At its 12th regular meeting held on 16 May 2014, the Supervisory Board of Sava d.d. was briefed about business operations of the Sava Group and Sava d.d. in the period January – March 2014.
In the first quarter of 2014, the companies of the Sava Group generated sales revenues of €12.0 million; taking into account a comparable composition of the Group, this was a 2% increase on the same period last year and a 2% increase on the planned revenues. Operating loss of the Sava Group companies amounted to €2.7 million at the end of the first quarter, which was by €1.8 million less than in the same period last year and by €0.6 million below the planned loss.
A net loss of €5.1 million was made, €2.5 million of which were due to seasonal variations in the companies of Tourism division, and €2.6 million were due to a loss made by Sava d.d. The assets and liabilities structure of the Sava Group did not change significantly if compared to the end of 2013.
In the first three months this year, the Tourism division generated sales revenues of €11.8 million, which was a 7% improvement on the result of the same period last year and 2% higher than planned.
In the reported period, Sava d.d. ran its business as planned. At the 20th Shareholders’ Meeting of Sava d.d. held on 29 April 2014, a resolution was adopted to reduce share capital according to a simplified procedure. In terms of contents, a reduction in the share capital totalling €11.4 million entirely referred to covering a total loss from the previous period. After the performed procedure, the share capital value thus amounts to €14.1 million
At the meeting, the Chairman of the Supervisory Board Aleš Skok resigned as Chairman and Supervisory Board member due to his departing abroad. The Supervisory Board will appoint a new chairperson of the Supervisory Board at the first following meeting. In accordance with the rules of procedure, the Deputy Chairman of the Supervisory Board will perform this office until then.
Business operations of the Sava Group and Sava d.d., January-March 2014