Annual report 2005 - Sava dd

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Interest revenues relate to loans granted to subsidiaries.
Interest expenses were due to the indebtedness of the
company with banks, which was higher than last year on
account of large investments in the entire Sava Group.
Financial expenses in connection with subsidiaries
totalling €0.9 million included losses in these
companies in the amount of €0.59 million and
revaluation adjustments of granted loans to these
companies in the amount of €0.33 million.
Other financial revenues totalling €0.4 million were
mainly due to the charged guarantees, while other
financial expenses in the amount of €0.06 million were
due to the negative exchange rate differences and other
financial expenses.
Total pre-tax profit
In 2005 the total pre-tax profit of Sava d.d. amounted to
€21.7 million, which was 37 per cent higher than last
year and 40 per cent higher than planned.
SAVA d.d.
Net profit by year
(€ in millions)
Accumulated profit and
dividend
Accumulated profit of the joint stock company Sava on
31/12/2005 totalled €29.8 million. The Board of
Tax on profit
Based on the generated total profit and considering the
provisions on the Law on Income of Legal Entities the
tax liability of Sava d.d. for 2005 totalled €3.80 million;
taking into account deferred taxes the figure was €3.78
million. In comparison with last year the tax liability
was 28 per cent higher and also exceeded that planned,
primarily on account of a delay in certain investments
and related tax relief.
Net profit
The generated net profit of Sava d.d. in the amount of
€17.9 million was 39 per cent higher than last year and
26 per cent higher than planned.
7.3 7.0 7.0
12.9
17.9
2001 2002 2003 2004 2005
Management of Sava d.d. will propose to the
Shareholders’ Meeting a payment of dividends for 2005
in the amount of €2.67 per share. € 5.4 million will be
allocated to the payment of dividends.