Adris grupa dd: the group’s general meeting was held press release 30062021
for immediate release
GENERAL MEETING OF THE ADRIS GROUP HELD
Recall : Adris’ trading system has maintained its stability, based on a diversified portfolio with substantial potential for further growth and improvement in all three businesses.
Rovinj, June 30, 2021 – With the Adris Group General Assembly, which was held today in Rovinj, the majority of the general assemblies of the companies of the Group have been held. During the day, Maistra, HUP Zagreb and Cromaris held general assemblies. The General Assembly of Croatia osiguranje was held on June 18 while the General Assembly of Grand Hotel Imperial dd will be held on July 1, 2021.
Explaining last year’s business results, company management reminded current shareholders that the coronavirus pandemic, which began in early 2020, has resulted in a global economic crisis, the largest since World War II. Supply chains have been disrupted, the movement of people across borders has been restricted or banned altogether, and uncertainty has also had an impact on reducing economic optimism. Along with the economic crisis, Croatia was also hit by two devastating earthquakes in 2020 which resulted in a drop in GDP of over 8% and a significant increase in public debt.
Even under such circumstances, underlined Marko Remenar, chairman of the board of directors of Adris, the trading system of Adris has retained a stability which is based on a diversified portfolio with substantial potential for further growth and improvement in the markets. three activities.
Remenar pointed out that the consolidated EBITDA of the Adris group amounted to almost HRK 600 million, which is 40% lower than the best years of Adris, “but this result allowed us to make investments even in 2020, to maintain jobs and a stable net cash position for the Group, as well as the return of the dividend policy. In other words, this result has enabled the situation necessary for the payment of a dividend which, in line with growing results, will also form part of this Group’s commercial policy in the years to come.
After the representatives of the boards of directors of the companies of Adris – Davor Tomaskovic (Croatia osiguranje), Tomislav Popovic (Maistra) and Ivan Leko (Cromaris) – presented to the shareholders the results obtained in the fields of insurance, tourism and mariculture, Remenar reiterated that in 2020, Group-wide business activities focused on increasing the efficiency needed to achieve business results, focusing on digitization and innovation “with the aim of increasing the comparative advantage in all our activities and to continue intensive preparations for strategically relevant investments. At the same time the Group’s indebtedness remains extremely low, as we have ended this year of crisis below 1x EBITDA. On the other hand, it is the prerequisite for starting the realization of our ambitious development plan. helle of the Group have been established; management at the level of procurement processes has been established, real estate management has been centralized, the investment preparation phase and investment decision-making has been moved to the next season, and we have also digitized the process monitoring the preparation and implementation of investments. In short, both operationally and financially, Adris is ready for the next step. ”
A dividend of HRK 12.5 per share from retained earnings made during the period 2005 to 2011
In accordance with the published agenda, after the General Assembly adopted the financial reports for 2020, it also adopted the resolution on the allocation of profits 2020, deciding that the net profits of last year, should be amounting to HRK 3.4 million, should be allocated to retained earnings.
The General Meeting then adopted the resolutions granting discharge to the members of the Management Board and the Supervisory Boards, as well as the resolution replacing the Resolution on the 2019 Allocation of Profits and the Resolution on the Amendments to Reserves due to a Merger by a dependent company with a new resolution.
At the General Meeting, it was also decided that the dividend, in the amount of HRK 12.5 per share, received by the Company during the period from 2005 to 2011, would be paid on July 30 to the owners. actions based on the declaration of the Central Depository. and Clearing Company on July 14, 2021.
Finally, the shareholders adopted the resolution approving the report on the income of members of the management board and members of the supervisory board for fiscal year 2020, as well as the resolution appointing the company’s statutory auditor for the fiscal year 2021.
Questions from shareholders
At the general meeting, shareholders asked about the stake in Sava Re, the decrease in premiums of Croatia osiguranje and the payment of the CO dividend to the parent company, the net profit margin of Cromaris and the construction of the fish feed factory, listing on the London Stock Exchange …
In 2020, Adris Group achieved total revenue of HRK 4.7 billion, 18% lower than in 2019. Revenue from sales of goods and services amounted to HRK 4.3 billion and are 20% lower than the previous year. Consolidated profits before interest, taxes, depreciation and amortization (EBITDA) amounted to HRK 586 million, while net profits amounted to HRK 45 million. While investing nearly HRK 500 million in 2020, the Group has retained the financial potential necessary for a new cycle of investment and development.
More information on business results is available here.