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Board of directors` report
SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR
Group turnover, profit and investments
The group turnover during the financial year 1.10.2013 – acquired the shares of Saimaan Palvelukiinteistöt Oy.
30.9.2014 was €123.9 million, and the profit after taxes
was €2.1 million. In September 2014 the parent company Holiday Club
Resorts Oy sold the shares of Koy Katinkulma.
Investments during the financial year totalled to €26.0
million (investments in fixed assets €5.4 million, invest- During the financial year, Koy Jalomella, Koy Outapalas and
ments in timeshare inventories €7.6 million and invest- Koy Ulkuvuoma, were taken into group’s consolidated ac-
ments in villas apartments €13.0 million). The most sig- counts. These companies lease land areas in Saariselkä.
nificant of the investments in fixed assets was the invest-
ment of €2.5 million in Angry Birds Park in the Canary Financing arrangements
Islands. The largest of the timeshare investments were
the construction of Saimaanranta 2 and 3 apartments, During the financial year, the parent company Holiday
€3.9 million, and the acquisition of Nilikuru apartments at Club Resorts Oy withdrew senior loans of €8.0 million
Saariselkä at €1.2 million. Holiday Club Villas investments for investments in fixed assets and inventories. The sub-
concentrated mainly on Katinkulta resort: investments in sidiary Holiday Club Sales & Marketing SLU withdrew a
Katinkulta €9.5 million and other resorts €3.5 million. senior loan of €1.0 m for building the Angry Birds Park.
Repayments of the group’s senior loans during the finan-
Significant changes in the group structure cial year totalled €11.0 million, of which the parent com-
and its business pany’s share was €10.2 million.
Early on in the financial year, Koy Rauhan Ranta 5 sold As authorised by the Extraordinary General Meeting of
part of its land properties to Koy Saimaan Kuu 1 and Koy Holiday Club Resorts Oy on 18 June 2014, the board meet-
Saimaan Kuu 2, which were established during the fi- ing of 4 August 2014 decided to increase share capi-
nancial year. Part of the land property was still left in Koy tal through a directed issue. The board decided to offer
Rauhan Ranta 5. All three companies were sold during the a maximum of 150,000 new shares in the company at a
financial year: Koy Saimaan Kuu 1 in November 2013, Koy nominal value of €3.00 per share. The subscription price
Rauhan ranta 5 and Koy Saimaan Kuu 2 in December 2013. of the shares was €20.00 per share, of which €3.00 per
share was transferred to the company’s share capital and
In November 2013 the parent company Holiday Club €17.00 to reserve for invested non-restricted equity. The
Resorts Oy purchased more shares in Heinon Tukku directed issue was participated in by Covington S.A.R.L.,
Saimaa Oy, increasing its ownership to 49%. In addition, which is part of the Mahindra & Mahindra group of India.
Saimaa Adventures was founded in November 2013 as an The decision on the directed issue was made to develop
associated company, the ownership being 30%. the company’s business, to strengthen the capital struc-
ture and to expand the ownership base.
In December 2013 the subsidiary Holiday Club Sweden AB
sold its shares in the associated company Leisure Land Assessment of probable future development
Development.
The aim of the company in the coming years is to main-
In June 2014 the parent company Holiday Club Resorts Oy tain the profitability of timeshare and villas businesses on
Holiday Club Resorts Oy Annual Report 2013–2014 11
