In the first nine months of this year, the total revenue of the Adris Group amounted to 2.6 billion kuna, which is an increase of 2.6 percent compared to last year.
Revenue from the sale of goods and services amounts to 2.28 billion kuna and, compared to the same period last year, is higher by 3.7 percent. Revenue from sales abroad amounts to 1.07 billion kuna and is up by 5.3 percent. Operating profit amounts to 418 million kuna and is seven percent lower than last year. Profit before tax amounts to 571 million kuna, which is 13.5 percent less than in the first nine months of 2011. The reason for this is the decline in net financial results due to the impact of negative exchange rate differences on financial assets.
Analysis of the results of the tobacco strategic business unit shows that TDR achieved one percent lower sales in the first nine months of this year compared to the same period last year. The trend of declining consumption in the Croatian and regional markets continues, averaging five to ten percent. Along with the decline in financial results and consumption, the trend of consumers shifting to lower price segments has continued. Additionally, there is a strong increase in the consumption of cut tobacco, which has a significantly more favorable tax treatment than cigarettes.
Due to the continued stagnation of the Croatian economy and declining consumption, the company has attempted to compensate for the drop in revenue by increasing sales in foreign markets. For example, TDR achieved 61 percent of its sales in exports in the first nine months of this year, or three percentage points more than in the same period last year. Tourism traditionally generates more than 90 percent of sales in foreign markets, while Cromaris has nearly doubled its exports in the last two years.
Looking at it as a whole, the Adris Group generates almost half of its revenue from the sale of goods and services in foreign markets.
In the tourism segment of the Adris Group’s business, there was a six percent increase in guest overnight stays compared to the first nine months of 2011. The price of overnight stays has also increased by six percent. This is a result of new, recognizable offerings in the higher price segment, tailored to new trends in tourism. The Monte Mulini and Lone hotels, positioned in the five-star segment, have contributed to the recognition of the destination and premium offerings.
The fish production and processing company, Cromaris, increased its sales by nine percent in the first nine months of 2012. Cromaris also completed the reconstruction of its production-logistics center in Zadar in September this year, continuing a multi-year investment cycle. In the same reporting period, Cromaris completed a second recapitalization worth 145 million kuna. Strengthening the company’s capital is a prerequisite for growth and development, and thus the sustainability of this business. Cromaris is intensively preparing for the period of EU accession and a significant reduction in subsidies.
