Financialincome
Interest income 555 408
Dividend income 16 -
Exchange rate gains 2,448 5,372
3,019 5,780
Financialexpences
Cost of interest on loans (1,032) (1,330)
Exchange rate losses (2,258) (5,686)
Interest expense on lease liabilities (281) (349)
Unrealized losses on financial assets (3) (12)
(3,574) (7,377)
(555) (1,597)
NOTE14–INCOMETAX
The table below shows the reconciliation between accounting profit and income tax.
In thousands HRK 2021 2020
Incometaxrecognisedinthestatementof
comprehensiveincome
Current tax 3,886 361
Impact of temporarily non-deductible provisions (141) (42)
3,745 319
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
48
NOTE14–INCOMETAX(continued)
In thousands HRK 2021 2020
Reducingtheaccountingprofittotheincometax
ofthecurrentyear
Pre-tax profit 17.080 517
Impact of non-taxable income (435) (209)
Impact of non-deductible expenses 4.944 1.700
Taxbase(profitafterincrease/decrease) 21.589 2.008
Income tax (3.886) (361)
Impact of temporarily non-deductible provisions 141 42
Incometaxrecognisedinthestatementof
compreheniveincome
(3.745) (319)
In accordance with tax regulations, the Tax Administration may at any time review the Company’s
books and records for a period of three years after the end of the year in which the tax liability is
stated and may impose additional tax obligations and penalties. The Company’s Management Board
is not aware of any circumstances that could lead to potential significant liabilities based on the
audits performed.
NOTE15‐BASICEARNINGSPERSH
ARE
Basic earnings per share are calculated by dividing profits attributable to the Company’s ordinary
shareholders with an average number of ordinary shares weighed over a period.
Basicearningspershare
2021 2020
Net profit (in thousands HRK) 13,335 198
Number of ordinary shares 111,060 111,060
Basicearningspershare(inHRK) 120.07 1.78
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
49
NOTE16‐PRO
PERTY,PLANTANDEQUIPMENT
InthousandsHRK Land Buildings
Plantsand
equipment
Tools,
machinery,
vehicles
Other
tangible
assets
Tangible
assets
under
constructi
on
Advancesfor
tangible
assets
Total
AcquisitionCost
Balanceasat1January
2021
22,913 767,847 149,200 109,718 2,910 14,053 2,603 1,069,244
Additions ‐ ‐ ‐ ‐ ‐ 42,250 594 42,844
Activations ‐ 25,960 7,224 846 ‐ (34,030) ‐ ‐
Reclassification ‐ 958 15 ‐ ‐ ‐ ‐ 973
Impairment ‐ ‐ ‐ ‐ ‐ (630) ‐ (630)
Disposals ‐ (7,791) (2,347) (3,604) ‐ ‐ ‐ (13,742)
Balanceasat31
December2021
22,913 786,974 154,092 106,960 2,910 21,643 3,197 1,098,689
Accumulated
depreciation
Balanceasat1January
2021
‐ 490,833 102,637 72,541 1,442 ‐ ‐ 667.453
Depreciation ‐ 36,606 9,431 6,519 300 ‐ ‐ 52.856
Reclassification ‐ 730 15 ‐ ‐ ‐ ‐ 745
Disposals ‐ (6,443) (2,067) (3,598) ‐ ‐ ‐ (12.108)
Balanceasat31
December2021
‐ 521,726 110,016 75,462 1,742 ‐ ‐ 708.946
Netbookvalue
Balanceasat1
January2021
22,913 277,014 46,563 37,177 1,468 14,053 2,603 401.791
Balanceasat31
December2021
22,913 265,248 44,076 31,498 1,168 21,643 3,197 389.743
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
50
NOTE16‐PRO
PERTY,PLANTANDEQUIPMENT(continued)
InthousandsHRK Land Buildings
Plantand
equipment
Tools,
machinery,
vehicles
Other
tangible
assets
Tangible
assetsunder
construction
Advances
for
tangible
assets
Total
Acquisitioncost
Balanceasat1
January2020
21,833 758,691 142,791 93,416 2,909 24,079 4,227 1,047,946
Additions ‐ ‐ ‐ ‐ ‐ 37,331 ‐ 37,331
Reclassification
‐
363
‐
‐
‐
‐
‐
363
Activation 1,080 13,609 10,208 22,459 1 (47,357)
‐
‐
Disposals
‐
(4,816) (3,799) (6,157)
‐
‐
(1,624)
(16,396)
Balanceasat31
December2020
22,913 767,847 149,200 109,718 2,910 14,053 2,603 1,069,244
Accumulated
depreciation
Balanceasat1January
2020
‐
456,896
95,839 71,988 1,139
‐
‐
625,862
Depreciation
‐
37,758 10,492
6,566
303
‐
‐
55119
Reclassification
‐
220
‐
‐
‐
‐
‐
220
Disposals
‐
(4,041) (3,694) (6,013)
‐
‐
‐
(13,748)
Balanceasat31
December2020
‐ 490,833 102,637 72,541 1,442 ‐ ‐ 667,453
Netbookvalue
Balanceasat1January
2020
21,833 301,796 46,952 21,429 1,770 24,079 4,227 422,084
Balanceasat31
December2020
22,913 277,014 46,563 37,177 1,468 14,053 2,603 401,791
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
51
NOTE17‐RIGHT‐OF‐USEASSET
S
In thousands HRK Concessions Vehicles
Office
building
Total
Balance as at 1 January 2021 17,294 1,995 2,315 21,604
Additions 223 - - 223
Disposals (1,655) - - (1,655)
Depreciation (1,805) (698) (780) (3,283)
Balanceasat31
December2021
14,057 1,297 1,535 16,889
Liabilitiesun
derleaseagreements
In thousands HRK Concessions Vehicles
Office
building
Total
Balance as at 1 January 2021 17,240 2,307 2,352 21,899
Reclassification 262 (262) - ‐
Additions 223 - - 223
Interest cost 170 83 29 282
Disposals (1,735) - - (1,735)
Payment under lease agreements (1,868) (767) (814) (3,449)
Balanceasat31
December2021
14,292 1,361 1,567 17,220
In thousands HRK
to3
months
from3to
12
months
from1to
2years
from2to
5years
over5
years
Balanceasat31
December2021
Liabilities under lease
agreements - concessions
1,386 727 1,911 6,685 3,583
Liabilities under lease
agreements - business offices
202 670 695 - -
Liabilities under lease
agreements - vehicles
167 617 577 - -
1,755 2,014 3,183 6,685 3,583
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
52
NOTE17–RIGHT‐OF‐USEASSET
S(continued)
Short‐termleasesandlow‐valueleases
In thousands HRK 2021 2020
Short-term leases 106 60
Low-value leases 31 90
Costs of the variable part of the concession 6,748 4,628
Future undiscounted liabilities on short-term leases - -
The
Company applies the exemption for short-term leases and low-value leases, and the costs of
these leases are stated in Note 11 under Lease costs, while the costs of the variable part of the
concession fee are stated in Note 12 under Maritime domain - concessions.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
53
NOTE18‐INVESTMENTPROPERTY
In thousands HRK
Investment
property
Investment
property
under
construction
Advancesfor
investment
property
Total
Acquisitioncost
Balance as at 1 January 2021 236,711 95 151 236,957
Additions - 574 - 574
Activation 574 (574) - ‐
Reclassification (973) - - (973)
Impairment - (95) - (95)
Disposals (414) - (151) (565)
Balanceasat31December2021 235,898 ‐‐235,898
Accumulateddepreciation
Balance as at 1 January 2021 169,405 - - 169,405
Depreciation 8,946 - - 8,946
Reclassification (745) - - (745)
Disposals (372) - - (372)
Balanceasat31December2021 177,234 ‐‐177,234
Netbookvalue
Balanceasat1January2021 67,306 95 151 67,552
Balanceasat31December2021 58,664 ‐‐58,664
In thousands HRK
Investment
property
Investment
property
under
construction
Advancesfor
investment
property
Total
Acquisitioncost
Balance as at 1 January 2020 227,580 95 - 227,675
Additions - 9,655 151 9,806
Reclassification (363) - - (363)
Activation 9,655 (9,655) - ‐
Disposals (161) - - (161)
Balanceasat31December2020 236,711 95 151 236,957
Akumuliranaamortizacija
Balance as at 1 January 2020 160,438 - - 160,438
Depreciation 9,286 - - 9,286
Reclassification (220) - - (220)
Disposals (99) - - (99)
Balanceasat31December2020 169,405 ‐‐169,405
Netbookvalue
Balanceasat1January2020 67,142 95 ‐ 67,237
Balanceasat31December2020 67,306 95 151 67,552
The
Company made an estimate of the fair value of property investment using planned revenue
from secondary activities until the date of expiry of concession contracts and the book value of
property investment as at 31 December 2021. The value of discounted cash receipts from the
revenue of secondary activities amounts to HRK 116 milion. The discount rate used for future cash
flows was 6,56%.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
54
NOTE19–IN
TANGIBLEASSETS
In thousands HRK Software
Intangibleassets
under
construction
Total
Acquisitioncost
Balance as at 1 January 2021 10,785 752 11,537
Additions 9 1,145 1,154
Activation 370 (370) ‐
Disposals (13) (13)
Balanceasat31December2021 11,151 1,527 12,678
Accumulateddepreciation
Balance as at 1 January 2021 10,102 - 10,102
Depreciation 462 - 462
Disposals (13) - (13)
Balanceasat31December2021 10,551 ‐ 10,551
Netbookvalue
Balanceasat1January2021 683 752 1,435
Balanceasat31December2021 600 1,527 2,127
In thousands HRK Software
Intangibleassets
under
construction
Total
Acquisitioncost
Balance as at 1 January 2020 10,668 382 11,050
Additions - 526 526
Activation 156 (156) ‐
Disposals (39) - (39)
Balanceasat31December2020 10,785 752 11,537
Accumulateddepreciation
Balance as at 1 January 2020 9,615 - 9,615
Depreciation 526 - 526
Disposals (39) - (39)
Balanceasat31December2020 10,102 ‐ 10,102
Netbookvalue
Balanceasat1January2020 1,053 382 1,435
Balanceasat31December2020 683 752 1,435
For the purposes of calculating depreciation, the useful life of s
oftware and licences is five years.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
55
NOTE20‐FINANCIALASSETSATFAIRVALUETHROUGHPROFITORLOSS
The net book value of investment accounted for using the cost method
includes:
In thousands HRK 31December2021 31December2020
Joint venture: ACI - Gitone d.o.o. 500 -
Net loss for the year (100%) (432) -
Share of joint venture loss (50%) (216) -
284 ‐
I
nvesting in a joint venture refers to the establishment of ACI - Gitone d.o.o, a limited liability
company operating in the hospitality, tourism, and nautical tourism services sector, which was
founded with Gitone Kvarner d.o.o. in Zagreb on 22 February 2021, when the Articles of Association
were signed by the partners. By paying HRK 500,000 in founding capital, the Company became the
owner of a 50% share in the joint venture.
The main activities of ACI - Gitone d.o.o. are hospitality, tourism, and nautical tourism services. As
at 31 December 2021, the Company’s ownership share in the joint venture was 50%.
As at 31 December 2021, the Company's share in the joint venture decreased by HRK 216,000, or
by 50% of after-tax loss made by ACI - Gitone d.o.o. in 2021. The Company recognised a share in the
investee’s loss in the same amount in the Comprehensive Income Statement.
The table below summarises the financial information for the Company's joint venture. The
information given is equivalent to the amounts reported in the joint venture's financial statements,
which means that it does not refer to the Company's share in these amounts. The results of the joint
venture are expressed in Croatian kunas, which is both a functional and reporting currency. The
end of the year of the joint venture coincides with the end of the Company's year (i.e., both
companies end the year on 31 December).
The summary profit and loss account and the Statement of comprehensive income for ACI - Gitone
d.o.o.:
In thousands HRK 31December2021 31December2020
EXPENSES
Costofmaterialandservices 246 ‐
Costsofrawandothermaterials 12 ‐
Otherexternalcosts 234 ‐
Personelcost 149 ‐
Otherexpenses 37 ‐
432 ‐
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
56
NOTE20‐FINANCIALASSETSATFAIRVALUETHROUGHPROFITORLOSS(continued)
Below is the summary statement of financial position for ACI - Gitone d.o.o.:
In thousands HRK 31December2021 31December2020
ASSETS
Tangible assets under construction 1,678 -
Receivables from the State and other
institutions
114 -
Cash at bank and in hand 75 -
1,867 ‐
CAPITALANDLIABILITIES
Capitalandreserves 568 -
Issuedsharecapital 1
,
000 -
Netlossfortheyear (432) -
Short–termliabilities 1,299 -
Tradepayables–relatedparties 594 -
Tradepayables 665 -
Employeerelatedriabilities 21 -
Liabilitiesfortaxes,contributionsandsimilar
duties
17 -
Othershor
t
‐termliabilities 2 -
1,867 ‐
Adjustment with the book value (In thousands HRK) 2021
Initialnetassetsasat22February
500
Lossfortheperiod
(432)
Closingnetassets 284
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
57
NOTE21–DEFERREDTAXASSETS
Deferred tax assets are recognised for any deductible temporary differences to the extent that is
probable that taxable profit will be available against which deductible temporary differences can
be utilised. Deferred tax assets are not discounted.
The costs of provisions for interest on lawsuits and decisions of government bodies, long-term
provisions of Years-of- Service awards are temporarily non-deductible and form the basis for
deferred tax assets in 2021. On the other hand, deferred tax assets were reduced on the basis of the
recognition of previously non-deductible provisions.
The change in the temporary differences of deferred tax assets is as follows:
In thousands HRK
Opening
balance
Recognition
ofdeferred
taxassetsin
the
Statementof
Financial
Position
Recognisedin
theStatement
of
Comprehensiv
e
Income
Closing
balance
2021
Provisions for Years-o
f
-Service
awards and severance pays
378 58 (108) 328
Provisions for interest on
lawsuits and decisions of
government bodies
18 20 (12) 26
Provisions for employee benefits
and bonuses
242 - (242) -
Correction of values of assets for
sale
12 39 - 51
Amortisation based on lease
agreement
83 (22) - 61
Value adjustment of financial
assets
- 39 - 39
Value adjustment of claims
against customers and other
value adjustment
- 6 - 6
Impactoftemporarilynon‐
deductibleprovisions
733 140 (362) 511
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
58
NOTE21–DEFERREDTAXASSETS(continued)
In thousands HRK
Opening
balance
Recognitionof
deferred
taxassetsinthe
Statementof
Financial
Position
Closing
balance
2020
Provisions for years-of-service awards
and severance pays
378 - 378
Provisions for interest on lawsuits and
decisions of government bodies
37 (19) 18
Provisions for employee benefits and
bonuses
242 - 242
Correction of values of assets for sale 12 - 12
Amortisation based on lease agreement 21 62 83
Impactoftemporarilynon‐
deductibleprovisions
690 43 733
NOTE22–TR
ADERECEIVABLES
In thousands HRK 31December2021 31December2020
Domestic trade receivables 9,437 11,563
Foreign trade receivables 1,884 2,130
Impairment on receivables from customers (5,784) (6,626)
Nettradereceivables 5,537 7,067
Chan
ges to trade receivables impairment provisions are as follows:
In thousands HRK 31December2021 31December2020
Balance at the beginning of the year 6,626 6,274
Value adjustment during the year (note 12) 1,483 1,888
Collection of accounts receivable previously adjusted
(note 7)
(1,371) (522)
Write-off of accounts receivable previously adjusted (954) (1,014)
5,784 6,626
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
59
NOTE22–TR
ADERECEIVABLES(continued)
As at 31 December 2021, trade receivables in the amount of HRK 5,102 thousand (2020: HRK 6,599
thousand) were due, but were not impaired.
In thousands HRK 31December2021 31December2020
up to 3 months 2,928 4,360
from 3 months to 1 year
2,174
2,239
5,102 6,599
The
book value of trade receivables is denominated in the following currencies:
In thousands HRK 31December2021 31December2020
EUR 23 249
HRK
5.514
6.818
5.537 7.067
The
book value of short-term receivables is approximately equal to their fair value owing to short
due dates.
NOTE23–CONTRACTASSETS
The Company recognised contract assets under contracts with customers as shown below:
In thousands HRK 31December2021
31December2020
Domestic market 7,478 9,179
Foreign market 4,652 5,442
12,1
30 14,621
The
management expects that contract assets obtained by active contracts as at 31 December 2021
will be invoiced and charged during the next reporting period.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
60
NOTE24–OTHERREC
EIVABLES
In thousands HRK 31December2021 31December2020
Government receivables (VAT) 1,861 382
Prepaid expenses 1,042 1,322
Advances to suppliers 348 160
Accrued revenue not yet due 137 159
Employee receivables 84 94
Credit card receivables 62 60
Other receivables 1,326 1,285
4,860 3,462
NOTE25–DEPOSITS
In thousands HRK 31December202
1
31De
cember2020
Term deposit - HR
K
20,000 10,000
Term deposit - EUR 30,069 52,759
Deposits for other business activities 112 99
50,181 62,858
Term deposits with commercial banks are made for up to 1 year.
Deposits
are made with fixed maturities and fixed interest rates that are approximately equivalent
to market rates.
NOTE26–CASHANDCASHEQUIVALENTS
In thousands HRK 31December2021 31December2020
Home currency accounts 30,126 46,980
Foreign currency accounts 106,220 31,929
Cash on hand 103 69
136,449 78,978
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
61
NOTE26–CA
SHANDCASHEQUIVALENTS(continued)
Funds in accounts are denominated in the following currencies:
In thousands HRK 31December2021 31December2020
HRK 30,182 47,006
EUR 104,738 30,907
USD 1,529 873
Other currencies - 192
136,449 78,978
NOTE27–I
SSUEDSHARECAPITAL
The total number of shareholders as at 31 December 2021 was 683 (31 December 2020: 691).
The share capital for 2021 and 2020 amounts to HRK 399,816,000 and is divided into 111,060
ordinary shares with the stock symbol ACI and an individual nominal amount of HRK 3,600.
The ownership structure of the Company as at 31 December 2021 was as follows:
OWNERSHIP STRUCTURE
TOTAL
NUMBER
OF
SHARES
NOMINAL
VALUE (in HRK)
SHARE
CAPITAL (%)
REPUBLIC OF CROATIA (Shareholder proxy on 85.615
shares is the Ministry of Physical Planning,
Construction and State Assets)
87,275 314,190,000 78.58%
OTP Bank d.d. (AZ OMF – B category) 9,297 33,469,200 8.37%
ERSTE&STEIERMARKISCHE BANK d.d. (PBZ CO OMF –
B category)
3,352 12,067,200 3.02%
RAIFFEISENBANK AUSTRIA d.d. (aggregate custodial
account for DP)
1,269 4,568,400 1.14%
ZAGREBAČKA BANKA d.d. (AZ PROFIT Open Voluntary
Pension Fund)
1,243 4,474,800 1.12%
BAHOVEC d.o.o. 650 2,340,000 0.59%
OTP Bank d.d. (AZ Mandatory Pension Fund – A
category)
511 1,839,600 0.46%
CROATIAN HEALTH INSURANCE FUND (Shareholder
proxy is the Ministry of Physical Planning, Construction
and State Assets)
362 1,303,200 0.33%
BIUK SLAVKO 184 662,400 0.17%
MINORITY SHAREHOLDERS 6,917 24,901,200 6.23%
111,060
399,816,000 100%
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
62
NOTE27–I
SSUEDSHARECAPITAL(continued)
The ownership structure of the Company as at 31 December 2020 was as follows:
OWNERSHIP STRUCTURE
TOTAL
NUMBER
OF
SHARES
NOMINAL VALUE
(in HRK)
SHARE
CAPITAL (%)
REPUBLIC OF CROATIA (Shareholder proxy on 85.615
shares is the Ministry of Physical Planning,
Construction and State Assets)
87,275 314,190,000 78.58%
OTP Bank d.d. (AZ OMF – B category) 9,297 33,469,200 8.37%
ADDIKO BANK d.d. (PBZ CO OMF – B category) 3,352 12,067,200 3.02%
RAIFFEISENBANK AUSTRIA d.d. (aggregate custodial
account for DP)
1,269 4,568,400 1.14%
ZAGREBAČKA BANKA d.d. (AZ PROFIT Open
Voluntary Pension Fund)
1,243 4,474,800 1.12%
BAHOVEC d.o.o. 650 2,340,000 0.59%
CROATIAN HEALTH INSURANCE FUND (Shareholder
proxy is the Ministry of Physical Planning,
Construction and State Assets)
362 1,303,200 0.33%
LUŽAIĆ ŽELJKO 296 1,065,600 0.27%
OTP Bank d.d. (AZ Mandatory Pension Fund – A
category)
215 774,000 0.19%
MINORITY SHAREHOLDERS 7,101 25,563,600 6.39%
111,060
399,816,000 100%
NOTE28–RESESRVESANDRETAI
NEDEARNINGS
In thousands HRK 31December2021 31December2020
Legal reserves 19,991 19,991
Retained earnings 66,703 66,505
Net profit for the year 13,335 198
100,029 86,694
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
63
NOTE29–LOANLIABILITIES
In thousands HRK 31December2021 31December2020
Loan liabilities 58,753 69,617
Current maturities of loan liabilities 10,811 11,022
69,564 80,639
I
n 2018, the Company raised an investment loan with a commercial bank totalling EUR 13.5 million
for the purpose of financing a capital investment in Marina Rovinj. The loan was secured by a
promissory note issued to the total amount of the loan. In September 2021, an additional loan
agreement was signed, granting the Company a significantly more favourable interest rate
compared to the one agreed upon when the loan was made in 2018. The additional agreement
determined the interest rate at 0.7% compared to 1.47%, which was initially agreed upon.
Maturity of long-term liabilities as at 31 December:
In thousands HRK 31December2021 31December2020
Between 1 and 2 years 10,682 10,710
Between 2 and 5 years 32,047 32,131
Over 5 years 16,024 26,776
58,753 69,617
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
64
NOTE30‐PROVISIONS
In thousands HRK
Years‐of
‐service
awards
Unused
annualleave
Severance
pay
Provisions
forlawsuits
Total
Balanceasat31
Dec
ember2019
1,008 2,042 777 1,848 5,675
Provisions 166 512 218 562 1,458
Utilised (141) (1,959) (321) (562) (2,983)
Reversed (45) - - - (45)
Balanceasat31
December2020
988 595 674 1,848 4,105
Provisions 237 1.524 1,197 359 3.317
Utilised (165) (559) (377) (116) (1,217)
Reversed - - -(98) (98)
Balanceasat31
December2021
1,060 1,560 1,494 1,993 6,107
Long-term part 977 - 719 1,534 3,230
Short-term part 83 1,560 775 459 2,877
A
s at 31 December 2021, the Company made a calculation of long-term provisions for Years-of-
Service awards and severance pays. Actuarial assumptions listed below were used when
calculating. When calculating the reserve, the projected unit credit method was used, defined by
IAS 19, in such a way that in each year of work the present value of the proportional part of the
expected amount of the obligation is deducted depending on the total time until the obligation will
be paid , while the retirement age is determined for each employee taking into account his or her
present age and the years of actual service completed with the employer, with the average
retirement age of 63 years for women and 65 years for men used. The calculation of provisions for
severance pay upon retirement is calculated using the amount of HRK 8,000.
The employee turnover rate is 4.60% on average (the average of 7 years was used), and, regarding
mortality, the Croatian National Bureau of Statistics data for the period from 2010 to 2012 were
used, while the rate of the average annual yield to maturity of the ten-year bond issued by the
Republic of Croatia in HRK (CNB) in the amount of 0.38% was used as the discount rate.
Provisions for costs of lawsuits against the Company that have already started are made upon
discovery that a dispute has been initiated and are based on the assessment of the outcome of the
dispute. The Management believes that the cost provision that has been made is sufficient for
possible obligations that may ensue.
NOTE31‐CONTRACTLIABILITIES
In thousands HRK 31December2021 31December2020
Domestic market 5,875 7,208
Foreign market 3,727 4,205
9,60
2 11,413
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
65
NOTE32‐TRADEPAYABLES
In thousands HRK 31December2021 31December2020
Domestic trade payables 15,485 6,587
Foreign trade payables 1,065 26
16,5
50 6,613
NOTE33–DEFFEREDREVENUE
In thousands HRK 31December2021 31December2020
Deferred revenue from annual berthing services 42,329 40,378
Other deferred revenue 397 291
42,7
26 40,669
NOTE34–OTHERSHORT‐TERMLI
ABILITIES
In thousands HRK 31December2021 31December2020
Liabilities for other taxes and contributions and
other duties
6,785 5,788
Concessions for maritime domain – variable fee 4,439 1,904
Employee related liabilities 2,798 2,769
Other operating costs accrued 554 613
Liabilities due to shares in results 518 537
Liabilities for advances received 308 289
Other short-term liabilities 76 72
15,4
78 11,972
NOTE35–C
OMMITMENTS
At the 31 December 2021, the purchase of non-current tangible assets in the amount of HRK 37,890
thousand (2020: HRK 28,231 thousand) was contracted, but not yet realised and is therefore not
shown on the balance sheet as at 31 December 2021.
ADRI
ATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
66
NOTE36‐RELATEDPARTYTRANSACTIONS
In 2021, ACI d.d., in partnership with Gitone Kvarner d.o.o., founded
a new company ACI-Gitone
d.o.o. in order to jointly apply for a tender for the construction and commercial use of a marina in
Rijeka.
Companies controlled by Republic of Croatia that had significant transactions with the Company u
2021 are: Hrvatska elektroprivreda d.d., INA – industrija nafte d.d., Državne nekretnine d.d.,
Narodne novine d.d., Plovput d.o.o., HP – Hrvatska pošta d.d., Croatia airlines d.d., Hrvatske šume
d.o.o., Hrvatske vode, Hrvatska poštanska banka d.d., and Financijska agencija (FINA).
In thousands HRK 31December2021 31December2020
RECEIVABLES
Tradereceivables 503 127
ACI‐Gitoned.o.o 432 ‐
Otherrelatedparties
INA industrija nafte d.d. 71 127
LIABILITIES
Tradepayables 346 654
Otherrelatedparties
Hrvatska elektroprivreda d.d. 193 526
Državne nekretnine d.o.o. 57 57
Hrvatska pošta d.d. 13 18
Other 83 53
In thousands HRK 2021 2020
REVENUE
Salesrevenue 2,805 1,630
ACI‐Gitoned.o.o. 26 ‐
Otherrelatedparties
INA industrija nafte d.d. 2,771 1,605
Plovput d.o.o. 8 25
EXPENCES
Costofmaterialandservices 7,955 5.436
Otherrelatedparties
HEP opskrba d.o.o. 3,638 2,851
HEP - operator distribucijskog sustava d.o.o. 1,244 808
INA kartice d.d. 1,176 688
HEP elektra d.o.o. 1,407 700
HP - Hrvatska pošta d.d. 118 1
Other 372 388
ADRIATIC CROATIA INTERNATIONAL CLUB, za djelatnost marina d.d.
NOTES TO FINANCIAL STATEMENTS
for the year ended 31 December 2021
67
NOTE36‐RELATEDPARTYTRANSACTIONS(continued)
Keymanagementincome
In thousands HRK
2021
2020
Salaries and other short-term incomes –
Management Board
1,094
1,256
Compensations for members of Supervisory Board
and Audit Committee
150
191
1,244
1,447
Key management relates to the Management Board of the Company, and as at 31 December 2021
consists of 1 member (2020: 2 members).
NOTE37–CONTINGENTLIABILITES
Several lawsuits are currently being filed against the Company. Based on its findings, the Company
recorded in its business books the provisions of costs for potential losses under the disputes in
which it is involved.
NOTE38‐EVENTSAFTERTHEREPORTINGDATE
At the Company’s Assembly held on 12 October 2021, the Supervisory Board of the Company was
appointed for the period from 12 October 2021 to 12 January 2022, with the members as follows:
Dražen Ivanušec, President, Dobrica Rončević, Vice President, Tomislav Ninić, Member, and
Marijeta Hladilo, Member. At General Assembly held on 25 January 2022 term that the members of
the Supervisory Bord were elected to was extended for next tree months.
With regard to the new circumstances relating to the war in Ukraine in February 2022, as well as
the sanctions against Russian citizens, the Company assessed that at this time its exposure to risk
in relation to legal and natural persons from Russia or Ukraine is not high. Of the total number of
users of the annual berthing service in the ACI system, the contracts of Russian and Ukrainian
nationals account for about 1%; and since, as a rule, payment in advance is contractually agreed
upon, it is estimated that at present the exposure is not high.
In addition, the Company has no relationships with entities with which there would be a direct or
indirect ownership connection, nor does it have investments in entities in Russia or Ukraine or in
entities that are significantly linked to entities in Russia or Ukraine, therefore there is also no
exposure in this part.
In addition, after 31 December 2021, there were no events that would have a significant impact on
the financial statements for the period ended 31 December 2021, i.e., they are not of such
importance to the Company's operations to require being reported in the notes to the financial
statements.
ADP
code
Last day of the
preceding business
year
At the reporting date
of the current period
23 4
001 00
002 493.114.069 468.218.249
003 23.038.826 19.016.821
004 00
005 22.287.326 17.490.038
006 00
007 00
008 751.500 1.526.783
009 00
010 469.342.695 448.406.219
011 22.913.378 22.913.378
012 277.013.983 265.247.731
013 46.555.621 44.069.750
014 37.185.723 31.504.310
015 00
016 2.753.598 3.196.415
017 14.148.120 21.643.199
018 1.466.780 1.167.756
019 67.305.492 58.663.680
020 0 284.247
021 00
022 00
023 00
024 0 284.247
025 00
026 00
027 00
028 00
029 00
030 00
031 00
032 00
033 00
034 00
035 00
036 732.548 510.962
037 169.710.110 208.758.300
038 562.152 673.295
039 34.392 0
040 00
041 00
042 527.760 673.295
043 00
044 00
045 00
046 27.217.637 21.348.125
047 00
048 0 432.183
049 7.067.354 5.104.459
050 93.760 84.258
051
4.008.024 1.914.855
052 16.048.499 13.812.370
053 62.951.824 50.288.552
054 00
055 00
056 00
057 00
058 00
059 00
060 94.295 107.498
061 62.857.529 50.181.054
062 00
063 78.978.497 136.448.328
064 1.481.599 1.178.492
065 664.305.778 678.155.041
066 00
II RECEIVABLES (ADP 047 to 052)
1 Receivables from undertakings within the group
2 Receivables from companies linked by virtue of participating
interest
3 Customer receivables
7 Investments in securities
8 Loans, deposits, etc. given
9 Other financial assets
III SHORT-TERM FINANCIAL ASSETS (ADP 054 to 062)
1 Investments in holdings (shares) of undertakings within the group
2 Investments in other securities of undertakings within the group
3 Loans, deposits, etc. to undertakings within the group
4 Receivables from employees and members of the undertaking
5 Receivables from government and other institutions
6 Other receivables
1 Research and development
C) CURRENT ASSETS (ADP 038+046+053+063)
I INVENTORIES (ADP 039 to 045)
1 Raw materials
6 Fixed assets held for sale
7 Biological assets
7 Investments in securities
8 Loans, deposits, etc. given
9 Other investments accounted for using the equity method
10 Other fixed financial assets
5 Advance payments for inventories
2 Work in progress
IV RECEIVABLES (ADP 032 to 035)
1 Receivables from undertakings within the group
1 Investments in holdings (shares) of undertakings within the group
2 Investments in other securities of undertakings within the group
3 Loans, deposits, etc. to undertakings within the group
4 Investments in holdings (shares) of companies linked by virtue of
participating interest
1 Land
2 Buildings
3 Plant and equipment
4 Tools, working inventory and transportation assets
2 Receivables from companies linked by virtue of participating
interests
3 Customer receivables
BALANCE SHEET
balance as at 31.12.2021
in HRK
8 Other tangible assets
9 Investment property
III FIXED FINANCIAL ASSETS (ADP 021 to 030)
5 Investment in other securities of companies linked by virtue of
participating interest
6 Loans, deposits etc. given to companies linked by virtue of
participating interest
2 Concessions, patents, licences, trademarks, software and other
rights
3 Goodwill
4 Advance payments for purchase of intangible assets
5 Intangible assets in preparation
5 Biological assets
6 Advance payments for purchase of tangible assets
7 Tangible assets in preparation
Submitter: Adriatic Croatia International Club, za djelatnost marina d.d.
6 Other intangible assets
II TANGIBLE ASSETS (ADP 011 to 019)
1
Item
A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID
B) FIXED ASSETS (ADP 003+010+020+031+036)
I INTANGIBLE ASSETS (ADP 004 to 009)
4 Other receivables
V. Deferred tax assets
3 Finished goods
4 Merchandise
4 Investments in holdings (shares) of companies linked by virtue of
participating interest
5 Investment in other securities of companies linked by virtue o
f
p
artici
p
atin
g
interes
t
6 Loans, deposits etc. given to companies linked by virtue of
participating interest
IV CASH AT BANK AND IN HAND
D ) PREPAID EXPENSES AND ACCRUED INCOME
E) TOTAL ASSETS (ADP 001+002+037+064)
OFF-BALANCE SHEET ITEMS
ADP
code
Last day of the
preceding business
year
At the reporting date
of the current period
23 4
in HRK
Submitter: Adriatic Croatia International Club, za djelatnost marina d.d.
1
Item
067 486.509.678 499.845.030
068
399.816.000 399.816.000
069
00
070 19.990.800 19.990.800
071
19.990.800 19.990.800
072
00
073
00
074
00
075
00
076
00
077 00
078 00
079 00
080 00
081 00
082 00
083 66.504.686 66.702.878
084
66.504.686 66.702.878
085
00
086 198.192 13.335.352
087
198.192 13.335.352
088
00
089
00
090 2.835.417 3.229.835
091
498.265 719.236
092
00
093
1.515.000 1.534.000
094 00
095 00
096 822.152 976.599
097 88.162.311 72.595.193
098
00
099
00
100
00
101
00
102
00
103
69.617.136 58.752.649
104
00
105
00
106
00
107 18.545.175 13.842.544
108 00
109 44.135.727 56.150.459
110
00
111
00
112
00
113
00
114
00
115
10.710.328 10.682.299
116
00
117
6.613.039 16.550.099
118
00
119
2.942.883 2.921.587
120
9.586.984 13.703.131
121
537.186 517.771
122 00
123 13.745.307 11.775.572
124 42.662.645 46.334.524
125 664.305.778 678.155.041
126 00
2 Loss brought forward
3 Hedge of a net investment in a foreign operation - effective portion
A) CAPITAL AND RESERVES (ADP 068 to
070+076+077+083+086+089)
I. INITIAL (SUBSCRIBED) CAPITAL
II CAPITAL RESERVES
1 Financial assets at fair value through other comprehensive income
(i.e. available for sale)
2 Cash flow hedge - effective portion
4 Other fair value reserves
5 Exchange differences arising from the translation of foreign
operations (consolidation)
4 Liabilities for loans, deposits etc. of companies linked by virtue o
f
participating interest
5 Liabilities for loans, deposits etc.
6 Liabilities towards banks and other financial institutions
B) PROVISIONS (ADP 091 to 096)
1 Provisions for pensions, termination benefits and similar
obligations
11 Taxes, contributions and similar liabilities
12 Liabilities arising from the share in the result
13 Liabilities arising from fixed assets held for sale
8 Liabilities towards suppliers
9 Liabilities for securities
10 Other long-term liabilities
11 Deferred tax liability
D) SHORT-TERM LIABILITIES (ADP 110 to 123)
1 Liabilities towards undertakings within the group
10 Liabilities towards employees
2 Liabilities for loans, deposits, etc. to companies within the group
3 Liabilities towards companies linked by virtue of participating
interest
4 Liabilities for loans, deposits etc. of companies linked by virtue of
participating interest
5 Liabilities for loans, deposits etc.
6 Liabilities towards banks and other financial institutions
7 Liabilities for advance payments
2 Loss for the business year
VIII MINORITY (NON-CONTROLLING) INTEREST
2 Provisions for tax liabilities
3 Provisions for ongoing legal cases
4 Provisions for renewal of natural resources
5 Provisions for warranty obligations
1 Liabilities towards undertakings within the group
2 Liabilities for loans, deposits, etc. to companies within the group
3 Liabilities towards companies linked by virtue of participating
interest
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084-
085)
1 Retained profit
14 Other short-term liabilities
E) ACCRUALS AND DEFERRED INCOME
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)
G) OFF-BALANCE SHEET ITEMS
7 Liabilities for advance payments
8 Liabilities towards suppliers
2 Reserves for treasury shares
3 Treasury shares and holdings (deductible item)
4 Statutory reserves
5 Other reserves
IV REVALUATION RESERVES
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082)
III RESERVES FROM PROFIT (ADP 071+072-073+074+075)
1 Legal reserves
LIABILITIES
9 Liabilities for securities
6 Other provisions
C) LONG-TERM LIABILITIES (ADP 098 to 108)
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)
1 Profit for the business year
ADP
code
Same period of the previous
year
Current period
23 4
001 179.751.985 212.607.703
002 00
003 169.753.166 205.610.688
004 00
005 00
006 9.998.819 6.997.015
007 177.637.717 194.756.881
008 00
009 39.137.911 46.348.216
010 9.516.433 11.886.488
011 147.094 248.020
012 29.474.384 34.213.708
013 50.031.082 52.955.828
014 30.912.889 33.154.405
015 12.127.274 12.423.595
016 6.990.919 7.377.828
017 68.222.197 65.327.634
018 12.142.910 17.003.659
019 1.888.357 2.194.965
020 0 711.439
021 1.888.357 1.483.526
022 1.426.630 3.124.369
023 188.548 1.003.458
024 00
025 585.176 359.164
026 00
027 00
028 652.906 1.761.747
029 4.788.630 7.802.210
030 5.780.383 3.018.826
031 00
032 0 784
033 00
034 00
035 00
036 00
037 407.779 554.694
038 5.372.334 2.447.673
039 270 15.675
040 00
041 7.377.760 3.573.555
042 00
043 00
044 1.669.015 1.302.410
045 5.687.164 2.258.302
046 11.697 2.472
047 00
048 9.884 10.371
049 00
050 00
051
00
052 0 215.753
053 185.532.368 215.626.529
054 185.015.477 198.546.189
055 516.891 17.080.340
056 516.891 17.080.340
057 00
058 318.699 3.744.988
059 198.192 13.335.352
060 198.192 13.335.352
061 00
Item
1
Submitter: Adriatic Croatia International Club, za djelatnost marina d.d.
for the period 01.01. to 31.12.2021
STATEMENT OF PROFIT OR LOS
S
IX TOTAL INCOME (AOP 001+030+049 +050)
X TOTAL EXPENDITURE (AOP 007+041+051 + 052)
IV FINANCIAL EXPENDITURE (AOP 042 do 048)
1 Interest expenses and similar expenses with undertakings within the
group
8 Other operating expenses
III FINANCIAL INCOME (AOP 031 do 040)
4 Depreciation
5 Other expenses
V SHARE IN PROFIT FROM COMPANIES LINKED BY VIRTUE OF
PARTICIPATING INTEREST
VI SHARE IN PROFIT FROM JOINT VENTURES
VII SHARE IN LOSS OF COMPANIES LINKED BY VIRTUE OF
PARTICIPATING INTEREST
VIII SHARE IN LOSS OF JOINT VENTURES
7 Other interest income
8 Exchange rate differences and other financial income
9 Unrealised gains (income) from financial assets
10 Other financial income
c) Provisions for ongoing legal cases
d) Provisions for renewal of natural resources
e) Provisions for warranty obligations
a) Costs of raw material
b) Costs of goods sold
c) Other external costs
3 Staff costs (AOP 014 do 016)
a) Net salaries and wages
f) Other provisions
b) Tax and contributions from salaries expenses
XIII PROFIT OR LOSS FOR THE PERIOD (AOP 055-059)
1 Profit for the period (AOP 055-059)
2 Exchange rate differences and other expenses from operations with
undertakings within the group
3 Interest expenses and similar expenses
4 Exchange rate differences and other expenses
5 Unrealised losses (expenses) from financial assets
6 Value adjustments of financial assets (net)
7 Other financial expenses
XII INCOME TAX
1 Income from investments in holdings (shares) of undertakings within the
group
2 Income from investments in holdings (shares) of companies linked by
virtue of participating interest
3 Income from other long-term financial investment and loans granted to
undertakings within the group
4 Other interest income from operations with undertakings within the group
5 Exchange rate differences and other financial income from operations
with undertakings within the group
6 Income from other long-term financial investments and loans
6 Value adjustments (AOP 020+021)
a) fixed assets other than financial assets
I OPERATING INCOME (AOP 002 do 006)
1 Income from sales with undertakings within the group
2 Income from sales (outside group)
3 Income from the use of own products, goods and services
4 Other operating income with undertakings within the group
5 Other operating income (outside the group)
II OPERATING EXPENSES (AOP 08+009+013+017+018+019+022+029)
1 Changes in inventories of work in progress and finished goods
2 Material costs (AOP 010 do 011)
2 Loss for the period (AOP 059-055)
b) current assets other than financial assets
7 Provisions (AOP 023 do 028)
a) Provisions for pensions, termination benefits and similar obligations
b) Provisions for tax liabilities
c) Contributions on salaries
in HRK
XI PRE-TAX PROFIT OR LOSS (AOP 053-054)
1 Pre-tax profit (AOP 053-054)
2 Pre-tax loss (AOP 054-053)
ADP
code
Same period of the previous
year
Current period
23 4
Item
1
Submitter: Adriatic Croatia International Club, za djelatnost marina d.d.
in HRK
062 00
063 00
064 00
065 00
066 00
067 00
068 00
069 00
070 00
071 00
072 00
073 00
074 00
075 00
076 00
077 00
078 198.192 13.335.352
079 00
080 00
081 00
082 00
083 00
084 00
085 00
086 00
087 00
088 00
089 00
090 00
091 00
092 00
093 00
094 00
095 00
096 00
097 00
098 198.192 13.335.352
099 00
100 00
101 00
DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations)
XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS
(AOP 063-064)
3 Fair value changes of financial liabilities at fair value through statement of
profit or loss, attributable to changes in their credit risk
4 Actuarial gains/losses on the defined benefit obligation
APPENDIX to the P&L (to be filled in by undertakings that draw up consolidated annual financial statements)
XIX PROFIT OR LOSS FOR THE PERIOD (AOP 076+077)
1 Attributable to owners of the parent
2 Attributable to minority (non-controlling) interest
1 Profit for the period (AOP 068-071)
2 Loss for the period (AOP 071-068)
1 Pre-tax profit from discontinued operations
IV Items that may be reclassified to profit or loss (AOP 088 do 095)
V NET OTHER COMPREHENSIVE INCOME OR LOSS (AOP 080+087 -
086 - 096)
APPENDIX to the Statement on comprehensive income (to be filled
in by entrepreneurs who draw up consolidated statements)
TOTAL OPERATIONS (to be filled in only by undertakings subject to IFRS with discontinued operations)
XVI PRE-TAX PROFIT OR LOSS (AOP 055+062)
1 Pre-tax profit (AOP 068)
2 Pre-tax loss (AOP 068)
XVII INCOME TAX (AOP 058+065)
XVIII PROFIT OR LOSS FOR THE PERIOD (AOP 068-071)
5 Other items that will not be reclassified
6 Income tax relating to items that will not be reclassified
2 Pre-tax loss on discontinued operations
XV INCOME TAX OF DISCONTINUED OPERATIONS
1 Discontinued operations profit for the period (AOP 062-065)
2 Discontinued operations loss for the period (AOP 065-062)
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (AOP
100+101)
1 Attributable to owners of the parent
2 Attributable to minority (non-controlling) interest
STATEMENT OF OTHER COMPRHENSIVE INCOME (to be filled in by undertakings subject to IFRS)
I PROFIT OR LOSS FOR THE PERIOD
II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX
(AOP 80 + 87)
III Items that will not be reclassified to profit or loss (AOP 081 do 085)
1 Changes in revaluation reserves of fixed tangible and intangible assets
2 Gains or losses from subsequent measurement of equity instruments at
fair value through other comprehensive income
1 Exchange rate differences from translation of foreign operations
2 Gains or losses from subsequent measurement of debt securities at fair
value through other comprehensive income
3 Profit or loss arising from effective cash flow hedging
4 Profit or loss arising from effective hedge of a net investment in a foreign
operation
5 Share in other comprehensive income/loss of companies linked by virtue
of participating interests
6 Changes in fair value of the time value of option
7 Changes in fair value of forward elements of forward contracts
8 Other items that may be reclassified to profit or loss
9 Income tax relating to items that may be reclassified to profit or loss
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (AOP
078+097)
ADP
code
Same period of the previous
year
Current period
23 4
001 208.376.470 267.094.444
002 00
003 117.184 588.369
004 00
005 1.763.560 845.528
006 210.257.214 268.528.341
007 -60.749.980 -63.802.301
008 -55.938.566 -59.108.105
009 -44.186 -63.744
010 -1.557.334 -1.223.260
011 -4.163.459 0
012 -33.917.669 -44.357.890
013
-156.371.194 -168.555.300
014
53.886.020 99.973.041
015
613.003 22.315
016 00
017 543.320 452.654
018 0 784
019 00
020 57.607.783 22.533.843
021 58.764.106 23.009.596
022
-50.575.440 -40.456.374
023 00
024 00
025 00
026 -32.704.324 -10.500.000
027
-83.279.764 -50.956.374
028
-24.515.658 -27.946.778
029 00
030
00
031 00
032 00
033
00
034 -10.752.441 -10.684.144
035 -19.109.530 -19.416
036 00
037 00
038 -4.071.079 -3.968.124
039 -33.933.050 -14.671.684
040 -33.933.050 -14.671.684
041 109.514 115.252
042
-4.453.174 57.469.831
043
83.431.671 78.978.497
044
78.978.497 136.448.328
for the period 01.01.2021 to 31.12.2021
STATEMENT OF CASH FLOWS - direct metho
d
Submitter: Adriatic Croatia International Club, za djelatnost marina d.d.
Item
1 Cash payments for the repayment of credit principals, loans andother
borrowings and debt financial instruments
1 Cash payments for the purchase of fixed tangible and intangible assets
2 Cash payments for the acquisition of financial instruments
I Total cash receipts from operating activities (ADP 001 to 005)
1 Cash payments to suppliers
5 Other cash receipts from operating activities
V Total cash receipts from financing activities (ADP 029 to 032)
1 Cash receipts from the increase of initial (subscribed) capital
2 Cash receipts the from issue of equity financial instruments and debt
financial instruments
3 Cash receipts from credit principals, loans and other borrowings
4 Other cash receipts from financing activities
4 Dividends received
5 Cash receipts from repayment of loans and deposits
6 Other cash receipts from investment activities
III Total cash receipts from investment activities (ADP 015 to 020)
Cash flow from financing activities
IV Total cash payments from investment activities (ADP 022 to 026)
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 021 + 027)
Cash flow from operating activities
1 Cash receipts from customers
2 Cash receipts from royalties, fees, commissions and other revenue
3 Cash receipts from insurance premiums
4 Cash receipts from tax refund
2 Cash payments to employees
II Total cash payments from operating activities (ADP 007 to 012)
Cash flow from investment activities
1 Cash receipts from sales of fixed tangible and intangible assets
2 Cash receipts from sales of financial instruments
3 Cash payments for insurance premiums
4 Interest paid
5 Income tax paid
6 Other cash payments from operating activities
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 006 + 013)
in HRK
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
(ADP 042+043)
2 Cash payments for dividends
3 Cash payments for finance lease
4 Cash payments for the redemption of treasury shares and decrease of
initial (subscribed) capital
5 Other cash payments from financing activities
VI Total cash payments from financing activities (ADP 034 to 038)
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 033 +039)
3 Interest received
1
1 Unrealised exchange rate differences in cash and cash equivalents
D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 014 + 028 +
040 + 041)
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE
PERIOD
3 Cash payments for loans and deposits
4 Acquisition of a subsidiary, net of cash acquired
5 Other cash payments from investment activities
Reconciliation of positions under IFRS and GFI POD
MSFIItem NOTE in000HRK GFI‐POD ADPCODE in000HRK
ASSETS
Property, Plant and Equipment
16 389.743
Investment propert
y
18 58.664
Intangible Asset
s
19 2.127
Right-of-Use Asset
s
17 16.889
Customer receivables 22 5.537
Receivables
ADP 046 (AOP
047 do 052) 21.348
Contract Asset
s
23 12.130
Prepaid expenses and Accrued income
A
DP 064 1.178
Other receivable
s
24 4.860
LIABILITIES
Lease liabilitie
s
17 13.451
Other long-term Liabilities
A
DP 107 13.843
Other long-term Liabilitie
s
391
Loan Liabilitie
s
29 10.811
Liabilities towards banks and other financial institutions
A
DP 115 10.682
Other short-term Liabilities - Interest
A
DP 123 129
Contract Liabilities 31 9.602
Other short-term Liabilities - Contract liabilities
A
DP 123 9.602
Short-term lease liabilitie
s
17 3.769
Other short-term Liabilities - Lease liabilities
A
DP 123 1.968
Taxes, contributions and similar liabilities - concession
A
DP 120 1.801
Short- term Provisions 30 2.877
Accruals and deferred income - Provisions
A
DP 124 2.753
Provisions for Years-of-use awards and Severance pay
A
DP 119 124
MSFIItem NOTE in000HRK GFI‐POD ADPCODE in000HRK
Staff costs
ADP 013 (ADP
14 do 18) 52.956
Provisions for severance pay and other similar provisions
A
DP 023 1.003
Other reservations
A
DP 028 1.762
Other expenses - staff costs
A
DP 018 4.566
Value adjustments - b)current assets other than financial assets
A
DP 021 1.484
Other expenses -without staff costs
A
DP 018 12.438
Other operating expenses - without other gains/losses - net
A
DP 029 7.815
Provisions for ongoing legal cases
A
DP 025 359
Other gains/losses - ne
t
-13
Other operating expenses -other gains/losses - net
A
DP 029 -13
Other operating ecxpenses 12 22.096
NOTES TO THE ANNUAL FINANCIAL STATEMENTS - GFI
Name of issuer: Adriatic Croatia International Club, za djelatnost marina, d.d.
Personal identification number (OIB): 17195049659
Reporting period: 01.01.-31.12.2021
Notes to the financial statements are to be drawn up in accordance with the International Financial Reporting Standards (hereinafter: IFRS) in such a way that they:
a) present information about the basis for the preparation of the financial statements and the specific accounting policies used in accordance with the International Accounting Standard 1 (IAS 1),
b) disclose any information required by IFRSs that is not presented elsewhere in the statement of financial position, statement of comprehensive income, statement of cash flows and statement of changes in equity,
c) provide additional information that is not presented elsewhere in the statement of financial position, statement of comprehensive income, statement of cash flows and statement of changes in equity, but is relevant
for understanding any of them.
(d) in the notes to the financial statements, in addition to the information stated above, information in respect of the following matters shall be disclosed:
1. issuer’s name, registered office (address), legal form, country of establishment, entity’s registration number and, if applicable, the indication whether the issuer is undergoing liquidation, bankruptcy proceedings,
shortened termination proceedings or extraordinary administration
Adriatic Croatia International Club, za djelatnost marina d.d. (ACI d.d.), Republic of Croatia, OIB number 17195049659 and Registration number 040002541.
2. adopted accounting policies
Accounting policies applied are presented as part of Annual report, chapter 2.
3. the total amount of any financial commitments, guarantees or contingencies that are not included in the balance sheet, and an indication of the nature and form of any valuable security which has been provided;
any commitments concerning pensions of the issuer within the group or company linked by virtue of participating interest shall be disclosed separately
During 2021 there were no such obligations or commitments.
4. the amount of advances and credits granted to the members of the administrative, managerial and supervisory bodies, with indications of the interest rates, main conditions and any amounts repaid, written-off or
revoked, as well as commitments entered into on their behalf by way of guarantees of any kind, with an indication of the total for each category
During 2021 no such payments were made.
5. the amount and nature of individual items of income or expenditure which are of exceptional size or incidence
Both income and expenditures are presented in detail in the Annual report for 2021 in the Management report, from Sales revenue trends to profitability trends, and in the notes to financial statement
for the year ended 31 December 2021 (notes 5 to 13).
6. amounts owed by the issuer and falling due after more than five years, as well as the total debts of the issuer covered by valuable security furnished by the issuer, specifying the type and form of security
Company was one long term investment loan with contracted quarterly payments ending 30 June 2028. Total balance as at 31 December 2021 amounts to HRK 58,8 million. The loan was secured by
a promissory note issued to the total amount of the loan.
7.
average number of employees during the financial year r During 2021, Company had on average 355 employees.
8. where, in accordance with the regulations, the issuer capitalised on the cost of salaries in part or in full, information on the amount of the total cost of employees during the year broken down into the amount directly
debiting the costs of the period and the amount capitalised on the value of the assets during the period, showing separately the total amount of net salaries and the amount of taxes, contributions from salaries
and contributions on salaries During 2021, Company did not capitalize cost of salaries.
9. the amount of the emoluments granted in respect of the financial year to the members of the administrative, managerial and supervisory bodies by reason of their responsibilities, and any commitments arising or
entered into in respect of retirement pensions for former members of those bodies, with an indication of the total for each category During 2021, compensation for Management Board members amounts to
HRK 1.049 thousand, while compensation for Supervisory Board members and Audit Committee members amounts to HRK 150 thousand.
10. the average number of persons employed during the financial year, broken down by categories and, if they are not disclosed separately in the profit and loss account, the staff costs relating to the financial year,
broken down between net salaries and wages, tax costs and contributions from salaries, contributions on salaries and other salary costs, excluding cost allowances
Average number of employees by hours worked is 335, gross wages amounts to HRK 60.3 million, consisting of net salaries in the amount of HRK 33.5 million, cost of taxes and contribution in the
amount of HRK 12.4 million and cost of contributions on gross wages in the amount of HRK 7.4 million, severance payments amounts to HRK 1.2 milion, and other employee benefits amounts to HRK
5.7 million.
11. where a provision for deferred tax is recognised in the balance sheet, the deferred tax balances at the end of the financial year, and the movement in those balances during the financial year
As at 31 December 2021, deferred tax assets amounts to HRK 510 thousand, and during the year it was decreased by HRK 362 thousand, and increased by HRK 140 by deferred tax assets recognize
d
in the Statement of Financial Position.
12. the name and registered office of each of the companies in which the issuer, either itself or through a person acting in their own name but on the issuer's behalf, holds a participating interest, showing the
proportion of the capital held, the amount of capital and reserves, and the profit or loss for the latest financial year of the company concerned for which financial statements have been adopted; the information
concerning capital and reserves and the profit or loss may be omitted where the company concerned does not publish its balance sheet and is not controlled by another company
The Company concluded a Joint Venture Agreement with Gitone Kvarner d.o.o., from Zagreb ad has a 50% share. All decisions of Management Board are to be approved from both owners, so the
investment is classified as Joint Venture. The company was founded for submitting a tender for the award of the concession on the construction and commercial use of the nautical port of Porto
Baroš in Rijeka. As at 31 December 2021 the company's share capital in the amount of HRK 500 thousands, was impaired by 50% loss for the year 2021 of the Company ACI - Gitone d.o.o. in the
amount of HRK 215 thousand, so the net book value of investment calculated using the cost method as at 31 December amounts HRK 284 thousand.
13. the number and the nominal value or, in the absence of a nominal value, the accounting par value of the shares subscribed during the financial year within the limits of the authorised capital
Companies share capital consists of 111.060 shares with nominal value of HRK 3,600.
14. where there is more than one class of shares, the number and the nominal value or, in the absence of a nominal value, the accounting value for each class
Company has one class of shares (ISIN HRACI0RA0000).
15. the existence of any participation certificates, convertible debentures, warrants, options or similar securities or rights, with an indication of their number and the rights they confer
During the reporting period no such instruments were used.
16. the name, registered office and legal form of each of the companies of which the issuer is a member having unlimited liabi
lity
During 2021 no such companies exist.
17. the name and registered office of the company which draws up the consolidated financial statements of the largest group of
companies of which the issuer forms part as a controlled group member
Company does not prepare consolidated financial statements.
18. the name and registered office of the company which draws up the consolidated financial statements of the smallest group of companies of which the issuer forms part as a controlled group member and which is
also included in the group of companies referred to in point 17.
Company does not prepare consolidated financial statements.
19. the place where copies of the consolidated financial statements referred to in points 17 and 18 may be obtained, provided that they are available
Company does not prepare consolidated financial statements.
20. the proposed appropriation of profit or treatment of loss, or where applicable, the appropriation of the profit or treatment of the loss
The Management Board of ACI d.d. proposes to the Supervisory Board of the Company to allocate the realised net profit of the current year in the amount of HRK 13,335,352.47 to retained earnings.
Proposed decision on profit distribution is consisted in Management report for the year 2021.
21. the nature and business purpose of the company's arrangements that are not included in the balance sheet and the financial impact on the company of those arrangements, provided that the risks or benefits
arising from such arrangements are material and in so far as the disclosure of such risks or benefits is necessary for the purposes of assessing the financial position of the company
During the reporting period no such arrangement were made.
22. the nature and the financial effect of material events arising after the balance sheet date which are not reflected in the profit and loss account or balance sheet
After 31 December 2021, there were no efect on financial statements for period ended as at 31 December 2021, or they are not of such importance to the Company's operations that they would requir
e
disclosure in the Notes to the financial statements in Annual report for the 2021.
23. the net income broken down by categories of activity and into geographical markets, in so far as those categories and markets differ substantially from one another, taking account of the manner in which the sale
of products and the provision of services are organised.
The Company operates in two main territorial areas, i.e., markets: domestic market which generated HRK 86.6 million, and foreign market which generated HRK 129 million. Sales revenues are
generated from berthing services (annual, monthly and daily berthing) in the total amount of HRK 169.7 million, other boating services in the amount of HRK 16.9 million (including ACI Sail), and
rental income in the amount of HRK 19 million.
24 the total fees for the financial year charged by each statutory auditor or audit firm for the statutory audit of the annual financial statements, i.e. annual consolidated financial statements, the total fees charged for
other assurance services, the total fees charged for tax advisory services and the total fees charged for other non-audit services, total research and development expenditure as the basis for granting state aid.
The total amount of fees for the statutory audit of annual financial statements for 2021 is HRK 80 thousand, for tax consulting the fee amounted to HRK 57.6 thousand, while the Company paid a total
of HRK 1.258 thousand for consulting services in 2021.
Tangible assets
ADP 010 (ADP
011 do 019)
448.406
Intangible assets
ADP 003 (ADP
004 do 009)
19.017
STATEMENTOFPROFITORLOSS
Personnel costs 9 60.287