Business operations of Sava d.d. and the Sava Group in the period … · 2017-02-27 · financial...

Business operations of Sava d.d.

and the Sava Group in the

period January-September 2014

I Business operations of Sava d.d. and the Sava Group, Januay – September 2014 I

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TABLE OF CONTENTS

1. INTRODUCTORY EXPLANATION 3

2. SUMMARY OF BUSINESS OPERATIONS OF SAVA D.D. AND THE SAVA GROUP IN THE PERIOD

JANUARY–SEPTEMBER 2014 4

3. OVERVIEW OF MAJOR EVENTS AND ACHIEVEMENT 5

3.1. Major events and achievements in the period January – September 2014 5

3.2. Events and achievements after the accounting period 6

4. THE SAVA SHARE AND OWNERSHIP STRUCTURE 7

5. BUSINESS OPERATIONS OF THE SAVA GROUP AND SAVA D.D. 12

5.1 Composition of the Sava Group in the period January – September 2014 12

5.2 Business operations of the Sava Group 13

5.2.1 Business performance 13

5.2.2 Assets and liabilities structure 16

5.2.3. Investments 17

5.2.4. Employee number in the Sava Group 17

5.2.5. Financial restructuring of Sava d.d. and Sava Turizem d.d. 17

5.3 Business operations of Sava d.d. 18

5.3.1 Business performance of Sava d.d. 18

5.3.2 Employee number 21

5.3.3 Financial restructuring of Sava d.d. 21

5.3.4 The activities of Sava d.d. in connection with the expiration of the

Master Restructuring Agreement in 2014 22

6. FINANCIAL STATEMENTS 23

6.1. Consolidated financial statement of the Sava Group for the period January – September 2014

(in accordance with Internation Financial Reporting Standards) 23

6.2. Financial statements of Sava d.d. for the period January – September 2014

(in accordance with Slovene Accounting Standards) 30


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1. INTRODUCTORY EXPLANATION

Based on the provisions of the Rules of the Ljubljana Stock Exchange d.d. and the applicable legislation, Sava

d.d., Dunajska cesta 152, 1000 Ljubljana, informs its shareholders and a broader public about

the business operations of the Sava Group and Sava d.d. in the period January-September 2014.

The financial statements of the Sava Group have been compiled in accordance with the International Financial

Reporting Standards and have not been audited. The financial statements of Sava d.d. have been compiled in

accordance with the Slovene Accounting Standards and have not been audited.

The Management Board of Sava d.d. briefed the Supervisory Board of the company about the business

operations of the Sava Group and the parent company Sava d.d. in the period January-September 2014.

Significant changes in the data included in the Stock Exchange prospectus are announced in the Ljubljana Stock

Exchange electronic information system SEOnet on an on-going basis. The announcement can be accessed also

on the official company website at www.sava.si as of the announcement date, i.e. 21 November 2014. The

announcement will remain posted on the company website for at least 5 years.

http://www.sava.si/


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2. SUMMARY OF BUSINESS OPERATIONS OF SAVA D.D. AND THE SAVA GROUP IN THE PERIOD JANUARY–SEPTEMBER 2014

As at 30 September 2014, the Sava Group included 10 companies: the parent company Sava d.d. and 9

subsidised companies – daughter companies and sub-subsidiaries. The largest business of the Sava Group is

managing financial investments of Sava d.d., the major investment being the one in the banking sector, and the

Tourism division.

In the nine months of 2014, the Sava Group companies generated sales revenues of €48.2 million, which was

5% down on the same period last year and 4% below the planned revenues. A net loss of €4.4 million was

made. The Tourism companies ended the period with a net profit of €2.4 million, whereas Sava d.d. made a net

loss of €6.6 million, and the companies of other operations a net loss of €0.2 million. The assets and liabilities

structure of the Sava Group did not change significantly with regard to the end of 2013.

In the period January– September 2014, Sava d.d. operated as planned. A loss of €6.6 million was made. The

assets and liabilities structure of Sava d.d. did not change significantly with regard to the end of 2013.

At the 20th

Shareholders’ Meeting of Sava d.d. held on 29 April 2014, a resolution on reducing the share capital

according to a simplified procedure was adopted. In terms of its contents, the share capital reduction

amounting to €11.4 million was entirely earmarked for covering a total loss carried forward. After this

procedure, the capital thus amounts to €14.1 million.

The Management Board of Sava d.d. began the procedures for preparation of the revised business and

financial restructuring strategy. This strategy – similarly to the existing one – is based on adequate

restructuring of financial liabilities, consolidation of financial assets and reducing indebtedness level, as well as

improvement in operational business.


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3. OVERVIEW OF MAJOR EVENTS AND ACHIEVEMENT

3.1. Major events and achievements in the period January – September 2014

JANUARY

As one of the Supervisory Board members of Gorenjska banka d.d., Andrej Andoljšek temporarily takes over

managing of this associated company of Sava d.d. For the time of his absence, the Supervisory Board of Sava

d.d. appoints Aleš Aberšek from among its members as a Management Board member of Sava d.d.

Gorenjska banka d.d. submits a restructuring plan and prepares measures for covering a potential capital

shortfall, which – as shown by the December stress tests – might appear under the extreme circumstances or

unfavourable macroeconomic scenario.

Health centres at Sava Hotels & Resorts destinations are restructured; in doing so, Sava Turizem d.d.

implements strategic activities aimed at upgrading its healthcare business.

FEBRUARY

As capital increase through non-cash contributions failed, a simplified compulsory settlement procedure begins

in the associated company NFD Holding d.d.

Sava Turizem d.d. finalises the acquisition of the Ljubljana-based company Cardial d.o.o., thereby becoming an

85% owner of this modern specialist outpatients clinic.

MARCH

The Supervisory Board of Sava d.d. deals with and adopts the audited annual reports of the Sava Group and

Sava d.d. for 2013.

APRIL

On 29 April 2014, the 20th

regular Shareholders’ Meeting of the joint stock company Sava is held in the Livada

Prestige hotel in Moravske Toplice. With a 99% majority of the capital present, the shareholders motion all the

resolutions proposed in the Call by the Management and Supervisory Board of Sava d.d. Neither counter

proposals nor announced challenging actions take place at the Shareholders’ Meeting.

MAY

By entering the resolution from the Shareholders’ Meeting in the court register, the share capital of Sava d.d.

reduces from the amount of €25,441,851.48 to the amount of €14,060,594.51. The reduction is carried out


6

with the unchanged number of shares, after which the attributable amount of each share in the share capital

after its reduction amounts to €7.006.

At the 12th

regular Supervisory Board meeting of Sava d.d., the Chairman of the Supervisory Board, Aleš Skok,

resigns from the Chairman and member of the Supervisory Board position due to his leaving abroad.

JUNE

Sava d.d. receives purchase consideration totalling €2,478 thousand for selling 4,766 shares of Helios d.d.

JULY

At its 13th

meeting, the Supervisory Board of Sava d.d. appoints Miran Kraševec as the new Chairman and

Robert Ličen, MSc, as the Deputy Chairman of the Supervisory Board. The Supervisory Board further becomes

acquainted with appointing Jasmina Kovačič as a member of the Supervisory Board – employee representative

of Sava d.d.

AUGUST

The Management Board of Sava d.d. briefs the Supervisory Board about the development of preparations of

the revised business and financial restructuring strategy.

3.2. Events and achievements after the accounting period

There have been no significant events in the period between the end of the accounting period and the date of

the publishing of this report, 21st

November 2014.


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4. THE SAVA SHARE AND OWNERSHIP STRUCTURE

In the first nine months of this year, the Sava share price moved between €1.6 and €0.2. At the end of this

September, the average price per share amounted to €0.6 and thus increased by €0.3 if compared to the end

of 2013.

MOVEMENT OF THE SAVA SHARE PRICE

The range of value, within which the Sava share moved,

reached the highest point at €1.6 and the lowest at €0.2. In

2014, a gradual recovery of domestic economy is

noticeable, and, as a result, the confidence on the part of

investors in the domestic capital market enhances. In the

third quarter of 2014, liquidity of the Slovene capital

market thus increased by 92% with regard to the

comparable last year’s period.

MARKET CAPITALISATION

At the end of September 2014, the market capitalisation of

Sava shares amounted to €1.1 million, which surpasses the

figure from the end of 2013. The market capitalisation of all

shares in the Ljubljana Stock Exchange amounted to €6.4

billion and rose by 24.6% if compared to the end of 2013.

Movement of the Sava share price from the beginning of

October 2013 to the end of September 2014

Source:

http://borza.finance.si/?route=borza%2Farhivtec&op=borza_arhivtec&qkoda=

SAVA&day1=1&mo1=10&yr1=2013&day2=30&mo2=9&yr2=2014

OWNERSHIP STRUCTURE

On 30 September 2014, Sava d.d. had 13,776 shareholders entered in the register book, which ranks it among

the larger Slovene listed public joint stock companies. The stock of domestic shareholders amounted to 95.6%

and that of foreign shareholders to 4.4%. In comparison with the end of 2013, the stock of foreign

shareholders increased by 0.1 percentage point. The majority of foreign shareholders originate from Great

Britain, the United States of America, Germany, Austria and Croatia. The proportion of legal entities

represented 79.4% and that of private individuals 20.6% of company shareholders. The ten major

shareholders own 64.12% of total company equity.

0

5

0

1

2

3

Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14

Turnover (€000) Share price (€)

Sava turnover Sava share price

http://borza.finance.si/?route=borza%2Farhivtec&op=borza_arhivtec&qkoda=SAVA&day1=1&mo1=10&yr1=2013&day2=30&mo2=9&yr2=2014

http://borza.finance.si/?route=borza%2Farhivtec&op=borza_arhivtec&qkoda=SAVA&day1=1&mo1=10&yr1=2013&day2=30&mo2=9&yr2=2014


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Ownership structure by category as at 30 September 2014

10 major shareholders as at 30 September 2014

The most recent information on the ownership structure of Sava d.d. is available on the Sava

homepage at http://www.sava.si/eng/shareholder-relations/ownership-structure.html.

COMPANY SECURITIES

Trading with treasury shares

In the period from the beginning of October 2013 to the end of September 2014, Sava d.d. did not purchase

any treasury shares; on 30 September 2014 it thus owned 30,541 treasury shares valued at €4,977 thousand –

at the average purchase price. This represents 1.52% of total shares. Sava d.d. received another 32,936 Sava

shares in pledge, representing 1.64% of total shares issued shares.

95.6%

4.4%

domestic shareholders

foreign

shareholders

79.4% 20.6% legal entities

private individuals

10 major shareholders % shareholding No. of shares

KAPITALSKA DRUŽBA, D.D. 18.71% 375,542

SDH, d.d.* 11.06% 222,029

FINETOL d.d. - under receivership 6.87% 137,796

MERKUR, d.d. 6.72% 134,923

Alpen.SI, mixed flexible sub-fund 5.07% 101,702

NFD HOLDING d.d. 4.33% 86,915

PROBANKA, d.d. 3.97% 79,582

GB d.d., Kranj 2.81% 56,475

TCK d.o.o. 2.61% 52,459

FORTICAP LTD 1.97% 39,500

Total 10 major shareholders 64.12% 1,286,923

Sava, d.d., (own shares) 1.52% 30,541

Other shareholders 34.36 689,523

TOTAL 100.00% 2,006,987

*in accordance with restructuring of Slovenska odškodninska družba d.d. (SOD d.d.) in the

company Slovenski državni holding d.d. (SDH, d.d.)

http://www.sava.si/eng/shareholder-relations/ownership-structure.html


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Management Board and Supervisory Board members who own Sava shares

At the end of the third quarter 2014, the members of the Management Board and Supervisory Board of Sava

d.d. held 138 Sava shares, representing a 0.007% share of total company’s capital. The balance did not change

if compared to the end of 2013.

Management Board and Supervisory Board members who own Sava shares

* He carried out the Supervisory Board member office until 28 January 2014 when he was appointed as a temporary Management Board

member. On 17 July 2014, his term in the position of a temporary Management Board member expired in accordance with par. 2 of Article

273 of the Companies Act-1, which is why he was appointed as a Management Board member for the term of office from 17 July 2014 to 31

March 2016.

KEY DATA ON THE SAVA SHARE

Matej Narat President 117 0.006% 117 0.006%

Aleš Aberšek* Member - - 18 0.001%

117 0.006% 135 0.007%

Aleš Aberšek* Member 18 0.001% - -

Gregor Rovanšek Member 3 0.000% 3 0.000%

21 0.001% 3 0.000%

138 0.007% 138 0.007%

% ownership

Management Board Members Position

No. of shares

31/12/2013 % shareholding

No. of shares

30/9/2014 % ownership

TOTAL

TOTAL MANAGEMENT & SUPERVISORY BOARD MEMBERS

TOTAL

Supervisory Board Members Position

No. of shares

31/12/2013 % shareholding

No. of shares

30/9/2014

2010 2011 2012 2013 1-9 / 2013 1-9 / 2014

No. of shares at period end (shares no.) 2,006,987 2,006,987 2,006,987 2,006,987 2,006,987 2,006,987 Market capitalisation at period end (€ mio) 179.6 24.1 6.8 0.5 2.2 1.1 Share book value (€) 161.1 82.2 32.9 7.5 30.5 11.8 Share price - highest (€) 250.0 95.0 13.0 5.4 5.4 1.6 - lowest

(€) 88.0 12.0 3.2 0.1 1.0 0.2

- at period end (€) 89.5 12.0 3.4 0.2 1.1 0.6 Average daily liquidity (€ 000) 58.2 5.9 3.4 0.7 0.8 0.5 Average daily trading with shares (shares no.) 308 133 572 272 222 647 Net earnings per share €) -50.0 -78.7 -49.7 -27.9 -2.1 -2.2 Dividend per share (€) 3.2 - - - - - Share of dividend in net profit (%) -6.4 - - - - - Total amount of dividends paid (€ mio) 6.4 - - - - - Share yield (%) -59.2 -86.6 -71.7 -93.2 -67.6 139.1 - dividend yield (%) 3.6 - - - - - - capital yield (%) -62.7 -86.6 -71.7 -93.2 -67.6 139.1 Price-Earnings-Ratio (P / E) - highest -5.0 -1.2 -0.3 -0.2 -2.6 -0.7 - lowest -1.8 -0.2 -0.1 0.0 -0.5 -0.1 - at year end -1.8 -0.2 -0.1 0.0 -0.5 -0.3 Price-to-Book ratio (P / B) (%) 56 15 10 3 4 5


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Explanations for key data computation for the Sava share:

Book value of the Sava share: the equity of the Sava Group without minority interest divided with the

weighted average number of ordinary shares excluding treasury shares.

Net earnings per share: the net result belonging to Sava d.d. divided with the weighted average number of

ordinary shares excluding treasury shares.

Share of dividends in net profit: dividend per share divided with net earnings per share.

Dividend yield: dividend per share divided with the share market price on the last trading day of the period.

Capital yield: relative change in the market price of the Sava share at the end of the period with regard to

the share market price at the end of the past year.

Market capitalisation: multiple of the number of Sava shares and the market price of the share on the last

day of the period.

The Price-Earnings ratio (P/E): Sava share market price on the last day of the period (or the highest and

lowest market price in the period) divided with earnings per share.

The Price-to-Book ratio (P/B): share market price on the last day of the period divided with the share book

value at the end of the period.

Additional data on the share

SHARE BOOK VALUE

The book value of the Sava share as at 30 September 2014 amounted to €11.8. When calculating its book value,

the number of treasury shares is deducted from the total number of shares.

RISK ASSOCIATED WITH THE INVESTMENT IN THE SAVA SHARE

Such risks are due to:

Factors of systematic risk-taking characteristic of all securities listed on the Ljubljana Stock Exchange,

such as changed conditions in the issuer’s business, changes in tax legislation and regulations relating

to the securities market, and force majeure.

Factors of non-systematic risk-taking that are connected with the operation of each individual

company (investment, interest, solvency and foreign exchange risk).

Stock Exchange Share name Issuer's code

Ljubljana Stock Exchange SAVA SAV

ISIN - International Securities Identification Number SI0031108457


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CROSS LINKS WITH OTHER COMPANIES

Referring to the criteria defined in the Corporate Governance Code for Public Joint-Stock Companies, Sava d.d.

was cross-linked at the end of September, as follows:

In Gorenjska banka d.d. it had a 44.07% shareholding, whereas Gorenjska banka had a 2.81%

shareholding in Sava d.d.

In the company Merkur d.d. it had a 6.62% shareholding, whereas Merkur had a 6.72% shareholding in

Sava d.d.

In the company NFD Holding d.d. it had a 24.65% shareholding, whereas NFD Holding d.d. had a 4.33%

shareholding in Sava d.d

APPROVED CAPITAL AND CONDITIONAL INCREASE IN SHARE CAPITAL

The Articles of Association of Sava d.d. do not include any provisions in this regard.


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5. BUSINESS OPERATIONS OF THE SAVA GROUP AND SAVA D.D.

5.1 Composition of the Sava Group in the period January – September 2014

As at 30 September 2014, the Sava Group included 10 companies: the parent company Sava d.d. and 9

subsidiaries – daughter companies and sub-subsidiaries. The financial statements of these companies are

included in the consolidated financial statements of the Group. In all the mentioned Group’s companies, the

capital and controlling stakes are in accord.

In February 2014, Sava Turizem d.d. acquired an 85% share in the company Cardial d.o.o. The investment value

amounted to €350 thousand, the capital of the company on the day of acquisition amounted to €124 thousand.

The remaining – 15% – share represents the company’s own share

List of companies that in addition to the parent company Sava d.d. compose the Sava Group with a comparison

of shareholdings as at 30 September 2014 and 31 December 2013:

List of associated companies with a comparison of shareholdings as at 30 September 2014 and 31 December

2013:

*34,287 shares of Gorenjska banka d.d., Kranj, are under a fiduciary ownership of Abanka Vipa d.d., Ljubljana. The fiduciary saves them in favour of the holders of SA03 bonds issued by Sava d.d. as collateral for the liabilities arising from the bonds until their maturity, which is on 30 November 2014. Gorenjska banka d.d. is not included in the consolidated financial statements (amended IFRS 10), the reasons being presented in the preceding report. **The controlling stake is calculated as a ratio between the number of shares owned by Sava d.d. and the number of issued shares of the associated company, less treasury shares.

% shareholding % shareholding Change % 30/09/2014 31/12/2013

2014

TOURISM Division SAVA TURIZEM d.d., Ljubljana 99.05% 99.05% 0.00% - Cardial d.o.o., Ljubljana (owned by Sava Turizem d.d.) 85.00% 0.00% 85.00% - Sava Zdravstvo d.o.o., Ljubljana owned by Sava Turizem d.d.) 100.00% 100.00% 0.00% - Sava TMC, d.o.o., Ljubljana (owned by Sava Turizem d.d.) 100.00% 100.00% 0.00% REAL ESTATE Division SAVA NEPREMIČNINE d.o.o., Ljubljana 100.00% 100.00% 0.00% SAVA NOVA d.o.o., Zagreb 100.00% 100.00% 0.00% OTHER OPERATIONS GIP SAVA KRANJ d.o.o., Ruma, Serbia 100.00% 100.00% 0.00% ENERGETIKA ČRNOMELJ d.o.o., Ljubljana 50.68% 50.68% 0.00% SAVA IT d.o.o., Ljubljana 100.00% 100.00% 0.00%

% ownership % ownership Change in % Controlling stake

30/09/2014 31/12/2013 of ownership 2014 30/ 09/2014**

SAVA, d.d., družba za upravljanje in financiranje, Ljubljana - as the parent company

- Gorenjska banka, d.d., Kranj* 44.07% 44.07% 0.00% 48.82%

- NFD Holding, d.d., Ljubljana 24.65% 24.65% 0.00% 24.65%

SAVA TURIZEM, d.d., Ljubljana - as the parent company

- Gorenjska Banka, d.d., Kranj 0.16% 0.16% 0.00% 0.17%


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5.2 Business operations of the Sava Group

The largest business of the Sava Group is managing financial investments of Sava d.d., with the major

investment being the one in the banking sector, and the Tourism division.

In the nine months of 2014, the Sava Group companies generated sales revenues of €48.2 million, which was

5% down on the same period last year and 4% below the planned revenues. A net loss of €4.4 million was

made. The Tourism companies ended the period with a net profit of €2.4 million, whereas Sava d.d. made a

net loss of €6.6 million, and the companies of other operations a net loss of €0.2 million. The assets and

liabilities structure of the Sava Group did not change significantly with regard to the end of 2013.

5.2.1 Business performance

The information on business performance including the reference analysis for the same period last year took

the current composition of the Sava Group into consideration. The income statement of the Sava Group shows

the values actually achieved in 2013.

SALES REVENUES

In the first nine months of 2014, sales revenues of the Sava Group companies amounted to €48.2 million and

were 5% below the result achieved in the same period last year and lagged 4% behind the planned values.

The performance of the Tourism division is still affected by the unfavourable economic circumstances. The new

trends in tourist demand show that the number of individual guests decreases and they spend less, too. The

sales and cost policies were adapted to the new trends, which show in intensifying the presence of Tourism at

various trade shows, developing new products in health tourism and expanding a network of partnership

agencies. In the nine months of 2014, Tourism generated sales revenues of €47.8 million, which was 2% down

on the figure of the same period last year and 4% below the planned revenues for the period.

The companies of Other Operations, which includes real estate companies, an energy management company

and two smaller service providing companies, generated sales revenues of €0.2 million, which had no

significant impact on total volume of Sava Group’s sales.


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Sales revenues of the Sava Group from 2009 to September 2014 – € in millions

OPERATING EXPENSES

Operating expenses totalled €46.6 million. They were by 9% lower than in the same period last year and 5%

below the plan. Cost of goods, materials and services had a 51% share in the expenses structure, labour cost a

34%, depreciation and write-offs a 13% and other operating expenses a 2% share.

OPERATING PROFIT (EBIT)

After nine months of 2014, the operating profit of the Sava Group companies totalled €2.9 million. It was

substantially higher than last year and also higher than planned for the period. The companies of Tourism

division generated an operating profit of €4.4 million, whereas Sava d.d. made an operating loss of €1.5 million.

EBITDA and EBIT of the Sava Group from 2009 to September 2014 – € in millions

EBITDA – earnings before interest, taxes, depreciation and amortisation

EBIT – earnings before interest and taxes

2009 2010 2011 2012 2013 Jan-Sep 2013

Jan-Sep 2014

172.9 176.7 193.8 192.2

67.2 52.8 48.2

25.5 20.9 19.8

24.0

9.6 7.1 8.9

4.9 3.0

- 5.0

9.2

- 7.8 0.3 2.9

-10.0 -5.0 0.0 5.0

10.0 15.0 20.0 25.0 30.0

2009 2010 2011 2012 2013 Jan-Sep 2013

Jan-Sep 2014

EBITDA EBIT


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NET FINANCIAL EXPENSES

Net financial expenses amounted to €6.0 million and were mainly incurred in the controlling company Sava d.d.

This sum also includes further impairments of financial investments totalling €0.5 million. The Sava Group

companies settle their interest liabilities in accordance with the provisions stipulated in the master

restructuring agreement for loan obligations.

LOSS BEFORE TAX

Pre-tax profit / loss structure

€ in millions

2009 2010 2011 2012 2013 JAN-SEP

2014

Profit / loss from operations less write-offs 9.1 5.5 5.8 10.4 1.5 3.2

Impairments of assets through profit/loss -35.9 -93.1 -160.3 -85.4 -51.4 -0.8

Financial result without impairments 31.9 -20.1 -25.5 -18.4 4.2 -5.5

Profit / loss of associates without impairments 17.4 2.6 10.9 0 0 0

PRE-TAX PROFIT/LOSS 22.5 -105.1 -169.1 -93.4 -45.7 -3.1

NET LOSS

In the period January – September 2014, the Sava Group made a net loss of €4.4 million. The companies of

Tourism ended the period with a net profit of €2.4 million, Sava d.d. with a net loss of €6.6 million and the

companies of other operations with a net loss of €0.2 million.

Net profit / loss in the Sava Group from 2009 to September 2014 – € in millions

2009 2010 2011 2012 2013 Jan-Sep 2013

Jan-Sep 2014

23.4

- 99.9

- 157.2

- 99.3

- 55.6

- 4.2 - 4.4


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5.2.2 Assets and liabilities structure

BALANCE SHEET TOTAL, ASSETS AND LIABILITIES STRUCTURE

As at 30 September 2014, the balance sheet total of the Sava Group amounted to €333.6 million and was €7.4

million higher than at the end of 2013.

In the assets structure, financial investments had a 39% share, property, plant and equipment a 48% share,

while other assets (inventories, operating receivables, granted loans, deferred tax receivables and other) had a

13% share.

Capital had a 7% share in the liabilities structure, long-term debts a 19% and short-term debts a 74% share.

ASSETS

No significant changes took place in the assets structure of the Sava Group in the first nine months of 2014. The

net increase in the value of long-term securities available for sale is due to the rising prices of the listed shares.

Comparison of assets structure of the Sava Group as at 30 September 2014 and 31 December 2013 - € in

millions

CAPITAL AND LIABILITIES

No significant changes took place in the liabilities structure of the Sava Group in the first nine months of 2014.

Fixed assets and investment property

Investments in associated companies Long-term securities Other assets Total assets

31/12/2013 161.8 86.2 31.4 46.8 326.2 30/09/2014 159.1 86.2 42.7 45.6 333.6

0.0

100.0

200.0

300.0

400.0


17

Comparison of liabilities structure in the Sava Group at 30 September 2014 and 31 December 2013 - € in million

5.2.3. Investments

In the first nine months of 2014, a sum of €2.9 million was earmarked for investments, which were entirely

realised in the Tourism division.

5.2.4. Employee number in the Sava Group

As at 30 September 2014, the Sava Group employed 996 associates or 23 associates more than at the end of

the previous year. The majority of employees are employed with the Tourism division.

5.2.5. Financial restructuring of Sava d.d. and Sava Turizem d.d.

The explanations about the financial restructuring of Sava d.d. are given under 5.3.3. and 5.3.4. of this report.

On 2 July 2013, the Management Board of Sava Turizem d.d. signed the financial restructuring agreement with

the lending banks. One of the banks did not join the agreement; however, it made an annex to the loan

agreement with Sava Turizem d.d. under the identical conditions as agreed with other lending banks in the

restructuring agreement. The agreement refers to restructuring the existing loan obligations of Sava Turizem

d.d. to the amount of €49.7 million, the interest rate being 3mEUR + 5%, with the effective date of

restructuring 2 July 2013 and the final date 2 August 2018.

Capital Long-term liabilities Short-term liabilities Total capital and liabilities 31/12/2013 16.2 66.2 243.8 326.2 30/09/2014 24.7 63.1 245.9 333.6

0.0

100.0

200.0

300.0

400.0


18

5.3 Business operations of Sava d.d.

In the period January –September 2014, Sava d.d. did business as planned. A loss of €6.6 million was made.

The assets and liabilities structure of Sava d.d. did not change significantly with regard to the end of 2013.

At the 20th

Shareholders’ Meeting of Sava d.d. held on 29 April 2014, a resolution on reducing the share

capital according to a simplified procedure was adopted. In terms of its contents, the share capital reduction

amounting to €11.4 million was entirely earmarked for covering a total loss carried forward. After this

procedure, the capital thus amounts to €14.1 million

5.3.1 Business performance of Sava d.d.

In the first nine months of 2014, Sava d.d. made a net loss of €6.6 million, which is within the planned values. In

the same period last year, the operating result of Sava d.d. was substantially better and that was due to a

favourable divestment of the Rubber Manufacturing division.

Significant business events that influenced the income statement:

- Sales revenues of €0.7 million were by half lower than in the same period last year, when the trademark was

also sold as part of divesting Rubber Manufacturing.

- Operating expenses of €2.2 million lagged 14% behind the dynamically planned and were by half lower than

last year’s expenses.

- In the operating expenses structure, labour cost had a 48% share; they amounted to €1.0 million and were by

22% lower than in the same period last year.

- In selling financial investments, a profit of €1.3 million was generated.

- Impairments of financial investments amounted to €0.7 million.

- Interests on obtained loans were accounted for at the agreed 3% interest rate.

- A decrease in deferred tax receivables totalling €1.3 million, which aggravated the operating result, referred

to deferred tax receivables formed in the past and originating from impairments of financial investments,

which were sold in the accounting period.

Overview of significant operations data of Sava d.d. by year

€ in millions

2009 2010 2011 2012 2013

JAN - SEP

2013

JAN - SEP

2014

Net sales revenues 8.1 8.7 5.5 3.1 1.9 1.6 0.7

Other revenues 0.2 1.6 0.0 0.5 5.3 5.2 0.0

Operating expenses -11.1 -10.6 -9.5 -6.5 -7.3 -4.4 -2.2

OPERATING PROFIT OR LOSS -2.8 -0.3 -4.0 -2.9 -0.1 2.4 -1.5

FINANCIAL RESULT 27.8 -79.2 -167.6 -41.8 -1.5 15.2 -3.9

PRE-TAX OPERATING RESULT 25.8 -79.4 -170.7 -44.7 -1.6 17.6 -5.3

NET PROFIT OR LOSS 27.4 -72.9 -156.1 -49.0 -11.4 16.9 -6.6


19

Financial result by type of activities

€ in millions

Financial

result

Financial

result

Financial

result

Financial

result

Financial

result

Financial

revenues

Financial expenses

Financial

result

2009 2010 2011 2012 2013 JAN – SEP

2014

Dividends 20.8 29.3 11.3 8.1 0.1 0.0 0.0 0.0

Selling Rubber Manufacturing with FTN 0.0 0.0 0.0 0.0 23.5 0.0 0.0 0.0

Securities 39.8 0.8 1.6 0.5 0.1 1.3 0.0 1.3

Impairments of financial investments -22.7 -95.0 -158.1 -34.5 -19.0 0.0 -0.7 -0.7

Interests -10.1 -12.9 -16.1 -15.8 -7.4 0.6 -5.1 -4.5

Other 0.0 -1.4 -6.3 -0.1 1.2 0.0 0.0 0.0

Total 27.8 -79.2 -167.6 -41.8 -1.5 1.9 -5.8 -3.9

Accumulated loss

At the 20th

Shareholders’ Meeting of Sava d.d. held on 29 April 2014, a resolution on reducing the share capital

according to a simplified procedure was adopted. In terms of its contents, the share capital reduction

amounting to €11.4 million was entirely earmarked for covering of total retained loss from 2013. After this

procedure, the capital thus amounts to €14.1 million. On 7 May 2014, the resolution was entered in the court’s

register.

Based on the statute limitation for liabilities for dividend payment, the liabilities of €563 thousand were

transferred back under the corresponding capital items, €65 thousand of which under other revenue reserves

and €498 thousand under profits from previous years, which reduced the accumulated loss as at 30 September

2014.

Assets and liabilities structure

BALANCE SHEET TOTAL

It amounted to €255.2 million and compared to the figure at the end of 2013 it was higher by €6.9 million.

ASSETS STRUCTURE

No significant changes took place in the assets structure in the first nine months of 2014.

€ in thousands

30/09/2014 31/12/2013

NET PROFIT OR LOSS FOR THE FINANCIAL

PERIOD -6,623 -11,381

Retained profit at 01/01 -11,381 -58,310

Other changes 11,879 58,310

Accumulated profit / loss for the financial

period -6,125 -11,381


20

The book value of sold financial investments amounted to €2.9 million. The value of financial investments grew

due to increasing of share prices; the net increase totalling €12.3 million showed in equity revaluation

adjustment.

The value of financial investment that Sava d.d. has in the shares of Gorenjska banka d.d. and which as at 30

September 2014 represented 34% of the assets, did not change with regard to the end of the previous year. It

amounted to €588 per share, which is below the share book value as shown in the bank’s semi-annual financial

statements.

Assets structure of Sava d.d. as at 30 September 2014 and a comparison with 31 December 2013 - € in millions

LIABILITIES STRUCTURE

No significant changes in the liabilities structure took place in the first nine months of 2014.

As at 30 September 2014, the capital had an 8% share in the balance sheet total, while the portion of

uncovered losses in the share capital amounted to 47%.

At the 20th

Shareholders’ Meeting held on 29 April 2014, a resolution on reducing the share capital according to

a simplified procedure was adopted. In terms of its contents, the share capital reduction of €11.4 million to

€14.1 million referred to covering of total retained loss from 2013. On 7 May 2014, the resolution was entered

in the court register.

Based on the statute limitation for liabilities for dividend payment, the liabilities of €563 thousand were

transferred back under the corresponding capital items, €65 thousand of which under other revenue reserves

and €498 thousand under profits from previous years.

Sava d.d. regularly settles its financial and operating liabilities; in the reported period, the major part of

proceeds from selling securities available for sale totalling €2.5 million was earmarked for repayment of loans’

principals.

Fixed assets and investment

property

Long-term financial

investments and assets

for sale

Short-term financial

investments Other assets TOTAL

ASSETS

31/12/2013 2.6 213.9 16.0 15.8 248.3 30/09/2014 2.5 221.8 15.6 15.3 255.2


21

Liabilities stricture of Sava d.d. as at 30 September 2014 and a comparison with 31 December 2013 - € in

millions

5.3.2 Employee number

As at 30 September 2014, Sava d.d. employed 18 associates, or 2 associates less than at the end of 2013, as

they were reassigned to a company outside of the Sava Group or left the company.

5.3.3 Financial restructuring of Sava d.d.

On 23 July 2013, the Management Board of Sava d.d. efficiently completed the process of concluding the

Master Restructuring Agreement with the organiser, agent and collateral agent of the banks’ consortium –

Nova Ljubljanska Banka d.d. – and other lending banks. The Agreement refers to restructuring the existing loan

obligations of Sava d.d. in the amount of €187.7 million at a 3% interest rate, the effective date of restructuring

being 28 February 2013 and the final date 30 November 2014. Signing this Agreement, the lending banks have

enabled Sava d.d. to defer payment of the principals under the existing loans. Sava d.d. committed itself to

regularly pay 1% interest during this period, whereas a portion of deferred interest will fall due for payment at

the end of the contractual period. Under the financial liabilities restructuring procedure, the equivalent

arrangements were made with other financial creditors, too.

By signing the Master Restructuring Agreement, the Management Board of Sava d.d. engaged to further

consistently implement the activities of divesting the financial assets of the company, reducing costs and

improving performance. Based on the public takeover bid of 28 April 2014, Sava d.d. sold 4,766 shares of Helios

d.d. in the first half of 2014, for which it received a consideration of €2,478 thousand. The sum was entirely

earmarked for a premature partial repayment of the principals to the lending banks, which was one of the

commitments set out in the Mater Restructuring Agreement. With regard to the comparable last year’s period,

operating expenses reduced substantially in the first half of 2014 also due to labour cost cut.

Capital Long-term liabilities

Short-term liabilities

Other liabilities

TOTAL LIABILITIES

31/12/2013 15.1 0.2 232.1 0.9 248.3 30/09/2014 21.3 1.3 231.3 1.3 255.2


22

5.3.4 The activities of Sava d.d. in connection with the expiration of the Master Restructuring Agreement in 2014

The Management Board of Sava d.d. has already begun the procedures for preparation of the revised business

and financial restructuring strategy; similarly to the current strategy, the revised strategy is founded on an

adequate restructuring of financial liabilities, further consolidation of financial assets and improvement in

operative business.


23

6. FINANCIAL STATEMENTS

6.1. Consolidated financial statement of the Sava Group for the period January – September 2014 (in accordance with Internation Financial Reporting Standards)

Consolidated statement of financial position for the Sava Group as at 30 September 2014

€ 000

30/09/2014 30/09/2013 31/12/2013

ASSETS

Property, plant and equipment 150,846 160,843 153,358

Intangible assets 683 525 405

Investment property 8,229 10,746 8,355

Investments in associates 86,240 116,932 86,217

Long-term equity securities, available for sale 42,688 32,818 31,426

Long-term loans 40 44 41

Deferred tax receivables 8,410 20,620 10,806

Long-term assets 297,136 342,528 290,608

Assets for sale 0 2,595 0

Inventories 6,144 4,806 4,265

Operating and other receivables 8,568 9,916 5,544

Income tax receivable 0 0 0

Short-term financial investments 0 0 0

Granted loans 19,921 24,843 24,594

Cash and cash equivalents 1,864 1,722 1,239

Short-term assets 36,497 43,882 35,642

Assets 333,633 386,410 326,250

CAPITAL AND LIABILITIES

Issued capital 14,061 25,442 25,442

Share premium 0 0 0

Reserves 5,042 4,977 4,977

Fair value reserves 13,340 -4,573 1,068

Treasury shares -4,977 -4,977 -4,977

Translation reserve 0 0 0

Retained net earnings -3,994 39,885 -11,500

Total equity attr. to equity holders of the parent 23,472 60,754 15,010

Minority interest 1,187 1,168 1,166

Total equity 24,659 61,922 16,176

Long-term provisions 3,178 2,858 2,961

Deferred government grants 8,793 9,239 9,068

Obtained long-term loans 51,110 100,356 54,216

Long-term operating liabilities 4 0 0

Deferred tax liabilities 0 0 0

Long-term liabilities 63,085 112,453 66,245

Liabilities for sale 0 861 0

Short-term financial liabilities 223,481 192,053 226,890

Short-term operating liabilities 18,310 14,147 13,055

Deferred costs and accrued revenues 4,098 4,974 3,884

Short-term liabilities 245,889 212,035 243,829

Total liabilities 308,974 324,488 310,074

Capital and liabilities 333,633 386,410 326,250


24

Consolidated income statement for the Sava Group in the period January – September 2014

€ 000

JAN – SEP

2014

JAN – SEP 2013

Revenues from goods sold and services rendered 48,182 52,826

Changes in inventories of products and work in progress 0 13

Other operating revenues 1,382 1,214

Operating revenues 49,564 54,053

Cost of goods, materials and services -23,870 -27,491

Labour costs -15,972 -18,264

Depreciation and amortisation -5,692 -6,319

Other write-offs -306 -423

Other operating expenses -809 -1,215

Operating expenses -46,649 -53,712

Profit/loss from operations 2,915 341

Financial revenues 1,670 10,916

Financial expenses -7,684 -13,610

Net financial revenues / expenses -6,014 -2,694

Share in profit of associates 0 0

Share in loss of associates 0 0

Impairments of financial investments in associates 0 -1,095

Net expenses from associates 0 -1,095

Pre-tax loss -3,099 -3,448

Tax -1,272 -719

Net loss for the financial year -4,371 -4,167

Net loss for the financial year refers to:

Owners of the parent company -4,373 -4,184

- originating from discontinued operations 0 0

Minority interest 2 17

Net loss for the financial year -4,371 -4,167

Basic net loss per share (€) -2.19 -2.10

Diluted net loss per share (€) -2.19 -2.10


25

Consolidated statement of other comprehensive income for the Sava Group in the period

January – September 2014

€ 000

JAN-SEP 2014

JAN-SEP 2013

Net loss for the period -4,371 -4,167

Other comprehensive income:

- Change in fair value of available-for-sale financial assets 14,666 -807

- Deferred tax on change in fair value of available-for-sale financial assets -1,318 68

- Change in fair value of investments in associates transferred to profit or loss 23 0

- Change in fair value of available-for-sale financial assets transferred to profit or

loss -1,294 -52

- Deferred tax on change in fair value of available-for-sale financial assets

transferred to profit or loss 197 0

- Deferred tax on change in fair value of investments in associates -2 0

Other comprehensive income for the period, net of deferred tax 12,272 -791

Total comprehensive income for the period 7,901 -4,958

Total comprehensive income for the period attributable to:

Owners of the parent company 7,899 -4,975

Minority interest 2 17

Total comprehensive income for the period 7,901 -4,958


26

Consolidated income statement of the Sava Group by quarter of 2014

€ 000

JAN-MAR

2014

APR-JUN

2014

JUL-SEP

2014

Revenues from goods sold and services rendered 11,997 16,398 19,787

Changes in inventories of products and work in progress 0 -15 15

Other operating revenues 332 504 546

Operating revenues 12,329 16,887 20,348

Cost of goods, materials and services -7,299 -7,831 -8,740

Labour costs -5,331 -5,354 -5,287

Depreciation and amortisation -1,915 -1,903 -1,874

Other write-offs -146 -38 -122

Other operating expenses -352 -169 -288

Operating expenses -15,043 -15,295 -16,311

Profit/loss from operations -2,714 1,592 4,037

Financial revenues 457 1,199 14

Financial expenses -2,745 -2,562 -2,377

Net financial revenues / expenses -2,288 -1,363 -2,363

Net financial revenues / expenses from associates 0 0 0

Pre-tax profit / loss -5,002 229 1,674

Tax -72 -1,200 0

Net profit /loss for the financial year -5,074 -971 1,674


27

Consolidated cash flow statement for the period January – September 2014

€ 000

JAN-SEP

2014

JAN-SEP

2013

CASH FLOWS FROM OPERATING ACTIVITIES

Profit/loss before taxation -4,371 -4,167

Adjustments for:

Depreciation of property, plant and equipment 5,482 6,069

Depreciation of intangible assets 72 88

Depreciation of investment property 138 162

Write- offs and impairment of property, plant and equipment 1 0

Reversal of and impairment of property, plant and equipment 0 -1,569

Impairments of inventories 0 0

Impairments of receivables 305 282

Disposal of impairments of receivables -198 0

Write-offs and impairments of investment property 0 141

Impairments of financial assets 537 2,474

Impairments of investments in associates 0 1,095

Proceeds from sale of property, plant and equipment 0 -126

Proceeds from sale of securities -1,295 -73

Received dividends and shares in profit -18 0

Interest expenses 7,142 9,927

Interest revenues -344 -782

Profit from operations prior to change in operating equity and provisions 7,451 13,521

Change in long-term receivables 1,274 -1,327

Change in short-term receivables -2,930 -17,353

Change in inventories -1,879 1,100

Change in short-term operating liabilities 2,299 -3,294

Change in long-term operating liabilities 4 0

Change in provisions 217 -59

Change in government grants -275 -359

Acquired cash in operations 6,161 -7,771

Paid corporate income tax 0 0

Net cash flow from operations 6,161 -7,771


28

€000

JAN-SEPT 2014

JAN-SEPT 2013

CASH FLOW FROM INVESTMENT ACTIVITIES

Expenses for purchase of property, plant and equipment -2,971 -3,951

Proceeds from sale of property, plant and equipment 0 249

Expenses for purchase of intangible assets -69 -48

Proceeds from sale of intangible assets 4 0

Expenses for purchase of investment property -13 0

Proceeds from sale of investment property 0 2,300

Proceeds from sale of subsidiaries 0 70,400

Expenses for purchase of subsidiaries -350 0

Expenses for purchase of associates 0 0

Proceeds from repaid loans 4,673 3,973

Expenses for granted loans 0 -6,317

Expenses for purchase of long-term securities -11 -170

Proceeds from sale of long-term securities 2,878 726

Received dividends from associates 0 0

Received dividends and shares in profit 18 0

Received interests 144 782

Net cash flow from investment activities 4,303 71,501

CASH FLOWS IN FINANCING ACTIVITIES

Increase in capital 0 0

Purchase of treasury share 0 0

Other changes in share capital 19 -401

Proceeds from obtained long-term loans 0 0

Expenses for obtained long-term loans 0 0

Proceeds from obtained short-term loans 0 0

Expenses for obtained short-term loans -5,935 -53,069

Expenses for dividends of Group’s shareholders 0 0

Paid interests -3,923 -9,092

Net cash flow from financing activities -9.839 -62,562

Net increase or decrease in cash and cash equivalents 625 1,168

Cash and cash equivalents at year begin 1,239 551

Cash and cash equivalents from companies for sale 0 3

Cash and cash equivalents at period end 1,864 1,722


29

Consolidated statement of changes in equity for the period January – September 2014

€ 000

Issued capital Share

premium Reserves

Reserves for

treasury

shares

Reserves for fair

value of financial

assets

Reserves from change in

the value of financial

investments in associates

Treasury shares Net profit /loss for

the financial year

Retained net

profit

Capital attributed

to owners of the

controlling

company

Minority share Total

Balance as at 31/12/2012 83,751 0 0 4,977 1,822 -5,605 -4,977 -99,181 84,940 65,728 1,568 67,296

Total comprehensive income

Loss for the year 0 0 0 0 0 0 0 -4,184 0 -4,184 17 -4,167

Other comprehensive income 0 0 0 0 -791 0 0 0 0 -791 0 -791

Change in fair value of financial assets available for sale

0 0 0 0 -807 0 0 0 0 -807 -807

Deferred tax on change in fair value of financial assets available for sale

0 0 0 0 68 0 0 0 0 68 0 68

Change in fair value of investments in associates

0 0 0 0 0 0 0 0 0 0 0 0

Change in fair value of financial assets available for sale, transferred to profit or loss

0 0 0 0 -52 0 0 0 0 -52 0 -52

Deferred tax on change in fair value of financial assets available for sale, transferred to profit or loss

0 0 0 0 0 0 0 0 0 0 0 0

Total comprehensive income 0 0 0 0 -791 0 0 -4,184 0 -4,975 17 -4,958

Transaction with owners recorded in capital

Payment of dividends 0 0 0 0 0 0 0 0 0 0 0 0

Transfer of net loss of the previous year to retained net profit

0 0 0 0 0 0 0 99,181 -99,181 0 0 0

Decrease in minority shares due to exchange rate change

0 0 0 0 0 0 0 0 0 0 -417 -417

Total transactions with owners recorded in capital

0 0 0 0 0 0 0 99,181 -99,181 0 -417 -417

Changes in capital 0

Covering of loss -58,309 0 0 0 0 0 0 0 58,309 0 0 0

Formation of reserves for treasury shares 0 0 0 0 0 0 0 0 0 0 0 0

Other changes in capital 0 0 0 0 0 0 0 0 0 0 0 0

Total changes in capital -58,309 0 0 0 0 0 0 0 58,309 0 0 0

Balance as at 30/09/2013 25,442 0 0 4,977 1,031 -5,605 -4,977 -4,184 44,069 60,754 1,168 61,922

Balance as at 31/12/2013 25,442 0 0 4,977 1,068 0 -4,977 -55,569 44,069 15,010 1,166 16,176

Total comprehensive income

Loss for the year 0 0 0 0 0 0 0 -4,373 0 -4,373 2 -4,371

Other comprehensive income 0 0 0 0 12,251 21 0 0 0 12,272 0 12,272

Items not to be reclassified under profit or loss

0 0 0 0 0 0 0 0 0 0 0 0

Change in fair value of financial assets available for sale

0 0 0 14,666 0 0 0 0 14,666 0 14,666

Deferred tax on change of fair value in financial assets available for sale

0 0 0 0 -1,318 0 0 0 -1,318 0 -1,318

Change in fair value of investments in associates

0 0 0 0 0 21 0 0 0 21 0 21

Change in fair value of financial assets available for sale, transferred to profit or loss

0 0 0 0 -1,294 0 0 0 -1,294 0 -1,294

Deferred tax on change in fair value of financial assets available for sale, transferred to profit or loss

0 0 0 0 197 0 0 0 197 0 197

Total comprehensive income 0 0 0 0 12,251 21 0 -4,373 0 7,899 2 7,901

Transactions with owners recorded in capital

0

Payment of dividends 0 0 0 0 0 0 0 0 0 0 0 0

Transfer of net loss from previous year to retained net profit

0 0 0 0 0 0 0 55,569 -55,569 0 0 0

Increase in minority shares due to acquisition of companies

0 0 0 0 0 0 0 0 0 0 19 19

Total transactions with owners recorded in capital

0 0 0 0 0 0 0 55,569 -55,569 0 19 19

Changes in capital 0

Covering of loss -11,381 0 0 0 0 0 0 0 11,381 0 0 0

Formation of reserves for treasury shares 0 0 0 0 0 0 0 0 0 0 0 0

Other changes in capital 0 0 65 0 0 0 0 498 563 0 563

Total changes in capital -11,381 0 65 0 0 0 0 0 11,879 563 0 563

Balance as at 30/09/2014 14,061 0 65 4,977 13,319 21 -4,977 -4,373 379 23,472 1,187 24,659


30

6.2. Financial statements of Sava d.d. for the period January – September 2014 (in accordance with Slovene Accounting Standards)

Balance sheet of Sava d.d. as at 30 September 2014

€000

30/09/2014 30/09/2013 31/12/2013

ASSETS A. FIXED ASSETS 234,381 252,625 227,374

I. INTANGIBLE FIXED ASSETS AND LONG-TERM DEFERRED COSTS AND ACCRUED REVENUES

23

25

25

1. Long-term industrial property rights 23 25 25

2. Goodwill 0 0 0

3. Advances for intangible fixed assets 0 0 0

4. Long-term deferred development costs 0 0 0

5. Other long-term deferred costs and accrued revenues 0 0 0

II. TANGIBLE FIXED ASSETS 202 222 244

1. Land and buildings 0 0 0

a) Land 0 0 0

b) Buildings 0 0 0

2. Plant and machinery 133 133 159

3. Other equipment 69 89 85

4. Tangible fixed assets under construction 0 0 0

a) Tangible fixed assets under construction and manufacture 0 0 0

b) Advances for tangible fixed assets 0 0 0

III. INVESTMENT PROPERTY 2,316 2,377 2,362

1. Leased to subsidiaries 0 0 0

2. Leased to other companies 1,812 1,873 1,858

3. Not leased 504 504 504

IV. LONG-TERM FINANCIAL INVESTMENTS 222,238 229,331 213,869

1. Long-term financial investments except loans 221,777 225,655 210,492

a) Shares and stakes in Group's companies 93,234 97,400 93,234

b) Shares and stakes in associates 85,938 95,519 85,915

c) Other shares and stakes 42,605 32,736 31,343

d) Other long-term financial investments 0 0 0

2. Long-term loans 461 3,676 3,377

a) Long-term loans to companies in the Group 461 3,676 3,377

b) Long-term loans to other entities 0 0 0

c) Long-term unpaid called-up capital 0 0 0

V. LONG-TERM OPERATING RECEIVABLES 0 1 0

1. Long-term operating receivables to companies in the Group 0 0 0

2. Long-term operating trade receivables 0 0 0

3. Long-term receivables to other entities 0 1 0

VI. DEFERRED TAX RECEIVABLES 9,602 20,669 10,874

B. SHORT-TERM ASSETS 20,797 25,234 20,886

I. ASSETS (GROUPS FOR DISPOSAL) FOR SALE 0 0 0

II. INVENTORIES 0 0 0

1. Material 0 0 0

2. Work in process 0 0 0

3. Products and merchandise 0 0 0

4. Advances for inventories 0 0 0

III. SHORT-TERM FINANCIAL INVESTMENTS 15,588 19,014 16,010

1. Short-term financial investments except loans 0 0 0

a) Shares and stakes in Group's companies 0 0 0

b) Other shares and stakes 0 0 0

c) Other short-term financial investments 0 0 0

2. Short-term loans 15,588 19,014 16,010

a) Short-term loans to companies in the Group 4,253 2,783 1,356

b) Short-term loans to other entities 11,335 16,231 14,654

c) Short-term unpaid called-up capital 0 0 0

IV. SHORT-TERM OPERATING RECEIVABLES 5,070 5,190 4,649

1. Short-term operating liabilities to companies in the Group 3,377 1,947 3,207

2. Short-term trade receivables 60 45 60

3. Short-term operating receivables to other entities 1,633 3,198 1,382

V. CASH 139 1,030 227

1. Cash on hand and accounts 139 1,030 227

2. Short-term deposits 0 0 0

a) Short-term deposits Group’s companies 0 0 0

b) Short-term deposits in associates 0 0 0

c) Short-term deposits in other entities 0 0 0

C. SHORT-TERM DEFERRED COSTS AND ACCRUED REVENUES 7 79 57

ASSETS TOTAL 255,184 277,939 248,317


31

€ 000

30/09/2014 30/09/2013 31/12/2013

LIABILITIES

A. C A P I T A L

21,328

43,312

15,117

I. CALLED-UP CAPITAL 14,061 25,442 25,442

1. Share capital 14,061 25,442 25,442

2. Uncalled capital (as a deductible item) 0 0 0 II. CAPITAL RESERVES 0 0 0 III. REVENUE RESERVES 65 0 0

1. Legal reserves 0 0 0

2. Reserves for treasury shares and own business stakes 4,977 4,977 4,977

3. Treasury shares and own business shares (as a deductible item) -4,977 -4,977 -4,977

4. Statutory reserves 0 0 0

5. Other revenue reserves 65 0 0

IV. SURPLUS FROM REVALUATION 13,328 1,005 1,056

- From tangible fixed assets 0 0 0

- From intangible fixed assets 0 0 0

- From long-term financial investments 13,328 1,005 1,056

- From short-term financial investments 0 0 0

V. RETAINED NET PROFIT OR LOSS FROM PREVIOUS PERIODS 498 0 0 VI. NET PROFIT OR LOSS FOR THE FINANCIAL YEAR -6,623 16,865 -11,381 B. PROVISIONS AND LONG-TERM ACCRUED COSTS AND DEFERRED REVENUES

116 121 117

1. Provisions for pensions and similar liabilities 116 121 117

2. Other provisions 0 0 0

3. Long-term accrued costs and deferred revenues 0 0 0

C. LONG-TERM LIABILITIES 1,349 35,641 231

I. LONG-TERM FINANCIAL LIABILITIES 9 35,464 15

1. Long-term financial liabilities to Group's companies 0 0 0

2. Long-term financial liabilities to banks 0 2,932 0

3. Long-term financial liabilities arising from bonds 0 26,515 0

4. Other long-term financial liabilities 9 6,017 15

II. LONG-TERM OPERATING LIABILITIES 0 0 0

1. Long-term operating liabilities to Group's companies 0 0 0

2. Long-term trade payables 0 0 0

3. Long-term bills payables 0 0 0

4. Long-term operating liabilities arising from advances 0 0 0

5. Other long-term operating liabilities 0 0 0

III. DEFERRED TAX LIABILITIES 1,339 177 216 E. SHORT-TERM LIABILITIES 231,271 197,683 232,145 I. LIABILITIES INCLUDED IN GROUPS FOR DISPOSAL 0 0 0

II. SHORT-TERM FINANCIAL LIABILITIES 223,161 192,345 226,796

1. Short-term financial liabilities to Group's companies 3,835 3,834 3,835

2. Short-term financial liabilities to banks 185,224 184,805 187,702

3. Short-term liabilities arising from bonds 26,515 0 26,515

4. Other short-term financial liabilities 7,587 3,706 8,744

III. SHORT-TERM OPERATING LIABILITIES 8,110 5,338 5,349

1. Short-term operating liabilities to Group's companies 131 78 99

2. Short-term trade payables 66 92 137

3. Short-term bills payables 0 0 0

4. Short-term operating liabilities arising from advances 52 30 30

5. Other short-term operating liabilities 7,862 5,138 5,083

D. SHORT-TERM ACCRUED COSTS AND DEFERRED REVENUES 1,120 1,181 707

TOTAL LIABILITIES 255,184 277,939 248,317


32

Income statement for Sava d.d. for the period January – September 2014

€ 000

JAN - SEP 2014

JAN - SEP 2013

1. NET SALES REVENUES 688 1,587 a) Revenues in domestic market 687 804 To Group companies 415 532 To associated companies 5 0 To others 268 272 b) Revenues in foreign market 1 783 To Group companies 1 25 To associated companies 0 0 To others 0 758 2. CHANGE IN THE VALUE OF INVENTORIES OF PRODUCTS AND WORK IN PROGRESS 0 0

3. CAPITALISED OWN PRODUCTS AND SERVICES 0 0

4. OTHER OPERATING REVENUES (with operating revenues from revaluation adjustment) 1 5,211

5. COST OF MERCHANDISE, MATERIALS AND SERVICES -1,037 -2,868

a) Cost of merchandise and materials sold and cost of raw materials and consumables used -36 -55

b) Cost of services -1,001 -2,813

6. LABOUR COST -1,038 -1,327

a) Salaries and wages -755 -1,078

b) Social security cost -146 -188

- Social security cost -62 -80

- Pension insurance cost -84 -107

c) Other labour cost -137 -61

7. AMORTISATION AND DEPRECIATION EXPENSE, WRITE-OFFS -87 -124

a) Amortisation -87 -96

b) Operating expenses from revaluation of intangible and tangible fixed assets 0 0

c) Operating expenses from revaluation of current assets 0 -28

8. OTHER OPERATING EXPENSES -12 -55

9. LOSS / PROFIT FROM OPERATIONS -1,486 2,424

10. OTHER FINANCIAL REVENUES FROM SHARES 1,313 25,565

a) Financial revenues from shares in Group companies 0 24,302

b) Financial revenues from shares in associated companies 0 0

c) Financial revenues from shares in other entities 1,313 146

č) Financial revenues from other investments 0 1,117

11. FINANCIAL REVENUES FROM GRANTED LOANS 515 777

a) Financial revenues from loans granted to Group companies 244 207

b) Financial revenues from loans granted to other entities 271 570

12. FINANCIAL REVENUES FROM OPERATING RECEIVABLES 41 0

a) Financial revenues from operating receivables due from Group companies 39 0

b) Financial revenues from operating receivables due from other entities 2 0

13. FINANCIAL EXPENSES FROM IMPAIRMENTS AND WRITE-OFFS IN FINANCIAL INVESTMENTS -678 -3,494

14. FINANCIAL EXPENSES FROM FINANCIAL LIABILITIES -5,110 -7,697

a) Financial expenses from borrowings obtained from Group companies -87 -118

b) Financial expenses from borrowings obtained from banks -4,246 -5,429

c) Financial expenses from issued bonds -595 -1,425

d) Financial expenses from other financial liabilities -181 -725

15. FINANCIAL EXPENSES FROM OPERATING LIABILITIES 0 0

a) Financial expenses from operating liabilities to Group companies 0 0

b) Financial expenses from trade payables and bill payables 0 0

c) Financial expenses from other operating liabilities 0 0

16. OTHER REVENUES 58 15

17. OTHER EXPENSES -4 -6

18. INCOME TAX 0 -719

19. DEFERRED TAX -1,272 0

20. NET PROFIT/LOSS FOR THE ACCOUNTING PERIOD -6,623 16,865


33

Statement of comprehensive income of Sava d.d. for the period January – September 2014

€ 000

JAN - SEP 2014 JAN - SEP 2013

Net loss /profit for the period -6,623 16,865

Other comprehensive income:

Items that might be reclassified in profit or loss subsequently

- Change in fair value of available-for-sale financial assets 14,666 -807

- Deferred tax on change in fair value of available-for-sale financial assets -1,318 68

- Change in fair value of investments in associates 23 0

- Change in fair value of available-for-sale financial assets transferred to profit or loss -1,294 -11,582

- Deferred tax from change in fair value of available-for-sale financial assets transferred to

profit or loss 197 1,038

- Actuarial gains / losses in pension scheme with retirement benefits 0 0

- Deferred tax from change in fair value of investments in associates -2 0

Other comprehensive income for the period, net of income tax in the period 12,272 -11,283

Total comprehensive income for the period 5,650 5,582


34

Income statement of Sava d.d. by quarter of 2014

€000

JAN-MAR 2014

APR-JUN 2014

JUL-SEP 2014

1. NET SALES REVENUES 236 205 247

a) Revenues in domestic market 236 205 246 To Group companies 141 110 164 To associated companies 0 3 2 To others 95 92 81 b) Revenues in foreign market 0 0 1 To Group companies 0 0 1 To associated companies 0 0 0 To others 0 0 0

2. CHANGE IN THE VALUE OF INVENTORIES OF PRODUCTS AND WORK IN PROGRESS 0 0 0

3. CAPITALISED OWN PRODUCTS AND SERVICES 0 0 0

4. OTHER OPERATING REVENUES (with operating revenues from revaluation adjustment) 0 1 0

5. COST OF MERCHANDISE, MATERIALS AND SERVICES -515 -214 -308

a) Cost of merchandise and materials sold, cost of raw materials and consumables used -15 -10 -11 b) Cost of services -500 -204 -297

6. LABOUR COST -481 -261 -296

a) Salaries and wages -266 -244 -245 b) Social security cost (separately pension insurance cost) -51 -52 -43 - Social security cost -21 -23 -18 - Pension insurance cost -30 -29 -25 c) Other labour cost -164 35 -8

7. AMORTISATION AND DEPRECIATION EXPENSE, WRITE-OFFS -30 -29 -28

a) Amortisation -30 -29 -28 b) Operating expenses from revaluation of intangible and tangible fixed assets 0 0 0 c) Operating expenses from revaluation of current assets 0 0 0

8. OTHER OPERATING EXPENSES -102 102 -12

9. PROFIT / LOSS FROM OPERATIONS -892 -196 -398

10. OTHER FINANCIAL REVENUES FROM SHARES 283 1,025 5

a) Financial revenues from shares in Group companies 0 0 0 b) Financial revenues from shares in associated companies 0 0 0 c) Financial revenues from shares in other entities 283 1,025 5 d) Financial revenues from other investments 0 0 0

11. FINANCIAL REVENUES FROM GRANTED LOANS 194 184 137

a) Financial revenues from loans granted to Group companies 73 73 98 b) Financial revenues from loans granted to other entities 121 112 38

12. FINANCIAL REVENUES FROM OPERATING RECEIVABLES 14 13 14

a) Financial revenues from operating receivables due from Group companies 13 13 13 b) Financial revenues from operating receivables due from other entities 1 0 1

13. FINANCIAL EXPENSES FROM IMPAIRMENTS AND WRITE-OFFS IN FINANCIAL INVESTMENTS

-431 -64 -183

14. FINANCIAL EXPENSES FROM FINANCIAL LIABILITIES -1,659 -1,733 -1,718

a) Financial expenses from borrowings obtained from Group companies -29 -29 -29 b) Financial expenses from borrowings obtained from banks -1,408 -1,418 -1,420 c) Financial expenses from issued bonds -196 -198 -201 d) Financial expenses from other financial liabilities -26 -88 -67

15. FINANCIAL EXPENSES FROM OPERATING LIABILITIES 0 0 0

a) Financial expenses from operating liabilities to Group companies 0 0 0 b) Financial expenses from trade payables and bill payables 0 0 0 c) Financial expenses from other operating liabilities 0 0 0

16. OTHER REVENUES 0 12 46

17. OTHER EXPENSES 0 0 -4

18. INCOME TAX 0 0 0

19. DEFERRED TAX -72 -1,200 0

20. NET PROFIT/LOSS FOR THE ACCOUNTING PERIOD -2,563 -1,959 -2,101


35

Cash flow statement of Sava d.d. for the period January – September 2014

€000

JAN - SEP 2014 JAN - SEP 2013

A. CASH FLOWS FROM OPERATING ACTIVITIES

a) Net profit for the financial year -6,623 16,865

- Pre-tax profit -5,351 17,584

- Profit tax and other taxes -1,272 -719

b) Adjustments for: 4,046 -20,266

- Depreciation 87 96

- Operating revenues from revaluation in connection with items of investing and financing activities -1 -5,211

- Operating expenses from revaluation in connection with items of investing and financing activities 0 0

- Financial revenues excluding financial revenues from operating receivables -1,828 -26,342

- Financial expenses excluding financial expenses from operating liabilities 5,788 11,191

c) Change in net current assets (and accruals, deferrals, provisions and deferred tax receivables

and liabilities) of balance sheet items 902 14,444

- Opening minus closing operating receivables -168 15,724

- Opening minus closing deferred costs and accrued revenues 50 -59

- Opening minus closing deferred tax receivables 1,272 0

- Opening minus closing assets (groups for disposal) for sale 0 0

- Opening minus closing inventories 0 0

- Closing minus opening operating liabilities -71 -316

- Closing minus opening accrued costs and deferred revenues and provisions 412 -230

- Closing minus opening tax liabilities -593 -676

č) Surplus in inflows from operating activities or surplus in outflows from operating activities

-1,675 11,043

B. CASH FLOWS FROM INVESTING ACTIVITIES

a) Inflows from investing activities 10,832 31,356

- Revenues from received interests and shares in profit in relation to investing activities 176 1,897

- Revenues from disposal of intangible fixed assets 0 0

- Revenues from disposal of tangible fixed assets 5 5

- Revenues from disposal of investment property 0 2,300

- Revenues from disposal of long-term financial investments 2,879 2,653

- Revenues from disposal of short-term financial investments 7,772 24,501

b) Outflows from investing activities -4,484 -32,156

- Expenses for purchase of intangible fixed assets 0 -8

- Expenses for purchase of tangible fixed assets -2 -91

- Expenses for purchase of investment property 0 0

- Expenses for purchase of long-term financial investments -11 -4,183

- Expenses for purchase of short-term financial investments -4,471 -27,875

c) Surplus in inflows from investing activities or surplus in outflows from investing activities 6,348 -801

C. CASH FLOWS FROM FINANCING ACTIVITIES

a) Inflows from financing activities 0 7,203

- Revenues from paid-in capital 0 0

- Revenues from increase in long-term financial liabilities 0 0

- Revenues from increase in short-term financial liabilities 0 7,203

b) Outflows from financing activities -4,760 -16,419

- Expenses for interests related to financing -2,276 -7,697

- Expenses for return of capital 0 0

- Expenses for repayment of long-term financial liabilities -2,120 -1,267

- Expenses for repayment of short-term financial liabilities -364 -7,455

- Expenses for payment of dividends and other shares in profit 0 0

c) Surplus in inflows from financing activities or surplus in expenses from financing activities -4,760 -9,216

Č. CASH AND CASH EQUIVALENTS AT END OF PERIOD 139 1,030

x) Cash and cash equivalents for the period -88 1,027

y) Cash and cash equivalents at beginning of period 227 3


36

Statement of changes in equity of Sava d.d. for the period January – September 2014

Statement of changes in equity of Sava d.d. for the period January – September 2013

Aleš Aberšek Matej Narat

Member of the Management Board of Sava d.d. President of the Management Board of Sava d.d.

Ljubljana, November 2014

€000

Called-up capital Capital reserves

II

Revenue reserves

III

Revaluation

reserve

IV

Retained net result

V Net profit for the financial

year

VI

Share capital Uncalled

capital (as a deductible

item)

Capital reserves Legal

reserves Reserves for treasury

shares and own business

stakes

Treasury shares and

own business stakes

Statutory reserves Other

revenue reserves

Revaluation reserve Retained

net profit Retained net loss Net profit for

the financial year

Net loss for the financial

year Total capital

(as deductible Item)

I/1 I/2 III/1 III/2 III/3 III/4 III/5 IV V/1 V/2 VI/1 VI/2 VII

A.1.BALANCE AS AT 31/12/2013 25,442 0 0 0 4,977 -4,977 0 0 1,056 0 0 0 -11,381 15,117 A.2. INITIAL BALANCE AS AT 01/01/2014 25,442 0 0 0 4,977 -4,977 0 0 1,056 0 0 0 -11,381 15,117 B.1. Changes in equity - transactions with owners 0 0 0 0 0 0 0 0 0 0 0 0 0 0

B.2. Total comprehensive income for the period 0 0 0 0 0 0 0 0 12,272 0 0 0 -6,623 5,649

a) Entry of net profit/loss for the period 0 0 0 0 0 0 0 0 0 0 0 0 -6,623 -6,623

d) Change in fair value of available-for-sale financial assets 0 0 0 0 0 0 0 0 14,666 0 0 0 0 14,666

e) Deferred tax from a change in fair value of available for-sale financial assets 0 0 0 0 0 0 0 0 -1,318 0 0 0 0 -1,318

f) Change in fair value of available-for-sale financial assets transferred to profit or

loss 0 0 0 0 0 0 0 0 -1,294 0 0 0 0 -1,294

g) Deferred tax from a change in fair value of available-for-sale financial assets

transferred to profit or loss 0 0 0 0 0 0 0 0 197 0 0 0 0 197

h) Other components of comprehensive income for the period 0 0 0 0 0 0 0 0 21 0 0 0 0 21

B.3. Changes within equity -11,381 0 0 0 0 0 0 65 0 498 0 0 11,381 563 a) Allocation of the remaining portion of net profit for the comparative period to

other capital items 0 0 0 0 0 0 0 0 0 0 -11,381 0 11,381 0

č) Settling a loss as a deductible capital item -11,381 0 0 0 0 0 0 0 0 0 11,381 0 0 0

B.3. Changes within equity 0 0 0 0 0 0 0 65 0 498 0 0 0 563

C. END BALANCE AS AT 30/09/2014 14,061 0 0 0 4,977 -4,977 0 65 13,328 498 0 0 -6,623 21,328

€000

Called-up capital Capital reserves

II

Revenue reserves

III

Revaluation

reserve

IV

Retained net result

V Net profit for the financial

year

VI

Share capital Uncalled

capital (as a deductible

item)

Capital reserves Legal

reserves Reserves for treasury

shares and own

business stakes

Treasury shares and

own business

stakes

Statutory reserves Other

revenue reserves

Revaluation reserve Retained

Net profit Retained net loss Net profit

for the financial

year

Net loss for the financial

year Total capital

(as deductible

Item)

I/1 I/2 III/1 III/2 III/3 III/4 III/5 IV V/1 V/2 VI/1 Vi/2

A1. INITIAL BALANCE AS AT 31/12/2012 83,752 0 0 0 4,977 -4,977 0 0 12,288 -9,274 0 -49,036

0 37,730

a) Retroactive calculation 0 0 0 0 0 0 0 0 0 0 0 0 0

b) Retroactive adjustments 0 0 0 0 0 0 0 0 0 0 0 0 0 0

A.2 INITIAL BALANCE AS AT 01/01/2013 83,752 0 0 0 4,977 -4,977 0 0 12,288 -9,274 0 -49,036 0 37,730

B.1. Changes in equity - transactions with owners 0 0 0 0 0 0 0 0 0 0 0 0 0 0

B.2. Total comprehensive income for the period 0 0 0 0 0 0 0 -11,283 0 0 16,865 0 5,582 a) ) Entry of net profit/loss for the period 0 0 0 0 0 0 0 0 0 0 0 16,865 0 16,865

d)Change in fair value of available-for-sale financial assets 0 0 0 0 0 0 0 0 -807 0 0 0 0 -807

e) Deferred tax from a change in fair value of available for-sale financial assets 0 0 0 0 0 0 0 0 68 0 0 0 0 68

f) Change in fair value of available-for-sale financial assets transferred to profit or loss 0 0 0 0 0 0 0 0 -11,582 0 0 0 0 -11,582 g) Deferred tax from a change in fair value of available-for-sale financial assets transferred to profit or loss 0 0 0 0 0 0 0 0 1,038 0 0 0 0 1,038

B.3. Changes within equity -58,310 0 0 0 0 0 0 0 0 0 9,274 0 49,036 0

a) Allocation of the remaining portion of net profit for the comparative period to other capital

items 0 0 0 0 0 0 0 0 0 0 -49,036 0 49,036 0

č) Settling a loss as a deductible capital item -58,310 0 0 0 0 0 0 0 0 0 58,310 0 0 0 d) Formation of reserves for treasury shares and own business stakes from other capital components

0 0 0 0 0 0 0 0 0 0 0 0 0 0

f) Other changes within equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 D. END BALANCE AS AT 30/09/2013

25,442 0 0 0 4,977 -4,977 0 0 1,005 0 0 16,865 0 43,312

Business operations of Sava d.d.

and the Sava Group,

January - September 2014

Sava d.d.

Dunajska cesta 152

1000 Ljubljana

tel.: +386 4 206 55 10

faks: +386 4 206 64 46

www.sava.si

[email protected]

http://www.sava.si/

mailto:[email protected]

Business operations of Sava d.d. and the Sava Group in the period … · 2017-02-27 · financial...

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