Business News

Sava Optimistic About 2010, Buys NFD Debt

Kranj, 18 December (STA) - Sava, the chemicals-through-tourism conglomerate, expects to generate EUR 191.2m in sales revenues in 2010, a 11% improvement on the figure projected for this year, the company announced on Friday. The net profit target on the level of the group has been set at EUR 22.4m.

According to a press release from Sava, which comes after a session of the supervisory board on Friday, the conglomerate's rubber division is expected to grow by 13% and generate 49% of all sales revenues. Tourism is to account for 34%, growing by 10%.

The company expects to have 2,301 employees at the end of next year, which means 36 jobs less than at the end of 2009.

The projected net profit for the Sava core company stands at EUR 13.2m, which makes for 62% of the profit at group level.

Meanwhile, the supervisors confirmed the plan of the management to buy EUR 42.3m worth of liabilities of financial firm NFD Holding towards a consortium of banks.

Sava confirmed in its press release that the deal gives it a preemptive right in acquiring part of NFD's assets put up as collateral, notably the Bernardin hotel chain on the coast.

NFD Holding, which is struggling after a failed investment into troubled holding Istrabenz, holds a 4.3% stake in Sava.

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