The drop in the value of Sava's stakes in the two banks accounted for some 75% of the group's total impairments, the group said in a press release on Thursday.

Sava's investment in Gorenjska banka was down EUR 27.6m, while the loss of the stake in Abanka Vipa created impairments amounting to EUR 9.6m.

On the other hand, the group earned EUR 23.5m by selling its rubber division Savatech to Czech CGS group. It made another EUR 5.2m by selling capital assets.

Profit was however brought down by EUR 21.6m in additional impairments and EUR 9.8m in delayed taxes.

The group's revenue amounted to EUR 67.2m, which was 6% less than last year and below business plans; 93% of the revenue (EUR 62.5m) was generated by the group's tourism division.

The drop was caused by weakened purchase power, strong competition and the sale of a golf course, the press release said. The group however saw an improvement in the number of overnight stays and revenue in conference and health tourism.

Last year, the group reduced its debt by more than EUR 64m, while the core company's debt was down EUR 72m. The press release moreover said that Sava managed to reduce its debt by EUR 100m since it adopted a restructuring strategy, while also paying off interest exceeding EUR 54m.