Poreč, February 15 2016 – Valamar Riviera d.d. has recorded total unaudited consolidated business revenues in an amount of HRK 1.294 billion in 2015 financial year, which is 18 per cent, or HRK 197 million more than in 2014. The Management Board’s unaudited report also shows EBITDA in an amount of HRK 423 million, which is 49% or HRK 139 million more than in previous year. During this period, Valamar recorded 11 per cent more overnight stays, which together with the 7-percent growth in average prices has led to increased accommodation revenues of HRK 1.043 billion, or HRK 147 million more than in 2014.

“Our outstanding performance in 2015 is a result of a cumulative effect of several key factors: increased operating efficiency thanks to internal reorganization and restructuring, significant investment in our portfolio and services that spurred robust growth, acquisition of Hoteli Baška companies and a generally good tourist season, which jointly created added value for shareholders and market capitalization growth of 20 per cent,” stressed Željko Kukurin, the President of Valamar Riviera’s Management Board.

 After the successful acquisition of Hoteli Baška in 2015, Valamar Riviera became the largest tourism group in Croatia in terms of capacity, encompassing thirty hotels and resorts and thirteen campsites which can accommodate approximately 48,000 guests per day. Additionally, in 2015 Valamar completed an investment cycle of HRK 358 million, while the largest investment, Valamar Isabella Island Resort, recorded outstanding results in its first season of operation.

 “The highest increase in accommodation revenues was recorded by hotels and apartments in the 4- and 5-star category, confirming that continued investment in enhancing the competitiveness of tourism products, innovation and service quality is one of the key factors for successful and sustainable growth. Valamar plans to realize an investment cycle worth roughly HRK 260 million in the coming period with the aim of further raising the quality of facilities, services and offers in our portfolio. Given the importance of investment as a driver of growth in tourism, we are encouraged by the tourism ministry’s announcement of a reduction in the VAT rate on accommodation services and resolution of the status of touristic land, which should enable a considerable increase in the annual volume of investment both for Valamar and the tourism sector as a whole,” Kukurin concluded.