engleski

Financial position and performance of listed hotels in times of pandemic - case of Croatia

International tourism was severely affected by the ongoing pandemic, leaving perhaps lasting consequences for many participants that are directly and indirectly related to tourism. Some of the consequences are visible today, such as uncertainty, lower spending, travel restrictions, jobs at risk, companies operating at the loss, etc. However, the real question is how long the current conditions will last and if the habits of people are going to change when it comes to travel and tourism. The answers to these questions are especially important to smaller countries that are depending on tourism. This is the case with Croatia, which is too small to rely on domestic tourists to save the season in times were foreign visits decline. The decline in tourist arrivals and nights affects a whole network of participants in tourist activities, such as trade, caterers, accommodation, agriculture, transport, sport and culture, etc. Accommodation facilities are certainly among the most affected and are therefore in the primary focus of our paper. The goals of the paper are: 1) to systematize the main characteristics of tourism in Croatia in order to recognize positive and negative aspects, 2) to explore the extent the global tourism has been affected by the pandemic and compare is to the situation in Croatia, 3) to investigate the decline in accommodation facilities in Croatia, primarily hotels, 4) to analyse financial statements of listed hotels in Croatia in order to conclude how the pandemic influenced their financial position and performance. In the theoretical part of the paper, we summarized the results of the previous research, which helped us to correctly interpret the results of the empirical research and draw conclusions. Using instruments of financial statements analysis, we found out that every aspect of hotels' business has been negatively affected by the pandemic, lowering their liquidity, activity, and profitability, and increasing indebtedness. However, the positive aspect is that most of the hotels were financially stable at the beginning of the pandemic. Combined with the economic support provided by the government and creditors, and hotels' own risk management policies, it helped them survive the atypical 2020, but leaving them vulnerable in case the same trend continues in 2021.

tourism ; Croatia ; hotels ; financial position ; financial performance

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