ADRIS Grupa reviewed its 2020-2023 investing plan: Total investments increase by 33%, but less money allocated for insurance

8 January 2020 —
CROATIA's osiguranje shareholder - the Rovinj based consortium ADRIS Grupa - with businesses in tourism, real estate, tobacco and food industry announced it reviewed the business plan for 2020 and the strategic business plan for the next three years.

As compared with what previously announced, ADRIS representatives mentioned that the Croatian holding will invest 33% more in its business (HRK 4 billion vs. HRK 3 billion), but will allocate less money for insurance (HRK 290 million vs. HRK 435 million).

Thus, ADRIS said in the next three years, it will invest almost HRK 4 billion (EUR 533 million) as follows: almost HRK 3 billion(EUR 400 million) in its tourism business, more than HRK 220 million (EUR 30 million) in its health food business, and HRK 290 million (EUR 40 million) in insurance, "which will generate a stable revenue growth and profit growth. The Group expects a consolidated EBITDA (profit before amortization, interest and taxes) in excess of HRK 1 billion this year. In the years to come, profit will continue to grow at two-digit rates, ensuring a growing dividend policy".

"In the past fifteen years, ADRIS invested more than HRK 10 billion (~ EUR 1.3 billion) in the development of its businesses and the acquisition of stakes in tourism, health food and insurance while maintaining an exceptionally low debt level. The Group has strong financial potential for a new investment cycle, worth almost HRK 4 billion," mentioned Ante VLAHOVIC, the President of the Management Board, ADRIS.

In mid-June, ADRIS announced it plans to invest HRK 3 billion (EUR 400 million) in developing its three main business segments by 2023 (read more here), as follows: HRK 2.2 billion (EUR 133 million), is related to further raising the quality of the tourism segment of the business. Investments in healthy food amount to HRK 262 million (EUR 35 million), and for insurance HRK 435 million (~EUR 60 million).

(1 EUR ~ 7.5 HRK)