The proposal is subject to approval by the GSM, to be held on 18 May 2022 for Imperial Riviera, and 19 May 2022 for Valamar Riviera.
According to the statement released by Valamar Riviera last week, Valamar Riviera’s Supervisory and Management Boards propose the distribution of profit for 2021. The total profit of HRK 304.61m would be transferred to retained profits. It should be noted that this profit is from Valamar Riviera as a Company, not as a consolidated entity (or Group).
Also, due to the fact that Valamar (as did the other tourism companies) received benefits and incentives related to the COVID-19 pandemic, they couldn’t by law approve the distribution of profit in the form of dividends in 2022. This marks the 3rd year in a row that Valamar Riviera did not pay out dividends to its shareholders. This proposal is subject to approval at the General Shareholders Meeting, which will be held on 19 May 2022.
At the same time, Valamar Riviera’s subsidiary, Imperial Riviera, also confirmed the convening of its General Shareholders Meeting, in which, the distribution of profit for the year would be discussed. As per the proposal of Imperial Riviera’s Supervisory and Management Boards, out of the net profit of HRK 15.67m achieved in 2021, HRK 783.3k will be transferred to the legal reserves, while HRK 14.88m would be transferred to the retained earnings.
Considering Imperial Riviera operates in the tourism industry like Valamar Riviera, and is a subsidiary of Valamar, the same law for the payment of dividends applies. The outcome for both companies is in line with our expectations, as we did not expect any dividend payment until 2023.
Valamar Riviera Dividend per Share (HRK) and Dividend Yield (%) (2015 – 2022)
