Sava's Tourism division continues to generate excellent results
At its 4th meeting held on 21 November 2016, the Supervisory Board of Sava d.d. was briefed about the confirmed finality of compulsory settlement against Sava d.d. The decision by the District Court in Ljubljana on confirmation of compulsory settlement (File no. St 2868/2015) became final.
Since the compulsory settlement became final, Sava d.d. again operates with a positive capital amounting to €28.5 million. The implementation of the financial restructuring plan will provide the conditions for Group’s profitability and even better results of Tourism business, which besides Sava Turizem d.d. includes the management of capital investments in Hoteli Bernardin, d.d. and Istrabenz turizem, d.d. In addition to their autonomous development, all three companies can utilise the potential synergetic effects leading towards even greater progress and growth.
Furthermore, the Supervisory Board was briefed about the business results for the period January- October 2016. In this period, the Tourism division again outperformed last year’s results as well as the plans. It generated a total profit of €6.5 million and an EBITDA of €14.4 million, which is €1.1 million more year-on-year.
The Supervisory Board further adopted the resolutions regarding the call of the Shareholders’ Meeting.