Plantaže is one of the most valuable state-owned companies with fixed assets over € 400 million

Press release

At the meeting of  February 28, 2022, Board of Directors of the company ’13. Jul-Plantaže’ has adopted the Report on the Evaluation of the Fixed Assets, conducted by one of four most prominent auditing companies in the world – Ernst&Young. Based on their report, Plantaže fixed assets has been evaluated to be over € 400 million, on the December 31, 2021.

The adopted report indicates the value, multi times higher than the value currently stated in the business books of the company. The last official evaluation of  Plantaže fixed assets was conducted in 1992 during hyperinflation, while the fixed assets of the company valued over € 72 million, at the end of 2020.

’Plantaže is the company that owns a big and valuable property. By adopting this Report, the owners of the company have a clear and objective picture of the value of the fixed assets of the company which has been higher multi times than the value, currently stated in the business books, confirming undoubtedly that ’13. Jul-Plantaže’ company is one of the most valuable or the most valuable company in Montenegro. Based on balance sheets in 2021, the assets from 2021 will be higher multi times than at the end of 2020. Capitalisation of the company shall be considerably higher with smaller debt ratio related to the total assets’, points out  chairman of the Board of Directors , Nebojša Vuksanović.

In the Report on the Evaluation of the Fixed Assets , the subject of the evaluation was the land, which is situated at seven locations in Montenegro, as well as building facilities, multi annual plantations and equipment.  Based on this Report, the company owns the land, covering total surface of 40.815.714 square meters, the value of which has been evaluated at the amount of €339.621.651 (the area of 38.637.088 square meters relates to the area of agricultural land, 2.064.053 square meters  relates to building sites, 114,573 square meters  is classified as other land). Multi – annual vineyards and orchards have spread  on the area of 23.527.438 square meters  and their total assessed value amounts to € 20.703.519. The building facilities of different purposes in the ownership of the company have been spread on the area of 240.781 square meters  and their value amounts to € 28.447.818, while the plants and equipment of the company have been assessed at € 16.535.000.

The management of the company Plantaže points out , as a very important fact, that , by this Report, a large part of the land, titled to the company ’13. Jul-Plantaže’ in the Title Deeds , has only now been entered in the balance sheets at the area of cc 900 ha (cc 9 million square meters). In comparison to the previous period, this is a difference which modifies considerably the value of the fixed assets of Plantaže which shall be managed responsibly and cost-efficiently, particularly in the interest of the company.

Evaluation of the fair value of the property of the company ’13. Jul-Plantaže’ has been conducted in compliance with the International Financial Reporting Standards: International Financial reporting Standard 13 and International Accounting Standard 16 (IAS 16).