The Slovenia Times

Sovereign Holding Reports EUR 58M Profit for 2014


SSH had over one billion euros in assets as on the last day of 2014, which is on a par with the year before, according to a posting on the Ljubljana Stock Exchange. Operating loss was halved to EUR 7.5m.

Financial revenue from assets sold, dividends and interest added up to EUR 83.1m, up 70% from 2013. The figure includes revenue form assets owned by SSH, while revenue from state assets that are merely managed by SSH flows directly into the state budget.

The holding's activity last year was strongly affected by the Alenka Bratušek government's decision in July to suspend all privatisation procedures ahead of the upcoming election.

The government revoked the freeze three weeks later, but the deadlines in some of the sale activities had been pushed forward.

Along with some other shareholders, SSH sold its stake in airport operator Aerodrom Ljubljana to Germany's Fraport in the autumn. The holding received EUR 15.9m for its stake and EUR 118.7m went to the state budget.

The holding also made EUR 7.6m by selling its stake in car electronics maker Letrika to German automotive parts manufacturer Mahle and received EUR 13.8m from the 2013 sale of coatings maker Helios.

Several sales processes are ongoing, including of telecoms provider Telekom Slovenije, chemical company Cinkarna Celje, food company Žito and the NKBM bank.

SSH also signed a deal with some other shareholders in January this year on joint action to offload their stakes in flag carrier Adria Airways.


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