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ANNUAL REPORT
FOR THE YEAR 2024
Biograd na Moru, February 2025
2ANNUAL REPORT FOR THE YEAR 2024
TABLE OF CONTENTS
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06
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119
Introduction by the President of the Management Board
Overview of key performance indicators in 2024
Key information for 2024
1 ABOUT ILIRIJA d.d.
1.1 Basic information
1.2 Chronological overview of the Company’s development
1.3 Company’s bodies
1.4 Affiliated companies
1.5 Ownership structure of the Company and overview of trading in
Company’s shares at Zagreb Stock Exchange
1.6 Company business model
1.7 Brands of the Company
1.8 Quality – standards and certificates
1.9 Awards and acknowledgements
2 CORPORATE STRATEGY AND GOVERNANCE
2.1 Vision, mission and fundamental values
2.2 Organisational structure
3 REPORT ON THE APPLICATION OF CORPORATE GOVERNANCE CODE
4 2024 COMPANY MANAGEMENT REPORT
4.1 Business expectations in 2025
4.2 Information on acquisition of own shares
4.3 Subsidiaries
4.4 Financial instruments
4.5 Risks and risk management
4.6 Sustainable development and corporate social responsibility
5 BUSINESS CAPACITIES OF THE COMPANY AND ADDITIONAL FACILITIES
5.1 Hotel sector
5.2 Nautical sector
5.3 camping SECTOR sector
5.4 Ilirija Travel
5.5 Hospitality
5.6 Additional facilities
5.7 City Galleria Business and Shopping Centre
6 KEY PHYSICAL PERFORMANCE INDICATORS OF THE COMPANY
6.1 Hotel sector
6.2 Nautical sector – Marina Kornati
6.3 Camping sector – “Park Soline” campsite
6.4 City Galleria Business and Shopping Centre
6.5 Ilirija Travel
7 FINANCIAL RESULTS OF THE COMPANY
7.1 Financial-operating results of the Company by sectors:
7.1.1 Hotel sector
7.1.2 Nautical sector
7.1.3 Camping sector
7.1.4 City Galleria Business and Shopping Centre
7.1.5 Financial results at Company level
7.2 Financial-operating results at Company level:
7.2.1 Financial results of the Company
7.2.2 Financial position of the Company
7.2.3 Company cash flow
8 ADDITIONAL INFORMATION ON THE STATUS AND BUSINESS OPERATIONS OF THE
COMPANY
8.1 Significant events
8.2 Legal matters
8.3 Investments in 2024
8.4 Non-operating assets
8.5 Employment, labour costs and salaries
8.6 Occupational health and safety
8.7 Other
8.8 Notes
9 THE MANAGEMENT BOARD'S REPORT AND THE 2024 ANNUAL FINANCIAL
STATEMENTS, INCLUDING THE INDEPENDENT AUDITOR’S REPORT
9.1 Statement on the accountability of the Management Board
9.2 Independent auditor’s report
9.3 Statement of financial position
9.4 Statement of comprehensive income
9.5 Cash flow statement
9.6 Statement of changes in equity
9.7 Notes
9.8 2024 Annual financial statements, including the independent auditor's report
9.9 Statements by the Company Representation
9.10 Decision on Creating of Annual Financial Statements and Draft Decision on
Utilization of Profit
9.11 Decision on Approving the Annual Financial Statements and Draft Decision on
Utilization of Profit
9.12. Supervisory Board's Report on Performed Supervision of the Conducting
the Company's Business for the year 2024
121
122
122
125
129
132
134
135
135
144
155
156
156
157
161
162
163
164
170
172
173
175
176
185
186
187
188
189
227
240
241
243
244
3ANNUAL REPORT FOR THE YEAR 2024
4ANNUAL REPORT FOR THE YEAR 2024
INTRODUCTION BY
THE PRESIDENT OF THE
MANAGEMENT BOARD
Goran Ražnjević, President of the Management Board
INTRODUCTION BY THE PRESIDENT OF THE MANAGEMENT BOARD
Dear shareholders,
This 2024 business year also saw continued business
growth, achieving the best results to date at the lev-
el of all sectors individually and at the Company level.
The achieved results stem from the growth of business
activities in the tourism sectors expressed through
the growth of key physical indicators, followed by the
growth of revenue and profitability that were simulta-
neously accompanied by the growth of the results of
the real estate sector, as a result of which the Company
achieved the best results in terms of revenue, total and
business, while at the same time further strengthening
the capital and balance sheet position, reducing total
liabilities and having the lowest net debt to date. Tak-
ing into account that the business year took place in
an extremely unfavourable global macroeconomic and
geopolitical environment with persistent and acceler-
ating inflation, increasing geopolitical instability, the
slow recovery of leading European economies, which
are also the key outbound markets for Croatian tour-
ism, the recovery of competitive tourist destinations in
the Mediterranean with a continued pronounced lack
of qualified labour, the achieved growth in key busi-
ness indicators, some of which are the best thus far,
significantly contributed to strengthening the Compa-
ny's financial stability and resilience, further competi-
tiveness and its economic viability.
The business year was marked by the strengthening of
the year-round business with the growth of business
activities in the pre- and post-season, mostly realised
by the Ilirija Travel destination management compa-
ny with a strong increase in revenue at a rate of 43%,
while other sectors also recorded growth, i.e. the ho-
tel sector revenue increased by 9%, the nautical sector
revenue increased at a rate of 9%, the real-estate sec-
tor revenue increased by 5%, while the camping sector
achieved an increase of revenue at a rate of 3%. The
increase in sector revenue resulted in an increase in to-
tal and operating revenue at the Company level, with
total revenue in the amount of EUR 30,685,992.57,
representing an 8.48% increase, while operating reve-
nue amounted to EUR 30,351,531.83, representing an
8.21% increase compared to the previous year.
The Company recorded growth in key business profit-
ability indicators (EBITDA, EBIT, operating profit, profit
before tax and net profit) compared to the previous
business year, while some profitability indicators are
the best to date. EBITDA was realised in the amount
of EUR 8,120,672.86, representing a 4.17% increase
5ANNUAL REPORT FOR THE YEAR 2024
INTRODUCTION BY THE PRESIDENT OF THE MANAGEMENT BOARD
compared to the previous year when it amounted
to EUR 7,795,816.56, while EBIT amounted to EUR
4,896,264.66, recording a 7.46% increase compared
to EUR 4,556,531.43 realised in the previous year.
Operating profit was realised in the amount of EUR
7,786,212.12, constituting an increase of 3.03% com-
pared to the previous year, when it amounted to EUR
7,556,885.16. Profit before tax was realised in the
amount of EUR 4,434,043.96 at a growth rate of 8.93%
compared to EUR 4,070,417.58 achieved in the previous
year, while net profit amounted to EUR 3,576,074.33,
constituting a 9.05% increase compared to the previ-
ous year when it amounted to EUR 3,279,530.22.
The Company's business results further strengthened
its capital position, expressed through the growth of
capital, which in the reporting period amounted to EUR
54,693,348.46, constituting a 2.97% increase generat-
ed by the growth of net profit from the current period
and profit from previous years. At the same time, to-
tal liabilities in the reporting period amounted to EUR
16,862,887.68, recording an 8.58% decrease. Further-
more, net debt amounted to EUR 539,116.87, recording
an 83.13% decrease, which means that the Company
continued to reduce its liabilities in 2024, especially
with regard to net debt, which was the lowest to date,
with an increase in the self-financing rate, i.e. further
strengthening the overall capital, financial and balance
sheet position.
We are especially proud to have continued our efforts
aimed at balancing the rights and interests of our key
stakeholders, particularly our shareholders and em-
ployees thorough dividend distribution and the im-
provement of the employees’ material rights. At the
same time, we have settled our obligations towards
Company creditors, i.e. suppliers, as well as our tax
and contribution obligations. We have also continued
to settle in a timely manner our obligations towards
our business bank in respect of the principal of loans,
i.e. due interest rates. The Company paid a dividend
in the amount of EUR 1,685,911.50, or EUR 0.70 per
share, representing a 27% increase compared to the
previous year, while salary costs increased by 11% due
to the growth of the average net salary and the growth
of the average net hourly wage, actively implementing
the Company's fundamental principles in the area of
personnel policy with the aim of creating a competitive
employer on the labour market that shows systematic
care about the material position of its employees.
Dear shareholders, in the circumstances in which busi-
ness was conducted in 2024, the Company achieved
Goran Ražnjević, President of
the Management Board
growth in business activities at the level of all sectors,
growth in key physical and financial indicators, achiev-
ing satisfactory profitability, strengthening the balance
sheet and capital position, competitiveness and stabil-
ity of operations, i.e. had another successful business
year.
6ANNUAL REPORT FOR THE YEAR 2024
16.9m
TOTAL
LIABILITIES (EUR)
-8.58%
0.54m
NET DEBT
(EUR)
-83.13%
3.6m
NET PROFIT
(EUR)
+9.05%
30.7m
TOTAL
REVENUE (EUR)
+8.48%
4.4m
PROFIT BEFORE
TAX (EUR)
+8.93%
8.1m
EBITDA
(EUR)
+4.17%
27.66€
AVERAGE
SHARE PRICE
+11.40%
CAPITAL
(EUR)
+2.97%
54.7m
72.4m
MARKET
CAPITALISATION
(EUR)
+16.28%
OVERVIEW OF KEY PERFORMANCE INDICATORS
OVERVIEW OF KEY
PERFORMANCE INDICATORS
IN 2024
7ANNUAL REPORT FOR THE YEAR 2024
OVERVIEW OF KEY PERFORMANCE INDICATORS
(in EUR) 2024 2023 Index 2024/2023
Financial indicators
Total revenues 30,685,992.57 28,286,740.07 108.48
Operating revenues 30,351,531.83 28,047,808.67 108.21
Hotel sector 9,797,346.04 9,021,921.78 108.59
Nautics 9,117,40 4.47 8,383,126.66 108.76
Camping 7,728,416.08 7,4 85,683.10 103.24
Ilirija Travel 1,518,117.98 1,059,999.02 143.22
Real-estate 2,159,072.06 2,056,050.86 105.01
Revenues from other profit centers 31,175.20 41,027.25 75.99
Revenues from sales 30,022,421.49 27,8 48,262.58 107.81
EBITDA 8,120,672.86 7,795,816.56 104.17
EBITDA margin 26.76% 27.79 % 96.26
Adjusted EBITDA 8,426,874.52 8,248,456.98 102.16
Adjusted EBITDA margin 27.76% 29.41% 94.41
EBIT 4,896,264.66 4,556,531.43 107.46
Adjusted EBIT 5,202,466.32 5,009,171.85 103.86
Earnings before taxes 4,434,043.96 4,070,417.58 108.93
Profit 3,576,074.33 3,279,530.22 109.04
Profit margin 11.78% 11.69% 100.77
OVERVIEW OF KEY
PERFORMANCE INDICATORS IN
2024
8ANNUAL REPORT FOR THE YEAR 2024
OVERVIEW OF KEY PERFORMANCE INDICATORS
(in EUR) 31/12/2024 31/12/2023 Index 2024/2023
Balance sheet indicators
Net debt 539,116.87 3,195,369.06 16.87
Net debt / EBITDA 0.07 0.41 16.20
Net debt /Adjusted EBITDA 0.06 0.39 16.51
Interest coverage 9.88 8.38 117.9 0
Capital investments 1,593,127.52 3,230,079.01 49.32
ROE 6.54% 6.18% 105.83
ROA 5.00% 4.59% 108.93
Adjusted ROCE 8.93% 8.91% 100.22
(in EUR) 2024 2023 Index 2024/2023
Achievemensts on the capital market
Market capitalization 72,404,640.00 62,267,990.40 116.28
EV 72,943,756.87 59,072,621.34 123.48
EV / EBITDA 8.98 7. 58 118.54
EV / Adjusted EBITDA 8.66 7.16 120.87
P / E 20.12 18.84 106.79
EPS 1.49 1.37 108.76
DPS 0.7 0.55 127.27
(in EUR) 31/12/2024 31/12/2023 Index 2024/2023
Indicators of the financial position
Value of assets 71,556,236.14 71,560,190.12 99.99
Capital 54,693,348.46 53,114,266.63 102.97
Total liabilities 16,862,887.68 18,445,923.49 91.42
*Indicated by the methodology of calculation according to last share price multiplied with number of share.
9ANNUAL REPORT FOR THE YEAR 2024
OVERVIEW OF KEY PERFORMANCE INDICATORS
Physical indicators 2024 2023 Index 2024/2023
Hotel sector
Number of accommodation units 435 435 100.00
Overnight stays of tourists 126,130 118,680 106.28
Occupancy days 140 135 103.70
Annual occupancy 38.35% 36.95% 103.79
Nautics
Number of berths 805 805 100.00
Contracted vessel 754 747 100.94
Transith berthY overnight stays of vessels 7,179 8,127 88.34
Transith berthY inbound sail of vessels 2,816 3,094 91.01
Port service - number of operations 4,000 3,817 104.79
Days of work 365 365 100.00
Camping
Number of accommodation units 1,130 1,130 100.00
Days od work 198 198 100.00
Occupancy days 116.24 120.62 96.37
Mobile homes 87.76 89.35 98.22
Individuals 48.40 56.75 85.29
Fixed lease 198.00 198.00 100.00
Lump sum 198.00 198.00 100.00
Occupancy 58.71% 60.92% 96.37
Mobile homes 44.33% 45.13% 98.23
Individuals 24.44% 28.66% 85.28
Fixed lease 100.00% 100.00% 100.00
Lump sum 100.00% 100.00% 100.00
Overnight stays of tourists 321,016 329,010 97.57
10ANNUAL REPORT FOR THE YEAR 2024
OVERVIEW OF KEY PERFORMANCE INDICATORS
Physical indicators 2024 2023 Index 2024/2023
Ilirija Travel
Number of events 295 234 126.07
Number of participants (events) 40,424 30,560 132.28
Real-estate sector
Number of leesses 36 35 102.86
Common expenses 34 33 103.03
Common areas 24 26 92.31
Advertising space 8 8 100.00
Garage - number of parking spaces 410 410 100.00
Rented area (m²) 9,445.32 9,445.32 100.00
Number of vehicle in garage 734,990 729,225 100.79
11ANNUAL REPORT FOR THE YEAR 2024
12ANNUAL REPORT FOR THE YEAR 2024
KEY INFORMATION FOR
2024
1 In the business year 2024, the Company realised the
growth of key performance indicators, financial and
profitability, recording the best business year to date
both at the level of the Company and across all sectors,
especially in terms of generated operating revenue.
Furthermore, the generated total revenue, which grew
at a rate higher than the growth of operating expenses,
additionally strengthened the profitability of the busi-
ness in its key indicators (operating profit, profit before
tax, net profit, EBITDA and EBIT), which contributed
to the strengthening of the financial and capital posi-
tion of the Company, further strengthened the balance
sheet position, influenced the reduction of total liabili-
ties and net debt with further growth of self-financing.
Due to the operating results recorded, the continuous
growth of key performance indicators continued in
2024, which is primarily the result of the growth of op-
erating revenue across all sectors. A bold move in 2024
was made in the development of business activities
in the pre- and post-season, especially in the destina-
tion management company Ilirija Travel, involving the
organisation of a number of events, and in the hotel
sector, which contributed to the further strengthening
of the year-round operation of the Company's tourism
sector. Furthermore, the nautical sector with the con-
KEY INFORMATION
tinuous growth of operating revenue, especially in the
segment of contracted berths of vessels at Marina Ko-
rnati and the nautical fair, followed by the growth of
business activities in other sectors of real estate and
the camping sector, ultimately resulted in the best
achievements of the Company to date in terms of rev-
enue and the growth of all key indicators of business
profitability.
Taking into account the circumstances of the busi-
ness year, primarily the macroeconomic environment
characterised by continued strong inflationary pres-
sures on the growth of prices of goods and services
not only in the Republic of Croatia but also in the EU
Member States, the significant increase in labour
costs as a result of the increase in salaries and other
labour costs, as well as the lack of qualified workers
on the domestic market, market circumstances such
as the strong recovery of tourist destinations in the
Mediterranean and geopolitical circumstances char-
acterised by global political, security and economic
instability and uncertainty, and despite such condi-
tions we were able to ensure continuous growth of
business activities, and achieve the best operating
revenue to date, profitability growth, strengthen the
Company's financial and capital position , i.e. ensure
13ANNUAL REPORT FOR THE YEAR 2024
KEY INFORMATION
the Company's stability and strengthen competitive-
ness by further improvement of quality and service
standards.
2 The Company’s total revenue amounted to EUR
30,685,992.57, which compared to the previous busi-
ness year, when it amounted to EUR 28,286,740.07,
represents an increase of 8.48% generated by the
growth of operating and financial revenue.
Operating revenue in the reporting period amounted
to EUR 30,351,531.83, which is an increase of 8.21%
compared to the previous business year, when it
amounted to EUR 28,047,808.67, and this is due to in-
come growth across all sectors of the Company, that
is, the sectors realised the highest revenue to date, of
which revenue of the destination management compa-
ny Ilirija Travel grew at the highest rate by 43%, hotel
sector revenue increased by 9%, the nautical sector
revenue increased by 9%, the real estate sector rev-
enue by 5% and camping sector revenue by 3%. The
achieved growth of operating revenue across all sec-
tors is the result of the growth of business activities
reflected in the growth of key performance indicators
including arrivals and overnight stays, the number of
events, the number of vessels at contracted berth, the
growth of ADR and RevPAR, the number of lease agree-
ments and the average lease per m².
In the reporting period, the destination management
company achieved the highest operating revenue
growth rate of 43%, that is, it realised EUR 1,518,117.98
in operating revenue compared to EUR 1,059,999.02
realised in 2023 due to the increase in the number of
events and the number of participants organised main-
ly in the pre- and post-season, which resulted in the
extension of the tourist season and further strength-
ening of the Company’s year-round business activities
through the destination management company system
as a complementary and integrated product of all tour-
ism sectors of the Company.
In 2024, the nautical sector recorded the best operating
revenue in the amount of EUR 9,117,404.47, and com-
pared to the previous business year, when it amounted
to EUR 8,383,126.66, this represents a growth of 9%. The
growth in the nautical sector revenue is the result of an
8% increase in revenue in the profit centre of Marina Kor-
nati due to the growth of the key indicator of the number
of vessels at contracted berth, i.e. revenue generated by
contracted berths, which grew by 7% and make up 74%
of the marina’s revenue. Furthermore, the nautical fair
recorded a strong double-digit revenue growth of 23%
compared to 2023, which significantly contributed not
only to the growth of the nautical sector’s revenue, but
also to its best achievements to date.
The hotel sector’s operating revenue amounted EUR
9,797,346.04, which compared to EUR 9,021,921.78 in
revenue generated in 2023, represents a growth of 9%
as a result of an increase in arrivals by 14% and over-
night stays by 6%, with a special emphasis on increas-
ing business activities in the pre-season and post-sea-
son period, i.e. year-round business activities, with an
increase in ADR by 6%, RevPAR based on availability
days by 9% and RevPAR based on the total number of
days in the period by 10%.
In 2024, the real estate sector, i.e. the City Gal-
leria Business and Shopping Centre, realised EUR
2,159,072.06 in operating revenue, which was a
growth of 5% compared to last year’s revenue of EUR
2,056,050.86. Revenue grew in terms of key operat-
ing items, primarily revenue from commercial prem-
ises lease, revenue from common costs, garage and
lease of commercial premises in Phase 1 of the cen-
tre while maintaining a high level of occupancy of the
centre at the level of 99.76% of all capacities and an
increase in the average monthly rent per m² of com-
mercial premises (AMR) by 7%.
The operating revenue of the camping sector in the
reporting period amounted to EUR 7,728,416.08 and
grew by 3% compared to the EUR 7,485,683.10 real-
14ANNUAL REPORT FOR THE YEAR 2024
KEY INFORMATION
ised in the previous business year, generated by a 5%
growth in revenue in the accommodation segment,
i.e. the “Park Soline” campsite, and it is the result of
a growth in revenue from the mobile home market
segment by 7% and from lump sum guests by 16%
with a simultaneous increase in ADR by 9%. growth of
RevPAR based on availability days by 6% and RevPAR
based on the total number of days in the period by
5%.
3 In 2024, total expenses amounted to EUR
26,251,948.61, and compared to 2023, when they
amounted to EUR 24,216,322.49, they increased by
8.41%, i.e. EUR 2,035,626.12, due to an increase in op-
erating expenses.
Operating expenses amounted to EUR 22,565,319.71
and increased by 10.12% or by EUR 2,074,396.20
compared to the previous business year, when they
amounted to EUR 20,490,923.51, and were generated
by the growth in outsourced service costs by 17%, sal-
ary costs by 11%, other costs by 10% and raw material,
material and energy costs by 2%, of which we would like
to single out the following expenses, which in absolute
terms contributed mostly to the growth of operating
expenses:
I the cost of labour, which in the reporting period in-
creased by 11% or EUR 870,685.12 as a result of the
increase in the material rights of employees, the earli-
er start or retention of seasonal employees in employ-
ment due to the greater volume of business activities
in the pre- and post-season, and ultimately the devel-
opment of the average net salary at the level of the av-
erage net salary in the Republic of Croatia, which is also
the Company’s main objective in terms of the material
rights of employees.
II the increase in costs related to various types of lease
fees, which are higher by EUR 310,319.39 or by 33%
mostly as a result of higher allocations for the accom-
modation of seasonal employees and payment of fees
for the lease of the campsite tourist land based on the
Act on Unvalued Construction Land and the Ordinance
on the Arrangement of Leases on Parts of the Camp-
sites Owned by the Republic of Croatia.
III increase in costs of building and equipment main-
tenance service which increased by 23% or EUR
230,661.79, with the aim of improving the quality and
standards of the service and maintaining the achieved
level of competitiveness and minimum categorisation
of facilities at 4-star rating level.
IV increase in other costs which increased by 10% or
EUR 433,387.27 as a result of the increase in costs from
non-production services, primarily the entertainment
programme costs due to the strengthening of business
activities through the destination management compa-
ny Ilirija Travel and ensuring year-round business ac-
tivities. Furthermore, other costs grew on the basis of
various employment benefits, which increased by 6%.
V increase in the cost of raw materials and materials
in the food and beverage segment, which increased
by 11%, i.e. EUR 197,557.00, partly as a result of the
increase in the number of higher-value special events
with food and beverage services organised by the
destination management company Ilirija Travel, an in-
crease in the cost of food and beverages in the accom-
modation with board services due to the increase in
the number of guests, and to a lesser extent as a result
of the increase in the purchase price of food and bev-
erages.
4 In 2024, the Company achieved growth in all key
profitability indicators (operating profit, profit before
tax, net profit, EBITDA and EBIT), i.e. some indicators
show the best profitability to date. Furthermore, the
15ANNUAL REPORT FOR THE YEAR 2024
Company considers the achieved profitability of the
business and its further growth across all indicators
to be appropriate, taking into account the macroe-
conomic circumstances of the business year, the still
present inflationary pressures, the continuous growth
of labour costs and labour-related costs, the growth
of service prices, and especially the slow growth of
the economy in the key European markets for Croa-
tian tourism. Also, profitability growth is primarily
the result of the increased business activities across
all sectors and, at the same time, the management of
operating expenses, which grew at lower rates com-
pared to the growth rate of total revenue.
EBITDA amounts to EUR 8,120,672.86 and in the
reporting period it increased by 4.17% or EUR
324,856.30 compared to the previous business year
when it amounted to EUR 7,795,816.56.
EBIT amounted to EUR 4,896,264.66, constituting an
increase of 7.46% or EUR 339,733.23 compared to the
previous business year, when it amounted to EUR
4,556,531.43.
Operating profit was generated in the amount of EUR
7,786,212.12 and was 3.03% or EUR 229,326.96 higher
compared to the previous year, when it amounted to
EUR 7,556,885.16.
Profit before tax amounted to EUR 4,434,043.96 and
was 8.93% or EUR 363,626.38 higher compared to the
previous year when it amounted to EUR 4,070,417.58.
Net profit in the reporting period amounted to EUR
3,576,074.33, and compared to the previous business
year, when it amounted to EUR 3,279,530.22, it in-
creased by 9.05%, i.e. EUR 296,544.11.
5 Capital and reserves in the reporting period amount-
ed to EUR 54,693,348.46 and compared to 2023, when
they amounted to EUR 53,114,266.63, they increased
by EUR 1,579,081.83, i.e. 2.97%, due to the increase in
retained profit by 11.34% and the increase in net profit
by 9.05%.
6 Total liabilities amounted to EUR 16,862,887.68, and
compared to the previous business year, when they
amounted to EUR 18,445,923.49, they decreased by
8.58%, i.e. EUR 1,583,035.81, due to the decrease in
long-term liabilities, i.e. long-term loan liabilities and
financial leasing.
7 In 2024, the Company continued to reduce its net
debt, including short-term and long-term liabilities
KEY INFORMATION
towards banks, minus cash in hand and deposits, so
that the Company’s net debt as at 31/12/2024 for
the year amounted to EUR 539,116.87, which is a
decrease by 83.13% or EUR 2,656,252.19 compared
to the net debt of EUR 3,195,369.06 from the previ-
ous year. By continuing to reduce net debt in 2024,
the Company strengthened its financial and balance
sheet position, contributing to further strength-
ening of financial stability and liquidity. In simple
terms: a Company is without debt.
8 Own source of funds (capital and reserves) as at
31/12/2024 made up 76.43% of total assets, which
compared to the previous business year, when the
own source of funds made up 74.22% of the share,
represents an increase by 2.21 percentage points.
The growth of own sources of funds also means a de-
crease in the share from other sources of financing,
which amounted to 23.57% in the reporting period.
Based on the further growth of own sources of fi-
nancing generated by the growth of profit from pre-
vious years and the net profit of the current period,
the Company continued to strengthen its balance
sheet position by strengthening of capital, reserves
and profit, the reducing total liabilities and net debt,
i.e. by overall strengthening of financial stability and
16ANNUAL REPORT FOR THE YEAR 2024
financial position.
9 In the reporting period, 17,770 ILRA shares
were traded, which resulted in a turnover of EUR
490,355.00, i.e. 2.33% more compared to the previ-
ous year, when it amounted to EUR 479,167.00.
10 The average share price amounted to EUR 27.66,
representing an increase of 11.40% compared to the
previous business year, when the average share price
amounted to EUR 24.83. The last price of the share in
the reporting period amounted to EUR 30.00, increas-
ing by 16.28%, which in turn means the proportional
increase in market capitalisation, expressed as the
product of the number of shares and the last price
achieved, i.e. it amounted to EUR 72,404,640.00, i.e.
EUR 10,136,649.60 more compared to 2023, when it
amounted to EUR 62,267,990.40.
11 In 2024, the Company acquired 10,450 own shares
based on the authorisation of the General Assem-
bly issued on 26 February 2019, i.e. the Resolution
on granting the Company's Management Board the
authority to acquire own shares, adopted at the Gen-
eral Assembly on 26 April 2024. Following the afore-
mentioned acquisition, as at 31/12/2024 the Compa-
ny holds 15,493 own shares, constituting 0.64% of
the share capital.
12 The General Assembly of the Company, held on 26
April 2024, took note of the Company’s Annual Report
for 2023 together with the Audit Report for 2023, Re-
port of the Supervisory Board on the Performed Su-
pervision of the Company’s Operations for 2023, and
the Management Board’ Report on the Acquisition of
Own Shares in 2023. The General Assembly adopted
the Decision on the Approval of the 2023 Report on
the Remuneration of Management Board and Super-
visory Board Members, the Decision on Granting Dis-
charge to the Company’s Management Board for the
financial year 2023, Decision on Granting Discharge to
the Members of the Supervisory Board for the finan-
cial year 2023, Decision on Granting Authority to the
Management Board for the Acquisition of Own Shares,
Decision on Confirmation of the Previously Approved
Policy on the Income of the Management Board Mem-
bers and the Decision on the Appointment of the au-
thorised auditing company ”UHY RUDAN d.o.o.“, Ilica
213, Zagreb, PIN: 717995390000 for 2024.
Also, the Decision on the Use of Company Profit for
the 2023 Financial Year was adopted at the General As-
sembly, according to which the achieved net profit in
the 2023 financial year (after tax) in the amount of EUR
3,279,530.22, is distributed as follows:
• EUR 1,593,618.72 into the retained profit, and
• EUR 1,685,911.50 for dividend distribution.
The dividend per share amounts to EUR 0.70.
13 Pursuant to the Decision of the General Assem-
bly on the Use of Profit, the Company paid to the
shareholders a dividend in the total amount of EUR
1,685,911.50, i.e. EUR 0.70 per share. The amount of
the dividend paid in 2024 was 27%, i.e. EUR 362,203.40
higher compared to the dividend paid in 2023, which
amounted to EUR 1,323,708.10, and it amounted to a
dividend yield of 2.7%.
14 At the meeting held on 16 September 2024, in order
to harmonise the term of office of its members, the Su-
pervisory Board adopted a decision on the recall and
re-election of all members of the Supervisory Board
and established a proposal for a call with an agenda for
convening an extraordinary General Assembly of the
Company, which was convened for 25 October 2024.
On 25 October 2024, an extraordinary General Assem-
bly of Ilirija d.d. was held, at which, in order to harmo-
nise the Supervisory Board members’ term of office,
KEY INFORMATION
17ANNUAL REPORT FOR THE YEAR 2024
a resolution was adopted to recall and re-elect the
existing members of the Supervisory Board. Elected
members of the Supervisory Board of Ilirija d.d. are as
follows: Mr Goran Medić, Mr David Anthony Tudorović,
Mr Davor Tudorović, Mr Siniša Petrović and Mr Darko
Prebežac. The term of office of the newly elected mem-
bers of the Supervisory Board of the Company shall be
4 (four) years.
At the constituent meeting of the Supervisory Board
of Ilirija d.d. held on 25 October 2024, Mr Goran Medić
was elected as the Chairman of the Supervisory Board,
and Mr David Anthony Tudorović was elected as the
Deputy Chairman of the Board, David Anthony Tudor-
ović.
15 Investments in the reporting period amounted to
EUR 1,593,127.52 and mostly referred to the camping
sector, the destination management company Ilirija
Travel, the hotel sector and the real estate sector, with
the aim of further improving the quality and standard
of service.
The investments into the camping sector include in-
vestments in the reconstruction of the internal roads
in the third zone, the reconstruction and installation
KEY INFORMATION
of additional LED lighting within the entire campsite,
the development of special locations for waste dis-
posal, additional investments in improving the quality
of campsite accommodation and further landscap-
ing work in the campsite up to the level of a camp-
site-park. In the destination management company,
the investments were related to the improvement of
the quality of the existing service and content, as well
as the increase of catering capacities for the purpose
of further development of the year-round offer. Fur-
thermore, with regard to the hotel sector, investments
were made in the redecoration and additional furnish-
ment of the restaurant of Hotel Kornati****, as well
as in the improvement of the quality of accommoda-
tion in Hotel Ilirija **** and Hotel Adriatic***. In the
real estate sector, i.e. the City Galleria Business and
Shopping Centre, the investments were related to the
relocation and adaptation of public sanitary facilities
on the second floor of the Centre and the complete
refurbishment and adaptation of the main communi-
cation corridor.
18ANNUAL REPORT FOR THE YEAR 2024
1 ABOUT ILIRIJA D.D.
1.1 BASIC INFORMATION
1 ABOUT ILIRIJA
ILIRIJA d.d. is a public joint stock company registered
for hospitality and tourism with registered office in
Biograd na Moru, Tina Ujevića 7, that has been active
in the Croatian tourist market for over 67 years. The
business operations of ILIRIJA d.d. is based on the prin-
ciples of corporate social responsibility as an integral
part its corporate values.
In its business operations, the Management Com-
pany applies the Code of Corporate Governance of
the Zagreb Stock Exchange and HANFA. The data on
the operations are public and transparent, and at all
times available to all national, financial and other in-
stitutions, shareholders, banking institutions, funds,
associations, business partners, institutional, individu-
al and other investors in the regulated capital market
in the Republic of Croatia. In its business operations,
the Company covers all key segments of the Adriat-
ic Mediterranean tourism offer that is: hotel sector
(hotels: Ilirija****, Kornati****, Adriatic***, Villa Do-
nat****/***), nautical sector (Marina Kornati and
Hotel port Ilirija-Kornati), camping (campsite „Park
Soline“****), hospitality (restaurant “Marina Kornati”,
restaurant “Park Soline”, Beach bar “Donat”, “Laven-
der” lounge bar), destination management compa-
ny/DMC Ilirija Travel (Arsenal in Zadar, Villa Primorje
****, diffuse hotel Ražnjevića dvori AD 1307, event
boat “Nada”), sports-recreational and entertainment
center (Tennis center Ilirija with 20 tennis courts and
Aquatic center with hospitality facilities), and since the
month of December 2016, the Company’s portfolio in-
cludes the Commercial-Shopping Center City Galleria
in Zadar with more than 28.500m
2
gross area in total
six floors and total 9.445,32m
2
net rented floor area.
Its business is based on providing services by using its
capacities (hotels, nautics, camping) at the same time
providing additional amenities and services, thus creat-
ing a high-quality integrated and complementary tour-
ism product in the domestic and international tourism
market, presented under the brand Ilirija Travel. Des-
tination management company was established as a
result of the modern tourism demand, conditioned by
the technological, social, market factors and trends of
ever more demanding customer or market.
19ANNUAL REPORT FOR THE YEAR 2024
1.2 CHRONOLOGICAL OVERVIEW
1.2 CHRONOLOGICAL
OVERVIEW OF THE
COMPANY’S DEVELOPMENT
Year 1957 | The Company was incorporated and domiciled in Biograd na Moru, where it operates today, although
the beginnings of the company date back to 1934 when the first hotel called ILIRIJA in Biograd na Moru was built.
These are also the first beginnings of organized tourism not only in Biograd but also in the entire Biograd Riviera,
by which the Company becomes the pioneer and the leader of all tourism activities in the Biograd region.
Years 1969-1972 | The construction of new hotel facilities (Hotel Kornati**** and Hotel Adriatic***), the overall
reconstruction and construction of hotels Ilirija**** and building an annex to the hotel Villa Donat ****/*** in
Sv. Filip and Jakov.
Year 1976 | Start of construction of the first nautical tourism port in Croatia, according to the first building per-
mit in the Republic of Croatia for the construction of the first nautical port issued by the former Municipality
of Biograd na Moru, number: UP/I-03-4-318/1977 as of 10th March 1977, Hotel port Ilirija-Kornati, situated in
Biograd na Moru, with a total of 100 berths and the purchase the first charter fleet of 40 vessels, by which the
Company became a pioneer of development of the nautical tourism.
Year 1986 | Extended nautical capacities of the Company by constructing the nautical tourism Port Marina Ko-
rnati, located in Biograd na Moru, with total port area (aquatorium) of 131.600 m
2
with a total capacity of 705
berths on land and sea. Today, Marina Kornati is among the Top 3 Croatian marinas according to the number of
berths, technical equipment, quality of service, cleanliness and neatness.
Year 1988 | The construction of Tennis center, located in a pinewood Soline right next to the old town center Bi-
ograd na Moru (400m from the hotel, 150m from the main beach), on an area of 48.000 m
2
with 20 tennis courts
(14 clay and 6 artificial grass tennis courts).
Year 1988 | The construction of Aquatic Center, that is, a beach facility as a part of a unique, technological and
20ANNUAL REPORT FOR THE YEAR 2024
1.2 CHRONOLOGICAL OVERVIEW
functional unit of the existing hotel capacities, that is basically an Olympic outdoor swimming pool with many
additional amenities, as a supplement to the existing and basic hotel amenities. Built as a swimming, beach and
sports, entertainment and hospitality facility with bleachers with the capacity of 4,000 seats and a terrace of
1.000 m
2
, whereby it represents a center for holding almost all sports, entertaining and dance events in the City
Biograd na Moru.
Year 1989 | Construction of an annex to the hotel Kornati**** and administrative building of the Company.
Year 1991-1992 | Completion of the remaining part of the port area, i.e. the capacities of the Port of Nautical
Tourism Marina Kornati, by building docks in the southern and western aquatorium.
Year 1993 | The Croatian Privatization Fund, makes a decision on the transformation of HTP Ilirija into a joint
stock company.
Year 1999 | The Company was privatized and is in major ownership of the company Arsenal Holdings d.o.o. from
Zadar, which is in major ownership of Mr. Davor Tudorović.
Year 1999 | The Company starts boat show organized as Spring Open Days, mainly intended for companies that
operate in the marina, as the first such event in North Dalmatia. Wishing for Biograd na Moru, to be top nauti-
cal event, at which all sectors of the boating and charter business will be presented in a short period, the Open
Days grew into a boat event - Biograd Boat Show. Since 2004 Biograd Boat Show has been organized as the first
autumn boat show in Croatia.
Year 2000 - 2024 | During this period, i.e. as at 31 December 2024, the Company invested EUR 92,762,435.31 in
21ANNUAL REPORT FOR THE YEAR 2024
1.2 CHRONOLOGICAL OVERVIEW
construction, reconstruction, extension, upgrading, renovation and adaptation of accommodation facilities and
establishments of the Company in order to enhance the quality, improve the overall service and standards in all
sectors of the Company, develop new products, improve and increase the categorization of the accommodation
facilities and nautical capacities, expand hospitality facilities with an aim to create a high-quality, recognizable
and competitive tourism product and enhance the quality of the offer of the destination itself together with
the purchase of the City Galleria Business and Shopping Centre, which resulted in a growth in total revenue and
newly created value in the mentioned period in the amount of EUR 182,869,201.93.
Year 2002 | The National Audit Office carried out the audit of transformation and privatization of ILIRIJA d.d. and
issued an unqualified opinion on the transformation and privatization in full, with an emphasis that the process
was carried out in accordance with the legislation and that no irregularities were determined that would affect
the legal implementation of the process of transformation and privatization.
Year 2003 | The Company’s shares were listed on the Zagreb Stock Exchange in the quotation of public joint stock
companies.
Year 2005 | As part of the Company’s business system, the multimedia center Arsenal in Zadar, built in the 17th
century at the time of the Venetian Republic, following the completion of the revitalization and renewal accord-
ing to the concept of “indoor town square,” began conducting business activities.
Year 2009 | The Company’s shares are listed on the Regular market of the Zagreb Stock Exchange, since the quo-
tation of public joint stock companies was cancelled.
Year 2014 | The market was presented the event ship “Nada” a floating convention center with multifunctional
22ANNUAL REPORT FOR THE YEAR 2024
1.2 CHRONOLOGICAL OVERVIEW
purposes 36m in length and a capacity to accommodate 180 persons.
Year 2014 | As a part of the Company’s business system, the first Croatian diffuse hotel Ražnjevića dvori AD 1307
was opened.
Year 2015 | Renovated Villa Primorje****, built in the second half of the 19th century, luxuriously decorated and
equipped in line with the latest standards for facilities of its kind and category, has its own restaurant that offers
the possibility of organizing a number of events.
Year 2015 | Recapitalization of the Company by Allianz ZB d.o.o., the compulsory pension fund management
company, with headquarters in Zagreb, which has acquired 10% equity share in the ownership of the company.
Year 2015 | The Company’s shares are transferred from the Regular to the Official market of Zagreb Stock Ex-
change which will contribute to even greater transparency and openness of the company to all of its stakehold-
ers.
Year 2016 | The second recapitalization of the Company was successfully carried out in the month of November
through which the share capital was increased by contributions in cash and by issuing New ordinary shares of the
Company through public offering. The main purpose of the recapitalization is to raise funds for the acquisition of
the Commercial-Shopping Center City Galleria in Zadar.
Year 2016 | On 19 December 2016, having acquired the Commercial-Shopping Center City Galleria in Zadar, the
Company successfully completed and carried out the process of acquisition or buying of the real property which
created a company with a wide range of economic activities, where in addition to tourism and hospitality sector
consisting of hotel sector, nautics, camping and destination management as core business activities, the Compa-
23ANNUAL REPORT FOR THE YEAR 2024
ny partly enters the real estate segment having acquired the modern Commercial-shopping center.
Years 2015 - 2017 | The investment cycle in Marina Kornati has been mainly completed by improving the quality
of the accommodation of vessels by modernizing nearly seventy percent of the superstructure and the substruc-
ture of the marina or piers, allowing thus the accommodation for a larger category of vessels, better exploitation
of the marina aquatorium, further enrichment and modernization of the offer by implementing the best existing
technical solutions which contributes to further strengthening of the market position of Marina Kornati among
the three leading ports of nautical tourism at the Adriatic Sea.
Year 2018 | The construction of the indoor swimming pool of useful surface area of approximately 500m
2
along
with accompanying facilities, thus complementing the existing tourism offer of the hotel Ilirija Resort in the des-
tination of Biograd na Moru.
1.2 CHRONOLOGICAL OVERVIEW
24ANNUAL REPORT FOR THE YEAR 2024
1.3 COMPANY’S BODIES
1.3 COMPANY’S BODIES
1.3.1 COMPANY MANAGEMENT BOARD
Goran Ražnjević, President of the Management Board represents the Company solely and independently
1.3.2 SUPERVISORY BOARD
Goran Medić, President of the Supervisory Board
David Anthony Tudorović, Deputy President of the Supervisory Board
Davor Tudorović, Member of the Supervisory Board
Siniša Petrović, Member of the Supervisory Board
Darko Prebežac, Member of the Supervisory Board
1.3.3 SHAREHOLDERS’ ASSEMBLY
25ANNUAL REPORT FOR THE YEAR 2024
1.4 AFFILIATED COMPANIES
Arsenal Holdings d.o.o., Perivoj Gospe od Zdravlja 1, Zadar, PIN: 59794687464, owns 1,429,032 shares of the com-
pany, accounting for 59.21% share in the Company's share capital, as well as for the same proportion of votes in the
company's Assembly.
The parent company Arsenal Holdings d.o.o. is registered with the Commercial Court of Zadar, CRN: 060014554; the
share capital is HRK 21,027,500.00, which corresponds to EUR 2,790,828.85, using the fixed conversion rate (7,53450).
The majority owner of Arsenal Holdings d.o.o. is Mr Davor Tudorović with a 75.25% share in its share capital, who also
holds 95,744 shares of Ilirija d.d. accounting for 3.97% of its share capital.
1.4 AFFILIATED COMPANIES
26ANNUAL REPORT FOR THE YEAR 2024
1.5 OWNERSHIP STRUCTURE OF THE
COMPANY AND TRADING IN THE
COMPANY’S SHARES AT THE ZAGREB
STOCK EXCHANGE
The share capital of the Company amounts to EUR 30,420,000.00, and it is divided into 2,413,488 no-par-value ordi-
nary shares.
As at 31 December 2024, there were no significant changes in the ownership structure, while an overview of the
major shareholders of the Company as at 31 December 2024 is provided below.
1.5 OWNERSHIP STRUCTURE
Owners - shareholders Number of shares Share in %
Arsenal Holdings d.o.o. Zadar 1,429,032 59.21
OTP banka d.d./AZ OMF of B category 328,506 13.61
Goran Ražnjević 201,120 8.33
Davor Tudorović 95,744 3.97
OTP banka d.d./AZ mandatory pension fund of A category 69,898 2.90
Zagrebačka banka d.d./AZ Profit voluntary pension fund 68,200 2.83
Goran Medić 40,000 1.66
Zoran Bogdanović 26,216 1.09
CERP/Republic of Croatia 25,342 1.05
Ilirija d.d. (treasury shares) 15,493 0.64
OTP banka d.d./Erste plavi expert - voluntary pension fund 9,726 0.40
OTP banka d.d./Erste plavi OMF of A category 8,631 0.36
Other shareholders 95,580 3.95
TOTAL 2,413,488 100.00
27ANNUAL REPORT FOR THE YEAR 2024
Arsenal Holdings d.o.o. Zadar
59.21%
OTP banka d.d./AZ OMF of B
category
13.61%
Goran Ražnjević
8.33%
Davor Tudorović
3.97%
OTP banka d.d./AZ mandatory
pension fund of A category
2.90%
Zagrebačka banka d.d./AZ Profit
voluntary pension fund
2.83%
Goran Medić
1.66%
Zoran Bogdanović
1.09%
CERP/Republic of Croatia
1.05%
Ilirija d.d. (treasury shares)
0.64%
OTP banka d.d./Erste plavi expert -
voluntary pension fund
0.40%
OTP banka d.d./Erste plavi OMF of A
category
0.36%
Other shareholders
3.95%
OWNERSHIP STRUCTURE OF THE
COMPANY AS AT 31/12/2024
1.5 OWNERSHIP STRUCTURE
28ANNUAL REPORT FOR THE YEAR 2024
TRADING IN COMPANY’S SHARES ON
THE CROATIAN CAPITAL MARKET IN
2024
(amounts in EUR) 2024 2023 % of change
Total turnover 490,355.00 € 479,167.00 € 2.33%
Average share price 27.66 € 24.83 € 11.40%
Average turnover per transaction 3,771.96 € 7,371.80 € -48.83%
Average daily turnover 6,368.25 € 16,523.00 € -61.46%
Last share price 30.00 € 25.80 € 16.28%
Market capitalization* 72,404,640.00 € 62,267,990.40 € 16.28%
Market capitalization** 66,757,078.08 € 59,926,907.04 € 11.40%
Number of shares: 2,413,488 2,413,488
1.5 OWNERSHIP STRUCTURE
*indicated by the methodology of calculation according to the last share price multiplied with number of shares
** indicated by the methodology of calculation according to the average share price multiplied with number of shares
In the business year 2024, the Company's share designated as ILRA was traded in the amount of EUR 490,355.00,
constituting an increase by 2.33% compared to 2023, when trading amounted to EUR 479,167.00. Average turnover
per transaction amounts to EUR 3,771.96, with average daily turnover amounting to EUR 6,368.25.
A total of 17,730 shares were traded at an average realised share price of EUR 27.66, representing an increase of
11.40% compared to the average share price for 2023, which amounted to EUR 24.83. Compared to the price at the
beginning of the business year, when it amounted to EUR 25.00, at the end of the year it increased by 20%, i.e. to
the amount of EUR 30.00. Also, the last share price was EUR 30.00, representing an increase of 16.28% compared to
the last share price in 2023, which amounted to EUR 25.80. In proportion to the increase in the last share price, the
market capitalization of the Company also increased, which, expressed by the last share price in the observed period,
amounted to EUR 72,404,640.00, compared to EUR 62,267,990.40 in the previous year, recoding an increase of EUR
10,136,649.60.
29ANNUAL REPORT FOR THE YEAR 2024
The movement of the ILRA share with the shown volume of trading and a comparison with CROBEX and CROBEXturist indices
movements is shown in the following graph
1.5 OWNERSHIP STRUCTURE
Last
Amount
Comparison (ILRA, CROBEX:INDX, CROBEXturist:INDX)
30ANNUAL REPORT FOR THE YEAR 2024
1.6 COMPANY BUSINESS MODEL
1.6 BUSINESS MODEL
The Company has been present on the domestic and inter-
national tourism markets for over six decades and in 2016,
with the acquisition of the City Galleria Business and Shop-
ping Centre, it became a company with a wide range of ac-
tivities, the portfolio of which is composed of 5 sectors:
• Hotel sector – 4 hotels, 435 rooms, 910 beds
• Nautics – 805 berths, 2,000 persons
• Camping – 1,130 pitches, 3,390 persons
• Destination management company/DMC Ilirija Travel –
through which 295 special events for 40,424 persons were
organised in 2024
• Real-estate segment – City Galleria Business and Shopping
Centre in Zadar, one of the two largest shopping centres in
the wider Zadar region
ILIRIJA d.d. is one of few tourism companies in the Republic
of Croatia with such a diverse offer that includes all the seg-
ments of the Adriatic or Mediterranean tourism offer in its
portfolio (hotel, nautical and camping sectors), additionally
strengthened by the destination management company Il-
irija Travel and the real-estate sector. With regards to such a
diverse portfolio, it is worth noting that the Company man-
ages all business processes (management and operations)
within the sector or facility.
Diverse tourism and real-estate portfolios are based on the
resources of the region and on a continuous investment
in the improvement of the existing contents and products
as well as the development of new ones, which is also the
foundation of the Company’s business and development
policy. The presence on the market spanning more than
six decades as well as knowledge and experience gained,
enable the Company to maximize its economic, financial,
market and human resources potential. By developing a
complementary and integrated product through the des-
tination management company, the Company strives for
achieving one of its strategic goals – year-round business
operations of its tourism sectors, with an emphasis on the
hotel and camping sectors, through high-standard exten-
sion of the high season to pre-season and post-season and
creating added value for both the Company and the desti-
nation, or the wider community. Through the destination
management company, the Company also contributes to
the development and recognizability of the destination by
organizing events and by offering contents and programs it
organises in its own facilities.
31ANNUAL REPORT FOR THE YEAR 2024
1.7 BRANDS OF THE COMPANY
1.7 BRANDS OF THE COMPANY
32ANNUAL REPORT FOR THE YEAR 2024
1.8 QUALITY - STANDARDS AND CERTIFICATES
1.8 QUALITY - STANDARDS AND
CERTIFICATES
High quality and standards of services, their continu-
ous improvement and enhancement, care for the safe-
ty and health of guests and employees, meeting cus-
tomer needs and expectations, competitiveness and
sustainability of products, continuous improvement of
operational processes and continuous employee edu-
cation, environmental protection and preservation of
biodiversity are the main directions of the Company
and they are achieved through the implementation of
domestic and international standards into its opera-
tions:
The Company implemented an integrated environ-
mental and quality management system under the ISO
9001:2015 (quality management) and ISO 14001:2015
(environmental management) standards, by which it
focuses on the continued improvement of processes
connected to the service quality and standards en-
hancement, the enhancement of operational and man-
agement processes, at the same time connected to the
environmental management system. By implementing
the integrated Environmental and Quality Policy, the
Company confirms its main focus on long-term busi-
ness stability based on responsible and sustainable
business operations. During 2024, a regular control au-
dit was performed as part of the quality management
system ISO 9001:2015 and the environmental manage-
ment system ISO 14001:2015.
Moreover, the international certification company SGS
Adriatica d.o.o. conducted its regular audit of the HAC-
CP Codex Alimentarius system, which confirmed that
the Company, at the level of all its sectors in the area of
food and beverage services, carries out a high degree
of control during the process of production and distri-
bution of food products.
The Company uses “green” electricity and holds a Zel-
En certificate guaranteeing that the electricity we use
comes from renewable sources.
The “Park Soline” campsite is the holder of the interna-
tional Green Key certificate, attesting to the fulfilment
of all criteria for the award of this eco-label in the field
of sustainable development and environmental pro-
tection.
Following a successful audit in September 2015, the
"Park Soline" campsite was awarded the internation-
al "Ecocamping” certificate. With our membership in
the Ecocamping Network, consisting of more than 240
camps from seven European countries, the Company
continues to commit itself to promoting ecology, sus-
33ANNUAL REPORT FOR THE YEAR 2024
tainable development and socially responsible busi-
ness even further, with particular emphasis on efficient
energy management (water, electricity), waste sorting
and recycling, preservation of nature and biodiversity,
etc.
Marina Kornati is the holder of the Blue Flag, i.e. par-
ticipates in the international ecological programme
for the protection of the sea and coastal environment,
whose primary objective is sustainable control and
management of the sea and the coastline.
The “Company – Friend of Health” certificate was
awarded to Ilirija in 2018 by the Croatian Institute of
Public Health, with the aim of promoting health in the
workplace and working environment, enabling the em-
ployees to adopt healthy lifestyle habits and showing
concern for the health of employees.
1.8 QUALITY - STANDARDS AND CERTIFICATES
34ANNUAL REPORT FOR THE YEAR 2024
1.9 AWARDS AND
ACKNOWLEDGEMENTS
1.9 AWARDS AND ACKNOWLEDGEMENTS
ILIRIJA d.d. received the 2024 Annual Award of the
Town of Biograd na Moru for its outstanding contri-
bution to the development of tourism in the town of
Biograd na Moru as the destination’s largest tourism
company which, through its work and dedication,
made Biograd na Moru a recognisable tourist desti-
nation, as well as for its dedication to service quality,
innovation, preservation of local culture and tradition
and, in general, the entirety of its contributions in the
field of economy, tourism and the development of the
town of Biograd na Moru, in which the company has
operated without interruption for 67 years.