20 May 2016

At its 26th regular meeting held on 19 May 2016, the Supervisory Board of Sava d.d. was briefed about business operations of the Sava Group and Sava d.d. in the period January-March 2016. The Tourism Group generated net revenues of €13.3 million, which is a 5% improvement year-on-year. Overnight stays grew by 4%, while an EBITDA of €1.0 million exceeds the planned value.

The loss of tourism operations amounting to €1.3 million, which was expected due to seasonal business fluctuations in this period of the year, and the accrued default interests of €3.3 million at Sava d.d. resulted in an overall loss of €4.7 million for the Sava Group. Furthermore, the information on the course of compulsory settlement proceedings against Sava d.d. was dealt with. After the vote on compulsory settlement is passed, Sava d.d. will again become a company demonstrating positive capital, while implementing the proposed financial restructuring plan will create conditions for Group's profitability.

The Supervisory Board further took note of the resignation statement by the Supervisory Board member Aleš Avbreht.

Quarterly report

Sava d.d.
Corporate Communications

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