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The value of the assets of the hotel group Budva Riviera increased by EUR 55 million

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The value of the assets of the hotel group (HG) Budva Riviera increased by approx. EUR 55 million, according to the latest analysis. As announced by the company, the net value of assets from 2018 was 134.23 million EUR, while the new figures show that it has increased to 189.53 million.

HG Budvanska riviera stated that the Board of Directors at the meeting held on January 30 unanimously determined the Proposal for the Fair Value Analysis of the company’s real estate, land and equipment as of January 2, 2022.

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– The effect of the analysis includes an estimate of the increase in the value of the assets of the Budva Riviera by approximately EUR 55 million. The previous net book value of the property from 2018 was EUR 134.23 million, while the new fair estimated value is as much as EUR 189.53 million – the announcement states.

The largest percentage Increase refers to the increase in the value of the land, in the absolute amount of approx. EUR 40.96 million, while the value of the construction facilities increased by approx. EUR 12.91 million. An increase in the value of installations in the amount of approximately EUR 450,000, equipment with vehicles in the amount of EUR 939,000 and intangible assets in the amount of approximately EUR 31,000 was recorded.

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In the announcement, it is noted that the Budva Riviera was obliged to carry out the property valuation procedure for the purposes of financial reporting, in accordance with the Law on Accounting and International Accounting Standards. The property appraisal was done by the renowned company PriceWaterhouseCoopers Consulting.

Also, the Board of Directors was informed at the session that the company will take all necessary legal actions in order to recover the severance pay from the former Chairman of the Board of Directors Saša Radović, which was paid to him in 2021 based on the concluded agreement on the termination of the employment relationship.

The Board of Directors of Budva Riviera consists of President Mijomir Pejović, Ivana Đurović and Sonja Kuljača, as representatives of state capital, Vladimir Sekulić and Jovan Purar as representatives of MKG Properties.

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