Annual report 2005 - Sava dd

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Operating expenses
Operating expenses totalled €9.8 million, or 17 per cent
less than in the same period last year.
In the expenses structure cost of goods, materials and
services had a 35 per cent share, labour costs a 34 per
cent, write-offs a 30 per cent share and other costs one
per cent share.
A significant part of operating expenses was due to
managing financial investments, therefore a surplus in
the financial results was partly earmarked to cover these
expenses.
Financing income
In 2005 the joint stock company Sava created financial
revenues in the amount of €28.1 million, which is at last
year’s level, and financial expenses totalling €6.2
million, or 28 per cent less than last year. The surplus in
| b u s i n e s s a n a l y s i s |
The financial statements of Sava d.d.
were prepared in accordance with
Slovene Accounting Standards.
Financing income by activity type - € in millions
financial revenues over financial expenses totalling
€21.8 million exceeds last year’s figure by 12 per cent.
The predominant 73 per cent share of dividend totalling
€7.7 million represents dividends obtained from
Gorenjska Banka d.d. Kranj, which compared to last
year were more than twice as high. Furthermore,
dividends in other companies where Sava d.d. had
financial investments are considerably higher than last
year and will present a significant source of company
profit in the future too.
66 per cent of financial revenues from the sale of securities
totalling €18.8 million were realised by selling a stake in
Geoplin d.o.o., 17 per cent by selling securities in certain
Croatian fonds and 17 per cent by selling other portfolio
investments. Financial expenses in connection with
securities totalling €2.0 million were mainly due to
impairment in the value of securities with regard to the
Stock Exchange price on the day of the accounting period.
(v mio SIT)
Financial Financial Financial Financial Financial Financial
revenues expenses income revenues expenses income
Year 2005 Year 2004
Dividends 7.7 0 7.7 2.8 0 2.8
Securities 18.8 2.0 16.8 9.6 4.6 5.0
Sale of a 20% stake
in Sava Tires JVH d.o.o. 0 0 0 14.0 0 14.0
Interests 1.0 3.2 -2.2 0.9 3.0 -2.0
Associates 0 0.9 -0.9 0 0.7 -0.7
Others 0.4 0.1 0.4 0.8 0.3 0.5
TOTAL 28.1 6.2 21.8 28.1 8.6 19.5