Montenegro, The total loss of Adriatic marinas company amounted to EUR 90.1 million, News
The total loss of Adriatic marinas, which manages Porto Montenegro, amounted to 90.1 million euros at the end of last year, while long-term and short-term liabilities and provisions amounted to 101.3 million euros, which is a total of 191.4 million euros, according to data from financial statements of the company based in Tivat. The amount of 191.4 million is significantly higher than the basic capital of the company, which is 138.1 million, and fixed assets, which are estimated at 153.5 million. A positive thing in business in 2022 is a record revenue of 47.4 million and for the first time multi-million positive business in one calendar year. According to the financial statements submitted to the Revenue and Customs Administration (UPC), Adriatic marinas had a profit of 3.6 million euros last year.
According to the Central Register of Business Entities, the owner of Adriatic Marines is “PM holdings one person company”, while the State Investment Fund of Dubai (ICD) stands behind that company. In 2016, they took over the company and the Porto Montenegro project from Canadian businessman Peter Munk, who has since passed away. At first it was speculated that Porto Montenegro was taken over for 800 million, while later the figure of 210 million was mentioned. However, to this day, that figure has remained a trade secret.
A positive result in 2022 of 3.6 million euros led to a reduction of the total loss from 94.6 to 90.9 million euros. Long-term provisions and liabilities amounted to 82.4 million euros at the end of last year, of which 19.9 million euros were related to loans. Long-term placements and receivables were over 10 million euros.
When it comes to short-term provisions and liabilities, they amounted to 18.9 million euros, of which 11.8 million euros related to short-term loans from credit institutions. Short-term receivables amounted to 3.7 million.
The agreement on the sale, purchase and investment in the former property of the mtrz “Sava Kovačević Tivat” and the army home Tivat was signed at the end of 2006. It was signed on behalf of Montenegro by the premier Milo Đukanović and by Peter Mank on behalf of adriatic marinas
Compared to last year, fixed assets increased by 7.5 million and were estimated at 153.5 million euros. 142.9 million refers to real estate, assets and equipment. Land and buildings are valued at 36.7 million, assets and equipment at over seven million, and other built-in equipment, tools and equipment at 98.7 million.
The company’s capital at the end of last year was 58.76 million euros, which is an increase of 3.6 million euros compared to 2021.
The assets and liabilities of Adriatic marinas, whose executive director is David Margason, amounted to 168.5 million euros. The financial statements were signed by Margason, and according to them, the owners of Porto Montenegro had 6.6 million cash in their accounts at the end of last year, which is three times more than at the end of 2021.
Losses have been in a row since 2013
Financial statements from 2013 are available on the website of the Revenue and Customs Administration. Since then, and ending in 2021, Adriatic marinas has suffered losses that reached 12.7 million euros.
For the year 2021, a report was first published, according to which the company was in the red by 13.9 million, which is the highest since 2013, and shortly after that, a consolidated financial statement was published, according to which the company was in a surplus of over 40 thousand euros. Revenues were also changed for 2021 from 33.5 million to 41.5 million euros.
The contract on the sale, purchase and investment in the then property of the MTRZ “Sava Kovačević Tivat” and the Tivat Army Home was signed at the end of 2006. It was signed by then Prime Minister Milo Đukanović on behalf of Montenegro, and by Peter Munk on behalf of Adriatic Marinas. It was then announced that the property was purchased for 3.3 million, with a commitment of 15.1 million for the social program and investments of 100 million over the next four years.
A few years later, an article appeared in Toronto Life in which it was stated that Porto Montenegro was bought for 155 million euros, after which the story about the price for which the Tivat marina, or former military property, was bought was opened. After “Dan” then transmitted the writing of Toronto Life, the media checked whether Porto Montenegro was bought for 155 or 3.3 million euros, and later Adriatic Marinas stated that it was bought for 23.3 million. Even the tender commission came out with a different figure and in the end it was not clarified at what price the property was purchased, and none of the competent authorities checked it, so we are still deprived of information about the price at which the military property was sold.
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