Details of recapitalisation of adriatica.net Group 31. 12. 2009.

A meeting of shareholders of adriatica.net Group was held this week, marking the completion of the first round of the recapitalization of the biggest tour operator in the region.

Thereby the presuppositions for the realisation of goals which the group’s Board has presented to new owners-investors through the five-year business plan have been fulfilled: refinancing of debt with key partner banks, rationalisation of business procedures and new group organisation, establishment of stable relationships with all partners in the tourist sector, and finally, as a foundation for the future stability of the Group, acquirement of fresh capital for the first round of the recapitalisation. Considering the strength, business profile and structure of the shareholders that in different manners maintain their business ties with the tourist sector of the Republic of Croatia, this primary business objective has been achieved.

The meeting was attended by the new co-owners of adriatica.net Group, which have effected a recapitalisation in the amount of € 29 million, whereby the erstwhile ownership structure of the company has been altered. The new ownership structure comprises 8 subjects belonging to the private sector and one state-owned company. After the first phase of the recapitalisation process was successfully finalised, the old co-owners of adriatica.net Group, companies EPH and Emporion, will keep 1% of the owner’s shares each, while the remainder of the shares will be distributed as follows:

Agrokor 20,27%,
AWT 16,9%,
Croatia osiguranje 16,9%,
Slobodna Dalmacija 16,9%,
HUP Zagreb 10,13%,
Jolly 8,45%
Saponia 8,45%.

All investments in the recapitalisation of adriatica.net Group were effected in cash, except for the investment of Croatia Osiguranje, whose investment consists of property and debt write-off.

The new owners will make a decision on the possibility of new investors joining this important Croatian business project in the second round of the recapitalisation, scheduled for 2010.

adriatica.net Group developed from the www.adriatica.net online travel agency. First major enlargement happened in 2004, when the agency took over Atlas Airtours, one of the first tour operators in Croatia.

The expansion continued in 2005, when the company entered German, Dutch and Slovenian markets by taking over ID Riva Tours Gmbh, Odisej and Ilirika Turizem travel agencies. A further step towards enlargement of the Group had been made in 2006, when ATLAS Travel Agency and Kompas JSC, present at more than 26 markets, became members of adriatica.net Group.

Jolly Travel, Serbia’s leading tour operator, joined the Group in 2007.

Further information is available through following telephone numbers: 01 2415 601, 091 2638 011, and e-mail address: kristijan.grzetic@adriatica.net (contact person Kristijan Gržetić)