Annual report 2005 - Sava dd

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SAVA GROUP
Items in the balance sheet
of the Sava Group
at 31/12/2005
Current liabilities
Current assets
Equity
Other non-current assets
Non-current tied securities
Non-current liabilities
In accordance with the investment policy of the Sava
Group 25 per cent of long-term assets is tied in
securities available for sale. More than 90 per cent of
these shares are listed on the stock exchange, therefore
any deficits in long-term sources does not jeopardise
payment ability.
Credit risk
(27%)
Approximately one half of inflows of the Sava Group is
acquired from customers, which is why insurance of
receivables is of great importance. The risk exposure
with receivables in production and trading companies is
low, since receivables are mainly insured with SID –
Prva Kreditna Zavarovalnica d.d. In the companies in
SAVA GROUP
Cash inflows and outflows
by currency in the Sava Group
in 2005
(1%)
All loans in foreign currency are loans in euros, due to
which the currency risk of indebtedness in 2005 was
| i n t r o d u c t i o n |
(17%) (60%) (62%) (21%) (13%)
the Tourism division we have elaborated a policy for
larger customers – tourist package providers. Due to the
diversification of customers in Tourism the risk
exposure is not very high.
Currency exposure
EQUITY AND LIABILITIES
ASSETS
Foreign currency balance in the entire Sava Group is
considerably adjusted. The allocation of foreign
currency surpluses and deficits is regulated through socalled
internal foreign currency exchanges, thereby
assuring an internal foreign currency balance.
Occasional additional surpluses or deficits are balanced
in collaboration with the banking system.
OUTFLOWS
INFLOWS
(23%) (76%)
considerably reduced with the transition to the euro
region after 1January 2007.