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Annual Report 2015

In 2015, the companies of the Sava Group generated sales revenues of €66.0 million or 5% up year-on-year.

These chiefly referred to performance of Turizem Group. The Sava Turizem Group realised over 1,112,000 overnight stays in 2015 – a 4% improvement on the previous year – and generated a 5% increase in sales revenues. It generated sales revenues of €65.4 million, which is €3.1 million more year-on-year, and an EBITDA to the amount of €13.9 million or €2.7 million more than in 2014 and even twice as much as in 2011. Moreover, net profit has been increasing with regard to 2014. Good performance figures are due to the implementation of the new strategy to which the company committed itself in 2012 and has been successfully implementing it ever since. This positive trend in Sava Turizem’s results of operations continues in the first months of 2016, too.

Due to further impairments of financial investments and the interests arising from financial liabilities, Sava d.d. recorded a net loss of €36.3 million at the end of 2015,  which combined with an additional decline in fair value reserves of financial investments was shown in a negative value of capital to the amount of €64.9 million. The current negative capital originates from the period before the outbreak of the general economic crisis when the company acquired stakes in certain financial investments, which due to impairments was later reflected in Sava d.d. as generating a loss. After the court’s final confirmation of the compulsory settlement, which Sava d.d. is currently undergoing, the negative capital assumption will be eliminated already in 2016. The performance of compulsory settlement signifies that Sava d.d. will be a company demonstrating sufficient capital, i.e. a company with suitable positive capital, immediately after passing the vote on the compulsory settlement and throughout the financial restructuring period

Annual Report 2015

Sava d.d.
Corporate Communications


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