Wednesday, 09/04/2014

Pursuant to the Rules of the Ljubljana Stock Exchange, Ljubljana, and relevant legislation, Sava Reinsurance Company d.d., Ljubljana, hereby announces the following: 

Pursuant to Article 110 of the Financial Instruments Market Act, the Company publishes the Audited Annual Report of the Sava Re Group and Sava Reinsurance Company 2013 (in Slovenian). An English language translation of the Audited Financial Statements with Notes of the Sava Re Group 2013 is also provided. The English language translation of the full document will be published in due course. 

The consolidated financial statements for 2013 include the following companies:

1. Pozavarovalnica Sava, d.d., Ljubljana (Reinsurance Company Sava), Slovenia

2. Zavarovalnica Tilia, d.d., Novo mesto, Slovenia

3. Zavarovalnica Maribor, d.d., Maribor, Slovenia

4. Vivus, d.o.o., Maribor, Slovenia

5. Ornatus, d.o.o., Maribor, Slovenia

6. Ornatus KC, d.o.o., Maribor, Slovenia

7. Velebit usluge, d.o.o., Zagreb, Croatia

8. Velebit osiguranje, d.d., Zagreb, Croatia

9. Velebit životno osiguranje, d.d., Zagreb, Croatia

10. Sava osiguranje, a.d.o., Belgrade, Serbia

11. Sava životno osiguranje, a.d.o., Belgrade, Serbia

12. Illyria, sh.a., Pristina, Kosovo

13. Illyria Life, sh.a., Pristina, Kosovo

14. Illyria Hospital, sh.p.k., Pristina, Kosovo

15. Sava Montenegro, a.d., Podgorica, Montenegro

16. Sava Car, d.o.o., Podgorica, Montenegro

17. Sava osiguruvanje, a.d., Skopje, Macedonia 

Sava Reinsurance Company hereby announces that, pursuant to Article 171 of the Insurance Act (ZZavar - official consolidated text, Official Gazette of the Republic of Slovenia, no. 109/06, including amendments), it published, on 9 April 2014, a summary of the audited Annual Report 2013 with a special auditor's report intended for public communication and an opinion of the appointed actuary in the daily newspaper Finance. 

The Company published its preliminary results and unaudited financial statements already on 10 and 18 March 2014, while it is herewith publishing, as an attachment, the Audited Annual Report of the Sava Re Group and Sava Reinsurance Company 2013 (in Slovenian) and the English language translation of the Audited Financial Statements with Notes of the Sava Re Group 2013. 

Sava Re first consolidated Zavarovalnica Maribor as of 1 May 2013. Before this date, the insurer was considered an associated company and was accounted for in the consolidated financial statements using the equity method. In the period from 1 January to 1 May 2013, the corresponding share of fair value reserve of € 2 million was included in »Consolidated other comprehensive income«. During the preparation of the audited annual report, said amount was recognised through profit or loss. Because of this, »Other income« under »Income from investments in associates« in the consolidated financial statements of the Sava Re Group for 2013 increased compared to the published unaudited financial statements. Said item "Other income" also comprises the effect of fair value revaluation of the former share of Sava Re in Zavarovalnica Maribor of € 7.7 million. 

This explains the increase of € 2 million in the audited consolidated net profit for the period compared to the unaudited financial statements. The audited consolidated net profit for 2013 therefore amounts to € 15.6 million. 

This announcement, together with the attachments, will be available on the Company's website at www.sava-re.si (Investors/Financial information/Financial reports) at least five years from the date of the announcement.

Documents
  • Audited Annual Report of the Sava Re Group and Sava Reinsurance Company 2013 (Slovenian) [.pdf, 6.17 MB]
  • Translation of the Audited Financial Statements with Notes of the Sava Re Group 2013 [.pdf, 2.99 MB]
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