HTP Korčula dd, Korčula

HTP Korčula d.d, Korčula
Company name:
HTP Korčula d.d.
Address:
20260 Korčula, Šetalište Frana Kršinića 102
Web site:
www.korcula-hotels.com
TRANSACTION
Republic of Croatia through the Agency for State Property Management
(AUDIO) has the goal to finish the privatisation process of its tourism portfolio (hotel companies owned and partially-owned by the Republic of Croatia).
Sales model: shares will be sold through a public tender. Public tendering
will consist of two steps:
• step 1 – stating the interest to invest in a formal letter of intent
to buty shares,
• step 2 – bid invitation will be sent to companies/individuals that
expressed interest in buying shares.
Objective:
To expand current business activities by investing in modernisation of
existing facilities and construction of new facilities and amenities, raising
service quality and introducing modern destination management practices.
COMPANY
HTP Korčula is located on the island of Korčula in the south of Croatia, in near proximity to Dubrovnik, and is well connected
to the mainland with frequent ferry lines to Orebić (on Pelješac peninsula) and City of Split (direct connection to highway A1
Split-Zagreb and to International Airport Split). Along with Dubrovnik City, Korčula has a great potential for the development
of high-end tourism in the Dubrovnik-Neretva County.
The Company represents an excellent investment opportunity as it owns a majority of accommodation capacities on the
island. With a wide range of hospitality facilities (four hotels and a tourist resort) ranging from 2 to 4 stars the Company has
a possibility to create a diverse tourist offer. All facilities have excellent waterfront locations. Most hotels were built between
1960 and 1970, and up to present have been partly renovated. During 2006 and 2007 the significant amount of 6.7 mil EUR
has been invested into hotel Marko Polo in order to achieve the four star category.
With 89% of overnight stays, tourists from abroad, mostly from Central and Eastern Europe (Poland, Czech Republic, Slovakia,
Slovenia and Bosnia and Herzegovina), are dominant guests.
Currently the Company is undergoing a restructuring process which envisages the potential sale of some facilities.
SALE
Shares on sale: 215,331 (50.38% of share capital)
Average price on stock market: 8.10 EUR (22.11.2012)
FINANCIAL DATA, in EUR
2009
2010
2011
Operating revenues
6,213,218
5,631,731
5,611,333
Operating expenses
6,715,887
6,225,010
5,965,621
EBIT
(502,669)
(593,279)
(354,288)
EBITDA
450,224
323,436
515,840
Net Income
(1,315,306)
(1,650,852)
(1,496,124)
Total assets
29,396,301
28,698,357
27,733,149
Total liabilities
14,703,228
15,656,136
16,187,051
172
172
151
Number of employees
Agency for Investments and Competitiveness, Ulica grada Vukovara 78, 10 000 Zagreb, Croatia
DISCLAIMER: Information contained in this document has been provided by Agency for Investments and Competitiveness of the Republic of Croatia. Purpose of this document is to give short information
about companies and/or investment possibilities to potential investors.The profile is for information purposes only. No responsibility or liability is accepted for the information in this document.
REAL ESTATE PORTFOLIO
Hotels:
• Marko Polo (****); 4 levels, 103 accommodation units, built in 1972,
reconstructed in 2006-2007,
• Liburna (***); 4 levels, 109 accommodation units, built in 1985,
• Park (**); 2 to 3 levels, 135 accommodation units, built in period
1950-1968, partly reconstructed in 2003,
• Korčula (**); 3 levels, 20 accommodation units, built in 1912, reconstructed in 1983.
Tourist resort:
• Bon Repos (**); 350 accommodation units. The resort comprises of
pavilion-like hotels built in the 1960s, early 1970s and early 1980s.
Some of the pavilions were renovated in 1990s.
Additional facilities:
• Four restaurants.
Auto camp:
• Auto camp Kalac with 166 camping places (surface area of approximately 36,500 m2).
Sport and recreation facilities:
• Outdoor swimming pools, tennis courts, playground for amateur sports, mini golf.
Area:
• Total facility area: 54,919 m2,
• Net land area: 86,268 m2.
DUBROVNIK-NERETVA COUNTY INFORMATION
Population: 122,783
GDP per capita: 9,990 EUR
Average gross salary: 994 EUR
Unemployment rate: 18.8%
Average gross salary in the sector (tourism): 984 EUR
A Dubrovnik-Neretva Country comprises 5 cities and 17 municipalities. The County includes smaller islands covered in thick
Mediterranean vegetation and forests, smaller settlements and agricultural lands (olive groves and vineyards).
The main characteristic of the County’s economy is the predominance of tertiary services with tourism and hospitality industries and maritime shipping as main activities. The region also has significant agricultural potentials in the area of the Neretva
River Delta Valley and in the Peninsula Pelješac known for the active production of high quality wines.
The County is very well connected with an international airport Dubrovnik, close proximity to the modern A1 highway SplitZagreb, the deep sea port of Dubrovnik suitable for cruisers as well as an important cargo port Ploče (gateway of the future
Pan-European transportation corridor Vc).
Dubrovnik’s famous medieval old town (listed on UNESCO’s world heritage list since 1979) along with the island Korčula has
positioned Dubrovnik and the County as a high-end European and global tourist destination (New York Times shortlisted
Dubrovnik among 45 places to visit in 2012).
Tourism is constantly developing as a strategic industry for the County, through investments in new and existing hotels,
sports and infrastructure capacities (14 five star hotels and 17 four star hotels, two golf resorts planned within 35 km, a new
investment in ACI Marina Slano).
The potential for high-end tourism has already been identified by international hotel chains (Hilton, Radisson Blue, Rixos, Uzel
Holding, Adriatic Luxury Hotels and Luksic Group) present in Dubrovnik.
The educational infrastructure relevant to the sector includes high schools for hospitality and catering and two universities with
excellent programs related to tourism (ACMT-RIT New York and Dubrovnik University).
PRIVATISATION PROCEDURE
After submitting a formal letter of intent, receiving a bid invitation and signing the NDA the potential investor could participate
in due diligence procedure.
Upon bid submission the best bidder will be selected based on tender criteria.
CONTACTS:
Agency for Investments and Competitiveness (AIK), www.aik-invest.hr, e-mail: [email protected]
Agency for State Property Management (AUDIO), www.audio.hr, e-mail: [email protected]
Agency for Investments and Competitiveness, Ulica grada Vukovara 78, 10 000 Zagreb, Croatia
DISCLAIMER: Information contained in this document has been provided by Agency for Investments and Competitiveness of the Republic of Croatia. Purpose of this document is to give short information
about companies and/or investment possibilities to potential investors.The profile is for information purposes only. No responsibility or liability is accepted for the information in this document.