Sava Turizem’s revenue almost halved last year

Ljubljana – The tourism company Sava Turizem last year generated EUR 55.2 million in sales revenue, which is 47% less than in the year before. It generated more than a quarter of the revenue with tourism vouchers that were used by domestic tourists between the first and second waves of the Covid-19 epidemic.

The entire group Sava, with Sava Turizem representing the bulk of it, posted a net loss of EUR 10.5 million last year, after a net profit of EUR 30 million was made in 2019, shows the annual report published on Monday.

The group had EUR 6.4 million in operating loss last year, compared to EUR 7.8 million in operating profit in 2019, while pre-tax loss amounted to EUR 10.5 million, compared to EUR 33.2 million pre-tax profit in the year before.

The accommodation capacities of Sava Turizem, which include hotels and spas in Bled, Portorož, Izola, Strunjan, Moravske Toplice, Ptuj and Radenci, were closed last year for a total of five months, so the revenue was down by 44% compared to the plan.

It has so far received EUR 6.9 million in state aid related to the Covid-19 epidemic, the bulk of it representing subsidies for furloughed workers and coverage of fixed costs.

The core company Sava last year generated EUR 0.9 million in net sales revenue, which is close to the 2019 figures, and EUR 3.8 million in net loss, after it posted EUR 0.7 million in net profit the year before.

The entire group had 1,129 employees at the end of 2020, which is 256 fewer than at the end of 2019.

The largest owners of Sava are the financial fund York Global Finance Offshore, which had a 43.23% stake at the end of last year, followed by the state-run fund KAD with 28.05% and Slovenian Sovereign Holding (SSH) with 18.69%.

These are also the largest creditors, as out of the total debt of EUR 50.9 million, Sava owes EUR 22.4 million to SSH; EUR 22.4 million to KAD and EUR 6 million to York.

The newspaper Finance reported on Monday that SSH would acquire “soon, in a few weeks” the claims and ownership stake of York in Sava. Unofficially, the price is between EUR 43 million and EUR 45 million.