TERME ČATEŽ d.d.
Topliška cesta 35, 8251 ČATEŽ OB SAVI RELEASE HEREBY
DATA ON PERFORMANCE OF THE COMPANY In the period January – March 2011 At Čatež ob Savi, May 2011
The published review of data and annotations on business performance of Terme Čatež d.d. in the period January – March 2011 shall be available to the public from the moment it has been
published on SEOnet of the Ljubljana Stock Exchange and/or on the website www.terme-catez.si under:
>About the company< >Press room<
Pursuant to the regulations of the Ljubljana Stock Exchange (Ljubljanska borza, d.d., Ljubljana) and the Financial Instruments Market Law (orig. ZTFI) the company Terme Čatež, Topliška cesta 35, 8251 Čatež ob Savi, releases hereby the non-audited data and annotations on business performance of the company in the period January – March 2011. The data and annotations on performance are compiled pursuant to the Public Company Law and International Financial Reporting Standards (IFRS) adopted by EU. The data and annotations are not consolidated and non-audited.
Identity card of the company and the companies included in Terme Čatež Group Company name: Terme Čatež d.d.
Company registration number: 5004896 Tax number: 55444946 Reg. number: 10080100.
Date of entry in the Companies Register: 23 Nov. 1995 Company's share capital: € 12,444,216.32
Number of shares issued: 497,022 Face value of a share: ordinary shares
Shares listing: Ljubljana Stock Exchange, standard listing, share marking: TCRG
Management Board: Bojan Petan Chairman of Supervisory Board: Robert Krajnik
The company Terme Čatež is engaged in various activities: hotel, catering, health resort, trade, sports, recreational and other.
Pursuant to the Act on Medicinal Substances and Spa Health Resorts (Official Gazette of the SRS, no. 36/1964), it was established that the thermal water, staff, equipment and premises comply with the requirements of the above specified Act, and Terme Čatež d.d. obtained the status, i.e. was registered as a "spa health resort" in 1964.
Written documents on the Spa originate from 1886 and mention »hot thermal springs«. The first hotel was built in 1926 and has been in the course of years reconstructed to the existing Toplice Hotel. Today, Terme Čatež has got the controlling position in a Group of companies in Slovenia, Croatia and Bosnia and Herzegowina. Terme Čatež d.d. company is one of fifteen Slovenian Natural Spas, having the leading role in Slovene tourism.
The share of Terme Čatež was the first one in the tourism branch listed (7 June 1993) on the Ljubljana Stock Exchange.
Parent company Terme Čatež d.d. operates on three locations:
• In Čatež on 45 hectares, on the right bank of the Sava River; • In Mokrice (6 km from Čatež) on 60 hectars; and
• In Koper, where the Koper Hotel and the Žusterna Aquapark Hotel are located.
Terme Čatež Group consistsof the holding (parent) company Terme Čatež and the subsidiaries as follows:
• Marina Portorož d.d., Cesta solinarjev 8, 6320 Portorož
• Turistično podjetje Portorož d.d., Cesta solinarjev 8, 6320 Portorož • Del Naložbe d.d., Topliška cesta 35, 8251 Čatež ob Savi
• Terme Ilidža d.o.o., Ulica Mala aleja 40, Sarajevo; and • Termalna riviera d.o.o., Trg Loža 1, Novalja
Company and ist head-office Type of equity Investm. Share of Terme Č. Treas.s. (%) In equity of subsid. Number of shar. In possession By Terme Č. Number of Šhares TOTAL
DEL NALOŽBE d.d., Čatež ob Savi shares 100.00 56,314 56,314
TERME ILIDŽA d.o.o., Sarajevo Hold. 90.00
MARINA Portorož d.d. shares 73.45 230,570 313,932
TERMALNA RIVIERA d.o.o., Novalja Hold. 100.00
Performance highlights in the period January – March 2011
a) Performance quantifiers
Terme Čatež realized in the first three months of 2011, as follows:
- 120,858 overnight stays, which is by 5.2 % less than in 2010 (i.e. 127,532). The number of overnight stays of domestic guests decreased by 9.2 %, of foreign guests however increased by 15.4%. The decrease in number of overnight stays is the consequence of the rebuild of 149 room-Terme hotel (closed since 18 january 2011).
- 176,191 bathing guests.
b) Investment highlights LOCATION TERME ČATEŽ
• Refurbishment and rebuild of Terme Hotel
The beginning of 2011 started Part II of the project, i.e. the extension of the upper floor by additional 88 rooms and the rebuild of the available accomodation premises including the hotel corridors and elevators. The rebuild will thus encompass 212 rooms and 14 apartments and will have been finished by the beginning of high season (July).
• Construction of underground passage between the hotels Čatež and Toplice and
the expansion of the gym-studio of Čatež Hotel
The works on the underground passage started already in November 2010. The corridor will help the guests reach the Thermal Riviera and Wellbeing Centre dry in bad weather conditions.
The growing trend of rehabilitaion and relaxing exercises dictated also the expansion of the available gym-studio in Čatež Hotel, the construction of which coincides with the construction of the passage. Both projects were finished in March 2011.
• Expansion of the campsite (mobile homes)
The growing trend of camping urges for new ideas and the expansion of the available accomodation amenities. A successfull co-operation with the foreign tour operators Vacansoleil and Roan as lessors of the camp sites and permanent requirements of additional and quality camping amenities require the expansion of the campsite. The respective provisions will have been done for 20/twenty mobile houses on the Southern part of the campsite. The works started in the beginning of the year and will have been finished by April.
• renewal of the green area of golf course An overhaul of the golf course will mean the renovation of the fairways and drivings, purchase of new tee markers as well as the construction of new dewatering system and water pump station.
Žusterna will end of April 2011 boast with the refurbished hotel pool and the interior.
c) Financial statement
Terme Čatež made in the first three months of 2011 as follows:
- € 6,789 thousand in revenues (index 98.5 in comparison with the same period of the year before) and
- € 304 thousand in net profit (index 102.3 in comparison with the same period of the year before). d) About the share
Market price of Terme Čatež shares (standard price on the Ljubljana Stock Exchange) as on 31 March 2011 amounted to € 174.00, whereas as on 31 March 2010 it amounted to € 185.00.
As at end of March 2009 the number of employees was 449 in total (in the same period of the past year 487), that meaning 8 % reduction.
f) Supervisory Council Meeting
Supervisory Council of Terme Čatež adopted on its meeting dated 22 April 2011 the audited Annual Report of Terme Čatež company and Terme Čatež Group for 2010.
Changes in ownership structure
About the share
EXTRACT FROM THE SHAREHOLD. REGISTER as on 31 March 2011
31 March 2011 31 March 2011
SHAREHOLDER Ownership Of shares
DZS, d.d. 45.31 225189
KAPITALSKA DRUŽBA, D.D. 23.79 118262
DELO PRODAJA, d.d. 9.15 45463
TRIGLAV MUTUAL FUNDS-STOCK F. 3.99 19850
ZAVAROVALNICA TRIGLAV, d.d. 1.66 8247
Del Naložbe d.d. 1.38 6840
ABANČNA DZU DELNIŠKI EVROPA 1.08 5379
ATTEMS JOHHANES 1.01 5005
DRASCHE WARTINBERG ELENORE 1.00 4962
RAU GABRIELLE 1,00 4962
OTHER SHAREHOLDERS 10.84 52863
TOTAL 100.00 497,022
EXTRACT FROM THE SHAREHOLD. REGISTER as on 31 Dec 2010
31 Dec 2010 31 Dec 2010
SHAREHOLDER Ownership Of shares
DZS, d.d. 45.27 224,986
KAPITALSKA DRUŽBA, D.D. 23.79 118,262
DELO PRODAJA, d.d. 9.15 45,463
TRIGLAV MUTUAL FUNDS-STOCK F. 3.99 19,850
ZAVAROVALNICA TRIGLAV, d.d. 1.66 8,247
Delikatesa d.d. 1.38 6,840
ABANČNA DZU DELNIŠKI EVROPA 1.08 5,379
ATTEMS JOHHANES 1.01 5,005
DRASCHE WARTINBERG ELENORE 1.00 4,962
RAU GABRIELLE 1,00 4,962
OTHER SHAREHOLDERS 10.68 53,066
Equity capital of the company as on 31 March 2011 amounted to € 12,444 thousand and is divided into 497,022 ordinary registered shares of the same class (marked TCRG ). The shares are listed on the Ljubljana Stock Exchange.
Market price of Terme Čatež shares (standard price on the Ljubljana Stock Exchange) as on 31 March 2011 equalled € 174.00, whereas as on 31 March 2010 it amounted to € 185.00 (5.95 % drop). The Slovenian blue chip index made in the same period 13.83 % drop.
The holdings in subsidiaries are as follows:
Del naložbe d.d. 6,840 TCRG-shares
The dividend policy reflects the equity ratio, expectations of the owners, investment policy, tax policy, plan realization and business expectations. The dividend pay-out,in 2010: € 5.50 gross value per share.
There is no entry made with the treasury shares of Terme Čatež in the book of shares. Share price and share trading in the period from March 2009 until March 2010 Source: The Ljubljana Stock Exchange
Neither the company nor any other third person received pledged treasury shares on the account of the company or pledged any treasury shares as on 31 March 2011.
Book value of the shareafter the redution of treasury shares hold by a subsidiary, calculated from the ratio between equity capital and the number of shares issued, amounted as on 31 March 2011 to €143.35, whereas as on 31 December 2010 it amounted to € 142.72.
Earning per share was calculated from the ratio between the net profit earned in the accounting period (the numerator) and the number of issued shares (the denominator), and amounted in the first three months of 2011 to € 0.61 (€ 0.6 in the first three months of 2009), that being an increase by 2.3 % compared to the same period of 2010.
The company Terme Čatež has no pending resolution on conditional increase of share capital nor a resolution on approved capital.
Management Board and Supervisory Council
The Management Board of Terme Čatež represents and controls Mr. Bojan Petan, CEO.
Supervisory Council of Terme Čatež d.d.
- Mr. Robert Krajnik - Chairman
- Mr. Johannes Attems - Deputy Chairman - Mrs. Ada de Costa Petan - Member - Mr. Primož Klemen - Member - Mr. Tomaž Pogorelec - Member - Mr. Vladimir Smolec - Member
Workers Council Representatives elected to Supervisory Council: - Mr.Dragan Štipula
- Mr. Damjan Krulc - Mr. Milan Blaževič
PROFIT / LOSS STATEMENT in the period Jan- March 2011
01.01.-31.03.2011 01.01.-31.03.2010 Item
Net turnover 6.780.705 6.567.840
Other operating revenues 8,257 113.606
Gross operating profit 6,788,962 7.000.183
Costs of goods, material and service 2,833,677 2.705.008
Labour costs 2,066,376 2.193.970
Amortization 1,200,605 1.200.379
Other operating expenses 61,656 198.834
Operating profit 626,648 701.992 Financial revenues 231,112 132.571 Financial expenses 477,564 463.018 Profit / loss -246,452 -330.447
Profit before tax 380,196 371.545
Corporation tax 76,039 74.309
Net profit for the accounting period 304,157 297.236
Number of shares 497.022 497.022
Earning per share (in EUR) 0.61 0,60
The sales revenues made in the first three months of 2011 decreased by 1.7 % in comparison with the same period of the past year, the expenses dropped by 2.2 %. Net profit for the period amounted to € 304 thousand and is lhigher by 2.3 % than the realized one in the same period of 2010.
The performance would have been much better, if the 149 room-Terme hotel had not been closed down since 18 january 2011.
The equity of Terme Čatež as on 31 March 2011 amounts to € 70,266 thousand, as on 31 December 2010 - € 69,962 thousand.
Plan and forecast 2011
Terme Čatež plan for 2011 - € 35.5 million in operating revenues, € 6.2 million in operating profit and € 3.7 million in net profit.
Further, 710,577overnight stays are planned for 2011, that being by 3.25 % more than in 2010, and 978,077 bathing guests shall have visited the Spa by the end of the year.
The company shall invest appr. € 10.5 million into: * rebuild and extension of Terme Hotel****.
* underground passage between Toplice and Čatež Hotels .
The construction of the passage coincides
with the construction of the new gym-studio in Čatež Hotel.
xpansion of the campsite by twenty mobile houses; the investment will have been finished by the
* project lay-out for the expansion of Winter Thermal Riviera with new water attractions
* change of municipal land register lay-out
* construction of brand name sign close to the highway (roundabout)
*renewal of the green area of golf course: an overhaul of the golf course will mean the renovation of the fairways and drivings, purchase of new tee markers as well as the construction of new dewatering system and water pump station.
The investment policy is set on improving the quality of offer and increase in capacity of Terme Hotel which is being partly reconstructed by the financial aid of European Regional Development Fund. The price policy is aligned with the offer of competitive capacities of other natural Spas and tourist centers in Slovenia.
Terme Čatež Group plans to realize in 2011 -
€ 45 million
in operating revenues,
€ 8.1 million
operating profit and € 3.9 million in net profit.
Indexes - TERME ČATEŽ d.d. v € January - March 2010 January - March 2011 PLAN January - March 2011 INDEX compar. 2011 R11/R10 INDEX plan realizat. R11/PL11 Net turnover 6,886,577 6,582,822 6,843,605 95.59 96.19 Operating profit 701,992 626,646 574,042 89.27 109.16
Operating profit + depreciat. 1.902,371 1.827,254 1,790,356 96.05 102.06
Net profit / loss 297,236 304,157 -114,008 102.33 -266.79
Added value 4,096,341 3,893,630 3,864,718 95.05 100.75
Number of empl.per hour 487 424 430 92.69 98.49
Gross operat.profit / empl. 15,321 16,031 16,025 104.63 100.03
Added value per empl. 8,966 9,194 8,988 102.55 102.29
Operating profit before depreciation in gross operating profit
27.18% 26.92% 25.98% 99.04 103.59
Events after the accounting period Takeover of Marina Portorož
Terme Čatež d.d., Topliška cesta 35, 8251 Čatež ob Savi (the bidder) announced a takeover bid for the buyout of all the shares of the company Marina Portorož, Cesta solinarjev 8, 6320 Portorož (hereinafter: takeover target), of which the bidder is not the holder.
The takeover bidder is the holder of 230,888 shares of Marina Portorož, which represents 73.5% of all the shares of the takeover target. The shares are in the state of admission to stock exchange trading on the Ljubljana Stock Exchange.
The takeover bidder informed, pursuant to Article 24 of Zpre-1, on his bidding intentions the
Securities Market Agency (Agencija za trg vrednostnih papirjev), Competition Protection Office of The Republic of Slovenia (Urad RS za varstvo konkurence ), the Board of the company Marina Portorož, the workers representatives of Marina Portorož. and the workers representatives of the takeover bidder, i.e. the company Terme Čatež and made provisions for an immediate disclosure of the takover intention.
The takeover bidder shall within thirty days at latest and not earlier than ten days after the
announcement of the takeover intention file his takover bid for the buyout of all the shares of Marina Portorož.
Access to the released data
The released data on performance of Terme Čatež d.d. in the first three months of 2011 shall be available to the public from the moment they are published on the website www.terme-catez.si under:
>About the company< >Press room<
At Čatež, May 2011
Terme Čatež d.d. Management Board