Valamar Riviera dd from Poreč, the leading tourism company in Croatia, in the first nine months of 2016 generated total operating revenues of HRK 1.487 million, which is an increase of 19 percent compared to the same period last year. In the first nine months of 2016, consolidated operating profit (EBITDA) grew by 18 percent.Strong revenue growth is the result of sales revenue growth of HRK 1.382 million through 4,93 million overnight stays, an increase of 8 percent, and an increase in the average price of over 5 percent, while non-board consumption increased by 27 percent compared to the same period last year. Revenue growth is the result of good results in the pre- and post-season through the successful implementation of major events in Dubrovnik and Porec, excellent business of hotels, resorts and camps of higher categories throughout the period, development of value-added services and destination products and acquisition of Hotels Baska ddSignificant added value for shareholders was realized, which is also reflected in the growth of market capitalization of 43 percent in the first nine months of this year. “The business results achieved in the first nine months of this year confirm the success of Valamar Riviera’s growth and development strategy, which is based on continuous investments in portfolios, employees and destinations with the aim of creating added value for shareholders and other stakeholders. Last year’s acquisition of Baška showed excellent results in improving business on the island of Krk, so we believe that Valamar’s presence on Rab will contribute to the further growth of the company and the development of tourism in this leading Croatian tourist destination. We are currently focused on the preparation of the business year 2017, during which Valamar will invest more than HRK 750 million in raising the quality of the portfolio and in the development of human resources, which are key to the continued growth of the company’s value.”, Pointed out Željko Kukurin, President of the Management Board of Valamar Riviera.Photo: FB ValamarIn 2016, Valamar Riviera expects to generate between HRK 1.460 and 1.475 million in operating revenues, ie an increase of 12,8 to 14 percent compared to last year. Revenue growth will be accompanied by strong growth in consolidated operating profit (EBITDA), which will reach between HRK 500 and 515 million annually, which is an increase of HRK 77 to 92 million or up to 22 percent compared to 2015. The announced investment cycle in 2017 represents the company’s largest investment in portfolio development in one year, and a large part relates to projects in Rabac – Family life Bellevue Resort 4 * and Girandella Resort 4 * and continued investment in premium camping.
Financial advisers to the legal sector have warned of twin dangers threatening to undermine law firm stability in 2015 – with the potential to cause more closures.Steve Billot, managing director at Duff & Phelps, a specialist in restructuring for high street practices, told the Gazette that firms should brace themselves for the unintended consequences of banking reform in January.That is when, under the Basel III regulation, banks will be expected to bolster their reserves to match firms’ client account balances to cope with any possible run.The impact on law firms – many of which rely on interest from client balances – could be substantial, according to Billot, as banks pass on costs.‘Banks have to put aside billions of pounds to match the assets of client balances. It has thrown a real question as to the interpretation of client account balances and how lenders will treat them,’ he said.‘Lawyers will no longer receive preferential interest rates on deposits, and in turn will no longer benefit from lower interest rates on loans they take out from lenders.’Billot said many firms have client account balances that far exceed their turnover and earned ‘substantial’ returns from the interest.‘Firms have to be aware of this problem. You don’t want to have a budget on 1 January that relies on interest from client accounts.’Meanwhile, Peter Noyce, head of professional services at accountants Menzies, told the Gazette that he fears firms have not saved enough to see off trouble in 2015 arising from the way they dealt with new tax rules governing LLPs.To comply with new rules designed to combat tax avoidance by ‘disguised employees’ of LLPs, many salaried partners protected their self-employed status by injecting capital in the LLP.Noyce said the worry is that too many firms used this windfall to sustain unviable business models and poor working capital management. ‘If that is the case, the 2014 summer of discontent has simply been put off for 12 months,’ he said.