Valamar Riviera, a joint-stock company based in Poreč, Stancija Kaligari 1, and the leading Croatian hospitality company that manages hotels, resorts and camping resorts in famous tourist destinations – in Istria, on the islands of Krk, Rab and Hvar, in Makarska and Dubrovnik, and in Obertauern in Austria.
Valamar's 37 hotels and resorts and 15 camping resorts with a capacity of about 21 thousand accommodation units, can accommodate around 58,000 guests daily and provide perfect holidays and authentic experiences. The Company believes in a growth-driving strategy focused on investments in high added-value products, talents, innovative services and destination development.
Steered by sustainability and social responsibility, Valamar leads the innovative management of leisure tourism and creates new value for guests, employees, shareholders and local communities in partnership with its destinations. One of the cornerstones of Valamar's success is its long-standing open communication with key stakeholders. Hence, Valamar has adopted policies that ensure the company's leadership position in the Croatian hospitality industry in terms of service quality, guest satisfaction, the needs and interests of employees, the company and local community, as well as environmental protection and resource management.
Valamar Riviera d.d. is proud of its management knowledge in tourism and has concluded long-term management contracts with several hospitality companies (Imperial Riviera, Helios Faros and Valamar A), where it also holds minority ownership positions. In 2022, Valamar's consolidated operating income amounted to EUR 325 million, and the number of total employees of the Group in the summer months almost reached 7,500 (of which 2,400 permanent). With EUR 850 million invested in the last 19 years, Valamar is one of the leading Croatian and regional investors in tourism.
Reasons and objectives for stock exchange listing
Valamar Riviera d.d. shares were listed on the Official Market of the Zagreb Stock Exchange on December 17th, 2014. The achieved benefits for shareholders and the Company are manifold. Shareholders have been given the opportunity to market value their assets transparently with a significant improvement in liquidity and reduction of transaction costs. The shareholder structure itself is diversified and internationalized.
In addition to the positive impact on the Company's image, Valamar Riviera also gained a new possibility of financing, i.e. raising new capital through the Stock Exchange. The listing also enabled significant direct investments in the Company by pension funds - Valamar's yearlong recognizable strategic partners. The pension funds' entry into Valamar's and related companies' ownership structure has contributed to business growth and new significant investments in accommodation properties and innovative services.
In 2019, Valamar moved to the Prime Market segment, which further enhanced transparency levels and the adoption of the best corporate governance principles. The Company rewards management and employees with its own shares, which has an inviting effect on their motivation and the Company's results.
Valamar Riviera is a multi-award-winning share in several categories and is always at the very top of liquidity on the Zagreb Stock Exchange. The Company has over 20,000 shareholders, transparent and regular communication with the investment community and a stable dividend. At the end of August 2023, the market capitalization of the Company amounted to over EUR 540 million.
Valamar's sustainability mission is to achieve carbon neutrality in the first and second scope by 2025 and to invest EUR 50 million in destinations and social impact. Valamar sustainability strategy focuses on six strategic initiatives to achieve the ESG targets by 2025 and position Valamar as a sustainability leader among European hotel and tourism companies. The ESG strategy includes Valamar's entire value chain from suppliers, employees and operations to guests and destinations. Valamar is committed to sustainable use of natural resources and a positive impact on the destinations and society in which it operates.
In the period from 2015 to 2022, Valamar reduced its carbon footprint by 70%, and in 2025 it plans to become a carbon neutral company in the first and second scope. The achieved results were also noticed at the global level, and the Financial Times recognized Valamar as one of the climate leaders in Europe in 2022.
Reducing greenhouse gas emissions is one of the 12 ESG goals defined by the ESG strategy. Valamar continuously reduce its carbon footprint by replacing fossil fuels with electricity from renewable sources, installing heat pumps and other energy efficiency measures. By building photovoltaic power plants on tourist facilities in cooperation with E.ON, it is covered 6% of Valamar's total electricity needs. Valamar measured emissions of the scope 3 for 2022 and defined measures to achieve carbon neutrality in scopes 1 and 2 by 2025.
Valamar, which celebrates its 70th anniversary this year, supports the local communities in which it operates with numerous humanitarian actions and donations, and invests in employees, products, destinations and the local community in a socially responsible and sustainable manner. Valamar has joined the UN Global Compact, the world's largest initiative for sustainable development and corporate sustainability, which has more than 15,000 members in 162 countries and 69 local networks around the world.