Annual report 2005 - Sava dd

a n n u a l r e p o r t | 2 0 0 5
14. Business Operations
of the Sava Group
14.1
6 2 |
The consolidated financial statements of the Sava Group have been compiled according to International
Financial Reporting Standards for the first time. The introduction of International Financial Reporting
Standards has provided a more realistic presentation of the results and assets of the Sava Group. The items in
the financial statements are valued at fair values as required by the new standards. The introduction of new
standards has a positive effect on the presented return on capital employed of the Sava Group, which in 2005
exceeded 10 per cent, as set in the strategy until 2007. The equity of the Sava Group as presented in the balance
sheet increased too and amounted to more than €393 million or €193.8 per a share. Regardless of the applied
standards, the Sava Group operated successfully and all key performance indicators surpassed the planned
values. The Sava Group created a pre-tax profit of €43.8 million, which is 14.5 per cent higher than planned.
In 2005 the companies in the Sava Group generated a net profit of €38.5 million, which was 4.3 per cent more
than set in the business plan.
Business performance of the Sava Group
in 2005
Survey of important data based on the consolidated income statement
of the Sava Group
(€ in millions)
Sava Group Index
in accordance with International Financial Reporting Standards 2004 2005 2005/2004
Net sales revenues 236.1 244.0 103
Other revenues 20.1 12.5 62
TOTAL OPERATING REVENUE 256.3 256.5 100
Earnings before interest, taxes, depreciation and amortisation (EBITDA) 37.7 24.9 66
Earnings before interest and taxes (EBIT) 19.6 8.3 43
Net financing income 16.4 15.8 96
Share in income of associates 16.3 19.6 120
Pre-tax profit 52.2 43.7 84
Tax -3.6 -5.2 145
Net profit of the Sava Group 48.6 38.5 80
- Net profit/operating revenue – in % 19.0% 15.0% 79
Net profit of the Sava Group attributable to Sava d.d. 48.3 38.2 79