The holding company Sava d.d. is the parent company of the Sava Group. Besides managing the subsidised companies an extensive part of its operation is represented by investment finance. The most important events, which determined the business success in 2009, were the sale of a 10.01% ownership stake in the company Merkur d.d., impairments of financial investments, a significant decrease in interest expense for borrowings due to a lower variable part of the interest rate, and savings in expenses for company’s operations. The net profit was generated in the amount of €27.4 million, which was 13% more than planned for 2009. The accumulated profit of Sava d.d. amounted to €36.7 million at the end of the year. The Board of Management will propose a dividend for 2009 to be paid in accordance with the adopted dividend policy of the company, which foresees a stable 3% annual growth in dividend payment.  

Sava d.d. is the parent company of the Sava Group and includes 31 companies. The unaudited data about the operations of the Sava Group will be announced at the end of March 2010.

The year 2009 was still affected by the uncertain stock exchange rates on the Ljubljana Stock Exchange, which had an impact on the evaluation of financial investments at Sava d.d. too. Impairments of financial investments totalling €22.7 million decreased the generated total profit of the company from €48.5 million to €25.8 million. The generated total profit was a 6% improvement on the planned value and was significantly higher than in the same period in the year before. Surpassing  total profit plan results from the sale of financial investments at higher values than planned, receiving additional dividends, lower costs for interests and hired loans as anticipated, and savings made by Sava d.d. in operating expenses.
 
Accumulated profit of Sava d.d., amounted to €36.7 million at 31/12/2009 and enables implementing the adopted dividend policy.

Balance sheet total of Sava d.d. at 31/12/2009 totalled €693.5 million, capital had a 51% share in the liabilities structure.  

At the end of 2009, Sava d.d. had 62 employees, or 2 less than in the year before that.

In 2009, the value of the Sava share moved between €190 and €260; in comparison with the end of the previous year it decreased by 5.2%. The average share price on the last trading day amounted to €240.1, or 37%  above its book value.

Despite the uncertain economic situation and the global financial crisis the joint stock company Sava is solvent, settles its liabilities on an ongoing basis and still shows a favourable capital structure. We estimate that in doing business with the joint stock company Sava there are no risks in connection with its solvency. With regard to the volume and type of business it carries out, the company has adequate capital available as it has a 51%  share in the liabilities structure.

Sava, d.d.
Corporate Communications