Covid-19, ADRIS Grupa: No employees would be laid off. Management is taking a 30% pay cut

15 April 2020 — Andrei Victor
CROATIA's osiguranje shareholder - the Rovinj based consortium ADRIS Grupa - with businesses in tourism, real estate, tobacco and food industry announced a series of decisions that will impact the operations of affiliated companies.

"In order to overcome the difficulty of the situation caused by the coronavirus pandemic, the Management Board of ADRIS Grupa, with the approval of the Supervisory Board, has made a series of decisions that will impact the operations of affiliated companies, primarily their liquidity and profitability, and the long-term sustainability of the company in the newly emerged circumstances".

Thus, ADRIS Management Board decided that no employees would be laid off. "The investments that have already been agreed and investments that have been launched will be realized, and preparations for planned projects will also continue".

At the same time, "aware of the circumstances and the unknowns concerning the duration of the crisis - and regardless of the exceptionally good business results achieved in 2019, the company's strength and potential" - the management of the company will be taking a 30% pay cut in the next 3+3 months.

In addition to the HRK 3 million donated by the ADRIS Foundation for the procurement of respirators for Rijeka and Pula hospitals, ADRIS Management Board also decided to donate HRK 2 million for the reconstruction of cultural monuments damaged in the recent earthquake in Zagreb.

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