Annual report 2005 - Sava dd

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Liabilities structure
The capital of the joint stock company Sava in the
amount of €318.3 million is 12 per cent higher than last
year. In the liabilities structure it has a 72 per cent share.
The significant changes in capital are as follows:
• in 2005 a net profit of €17.9 million was realised, half
of it being allocated to other revenues reserves;
• €5.2 million was allocated for a dividend payment;
• the specific equity revaluation adjustment was
enhanced by €22 million: due to profit sharing in the
associate Gorenjska Banka, d.d. in the amount of
€19.6 million and in subsidiaries in the amount of
SAVA d.d.
Liabilities structure at
31/12/2005 / 2004
(€ in millions)
Equity
Long-term liabilities
Short-term liabilities
Other liabilities
Total liabilities
Investments in fixed assets
In 2005 Sava d.d. invested €11.5 million in tangible
fixed assets, mainly for the purchase of strategic land
and real estate and partly for finishing the EKO
building, in which the production of environmental
protection and rescue products is already under way.
€5.2 million, while a decrease in specific equity
revaluation adjustment in the amount of €2.9 million
represents paid dividends of Gorenjska Banka, d.d. in
2005.
Financial and operating liabilities totalling €122.2
million has a 28 per cent share in the liabilities structure
and compared to last year the figure is higher by 54 per
cent. The increase in indebtedness of the joint stock
company Sava with banks is mainly due to intensive
investment activity in the entire Sava Group.
283
318
7
8
73
114
0
0
363
441
04/05 04/05 04/05 04/05 04/05
Financial position of the
company
The joint stock company Sava is highly liquid and
solvent and shows a favourable capital structure. We
estimate that in doing business with the joint stock
company Sava there are no risks related to solvency, and
the company has sufficient capital available as regards
the volume and type of business it performs.