Sava : Report on the 22nd regular Shareholders' Meeting of Sava d.d.

On 10 June 2016, the 22nd regular Shareholders' Meeting of Sava d.d. was held in the Grand Hotel Primus in Terme Ptuj.

At the Shareholders' Meeting, 61.44% (1,214,241 shares) of total company's capital with voting right were present. The proportion of voting rights of the first five major shareholders with voting right present at the Shareholders' Meeting amounted to 48.08 % (950,326 shares) of the capital present: Kapitalska družba, d.d. 19.00% (375,542 shares), Slovenski državni holding, d.d. 11.23% (222,029 shares), Finetol, d.d. - under receivership 6.97% (137,796 shares), DUTB, d.d. 5.73% (113,257 shares) and Alpen.SI, mixed flexible sub-fund, 5.51% (101,702 shares).

No announced challenging actions were taken at the Shareholders' Meeting.

The bodies of the Shareholders' Meeting were elected unanimously.

The shareholders were briefed about the audited annual reports of Sava d.d. and the Sava Group for 2015 and the Report by the Supervisory Board for 2015. They passed the resolution on granting discharge from liability to the Management Board and the resolution on granting discharge from liability to the Supervisory Board, thereby approving of the work of these two bodies in 2015.

The Shareholder's Meeting appointed Tina Pelcar Burgar, Roman Jerman and Dejan Rajbar, who all have several years of work experience in managing, governing and supervising, as new members of the Supervisory Board of Sava d.d.

In his address, the President of the Management Board of Sava d.d., Gregor Rovanšek, summarized the operations of Sava d.d. and the Sava Group in 2015. He pointed out record results achieved by the Tourism division. With regard to 2014, Sava Turizem d.d. increased the number of overnight stays by 4% and improved sales revenues by 5%. The EBITDA totalling €13.9 million outperformed the 2014 result by €2.7 million and was even twice as high as in 2011 when Sava d.d. committed itself to implementing the new development strategy for Tourism division. In 2016, this upward trend of Tourism operations is further continuing. The excellent results of Tourism were achieved despite a challenging position the Sava Group had to cope with after the surprising moves by its major creditor, the consequence of which was the initiation of compulsory settlement proceedings against Sava d.d.

Sava is now facing an outstandingly important period. All conditions for voting on compulsory settlement will be complied with shortly. After the vote on the compulsory settlement is passed, it will be crucial for the financial restructuring plan to be carried out optimally. Sava is selling its shareholding of Gorenjska banka - an outstandingly stable and highly profitable bank in terms of capital and liquidity - which efficiently complied with all the demands set by the regulator, i.e. the Bank of Slovenia. The formation of a consortium for selling the shareholding of Gorenjska banka is in its final stage. The peak season for Tourism division, which besides Sava Turizem d.d. includes also managing of capital investments in Hoteli Bernardin d.d. and Istrabenz turizem d.d., has started. The three aforementioned companies not only can develop autonomously but can also accelerate their own progress and growth through exploiting the potential of synergetic development.

Sava d.d.
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