Annual report 2005 - Sava dd

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A review of highlights after the accounting period
January The company Gea Sol d.o.o. discontinues its business. Based on R&D work and risk assessment we
discontinue planning the production of solar tiles. The vital part of its business – energy consulting
– is transferred to the company Energetika Sava d.o.o.
February The Supervisory Board of Sava d.d. endorses the submitted plan on restructuring Sava Trade. The
plan anticipates that Sava d.d. enters the company Merkur d.d. with a significant ownership stake.
Sava d.d. offers to pay in 98,000 newly issued shares as an increase in the share capital of Merkur
d.d. at a price of €151.1 per a share. The restructuring plan further includes that Sava d.d. offers
Merkur d.d. to purchase the entire ownership stake in Sava Trade d.d. and sell the entire ownership
stake of Sava Trade in the company MG Market d.o.o. Through these transactions Sava d.d. obtains
a significant stake in the company Merkur d.d., while Merkur d.d. consolidates its business through
the operation of the present Sava Trade d.d.
The Supervisory Board of Sava d.d. adopts a resolution that Janez Bohoriå is appointed as chairman
and Vincenc Peråiå and Emil Vizoviæek as members of the Sava d.d. Board of Management for a
new mandate, i.e. from 17 July 2006 until 16 July 2011.
The Sava share is listed in the new South-east Europe index, Southeast Trade Index (SETX) formed
by the Vienna Stock Exchange. Besides Sava d.d., another 13 companies that are listed on the
Ljubljana, Bucharest, Sophia and Zagreb Stock Exchanges are included in the index.
March By increasing the share capital in the company Merkur d.d., Sava d.d. implements a significant part
of its restructuring plan for Trade and becomes the owner of a 19.6 per cent stake and an important
shareholder in this Kranj-based company. By doing so, Sava d.d. will move from the majority-based
management of a smaller company Sava Trade d.d. to the active joint management of a larger
trading system with significantly better conditions for successful development and profitable
operation. This is an important acquisition and opportunity for shareholders of Sava d.d.
In order to acquire quality personnel, the companies of Pannonian Spas unite with professional and
educational institutions in the region in the promotion of catering and tourism professions. At the
same time Pannonian Spas announce 80 new vacancies in a new 5* hotel. Owing to new
investments in the companies of Pannonian Spas another 80 new jobs will be available next year.
Sava d.d. increases the share capital in Grand Hotel Toplice d.o.o. Bled from €1.3 million to about
€2.1million; in the company Savatech d.o.o. from the present €21.1 million to €25.1million, and
in the company Sava-GTI d.o.o. from the present €0.26 million to €0.86 million.
As part of closing the financial transaction of purchasing shares of Merkur d.d. Sava d.d. sold
4,694,946 shares of the company NFD Holding d.d., which represents 14.17 per cent of its equity.
After this sale Sava d.d. does not have any stake in the company NFD Holding d.d.