Aranđelovački Mineral Spa Retreat — Investiciona prilika / Investment Opportunity

Executive Summary

Gotova imovina, dokazan resurs, formirano tržišteReady asset, proven resource, established market

Prilika za razvoj kamernog (boutique) zdravstveno-wellness kompleksa na postojećem, konstruktivno solidnom objektu od 624 m², na placu od 45 ari sa tri bunara i sopstvenom mineralnom vodom koja po balneološkoj klasifikaciji pripada lekovitim vodama. Lokacija je svega 10 km od Bukovičke banje — tržišta banjskog i medicinskog turizma koje postoji od 1811. godine.An opportunity to develop a boutique health & wellness complex on an existing, structurally sound 624 m² building, on a 45-are (4,500 m²) plot with three wells and our own mineral water, classified balneologically as therapeutic water. The location is just 10 km from Bukovička Banja — a spa and medical tourism market established in 1811.

624 m²

Korisna površina objekta (Pr 308,52 + Sprat 315,83)Usable floor area (Ground 308.52 + Floor 315.83)

2,5 L/s

Overene rezerve izvorišta mineralne vodeCertified mineral water reserves

~690.000 €

Kapital partnera, Faza 1+2 (realni scenario)Investor capital, Phase 1+2 (base case)

~5–6 god.yrs

Okvirni period povrata (realni scenario)*Indicative payback period (base case)*

①

Imovina koja se unosiAssets contributed

Vlasnik unosi objekat, zemljište, tri bunara, kompletnu projektnu i balneološku dokumentaciju i eksploataciono pravo kao svoj kapitalni udeo. Investitor unosi novac za razvoj.The owner contributes the building, land, three wells, complete project and balneological documentation, and the extraction concession as equity. The investor contributes development capital.

②

Niži rizik izgradnjeLower construction risk

Objekat je završen (2002), seizmički projektovan za VIII zonu, termoizolovan i sa liftom. Razvoj je pretežno adaptacija i opremanje — ne gradnja od nule.The building is completed (2002), seismically designed for Zone VIII, thermally insulated and elevator-equipped. Development is mostly conversion and fit-out — not ground-up construction.

③

Diferencijator koji se ne kopiraAn uncopyable differentiator

Sopstvena lekovita mineralna voda sa overenim rezervama i eksploatacionim pravom je resurs koji konkurencija ne može lako da reprodukuje.Our own therapeutic mineral water — with certified reserves and an extraction concession — is a resource competitors cannot easily replicate.

* Sve finansijske vrednosti su projekcije zasnovane na pretpostavkama navedenim u sekciji „Finansijska projekcija" i zahtevaju potvrdu kroz studiju izvodljivosti i nezavisnu procenu. Period povrata uključuje pretpostavljeni period stabilizacije poslovanja (Godina 1–2).* All financial figures are projections based on the assumptions stated in the "Financial Projection" section and require confirmation through a feasibility study and independent valuation. The payback period includes an assumed ramp-up phase (Years 1–2).

Tržišna prilikaMarket opportunity

Tražnja za wellnessom raste — ponuda je zastarelaWellness demand is rising — supply is dated

Banjski turizam u Srbiji je istorijski snažan, ali je značajan deo smeštajnog fonda zastareo i kapacitetno krut. Istovremeno raste tražnja za kamernim, dizajniranim wellness iskustvom i medicinski potkovanim programima — segment koji u okolini Aranđelovca nije pokriven na premium nivou.Serbia's spa tourism is historically strong, but a significant share of the lodging stock is outdated and capacity-rigid. At the same time, demand is growing for intimate, design-led wellness experiences with medically credible programs — a segment not currently covered at a premium level around Aranđelovac.

Šta tržište tražiWhat the market is asking for

Kamerni, personalizovani boravak umesto velikih, impersonalnih banjskih hotelaIntimate, personalised stays instead of large, impersonal spa hotels
Spoj wellnessa i verodostojnog zdravstvenog/balneo programa (autentičan resurs, ne „kozmetički" spa)A blend of wellness with a credible health / balneo programme (a genuine resource, not a "cosmetic" spa)
Vikend-bekstva iz Beograda (~80 km) i regiona — priroda, mir, zdravljeWeekend escapes from Belgrade (~80 km) and the region — nature, calm, health
Sadržaj prilagođen starijim gostima i rehabilitaciji (pristupačnost, lift)Programmes tailored for older guests and rehabilitation (accessibility, elevator)

Zašto je prilika sadaWhy now

Formirano i prepoznatljivo tržište Bukovičke banje preliva tražnju u okolinuThe established, recognised market of Bukovička Banja spills demand into the surrounding area
Domaći i regionalni „health & nature" turizam u ekspanzijiDomestic and regional "health & nature" tourism is expanding
Postojeći objekat omogućava brz ulazak na tržište uz nižu investiciju od gradnjeAn existing building enables a fast market entry at lower cost than ground-up construction
Resurs (lekovita voda) je redak u privatnom vlasništvu sa dokumentacijom činjenicaThe resource (therapeutic water) is rare in private ownership with full documentation fact

Napomena: tvrdnje o veličini i dinamici tržišta su kvalitativne procene i zahtevaju potvrdu kroz namensko tržišno istraživanje pre finansijskog zatvaranja.za due diligenceNote: statements about market size and dynamics are qualitative estimates and require confirmation through dedicated market research before financial close.due diligence

LokacijaLocation

Zašto baš ovdeWhy this location

AdresaAddressPut 1300 Kaplara 454, Progoreoci

Opština / regionMunicipality / regionAranđelovac · centralna ŠumadijaAranđelovac · central Šumadija

Koordinate objektaBuilding coordinates44.33513, 20.45296

Udaljenost od Bukovičke banjeDistance to Bukovička Banja~10 km činjenicafact

Udaljenost od BeogradaDistance to Belgrade~80 km

SaobraćajnicaRoad accessuz put Lazarevac–Aranđelovac–Topolaon the Lazarevac–Aranđelovac–Topola road

Položaj uz regionalni put, na pravcu prema Bukovičkoj banji i u dosegu beogradskog tržišta, daje projektu i protočnost (dnevni posetioci) i destinacijsku vrednost (višednevni boravak). Okruženje podno Bukulje nosi „priroda–zdravlje–mir" identitet koji je u srži brenda.The position along a regional road, on the route to Bukovička Banja and within reach of the Belgrade market, gives the project both footfall (day visitors) and destination value (multi-night stays). The setting at the foot of Bukulja carries a "nature–health–calm" identity that sits at the brand's core.

↗ Otvori lokaciju u Google MapsOpen in Google Maps

Imovina i resursiAssets & resources

Šta tačno čini ovu prilikuWhat exactly is on the table

Pr+1G+1

Spratnost · objekat povezan liftomFloors · building connected by elevator

418 m²

Gabarit u osnovi (na 2 katastarske parcele)Footprint (across 2 cadastral parcels)

45 ariares

Zemljište, nasuto kamenom 70 cmLand, filled with 70 cm of stone

Bušena bunara na placu (B-15, B-34, B-78)Drilled wells on the plot (B-15, B-34, B-78)

ObjekatBuilding činjenicafact

Korisna površina: prizemlje 308,52 m² + sprat 315,83 m² = 624,35 m²Usable area: ground floor 308.52 m² + upper floor 315.83 m² = 624.35 m²
Masivna konstrukcija (gas-beton + giter blok), AB seizmički stubovi i serklaži — stabilnost za VIII zonuMassive construction (aerated concrete + hollow blocks), reinforced-concrete seismic columns and ring beams — Zone VIII stability
Termoizolovana „demit" fasada; aluminijumska stolarija sa termopan staklomThermally insulated "demit" façade; aluminium joinery with thermopane glazing
Priključci: gradski vodovod i kanalizacija, struja, PTT; grejanje iz sopstvene kotlarniceUtilities: municipal water and sewage, electricity, telecom; heating from on-site boiler room
Sprat povezan liftom — ključno za rehabilitaciju i starije gosteUpper floor served by elevator — key for rehabilitation and older guests

Zemljište, voda i pravaLand, water & rights činjenicafact

Plac od 45 ari, nasut i spreman za radove — namenjen otvorenoj wellness zoni (termalni bazen, vrt, parter)45-are (4,500 m²) plot, filled and ready for works — earmarked for the outdoor wellness zone (thermal pool, garden, landscaping)
Tri bunara; overene rezerve izvorišta 2,5 L/sThree wells; certified source reserves of 2.5 L/s
Mineralna voda klasifikovana kao lekovita (balneološki nalaz)Mineral water classified as therapeutic (balneological report)
Eksploataciono pravo u krugu od 2 km — moguće dodatno bušenje bez novih dozvolaExtraction concession within a 2 km radius — additional wells possible without new permits
Opcija dokupa zemljišta do 3 hektara u komadu za proširenjeOption to acquire up to 3 contiguous hectares for expansion

Postojeće stanjeCurrent state

Objekat danasThe building today

Objekat je izgrađen 2002. i ranije je korišćen kao poslovno-proizvodni objekat (proizvodnja dečje garderobe). Posledica je dragocena za konverziju: čvrsta konstrukcija, velike svetle prostorije, završeni mokri čvorovi i instalacije, te logična podela na prizemnu „halu" (budući wellness) i sprat (budući apartmani).The building was completed in 2002 and was previously used as a business/production facility (children's apparel manufacturing). That legacy is valuable for conversion: solid structure, large bright rooms, finished wet rooms and utilities, and a logical split between the ground-floor "hall" (future wellness) and the upper floor (future apartments).

Building from the street — Ulična fasada — položaj neposredno uz putStreet façade — directly along the road

Aerial view — Objekat i plac (45 ari) — pogled iz vazduha, uz regionalni putBuilding and plot (45 ares) — aerial view, along the regional road

Side façade — Bočna masa (Pr+1)Side mass (G+1)

Interior — Prostorija prizemljaGround-floor room

Hallway — Hodnik / komunikacijaCorridor / circulation

Stepenište ka spratuStaircase to upper floor

Prizemlje · 308,52 m²Ground floor · 308.52 m²

Hol, kancelarije, sanitarni čvorovi, dva magacina, radionica, kotlarnica i velika hala. Razvojni potencijal: wellness i spa zona, balneo kade/đakuzi, recepcija, restoran/kafe, medicinski deo (fizikalna, inhalacije).Hall, offices, restrooms, two storage rooms, workshop, boiler room and a large hall. Development potential: wellness & spa zone, balneo tubs/jacuzzi, reception, restaurant/café, medical area (physical therapy, inhalations).

Sprat · 315,83 m²Upper floor · 315.83 m²

Hol, hodnik, stepenište, četiri kancelarije, hala, magacin, sanitarni čvor. Razvojni potencijal: 8–12 apartmana — potrebni pretežno pregradni zidovi, ulazna vrata i kupatila. zaključak iz dokumentacijeHall, corridor, staircase, four offices, hall, storage, restroom. Development potential: 8–12 apartments — mostly partition walls, entrance doors and bathrooms required. inferred from documentation

Procena stanja zasnovana na fotografijama i opisu iz dokumentacije. Tačno tehničko stanje (vlaga, instalacije, nosivost za novu namenu, energetski status) zahteva stručni tehnički pregled.za due diligenceCondition assessment is based on photographs and the documentation description. Precise technical condition (moisture, utilities, load-bearing capacity for the new use, energy status) requires a professional technical survey.due diligence

Ključni resursKey resource

Lekovita mineralna voda — srce projektaTherapeutic mineral water — the heart of the project

Kompletne fizičko-hemijske i balneološke analize bunara B-78 (lokalitet Darosava) potvrđuju da voda pripada lekovitim vodama. Reč je o istom tipu vode koja se u Bukovičkoj banji koristi za lečenje — ali ovde u privatnom vlasništvu, sa dokumentacijom i eksploatacionim pravom. činjenicaComplete physical, chemical and balneological analyses of well B-78 (Darosava locality) confirm that the water belongs to the class of therapeutic waters. It is the same type of water used at Bukovička Banja for medical treatment — but here in private ownership, with full documentation and an extraction concession. fact

Balneološka klasifikacijaBalneological classificationNa-hidrokarbonatna · litijumska · fluoridna · silicijumska · ugljenokisela · hladnaNa-bicarbonate · lithium · fluoride · silica · carbonic · cold

Ukupna mineralizacijaTotal mineralisation4.180 mg/L

CO₂ (ugljen-dioksidcarbon dioxide)1.580 mg/L

pH / temperaturatemperature6,5 / 15,5 °C (hladnacold)

KorišćenjeUsespiće · dogrejano (34–37°C) za kupke · gasne kupke · inhalacijedrinking · re-heated (34–37°C) for baths · gas baths · inhalations

Well self-flow — Prirodni izliv mineralne vode (vidljiva mineralna obloga)Natural self-flow of the mineral water (visible mineral deposit)

Well head — Tehnička glava bunara / zahvatTechnical wellhead / intake

Indikacije (osnova programa)Indications (programme basis)

Reumatska oboljenja, stanja nakon povreda, diskus hernije, pareze perifernih živaca (kupke)Rheumatic conditions, post-injury states, disc herniation, peripheral nerve palsies (baths)
Kardiovaskularne indikacije: angina pektoris, povišen pritisak, periferni krvni sudovi (gasne kupke)Cardiovascular indications: angina pectoris, hypertension, peripheral vessels (gas baths)
Gastritis, čir, oboljenja jetre i žuči, šećerna bolest, giht (pijenje)Gastritis, ulcer, liver and gallbladder conditions, diabetes, gout (drinking)
Bronhitis (inhalacije); prevencija karijesa i osteoporozeBronchitis (inhalations); prevention of dental caries and osteoporosis

Granice i odgovornostScope and responsibilities za due diligencedue diligence

Voda se pozicionira isključivo kao balneo-resurs (kupke, gasne kupke, inhalacije i medicinski programi) — projekat ne uključuje flaširanje ni komercijalnu prodaju vodeThe water is positioned exclusively as a balneological resource (baths, gas baths, inhalations and medical programmes) — the project does not include bottling or commercial water sales
Postoje kontraindikacije (dekompenzovana srčana oboljenja, aritmije, maligna oboljenja, deca do 7 god. i dr.) — program zahteva medicinski nadzorThere are contraindications (decompensated heart disease, arrhythmias, malignancies, children under 7, etc.) — the programme requires medical supervision
Zdravstveni/balneo program mora biti usklađen sa Zakonom o zdravstvenim ustanovama i pravilnicima Ministarstva zdravljaThe health/balneo programme must comply with the Law on Healthcare Institutions and Ministry of Health regulations
Tačan odnos „bunari na placu ↔ analiza B-78", aktuelnost rezervi i dozvola — potvrditi u data room-uThe precise relation "plot wells ↔ B-78 analysis", current validity of reserves and permits — to be confirmed in the data room

Strateški konceptStrategic concept

Tri pravca razvoja — i preporukaThree development paths — and a recommendation

Analizirana su tri scenarija. Preporučuje se hibridni Koncept B+: boutique mineralni spa hotel sa verodostojnim medicinsko-wellness programom kao jezgrom (Faza 1–2), uz opcioni multi-use razvoj placa (Faza 3).Three scenarios were analysed. We recommend the hybrid "B+" concept: a boutique mineral spa hotel with a credible medical-wellness programme as the core (Phases 1–2), with an optional multi-use plot development (Phase 3).

A · Wellness / Medical retreatA · Wellness / Medical retreat

Fokus na lečenje i balneoterapiju.Focus on treatment and balneotherapy.

Dnevna bolnica i balneo centar uz mineralnu vodu. + najjača veza s resursom i indikacijama. − regulatorno najzahtevniji (zdravstvena ustanova), sporiji ramp-up, kadrovski intenzivan.Day hospital and balneo centre built around the mineral water. + strongest link to the resource and indications. − most regulated (healthcare institution), slower ramp-up, staffing-intensive.

B · Boutique mineral spa hotel ★B · Boutique mineral spa hotel ★

Preporučeno jezgro.Recommended core.

8–12 apartmana + wellness/spa + balneo kupke + restoran. + najbrži ulazak, najbolji odnos rizika i prinosa, koristi postojeću podelu objekta. − zavisnost od popunjenosti i marketinga.8–12 apartments + wellness/spa + balneo baths + restaurant. + fastest market entry, best risk-return profile, leverages the existing building layout. − dependence on occupancy and marketing.

C · Multi-use development

Hospitality + zdravlje + event prostor.Hospitality + health + event venue.

Dodaje vile/glamping i event prostor (svadbe, retreats, korporativni boravci) na proširenoj parceli. + najveći ukupni potencijal i diverzifikacija. − najveći CAPEX i kompleksnost — prirodno kao Faza 3.Adds villas/glamping and event venue (weddings, retreats, corporate stays) on the expanded plot. + highest total upside and diversification. − highest CAPEX and complexity — fits as Phase 3.

Zašto hibrid B+Why the B+ hybrid

Boutique spa hotel (B) monetizuje postojeću imovinu najbrže i uz najniži rizik, a istovremeno gradi brend i novčani tok. Medicinsko-wellness sloj (A) dodaje verodostojnost i diferencijaciju koju voda omogućava, bez pune regulatorne težine zdravstvene ustanove na startu. Plac (45 ari) i opcija dokupa do 3 ha čuvaju opciju multi-use proširenja (C) kada poslovanje sazri — investitor tako kupuje i prinos i opciju rasta. strateška preporukaThe boutique spa hotel (B) monetises the existing asset fastest and with the lowest risk, while building the brand and cash flow. The medical-wellness layer (A) adds credibility and differentiation that the water enables, without the full regulatory burden of a healthcare institution at launch. The plot (45 ares) and the option to acquire up to 3 hectares preserve the option for multi-use expansion (C) once the business matures — so the investor buys both yield and a growth option. strategic recommendation

Vizija budućeg razvojaVision for the development

Kako objekat može da izgledaHow the property could look

Idejni pravac: modern-rustic mineral wellness retreat — zadržava se osnovna masa objekta (Pr+1, kosi krov, L-osnova), a dograđuju se topli materijali (kamen, drvo, bela mineralna fasada), staklo prema prirodi, ambijentalno osvetljenje i uređeni parter sa termalnim bazenom.Design direction: modern-rustic mineral wellness retreat — the base massing is retained (G+1, pitched roof, L-shape), with warm materials added (stone, timber, white mineral render), large glazing onto nature, ambient lighting and a landscaped outdoor area with a thermal pool.

Visualisation board — Aranđelovački Mineral Spa Retreat

Idejni vizuelni prikaz (AI render) — ilustrativno, ne predstavlja izvedbeni projekat.konceptIndicative visualisation (AI render) — illustrative only, not a construction design.concept

„Before → After" pravac"Before → After" direction

EksterijerExterior

Bela mineralna fasada + kameni sokl + drvene lamele; natkriven ulaz, topla rasveta, uređeni prilaz i parking.White mineral façade + stone base + timber slats; covered entrance, warm lighting, landscaped approach and parking.

Wellness / parterWellness / landscape

Otvoreni termalni bazen sa dogrejanom mineralnom vodom, sunčalište, vrt sa autohtonim biljem, drvene staze.Outdoor thermal pool with reheated mineral water, sun-deck, garden with native planting, timber paths.

ApartmaniApartments

Zemljani tonovi, prirodni materijali, veliki prozori prema Bukulji; kamerni boutique standard.Earthy tones, natural materials, large windows toward Bukulja; intimate boutique standard.

Detaljni promptovi za generisanje rendera (eksterijer, enterijer, aerial masterplan, hero) isporučeni su u zasebnom fajlu „AI_Render_Promptovi.md".Detailed render prompts (exterior, interior, aerial masterplan, hero) are supplied in the separate file "AI_Render_Promptovi.md".

Plan realizacijeDelivery plan

Faze razvojaDevelopment phases

Pre-investiciono · 2–4 mesecaPre-investment · 2–4 months

Priprema i strukturiranjePreparation and structuring

Nezavisna procena imovine, tehnički due diligence, studija izvodljivostiIndependent valuation, technical due diligence, feasibility study
Idejni arhitektonski projekat i term sheet; osnivanje zajedničkog društvaConcept architectural design and term sheet; formation of the joint venture

Faza 1 · 6–10 meseciPhase 1 · 6–10 months

Jezgro: spa + apartmaniCore: spa + apartments

Adaptacija sprata u 8–12 apartmana (pregrade, kupatila, oprema)Conversion of the upper floor into 8–12 apartments (partitions, bathrooms, fit-out)
Prizemlje: wellness/spa, balneo kade i đakuzi, recepcija, restoran, medicinski deoGround floor: wellness/spa, balneo tubs and jacuzzi, reception, restaurant, medical area
Otvaranje i prvi prihodiOpening and first revenue

Faza 2 · 4–8 meseciPhase 2 · 4–8 months

Eksterijer i brendExterior and brand

Otvoreni termalni bazen (dogrejana mineralna voda), parter, sunčalište, parkingOutdoor thermal pool (re-heated mineral water), landscaping, sun-deck, parking
Brendiranje, web, rezervacioni sistem, lansiranje marketingaBranding, website, booking system, marketing launch

Faza 3 · opcionoPhase 3 · optional

Multi-use proširenje placaMulti-use plot expansion

Vile / glamping i event prostor (svadbe, retreats, korporativni boravci)Villas / glamping and event venue (weddings, retreats, corporate stays)
Eventualno dodatni bunari za balneo kapacitetOptionally additional wells to expand balneo capacity
Finansira se iz novčanog toka i/ili druge runde — opcija, ne obavezaFunded from cash flow and/or a second round — an option, not an obligation

Model saradnjePartnership model

Struktura partnerstvaDeal structure

Predloženi okvir: zajedničko privredno društvo (JV) u koje vlasnik unosi imovinu, a investitor kapital. Učešća se određuju srazmerno verifikovanim doprinosima — sve podložno nezavisnoj proceni i finalnom CAPEX-u.Proposed framework: a joint venture (JV) where the owner contributes assets and the investor contributes capital. Equity stakes are set in proportion to verified contributions — all subject to independent valuation and final CAPEX.

Vlasnik unosiOwner contributes

Objekat (624 m²) i zemljište (45 ari)Building (624 m²) and land (45 ares)
Tri bunara + eksploataciono pravoThree wells + extraction concession
Kompletna dokumentacija i balneološke analizeComplete documentation and balneological analyses
Lokalno vođenje i odnoseLocal management and relationships

Vlasnikov unos: 620.000 €
+ opcija dodatnih 340 m² u vrednosti 270.000 € (ukupno do 890.000 €)Owner's contribution: €620,000
+ option of an additional 340 m² valued at €270,000 (total up to €890,000) procenaestimate

Investitor unosiInvestor contributes

Kapital za razvoj (Faza 1+2)Development capital (Phase 1+2)
Opremanje i tehnologijaFit-out and technology
Marketing, brend i distribucijaMarketing, brand and distribution
Opciono: operativni menadžment / operatorOptionally: operations management / operator

Kapital ~690.000 € (realni)Capital ~€690,000 (base case) procenaestimate

Indikativna podelaIndicative split

Srazmerno doprinosima — orijentaciono ~47% vlasnik / 53% investitor (sa opcijom dodatnih 340 m² ~56% / 44%). Predmet pregovora i nezavisne procene. indikativnoPro-rata to contributions — indicative ~47% owner / 53% investor (with the additional 340 m² option ~56% / 44%). Subject to negotiation and independent valuation. indicative

VarijanteVariants

(a) čisto equity pro-rata; (b) preferencijalni prinos na kapital partnera pa pro-rata; (c) kapital + eksterni operator uz management fee; (d) fazni ulazak sa opcijom na Fazu 2/3.(a) straight pro-rata equity; (b) preferred return on investor capital then pro-rata; (c) capital + external operator with a management fee; (d) phased entry with an option on Phase 2/3.

IzlazExit

Refinansiranje po stabilizaciji, prodaja udela, otkup (buy-out klauzule) ili prodaja stabilizovane imovine investicionom kupcu.Refinancing upon stabilisation, equity sale, buy-out clauses, or sale of the stabilised asset to an investment buyer.

Investicioni okvirInvestment framework

CAPEX po fazama (kapital partnera)CAPEX by phase (investor capital)

StavkaItem	KonzervativniConservative	RealniBase case	OptimističniOptimistic
Adaptacija sprata → apartmaniUpper-floor conversion → apartments	160.000	210.000	250.000
Adaptacija prizemlja (wellness/spa/balneo/recepcija/restoran)Ground-floor conversion (wellness/spa/balneo/reception/restaurant)	140.000	180.000	215.000
Balneo i medicinska opremaBalneo and medical equipment	45.000	65.000	85.000
Projektovanje, dozvole, nadzor, nepredviđeno (~12%)Design, permits, supervision, contingency (~12%)	45.000	55.000	70.000
Faza 1 — međuzbirPhase 1 — subtotal	390.000	510.000	620.000
Otvoreni termalni bazen + tehnikaOutdoor thermal pool + plant	85.000	110.000	135.000
Parter, parking, hortikultura, sunčališteLandscaping, parking, horticulture, sun-deck	35.000	40.000	55.000
Brend, web, rezervacioni sistem, lansiranjeBrand, website, booking system, launch	40.000	50.000	60.000
Faza 2 — međuzbirPhase 2 — subtotal	160.000	200.000	250.000
UKUPNO kapital partnera (Faza 1+2)TOTAL investor capital (Phase 1+2)	~550.000	~710.000	~870.000

Vrednosti su projektantske procene reda veličine, izražene u EUR, bez PDV-a, i zavise od finalnog idejnog/izvedbenog projekta i ponuda izvođača.pretpostavka Realni scenario u sažecima zaokružen je na ~690.000 € radi konzervativnosti. Faza 3 (multi-use) nije uključena u ovaj okvir.Figures are order-of-magnitude design estimates in EUR, excluding VAT, and depend on the final concept/construction design and contractor bids.assumption The base case is rounded to ~€690,000 in summaries for conservatism. Phase 3 (multi-use) is not included in this framework.

Izvori prihoda i projekcijaRevenue streams and projection

Stabilizovana godina — tri scenarijaStabilised year — three scenarios

Projekcija prikazuje stabilizovanu godinu poslovanja (≈ Godina 3). Godine 1–2 podrazumevaju ramp-up (~45% i ~75% stabilizovanog nivoa). Sve vrednosti su pretpostavke koje zahtevaju potvrdu kroz studiju izvodljivosti.The projection shows the stabilised operating year (≈ Year 3). Years 1–2 assume ramp-up (~45% and ~75% of stabilised level). All values are assumptions that require confirmation through a feasibility study.

Tok prihodaRevenue stream	LogikaLogic	Konzerv.Cons.	RealniBase	Optim.Optim.
Smeštaj (apartmani)Accommodation (apartments)	8/10/12 jedinica · pop. 38/50/62% · cena 55/72/92 €8/10/12 units · occ. 38/50/62% · rate €55/72/92	61.000	131.000	250.000
Wellness & spa (dnevne karte, bazen, kupke)Wellness & spa (day passes, pool, baths)	dnevni posetioci + gostiday visitors + guests	48.000	92.000	165.000
Medicinski / balneo tretmaniMedical / balneo treatments	masaže, fizikalna, inhalacije, gasne kupkemassages, physical therapy, inhalations, gas baths	38.000	82.000	150.000
Restoran / kafe (+ polupansion)Restaurant / café (+ half-board)	gosti + dnevniguests + day visitors	34.000	68.000	120.000
UKUPAN GODIŠNJI PRIHOD (stabilizovano)TOTAL ANNUAL REVENUE (stabilised)		181.000	373.000	685.000
EBITDA marža (pretpostavka)EBITDA margin (assumption)	razmera efikasnostiefficiency scaling	30%	37%	44%
EBITDA (stabilizovano)EBITDA (stabilised)		~54.000	~138.000	~301.000

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Period povrataPayback period

Konzervativni ~9–10 god.Conservative ~9–10 yrs
Realni ~5–6 god.Base case ~5–6 yrs
Optimistični ~3–4 god.Optimistic ~3–4 yrs

*na kapital partnera, uz period stabilizacije*on investor capital, including ramp-up

Prinos na ukupnu investicijuYield on total investment

EBITDA / ukupni trošak projekta (vlasnik+investitor):EBITDA / total project cost (owner+investor):
~5% · ~10% · ~20%

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Stvaranje vrednostiValue creation

Stabilizovana EBITDA × 8–10× → vrednost imovine (realni) ~1,1–1,4 mil. € naspram ukupnog troška ~1,33 mil. € (do ~1,6 mil. € sa opcijom 340 m²).Stabilised EBITDA × 8–10× → asset value (base case) ~€1.1–1.4M vs. total cost ~€1.33M (up to ~€1.6M with the 340 m² option).

OsetljivostSensitivity

Šta najviše pomera rezultatWhat moves the result the most

Najosetljiviji parametri su popunjenost smeštaja i prosečna cena (ADR), a potom obim spa/medicinskih usluga. Donja tabela prikazuje godišnji prihod od smeštaja (realni scenario, 10 jedinica) pri promeni popunjenosti i cene.The most sensitive parameters are accommodation occupancy and average daily rate (ADR), followed by spa/medical volumes. The table below shows annual accommodation revenue (base case, 10 units) under varying occupancy and rate.

Popunjenost → Cena ↓Occupancy → Rate ↓	40%	50%	60%
60 €	87.600	109.500	131.400
72 €	105.100	131.400	157.700
85 €	124.100	155.100	186.200

Pravila palcaRules of thumb

±10 procentnih poena popunjenosti ≈ ±26.000 € prihoda od smeštaja (≈ ±19% EBITDA)±10 percentage points of occupancy ≈ ±€26,000 of accommodation revenue (≈ ±19% EBITDA)
±12 € na ceni ≈ ±22.000 € prihoda od smeštaja±€12 on the rate ≈ ±€22,000 of accommodation revenue
Medicinsko-balneo sloj diverzifikuje rizik popunjenosti (radni dani, vansezonska tražnja)The medical-balneo layer diversifies occupancy risk (weekdays, off-season demand)
Otpornost: čak i konzervativni scenario daje pozitivnu EBITDAResilience: even the conservative case delivers positive EBITDA

Investiciona teza i riziciInvestment thesis and risks

Zašto je atraktivno — i šta pratimoWhy it's attractive — and what we monitor

Zašto je atraktivno investitoruWhy it's attractive to an investor

Ulaz uz nižu investiciju — postojeći objekat, bez gradnje od nuleEntry at lower cost — existing building, no ground-up construction
Redak, dokumentovan resurs (lekovita voda) kao trajni diferencijatorA rare, documented resource (therapeutic water) as a lasting differentiator
Vlasnik snosi rizik imovine kao kapitalni unos — kapital partnera ide u vrednost koja stvara prihodThe owner bears asset risk as an equity contribution — investor capital goes into revenue-generating value
Diverzifikovani prihodi (smeštaj + spa + medicina + F&B)Diversified revenue (accommodation + spa + medical + F&B)
Ugrađena opcija rasta (dokup do 3 ha, dodatni bunari) bez obavezeBuilt-in growth option (up to 3 ha acquisition, additional wells) with no obligation
Defanzivan sektor: zdravlje i wellness su otporni na cikluseDefensive sector: health and wellness are resilient through cycles

Rizici i mitigacijaRisks and mitigation

Tržišni / popunjenost: fazni razvoj, jak brend, vezivanje za Bukovičku banju, medicinski sloj za vansezonuMarket / occupancy: phased development, strong brand, linkage to Bukovička Banja, medical layer for the off-season
Regulatorni (zdravstvo/voda): rana pravna analiza, usklađivanje sa propisima, postupno uvođenje medicinskih uslugaRegulatory (health/water): early legal analysis, regulatory alignment, gradual rollout of medical services
Tehnički (stanje objekta): nezavisni tehnički pregled pre ulaganjaTechnical (building condition): independent technical survey before investment
Procena/struktura: nezavisna procena imovine pre određivanja udelaValuation/structure: independent asset valuation before setting stakes
Izvođenje/budžet: rezerva za nepredviđeno, fiksne cene izvođača, fazno aktiviranje kapitalaExecution/budget: contingency reserve, fixed-price contracts, phased capital deployment

Sledeći koraciNext steps

Razgovarajmo o partnerstvuLet's talk partnership

Spremni smo da otvorimo data room i organizujemo obilazak lokacije za ozbiljne investitore.We are ready to open the data room and arrange a site visit for serious investors.

NDA + data roomNDA + data room

Vlasnički listovi, balneo elaborat, urbanističko-tehnička dokumentacija, rešenje o eksploatacionom pravu.Title deeds, balneological report, urban planning and technical documentation, extraction concession decision.

Due diligenceDue diligence

Nezavisna procena imovine i tehnički pregled objekta.Independent asset valuation and technical survey of the building.

Feasibility + idejni projekatFeasibility + concept design

Studija izvodljivosti i idejno arhitektonsko rešenje.Feasibility study and concept architectural design.

Term sheet + JVTerm sheet + JV

Dogovor uslova i osnivanje zajedničkog društva.Agreement on terms and formation of the joint venture.

AMK Company d.o.o. Preduzeće za proizvodnju, promet i usluge · Nosilac projektaManufacturing, trade and services company · Project carrier Sedište: Put 1300 Kaplara 14, 34305 Darosava (Aranđelovac)Registered seat: Put 1300 Kaplara 14, 34305 Darosava (Aranđelovac, Serbia) Lokacija imovine: Put 1300 Kaplara 454, ProgoreociAsset location: Put 1300 Kaplara 454, Progoreoci PIB: 102494417 · MB: 17465066 TelefonPhone: +381 34 6741 162 · E-mail: ____________ Kontakt osoba: Dragan MilosavljevićContact person: Dragan Milosavljević

Pravna napomena i izvori podataka. Ovaj dokument je informativni investicioni teaser i ne predstavlja ponudu hartija od vrednosti, finansijski ni pravni savet. Oznake u tekstu: činjenica — potkrepljeno priloženom dokumentacijom (opis objekta, balneološki elaborat); pretpostavka/procena — projekcija autora; za due diligence — zahteva nezavisnu proveru. Sve finansijske projekcije su ilustrativne i zasnovane na navedenim pretpostavkama; stvarni rezultati mogu značajno odstupati. Pre obavezujućih odluka neophodni su: nezavisna procena imovine, tehnički i pravni due diligence, namensko tržišno istraživanje i studija izvodljivosti. Renderi su idejni i ne predstavljaju izvedbeni projekat. Legal notice and data sources. This document is an informational investment teaser and is not an offer of securities or any financial or legal advice. Tags in the text: fact — supported by the attached documentation (property description, balneological report); assumption/estimate — author's projection; due diligence — requires independent verification. All financial projections are illustrative and based on the stated assumptions; actual results may differ materially. Before any binding decisions, the following are required: independent asset valuation, technical and legal due diligence, dedicated market research and a feasibility study. The renders are conceptual and do not represent a construction design.