In its 17th regular meeting held on 21 May 2015, the Supervisory Board of Sava d.d. was briefed about the operations of the Sava Group and Sava d.d. in the period January–March 2015. In the first quarter of 2015, the companies of the Sava Group generated sales revenues of €12.8 million, which was a 9% improvement on the plan.
Sales revenues were mainly generated by the Tourism division. With regard to the same period last year and also the plan, the Tourism companies ended this quarter with a significantly lower net loss. A net loss was also made at the level of the Sava Group, which was in accordance with the plan and by 35% lower than in the comparable last year’s period. The assets and liabilities structure of the Sava Group and Sava d.d. did not change significantly with regard to the end of 2014.
The Management Board further briefed the Supervisory Board about the course of activities in connection with preventive restructuring proceedings. Pursuant to the provisions of the ZFPPIPP Act, the court extended the deadline for submitting a request for approval of financial restructuring agreement by 2 August 2015. The agreement will enable the implementation of the new development strategy of Sava d.d. in the field of Tourism business. In terms of companies’ business efficiency, this new strategy will produce positive synergetic effects for all destinations of Sava Turizem d.d. as well as for destinations of tourism companies, in which Sava d.d. holds a significant shareholding – in Hoteli Bernardin d.d. and in Istrabenz d.d., which owns the company Istrabenz Turizem d.d., and will result in even more successful performance. It has already been proven in the past that strategic alliances of tourism companies are a correct decision; Sava Turizem d.d. namely managed to significantly improve its operating performance and that in spite of the aggravated market situation. During the past three-year period, its performance (expressed with EBITDA) has thus increased by approximately 50%. Carrying out similar measures widely throughout the Group will assure a much more competitive position of a substantial part of Slovene tourism industry, thereby providing conditions for positioning Slovenia as a successful tourist destination across the wider region.
As far as investments in the Finance division are concerned, Sava d.d. will support implementing the development strategy of Gorenjska banka d.d. devised for the period from 2015 to 2019. 2014 is considered both a landmark and successful year for Gorenjska banka d.d. The bank efficiently performed its action programme and thus verified and consolidated its capital stability as well as a high level of confidence on the part of its clients, especially depositors, which was further confirmed by the regulator. Sava d.d. plans to withdraw from its other financial investments in a prudent and appropriate manner.
Business operations of the Sava Group and Sava d.d. in the period January - March 2015