Ljubljana - The tourism holding Sava generated EUR 70.1 million in sales revenue last year, which is 27% more than the year before. Net profit reached EUR 2.2 million after the holding posted a net loss of EUR 10.5 million in 2020, Sava says on its website.

As tourist facilities reopened after the epidemic, sales of Sava's tourist arm Sava Turizem, reached the 2019 level last year and even exceeded them in some destinations.

Overnight stays were up by almost 20% compared to 2020, also thanks to tourism vouchers with which the state subsidised tourism companies during and after the epidemic until this June.

Sava Turizem has hotels and spas in the lakeside resort of Bled, the coastal towns of Portorož, Izola, Strunjan, spa Moravske Toplice, Ptuj and Radenci in the north-east. It sold the Strunjan-based Salinera this May.

Sava Turizem's net profit totalled EUR 6.1 million, also thanks to state subsidies to the tune of EUR 12.6 million.

Core company Sava, whose main source of revenue for covering business costs in the normal circumstances are Sava Turizem's dividends, posted a net loss of EUR 4.1 million at the end of 2021, as paying out of dividends is banned under a 2020 law on Covid emergency measures.

At the end of 2021, the Sava holding also consisted of dormant companies Sava Zdravstvo and BLS Sinergije. The group employed 1,154 people, which is 25 more than the year before.

Sava's largest owner at the end of 2021 was the fund York Global Finance Offshore, holding a 43.23% stake, followed by the KAD fund (28.05%) and Slovenian Sovereign Holding (SSH - 18.69%). These are also Sava's main creditors. The group's debt decreased last year by EUR 9 million to EUR 126 million.

The ownership structure is expected to change, as SSH and KAD are in the process of buying York's share. SSH is to buy the entire York's share for EUR 32 million and KAD its claims to Sava, worth just shy of EUR 6 million. The deals are yet to be approved by the competition watchdog.

After the transaction, SSH is to hold a 61.91% stake, and KAD 28.05%.