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JADRAN d.d.
Bana Jelačića 16, Crikvenica
ANNUAL REPORT OF THE COMPANY AND THE GROUP
FOR 2024 AND AUDITOR’S REPORT
Contents
Page
Independent Auditor’s Report
1 – 8
Statement of the Management Board's responsibilities
9
Separate and consolidated statement of comprehensive income
11 – 12
Separate and consolidated statement of financial position
13 – 14
Separate and consolidated statement of changes in equity
15 – 16
Separate and consolidated statement of cash flows
17 – 18
Notes to the separate and consolidated financial statements
19 – 83
Management Report
84 – 96
Corporate Governance Statement
97 – 99
1
2
3
4
5
6
7
8
9
10
JADRAN joint stock company for hotel management and tourism
Crikvenica
SEPARATE AND CONSOLIDATED ANNUAL
FINANCIAL STATEMENTS
FOR 2024
Separate and consolidated statement of comprehensive income
For the year ended 31 December 2024
11
CompanyGroup
Note2023202420232024
EUR '000EUR '000EUR '000EUR '000
Continuing operations
Revenue from sales of goods and providing services on the market623,60024,29228,64230,291
Other income and gains711,7211,8373,7821,370
Total operating income35,32126,12932,42431,661
Cost of goods sold(36)(38)(37)(12)
Cost of raw materials and supplies8(4,939)(5,263)(5,889)(6,241)
Cost of services9(5,623)(5,444)(6,432)(6,214)
Staff costs10(8,332)(9,867)(9,375)(11,361)
Depreciation and amortisation17,18,19,34(5,700)(4,944)(9,056)(8,562)
(Impairment) / Reversal of impairment of non-current non-financial assets11(3,251)(140)276(140)
Net gains / (losses) on value adjustments of financial assets1230(182)(83)(141)
Other operating expenses13(2,500)(1,379)(3,087)(1,661)
Total operating expenses(30,351)(27,257)(33,683)(34,332)
Operating profit / (loss)4,970(1,128)(1,259)(2,671)
*The accompanying notes are an integral part of these financial statements. These financial statements have been authorised and signed by the Management Board.
Separate and consolidated statement of comprehensive income
For the year ended 31 December 2024
12
CompanyGroup
Note2023202420232024
EUR '000EUR '000EUR '000EUR '000
Finance income14123941
Finance costs14(1,567)(1,620)(2,978)(3,337)
Net loss from financing activities(1,555)(1,581)(2,974)(3,336)
Profit / (loss) before tax3,415(2,709)(4,233)(6,007)
Income tax15(686)30(530)193
Profit / (loss) from continuing operations2,729(2,679)(4,763)(5,814)
Gain from discontinued operations37--1,373-
Net profit / (loss) for the year2,729(2,679)(3,390)(5,814)
Other comprehensive income----
Total comprehensive income / (loss) for the year2,729(2,679)(3,390)(5,814)
Earnings / (loss) per share from continuing operations0.10(0.10)(0.17)(0.21)
Earnings / (loss) per share from discontinued operations160.10(0.10)(0.12)(0.21)
Total comprehensive income attributable to Owners arises from:
Continuing operations2,729(2,679)(4,763)(5,814)
Discontinued operations--1,373-
*The accompanying notes are an integral part of these financial statements. These financial statements have been authorised and signed by the Management Board.
Separate and consolidated statement of financial position
As at 31 December 2024
13
CompanyGroup
Note31 December 202331 December 202431 December 202331 December 2024
EUR '000EUR '000EUR '000EUR '000
Assets
Non-current assets
Goodwill38--489489
Property, plant and equipment1775,15772,009120,492113,886
Intangible assets18207181207195
Investment property194,4024,3924,4024,392
Financial assets20--130130
Investments in subsidiaries2123,07123,071--
Right-of-use assets347,6597,1837,8887,393
Deferred tax assets152,2002,2302,2002,230
Total non-current assets112,696109,066135,808128,715
Current assets
Inventories2281126118152
Trade receivables23428477457494
Receivables from related parties237265--
Receivables from the government and other receivables24568830659907
Receivables for loans granted to related parties254741,940--
Cash and cash equivalents261,0231,8971,7692,698
Total current assets2,6465,3353,0034,251
Total assets115,342114,401138,811132,966
*The accompanying notes are an integral part of these financial statements. These financial statements have been authorised and signed by the Management Board.
Separate and consolidated statement of financial position
As at 31 December 2024
14
Note31 December 202331 December 202431 December 202331 December 2024
EUR '000EUR '000EUR '000EUR '000
Capital and reserves
Share capital 64,04064,04064,04064,040
Capital reserves 31,08531,08531,08531,085
Accumulated loss(23,021)(25,700)(26,463)(32,277)
Total capital and reserves2772,10469,42568,66262,848
Non-current liabilities
Provisions28152177154178
Liabilities to banks2920,54725,87543,04748,007
Other non-current liabilities308787
Lease liabilities3410,4999,83510,70910,030
Deferred tax liabilities15--2,1111,948
Total non-current liabilities31,20635,89456,02960,170
Current liabilities
Trade payables311,0351,4112,6291,467
Liabilities for advances, deposits and guarantees32482514499586
Liabilities to banks296,7674,5908,6255,218
Other current liabilities332,7951,2591,3941,348
Lease liabilities349531,3089731,329
Total current liabilities12,0329,08214,1209,948
Total liabilities43,23844,97670,14970,118
Total equity and liabilities115,342114,401138,811132,966
*The accompanying notes are an integral part of these financial statements. These financial statements have been authorised and signed by the Management Board.
Separate statement of changes in equity
For the year ended 31 December 2024
15
CompanyShare capitalCapital reserves Accumulated lossTotal
EUR '000
Balance at 1 January 2023 64,040 31,085(25,750)69,375
Comprehensive income for the year--2,7292,729
Balance at 31 December 2023 64,040 31,085(23,021)72,104
Comprehensive loss for the year--(2,679)(2,679)
Balance at 31 December 202464,04031,085(25,700)69,425
*The accompanying notes are an integral part of these financial statements. These financial statements have been authorised and signed by the Management Board.
Consolidated statement of changes in equity
For the year ended 31 December 2024
16
GroupShare capitalCapital reserves Accumulated lossTotal
EUR '000
Balance at 1 January 2023 64,040 31,085(23,073)72,052
Comprehensive loss for the year--(3,390)(3,390)
Balance at 31 December 2023 64,040 31,085(26,463)68,662
Comprehensive loss for the year--(5,814)(5,814)
Balance at 31 December 202464,04031,085(32,277)62,848
*The accompanying notes are an integral part of these financial statements. These financial statements have been authorised and signed by the Management Board.
Separate and consolidated statement of cash flows
For the year ended 31 December 2024
17
CompanyGroup
Note2023202420232024
EUR '000EUR '000EUR '000EUR '000
Cash flow from operating activities
Profit / (loss) before tax from:
Continuing operations153,415(2,709)(4,233)(6,007)
Discontinued operations--1,373-
Profit / (loss) before tax including discontinued operations3,415(2,709)(2,860)(6,007)
Depreciation and amortisation17,18,19,345,7004,9449,0568,562
Net loss on sale and disposal of non-current assets1,1831041,187109
Change in non-current provisions71257324
Interest received14(12)(39)(4)(1)
Interest paid141,5671,6202,9783,337
Net gains / (losses) on value adjustments of financial assets12(30)182(43)141
Net gains on sale of subsidiary7(7,510)---
Net gains on termination of lease contract7(2,156)-(2,156)-
(Reversal of impairment) / impairment of non-current non-financial assets113,251140(276)140
Changes in trade and other receivables453(430)745(426)
Changes in inventories40(45)3(35)
(Decrease) / increase in trade payables and other liabilities (208)(824)124(807)
Cash flows from operating activities5,7642,9688,8275,037
Interest paid36(1,499)(1,593)(2,759)(3,407)
A. Net cash from operating activities4,2651,3756,0681,630
*The accompanying notes are an integral part of these financial statements. These financial statements have been authorised and signed by the Management Board.
Separate and consolidated statement of cash flows
For the year ended 31 December 2024
18
CompanyGroup
Note2023202420232024
EUR '000EUR '000EUR '000EUR '000
Cash flow from investing activities
Acquisition of the cash of a subsidiary38--9-
Payments for purchases of non-current tangible and intangible assets(1,530)(858)(3,050)(1,015)
Cash receipts from the sale of subsidiary371,677-1,676-
Interest received9141
Loans granted(475)(1,483)--
B. Net cash from investing activities(319)(2,340)(1,361)(1,014)
Cash flow from financing activities
Proceeds from borrowings364,22710,3504,22710,350
Repayment of borrowings36(6,560)(7,221)(6,560)(8,721)
Repayment of lease principal36(1,385)(1,290)(1,411)(1,316)
C. Net cash from financing activities(3,718)1,839(3,744)313
Net increase in cash228874963929
Cash and cash equivalents at beginning of period267951,0238061,769
Cash and cash equivalents at end of period261,0231,8971,7692,698
**The accompanying notes are an integral part of these financial statements. These financial statements have been authorised and signed by the Management Board.
.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
19
1. Principal activity and general information about the Company and the Group
Jadran joint stock company for hotel management and tourism, Bana Jelačića 16, Crikvenica (the “Company”) is
registered with the Commercial Court in Rijeka under Reg. No. (MBS): 040000817. The Company’s subscribed share
capital amounts to EUR 64.039.780 and is divided into 27,971,463 ordinary shares without nominal amount with the
ticker symbol JDRN-R-B. The company's shares are listed on the official market of the Zagreb Stock Exchange. The
major shareholder is PBZ Croatia osiguranje mandatory pension fund - category B ("Parent Company"), which owns
58.30% of the Company's share capital. Given that the parent company is an investment entity, and the company
Jadran d.d. is not an investment entity and its business activity is not related to the investment activities of the
investment entity, the Parent Company in accordance with IFRS 10 is not obliged to consolidate subsidiaries.
Pursuant to the provisions of the Act on the Introduction of the Euro as the Official Currency in the Republic of Croatia
and the Act on Amendments to the Companies Act, and based on the decision of the General Assembly on the
adjustment of share capital dated 14 July 2023, the share capital of the Company, by applying a fixed HRK to EUR
conversion rate, was converted into euros and reduced by the amount of 1.01 euros to the extent necessary for
compliance with the relevant regulations in a simplified manner, in favour of capital reserves.
As of 31 December 2024, the persons authorized to represent the Company were Miroslav Pelko, Member of the
Management Board appointed on 1 September 2021, Irina Tomić, Member of the Management Board who held this
position since 8 October 2024 (previously President of the Management Board, since 1 December 2023) and Vladimir
Bunić, President of the Management Board appointed on 1 November 2024. After the end of the reporting period, on
February 1, 2025, Ms. Tomić resigned from the position of a member of the Management Board. The Company is
represented by the Management Board in such a manner that each member of the Management Board represents the
Company jointly with the President or another member of the Management Board.The Company’s principal activity is
the provision of accommodation services in hotels, resorts and campsites, preparation of food and provision of food
services, and preparation and serving of drinks and beverages.
In 2024, the average number of employees of the Company was 427 (2023: 383 employees). In 2024, the average
number of employees of the Group was 494 (2023: 443 employees).
The Jadran Group consists of Jadran d.d., Crikvenica and its subsidiaries Adria coast turizam d.o.o. and Stolist d.o.o.
(the “Group”) in which Jadran d.d., Crikvenica has a 100% share and voting rights.
In 2024, the Supervisory Board consisted of the following persons:
• Goran Hanžek, Chairman of the Supervisory Board
• Karlo Došen, Deputy Chairman of the Supervisory Board
• Mirko Herceg, Member of the Supervisory Board
• Sandra Janković, Member of the Supervisory Board
• Adrian Čajić, Member of the Supervisory Board.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
20
2. Material accounting policy information
The most significant accounting policies consistently applied in the current year and previous years are set out below:
2.1. Statement of compliance and basis of presentation
The Company's separate and Group’s consolidated financial statements have been prepared in accordance with the
International Financial Reporting Standards ("IFRS") as adopted by the European Union. The financial statements also
comply with the Croatian Accounting Act which refers to the IFRSs as adopted by the EU.
The accounting policies are consistent with those of the previous fiscal year, except as stated and disclosed below.
The separate and consolidated financial statements have been prepared under the accrual basis according to which
the transaction effects are recognised when incurred and are included in the financial statements for the period to
which they relate, and by applying the basic accounting assumption of going concern.
Items included in the separate and consolidated financial statements are stated in the currency of the primary economic
environment in which the parent company and subsidiaries operate (the "functional currency"). The financial statements
of the Company and the Group are presented in euros, which is the functional and reporting currency of the Company
and the reporting currency of the Group.
Subsidiaries in separate financial statements
The Company discloses its subsidiaries in the separate financial statements at cost less impairment (Note 21 –
Investments in subsidiaries).
2.2. Critical accounting judgements and key sources of estimation uncertainty
In preparing these separate and consolidated financial statements, certain estimates have been used that affect the
presentation of the Company’s and Group’s assets and liabilities, income and expenses and the disclosure of the
Company's and Group’s contingent liabilities.
Future events and their effects cannot be anticipated with certainty, and therefore actual results may differ from these
estimates. The estimates used in the preparation of the financial statements are subject to change as new events
occur, as more experience is gained, additional information is obtained and due to the changing environment in which
the Company and the Group operate.
The key estimates used in the application of accounting policies when preparing financial statements are disclosed in
Note 3 below.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
21
2. Material accounting policy information (continued)
2.3. Going concern
The separate and consolidated financial statements have been prepared on the assumption that the Company and the
Group will continue in business on a going concern basis.
In the course of the past years, the Company and the Group have invested significant amounts in the renovation of
facilities from the portfolio and the improvement of the portfolio of services provided to clients. During 2024, the Group's
and the Company's operations were conducted smoothly. In mid-March 2024, the Company terminated the lease
agreement for the Uvala Slana campsite in Selce, and the termination did not have a significant impact on the Group's
and the Company's operations. Also, in 2024, two facilities, the hotel Kaštel and the hotel Zagreb, accommodated
seasonal workers so these two hotels were not in commercial use. All other facilities of the Group and the Company
operated smoothly.
The Company's cumulative losses as of 31 December 2024 amounted to EUR 25,700 thousand (31 December 2023:
EUR 23,021 thousand), and current liabilities exceeded current assets by EUR 3,747 thousand (31 December 2023:
EUR 9,386 thousand). The Group's cumulative losses as of 31 December 2024 amounted to EUR 32,277 thousand
(31 December 2023: EUR 26,463 thousand), and current liabilities exceeded current assets by EUR 5,697 thousand
(31 December 2023: EUR 11.117 thousand).
After the challenging period caused by the COVID-19 pandemic ended, which greatly affected the Company, the Group
and the entire sector in which they operate, the Company and the Group made an operating profit in the past two years.
Cash flow projections prepared by the Company's management (and approved by the Supervisory Board) for the next
period show positive results.
The Company's operating income for the first three months of 2025, compared to the same period of the previous year,
is lower by about 5%, mostly due to unrealized income from the group segment, which in the last month of the first
quarter which is significantly lower than previous year. According to the current state of reservations, overnight stays
in 2024 were 19% better, and income from accommodation and food and beverages was 10% better. Despite the
current state of bookings and given the current geopolitical situation in Europe and the world, the Company expects
last-minute reservations to strengthen and achieve a positive trend in the rest of the year.
The Group's operating income for the first three months of 2025 is 5% lower compared to the same period of the
previous year, mostly due to unrealized income from the group segment, which in the last month of the first quarter
which is significantly lower than previous year. According to the current state of reservations, overnight stays in 2024
were 10% higher, and income from accommodation and food and beverages are the same as last year. The Group
expects last-minute reservations to strengthen and achieve a positive trend for the rest of the year.
The majority of the Company's and the Group's short-term liabilities at the reporting date relate to bank liabilities, trade
payables and lease liabilities, which the Company and the Group regularly settle from funds in the account from
ordinary business activities. Due to the seasonal nature of the business in which it operates, the Company and the
Group have agreed credit arrangements in order to be able to ensure liquidity if necessary.
Given the fact that the Company and the Group record positive operating results and have the full support of the
owners, in the opinion of the Management, the above supports the assertion that the Company and the Group will have
sufficient resources to continue operations for a period of at least 12 months from the reporting date.
The General Assembly of the Company was held on March 10, 2025, and decisions were made to increase the share
capital and issue ordinary shares through a public offering with cash contributions, to amend the Company's Articles
of Association, to issue new shares on a regulated market, and grant approval for the acquisition of shares without the
obligation to publish a takeover bid.
Accordingly, the separate and consolidated financial statements have been prepared in line with the going concern
principle.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
22
2. Material accounting policy information (continued)
2.4. Changes in accounting policies and disclosures
2.4.1 Standards or interpretations that are effective for the year ending 31 December 2024.
The following amended standards are effective as of 1 January 2024, have been adopted in the EU, but have not had
a significant impact on the Company and Group:
• Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on 22 September 2022 and
effective for annual periods beginning on or after 1 January 2024).
• Classification of liabilities as current or non-current – Amendments to IAS 1 (originally issued on 23 January
2020 and subsequently amended on 15 July 2020 and 31 October 2022, ultimately effective for annual periods
beginning on or after 1 January 2024).
• Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier
Finance Arrangements (Issued on 25 May 2023 and effective for annual periods beginning on or after 1
January 2024).
2.4.2 Standards that have been issued and approved, but are not yet in force
One amendment to the standard has been issued that is mandatory for annual periods beginning on or after 1 January
2025 or later, and which the Company and the Group have not previously adopted:
• Amendments to IAS 21 Lack of Exchangeability (Issued on 15 August 2023 and effective for annual periods
beginning on or after 1 January 2025.
The Company and the Group do not expect that the adoption of these standards and interpretations will have a
significant impact on the financial statements of the Company and the Group.
2.4.3 Standards that have been issued but not yet adopted
At the date of issue of these financial statements, the following standards, amendments and interpretations issued by
the International Accounting Standards Board have not been adopted in the European Union:
• Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and
IFRS 7 (issued on 30 May 2024 and effective for annual periods beginning on or after 1 January 2026).
• Annual Improvements to IFRS Accounting Standards (Issued in July 2024 and effective from 1 January 2026).
• Contracts Referencing Nature-dependent Electricity Amendments to IFRS 9 and IFRS 7 (Issued on 18
December 2024 and effective from 1 January 2026).
• IFRS 18 Presentation and Disclosure in Financial Statements (Issued on 9 April 2024 and effective for annual
periods beginning on or after 1 January 2027). The Company and Group are currently assessing the impact
of the amendments on its financial statements.
• IFRS 19 Subsidiaries without Public Accountability: Disclosures (Issued on 9 May 2024 and effective for
annual periods beginning on or after 1 January 2027).
• IFRS 14, Regulatory Deferral Accounts (issued on 30 January 2014 and effective for annual periods beginning
on or after 1 January 2016).
• Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS
10 and IAS 28 (issued on 11 September 2014 and effective for annual periods beginning on or after a date to
be determined by the IASB).
The Company and the Group do not expect that the adoption of these standards and interpretations will have a
significant impact on the financial statements of the Company and the Group.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
23
2. Material accounting policy information (continued)
2.5. Property, plant and equipment
Property, plant and equipment are presented in the statement of financial position (balance sheet) at historical cost
less accumulated depreciation and accumulated impairment losses.
The calculation of depreciation begins now at which the asset is ready for its intended use. Depreciation is calculated
on a straight-line basis over the estimated useful lives of the assets, as follows:
Buildings - buildings made of concrete, metal, stone and brick20-59 years
Buildings - buildings made of wood and other materials20-59 years
Campsite infrastructure20 years
Infrastructure5-20 years
Infrastructure related to the duration of the concession3-4 years
Furniture and technological equipment2-20 years
Transportation vehicles7 years
Passenger cars10 years
Office equipment4-10 years
Equipment - mobile homes10 years
ICT equipment2-14 years
Other equipment2-20 years
Landscaping10 years
2.6. Intangible assets
Non-current intangible assets include licenses and software and are measured at historical cost less accumulated
amortisation and any accumulated impairment losses.
The amortisation charge is recognised in profit and loss on a straight-line basis over the estimated useful lives of
intangible assets, from the date that they are available for use.
Intangible assets are amortised using the straight-line method over a period of 5 years.
2.7. Investment property
Investment property mainly relates to buildings and other business premises within the hotels and campsites and is
held to earn long-term rentals or capital appreciation and is not owner-occupied. The Company and the Group do not
use them, and they are measured at cost less accumulated depreciation and impairment losses, if any. Income from a
lease with the Company and the Group as lessor is recognised in income for the period over the lease term.
2.8. Impairment of non-financial assets
Non-financial assets are tested for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. The impairment indicator considered by the Company and the Group for this purpose
is EBITDA (negative EBITDA and a significant decline in EBITDA compared to previous periods). For this purpose,
assets are grouped at the lowest level to individually determine the cash flow (cash generating unit - CGU). For the
Company and the Group, the CGU is defined at the level of the accommodation facility. If a cash generating unit is
identified as having negative EBITDA or a significant decline in EBITDA compared to previous periods, its recoverable
amount is determined. The recoverable amount of an asset or cash-generating unit is the higher of the asset's value
in use or fair value less costs to sell. In assessing value in use, the present value of estimated future cash flows is
calculated using a pre-tax discount rate that reflects the assessment of the time value of money in the market and the
risk specific to that asset.
Non-financial assets that suffered an impairment are reviewed for possible reversal of the impairment at each reporting
date.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
24
2. Material accounting policy information (continued)
2.9. Financial assets
The business model reflects how the Company and the Group manage their assets in order to generate cash flows -
regardless whether the Company’s and Group’s objective is: (i) solely to collect contractual cash flows from the assets
(“hold to collect contractual cash flows”) or (ii) to collect both the contractual cash flows and cash flows arising from the
sale of assets (“hold to collect contractual cash flows and sell”).
As at the reporting date, the Company’s and the Group’s financial assets comprise receivables.
Impairment of financial instruments
The measurement of the expected credit loss (ECL) is based on reasonable and supportable information available
without undue costs or effort, including information about past events, current and foreseeable future conditions and
circumstances. Assessments of expected credit losses are normally based on historical probability of the inability to
collect debts, supplemented by future parameters relevant to credit risk.
For trade receivables, a simplified approach to expected credit loss measurement is applied i.e. measurement on a
collective basis, depending on the type of customer, and are monitored according to their ageing structure. For
example, ageing groups may be defined as follows: not past due, due in 0-90 days, due in 90-180 days, etc. The ageing
groups are determined according to the stages of the collection process.
2.10. Inventories
Inventories are carried at the lower of cost and net realisable value. Cost is determined using the weighted average
cost method. Net realisable value is the estimated selling price in the ordinary course of business, less costs to sell.
2.11. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, deposits held at call with banks, and other short-term highly liquid
instruments with original maturities of three months or less.
2.12. Borrowings
Borrowings are initially recognised at fair value less transaction costs and subsequently at amortised cost using the
effective interest rate method. Interest is recognised as an expense, except in the case of the construction of a
qualifying asset, when it is capitalised as part of the asset’s cost.
The effective interest rate method is a method to calculate the amortised cost of a financial liability and allocate interest
expenses over the accounting period.
Borrowings are classified based on the agreed maturity as current liabilities, or non-current liabilities if they mature in
more than 12 months. If the Company and the Group have an unconditional right to defer the settlement of a liability
for at least 12 months after the reporting date, such liabilities are classified as non-current liabilities.
The Company and the Group derecognises financial liabilities when, and only when, they have been discharged,
cancelled or have expired.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
25
2. Material accounting policy information (continued)
2.13. Trade payables
Trade payables are obligations to pay for goods or services that have been acquired from suppliers in the ordinary
course of business. Trade payables are classified as current liabilities if payment is due within one year or less. If not,
they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method.
2.14. Taxation
The income tax expense represents the sum of the tax currently payable and deferred tax.
The current tax liability is based on taxable profit for the year. Taxable profit differs from profit as reported in the income
statement because it excludes items of income or expense that are taxable or deductible in other years or non-taxable,
i.e. not recognised as expense for income tax purposes.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the
balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences,
and deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable
that taxable profits will be available against which those deductible temporary differences and tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the tax asset to be recovered.
Deferred tax assets and liabilities are offset where there is a legally permitted right to set off current tax assets and
liabilities and where deferred tax items refer to the same Tax Administration.
2.15. Employee benefits
Pension obligations and post-employment benefits
In the normal course of business through salary deductions, the Company and the Group make payments to mandatory
pension funds on behalf of their employees as required by law. All contributions made to the mandatory pension funds
are recorded as salary expense when incurred. The Company and the Group are not obliged to provide any other post-
employment benefits.
Termination benefits
The Company and the Group pay one-time termination benefits to their employees at retirement. The liability and costs
of such benefits are determined using the projected unit credit method and discounted to their present value based on
calculations made at the end of each reporting period, which take into account the assumptions of the number of
employees estimated to become entitled to termination benefits at regular retirement, the estimated cost of such
termination benefits, and the discount rate defined as the average anticipated rate of return on investment in
government bonds. Actuarial gains and losses resulting from experience adjustments and changes in actuarial
assumptions are recognised immediately in profit or loss.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
26
2. Material accounting policy information (continued)
2.15. Employee benefits (continued)
Long-term employee benefits
The Company and the Group recognise a liability for long-term employee benefits (jubilee awards) evenly over the
period the benefit is earned based on actual years of service. The long-term employee benefit liability is determined
annually at the end of each reporting period using assumptions regarding the likely number of staff to whom the benefits
will be payable, estimated benefit cost and the discount rate which is determined as the average expected yield rate
on investments in government bonds. Actuarial gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognised immediately in profit or loss.
2.16. Provisions
Provisions are recognised when the Company and the Group have a present legal or constructive obligation as a result
of past events; it is more likely than not that an outflow of resources will be required to settle the obligation; and the
amount has been reliably estimated. Provisions are determined by discounting the expected future cash flows at a pre-
tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Where
the Company and the Group expect a provision to be reimbursed, the reimbursement is recognised as a separate
asset but only when the reimbursement is virtually certain. The Company and the Group recognise provisions for legal
disputes in their financial statements.
2.17. Share capital
The Company’s and the Group’s share capital comprises ordinary shares. The consideration paid for treasury shares,
including any directly attributable transaction costs, is deducted from equity attributable to the Company’s shareholders
until the shares are withdrawn, reissued or disposed of. When such shares are subsequently disposed of or reissued,
any consideration received, net of any directly attributable transaction costs, is included in equity attributable to the
Company’s and the Group’s shareholders.
2.18. Revenue recognition
Revenue is income arising in the course of the Company’s and the Group’s ordinary activities. IFRS 15 establishes a
comprehensive framework for determining whether, when and how much revenue is recognized. According to IFRS
15, revenues are recognized in a manner that reflects the pattern of transfer of goods and services to customers. The
amount recognized should reflect the amount to which the entity expects to be entitled in exchange for those products
and services.
Income from services
The Company and the Group generate income primarily from accommodation services. The aforementioned services
are provided on the basis of concluded contracts with a fixed price. The sale of services also includes spa services and
certain other services such as transfers, excursions and similar. Revenues from performed hospitality services are
recognized in the period in which the services were performed ("over time"). Individual services are usually contracted
separately with customers and as such are recognized separately as revenue.
Food and beverages
The Company and the Group offer food and drinks in hotel restaurants to hotel guests and other guests. Revenues are
recognized at the point in time when the services are rendered.
2.19. Government grants
Government grants are recognised at their fair value where there is a reasonable assurance that the grant will be
received and the Company and the Group will comply with all attached conditions. A grant receivable as compensation
for costs or losses already incurred or for immediate financial support, with no future related costs, is recognised as
income in the period in which it is receivable within other operating income (Note 7).
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
27
2. Material accounting policy information (continued)
2.20. Leases
The Company and the Group as the lessee
At the inception of a contract, the Company and the Group assess whether the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration. If the above conditions are met, the
contract is considered to be or contain lease. If the terms and conditions of the contract are changed, the Company
and the Group shall reassess whether the above conditions are met.
At the lease commencement date (the date on which the underlying asset is available for use), the Company and the
Group recognise a right-of-use asset and a lease liability.
After the commencement date, the right-of-use assets are measured using the cost model. Under the cost model, the
right-of-use asset is measured at cost less any accumulated depreciation on a straight-line basis over the period of the
lease (3-15 years), and any accumulated impairment losses; and adjusted for any remeasurement of the lease liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined,
the lessee’s incremental borrowing rate is used.
After the commencement date, the lease liability is measured considering any changes in the interest rate, lease
payments made and any reassessment or lease modifications.
Short-term leases and leases of low-value assets
The Company and the Group have decided to apply the short-term lease exemption recognition (for leases up to 12
months that do not include the purchase option) and leases for which the underlying asset is of low value (up to EUR
4,000). Payments for leases for which the underlying asset is of low value are recognised on a straight-line basis as
an expense over the lease term. The Company and Group will consider a short-term lease to be a new lease if there
is a lease modification and/or a change to the lease term. These leases mainly relate to photocopier machines and fire
extinguishers.
The Company and the Group as the lessor
Leases where the Company and the Group do not transfer substantially all the risks and rewards of ownership of the
asset are classified as operating leases. Lease income is recognised on a straight-line basis over the lease term and
included in the statement of comprehensive income due to its operating nature.
Maritime domain concession arrangements
If investments are made that are expected to last less than one accounting period, then that expense is recognised as
expense for the period, and if investments made in the concession area are expected to last longer than one accounting
period, they will be capitalised. Investments in the concession area have a limited useful life and are stated at cost less
accumulated depreciation. Depreciation is calculated using the straight-line method to allocate the cost of investments
over their estimated useful lives, which is consistent with the remaining life of the concession contract.
2.21. Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets
that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of
those assets, until such time as the assets are substantially ready for their intended use or sale.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
28
2. Material accounting policy information (continued)
2.22. Foreign currencies
Transactions in currencies other than euro are recorded at the exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are re-translated at the reporting date using the
exchange rate prevailing at that date. Gains and losses arising on translation are charged to profit or loss in the period
when incurred.
2.23. Earnings / (loss) per share
Earnings / (loss) per share are determined by dividing the profit or loss attributable to shareholders of the Company
and Group by the weighted average number of ordinary shares during the year.
2.24. Investments in subsidiaries
Subsidiaries are all entities over which the Company has the power to govern the financial and operating policies
generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential
voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls
another entity. Investments in subsidiaries are recognised at cost less impairment loss.
2.25. Business combinations
Subsidiaries are all entities controlled by the Group. The Group controls the entity when the Group is exposed or is
entitled to variable returns from its association with the entity and has the ability to influence those returns through its
power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and
are de-consolidated from the date that control ceases.
The Group applies the acquisition method to account for business combinations. The consideration transferred for the
acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the
acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any
asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition
date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either
at fair value or at the non-controlling interest’s proportionate share of the recognised amounts of the acquiree’s
identifiable net assets. Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held equity
interest in the acquiree is remeasured to fair value as at the acquisition date through comprehensive income.
Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is
recognised in accordance with IFRS 9 either as income or expense or as a change to other comprehensive income.
The contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted
for within equity.
Goodwill is initially measured as the difference between the consideration transferred and the amount of non-controlling
interest in the acquiree in relation to the fair value of identified net assets acquired. If this consideration is lower than
the fair value of the net assets acquired, the difference is recognised in the statement of comprehensive income.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses.
2.26. Consolidation
Intercompany transactions, balances, income and expenses from transactions with Group entities are eliminated.
Gains and losses from intercompany transactions recognised in assets are also eliminated. Accounting policies of
subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
29
2. Material accounting policy information (continued)
2.27. Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker is responsible for allocating resources and assessing performance
of the operating segments. The chief operating decision-maker is the Company’s Management Board.
2.28. Non-current assets held for sale
Non-current assets and disposal groups classified as held for sale are measured at the lower of the carrying amount
or fair value less costs to sell. Non-current assets and disposal groups are classified as held for sale if their carrying
amount will be recovered primarily through sale rather than through continued use. This condition is considered to be
met only when the sale is highly probable, and the asset or disposal group is immediately available for sale in its current
condition at the balance sheet date. The activities necessary to complete the sale should indicate that it is not likely
that there will be any significant changes to the sale or that the sale will be abandoned. Management must commit to
a sale, which is expected to be recognised as a completed within one year of the date of classification.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
30
3. Critical accounting judgements and estimates
In applying the accounting policies described in Note 2, management has made certain judgements that had a
significant impact on the amounts reported in the financial statements (independent of those presented below).
These judgements are detailed in the relevant notes and the most significant ones among them relate to the following:
Estimated useful life of property, plant and equipment
The Company and the Group, with the assistance of an expert, analysed the useful lives of buildings and their individual
components. When a significant investment in tourism properties (buildings) occurs, the useful life of buildings or their
components is reassessed / reviewed. The useful lives should be periodically revised to reflect any changes in
circumstances since the previous assessment. Changes in estimate, if any, will be reflected prospectively in a revised
depreciation charge over the remaining, revised useful life.
Analysis of sensitivity to changes in useful lives
By using a certain asset, the Company and the Group use the economic benefits contained in this asset, which diminish
more intensely with economic and technological ageing. Consequently, in the process of determining the useful life of
an asset, in addition to assessing the expected physical utilisation, it is necessary to consider the changes in demand
on the tourism market, which will cause a faster economic obsolescence as well as a more intense development of
new technologies.
In view of the above, business operations in the hotel industry impose the need for more frequent investments, and
this circumstance contributes to the fact that the useful life of assets is decreasing.
If the useful life of property, plant and equipment of the Company had been 10% longer / shorter, with all other variables
held constant, the net profit for 2024 would have been EUR 301 thousand higher / lower (for 2023 it would have been
EUR 329 thousand higher / lower), and the net carrying value of property, plant and equipment would have been EUR
367 thousand higher / lower (for 2023 it would have been EUR 401 thousand higher / lower).
If the useful life of property, plant and equipment of the Group had been 10% longer / shorter, with all other variables
held constant, the net profit for 2024 would have been EUR 517 thousand higher / lower (for 2023 it would have been
EUR 544 thousand higher / lower), and the net carrying value of property, plant and equipment would have been EUR
631 thousand higher / lower (for 2023 it would have been EUR 664 thousand higher / lower).
Impairment of non-current assets - recoverable amount of property, plant and equipment, investment property and
right-of-use assets
In accordance with the adopted accounting policy, the Company and the Group review the carrying amounts of non-
financial assets (including property, plant and equipment, investment property and right-of-use assets) at least once a
year to determine whether there is any indication of impairment. The impairment indicator that the Company and the
Group consider for this purpose is EBITDA (negative EBITDA and a significant decline in EBITDA compared to previous
periods).If any such indication exists, the asset’s recoverable amount is estimated. For the purpose of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-
generating units). The cash-generating unit in the hotel industry/tourism is the accommodation facility. The accounting
policy is presented in Note 2.8.
The Company and Group have assessed that there are indicators of impairment of certain categories of non-current
non-financial assets and in accordance with IAS 36 made an impairment test of all its cash-generating units i.e.
accommodation facilities (own as well as rental facilities).
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
31
3. Critical accounting judgements and estimates (continued)
Impairment of non-current assets - recoverable amount of property, plant and equipment, investment property and
right-of-use assets (continued)
The recoverable amount is calculated in one of two ways: by calculating the value of assets in use or by calculating
the fair value of assets less costs to sell for individual cash-generating units whose value in use determined by the
Discounted Cash Flows (DCF) method does not reflect their intrinsic value (taking into account their location and
development potential).
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. In
determining the recoverable amount, management considers key indicators such as revenue growth based on
occupancy of facilities, revenue per unit and expected market growth in the hotel industry, etc. The valuations are
based on five-year cash flow projections prepared by the Company's management, with the budget for 2025 also
approved by the Supervisory Board. For the period after the end of the five-year period, the assumed long-term
sustainable growth rate (sustainable growth rate) was applied. Taking into account the significant capital investments
in the Company's and the Group’s accommodation units, the sustainable growth rates used in the valuation represent
the maximum value of the projected inflation rates in the Republic of Croatia.
An overview of the assumptions used in the value-in-use calculation model is as follows:
Tourism2025 - 2029
EBITDA margin9% - 40% (higher profitability rates are assumed for campsites)
Revenue growth1% - 31% (depending on the type of accommodation and capital investment)
Discount rate (before tax)11%
Sustainable long-term growth rate2%
The calculation of fair value less costs to sell is based primarily on the revenue method, and in two cases on the
comparative (for land) and cost method. According to the income method, real estate is worth as much as the cash it
is able to generate over its lifetime. After determining all income and expenses related to an individual accommodation
unit, the net income of all future periods is calculated and discounted at an adequate discount rate in order to obtain
the present value of future cash flows. The assumptions used in the income method are the average board price per
accommodation unit, the average occupancy rate, the estimated total cost defined as % of gross operating profit
(“GOP”) and the capitalisation factor.
The following is an overview of the key assumptions in the revenue method used:
Tourism 2025
Tourism202
Average board price (EUR)90 - 228
Average occupancy rate 19% - 56%
Estimated total cost (% of GOP)60%
Capitalisation factor7%
Capitalisation factor 7%
Note: The key assumptions listed in the table above depend on the individual facility of different characteristics.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
32
3. Critical accounting judgements and estimates (continued)
Impairment of non-current assets - recoverable amount of property, plant and equipment, investment property and
right-of-use assets (continued)
For accommodation facilities where land represents the most significant part of the estimated value, a comparative
method was used, i.e. method of determination based on realised comparable transactions on the real estate market,
in accordance with the current state of the respective real estate.
Prepared impairment tests suggest that the recoverable amount of each facility exceeds the net carrying amount of
each facility as at 31 December 2024 and, accordingly, there are no indications of impairment.
The Company considered the impact of reasonable changes in key assumptions:
• if the EBITDA margin rate were to decrease by 100 bps within the projected five-year period, according to
which the Company and the Group should not recognize any impairment;
• if the growth rate were to decrease by 100 bps within the projected five-year period, according to which the
Company and the Group should not recognize any impairment;
• if the discount rate were to increase by 50 bps, according to which the Company and the Group should
recognize an impairment loss of EUR 400 thousand and
• if the terminal growth rate were to decrease by 50 bps according to which the Company and the Group
should recognize an impairment loss of EUR 245 thousand.
Recoverability of investments in subsidiaries
As at 31 December 2024, the investment in subsidiaries relates to 100% shares in the subsidiary Stolist d.o.o. in the
amount of EUR 129 thousand. The Company's management believes that the investment in the subsidiary is
recoverable and that there are no indications of its impairment.
Additionally, investment in subsidiaries also includes 100% shares in the subsidiary Adria coast turizam d.o.o. in the
amount of EUR 22,942 thousand as of 31 December 2024. Considering that this is the amount realised in the
transaction of the purchase and sale of business shares carried out in February 2023 (with a subsequent additional
payment by the Company in the amount of EUR 1,500 thousand) Management believes that the investment in the
subsidiary is recoverable and that there are no indications of its impairment.
Deferred tax assets
Deferred tax assets include the amount of EUR 2,230 thousand (2023: EUR 2,200 thousand) both for the Company
and the Group, which is created based on tax losses carried forward and deductible temporary tax differences.
The Company has a remaining period of 2 years to use the amounts reported based on tax losses carried forward (for
more details please see Note 15). The realisation of deferred tax assets arising from deductible temporary tax
differences is not time-limited, and therefore the uncertainty regarding the use of this part is remote.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
33
3. Critical accounting judgements and estimates (continued)
Deferred tax assets (continued)
In its assessment of the recoverability of the recognised deferred tax assets, Jadran d.d. had taken into account certain
factors in favour of recognition, such as the result achieved in the observed year and projections of future operations.
The unfavourable factor of uncertainty regarding the full realisation of current business plans was also considered.
Detailed projections of future business results were made for the next 6 years. Considering the uncertainty factor, the
Company decided to recognise deferred tax assets in the amount corresponding to the projections for the next 5 years.
Based on the analysis, the Company concludes that the deferred tax assets will be recoverable using estimated future
taxable income based on approved business plans and budgets. Considering all of the above, it is expected that the
Company will fully utilise all tax losses carried forward in the next couple of years, i.e. before they expire.
Leases
As the interest rate implicit in the lease cannot be readily determined, the Company and the Group use marginal interest
rates of their borrowing determined at the time of concluding the individual lease agreement for discounting of cash
flows. For 2024, they amount to 2.7% - 6% (2023: 2.7% - 3.50%).
The Company and the Group define a lease term as a non-cancellable period, together with periods under the lease
extension and/or termination option if it is reasonably certain that such option will be exercised (extension) or not
exercised (termination).
The Company and Group do not expect to exercise either the lease termination or the extension option, and no potential
effects were calculated in relation to these options.
Impairment of receivables
The Company and the Group use a simplified approach (provision matrix) because they primarily have receivables
from customers as financial assets. Credit losses are calculated based on the matrix for expected credit losses and
are applied collectively to all claims included in the calculation. Stage 3 represents receivables for which, after the
analysis, it was concluded that they will not be collectible, and their value is individually adjusted to the expected
collectible amount. At the end of each year, the Inventory Committee reviews the recoverability of receivables and
adjustments are made according to the information gathered from the sales and legal departments, depending on the
maturity of the receivables.
In 2024, the Company released the previously recognised credit losses under the simplified IFRS 9 model for trade
receivables whose total net effect amounted to EUR 66 thousand (2023: EUR 77 thousand of reversal of impairment
of the previously recognised credit losses).
In 2024, the Group released the previously recognised credit losses under the simplified IFRS 9 model for trade
receivables whose total net effect amounted to EUR 81 thousand (2023: EUR 73 thousand of reversal of impairment
of the previously recognised credit losses).
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
34
4. Financial instruments
Capital risk management
The Company and the Group manage its capital to ensure that they will be able to continue as a going concern while
maximising the return to stakeholders through the optimisation of the debt and equity balance. The Company’s and the
Group’s capital structure consists of share capital, capital reserves, retained earnings / (accumulated loss) and profit
for the year.
Classes of financial instruments
Company
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
Financial assets
Trade receivables428477
Receivables from related parties7265
Cash and cash equivalents1,0231,897
Loans receivable4741,940
Total1,9974,379
Financial liabilities
Liabilities to banks27,31430,465
Trade payables1,0351,411
Lease liabilities11,45211,143
Total39,80143,019
Group31 December 202331 December 2024
EUR ‘000EUR ‘000
Financial assets
Non – current financial assets130130
Trade receivables457494
Cash and cash equivalents1,7692,698
Total2,3563,322
Financial liabilities
Liabilities to banks51,67253,225
Trade payables2,6291,467
Lease liabilities11,68211,359
Total65,98366,051
31 December
2023
31 December
2024
Financial risk factors
The Company’s and the Group’s activities expose it to a variety of financial risks: market risk (including foreign
exchange risk, interest rate risk and price risk), credit risk and liquidity risk. The Company and Group do not have a
formal risk management programme in place, and the overall risk management is carried out by the Company’s and
the Group’s Management Board and the Company’s and the Group’s management.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
35
4. Financial instruments (continued)
Market risk
The Company’s and the Group’s activities primarily expose the Company and the Group to the financial risks of
changes in interest rates (see below). Market risk exposures are supplemented by the sensitivity analysis. There has
been no change to the Company’s and the Group’s exposure to market risks or the way it manages and measures the
risk.
Currency risk management
The Company and the Group undertake certain transactions denominated in foreign currencies, resulting in exposures
to exchange rate fluctuations.
Analysis of foreign currency sensitivity
The Company and the Group were exposed to foreign currency risk in the event of a change in the euro (EUR)
exchange rate until the adoption of euro. The Company and the Group may be exposed to currency transaction risk if
they enter transactions using a currency that is different from the national currency (euro). At the Company and the
Group level, transactions in other currencies do not make up a material part of the total turnover. After the introduction
of the euro as the domestic currency as of 1 January 2023, the Company and the Group have not been significantly
exposed to currency risk.
Interest rate risk management
The Company and Group are exposed to interest rate risk as they enter into loan agreements with variable interest
rates. The Company’s and the Group’s exposure to interest rates based on financial assets and liabilities is detailed
under Liquidity risk management. The Company and the Group manage this risk by maintaining an appropriate ratio
of loans with fixed and variable interest rates in its loan portfolio.
Interest rate sensitivity analysis
Cash flow interest rate risk is the risk that the cost of interest for the instrument will fluctuate over time. Most financial
liabilities are contracted at fixed interest rates and the sensitivity analysis of interest rate changes to financial liabilities
contracted at a variable interest rate is shown in the following table:
Company20232024
EUR ‘000EUR ‘000
Interest rate change by +100 bp
(Increase in loss) / (Decrease in profit)11197
Interest rate change by -100 bp
Decrease in loss / increase in profit(111)(97)
Group20232024
EUR ‘000EUR ‘000
Interest rate change by +100 bp
(Increase in loss) / (Decrease in profit)351322
Interest rate change by -100 bp
Decrease in loss / increase in profit(351)(322)
Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss for
the Company and the Group. The Company and the Group constantly monitor their exposure to the parties they
conducts business with and their credit ratings and allocate the total value of transactions among acceptable
customers.
The carrying amount of financial assets recorded in the financial statements, net of impairment losses, represents the
Company’s and the Group’s maximum exposure to credit risk without taking account of the value of any collateral
obtained.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
36
4. Financial instruments (continued)
Inflation risk (increase in consumer prices)
Inflation risk is present in contractual relationships where the price of a service or product is indexed. As this is an
external risk, the ability to eliminate it is minimal. The Company and the Group note trends of increasing inflation rates
primarily measured through the consumer price index, as a result of extremely expansive monetary policies of central
banks and for the purpose of minimising inflation risk, the Company and Group insist on negotiating fixed terms of
supply with all suppliers where possible. Suppliers of energy are an exception – their prices are subject to market
variations.
Liquidity risk management
The ultimate responsibility for liquidity risk management rests with the Company’s Management Board which has built
an appropriate liquidity risk management framework for the management of the Company’s and Group’s short, medium
and long-term funding and liquidity management requirements. The Company and the Group manage liquidity risk by
maintaining adequate reserves, bank borrowings and other sources of financing, by continuously monitoring forecast
and actual cash flows and matching the maturity profiles of financial assets and liabilities.
The table below details the remaining contractual maturities for the Company and Group for non-derivative financial
liabilities. The table has been prepared on the basis of undiscounted cash flows of financial liabilities based on the
earliest date on which the Company and the Group may be required to settle the liabilities.
Maturities of non-derivative financial liabilities
CompanyWeighted average interest methodUp to 1 month1 to 3 months3 months to 1 year1 to 5 yearsOver 5 yearsTotal
EUR ‘000
2023
Interest-free96471---1,035
Lease liabilities30371,3395,9436,24713,596
Fixed interest rate2.7%1122275,2347,1714,42817,172
Variable interest rate2.1%-5111,5237,2954,87414,203
Financial guarantee (nominal amount)1,500--22,500-24,000
Total2,6068468,09642,90915,54970,006
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
37
4. Financial instruments (continued)
Maturities of non-derivative financial liabilities (continued)
CompanyWeighted average interest methodUp to 1 month1 to 3 months3 months to 1 year1 to 5 yearsOver 5 yearsTotal
EUR ‘000
2024
Interest-free1,338721--1,411
Lease liabilities42621,5706,1055,11512,894
Fixed interest rate2.7%1452163,0178,97811,18723,543
Variable interest rate2.1%-4751,4466,9383,27412,133
Financial guarantee (nominal amount)---22,500-22,500
Total1,5258256,03444,52119,57672,481
Based on the contract with Gorenjska banka, the Company acted as a financial guarantor for the credit obligation of
the subsidiary in the total nominal amount of EUR 24 million. The fair value of the financial guarantee is not significant
and therefore not recorded in the Company’s separate financial statements, and the loan matures in 2036 (over 5
years).
GroupWeighted average interest methodUp to 1 month1 to 3 months3 months to 1 year1 to 5 yearsOver 5 yearsTotal
EUR ‘000
2023
Interest-free2,55871---2,629
Lease liabilities30371,3656,0286,40713,867
Fixed interest rate2.7%1122275,2347,1714,42817,172
Variable interest rate2.1%-5113,25617,40831,37552,550
Total2,7008469,85530,60742,21086,218
2024
Interest-free1,394721--1,467
Lease liabilities42621,5966,1885,25913,147
Fixed interest rate2.7%1452163,0178,97811,18723,543
Variable interest rate2.1%-4753,51717,74027,01448,746
Total1,5818258,13132,90643,46086,903
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
38
5. Segment information
Operating segments are presented in accordance with the internal procedure of reporting to the Company’s
Management Board, the chief operating decision-maker, which is responsible for allocating resources to the reportable
segments and assessing their performance.
Management defined Hotels & Apartments, Campsites and Other (beach buffet Kačjak, Inter café bar, Katarina
swimming pools etc.) as its reportable segments. Management allocates indirect income and indirect costs to
accommodation units, according to the key. The key to allocation is the share of the operating income of an individual
accommodation unit in the total operating income of the Company. The Company and the Group include non-boarding
facilities and a facility that is rented and used for non-commercial purposes for employee accommodation in other
business segments.
The segment information for the reportable segments for the year ended 31 December 2024 is as follows:
EUR ‘000
Company
Hotels and apartmentsCampsitesOther business segmentsTotal
Segment income21,5612,7271,09625,384
Inter-segment income----
Sales income21,5612,7271,09625,384
Cost of raw materials and supplies(4,442)(421)(294)(5,157)
Cost of services(3,415)(482)(33)(3,930)
Staff costs(6,633)(526)(499)(7,658)
Other operating expenses by segments(917)(292)(45)(1,254)
EBITDA of segment6,1541,0062257,385
Amortisation(3,867)(638)(136)(4,641)
Finance income----
Finance costs----
Gain / loss before tax2,287368892,744
EUR ‘000
Group
Hotels and apartmentsCampsitesOther business segmentsTotal
Segment income27,5782,7271,12731,432
Inter-segment income(512)-(4)(516)
Sales income27,0662,7271,12330,916
Cost of raw materials and supplies(5,415)(421)(299)(6,135)
Cost of services(4,167)(482)(51)(4,700)
Staff costs(8,125)(526)(501)(9,152)
Other operating expenses by segments(1,142)(292)(55)(1,489)
EBITDA of segment8,2171,0062179,440
Amortisation(7,478)(638)(143)(8,259)
Finance income----
Finance costs----
Gain / loss before tax739368741,181
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
39
5. Segment information (continued)
The segment information for the reportable segments for the year ended 31 December 2023 is as follows:
EUR ‘000
Company
Hotels and apartmentsCampsitesOther business segmentsTotal
Segment income23,6563,0521,10327,811
Inter-segment income----
Sales income23,6563,0521,10327,811
Cost of raw materials and supplies(4,179)(420)(285)(4,884)
Cost of services(2,587)(384)(46)(3,017)
Staff costs(5,224)(370)(389)(5,983)
Other operating expenses by segments(5,197)(162)(46)(5,405)
EBITDA of segment6,4691,7163378,522
Amortisation(4,494)(733)(205)(5,432)
Finance income----
Finance costs----
Gain / loss before tax1,9759831323,090
EUR ‘000
Group
Hotels and apartmentsCampsitesOther business segmentsTotal
Segment income28,7053,0528,65340,410
Inter-segment income(471)-(7,515)(7,986)
Sales income28,2343,0521,13832,424
Cost of raw materials and supplies(5,124)(420)(295)(5,839)
Cost of services(3,270)(381)(151)(3,802)
Staff costs(6,261)(370)(395)(7,026)
Other operating expenses by segments(2,391)(165)(59)(2,615)
EBITDA of segment11,1881,71623813,142
Amortisation(7,843)(713)(212)(8,788)
Finance income----
Finance costs----
Gain / loss before tax3,34598326(4,354)
The Company does not monitor assets and liabilities by segments and therefore, this information has not been
disclosed. The hotels, apartments and campsites (operating assets) are located in the Republic of Croatia.
The Company provides its hotel/hospitality services and sales activities in Croatia to domestic and foreign customers.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
40
5. Segment information (continued)
A reconciliation of the result by reportable segments and net loss for the period is provided as follows:
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
Item
Result by reportable segment3,0902,744
Unallocated operating income7,510745
Unallocated finance income1239
Unallocated operating costs:(5,630)(4,617)
Cost of raw materials and supplies(55) (106)
Cost of services(2,606)(1,514)
Staff costs(2,349)(2,209)
Depreciation and amortisation(268)(303)
Impairment--
Other operating expenses(352)(485)
Unallocated finance costs(1,567)(1,620)
Profit for the year before tax 3,415(2,709)
Group31 December 202331 December 2024
EUR ‘000EUR ‘000
Item
Result by reportable segment4,3541,181
Unallocated operating income-745
Unallocated finance income41
Unallocated operating costs:(5,613)(4,597)
Cost of raw materials and supplies(50)(106)
Cost of services(2,630)(1,514)
Staff costs(2,349)(2,209)
Depreciation and amortisation(268)(303)
Impairment76-
Other operating expenses(392)(465)
Unallocated finance costs(2,978)(3,337)
Profit for the year from discontinued operations1,373-
Income tax(530)193
Loss for the period(3,390)(5,814)
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
41
6. Revenue from sales of goods and providing services on the market
Company20232024
EUR ‘000EUR ‘000
Accommodation17,01717,113
Food and beverages6,0176,463
Other hotel services498646
Trade goods6870
Total23,60024,292
Group20232024
EUR ‘000EUR ‘000
Accommodation20,64721,572
Food and beverages7,2917,815
Other hotel services630821
Trade goods7483
Total28,64230,291
The Company and the Group provide their hotel / hospitality services and sales activities in Croatia to domestic
and foreign customers. The Company’s and the Group’s revenues are classified according to the customers’ origin.
Company20232024
EUR ‘000EUR ‘000
Sales – domestic customers4,2284,686
Sales – foreign customers16,73316,321
Other /i/2,6393,285
Total23,60024,292
Group20232024
EUR ‘000EUR ‘000
Sales – domestic customers4,8295,559
Sales – foreign customers20,54820,654
Other /i/3,2654,078
Total28,64230,291
/i/ Other includes revenues from the sale of trade goods, alcoholic and non-alcoholic beverages, food, parking
services, wellness and other similar services, where it is not possible to determine whether revenue was earned
from the sale to foreign or domestic customers.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
42
7. Other income and gains
Company20232024
EUR ‘000EUR ‘000
Net gains on disposal of subsidiary /i/7,510-
Net gains on termination of lease contract /ii/2,156-
Rental income529480
Recharged costs of lessees180168
Insurance reimbursements8187
Income from marketing and other services122135
Direct aid10179
Reversal of provisions80-
Disposal of non-current assets236
Collection of amounts due as per judgement and out-of-court settlement-1
Other recharged costs327351
Income from management272202
Other operating income361298
Total11,7211,837
Group20232024
EUR ‘000EUR ‘000
Net gains on termination of lease contract /ii/2,156-
Rental income529483
Recharged costs of lessees180168
Insurance reimbursements9191
Income from marketing and other services128147
Direct aid10182
Reversal of provisions80-
Disposal of non-current assets22
Collection of amounts due as per judgement and out-of-court settlement-1
Other recharged costs2032
Income from management272202
Other operating income223162
Total3,7821,370
/i/ Net gains on the disposal of the subsidiary refers to the difference between the investment in the former
subsidiary Club Adriatic d.o.o. which the Company held at acquisition cost (in the amount of EUR 15,609 thousand)
and the realised transaction price, as described in Notes 21 and 37.
/ii/ Net gains on the termination of the lease contract in 2023 refer to the termination of the contract for the Grand
hotel View, which was terminated on 6 February 2023, when the Company purchased Adria coast turizam d.o.o.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
43
8. Cost of raw materials and supplies
Company
Company20232024
EUR ‘000EUR ‘000
Groceries consumed2,0752,173
Electricity1,6351,750
Consumables and cleaning supplies379379
Water consumed300298
Heating oil and gas173197
Write-off of small inventory86104
Alcoholic and soft drinks consumed190242
Fuel for passenger and freight vehicles5056
Office supplies1112
Packaging1213
Overheads – leased properties56
Other costs2333
Total4,9395,263
2023
2024
Group20232024
EUR ‘000EUR ‘000
Groceries consumed2,5632,651
Electricity1,8852,026
Consumables and cleaning supplies459448
Water consumed351327
Heating oil and gas176200
Write-off of small inventory108156
Alcoholic and soft drinks consumed238306
Fuel for passenger and freight vehicles5458
Office supplies1314
Packaging1315
Overheads – leased properties56
Other costs2434
Total5,8896,241
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
44
9. Cost of services
Company20232024
EUR ‘000EUR ‘000
Commissions and banking services1,778 1,473
Contractor services /i/1,083987
Investment and current maintenance500826
Utilities277273
Intellectual services765359
Student employment agency services164119
Telephone, Internet and mail252278
Gross temporary service contract cost157201
Advertising services185367
Rentals208305
Music and ZAMP fees3448
Transport services (road and maritime transport)1622
Other services204186
Total5,623 5,444
Group20232024
EUR ‘000EUR ‘000
Commissions and banking services2,189 1.934
Contractor services /i/1,170988
Investment and current maintenance568903
Utilities313305
Intellectual services784379
Student employment agency services267196
Telephone, Internet and mail257281
Gross temporary service contract cost175215
Advertising services186375
Rentals247367
Music and ZAMP fees3853
Transport services (road and maritime transport)2123
Other services217195
Total6,4326,214
/i/ Contractor services refer to services of washing, dry cleaning and ironing of hotel bed linen and services of
protection of property and persons.
Auditors’ fee
The costs of audit services amounted to EUR 70 thousand (2023: EUR 57 thousand) for the Company and EUR
87 thousand (2023: EUR 72 thousand) for the Group. Additionally, a company from the network to which the audit
firm belongs provided non-audit services worth EUR 17 thousand in 2023 for the Company and the Group in
connection with consulting regarding EU funds, contracted in 2022.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
45
10. Staff costs
Company20232024
EUR ‘000EUR ‘000
Net salaries4,2705,366
Contributions from salaries1,2161,470
Contributions on salaries1,0001,250
Performance bonus and holiday pay662296
Taxes and surtaxes524657
Transportation to and from work180221
Meal222260
Children’s gifts, Christmas bonus, non-taxable voucher141153
Accruals for unused vacation days5850
Termination benefits and jubilee awards2761
Unused hours off – redistribution(40)28
Non-current provisions for termination benefits and jubilee awards15(9)
Other5764
Total8,3329,867
Group20232024
EUR ‘000EUR ‘000
Net salaries4,8146.188
Contributions from salaries1,3681.691
Contributions on salaries1,1261.438
Performance bonus and holiday pay719365
Taxes and surtaxes589751
Transportation to and from work190239
Meal267317
Children’s gifts, Christmas bonus, non-taxable voucher155171
Accruals for unused vacation days6754
Termination benefits and jubilee awards2761
Unused hours off – redistribution(27)22
Non-current provisions for termination benefits and jubilee awards16(9)
Other6473
Total9,37511.361
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
46
10. Staff costs (continued)
Remuneration for the members of the Company’s key management personnel and Supervisory Board:
Company20232024
EUR ‘000EUR ‘000
Key personnel329446
of which benefits in kind332
Supervisory Board93137
Total422583
Remuneration for the members of the Group’s key personnel and Supervisory Board:
Group20232024
EUR ‘000EUR ‘000
Key personnel329446
of which benefits in kind332
Supervisory Board95137
Total424583
11. (Impairment) / reversal of impairment of non-current financial assets
Company20232024
EUR ‘000EUR ‘000
Impairment of right-of-use assets (Note 34)(3,205)-
Impairment of property, plant and equipment (Note 17)(46)(140)
Total(3,251)(140)
Group20232024
EUR ‘000EUR ‘000
Reversal of impairment of right-of-use assets (Note 34)322-
Impairment of property, plant and equipment (Note 17)(46)(140)
Total276(140)
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
47
12. Net gains / (losses) on value adjustments of financial assets
Company20232024
EUR ‘000EUR ‘000
Impairment of trade receivables(30)(60)
Release of impairment of expected credit losses / (expected credit losses) – trade receivables77(66)
Expected credit losses – loans(17)(56)
Total30(182)
Group20232024
EUR ‘000EUR ‘000
Write-off of trade receivables(126)-
Impairment of trade receivables(30)(60)
Release of impairment of expected credit losses / (expected credit losses) – trade receivables73(81)
Total(83)(141)
13. Other operating expenses
Company20232024
EUR ‘000EUR ‘000
Expenses from unrealised investments /i/975-
Municipal charges and concessions330309
Employee accommodation260204
Fees paid to Hrvatske vode148143
Insurance premiums177202
Animation and entertainment3644
Reimbursement to students in practice and scholarships5350
Aid to employees1022
Taxes and contributions irrespective of business result7457
Subscriptions and memberships6767
Entertainment3450
Net book amount of disposed assets3129
Travel expenses, per diems, accommodation and field bonus2024
Professional training of employees2336
Disability benefits106
Other operating expenses252152
Total2,5001,395
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
48
13. Other operating expenses (continued)
Group20232024
EUR ‘000EUR ‘000
Expenses from unrealised investments /i/975-
Municipal charges and concessions381365
Employee accommodation385315
Fees paid to Hrvatske vode148143
Insurance premiums218246
Animation and entertainment5586
Reimbursement to students in practice and scholarships5454
Aid to employees1123
Taxes and contributions irrespective of business result8266
Subscriptions and memberships7475
Entertainment4252
Net book amount of disposed assets3431
Travel expenses, per diems, accommodation and field bonus2126
Professional training of employees2442
Disability benefits107
Other operating expenses573130
Total3,0871,661
/i/ Expenses from unrealised investments refers to assets under construction for which the Company decided to
discontinue further investments, which is why it will not be possible to capitalise the mentioned amounts. The
largest portion of the amount refers to the project International.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
49
14. Finance income and costs
Company20232024
EUR ‘000EUR ‘000
Finance income
Interest income1239
1239
20232024
EUR ‘000EUR ‘000
Finance costs
Interest expense(1,054)(1,244)
Interest expense on lease(513)(376)
(1,567)(1,620)
Net finance (costs)(1,555)(1,581)
Group20232024
EUR ‘000EUR ‘000
Finance income
Interest income41
41
20232024
EUR ‘000EUR ‘000
Finance costs
Interest expense(2,453)(2,954)
Interest expense on lease(525)(383)
(2,978)(3,337)
Net finance (costs)(2,974)(3,336)
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
50
15. Income tax and deferred tax assets and liabilities
Income tax
Company20232024
EUR ‘000EUR ‘000
Current tax--
Deferred tax686(30)
Income tax in statement of profit or loss686(30)
Group20232024
EUR ‘000EUR ‘000
Current tax--
Deferred tax530(193)
Income tax in statement of profit or loss530(193)
The Company is liable for income tax under the laws and regulations of the Republic of Croatia. The tax base is
determined as the difference between income and expenses for the period plus and net of income and expenses
having a different tax treatment according to the tax regulations concerning the taxation of income. The income
tax rate was 18% in all presented periods.
Company20232024
EUR ‘000EUR ‘000
Accounting profit / (loss) before tax3,415(2,709)
Income tax calculated at the rate of 18%615(488)
Effects of expenses not recognised for tax purposes /i/77481
Effects of income not recognised for tax purposes /ii/(397)(323)
Effects of unrecognised deferred tax assets-730
Effects of unrecognised deferred tax assets utilization(306)(30)
Income tax / (tax credit)686(30)
/i/ The effects of expenses not recognised for tax purposes mainly include depreciation above the prescribed rates,
provisions and value adjustments of financial assets and receivables.
/ii/ The effects of income not recognised for tax purposes include depreciation expenses that were not previously
recognized and state grants for education.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
51
15. Income tax and deferred tax assets and liabilities (continued)
Group20232024
EUR ‘000EUR ‘000
Accounting loss before tax(4,233)(6,007)
Income tax calculated at the rate of 18%(762)(1,081)
Effects of expenses not recognised for tax purposes /i/96086
Effects of income not recognised for tax purposes /ii/(397)(488)
Effects of unrecognised deferred tax assets1,320
Effects of deferred tax assets utilization729-
Effects of unrecognised deferred tax assets utilization(30)
Income tax530(193)
/i/ The effects of expenses not recognised for tax purposes mainly include depreciation above the prescribed rates,
provisions and value adjustments of financial assets and receivables.
/ii/ The effects of income not recognised for tax purposes include depreciation expenses that were not previously
recognized and state grants for education.
The Tax Administration has not conducted any audits of the Company’s income tax returns in the past several
years. According to the relevant tax regulations, the Tax Administration may inspect the Company’s books and
records at any time within three years of the end of the year in which the relevant tax liability is presented and may
impose additional tax liabilities and penalties. The Management Board is not aware of any circumstances that may
give rise to a potential material liability in this respect.
Deferred tax assets
Deferred tax assets were created as a temporary difference between the book value of assets and liabilities
determined for financial reporting purposes and the legally prescribed tax base.
The Company has available gross tax losses, as stated below:
Year incurredAmountYear of expiry
Company Jadran
EUR ‘000
2021(3,187)2026
2024(4,054)2029
Total(7,241)
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
52
15. Income tax and deferred tax assets and liabilities (continued)
Movement of deferred tax assets and deferred tax liabilities of the Company is shown below:
CompanyAvailable tax lossesAmortisationLease liabilities / Right-of-use assetsTotal
EUR ‘000
Balance at 1 January 20231,5659443772,886
Release of deferred tax assets(992)-(4,608)(5,600)
Less release of deferred tax liability--4,9144,914
(Charged to) / recognised in profit and loss(992)-306(686)
Balance at 31 December 20235739446832,200
Release of deferred tax assets--(56)(56)
Less release of deferred tax liability--8686
Recognised in profit and loss--3030
Balance at 31 December 20245739447132,230
Based on deductible temporary tax differences related to the depreciation of property, plant and equipment, the
Company has EUR 682 thousand available for which no deferred tax assets have been recognised. Additionally,
based on available gross tax losses, the Company has an additional EUR 730 thousand available for which no
deferred tax asset has been recognized.
Gross amount of deferred tax assets and liabilities of the Company is shown in the following table:
Company20242023
EUR ‘000Deferred tax assetsDeferred tax liabilitiesNetDeferred tax assetsDeferred tax liabilitiesNet
Gross balance at 1 January3,579(1,379)2,2009,179(6,293)2,886
Increase/(decrease) during the year(56)8630(5,600)4,914(686)
Gross balance at 31 December3,523(1,293)2,2303,579(1,379)2,200
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
53
15. Income tax and deferred tax assets and liabilities (continued)
The Group has available gross tax losses, as stated below:
Year incurredAmountYear of expiry
Group Jadran
EUR ‘000
2020 (481)2025
2021 (3,308)2026
2022 (1,882)2027
2023 (2,800)2028
2024(6,506)2029
Total (14,977)
Movement of deferred tax assets and deferred tax liabilities of the Group is shown below:
GroupAvailable tax lossesAmortisationLease liabilities / Right-of-use assetsTotal deferred tax assetsRevaluation of property, plant and equipment
EUR ‘000
Balance at 1 January 20231,5659443772,886(2,509)
Release of deferred tax assets(992)-(4,608)(5,600)-
Less the release/(creation) of--4,9144,914(2,267)
deferred tax liability
(Charged to) / recognised in profit(992)-306(686)156
and loss
Balance at 31 December 20235739446832,200(2,111)
Release of deferred tax assets--(56)(56)-
Less release of deferred tax liability--8686163
Recognised in profit and loss--3030163
Balance at 31 December 20245739447132,230(1,948)
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
54
15. Income tax and deferred tax assets and liabilities (continued)
Gross amount of deferred tax assets and liabilities of the Group is shown in the following table:
Group20242023
EUR ‘000Deferred tax assetsDeferred tax liabilitiesNetDeferred tax assetsDeferred tax liabilitiesNet
Gross balance at 1 January3,620(3,531)899,179(8,802)377
Increase/(decrease) during the year(56)249(193)(5,559)5,271(288)
Gross balance at 31 December3,564(3,282)(104)3,620(3,531)89
Offsetting(1,334)(1,334)(1,420)(1,420)
Net balance in statement of financial position2,230(1,948)2,200(2,111)
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
55
16. Earnings / (loss) per share
Company
20232024
EUR ‘000EUR ‘000
Earnings / (loss) attributable to shareholders of the Company2,729(2.679)
Weighted average number of ordinary shares used to calculate basic/diluted earnings per share27,970,83227,970,832
EUREUR
Basic and diluted earnings / (loss) per share0.10(0.10)
Group20232024
EUR ‘000EUR ‘000
Weighted average number of ordinary shares used to calculate basic/diluted earnings per share27,970,83227,970,832
Loss from continuing operations(4,763)(5,814)
EUREUR
Basic and diluted loss per share from continuing operations attributable to shareholders of the Group(0.17)(0.21)
Gain from discontinued operations1,373-
EUREUR
Basic and diluted gain per share from discontinued operations0.05-
Loss attributable to shareholders of the Group(3,390)(5,814)
EUREUR
Basic and diluted loss per share with discontinued operations(0.12)(0.21)
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
56
17. Property, plant and equipment
CompanyLandBuildingsPlant and equipmentOther assetsTangible assets under constructionTotal
EUR ‘000
Cost
At 1 January 202335,24099,20721,5302642,256158,497
Additions-1,4511,18631(2,668)-
Direct additions----1,4861,486
Disposals(114)-(418)-(975)(1,507)
At 31 December 202335,126100,65822,29829599158,476
Additions-133985(416)-
Direct additions----768768
Disposals--(287)--(287)
At 31 December 202435,126100,67122,409300451158,957
Accumulated depreciation
At 1 January 20233,38866,3249,81398-79,623
Depreciation charge-1,3112,63930-3,980
Disposals--(330)--(330)
Impairment of non-current assets--46--46
At 31 December 20233,38867,63512,168128-83,319
Depreciation charge-1,2632,39932-3,694
Disposals--(205)--(205)
Impairment of non-current assets--140--140
At 31 December 20243,38868,89814,502160-86,948
Net book amount
At 31 December 202331,73833,02310,1301679975,157
At 31 December 202431,73831,7737,90714045172,009
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
57
17. Property, plant and equipment (continued)
Additions to tangible assets in 2024: buildings in the amount of EUR 13 thousand relate to investments in hotel
facilities (upgrading the classification of hotels, developing campsites and other construction works), equipment in
the amount of EUR 398 thousand relates to the purchase of equipment necessary for operations in hotels and
campsites, investment in other assets in the amount of EUR 5 thousand, additions to tangible assets under
construction in the amount of EUR 768 thousand relate to investments in hotel facilities and campsite development,
which were not put into use during 2024.
Additions to tangible assets in 2023: buildings in the amount of EUR 1,451 thousand relate to investments in hotel
facilities (upgrading the classification of hotels, developing campsites and other construction works), equipment in
the amount of EUR 1,186 thousand relates to the purchase of equipment necessary for operations in hotels and
campsites, additions to tangible assets under construction in the amount of EUR 1,486 thousand relate to
investments in hotel facilities and campsite development, which were not put into use during 2023. The disposals
in land in the amount of EUR 114 thousand relate to the divestment in 2023 (sale of own property). The write-off
in the amount of EUR 975 thousand refers to assets under construction for which the Company decided to
discontinue further investments, which is why it will not be possible to capitalise the stated amounts. The majority
of the amount refers to the project International.
As at 31 December 2024, the carrying amount of mortgaged properties (hotels Omorika, Ad Turres, Esplanade,
Katarina, International, Slaven resort, pavilions, swimming pool and central restaurant within the Ad Turres, Kačjak
and Kaštel resorts) amounts to a total of EUR 47,911 thousand (31 December 2023: EUR 44,463 thousand).
The total value of tangible assets that are fully depreciated, and which are still in use as of 31 December 2024
amounts to EUR 19,035 thousand (31 December 2023: EUR 15,469 thousand).
Proceeds from the sale of property, plant and equipment in 2024 amounted to EUR 100 thousand (in 2023: EUR
95 thousand without discontinued operations).
The book value of assets where the Company is not listed as the owner or in respect of which there is a legal
dispute regarding ownership as of 31 December 2024, amounts to EUR 287 thousand (31 December 2023: EUR
279 thousand).
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
58
17. Property, plant and equipment (continued)
GroupLandBuildingsPlant and equipmentOther assetsTangible assets under constructionTotal
EUR ‘000
Cost
At 1 January 202335,24099,20721,5402642,256158,507
Acquisition of subsidiary (Note 38)3,99032,67411,5923146448,634
Transfer to use-1,4511,18631(2,668)-
Direct additions-1,296274141,4223,006
Disposals(114)(1)(427)-(975)(1,517)
At 31 December 202339,116134,62734,16562399208,630
Transfer to use-135205(538)-
Direct additions----910910
Disposals--(296)--(296)
At 31 December 202439,116134,64034,389628471209,244
Accumulated depreciation
At 1 January 20233,38866,3249,82398-79,633
Acquisition of subsidiary (Note 38)-63483327-1,494
Depreciation charge-2,7474,46292-7,301
Disposals-(1)(335)--(336)
Impairment of non-current assets--46--46
At 31 December 20233,38869,70414,829217-88,138
Depreciation charge-2,8784,311100-7,289
Disposals--(209)--(209)
Impairment of non-current assets--140--140
At 31 December 20243,38872,58219,071317-95,358
Net book amount
At 31 December 202335,72864,92319,33640699120,492
At 31 December 202435,72862,05815,318311471113,886
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
59
17. Property, plant and equipment (continued)
Additions to tangible assets in 2024: buildings in the amount of EUR 13 thousand relate to investments in hotel
facilities (upgrading the classification of hotels, developing campsites and other construction works), equipment in
the amount of EUR 520 thousand relates to the purchase of equipment necessary for operations in hotels and
campsites, investment in other assets in the amount of EUR 5 thousand, additions to tangible assets under
construction in the amount of EUR 910 thousand relate to investments in hotel facilities and campsite development,
which were not put into use during 2024.
Additions to tangible assets in 2023: buildings in the amount of EUR 1,451 thousand relate to investments in hotel
facilities (upgrading the classification of hotels, developing campsites and other construction works), equipment in
the amount of EUR 1,186 thousand relates to the purchase of equipment necessary for operations in hotels and
campsites, additions to tangible assets under construction in the amount of EUR 1,422 thousand relate to
investments in hotel facilities and campsite development, which were not put into use during 2023. The disposals
in land in the amount of EUR 114 relate to the divestment in 2023 (sale of own property). The write-off in the
amount of EUR 975 thousand refers to assets in preparation for which the Company decided to discontinue further
investments, which is why it will not be possible to capitalise the stated amounts. The majority of the amount refers
to the project International. Other direct additions to assets refer to the assets that the Group acquired with the
purchase of the subsidiary Adria coast turizam.
As at 31 December 2024, the carrying amount of mortgaged properties (hotels Omorika, Ad Turres, Esplanade,
Katarina, International, Slaven resort, pavilions, swimming pool and central restaurant within the Ad Turres, Kačjak,
Kaštel resorts and Grand hotel View) amounts to a total of EUR 73,309 thousand (31 December 2023: EUR 71,078
thousand).
The total value of tangible assets that are fully depreciated, and which are still in use as of 31 December 2024
amounts to EUR 19,409 thousand (31 December 2023: EUR 15,469 thousand).
Proceeds from the sale of property, plant and equipment in 2024 amounted to EUR 101 thousand (in 2023: EUR
95 thousand without discontinued operations).
The book value of assets where the Company is not listed as the owner or in respect of which there is a legal
dispute regarding ownership as of 31 December 2024, amounts to EUR 287 thousand (31 December 2023: EUR
279 thousand).
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
60
18. Intangible assets
CompanyLicences, software and other rightsTotal
EUR ‘000
Cost
At 1 January 2023557557
Direct additions4444
Disposals(26)(26)
At 31 December 2023575575
Direct additions9090
Disposals(44)(44)
At 31 December 2024621621
Accumulated amortisation
At 1 January 2023289289
Amortisation charge9999
Disposals(20)(20)
At 31 December 2023368368
Amortisation charge9595
Disposals(23)(23)
At 31 December 2023440440
Net book amount
At 31 December 2023207207
At 31 December 2024181181
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
61
18. Intangible assets (continued)
GroupLicences, software and other rightsTotal
EUR ‘000
Cost
At 1 January 2023557557
Direct additions4444
Disposals(26)(26)
At 31 December 2023575575
Direct additions105105
Disposals(44)(44)
At 31 December 2024636636
Accumulated amortisation
At 1 January 2023289289
Amortisation charge9999
Disposals(20)(20)
At 31 December 2023368368
Amortisation charge9696
Disposals(23)(23)
At 31 December 2023441441
Net book amount
At 31 December 2023207207
At 31 December 2024195195
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
62
19. Investment property
Company and GroupLand and buildingsTotal
EUR ‘000
Cost
At 1 January 20234,6644,664
Write off--
At 31 December 20234,6644,664
Write off(1)(1)
At 31 December 20234,6634,663
Accumulated depreciation
At 1 January 2023253253
Depreciation charge99
At 31 December 2023262262
Depreciation charge99
At 31 December 2024271271
Net book amount
At 31 December 20234,4024,402
At 31 December 20244,3924,392
Investment property relates to land and buildings that are leased or held for future realisation through renting or
selling.
The fair value of investment properties based on external valuation by independent appraisers or internal valuation
does not deviate significantly from their carrying value at the reporting date. Estimates of the fair value of
investment property are categorised as level 3 in the fair value hierarchy.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
63
20. Financial assets
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
Hoteli Novi d.d. in bankruptcy582582
Impairment of shares(582)(582)
Total--
Group31 December 202331 December 2024
EUR ‘000EUR ‘000
Hoteli Novi d.d. in bankruptcy582582
Impairment of shares(582)(582)
Loans given130130
Total130130
21. Investments in subsidiaries
As at 31 December, the Company holds shares in the following subsidiaries:
Investments in subsidiaries
CountryOwnership share31 December 202331 December 2024
EUR ‘000EUR ‘000
Adria coast turizam /i/Republic of Croatia100%22,94222,942
Stolist /ii/Republic of Croatia100%129129
Total23,07123,071
/i/ Adria coast turizam and Club Adriatic
On 6 February 2023, Jadran d.d. successfully fulfilled all the prerequisites established by the concluded
agreements on the purchase of business shares in the company Adria coast turizam d.o.o., which provided for the
acquisition of 100% of the shares in that company by Jadran d.d., as well as the agreement on the sale of business
shares in the company Club Adriatic d.o.o., by which Jadran sold and transferred 100% of the shares in that
company to Adria Grupa Baško Polje d.o.o. (Note 38).
With the agreement on the transfer of business shares in the company Club Adriatic d.o.o., by which Jadran
transferred 100% of the shares in that company to Adria Grupa Baško Polje d.o.o. the conditions to classify this
business segment as discontinued operations as at 31 December 2022 were met.
/ii/ Stolist
As at 18 June 2019, the Company entered into a Sale and Purchase Agreement for the acquisition of Stolist d.o.o.
Pursuant to this Agreement, the Company acquired 100% of the shares in the said company. The Company paid
EUR 129 thousand to acquire Stolist d.o.o.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
64
22. Inventories
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
Raw materials and supplies on stock75112
Cost of small inventory and tyres1,2191,271
Impairment of small inventory and tyres(1,219)(1,271)
Trade goods24
Packaging410
Total81126
Group31 December 202331 December 2024
EUR ‘000EUR ‘000
Raw materials and supplies on stock110137
Cost of small inventory and tyres1,4811,568
Impairment of small inventory and tyres(1,481)(1,568)
Trade goods34
Packaging511
Total118152
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
65
23. Trade receivables and related party receivables
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
Domestic trade receivables1,0861,157
Foreign trade receivables14100
Impairment of trade receivables – individual adjustments(660)(702)
Impairment of receivables – expected credit losses (IFRS 9)(12)(78)
Receivables from related parties7366
Impairment of trade receivables from related parties(1)(1)
Total500542
Group31 December 202331 December 2024
EUR ‘000EUR ‘000
Domestic trade receivables1,1091,184
Foreign trade receivables24109
Impairment of trade receivables – individual adjustments(660)(702)
Impairment of receivables – expected credit losses (IFRS 9)(16)(97)
Total457494
Maturity structure of total trade receivables:
CompanyGross trade receivablesImpairmentNet trade receivables
31 December 202331 December 202431 December 202331 December 202431 December 202331 December 2024
EUR ‘000EUR ‘000EUR ‘000EUR ‘000EUR ‘000EUR ‘000
Not past due443237(5)-438237
Up to 30 days3850(1)(1)3749
31-60 days235(2)(9)-26
61-90 days1439-(12)1427
91-180 days33171(22)(77)1194
181-365 days7142(7)(33)-109
365 days and more636649(636)(649)--
Total1,1731.323(673)(781)500542
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
66
23. Trade receivables and related party receivables (continued)
Group 31 December 2024Not past duePast due up to 30 daysPast due from 31–90 daysPast due from 91–180 daysPast due from 181–270 daysPast due beyond 270 daysTOTAL
Expected loss rate0.46%5.01%27.91%46.38%27.46%100%61.79%
Gross book amount – trade receivables19640801841446491.293
Loss allowance-(2)(23)(85)(40)(649)(799)
Trade receivables– net of impairment196385799104-494
Group 31 December 2023Not past duePast due up to 30 daysPast due from 31–90 daysPast due from 91–180 daysPast due from 181–270 daysPast due beyond 270 daysTOTAL
Expected loss rate1.35%1.79%17.24%63.64%87.50%100%77.85%
Gross book amount – trade receivables37056293386371,133
Loss allowance(5)(1)(5)(21)(7)(637)(676)
Trade receivables– net of impairment3655524121-457
Changes in the impairment allowance on trade receivables for expected credit losses and individual adjustments
were as follows:
Company20232024
EUR ‘000EUR ‘000
At 1 January1,657673
(Decrease) / increase in expected credit losses in the current period(77)66
Impairment in the current period3060
Total changes in expected credit loss through profit or loss(47)126
Write-off of previously impaired receivables(937)(18)
At 31 December673781
Group20232024
EUR ‘000EUR ‘000
At 1 January189676
(Decrease) / increase in expected credit losses in the current period(73)81
Impairment in the current period3060
Total changes in expected credit loss through profit or loss(43)141
Write-off of previously impaired receivables(8)(18)
Transfer of impaired receivables from a subsidiary sold /i/538-
At 31 December676799
/i/ The item refers to impaired receivables from Club Adriatic, which was previously a subsidiary, so this category
did not exist at the Group level.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
67
24. Receivables from the government and other receivables
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
Prepaid VAT receivable148106
Other receivables from the government8063
Suspense accounts for services accounted for /i/141291
Banking charges for loans136
Receivables for advances given /ii/177363
Prepayments – other costs91
Total568830
/i/ Suspense accounts for services accounted for refer to the balance of transition accounts that are uploaded
from the reception software.
/ii/ Receivables arising from advances given relate to advances towards Club Adriatic in the amount of EUR 144
thousand, advances for insurance premium paid in the amount of EUR 109 thousand, the amount of EUR 59 paid
to HEP and other advances given to suppliers. (31 December 2023: Receivables arising from advances for
insurance premium paid in the amount of EUR 104 thousand, the amount of EUR 59 thousand paid to HEP, and
other advances given to suppliers).
Group
Group31 December 202331 December 2024
EUR ‘000EUR ‘000
Prepaid VAT receivable185120
Other receivables from the government120101
Suspense accounts for services accounted for150275
Banking charges for loans137
Receivables for advances given182388
Prepayments – other costs916
Total659907
31 December 2023
31 December 2024
/i/ Suspense accounts for services accounted for refer to the balance of transition accounts that are uploaded
from the reception software.
/ii/ Receivables arising from advances given relate to advances towards Club Adriatic in the amount of EUR 144
thousand, advances for insurance premium paid in the amount of EUR 132 thousand, the amount of EUR 59 paid
to HEP and other advances given to suppliers. (31 December 2023: Receivables arising from advances for
insurance premium paid in the amount of EUR 129 thousand, the amount of EUR 59 thousand paid to HEP, and
other advances given to suppliers).
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
68
25. Receivables for loans granted to related parties
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
Receivables for loans granted to related parties /i/4932,015
Impairment of loan receivables – IFRS 9(19)(75)
Total4741,940
/i/ Receivables from related parties relate to three loans granted to Stolist d.o.o. in the total amount of loan principal
and of associated interest of EUR 45.5 thousand. The loans were granted in 2021, 2022 and 2024.
Additionally, in 2023 and 2024 the Company granted a loans in the total amount of EUR 1,928 thousand to Adria
coast turizam, with EUR 41 thousand of associated interest.
The above-mentioned loans were granted at the legally prescribed intra-group interest rate (repayable at the
lender’s first call). The loans are classified as Stage 2.
26. Cash and cash equivalents
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
Bank balances – domestic currency1,0221,896
Cash on hand11
Total1,0231,897
Group31 December 202331 December 2024
EUR ‘000EUR ‘000
Bank balances – domestic currency1,7682,697
Cash on hand11
Total1,7692,698
The Company mainly deposits cash with local banks that are members of banking groups with the following credit
ratings by Standard & Poor’s:
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
A1513
BBB9861,864
No credit rating2119
Total1,0221,896
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
69
26. Cash and cash equivalents (continued)
Group31 December 202331 December 2024
EUR ‘000EUR ‘000
A1513
BBB1,7312,665
No credit rating2219
Total1,7682,697
27. Capital and reserves
The Company’s share capital amounts to EUR 64.039.780 and is divided among 27,971,463 ordinary shares
without a nominal value with the ticker symbol JDRN-R-B. The Company’s ID No. (OIB) is 56994999963, while its
Reg. No. (MBS) is 040000817. The share capital represents the Company’s own sources of assets for its operating
purposes.
Capital reserves as of 31 December 2024 as well as of 31 December 2023 amount to EUR 31.085.132 and are
not available for distribution to the shareholders.
Individual major shareholders are PBZ CO OMF – CATEGORY B which holds 58.30% of shares and ERSTE
PLAVI OMF CATEGORY B which holds 30.56% of the Company’s shares.
Table 1: Structure of shareholders as at 31 December 2024 and 31 December 2023
31 December 202331 December 2024
InvestorBalance%Balance%
Erste & Steiermarkische bank d.d./PBZ CO OMF – category B (1/1) – custodial account16,307,40158.3016,307,40158.30
OTP banka d.d. /Erste Plavi OMF category b – custodial account8,547,34630.568,547,34630.56
Restructuring and Sale Center – CERP (0/1) Republic of Croatia (1/1) zs673,6662.41673,6662.41
Hrvatske vode, Water Management Corporation (1/1)208,2920.74208,2920.74
Town of Crikvenica (1/1)184,0560.66184,0560.66
OTP banka d.d./Erste Plavi Expert – voluntary pension fund (1/1) – custodial account174,2490.62174,2490.62
Other shareholders1,876,4536.711,876,4536.71
TOTAL27,971,463100.0027,971,463100.00
Pursuant to the provisions of the Act on the Introduction of the Euro as the Official Currency in the Republic of
Croatia and the Act on Amendments to the Companies Act, and based on the decision of the General Assembly
on the adjustment of share capital dated 14 July 2023, the share capital of the Company, by applying a fixed HRK
to EUR conversion rate, was converted into euros and reduced by the amount of 1.01 euros to the extent necessary
for compliance with the relevant regulations in a simplified manner, and credited to capital reserves.
As of 31 December 2024, the Company holds 631 treasury shares (2023: 631), which represents 0.0023% (2023:
0.0023%) of the Company’s share capital.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
70
28. Provisions
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
Provisions for termination benefits3435
Provisions for jubilee awards3828
Provisions for legal disputes80114
Total152177
Group31 December 202331 December 2024
EUR ‘000EUR ‘000
Provisions for termination benefits3535
Provisions for jubilee awards3929
Provisions for legal disputes80114
Total154178
Movements in provisions over the years are as follows:
CompanyLegal disputesTermination benefitsJubilee awardsTotal
EUR ‘000
At 31 December 202224292881
Additional provisions based on estimate5661173
At 31 December 2023803539154
Derecognition(16)-(10)(26)
Additional provisions based on estimate501-51
At 31 December 20241143528177
GroupLegal disputesTermination benefitsJubilee awardsTotal
EUR ‘000
At 31 December 202224292881
Additional provisions based on estimate5651071
At 31 December 2023803438152
Derecognition(16)-(10)(26)
Additional provisions based on estimate50--50
At 31 December 20241143529178
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
71
29. Liabilities to banks
Company
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
Long-term loans-HBOR – DT-1/16 /i/1,075795
Long-term loans-HBOR – DT-10/16 /ii/626463
Long-term loans-PBZ – 2016 -5110217867-5110217867 /iii/2,4481,224
Long-term loans-PBZ – 2019 -5110228722-5110228722 /iv/9,3808,321
Long-term loans-ERSTE – 2019 -5117407680/15 /v/11,0899,745
Long-term loans-ZAGREBAČKA BANKA 3306504306 /vi/-1,700
Long-term loans-ZAGREBAČKA BANKA 3311031850 /vii/-8,000
Short-term loans – OTP 2023-3825/23 /viii/2,000-
Short-term loans – ZABA 5702182152 /ix/500-
Interest196217
Total liabilities27,31430,465
Current maturities of long-term loans in the current year(4,071)(4,373)
Short-term loans – OTP 2023-3825/23 /ix/(2,000)-
Short-term loans – ZABA 5702182152 /x/(500)-
Interest(196)(217)
Current liabilities(6,767)(4,590)
Non-current liabilities20,54725,875
Group31 December 202331 December 2024
EUR ‘000EUR ‘000
Long-term loans-HBOR – DT-1/16 /i/1,075795
Long-term loans-HBOR – DT-10/16 /ii/626463
Long-term loans-PBZ – 2016 -5110217867-5110217867 /iii/2,4481,224
Long-term loans-PBZ – 2019 -5110228722-5110228722 /iv/9,3808,321
Long-term loans-ERSTE – 2019 -5117407680/15 /v/11,0899,745
Long-term loans-ZAGREBAČKA BANKA 3306504306 /vi/-1,700
Long-term loans-ZAGREBAČKA BANKA 3311031850 /vii/-8,000
Long-term loans-Gorenjska banka /viii/24,00022,500
Short-term loans – OTP 2023-3825/23 /ix/2,000-
Short-term loans – ZABA 5702182152 /x/500-
Interest554477
Total liabilities51,67253,225
Current maturities of long-term loans in the current year(5,571)(4,741)
Short-term loans – OTP 2023-3825/23 /ix/(2,000)-
Short-term loans – ZABA 5702182152 /x/(500)-
Interest(554)(477)
Current liabilities(8,625)(5,218)
Non-current liabilities43,04748,007
31 December 2023
31 December 2024
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
72
29. Liabilities to banks (continued)
/i/ In 2016, the Company entered into a long-term loan agreement with the Croatian Bank for Reconstruction
and Development for a loan of EUR 2,309 thousands, repayable over 8 years, with a 1-year and
10 months grace period and 3% interest rate, for the renovation of facilities and upgrading
the classification of HotelOmorika and Hotel Varaždin (Katarina).
/ii/ In 2016, the Company entered into a long-term loan agreement with the Croatian Bank for Reconstruction
and Development for a loan of EUR 1,327 thousands, repayable over 8 years, with a 1-year and 3
months grace period and 3% interest rate, for the renovation of facilities and upgrading the classification
of Hotel Varaždin (Katarina).
/iii/ In 2016, the Company entered into a long-term loan agreement with Privredna banka Zagreb d.d. for a
loan of EUR 7,4 million, repayable over 6 years, with a 1-year and 6 months grace period and 2.6%
interest rate, for the renovation of facilities and upgrading the classification of Hotel Varaždin (Katarina)
and Hotel Esplanade and to purchase the receivables from Veneto banka d.d. This Agreement was
entered into in December of 2016. The amount of EUR 7,343,852 was drawn under the loan, and the loan
commencement date was 20 July 2019.
/iv/ In 2019, the Company entered into a long-term loan agreement with Privredna banka Zagreb d.d. for a
loan of EUR 12,25 million, repayable over 12 years, with a 2.05% interest rate, for the renovation of facilities
and upgrading the classification of the Ad Turres resort, Selce Campsite – swimming pool and allotment,
Hotel Katarina, Hotel Omorika, Kačjak resort, Slaven pavilions and Hotel Esplanade.
/v/ In 2019, the Company entered into a long-term loan agreement with Erste&Steiermärkische Bank d.d. for
a loan of EUR 13,441 million, repayable over 10 years, with a 2.1% + 3M Euribor interest rate, to be
used for investments – purchasing and other costs of acquiring Club Adriatic d.o.o. Zagreb.
/vi/ In 2024, the Company entered into a long-term loan agreement with Zagrebačka banka d.d. in the amount
of EUR 1.7 million, with a repayment period of 5 years, at an interest rate of 6.15%, for working capital
needs.
/vii/ In 2024, the Company entered into a long-term loan agreement with Zagrebačka banka d.d. in the amount
of EUR 8 million, with a grace period of one year and a repayment period of 10 years, with an interest
rate of 5.48%, for the purposes of refinancing existing short-term loans and investments in several
different facilities.
/viii/ In 2022, Adria coast turizam, Company’s subsidiary, entered into an agreement with Gorenjska banka on
a long-term loan in the amount of EUR 27.5 million, with a repayment period of 15 years, and an interest
rate of 3.5% + 3M Euribor, for the construction of the Grand Hotel View.
/ix/ In 2023, the Company entered into a short-term loan agreement with OTP Bank d.d. for a loan of EUR 2
million, repayable until 31 October 2024, with a 6% interest rate, to be used for current liquidity financing.
/x/ In 2023, the Company entered into a short-term revolving loan agreement with Zagrebačka banka d.d.
for a loan of EUR 3 million, repayable until 30 November 2024, with a 4,4% interest rate, to be used for
current liquidity financing. From the stated amount by the end of the year, EUR 500 thousand had been
withdrawn.
Covenant for the above loans of the Company and the Group include the obligation to perform a certain % of
payment transactions through specific bank, the obligation to maintain the agreed interest coverage ratio, the need
to notify banks in cases of major new loans of the Company and the Group, and the need to notify banks in cases
of granting loans to subsidiary. Additionally, the contractual provisions for the subsidiary’s loan imply the need to
maintain a minimum debt repayment coverage ratio. The Company and the Group have fulfilled all contractual
obligations except for the subsidiary's loan from Gorenjska banka, from which they received written confirmation
that the bank has no intention of cancelling the contract or requesting early repayment of the loan.
All loans of the Company and the Group are denominated in local currency. Credit collateral are promissory notes,
debentures and property, plant and equipment of the Company and Group, as disclosed in note 17.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
73
30. Other non-current liabilities
Company and Group31 December 202331 December 2024
EUR ‘000EUR ‘000
Bankruptcy Plan /i/87
Total87
/i/ The liabilities under the Bankruptcy Plan of EUR 7 thousand (31 December 2023: EUR 8 thousand) relate to
liabilities to secured creditors of the 2
nd
rank in the amount of EUR 3 thousand and liabilities intended to be included
in the share capital in the amount of EUR 4 thousand. The Bankruptcy Plan does not infringe on the secured
creditors’ right to be paid from items subject to separate satisfaction.
31. Trade payables
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
Domestic trade payables1,0191,387
Foreign trade payables1624
Total1,0351,411
Group31 December 202331 December 2024
EUR ‘000EUR ‘000
Domestic trade payables2,6041,430
Foreign trade payables2537
Total2,6291,467
32. Liabilities for advances, deposits and guarantees
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
Advances received424462
Security and other deposits5852
Total482514
Group31 December 202331 December 2024
EUR ‘000EUR ‘000
Advances received441534
Security and other deposits5852
Total499586
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
74
33. Other current liabilities
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
Net salaries payable285373
Unused vacation days242292
Liabilities to employees – bonuses27650
Liabilities to employees – redistribution of working hours5684
Other liabilities to employees1122
Contributions from and on salaries151192
Taxes and surtaxes payable3343
Other liabilities to the government12496
Accrual of received capital grants /i/9484
Fees based on temporary service agreements1019
Scholarships-3
Other liabilities – unpaid to bankruptcy creditors11
Obligations for additional payments /ii/1,500-
Deferred income12-
Total2,7951,259
Group31 December 202331 December 2024
EUR ‘000EUR ‘000
Net salaries payable316412
Unused vacation days250304
Liabilities to employees – bonuses28450
Liabilities to employees – redistribution of working hours6991
Other liabilities to employees1223
Contributions from and on salaries166211
Taxes and surtaxes payable3648
Other liabilities to the government144102
Accrual of received capital grants /i/9484
Fees based on temporary service agreements1019
Scholarships-3
Other liabilities – unpaid to bankruptcy creditors11
Deferred income12-
Total1,3941,348
/i/ The capital grants remitted by the Energy Efficiency and Environmental Protection Fund relate to the
reconstruction of the heating system at Hotel Katarina in 2016 and are prorated to revenue on an annual basis.
/ii/ Obligations for additional payments refer to the obligation of the company Jadran to pay into the capital reserves
of the subsidiary Adria coast turizam in the amount of EUR 1,500 thousand.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
75
34. Lease liabilities and right-of-use assets
The cost of interest on lease liabilities is included in Finance costs – Interest expense on lease (Note 14).
The method of recognition and measurement is set out in Note 2.20.
Lease liabilities
Company31 December 202331 December 2024
EUR ‘000EUR ‘000
Non-current lease liabilities10,4999,835
Current lease liabilities9531,308
Total11,45211,143
Group31 December 202331 December 2024
EUR ‘000EUR ‘000
Non-current lease liabilities10,70910,030
Current lease liabilities9731,329
Total11,68211,359
Right-of-use assets
CompanyVehiclesReal estateBeach concessionTotal
EUR ‘000
Net book amount at 31 December 202210934,7965534,960
Initial recognition as per new contracts /i/2347,730-7,964
Depreciation for the year(87)(1,514)(11)(1,612)
Termination of existing contracts /ii/(87)(30,361)-(30,448)
Impairment /iii/-(3,205)-(3,205)
Net book amount at 31 December 20231697,446447,659
Initial recognition as per new contracts9960720726
Depreciation for the year(107)(1,027)(12)(1,146)
Termination of existing contracts(26)(30)-(56)
Impairment----
Net book amount at 31 December 20241356,996527,183
/i/ It refers to the initial recognition of the lease contracts for hotel Noemia, that was transferred on 1 January 2023
from Club Adriatic and the contract for the office in Zagreb, signed in June 2023.
/ii/ It refers to the lease contract for Grand hotel View, that was terminated on 6 February 2023, with the purchase
of Adria coast turizam.
/iii/ It refers to the impairment recognised at initial recognition of the lease contract for the Noemia hotel.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
76
34. Lease liabilities and right-of-use assets (continued)
GroupVehiclesReal estateBeach concessionTotal
EUR ‘000
Net book amount at 31 December 202210939,3987239,579
Initial recognition as per new contracts /i/234146247627
Depreciation for the year(87)(1,514)(46)(1,647)
Termination of existing contracts /ii/(87)(30,906)-(30,993)
Impairment /iii/-322-322
Net book amount at 31 December 20231697,4462737,888
Initial recognition as per new contracts9960723729
Depreciation for the year(107)(1.027)(34)(1.168)
Termination of existing contracts(26)(30)(56)
Impairment----
Net book amount at 31 December 20241356.9962627.393
/i/ It refers to the initial recognition of the lease contracts for the Noemia hotel, that was transferred on 1 January
2023 from Club Adriatic and the contract for the office in Zagreb, signed in June 2023.
/ii/ It refers to the lease contracts for Grand hotel View, that was terminated on February 6, 2023, with purchase of
Adria coast turizam.
/iii/ It refers to the net result of the termination of the lease agreement for the Noemia hotel (by exiting the portfolio
of the then subsidiary Club Adriatic) and the impairment recognised upon the initial recognition of the lease
agreement for the Noemia hotel by the parent company Jadran.
As stated in Note 2.20, the Company and the Group use the exemption expedient for short-term leases and low-
value leases.
In 2024, short-term leases and low-value leases of the Company amounted to EUR 305 thousand (Note 9).
In 2023, short-term leases and low-value leases of the Group amounted to EUR 367 thousand (Note 9).
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
77
35. Related party transactions
The main related party transactions during 2024 and 2023 were as follows:
31 December 2024
SubsidiaryRevenueExpensesReceivables and loansLiabilities
EUR ‘000
Stolist4(1)39-
Club Adriatic510(5)1,965-
Total514(6)2,004-
31 December 2023
SubsidiaryRevenueExpensesReceivables and loansLiabilities
EUR ‘000
Stolist5-16-
Adria coast turizam575(104)551(1,500)
Total580(104)567(1,500)
Receivables based on approved loans as well as a description of the contractual conditions are set out in Note 25.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
78
36. Net debt
CompanyCashLiabilities to banksLease liabilitiesTotal
EUR ‘000
Net debt at 1 January 2023795(29,581)(37,056)(65,842)
Cash flow2282,3331,3853,946
Increase arising from new lease agreements and modifications--(7,964)(7,964)
Termination of existing contracts--32,60432,604
Interest expense-(1,054)(513)(1,567)
Interest paid-9865131,499
Non-cash movements-2(421)(419)
Net debt at 31 December 20231,023(27,314)(11,452)(37,743)
Cash flow874(3,129)1,290(965)
Increase arising from new lease agreements and modifications--(726)(726)
Termination of existing contracts--5656
Interest expense-(1,244)(376)(1,620)
Interest paid-1,2173761,593
Non-cash movements-5(311)(306)
Net debt at 31 December 20241,897(30,465)(11,143)(39,711)
GroupCashLiabilities to banksLease liabilitiesTotal
EUR ‘000
Net debt at 1 January 2023806(29,581)(45,060)(73,835)
Cash flow9542,3331,4114,698
Acquisition of subsidiary (Note 38)9(24,163)-(24,154)
Increase arising from new lease agreements and modifications--(627)(627)
Termination of existing contracts--33,14933,149
Interest expense-(2,453)(525)(2,978)
Interest paid-2,2345252,759
Non-cash movements-(42)(555)(597)
Net debt at 31 December 20231,769(51,672)(11,682)(61,585)
Cash flow929(1,629)1,316616
Increase arising from new lease agreements and modifications--(729)(729)
Termination of existing contracts--5656
Interest expense-(2,954)(383)(3,337)
Interest paid-3,0243833,407
Non-cash movements-6(320)(314)
Net debt at 31 December 20242,698(53,225)(11,359)(61,886)
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
79
37. Discontinued operations
On 6 February 2023, Jadran d.d. successfully fulfilled all the prerequisites established by the concluded
agreements on the purchase of business shares in the company Adria coast turizam d.o.o., which provided for the
acquisition of 100% of the shares in that company by Jadran d.d., as well as the agreement on the sale of business
shares in the company Club Adriatic d.o.o., by which Jadran sold and transferred 100% of the shares in that
company to Adria Grupa Baško Polje d.o.o.
With the agreement on the transfer of business shares in the company Club Adriatic d.o.o., by which Jadran
transferred 100% of the shares in that company to Adria Grupa Baško Polje d.o.o. the conditions have been met
for this business segment to be classified as discontinued operations on December 31, 2022.
As stated above, Club Adriatic was sold on 6 February 2023 (effective from 31 January 2023) and presented as
discontinued operations. Financial information relating to the discontinued operations until the date of sale are
shown below.
The impact of discontinued operations and assets held for sale on the statement of comprehensive income,
statement of financial position and statement of cash flows is presented below.
Discontinued operations
January 2023 December 2024
EUR ‘000EUR ‘000
Revenue--
Other income33-
Total operating income33-
Cost of raw materials and supplies(27)-
Cost of services(13)-
Staff costs(35)-
Depreciation and amortisation(32)-
Losses on impairment of non-financial assets--
Other operating expenses(14)-
Total operating expenses(121)-
Operating profit(88)-
Finance income--
Finance costs--
Net loss from financing activities--
Profit before tax(88)-
Income tax--
Gain/(loss) from discontinued operations(88)-
Gain on sale of subsidiary, after tax1,461-
Total gain from discontinued operations1,373-
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
80
37. Discontinued operations (continued)
Details on the sale of the subsidiary:
2023
EUR ‘000
Consideration received
Cash1,676
Consideration defined by the Sales Contract and Annexes to the Contract For the acquisition of a 100% share in Adria coast tourism21,442
Total disposal consideration23,118
Carrying amount of net assets sold(21,657)
Gain on sale of subsidiary1,461
The carrying amounts of assets and liabilities at the date of sale (31 January 2023) were as follows:
31 January 2023
EUR ‘000
Assets
Property, plant and equipment23,035
Intangible assets2
Financial assets120
Inventory14
Trade receivables122
Receivables from the government and other receivables43
Tax receivables123
Cash and cash equivalents879
Total assets24,338
Liabilities
Deferred tax liability2,509
Trade payables76
Liability for advances, deposits and guarantees41
Other short-term liabilities55
Total liabilities2,681
Net assets21,657
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
81
38. Acquisition of Adria coast turizam d.o.o.
After Jadran d.d. has successfully fulfilled all the prerequisites established by the concluded agreements on the
purchase of business shares in the company Adria coast turizam d.o.o., which foresees the acquisition of 100% of
the shares in that company by Jadran d.d., as well as the agreement on the sale of business shares in the Club
Adriatic d.o.o., by which Jadran sells and transfers 100% of the shares in that company to Adria Grupa Baško Polje
d.o.o., on February 6, 2023, the following contracts were concluded:
• agreement on the transfer of business shares in the company Adria coast turizam d.o.o., by which Jadran
d.d. acquired 100% of the shares in that company;
• agreement on the transfer of business shares in the company Club Adriatic d.o.o., by which Jadran
transferred 100% of the shares in that company to Adria Grupa Baško Polje d.o.o. (“AGBP”).
On 6 February 2023, the Group acquired 100% ownership of Adria Coast Turizam d.o.o. for the agreed amount
of EUR 47 million, net of the amount of the loan obligations to Gorenjska banka (in the amount of EUR 24,245
thousand), the value of the investment in the beach (EUR 1,611 thousand) adjusted for the items of the financial
position as of 31 January 2023, which Jadran d.d. and Adria Grupa Baško Polje d.o.o. used for the purposes of
concluding the transaction: short-term receivables and financial assets in the amount of EUR 358 thousand, cash
in the amount of EUR 9 thousand of money and short-term liabilities.in the amount of EUR 69 thousand.
The fair value of the compensation transferred in the business transaction of the acquisition of Adria coast turizam
d.o.o. was determined based on the assessment of the fair value of non-current tangible assets in the amount of
EUR 22 million and current assets in the amount of EUR 1.1 million of the company Club Adriatic d.o.o. net of the
amount paid by the owner of AGBP totalling EUR 1.7 million.
The amounts were calculated in accordance with Jadran’s accounting policies.
The acquired net asset value and the determined goodwill are presented as follows:
2023
EUR ‘000
Acquisition cost21,442
Compensation defined by the Sales Contract and the Annexes to the Contract for the acquisition of 100% shares in Club Adriatic d.o.o.21,442
Fair value of acquired assets of Adria Coast Turizam d.o.o.(20,953)
Goodwill489
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
82
38. Acquisition of Adria coast turizam d.o.o. (continued)
The fair value of acquired assets at the acquisition date is as follows:
2023
EUR ‘000
Land (Note 17) 3,990
Buildings (Note 17) 32,040
Plant and equipment (Note 17) 10,759
Other equipment (Note 17)287
Tangible assets under construction (Note 17)64
Trade and other receivables287
Cash9
Deposits130
Trade and other payables(183)
Deferred tax liability(2,267)
Loans from banks (Note 36)(24,163)
Net assets acquired20,953
As stated above, for the acquisition of shares in Adria coast turizam d.o.o. the shares of Club Adriatic d.o.o. were
transferred, with an adjustment for financial position items, and there was no outflow of cash, while the account
balance of Adria coast turizam at the time of acquisition is not material.
With the acquisition of Adria coast turizam d.o.o. ends the lease of the View Hotel, described in Note 34.
Notes to the separate and consolidated financial statements
For the year ended 31 December 2024
83
39. Contingent liabilities and assets
After the bankruptcy proceedings were completed in 2014, the Company continued to conduct all legal disputes
initiated at the time of bankruptcy of Jadran d.d., as well as those that the stated company did not manage to
resolve during the bankruptcy period.
The process of the Company’s transformation and the Property Statement Resolution issued by the Croatian
Privatisation Fund resulted in unresolved proprietary matters. For the purpose of resolving such proprietary matters
regarding the Company’s properties, the Company initiated individual corrective processes to align the land registry
status with the actual status of the properties, as well as processes to establish title.
Modular structures owned by third parties were illegally mounted on a part of assets owned by the Company, namely
at the Selce campsite. As the owners of such modular structures refuse to remove them and surrender the plots, the
Company took legal action for the purpose of repossessing the land/plots as well as action for damages for the
unauthorised use of land owned by the Company.
The Company is involved in property disputes for determining the title over a part of land surrounding the Slaven
hotel and annex buildings.
The book value of assets in respect of which Jadran is not listed as the owner or in respect of which there is a legal
dispute regarding ownership as of 31 December 2024, amounts to EUR 287 thousand.
Also, the Company is a party to several ongoing proceedings against the Town of Crikvenica, related to property
issues.
As regards other legal proceedings, the Company is a party to proceedings for the restitution of and compensation
for property seized and enforcement proceedings to collect debt owed to it by third parties.
In 2024, Adria coast turizam and Stolist were not involved in any proprietary or other legal disputes and the above-
mentioned disputes are also relevant for the Group.
40. Events after the balance sheet date
After 31 December 2024, no business events or transactions have occurred or are expected to have a significant
impact on the financial statements as of or for the period ending on 31 December 2024 or that they are of such
importance for the operations of the Company and the Group that they should be disclosed in the notes to the
financial statements.
Member of the Management Board, Ms. Irina Tomić, resigned from her position as a member of the Management
Board as of February 1, 2025.
The General Assembly of the Company was held on March 10, 2025, and decisions were made to increase the
share capital and issue ordinary shares through a public offering with cash contributions, to amend the Company's
Articles of Association, to issue new shares on a regulated market, and grant approval for the acquisition of shares
without the obligation to publish a takeover bid.
Management Report
For the year ended 31 December 2024
84
MANAGEMENT REPORT
Management Report
For the year ended 31 December 2024
85
1. Key operating information
Key operating indicators for the Company
202320242024/2023
Number of accommodation units (capacity)2,1011,810(13.9%)
Number of bed-places4,9544,201(15.2%)
Full occupancy days1001033.0%
Annual occupancy rate28%28%0.0%
Number of accommodation units sold210,921186,365(11.6%)
Number of overnights504,232440,297(12.7%)
Average daily rate ADR (in EUR)829313.7%
Revenue Per Available Room RevPar (in EUR)10,09211,76016.5%
Key financial indicators for the Company
202320242024/2023
EUR ‘000
Total revenue35,33326,168(25.9%)
Sales revenue23,60024,2922.9%
Other operating income11,7211,837(84.4%)
Total costs31,91828,877(9.5%)
Operating expenses30,35127,257(10.2%)
Material costs10,59810,7451.4%
Staff costs8,3329,86718.4%
Depreciation and amortisation5,7004,944(13.3%)
Impairment of non-current non-financial assets3,251140(95.7%)
Value adjustment(30)182(699.9%)
Other costs2,5001,379(44.8%)
Finance income1239227.3%
Finance costs1,5671,6203.4%
EBITDA10,6703,816(64.2%)
EBITDA margin30%15%(51.7%)
Normalised EBITDA15,1994,138(20.4%)
Normalised EBITDA margin15%16%7.6%
EBIT4,9711,128(122.7%)
Normalised EBIT2(501)80660.8%
Net profit2,7292,709(199.3)%
1
EBITDA was normalised for one-time costs non-recurring income (net gains on termination of lease contract, net gains on disposal of subsidiary Club
Adriatic) and expenses (value adjustments, impairment of long-term non-financial assets, expenses from unrealized investments).
2
EBIT was normalised for one-time costs.
Management Report
For the year ended 31 December 2024
86
1. Key operating information (continued)
Key operating indicators for the Group
202320242024/2023
Number of accommodation units (capacity)2,3312,040(12.5%)
Number of bed-places5,4144,661(13.9%)
Full occupancy days861033.0%
Annual occupancy rate27%27%0.0%
Number of accommodation units sold233,759209,660(10.3%)
Number of overnights561,072497,204(11.4%)
Average daily rate ADR (in EUR)9010517.3%
Revenue Per Available Room RevPar (in EUR)11,00713,02018.3%
Key financial indicators for the Company
202320242024/2023
EUR ‘000
Total revenue32,42831,662(2.4%)
Sales revenue28,64230,2915.8%
Other operating income3,7821,370(63.8%)
Total costs36,66137,66927%
Operating expenses33,68334,3321.9%
Material costs12,35812,4670.9%
Staff costs9,37511,36121.2%
Depreciation and amortisation9,0568,562(5.5%)
Impairment of non-current non-financial assets-276140(150.7%)
Value adjustment8314169.9%
Other costs3,0871,661(46.2%)
Finance income41(75.0%)
Finance costs2,9783,33712.1%
EBITDA7,7975,891(22.6%)
EBITDA margin24.05%18.61%(20.8%)
Normalised EBITDA17,.6046,172(18.8%)
Normalised EBITDA margin23.45%19.49%(16.9%)
EBIT-1,259(2,671)112.2%
Normalised EBIT2-1,452(2,390)64.6%
Gain from discontinued business1,373-(100.0%)
Net loss-3,3906,007(277.2%)
Management Report
For the year ended 31 December 2024
87
2. General Company and Group information
Name and company
Jadran, joint stock company for hotel management and tourism, entity registration number (MBS): 040000817,
Company ID No. (OIB): 56994999963. The abbreviated name of the company is Jadran d.d.
Registered office and legal form
Jadran d.d. is a joint stock company. Its registered office is in Crikvenica, Bana Jelačića 16, Republic of Croatia.
Securities
The Company’s share capital amounts to EUR 64,039,780 and is divided among 27,971,463 ordinary shares
without a nominal value. The shares were issued in dematerialized form, ticker symbol JDRN-R-B, ISIN code
HRJDRNB0002 and are kept in the SKDD depository.
Based on the decision of the General Assembly on the adjustment of share capital dated 14 July 2023, pursuant
to the provisions of the Act on Amendments to the Companies Act, the share capital of the Company, was reduced
by the amount of 1.01 euros, from the amount of EUR 64,039,781.01 to the amount of EUR 64,039,780.00. The
difference of EUR 1.01 was allocated to capital reserves.
In 2024, the Supervisory Board comprised the following members:
o Goran Hanžek, Chairman of the Supervisory Board
o Karlo Došen, Deputy Chairman of the Supervisory Board
o Mirko Herceg, Member of the Supervisory Board
o Sandra Janković, Member of the Supervisory Board
o Adrian Čajić, Member of the Supervisory Board
In 2024, the Management Board comprised the following members:
• from 1 January 2024 to 31 May 2024:
o Irina Tomić, President of the Management Board
o Ivan Safundžić, Member of the Management Board
o Miroslav Pelko, Member of the Management Board
• from 1 June 2024 to 8 October 2024:
o Irina Tomić, President of the Management Board
o Miroslav Pelko, Member of the Management Board
• from 8 October 2024 to 31 October 2024:
o Irina Tomić, Member of the Management Board
o Miroslav Pelko, Member of the Management Board
• from 1 November 2024 to 31 October 2024:
o Vladimir Bunić, President of the Management Board
o Irina Tomić, Member of the Management Board
o Miroslav Pelko, Member of the Management Board.
The members of the Company’s Management Board are authorised to represent the Company together with
another member of the Management Board, based on the amendment to the provisions of the Articles of
Association adopted at the General Assembly as at 31 August 2020.
Management Report
For the year ended 31 December 2024
88
2. General Company and Group information (continued)
Based on the contracts as of 6 February 2023, Jadran group consists of Jadran d.d. and its subsidiaries:
• Adria coast turizam d.o.o., in which Jadran d.d. has 20 business shares with a total value of EUR 13,200,
the individual nominal value of the business share in the amount of EUR 660, which constitutes 100% of
the shares and voting rights and
• Stolist d.o.o. in which Jadran d.d. has 100% business shares.
The list of the Company’s shareholders with a 5% share or more in the share capital of Jadran d.d. (balance at 31
December 2024) is as follows:
• Erste & Steiermarkische bank d.d../PBZ CO OMF - CATEGORY B holds 16,307,401 shares, representing
a 58.30% share in the Company’s share capital;
• OTP banka d.d./ERSTE PLAVI OMF CATEGORY B holds 8,547,346 shares, representing a 30.56%
share in the Company’s share capital.
Management Report
For the year ended 31 December 2024
89
3. Realised overnights
In 2024, the Republic of Croatia saw a 1% increase in overnight stays compared to the previous year. In analysing
the company's business for the reporting period, it is important to highlight the influence of economic factors on
the tourism industry. Prices in tourism increased significantly above the inflation rate. As widely known, economic
conditions play a crucial role in consumers' decisions about travel and spending during these travels. For this
reason, the year 2024 started with bookings relatively late, with a majority of last-minute bookings.
If we focus on campsites, in 2024 they did not record the expected number of overnight stays. The camping sector
ends in 2024. with 1% fewer overnights stays than in 2023., but with higher revenues thanks to rising prices. Their
attractiveness stems from a combination of comfort, hotel-like infrastructure, additional privacy, proximity to nature,
and freedom of movement.
The lack of the expected number of overnight stays in campsites in 2024 can be attributed to various factors,
including changes in tourist preferences, competition from other types of accommodation, as well as economic and
political influences on the tourism industry as a whole.
In hotel accommodation, a decrease in commercial overnight stays of 4% was recorded compared to 2023, while
campsites at the Company level recorded a decrease of 26% compared to the previous year. It should be noted
that the Company did not operate with the same capacities in 2024 and 2023, so when comparing commercial
overnight stays at the same capacities in 2024, almost the same number of overnight stays were recorded in hotel
accommodation, a decrease of 7% was recorded compared to the previous year in campsites, while total
commercial overnight stays in 2024 were 2% lower compared to 2023.
The share of the group channel of sales, observed in the same capacities, increased by 11% compared to 2023,
the share of the allotments channel decreased by 2%, but the share of fixed lease in allotment increased by 43%,
the share of the online channel decreased by 21%, and the share of the individual channel increased by 4%
compared to the year before.
Jadran d.d. achieved 83% of overnight stays from foreign guests in 2024, with 17% of overnight stays from
domestic guests in hotel capacities. In 2024, foreign guests mostly came from the source markets of Germany,
Slovenia, Hungary and Austria.
Looking at the data for the Group, there was a 4% decrease in hotel accommodation compared to 2023, while
campsites within the Company recorded decrease of 26% compared to the previous year. It should be noted here
that the Group did not operate with the same capacities in 2024 and 2023, so when comparing overnight stays in
the same commercial capacities in 2024, almost the same number of commercial overnight stays were achieved
in hotel accommodation, 26% fewer overnight stays were achieved in campsites, while 7% fewer overnight stays
were achieved in total compared to 2023.
For the Group, the share of the group channel of sales, observed in the same capacities, increased by 5%
compared to 2023, the share of the allotment channel decreased by 5%, but the share of fixed lease in allotment
increased by 43%, the share of the online channel decreased by 20%, and the share of the individual channel
increased by 8% compared to the year before.
In 2024, the Group achieved 83% of overnight stays from foreign guests, with 17% of overnight stays from domestic
guests in hotel capacities. Foreign guests mostly came from the source markets of Germany, Slovenia, Austria
and Hungary in 2024.
Management Report
For the year ended 31 December 2024
90
4. Company and Group business performance
4.1. Overview of the Company's operations in 2024
Jadran d.d. achieved a total of 424,125 commercial overnight stays in 2024, while 10% more was achieved in
2023. During the month of March, the lease agreement for the Uvala Slana campsite was terminated, and the
Kaštel and Zagreb hotels were used to accommodate seasonal workers in 2024. When comparing overnight stays
in the same capacities, 2% fewer commercial overnight stays were achieved in 2024 compared to the commercial
overnight stays achieved in 2023.
In 2024, the Company achieved total revenues of EUR 26,168 thousand, which is 26% less than the total revenues
achieved in 2023. It should be emphasized that the Company achieved one-off revenues and operated
commercially in the Kaštel and Zagreb hotels in 2023. If total revenues were normalized for one-off revenues and
observed in same capacities, then revenues in 2024 were 7% higher than total revenues achieved in 2023.
Operating revenues in 2024 amounted to EUR 26,129 thousand, which is 26% less than total revenues achieved
in 2023. If operating revenues were normalized for one-off revenues and observed in same capacities, then
operating revenues in 2024 were 7% higher than operating revenues achieved in 2023.
Financial revenues in 2024 amounted to EUR 39 thousand, which is EUR 27 thousand higher than those achieved
in 2023.
In 2024, the Company achieved a total of EUR 28,877 thousand in expenses, which is 10% less than the expenses
achieved in the previous year. Material costs amounted to EUR 10,745 thousand and are 1% higher than the costs
incurred in 2023. Personnel costs amounted to EUR 9,867 thousand and are 18% higher than the costs incurred
in 2023. Depreciation in 2024 amounted to EUR 4,944 thousand, which is 13% lower than that incurred in 2023.
Other operating expenses amounted to EUR 1,379 thousand and are 45% lower than the costs incurred in the
previous year. Impairments of non-current non-financial assets amounted to EUR 140 thousand and are EUR
3,111 thousand lower than those incurred in 2023. Net losses from the adjustment of the value of financial assets
amounted to EUR 182 thousand in 2024, while net gains on the same basis of EUR 30 thousand were realized in
2023.
The Company made a loss of EUR 2,709 thousand in the period from January to December 2024, while in 2023 it
made a profit before tax of EUR 3,415 thousand.
In 2024, the Company made EBITDA of EUR 3,816 thousand, while in 2023 EBITDA amounted to EUR 10,670
thousand. If EBITDA were normalized for adjustments / impairments of financial and non-financial assets, it would
amount to EUR 4,138 thousand.
4.2 Overview of the Group's operations in 2024
In the period from January to December 2024, the Group achieved a total of 480,351 commercial overnight stays,
which is 9% less than the overnight stays achieved in 2023. When comparing the Group's commercial overnight
stays in the same capacities, they are 2% less than the commercial overnight stays achieved in 2023.
Management Report
For the year ended 31 December 2024
91
4. Company and Group business performance (continued)
4.2 Overview of the Group's operations in 2024 (continued)
In 2024, the Group generated EUR 31,662 thousand in total revenue, which is 2% less than the total revenue
generated in 2023. If total revenue were normalized for one-off revenues and observed in the same capacities,
then total revenue in 2024 would be 9% higher than that generated in 2023.
Operating revenue amounted to EUR 31,661 thousand, which is 2% lower than the revenue generated in 2023. If
operating revenue were normalized for one-off revenues and observed in the same capacities, then in 2024 it
would be 9% higher than the revenue generated in 2023.
Financial revenue amounted to EUR 1 thousand, which is EUR 3 thousand lower than the revenue generated in
2023.
In 2024, the Group incurred total expenses of EUR 37,669 thousand, which is 3% more than the expenses incurred
in 2023. Material expenses amounted to EUR 12,467 thousand, which is 1% more than the expenses incurred in
2023. Personnel costs amounted to EUR 11,361 thousand and are 21% higher than the expenses incurred in
2023. Depreciation amounted to EUR 8,562 thousand, which is 5% less than the depreciation incurred in 2023.
Other operating expenses amounted to EUR 1,661 thousand, which is EUR 1,426 thousand less than the expenses
incurred in 2023. Impairment losses on non-current non-financial assets amounted to EUR 140 thousand, while in
2023, there was a reversal of impairment loss on non-current non-financial assets in the amount of EUR 83
thousand. Net losses from the adjustment of the value of financial assets amounted to EUR 141 thousand in 2024,
while in 2023 they amounted to EUR 58 thousand less.
In the period from January to December 2024, the Group realized a loss before tax in the amount of EUR 6,007
thousand, while in 2023 the loss before tax amounted to EUR 4,233 thousand.
EBITDA in 2024 amounted to EUR 5,891 thousand, while in 2023 it amounted to EUR 7,797 thousand. If EBITDA
were normalized for adjustments / impairments of financial and non-financial assets, it would amount to EUR 6,172
thousand.
Management report
For the year ended 31 December 2024
92
5. Asset management
5.1. Management of Company and Group assets
Jadran d.d. manages owned properties and properties for which it has entered into lease agreements for a period
longer than 1 year.
On March 19, 2024, the Lease Agreement for the Uvala Slana campsite was terminated and Jadran d.d. returned the
campsite to the lessor.
5.2. Company and Group disputes
After the bankruptcy proceedings were completed in 2014, the Company continued to conduct all legal disputes initiated
at the time of bankruptcy of Jadran d.d., as well as those that the Company did not manage to resolve during the
bankruptcy period.
The process of the Company’s transformation and the Property Statement Resolution issued by the Croatian
Privatisation Fund resulted in unresolved proprietary matters. For the purpose of resolving such proprietary matters
regarding the Company’s properties, the Company initiated individual corrective processes to align the land registry
status with the actual status of the properties, as well as processes to establish title.
Modular structures owned by third parties were illegally mounted on a part of assets owned by the Company, namely at
the Selce campsite. As the owners of such modular structures refuse to remove them and surrender the plots, the
company took legal action for the purpose of repossessing the land/plots.
The Company is involved in property disputes for determining the title over a part of land surrounding the Slaven hotel
and annex buildings.
Also, the Company has several disputes with the Town of Crikvenica, related to property issues.
As regards other legal proceedings, the Company is a party to proceedings for the restitution of and compensation for
property seized and enforcement proceedings to collect debt owed to it by third parties.
In 2024, Adria coast turizam and Stolist were not involved in any proprietary or other legal disputes and the above-
mentioned disputes are also relevant for the Group.
Management report
For the year ended 31 December 2024
93
6. Group and Company risk exposure
The most significant risks faced by the Company and the Group are as follows:
Competition risk
Competition risk in the tourism market is very high because other similar tourism destinations have invested substantial
funds to further improve and develop their capacities, as well as in other marketing activities focusing on the arrival of
tourists. Among other things, competition is based on the prices, quality and substance of tourism offers on the
Crikvenica Riviera, Makarska Riviera, Riviera of Brač island and other domestic and foreign tourism destinations. In
order to increase its market competitiveness, the Company and the Group are in the period from 2018-2023 launched
an investment cycle that does not only involve investing in accommodation facilities with the aim of increasing the
number of units and raising the quality of accommodation, but also investing in the destination through active
involvement in all existing events, as well as thinking about new attractions in the area of all the Rivieras where the
Company and the Group operate.
Currency risk
The official currency of the Company and the Group is EUR, which reduced the currency risk to a minimum. The
Company and the Group realise most of their sales with guests whose official currency is the euro, therefore no
significant disruptions are expected that could affect the Company's and the Group's operations.
Interest rate risk
The Company and the Group are exposed to interest rate risk because they enter into loan agreements with banks at
variable interest rates, which exposes the Company and the Group to higher risk. The inflation rate trends and the
levels of interest rates on foreign and domestic financial markets are actively monitored, enabling the Company and
the Group to react in a timely manner in the event of expected changes in interest rates on the domestic money market.
In particular, announcements by central banks that create monetary policy are actively followed, and accordingly the
Company and the Group plan to align their credit arrangements.
Settlement risk
Settlement risk is present in all bilateral transactions. Given that settling financial obligations to issuers is one of the
key elements necessary for smooth business operations, the Company and the Group consider this risk to be highly
important. The Company and Group have established stringent procedures to minimise collection risks. In times of
pandemic diseases, armed conflicts in the immediate or distant environment, individual partners may be additionally
exposed to the risk of reduced liquidity, which may lead to an increase in the risk of settlement from the other contracting
party. In addition, settlement risk arising from executed contracts may be significantly increased if there is an option of
terminating them on grounds of force majeure if the free movement of people and goods is disrupted during a pandemic
or armed conflicts in the immediate or distant environment.
Inflation risk (increase in consumer prices)
Pandemics, wars and disruptions in supply chains can result in an increase in energy prices, but also in the prices of
other goods and services. Inflation and an increase in the purchase prices of goods and services can have an impact
on the purchasing power of guests, but also on the selling prices in the Company's and Group's facilities.
The Company and the Group achieve a large share of overnight stays through direct channels, thus achieving flexibility
when forming final prices.
Management report
For the year ended 31 December 2024
94
6. Group and company risk exposure (continued)
Liquidity risk
The Company and the Group manage liquidity risk by maintaining adequate reserves, bank borrowings and other
sources of financing, by continuously monitoring planned and actual cash flows and matching the maturity profiles of
financial assets and liabilities. The Company and the Group pay special attention to this risk in order to determine
possible factors and negative effects that may affect the free movement of guests, the reduction of guests' purchasing
power and the fulfilment of contractual obligations by business partners.
Liquidity risk management includes maintaining sufficient cash and working capital.
Risk of changes in tax and concession regulations
The risk of changes in tax and concession regulations is the likelihood that legislative authorities will amend tax
regulations in a way that they adversely impact the Company’s and the Group’s profitability. This risk is reflected in
potential changes in tax rates and taxable assets, as well as changes in regulations concerning concessions and
concessional authorisations. The right to use maritime domain is one of the significant conditions for the Company’s
further operations, and the Company has actively endeavoured to establish new bases for cooperation with the local
community in this segment.
Tourism industry risk
The wider political situation, the rise of terrorism, the global financial crisis and pandemic diseases have a significant
impact on tourism trends. Tourism as a branch is very sensitive to the security situation in the destination and
surroundings. Through the previously indicated investment cycle, the Company and the Group will try to minimize the
impact of "negative" market trends and risks on this basis.
The global financial crisis can significantly reduce the purchasing power of the population that is inclined to travel, while
pandemic diseases and war can also significantly reduce or completely or partially eliminate the effect of tourists
arriving at the Company's and Group's destination.
Environmental risk
Environmental risk may significantly affect the Company’s performance, notably through the quality of the sea and
coast where guests stay. Climate changes may directly affect the length of stay in the Company’s accommodation
facilities. This risk also includes various other natural disasters.
7. Employees
As at 31 December 2024, Jadran d.d., under employment contracts, was 341 workers.
As at 31 December 2024, Adria coast turizam d.o.o., under employment contracts was 39 workers.
As at 31 December 2024, Stolist d.o.o. had no employees.
As at 31 December 2024, the Group had a total of 380 employees.
8. Research and development activities
The Company and the Group constantly monitor development in its environment and invests in market research,
identification of new business opportunities and new acquisitions. The Company directs and supports the activities of
its related parties.
Management report
For the year ended 31 December 2024
95
9. Treasury share redemption
As at 31 December 2024, the share capital of Jadran d.d. amounted to EUR 64,039,780, divided into 27,971,463
regular dematerialised shares with no nominal value and the Company held 631 treasury shares, which accounted for
0,0023% of the Company's share capital.
As at 31 December 2024, the share capital of Adria coast turizam d.o.o. amounted to EUR 13,200.
As at 31 December 2024, the share capital of Stolist d.o.o. amounted to EUR 2,654.46.
10. Significant events after the reporting period
After 31 December 2024, no business events or transactions have occurred or are expected to have a significant
impact on the financial statements as of or for the period ending on 31 December 2024 or that they are of such
importance for the operations of the Company and the Group that they should be disclosed in the notes to the financial
statements.
Member of the Management Board, Ms. Irina Tomić, resigned from her position as a member of the Management
Board as of February 1, 2025.
The General Assembly of the Company was held on March 10, 2025, and decisions were made to increase the share
capital and issue ordinary shares through a public offering with cash contributions, to amend the Company's Articles
of Association, to issue new shares on a regulated market, and grant approval for the acquisition of shares without the
obligation to publish a takeover bid.
11. Related party transactions
Related party transactions take place under normal commercial conditions and terms and with the application of market
prices, as disclosed in Note 35.
Corporate Governance Statement
For the year ended 31 December 2024
96
Corporate Governance Statement
Jadran d.d. (hereinafter Jadran d.d. or the Company), in accordance with Article 250.b. paragraphs 4 and 5 and Article
272.p of the Companies Act (Official Gazette No. 111/93, 34/99, 121/99, 52/00 - Decision of the Constitutional Court
of the Republic of Croatia, 118/03, 107/07, 146/08, 137/09,152/11 - consolidated text, 111/12, 68/13, 110/15, 40/19
34/22, 114/22 and 18/23), hereby issues this Corporate Governance Statement.
In 2024, Jadran d.d., whose shares are listed on the ZSE Official Market, applied the Code of Corporate Governance
adopted by the Croatian Financial Services Supervisory Agency (HANFA) and the Zagreb Stock Exchange, Inc.
Zagreb. This Code has been in force since 1 January 2020, and has been published on the website of the Stock
Exchange (www.zse.hr) and on the website of the Croatian Financial Services Supervisory Agency (www.hanfa.hr).
The Company’s application of the Zagreb Stock Exchange’s Code is reflected in an annual questionnaire which is
publicly disclosed in accordance with the applicable regulations. The answers in the questionnaire clearly show which
provisions of the Code are complied with by the Company and which are not, and the Questionnaire is publicly available
on the official website of the Zagreb Stock Exchange (www.zse.hr).
The Company's shares were listed on the official market of the Zagreb Stock Exchange in January 2018, and the
shareholding report is an integral part of the Annual Report. As of the date its shares were first quoted on the stock
exchange, the Company has not distributed dividend.
The Company’s share capital is EUR 64,039,780, divided and contained in 27,971,463 registered common
dematerialised shares without nominal value, each entitling its holder to one vote. There are no holders of securities in
the Company that entail special control rights or voting limitations to a specific percentage or number of votes. As at
31 December 2024, the Company held 631 treasury shares.
Information about significant shareholders is available on a daily basis on the official website of the Central Depositary
and Clearing Company (www.skdd.hr). The corporate bodies of the Company consist of the General Assembly, the
Supervisory Board and the Company's Management Board. The members of the corporate bodies of the Company
have the duty and obligation to act in accordance with the best interest of the Company in their work. The Company
applied the principle of equal treatment of all shareholders. The shareholders exercised their primary control rights by
deciding on matters within their scope of responsibility via the General Assembly. The operation of the General
Assembly, its powers, the rights of shareholders and the manner of their realisation are prescribed by the Company's
Articles of Association, which are publicly available on the Company's website (www.jadran-crikvenica.hr).
The General Assembly is responsible for deciding on the following matters: election and removal of Supervisory Board
members, allocation of profits, granting discharge to Management Board members, appointment of auditors,
amendments to the Articles of Association, increasing and decreasing of share capital and any other matters placed
under its responsibility under the law. The shareholders exercise their rights via the General Assembly .
In 2024, the General Assembly was convened and held in accordance with the provisions of the Companies Act and
the Company's Articles of Association. The General Assembly notice, the motions made to, and resolutions passed by
the General Assembly are publicly disclosed in accordance with the Companies Act, the Capital Market Act, the Zagreb
Stock Exchange Rules and the Company's Articles of Association. Registrations for the General Assembly are limited
insomuch as each shareholder is required to notify his/her their participation in accordance with the Companies Act.
At the session held on 8 July 2024, decisions, as mentioned below, were adopted: on granting discharge to the
members of the Management Board and the Supervisory Board, the decision on the use of profit, the Report on the
Remuneration of Members of the Management Board and the Supervisory Board was approved, and an auditor was
appointed to audit the financial statements for the year 2024.
The Extraordinary General Assembly of the Company convened for December 2, 2024, was not held due to lack of
quorum, and was held on December 9, 2024. At the Extraordinary General Assembly of the Company, the announced
agenda items were not adopted, namely the decision to reduce the share capital, the decision to amend the Company's
Statute and the decision to increase the share capital.
Corporate Governance Statement
For the year ended 31 December 2024
97
All decisions from the sessions of the General Assembly were published in accordance with legal regulations on the
websites of the Company (www.jadran-crikvenica.hr), the Zagreb Stock Exchange and HANFA.
In accordance with the Corporate Governance Code of the Zagreb Stock Exchange and HANFA in force since 1
January 2020, the Supervisory Board is mainly composed of independent members who do not have business, family
or other relations with the Company, the majority shareholder or a group of majority shareholders or members of the
Management Board or the Supervisory Board of the Company or the majority shareholder. The Supervisory Board has
five members, four of whom are elected and relieved of duty by the General Assembly, and one representative is
elected by the employees in accordance with the provisions of the Labour Act. In accordance with the amendment of
the Articles of Association adopted at the General Assembly on 31 August 2020, the term of office of the Supervisory
Board members was 2 years. In accordance with the amendment of Article 19. para. 4. of the Articles of Association
adopted at the General Assembly held on 14 July 2023, the term of office of members of the Supervisory Board is 4
years.
The rules for appointing and removing members of the Management Board and the Supervisory Board are defined by
the Articles of Association and the Companies Act.
No restrictions as regards gender, age, education, profession or other similar restrictions apply in any executive,
managing or supervisory bodies or at any other level.
Pursuant to the Companies Act and the Company's Articles of Association, the Supervisory Board renders decisions
at its meetings. In 2024, the Supervisory Board supervised the management of the Company's affairs in accordance
with the Companies Act, the Articles of Association and other internal corporate documents. The Supervisory Board
held a total of 14 meetings, which is consistent with good corporate practices.
During 2024, the Supervisory Board was assisted in its work by two Committees, namely the Audit and Remuneration
Committee and the Appointment Committee.
As at 31 December 2024, the Supervisory Board comprised the following persons:
- Goran Hanžek, Chairman of the Supervisory Board
- Karlo Došen, Deputy Chairman of the Supervisory Board
- Mirko Herceg, Supervisory Board Member
- Sandra Janković, Supervisory Board Member
- Adrian Čajić - Supervisory Board Member (employee representative).
In 2024, the Management Board managed the Company’s affairs in accordance with the Companies Act, the Articles
of Association and other internal corporate documents, and fully complied with the provisions of the Code.
The member of the Management Board of the Company, Mr. Ivan Safundžić, submitted to the Supervisory Board of
the Company his resignation from the position of member of the Management Board of the Company Jadran d.d. with
effect from May 31, 2024.
The President of the Management Board, Ms. Irina Tomić, at the 17th meeting of the Supervisory Board held on
October 8, 2024, based on the Decision of that board, was recalled from the position of President of the Management
Board and the Supervisory Board appointed her as a member of the Management Board of the Company.
At the 19th meeting held on October 30, 2024, the Supervisory Board appointed Mr. Vladimir Bunić as President of the
Management Board of the Company, whose term of office begins on November 1, 2024 and lasts until April 30, 2025.
On January 8, 2025, the member of the Management Board, Ms. Irina Tomić, submitted her resignation from the
position of member of the Management Board with effect from February 1, 2025.
In 2024, the Company’s Management Board comprised the following persons:
• from 1 January 2024 to 31 May 2024:
o Irina Tomić, President of the Management Board
o Ivan Safundžić, Member of the Management Board
o Miroslav Pelko, Member of the Management Board
• from 1 June 2024 to 8 October 2024:
o Irina Tomić, President of the Management Board
o Miroslav Pelko, Member of the Management Board
Corporate Governance Statement
For the year ended 31 December 2024
98
• from 8 October 2024 to 31 October 2024:
o Irina Tomić, Member of the Management Board
o Miroslav Pelko, Member of the Management Board
• from 1 November 2024 to 31 October 2024:
o Vladimir Bunić, President of the Management Board
o Irina Tomić, Member of the Management Board
o Miroslav Pelko, Member of the Management Board.
At the sessions held on June 24, 2024 and October 30, 2024, the Supervisory Board adopted a Decision on amending
the Management Board's Rules of Procedure.
Members of the Company’s Management Board are authorised to represent the Company together with another
member of the Management Board, based on the amendment of the Articles of Association adopted at the General
Assembly on 31 August 2020.
In 2020, the Company established the Internal Audit Department, and in June 2020, the Internal Audit Charter was
adopted, which defines the operational framework and the main principles used in the Company's internal audits.
The Internal Audit Department is responsible for assessing the level of risk management in business processes,
auditing the effectiveness of internal control systems, in order to improve risk management and compliance with
procedures, examining and analysing compliance of existing business systems with adopted policies, plans,
procedures, laws and rules that may have a significant impact on business reports. It is charged with recommending
preventive measures in the areas of financial reporting, compliance, operations and control in order to eliminate risks
and possible deficiencies that could lead to the inefficiency of processes or fraudulent procedures. Internal audit informs
the Management Board, the Audit and Remuneration Committee and the Supervisory Board about its activities and
audit plan.
The Company complies with the provisions of the Code, except for those provisions that cannot be implemented at a
given time. Such exceptions are as follows:
- The Company will not provide a proxy holder for shareholders who are unable to vote personally at the General
Assembly for any reason. The Company has not received such requests from its shareholders to date but
does provide its shareholders with a proxy form to help them authorise a person of their choice as their proxy;
- The Company does not maintain a long-term succession plan within the meaning of the Code but has a
general plan for the replacement of key function holders through ongoing training programs;
- The remuneration paid to the Supervisory Board Members was not determined based on their contribution to
the Company’s performance but equals a fixed amount in line with the decision of the General Assembly. In
order to maintain the independence and objectivity of the Supervisory Board members, the remuneration of
the members of the Supervisory Board does not depend on the results of the Company and does not contain
a variable part of the remuneration. In addition, it is not possible to evaluate each Supervisory Board Member’s
contribution to the Company’s performance, especially since the Supervisory Board Members are not actively
involved in the management of Company’s business;
- The Audit and Remuneration Committee is not mostly comprised of independent Supervisory Board Members.
It was decided to implement an alternative solution offered by Article 65 of the Audit Act, so the Supervisory
Board appointed all three Members of the Audit Committee from among Supervisory Board Members. Of
these three Audit and Remuneration Committee members, one is an independent Supervisory Board member
and his membership in this Committee reflects the relevant proportion of independent members in the
Supervisory Board. All three Audit Committee members are financial experts;
- The Supervisory Board did not prepare an evaluation of its activities in the past period, except for the review
contained in the 2024 Supervision Report and the results of examining reports relevant to the closing of the
fiscal year 2024;
- No transactions were conducted that involved any Supervisory Board Members or their related parties and
the Company or its related parties, which is why they were not specified in the Company’s reports. This also
pertains to transactions involving Management Board members or Executive Directors or their related parties
and the Company or its related parties;
Corporate Governance Statement
For the year ended 31 December 2024
99
- No contracts or agreements were entered into in 2024 between Supervisory Board Members or Management
Board Members and the Company;
In accordance with the provisions of the Corporate Governance Code, the Company adopted the Code of Conduct,
the Policy on Reporting Irregularities and the Conflict of Interest Management Policy, which acts are also published on
the Company's official website.
The Audit and Remuneration Committee adopted the Policy on Prohibited Audit Services.
As part of its organisational model that encompasses all business operations and processes, the Company maintains
developed internal control systems on all relevant levels which, inter alia, provide a true and fair view of the financial
statements and business reports
Pursuant to the Capital Market Act, the Zagreb Stock Exchange Rules and other applicable regulations, Jadran d.d.
discloses the required inside information and any changes thereto as soon as such changes occur within the required
deadlines.
The Audit and Receipts Committee adopted the Policy on Unauthorized Audit Services.
Jadran d.d. za hotelijerstvo i turizam
Bana Jelačića 16, HR-51260 Crikvenica
T. +385 51 241 222
E: uprava@jadran-crikvenica.hr
www.jadran-crikvenica.hr
OIB: 56994999963
Temeljni kapital Društva iznosi 64.039.780,00 euro uplaćen u cijelosti, podijeljen i sadržan u 27.971.463 redovnih nematerijaliziranih dionica koje glase na ime, bez
nominalnog iznosa i svaka s pravom na jedan glas. Društvo je upisano u Sudski registar Trgovačkog suda u Rijeci pri Trgovačkom sudu u Rijeci pod MBS: 040000817.
Uprava Društva: Vladimir Bunić, predsjednik Uprave, Miroslav Pelko, član Uprave, predsjednik Nadzornog odbora: Goran Hanžek. Poslovne banke i računi:
PRIVREDNA BANKA ZAGREB d.d., IBAN: HR4323400091110722690, SWIFT: PBZGHR2X te ERSTE & STEIERMÄRKISCHE BANK d.d., IBAN:
HR3924020061100620496, SWIFT: ESBCHR22.
Jadran d.d. za hotelijerstvo i turizam
Bana Jelačića 16, HR-51260 Crikvenica
T. +385 51 241 222
E: uprava@jadran-crikvenica.hr
www.jadran-crikvenica.hr
OIB: 56994999963
Temeljni kapital Društva iznosi 64.039.780,00 euro uplaćen u cijelosti, podijeljen i sadržan u 27.971.463 redovnih nematerijaliziranih dionica koje glase na ime, bez
nominalnog iznosa i svaka s pravom na jedan glas. Društvo je upisano u Sudski registar Trgovačkog suda u Rijeci pri Trgovačkom sudu u Rijeci pod MBS: 040000817.
Uprava Društva: Vladimir Bunić, predsjednik Uprave, Miroslav Pelko, član Uprave, predsjednik Nadzornog odbora: Goran Hanžek. Poslovne banke i računi:
PRIVREDNA BANKA ZAGREB d.d., IBAN: HR4323400091110722690, SWIFT: PBZGHR2X te ERSTE & STEIERMÄRKISCHE BANK d.d., IBAN:
HR3924020061100620496, SWIFT: ESBCHR22.