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Business news in Slovenia

Sava Turizem posted record revenue in 2023

Ljubljana, 01 July (STA) - Slovenia's largest tourism company Sava Turizem generated a record EUR 119.9 million in revenue last year, up 12% over 2022. The growth in revenue was driven by the continued recovery in the sector, reflected in a 2% increase in overnight stays, as well as an increase in prices, the company said in its annual report.

Meanwhile, the company, 90% of which is owned by the state, also saw a considerable increase in cost, with the cost of material going up by 16%, the cost of energy by 103%, services by 30% and labour by 10%.

The company's operating profit was thus lower by some 25%, at EUR 10.89 million, while net profit dropped by about a third to EUR 8.2 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) was at EUR 22.8 million, 14% lower than the year before.

Sava Turizem had a EUR 48.4 million debt at the end of the year, compared to EUR 55.3 million a year earlier. It used about a third of its cash flow, EUR 6.9 million, for the repayment of outstanding loans, with the figure significantly lower than the EUR 19.5 million the year earlier.

In the past two years, Sava Turizem spent EUR 18.4 million on investment, EUR 10 million in 2023 alone, the report says. The investments have been funded from cash flow and partially from liquidity reserves, the latter amounting to EUR 46.1 at the end of 2023.

The list of investments included a solar plant in Zdravilišče Radenci, new doors and windows at the Ajda Hotel in Moravske Toplice and the start of energy efficiency renovation of the Grand Hotel Bernardin, alongside several other projects.

The company had just under 1,140 employees at the end of 2023, 24 fewer than a year earlier.

Sava Group results are similar to those of Sava Turizem, which accounts for the bulk of the group's operations. The group reported a net sales revenue of EUR 119.8 million, up 12% over 2022, and operating expenses of EUR 119.5 million, up by 21%.

The group's EBITDA decreased by 12% to EUR 22.3 million, while operating profit was down by 20% to EUR 10.4 million and net profit decreased by as much as two thirds to EUR 2 million, with the core company Sava reporting a net loss of EUR 5.9 million.

The group's debt continued to decrease last year, going from EUR 106.4 million at the end of 2022 to EUR 99.5 million at the end of 2023.

The state remains the sole creditor of Sava Turizem through its owners, Slovenia Sovereign Holding (SSH), a custodian of state assets, and the state-owned KAD fund, with the combined liabilities amounting to EUR 68.7 million. A capital to stock conversion is being discussed.

Meanwhile, SSH's supervisors approved last week a new debt reprogramme under which repayment deadline was extended by three months to the end of September 2024.

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