Annual report 2005 - Sava dd

a n n u a l r e p o r t | 2 0 0 5
9.2
4 2 |
Interest rate risk
Since 2004 we have been hiring the majority of new
loans at a variable interest rate (see graph). We consider
variable interest rates as all those based on EURIBOR,
basic interest rate, SITIBOR or others, which individual
banks define as the basis to which they add a margin.
SAVA GROUP
Indebtedness at fixed and
variable interest rate
at 31/12/2005
Fix interest rate
Variable interest rate
Risks related
to issued shares
of Sava d.d.
In addition to systematic and common market and
liquidity risks, which are characteristic for all securities
on the Ljubljana Stock Exchange, there are, to the best
of our knowledge, no additional specific market and
Due to growing risk exposure with euro-nominated risks
and thus exposure due to the EURIBOR-bound interest
rate and its expected growth it was decided in the Sava
Group in 2005 to protect the interest rate at the company
level of the entire Group.
Foreign currency loans Tolar loans
liquidity risks whatsoever that would substantially affect
a change in the value of a share.
According to the report by the Ljubljana Stock
Exchange d.d. from February 2006 the Sava share was
classified in the second of four liquidity groups, which
are defined by the gap between offer and demand,
market depth, share price changeability, trading volume
and the minimum time of presence in the market.