Annual Report 2011
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RENEWED FOR THE FUTURE. Annual Report 2011 Sava Group Annual Report 2011 Annual report for Sava d.d. and annual report for the Sava Group Report by the Supervisory Board of Sava d.d. Independent auditor’s report for Sava d.d. and independent auditor’s report for the Sava Group Index INTRODUCTION INDEX 1. Significant data and indicators 6 2. Company details 7 3. Organisational structure of the Sava Group 8 3.1. About the Sava Group 8 3.2. About Sava d.d. 8 3.3. Composition of the Sava Group 9 3.4. Divisions of the Sava Group 10 4. Overview of significant events and achievements 11 4.1. Significant events and achievements in the period January-December 2011 11 4.2. Significant events and achievements in 2012 – after the accounting period 13 5. Report by the President of the Management Board 14 6. Management and governing bodies 18 6.1. Presentation of the Management Board 18 6.2. Presentation of the Supervisory Board 19 7. Report by the Supervisory Board of Sava d.d. 22 8. Corporate governance system 32 9. Risk management 42 9.1. Goal, organisation and methodology of risk management 42 9.2. More important risks in 2011 42 9.3. Anticipated risks at the global level and their impact on the operation of the Sava Group 45 10. Financial management 46 BUSINESS ANALYSIS 1. Signing the annual report and its components for Sava d.d. and the Sava Group for 2011 52 ANNUAL REPORT 2011 2. The Sava share and ownership structure with the calendar of significant 53 announcements by Sava d.d. in 2012 3. Restructuring strategy of Sava until 2014 59 4. General economic circumstances, the impacts of the recession and trends 63 5. Business operations of the Sava Group 65 5.1. Business performance 65 5.2. Assets and liabilities structure 69 6. Business operations by division 72 6.1. Rubber Manufacturing division with the Foreign Trade Network 72 6.2. Tourism division 74 6.3. Real Estate division 75 6.4. Other operations 76 6.5. Investment Finance 77 7. Business operations of Sava d.d. 79 7.1. Business performance 79 7.2. Assets and liabilities structure 84 2 INDEX 8. Outlook for 2012 87 9. Marketing and customer orientation 88 10. Purchasing and suppliers 90 11. Quality systems 91 12. EU projects 92 13. Information support 93 SUSTAINABLE DEVELOPMENT 1. HR Management 96 1.1. HR structure indicators and employee development 96 1.2. Concern for health and safety at work 100 2. Development of social community 103 ANNUAL REPORT 2011 3. Environmental protection and fire safety 106 3.1. Protecting the natural environment 106 3.2. Fire safety and protection against other extraordinary events 112 3.3. Guest safety and quality of swimming pool water 113 3.4. Concern for the environment in the supply chain of materials and services 113 3.5. Environmental safety in the future 113 FINANCIAL REPORT 1. Financial statements of the Sava Group with notes in accordance with 116 International Financial Reporting Standards as adopted by the EU 1.1. Consolidated financial statements of the Sava Group in accordance with 116 International Financial Reporting Standards as adopted by the EU 1.2. Composition of the Sava Group and data about the operations of subsidiaries and 124 associated companies in 2011 1.3. Notes to the financial statements of the Sava Group in accordance with 129 International Financial Reporting Standards as adopted by the EU 1.4. Statement of Management`s responsibilities for the Sava Group 181 1.5. Independent auditor`s for the Sava Group 182 2. Financial statements of Sava d.d. with notes in accordance with Slovene 184 Accounting Standards 2.1. Financial statements of Sava d.d. with notes in accordance with Slovene 184 Accounting Standards 2.2. Notes to the financial statements of Sava d.d. 194 2.3. Financial risk management for Sava d.d. 199 2.4. Breakdown and notes to the financial statements of Sava d.d. 174 2.5. Other disclosures 217 2.6. Statement of Management’s responsibilities for Sava d.d. 229 2.7. Independent auditor’s report for Sava d.d. 230 Contact persons in the Sava Group 232 3 4 ANNUAL REPORT 2011 ANNUAL REPORT 2011 INTRODUCTION 5 Significant data 11and indicators € in millions Sava Group according to International Index Financial Reporting Standards 2007 2008 2009 2010 2011 2011/2010 Sales 188.2 231.8 172.9 176.7 193.8 110 Exports 99.1 103.1 70.7 83.7 101.8 122 Pre-tax profit 41.6 0.3 22.5 -105.1 -169.1 161 INTRODUCTION Net profit 39.3 1.9 23.4 -99.9 -157.2 157 EBITDA 24.4 21.4 25.5 20.9 19.8 95 Balance sheet total 951.7 921.6 941.4 760.8 611.3 88 Long-term assets 850.3 815.4 776.8 643.2 491.8 76 Current assets 101.4 106.2 164.6 117.6 119.5 102 Equity 545.4 482.4 475.4 323.3 165.8 51 Long-term liabilities 203.3 218.6 178.8 232.8 81.4 35 Current liabilities 203.0 220.6 287.2 204.7 364.1 178 Investment in property, plant and equipment 37.5 23.3 6.7 6.4 6.3 98 INDICATORS Net profit/operating revenues - % 19.7 0.8 13.1 -49.4 -79.1 160 Pre-tax profit / equity - % 8.9 0.1 4.8 -23.4 -52.3 224 Net profit / equity - % 8.4 0.3 5.0 -22.3 -48.6 218 Net earnings/loss per share - € 19.6 1.2 11.8 -50.0 -78.7 157 Independence rate (equity/balance sheet total) - % 57 52 51 42 27 64 Liquidity (current assets / current liabilities) -% 50 48 57 57 33 58 SHARE Nominal value -€ -* -* -* -* -* - Book value - € 270.9 240.0 236.2 161.1 82.2 51 ANNUAL REPORT 2011 Market value at 31/12 - € 603.7 253.2 240.1 89.5 12.0 13 Paid dividend per a share - € 2.8 3.0 3.1 3.2 0.0 0 EMPLOYEE NUMBER Status at 31/12 2,641 2,692 2,370 2,286 2,256 99 *Since 2007 the company Sava d.d. has its capital distributed to ordinary personal no-par value shares. 6 Significant data Company and indicators 2 details INTRODUCTION Company name: Sava, družba za upravljanje in financiranje, d. d. Abbreviated name: Sava, d. d. Head office: Škofjeloška c. 6, 4000 Kranj, Slovenia Tel: +386 4 206 50 00 Fax: +386 4 206 64 46 E-mail: [email protected] http://www.sava.si Registration number: 5111358 VAT-ID No.: SI 75105284 Activity code: 64.200 – holding companies Date of entry in register of companies: 26 April 1996 Share capital at 31/12/2011: €83,751,567.51 No. of shares at 31/12/2011 2,006,987 ordinary personal no-par value shares Share listing: Ljubljana Stock Exchange d.d., stock exchange listing Share designation: SAVA * President of the Management Board: Matej Narat, MSc ANNUAL REPORT 2011 * Members of the Management Board: Andrej Andoljšek, Miha Resman and Franci Strajnar, MSc Chairman of the Supervisory Board: Miran Kalčič ** Deputy Chairman of the Supervisory Board: Stanislav Valant, MSc The more important business areas of Sava d.d.: • Managing companies, in which the company has a majority or significant ownership stake. • Forming and managing professional services of Sava d.d. • Acquiring and selling securities and other ownership shares. • Managing portfolio investments. • Implementing financial engineering tasks. • Establishing branch offices and companies, and taking over of ownership stakes in Slovenia and abroad. • Leasing out of real estate. • Management consulting services. • All other commercial business that directly or indirectly contributes to achieving the goals of the company and involves acquisition and sale of property. • Joining in commercial interest associations and concluding commercial contracts of all types. * Until 30 March 2011, the company was managed by the long-time management board consisting of Janez Bohorič as chairman, and Emil Vizovišek and Vinko Perčič as members. Vinko Perčič continued to carry out his office until his third five-year term of office expired as scheduled, i.e. 16 July 2011. ** Until the termination of the supervisory board member office, i.e. 8 June 2011, the deputy chairman of the supervisory board office was carried out by Marko Pogačnik, MSc. 7 Organisational structure 33 of the Sava Group The Sava Group is in the process of restructuring, which includes both the internal consolidation and the sale of a part of investments. With the beginning of 2012, Sava restructured into a financial holding with a decen- tralised management, which is one of the key elements in implementing the adopted restructuring strategy that aims at improving the efficiency of operations. 3.1. About the Sava Group INTRODUCTION The Sava Group is one of the larger business enterpris- The restructuring strategy of the Sava Group until 2014 es in Slovenia. It incorporates 24 companies (the par- plans to divest a part of investments of Sava d.d. and, ent company and 23 subsidised companies). In total, as a result, the Group’s remodelling. the companies employ more than 2,200 associates. The principal goals of Sava Group’s divisions and The divisions of the Sava Group are: companies: • Rubber Manufacturing • Achieve an above-average profit (in the sector with the Foreign Trade Network they operate in). • Tourism • Achieve a leading position in the domestic, • Real Estate and above all, the regional and world markets.