At the 21st regular meeting held on 19 November 2015, the Supervisory Board of Sava d.d. was briefed about business operations of the Sava Group and Sava d.d. in the period January–September 2015.
The improved management model and strategic linking of Sava’s Tourism division are mirrored in the excellent results achieved by Tourism also at the end of third quarter. This year’s positive trend of operations yielded operating revenues of €51.6 million for the period January–September 2015, which is up 6% year-on-year and outperforms the plans. A 6% increase in overnights in the campsites, as well as a 4% increase in overnights in the hotels and apartments, is recorded. In accordance with the adopted strategy, the Health business also shows positive trends with a 28% increase in provided health services compared to last year.
The companies of Tourism division generated a net profit of €5.1 million. Moreover, they were successful at rationalisation of costs, too. An operating profit of €6.8 million was generated, while EBITDA amounted to €11.2 million and the EBITDA margin to 22.4%. A year-on-year comparison shows that EBITDA increased by €2.5 million and the EBITDA margin by 3.9 percentage points.
Sava d.d., the Group’s parent company, is undergoing compulsory settlement proceedings. Because of extra impairments of financial investments, additionally imputed interests and provisions for services provided in the compulsory settlement proceedings, Sava d.d. ended the period under report with a net loss of €18.6 million.
The Supervisory Board was briefed about the compulsory settlement proceedings and informed that the applicants of the compulsory settlement proceedings had already drafted the financial restructuring plan, which is currently under discussion.
The Supervisory Board further took note of the proposal by President of the Management Board for a consensual termination of his term of office without any termination benefits whatsoever. In consideration of President’s argumentation, as well as his judgement and wish, respectively, saying that because of his resignation the owners and creditors of Sava d.d. will be relieved of the imposed personnel and other speculations, what will enable them to agree on a substantive restructuring of Sava d.d. more easily and in the shortest time possible, the Supervisory Board made a decision to accept his resignation proposal. The Supervisory Board appointed Aleš Aberšek to the office of President of the Management Board. In accordance with Article 273 of the Companies Act, the Supervisory Board appointed Matevž Marc, MSc – the current Supervisory Board member elected to the Supervisory Board at this year’s Shareholders’ Meeting of Sava d.d. – as temporary member of the Management Board of Sava d.d. Taking this decision, the Supervisory Board has ensured that a competent Management Board, whose role and structure are defined by the external regulations and the Articles of Association of Sava d.d., can exercise the company’s management function without disturbance.
The decision of the Supervisory Board shall enter into force upon court’s approval of this decision in accordance with point 1 of the first paragraph of Article 151.a of the ZFPPIPP Act (Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act).
Business operations of the Sava Group and Sava d.d. in the period January - September 2015
Sava d.d.
Corporate Communications