Issue 1 - april 2012 - Sava dd

Congratulations on 27 April,
Day Day of of Uprising against
Occupation and
1 May, May,
the international labour day.
Management Board of Sava d.d.
SAVA GROUP NEWSPAPER • Issue 1, April 2012 • Year LII

IN FOCUS
MAY 2012
Our goal is to form a new, the renewed Sava,
a more solid and efficient one
In 2011, the exacting economic environment strongly affected the operations of the Sava Group.
At the end of last March, we, the Management Board members, succeeded the then long-time
management team, and formed a short-term measures programme for tackling the economic
crisis, which we upgraded into the restructuring strategy of the Sava Group until 2014, and we
also began to negotiate about coordinating the maturity of high financial liabilities with the banks.
Record achievements of Rubber Manufacturing,
Tourism more efficient
The achieved results of Sava’s divisions, Rubber Manufacturing
in particular, fill us with optimism and energy for
the future. The sales revenues of the Sava Group totalled
€193.8 million, which was a 10% improvement on the previous
year, while the business plan was achieved and the
level of Group’s revenues with regard to the period before
the crisis was surpassed.
2011 was the most successful year in the entire – 10-year
history – of Savatech d.o.o. and the Rubber Manufacturing
division in general. The latter generated the greatest (62%)
share of total Group’s sales revenues. The sale of quality
industrial rubber products repeatedly grew significantly,
this time by 10%, and surpassed the business plan by 6%.
Total profit of the division grew to reach €8.3 million, which
was twice as much as in the previous year and by a quarter
better as planned. Besides a fast recovery of certain
markets after the crisis, the success of the division results
from a varied sales mix, innovative R&D achievements, orientation
to the new market niches and market restructuring,
and the efficient risk management of price rises as well as
limited availability of certain raw materials and rational cost
management in general.
Tourism companies made one third share in sales revenues
of the Sava Group. Despite a lower purchasing power
and, as a consequence, a declined demand in the traditional
markets and competitors’ pressure on prices, the
sales plan was achieved and sales revenues grew by
7% in comparison with the previous year. The number of
overnight stays by foreign guests increased and so did
the average price, whereas due to the fierce price competition
in the Slovene market a drop in prices could only
be balanced through enhancing the number of overnight
stays. The expected positive business result for the division
shifted into a loss of €3.6 million mainly due to the formed
provisions for the not utilised work hours and holidays, and
severance pays upon the reorganisation, which thus will
show in lower labour costs and a higher price competition
in the coming period.
2
Rea Estate and Other Operations generated a minor part
of total sales revenues, only 5% in total. Owing to a general
decline in demand in this sector and a lower availability of
finance sources, the amount of revenues in Real Estate was
lower with regard to the previous year. The achieved loss of
€10.2 million was to a great extent due to the impairment
of inventories in Slovenia and Croatia. Sales revenues of
Other Operations, whose main share referred to the energy
management, were 7% lower than in 2010, the generated
loss being otherwise lower than in the previous year.
If the effects of single extraordinary events – impairments in
Real Estate and provisions in Tourism, had been excluded,
the subsidiaries of the Sava Group would have generated
an operating profit of €11.7 million, meaning that the profit
generated in the previous year would have been doubled.
We are looking ahead at 2012 with content as we plan to
further improve the results of the current operations.
Operating result again affected by the impairments
of financial investments
Further plummeting of stock exchange prices, which strongly
affected the Sava share price too, and the deterioration
of the economic environment significantly affected the
real and banking sectors, and requested for further impairments
of financial investments of Sava d.d. in the amount
of €158.1 million. In 2011, the company made a net loss of
€156.1 million, the balance sheet total lowered by 27% and
capital by 63%. The share of capital in liabilities reduced
to 21%.
Due to impairments of financial investments of Sava d.d.,
and to a lesser extent also due to impairment of inventories,
the Sava Group generated a negative operating
result of €146.3 million, while the value of impairments at
Group’s level totalled €149.5 million.
The operating result of the parent company of the Group
was decisively affected by the impairments in connection
with operations of the associated companies, mostly Abanka
Vipa d.d., NFD Holding d.d. and Maksima Invest d.d.;
€118.9 million or three quarters of total impairments made
by Sava d.d. were due to the aforementioned companies.

Besides the impairments of financial investments, the
generated financial result was also affected by financing
expenses as a result of a 16% increase in interest rates.
With regard to the previous year and also to the plan, financial
revenues totalling €17.2 million halved, since in
the given economic environment the planned disposal of
a 23.8% equity stake in Abanka Vipa d.d. was not doable.
The value of received dividends totalled €11.3 million
and mainly referred to the dividends paid by the associated
companies Gorenjska Banka d.d. and Abanka Vipa d.d.
Mirroring the general movements in the capital markets in
2011, the Sava share price greatly decreased and reached
about €12 per a share at the end of the year. The book value
of the Sava share was almost half the value of the previous
year and stood at €90.0 at the end of the year, thereby
significantly surpassing the prices in the stock exchange
market.
Sava d.d. covered the principal portion of the loss made
in 2011 by using the retained profit from the previous years
and other capital components that could be used for
this purpose; a part of loss totalling €9.3 million remained
uncovered.
We put liquidity and arranging relations
with the lending banks at the forefront
The effects of plummeting prices of securities in some consecutive
years, a decrease in the amount of received dividends,
a high volume of financial liabilities of Sava and a
generally lower availability and deteriorated conditions for
obtaining funds substantially aggravate the ability of assuring
liquidity and have a significant impact on the financial
position of the parent company and the entire Sava Group.
In the past business year, the provision of liquidity for undisturbed
operations and implementation of measures for
consolidating the financial position were the priority tasks.
Along with the efficient implementation of the measures for
internal business consolidation, improved cost efficiency
and financial risk management, we concentrated on arranging
the relations with the lending banks of Sava.
In the middle of the year we managed to agree on postponement
of principal for all loan liabilities of the Group, at
which we committed ourselves to regularly settle the interests,
and also additionally insured Sava’s loan liabilities.
In line with the presented strategy and the produced plan
of business-financial restructuring, the standstill agreement
for liabilities originating from principals will in 2012 be upgraded
with a long-term agreement, which will facilitate us
to carry out the activities in the financial investments area
without any great time pressures and in a stable liquidity
situation. This and regular repayment of liabilities will provide
the conditions for maximising the value of transactions,
thereby enhancing the value for all Sava stakeholders.
Our goal is a suitable structure and maturity of liabilities
of the Sava Group over a longer period of time and a decrease
in the volume of indebtedness to reach a long-term
sustainable level. The key element for provision of liquidity
and financial soundness of Sava on a long-term basis
can only be a successful implementation of divesting
programme.
In 2011, total financial liabilities of Sava d.d. decreased by
€5.0 million to reach €309.3 million, and that of the Sava
Group by €10.7 million to reach €371.3 million. Despite adverse
economic circumstances Sava d.d. regularly repays
it financial liabilities in 2011.
In accordance with the strategy and the financial restructuring
plan, we plan a more substantial volume of deleveraging
in 2012, which will be facilitated by further disposals
of financial assets of Sava d.d., and additional activities for
generating a free cash flow in Sava Group companies.
Implementation of the restructuring strategy –
all commitments fulfilled in 2011
In addition to provision of liquidity and the activities for
making an agreement for additional harmonisation of deadlines
for financial liabilities, the intense implementation of
the adopted strategic policies took place in other business
areas too. In last October, we established the Directorate
for managing the Sava Group. Its goal is to improve the
quality and efficiency of corporate governance and strategic
supervision over the Group.
Sava d.d. began 2012 with a renewed organisational structure
and consolidated in terms of personnel. The employee
number almost halved. The previous 13 competence centres
in the parent company were replaced by seven professional
services, while the ICT services were transferred in a
new company Sava IT d.o.o.
A new management team in Tourism was appointed and
already before the end of the year, we successfully concluded
the second complex project: merging Tourism companies
in one uniform company Sava Turizem d.d. Already in
this year. The merger will enable business consolidation,
improve cost efficiency, enhance sales synergies, and reinforce
global competitive power this division.
In 2012: more disinvestments and an accelerated
restructuring of investments
The activities in divesting and restructuring of the investment
portfolio began already in 2011 by carrying out a
comprehensive analysis of the strategic portfolio of investments
of Sava d.d., and the beginning of procedures for
market testing of possible disposals. The entire investment
portfolio of Sava d.d. was included in the process of examining
the strategic possibilities.
IN FOCUS
3 MAY 2012

Members of the
Management Board
of Sava d.d.
MAY 2012
Presently, numerous investments are being divested, and
projects are in various implementation phases. After selling
the total, 27% equity stake in the associated company
Job d.o.o., Sava d.d. finalised the sale of its total, 14.6%,
equity stake in Terme Maribor d.d. at the end of this March.
The procedure for selling the company Sava IP d.o.o.,
and thus a prevailing portion of Sava’s real estate business,
is in progress too.
We continually pursue the economic environment and
adapt our plans to the emerging situation. Thus based on
the report by the financial advisor we made a decision in
January to stop the procedure for a joint sale of a qualified
stake of Abanka Vipa d.d.
As one of the most favourable scenarios for restructuring
the bank portfolio of investments and enhancing the assets
of Sava d.d., we find and support a tie-up between this
bank and Gorenjska Banka d.d.
Sava’s business operation in the first three months of 2012 encouraging
4
We design a new, the renewed Sava
Our goal is to design a new, the renewed Sava, which will
be more sound and successful. The creation of conditions
for the future growth began in 2011, is now being in progress,
and will be carried out with intensity in the following
two years.
We have a really difficult business year behind us. Despite
shown business result I am proud of what has been accomplished
even though the effects of the enormous efforts invested
by the entire management team and all employees
at Sava will show only over a longer period of time.
Dear shareholders and partners, I would like to express my
sincere thanks for the trust you have shown and your further
support, which Sava in this eventful year will definitely need.
Matej Narat, MSc
President of the Management Board of Sava d.d.
(Extract from the letter by the President of the Management Board in the 2011 Annual report)
In the first quarter Sava d.d. operated with a profit, the operating result of the Sava Group significantly surpasses
the achievements of the past year as well as plans.
Despite a record growth in the past year, the sales of the Sava Group enhanced and surpassed the plans.
The consolidated report on the business operations of the Sava Group and Sava d.d. in the period January-March
2012 will be prepared in May and published on 24 May 2012.
New Workers’ Councils
in Sava d.d., Savatech d.o.o. and SMS d.o.o.,
SchäferRolls d.o.o. for the term of office 2012-2016
On 3 April 2012, Sava d.d., Savatech d.o.o., SMS d.o.o. and SchäferRolls d.o.o.
elected the new members of Workers’ Councils.
In Sava d.d., the associates elected three members as follows: Jasmina Kovačič, Gregor
Rovanšek and Petra Sever.
Savatech d.o.o. and Sava Medical in Storitve d.o.o. agreed to form a common Workers’
Council consisting of 13 members.
A three-member Workers’ Council was elected in SchäferRolls d.o.o. as follows: Matjaž
Drinovec, Anton Klančnik and Darijo Kondić.
Irena Ropret
The Workers’ Council of Savatech and SMS consists of:
SAVATECH
VELO
Robi Kavčič
Marija Žižek
PROFILES: Franci Vehovec
CONVEYOR BELTS: Zoran Žgajnar
PRINT: Boris Horvat
EKO: Miro Martinovič
GTI: Roman Kostanjevec
MIXING PLANT: Robert Posavec
ELASTOMERS: Nataša Gašperšič
BUSINESS
Atina Miklavčič
SERVICES:
SMS
Darko Zorko
Erik Drolc
Irena Ropret

Members of the Supervisory Board of Sava d.d.
The Supervisory Board about the operation and the
work of the Management Board of Sava d.d. in 2011
In 2011, Sava d.d. has suffered the most serious consequences
of the financial crisis so far, at which the Management
Board - given the indebtedness volume and a
low availability and high price for loans - had to face the
hazards in maintaining current liquidity.
The Supervisory Board points out that the agreement with
the lending banks on postponing the payment of Group's
loan liabilities was one of the remarkable successes of
2011 that resulted from the short-term measures for maintaining
liquidity and strengthening the financial position.
In 2012, the company management plans to complement
the programme with an arrangement, by way of which the
maturity of Sava’s financial liabilities over a longer period of
time will be coordinated. The latter is one of the pre-conditions
for implementing the business-financial restructuring
of Sava until 2014.
One of more significant contributions by the Management
Board of Sava d.d. in the past business year is, undoub-
tedly, the preparation of the business-financial restructuring
of Sava until 2014 adopted last September, which was
unanimously supported by the Supervisory Board. Sava’s
strategy Renewed for the Future sets clear guidelines for
facilitating a more successful development of the company
based on the strengthened financial platform, and the Supervisory
Board firmly believes that this is the path, which
leads Sava in the right direction also in the present circumstances
of the volatile economic environment. Its effective
implementation thus greatly depends on the full support by
the financial partners – lending banks, which the Supervisory
Board expects to receive in the future too.
The Supervisory Board establishes in its report that given
the circumstances and limitations in doing business
in 2011, the Management Board of Sava d.d. efficiently
managed the company and the entire Sava Group. The
Supervisory Board further points out that in 2012 the
strategic guidelines defined in the restructuring strategy
adopted in last September will have to be followed with
the utmost consistency.
At its meeting on 19 April 2012, the Supervisory Board dealt with and adopted the annual report of Sava d.d. and
the Sava Group as well as the proposed Agenda and the proposed resolutions of the 18th Shareholders’ Meeting
of Sava d.d., which will be held on Thursday, 24 May 2012, whereas the call for the Shareholders’ Meeting was
announced on 23 April 2012.
The Supervisory Board of Sava d.d. will propose the Shareholders’ Meeting to appoint the members of the Supervisory
Board – shareholder representative for the next four-year term of office starting on 29 June 2012, as follows:
Miran Kalčič, Janko Kastelic, Jože Obersnel, and Stanislav Valant, MSc. All the proposed candidates have been
the members of the Supervisory Board of Sava d.d. so far.
IN FOCUS
5 MAY 2012

EVENTS
MAY 2012
The mayor of Kranj visited Savatech d.o.o.
On occasion of the 10th anniversary of Savatech d.o.o, its directors, Vena Čadež and Igor
Hafnar, invited Mohar Bogataj, the mayor of the municipality of Kranj, to visit the company. The
visit took place on 10 April 2012 and included a presentation of the company’s operation and
a guided tour through individual programmes.
Last year Savatech d.o.o. made outstanding results in sales
and business in general, which are due to a clear vision
on the part of the company’ management and the commitment
on the part of all employees. After being presented
the business indicators achieved in the ten-year period,
the mayor viewed the manufacture of products in individual
programmes. He was impressed with the production
saying that he practically was not aware of what exactly is
being produced at Savatech.
Intergenerational centre Bistrica Domžale
According to the project manager Bojan Mlinar, the intergenerational
centre Bistrica in Domžale will soon be finished.
It is planned that the facility will be finished by the end of
April. After a technical inspection, the building will obtain
a permit for use. The facility has 82 units of sheltered housing,
consisting of the institutional part with 69 rooms for
103 recipients, a daily centre, a restaurant, several shops,
115 parking lots in the basement and several spaces for
different community societies.
Sava IP was in charge of the engineering works and supervision
over the building and installations, and it also acts as
the sales agent; given the uncertain market situation, the
sale of sheltered housing is quite successful. More information
available at: www.mgc-bistrica.si.
6
Tour of Savatech’s production
Mihael Hajdinjak
He was particularly excited to hear that numerous investments
are made in the development of new products and
in continual improvements of the already existing products,
which is thanks to the research work by the in-house specialists
of the R&D institute.
Upon concluding his visit, the mayor once again pointed
out how impressed he was with a broad product mix manufactured
and marketed by Savatech and wished all the
success in the future.
Irena Ropret

Savatech obtains
the Responsible Care certificate
OCCUPATIONAL HEALTH AND SAFETY
The Slovene Chemical Industry Association at the Slovene Chamber of Commerce presented
the rubber manufacturing company Savatech with the Responsible Care certificate.
Sustainable handling represents one of the key factors in
the chemical industry. In accordance with the policy, the
main role in occupational health and safety and the environmental
protection is assumed by the company, which sets
measurable goals for improved handling in this area, including
a prudent use of natural resources, regular checkups
and decreasing the impacts on the environment. The
responsible care programme in Slovenia is incorporated in
the international voluntary initiative of the chemical industry,
which began in 1981 in Canada and was gradually joined
by the chemical industries worldwide and is represented
by the ICCA. Under the framework of this initiative, the chemical
industry encourages responsibility towards employees
and the environment in its broadest sense.
It deals with introducing good practices, chiefly through the
management systems, particularly in occupational health
and safety, environmental protection and careful and safe
treatment of products made by the chemical industry. The
goal is to continually and measurably improve our acting in
the above-mentioned areas, from occupational health and
safety, environmental management to the efficient use of
energy. In the future, this programme is expected to evolve
to a sustainable development programme, which should
also consider the indicators of socially responsible care,
however, these have not been defined yet as they are more
difficult to measure.
Janez Fabijan, SMS
7 MAY 2012

EDUCATION
MAY 2012
e-Rubber Validation project
8
In the beginning of November 2009, the HR department of Savatech began
to carry out the e-Rubber Validation project, which belongs to the lifelong
learning programme of Leonardo da Vinci – innovation transfer. By transferring,
adapting and integration of innovative solutions, successful practices
and/or project results, such projects contribute to bettering the work
quaity and appeal, and promote the cooperation between the European
vocational education and training systems. In order to pursue these goals,
the project team invited another three partners to join the project: Jesenice
Adult Educational Centre, Bit Media – e-learning solutions from Austria, and
IBS - Institut für berufliche Bildung und EDV – Schulung GmbH from Germany.
In the past years the interest in vocational education decreased
drastically, which is why certain programmes were
cancelled, mainly in technical vocational schools. At Savatech,
we perceived a shortage of suitably qualified workers
in the rubber industry and established at the same time that
our company employs a number of associates who are highly
educated and possess appropriate skills required for
successfully working in the production. As in 2009 the Rubber
Knowledge project - another successful knowledge
transfer case - was effectively completed, the e-Rubber
Validation represents a missing link between the already
existing knowledge and competences, and the possibilities
for validating the informal knowledge within Slovenia.
In the project held from November 2009 to March 2012, we
established a system for assessing the informal knowledge
in the rubber manufacturing area. We prepared a set of
required knowledge and skills, and a system of competences
that a rubber manufacturing worker in all Rubber
Manufacturing programmes has to possess. Furthermore,
questionnaires for testing and a system of knowledge
evaluation were devised. All these were based on the eplatform
CEMES, which facilitates and supports the entire
validation process for assessing the informal knowledge in
the e-version.
Thus the goals were as follows:
• Establish the existing knowledge about rubber manufacturing
of every individual associate in the rubber manufacturing
process.
• Identify the missing knowledge about rubber manufacturing
of every individual associate in the rubber manufacturing
process.
• Prepare a teaching programme for obtaining the missing
knowledge about rubber manufacturing.
• Prepare a knowledge portfolio for every associate.
• Validate the informal knowledge of rubber manufacturing
by an in-company diploma.
As CEMES represents a useful tool for electronic assessment
of knowledge in other areas too, questionnaires
about safety issues were prepared in cooperation with the
Safety department.
Based on the employee educational structure analysis in
the rubber manufacturing industry in Slovenia, a workshop
with the representatives from the rubber manufacturing industry,
the plastic and footwear industry in Slovenia, and
a survey among end users, the members of a pilot group
were selected.
The pilot group members were shop-floor workers from Savatech
having various working history, working background
and levels of education. They carry out various jobs in various
Savatech’s programmes. The pilot group members already
engaged in one of the forms of training and education,
i.e. the lifelong learning project My Work Place , conducted
by one of the project partners, the Adult Educational Centre
from Jesenice. The pilot group members expressed their
interest in participating in this project.

Based on the results from the classification tests, the exi-
sting competences of the candidates were analysed and
their missing competences identified. A training programme
was tailored to each of the candidates and their particular
competences.
The candidates complemented their knowledge when attending
the lessons and studying the manuals, which were
structured by our associates professional. They also made
use of e-learning portal where Savatech compiled teaching
materials on rubber manufacturing. Certain work procedures
(building-up Velo) were presented in a movie too.
After the training was completed, the candidates had to
pass a final test in October 2011 to demonstrate their progress.
The tests results were significantly better after the
training was completed.
The platform and procedure for assessing the knowledge
according to the validation procedure used for the pilot group
were applied and are still applied at Savatech for testing
the knowledge of occupational health and safety and fire
safety.
The e-Rubber Validation project was completed in March 2012.
Mateja Dolenc,
Personnel Sector of Savatech d.o.o.
PIRAMIDA KOMPETENC
PIRAMIDA KOMPETENC
IZDELOVALEC GUMENIH
IZDELKOV
IZDELOVALEC IZDELOVALEC IZDELOVALEC IZDELOVALEC
IZDELOVALEC
EKO OFSETNIH PROFILOV TRANSPORTNIH VELO
IZDELKOV GUM TRAKOV PNEVMATIK
VPRAAŠANJE
1
PLANIRANJE
VELO
VPRAAŠANJE
2
VPRAAŠANJE
3
SKLADIŠČE
SURVIN VELO
VPRAAŠANJE
4
VPRAAŠANJE
5
VPRAAŠANJE
6
PREVIJANJE
OVOJNEGA BLAGA
VPRAAŠANJE
7
IZDELOVALEC
STISKANIH
IZDELKOV
BRIZGANJE KONFEKCIJA VULKANIZACIJA
VPRAAŠANJE
1
VPRAAŠANJE
2
VPRAAŠANJE
3
VPRAAŠANJE
4
VPRAAŠANJE
5
EDUCATION
VPRAAŠANJE
6
VPRAAŠANJE
7
VPRAAŠANJE
8
9 MAY 2012
IZDELOVALEC
GUMENIH
PREVLEK
VALJEV
KONTROLA,
ODPREMA
VPRAAŠANJE
9

RUBBER MANUFACTURING
Tomaž Perčič
MAY 2012
Print programme – the right combination of new
ideas and experiences in offset rubber blankets
An interview with Tomaž Perčič, Director of the Print Programme
the crisis of 2009. Last year, when I
decided to take up a new challenge,
we achieved excellent sales results
and a record profit, therefore, it was
not difficult for me to make a change
as I left the programme in a good shape.
I would like to point out that the successful
business of Conveyor Belts
results from the work of a committed
and competent team I conducted. However,
one of the key factors for my
decision was the product (offset rubber
blanket) itself, which I have always
found of interest.
Last year you switched from the position
of the director of Conveyor Belts
What is your team like? How did you
to the position of the Print program-
manage to keep or even perfect the
me director. What did you find the
good cooperation and team spirit,
greatest appeal in the new program-
which certainly makes a contribution
me when you decided to face the
to the improved results of the pro-
new challenge?
gramme?
I have been employed with Savatech
In the past year or two, many person-
or Sava from the middle of 1999, and
nel and organisational changes took
only left for a year and a half to work
place in the Print programme and
at Fotona d.d., but the greatest part of upon my taking over the position in
my professional career is connected October, the entire management team
with the rubber manufacturing indu- was renewed and consists now of the
stry. The Print Programme is my third associates from other Savatech’ pro-
programme at Savatech; I began my grammes, which I feel as an outstan-
career in the Profiles Programme and ding opportunity for us to implement
was director of the Conveyor Belts the best experiences gained in other
programme in the past six years. A programmes. The team spirit plays a
change in the working environment vital role in the success of every com-
after a certain period of time, even pany and we are endeavouring with
though in the same company, is ne- managers to achieve a proper combieded
for one’s personal growth and it nation of new ideas, approaches and
positively influences the company as experiences and the vast knowledge
a whole, as in this way any person’s of associates who have been emplo-
knowledge is upgraded and transferyed here for 15 to 20 years. It sounds
red, and so are various techniques, nice but it is not always easy, yet, only
while the cooperation between the the results count and these have been
programmes can be improved in vari- improving in the several past years.
ous fields. Together with the associa- Such achievements fill us with energy
tes from Conveyor Belts we achieved and commitment that we are transfer-
very good results in the past, althoring to the entire Print team. In March,
ugh out of all programmes exactly we also generated a record sales re-
Conveyor Belts was most affected by sult of €1.2 million.
10
The production of offset printing
blankets probably differs much from
the production of conveyor belts,
which is a more classical type of the
manufacture. To what extent can you
fulfil customer requirements? What
are the advantages? How do your
competitors address the issue? Do
they run their businesses similarly?
The manufacture of offset printing
blankets completely differs from the
manufacture in programmes I worked
until that time ( Profiles and Conveyor
Belts), I would even say that the manufacture
in Print does not have much
in common with the classical rubber
manufacturing industry. The production
process, quality criteria, dimension
tolerances and other physical-chemical
properties are extremely specific,
which, however, brings added value
for us and our customers.
Print supplies about 3 to 4% of global
demand, but this is only an estimate
as there is no precise statistics available,
the fact is that we belong to the
minor players in the global market.
Our main advantages and tools at
the same time for competing in the
global market are flexibility, fast response,
excellent quality and sales
service in all countries. Our products
belong to most expensive ones in the
market, therefore we continually strive
for persuading customers to buy our
products and not the products manufactured
by our stronger competitors
whose brands, as a rule, are those
more renowned ones. In the future, we
intend to focus on the marketing activities
to consolidate our position with
the existing customers and will search
for new customers. Parallel with that,
we have to assure a constant quality
of products and develop new niche
products with marketing potential.

We know that your offset rubber blankets are sold across
the world. Has the sales structure by region changed recently?
What are your business orientations? What about
your position in Slovenia?
We sell to a large number of smaller and medium-size customers,
presently in 75 countries in all five continents. The
customer structure is rapidly changing due to the crisis the
printing industry is facing in Europe, whereas in Asia the
position is not so critical. I believe there is a potential for
growth in the USA, probably the largest international printing
market, and the countries of the Near East and Africa.
We have a leading position in Slovenia, but our market is
small and we can manufacture the annual demand in Slovenia
in five to six days. More than in view of sales, printing
shops in Slovenia are important in terms of developing new
products and modifying the existing ones, as feedback
from here is easier to get, it is also faster and cheaper.
What about the development in your programme? What
are you focusing on presently?
In the previous months we concentrated on improving the
quality, repeatability and productivity of the production process
for the key products. As far as the new development
is considered, I would point out printing blankest for rotary
printing, self-adhesive type of printing blankets and a combination
of offset sheet made from rubber and PVC.
In May, the Drupa, the greatest trade show for printing -
will take place in Düsseldorf. What do you expect from
this show and which products/novelties will you exhibit?
The Drupa trade show is the most important marketing-sales
event for the printing industry and the related industries.
The show is organised every four years, which in the present
dynamics of business changes is an extremely long
period.
At the show, we will meet with all of our major existing and
potential customers, check the novelties offered by the
competitors, evaluate the upcoming trends in the printing
industry and, of course, exhibit our products. As far as novelties
are concerned, I would point out the printing blankets
for the rotary printing, the sector in which we intend to
intensify our activities.
Offset printing blanket
RUBBER MANUFACTURING
Let us conclude with a question about the future of the
Print programme; what are your wishes and estimates?
I wish and believe that Print will be a prime player of Savatech
and that the excellent sales service and quality will
further strengthen and enhance the recognition of our products
and the brand name in all continents.
Atina Miklavčič
Production of the Print programme
11 MAY 2012

NOVELTIES FROM RUBBER MANUFACTURING
MAY 2012
Profiles Programme
McLaren and Sava’s EPDM rubber seals
New McLaren production centre
McLaren, the renowned manufacturer
of vehicles based on the F1 technology,
officially opened its new, high-tech
production centre in England in November
2011. The partner in this project
was also the Slovene company
Trimo with its modular facade system,
Qbiss One. It is about an integrated
facade solution, which combines the
aesthetic perfection with a high quality
and efficiency. A water-tight and selfsupporting
facade system will protect
McLarens’ centre from weathering influences,
at which an important role is
12
Longitudinal seal Qbiss One
played by the installed EPDM rubber
seals manufactured by Savatech’s
Profiles.
8,000 longitudinal, 5,000 m of transversal
and 2,000 m of edge seals
Conveyor Belts Programme
Lectures for customers in Norway
A two-day training was held for our customers
this January. The training was
carried out by our associate Heron
Šubic, a specialist for conveyor belts
and their application.
The training was arranged for in the
company NordicBulk in Sundness/
Heron Šubic (back third from left)
with training participants
prevent water to intrude the inner construction,
while the function of longitudinal
seals Qbiss One is to drain off
water.
Besides a high-performance sports
car MP4-12C all other future projects
by McLaren Automotive will be carried
out in this centre.
It should also be mentioned that the
McLaren production centre obtained
the best industrial-logistics facility
award in the most prestigious international
investments trade show MIPIM
2012; only the most innovative, ambitious
and interest projects from all
over the world qualify for this contest.
Stavanger in south of Norway and
attended by construction engineers
and vulcanisation operators of this
company who due to the introduction
of new production processes needed
to refine their knowledge of belt conveying
and its specialities.
A larger number of new granite quarries
have opened recently in Norway,
as granite is needed for filling the foundations
at building the windmills field
in the Baltic Sea.

EKO Programme
Bursting strength test for Plugy 1000-2400
Sales agents’ training in Florida
The owners and employees of the
company Footage Tools from Canada,
one of the largest sales agents for
sewage systems and gas pipelines in
the state, visited the Savatech Corp.
representation office in Florida this January.
We firstly contacted this company in
2011, and we expect to establish cooperation
in the area of orange and
blue programme. This visit incorporated
a training programme carried out
by the representatives of Savatech
Corp. We believe this is a further step
towards the cooperation with Footage
Tools and of great significance for Eko
as this cooperation stands for the first
breakthrough in the north American
market.
NOVELTIES FROM RUBBER MANUFACTURING
On 7 March 2012, the Eko Programme performed a bursting
strength test to finalise the development of the rubber
plug Plugy 1000-2400. This plug is of extraordinary dimensions
fi 960 x 4500 mm when non-inflated, and fi 2400 x
4500 mm when inflated, which makes it the largest plug
ever made in Savatech d.o.o. It is suitable for use in pipelines
of large cities.
The test was carried out in the outskirts of Ptuj and due to
the extreme plug size and, consequently, the required air
inflation, this was an extremely demanding project in view
of safety and the measurements. A positive result of the
bursting strength test gave a green light to the series production
and marketing of this Plugy 1000-2400 plug noted
for its extreme-sized and properties.
Participants in the sales agents training organised
by the Savatech Corp. Representation office in Florida
13 MAY 2012

NOVELTIES FROM RUBBER MANUFACTURING
MAY 2012
Print Programme
Where is the will, there is the way
Access to the workshop Path to the warehouse over a footbridge Flooded workshop
This year’s floods in Thailand affected
our sales agents too. One of the largest
buyers of the Print programme,
Poly Posh, sent us an interesting story
and some photos about how offset
printing blankets were saved from being
ruined in the rising water.
14
The owner first relocated the printing
blankets warehouse to a safe place
at his relatives’ place, afterwards he
loaded a boat with a few rolls (60kg)
every day and delivered them to his
workshop.
He carried the rolls over a wooden
footbridge to the warehouse with a
press, which he could not move due
to its weight of 10 tonnes.
Rolls of offset printing blankets during transport Barred formats on the way to customers
He made use of an auxiliary table to cut
the material and barred the formats.
The prepared offset printing blankets
were then again loaded in a boat and
transported to his car and, finally, to
his customers.
Gathered and edited by: Atina Miklavčič

SAVATECH IN TRADE SHOWS IN THE USA
In this year, which is featured with a number of important trade shows, the two of successful
trade shows are already behind us; the Velo and Eko programmes both exhibited their
products in Indianapolis, Indiana.
Velo in Dealer Expo 2012
Velo participated in the Dealer Expo
2012 in Indianapolis held from 17 to
19 February. This is the greatest specialised
trade show in the USA for dealers,
sales agents, importers, manufacturers
of motorcycles, spare parts
and equipment for motorcycles in the
USA, and intended for companies
only. This year the show was organised
in cooperation with V-Twin Dealer
Expo (a specialised chopper trade
show). Both shows were held at the
same time, which is why they attracted
a higher number of exhibitors and 6%
more visitors.
The Indianapolis trade show was already
the 45th in succession and was
participated by our competitors from
the rubber manufacturing industry as
well as many Asian producers of tyres.
All greater sales agents in the USA
motorcycle sector participated in the
show and we already began to negotiate
possible cooperation with certain
of them.
This year the trade show was attended
by Dave Lander, director, and Wayne
Martineau, both from our daughter
company Savatech Corp., so that they
became familiar with the American
motorcycle market and the important
market players.
Miodrag Ristič from Velo Sales at
the Indianapolis trade show
Velo exhibited for the second time and
put its range of motorcycle tyres at
the forefront as it is of greater interest
for the US market. Special emphasis
was given to the new motorcycle tyres
MC50 M-Racer for road motorcycles
and the new motocross tyres SX11
Terracross.
Miodrag Ristić
MC50 M-Racer SX11 Terracross
RUBBER MANUFACTURING
15 MAY 2012

RUBBER MANUFACTURING
MAY 2012
Eko in Pumper & Cleaner
Expo 2012
Pumper & Cleaner Environmental Expo International is the
greatest trade show in the USA, at which the products for
the liquid waste and sewer and drain cleaning are exhibited.
It was held from 27 February to 1 March in Indiana for
the first time. Since the number of visitors increases every
year, the trade show was relocated in a larger exhibition hall
in Indianapolis and was accompanied by numerous conference
and educational events.
Like every year, Eko exhibited its wide range of products in
cooperation with the daughter company Savatech Corp. At
the trade show, we particularly searched for contacts with
new sales agents in the North and Central America and
promoted the Sava brand with users from the markets where
Eko is already known.
16
We hosted our greatest North American sales agent Source
One in our exhibition space, which in addition to its own
advanced technology for pipeline rehabilitation ranks our
range of packers and plugs at the top of its sales range,
and the company Footage Tools, our general sales agent
for Canada.
The show attracted many foreign visitors and we managed
to establish new business contacts with the partners from
Mexico, Turkey, Argentina, New Zealand, etc. With regard
to the general atmosphere it is expected that demand will
increase in the near future, since the interest and demand
for this type of maintenance technology and pipeline rehabilitation
constantly grow.
Tomaž Štibelj
The interest in the products manufactured by the Eko programme is great, which opens up opportunities for new businesses.

Reorganisation of Tourism after merger
into a uniform company
After the procedure for merging Terme 3000 d.o.o., Terme Ptuj d.o.o., Terme Lendava d.o.o. and
Zdravilišče Radenci d.o.o. to Sava Hoteli Bled d.d. was successfully finalised, a new merged
company Sava Turizem d.d. was entered in the register of companies on 30 December 2011.
Sava Turizem d.d. operates under a joint
brand Sava Hotels & Resorts, while
the previously independent companies
operated as business units, which,
however, still appear in the market
under the recognisable brands Sava
Hoteli Bled, Terme 3000, Terme Ptuj,
Zdravilišče Radenci, Terme Banovci
and Terme Lendava. On 1 March, the
company Sava TMC d.o.o., established
in 2009 to standardise the management
of the Tourism division, was
suspended, whereas its associates
were re-employed in Sava Turizem d.d.
At the beginning of the year intense
reorganisation activities in Tourism
took place, whose main goal was to
establish a long-term successful and
financially more stable business that
will result in the increased number of
overnight stays and enhanced occupancy
of accommodation. All procedures
were carried out in cooperation
and in agreement with the workers’ representatives
from Trade Unions and
Workers’ Councils, who expressed
their consent to the proposed changes.
In order to assure an improved costefficiency,
higher revenues and quality
of services, the supporting services
and the destinations were reorganised
in the first three months of the year.
Now, the destinations incorporate the
key processes: hotel, catering, swimming
pools, wellness, health services,
campsites and golf. The destinations
are managed by the executive directors
who until that time managed individual
destination companies. They
are now relieved of the corporate responsibility
and can concentrate their
work on the development of products
in destinations, to assure quality and
encourage extra spending. The process
organisation will facilitate the efficient
operative processes and a better
supervision over their quality.
The supporting functions were standardised
and include the departments
of finance, hotel operations and quality,
legal office, investments and maintenance,
personnel, purchasing, sales
and marketing, accounting, and IT.
The supporting functions are united in
Kranj except for accounting and a part
of sales, which are still carried out in
Sava Hotels Bled and Terme 3000. The
supporting functions are expected to
be relocated to Ljubljana in the future.
By standardising the joint functions,
the number of employees reduced
slightly, partly due to retirements and
reassignments to the key processes,
due to which the surpluses in personnel
in supporting processes decreased
in favour of the key operative
functions.
The company employs
1,125 associates in total,
but during the peak season the number
of employees increases by 50 associated
on fixed-term contract.
The new organisation of Sava Turizem
d.d. is in place as of 1 March. Until
that date all senior and junior executives
received new management contracts,
whereas the negotiations about
the new undertaking contract are still
in progress. It will establish a standardised
remuneration system for employees
and facilitate a horizontal and
vertical career advancement, which
until now was not possible in individual
companies.
Already in January, the procedures
were introduced to form a joint workers’
council of Sava Turizem d.d.
The Management Board and individual
workers’ councils in destinations
made an agreement about the activities
for electing the new workers’ council
of the company defining that it
consists of 13 members. Furthermore,
the conditions for the application and
performance of election in the workers’
council were determined; in all
destinations, the elections were held
on 26 April.
Alenka Bešter
TOURISM
17 MAY 2012

TOURISM
Mrs. Anica Svetina,
the chairwoman
of the Regional
Red Cross
Association in
Radovljica and
a long-time
active volunteer
MAY 2012
An interview with Anica Svetina
For 12 years from autumn to spring, the Panorama Restaurant holds social meeting for seniors.
The initiator of these meetings is Mrs. Anica Svetina, otherwise the chairwoman of the Regional
Red Cross Association in Radovljica, and a long-time active volunteer. Upon concluding this year’s
meetings season we talked with her about her work with the elderly and socially-disadvantaged.
Who usually participates in these meetings
and what is the programme
like?
The meetings are visited by the seniors
from a broader region of Bled
and upper Gorenjska and we are
pleased that the groups of regulars
have been formed at these meetings,
their friendship growing ever stronger.
Individual meetings are attended by
even more than 200 seniors who chat,
listen to the music and, of course,
dance. As we are trying to be up-todate,
several minutes are reserved for
discussing the current issues in Bled
or broader. We provide information
on cultural events and invite them to
18
Why did you decide to organise regular
meetings for seniors?
In 2000, the international year of seniors,
we established that the entire
programme of events does not include
a single event that would be suitable
for the senior generation in Bled and
the surroundings. As we wished to
encourage the elderly to go out on a
attend, and we also prepare presentations
to introduce what is going on,
e.g. Bled Millennium anniversary or
festivals in Bled. Exactly taking care
of the information flow and presenting
good practice cases represent two of
the significant tasks of the Seniors’
Association.
Now the spring season of meetings
is finished and a new season will begin
in autumn. Do you prepare any
novelty?
The autumn programme has not been
confirmed yet, but we expect to begin
on the first October Saturday. Let me
invite all the retired associates of Sava
Turizem to join us too.
Sunday afternoon, to socialise with their
friends and be active, we arranged for
such meetings, first in the hotel Astoria,
where meetings were attended by
more than 30 persons. At the beginning
we met every first Sunday, but when the
number of visitors grew we added every
third Sunday in a month.
Regular meetings of senior citizens
in the Panorama restaurant are usually
accompanied with a varied entertaining
programme
You are a very active volunteer too.
Last year, Sava Hotels Bled supported
one of your projects. Can you tell
us more about it?
One of the annual projects of the
Regional Red Cross Association Radovljica
is to arrange for holidays for
children from socially-disadvantaged
families. Three to four times a year we
organise such holidays for children
from all four municipalities, in which
our association is active (Bled, Bohinj,
Radovljica and Gorje). The counselling
services at schools who best
know the situation in their community
usually suggest who should take part.
In the event One Millionth Cream-Ca-

ke, Sava Hotels Bled gathered more
than €3,000 and donated the sum for
holiday-making of 14 children from
the municipality of Bled. Besides holidays
for children, we also organise
holidays for socially-disadvantaged
families and once a year for the senior
citizens too.
In 2006 and 2009 you received the
Best Volunteer of the Year title. How
would you evaluate the voluntary
work in Gorenjska in these hard times?
We can perceive that distress increases.
Last year all four municipalities
distributed 21 tons of food from the
EU reserves and more than 1,700
food and detergent packages as well
as over 6 tons of clothing. Every year,
we buy school supplies for more than
400 children. Once a week we hold
consultations free of charge, and advise
people in the procedures of obtaining
social reliefs or retiring. Consi-
dering the changes in the legislation
and the expected measures, such
assistance is extremely valuable and
therefore well-visited. More than 300
volunteers with a heart of gold offer
their helping hand. We should not forget
to mention numerous individuals
who donate money every month as
well as companies and organisations
such as Sava Hotels Bled, which donate.
Without their help, the distress
would be even deeper.
Alenka Bešter
NEWS FROM SAVA HOTELS BLED
On the occasion of 8 March, the participants
showed their appreciation to Mrs. Anica Svetina
for organising the meetings
Start of the golfing season in the Bled golf course
The new season in the golf course
Bled began on 16 March. More than
200 golf players, who decided to golf
here, were treated with the original
Bled cream cakes. The president of
the European golf association Antii
Pettoniemi, who at that time stayed in
Bled together with the Finnish Olympic
committee members, joined too.
Certain novelties feature the golf course:
Lake golf course introduced the
Golfcard Unlimited system, in which
the annual card enables unlimited
golfing in 34 golf courses in Slovenia,
Austria, Croatia, Hungary and Slovakia.
A new member in the system is
the golf course Livada in the spa 3000.
Several popular events will be organised
this year. Two national championships
will take place in May, from 1 to
5 August a traditional Golf Week will
be held. The second weekend in September
is already booked for celebrating
the 75th anniversary of Slovenia’s
oldest golf course.
Alenka Bešter
Antti Pettoniemi,
President of the European Golf Association,
and Boštjan Luznar,
Manager of the Bled Golf Course
19 MAY 2012

NEWS FROM SAVA HOTELS BLED
MAY 2012
New international awards for the Bled campsite
The international award Jacob was presented by Maja Pak, MSc,
STO director, and received by Fedja Pobegajlo, executive director
of Sava Hotels Bled, and Nejc Kelbl, manager of the Bled campsite.
20
This year the Bled campsite received two new international
awards; the first one was for the best European campsite
by the Alan Rogers campsite guide. The ecological
village of Forest Fairies ranked the Bled campsite second
in the innovative offer category. The awarding ceremony
took place in the tourist exchange Travel Trade Show Benelux
- Vakantiebeurs this January in Utrecht, Netherlands.
This is already the second award by the Alan Rogers campsite
guide for the Bled campsite. In 2010, it was ranked first
in the active holiday category.
In the Alpe Adria trade show, Tourism and Leisure, held
this January in Ljubljana, the Bled campsite received the
international award Jacob for excellence and quality in
tourism. This year’s contest topic was innovative tourist
product in the alternative types of relaxation and leisure;
the campsite Bled was awarded for the ecological village
Forest Fairies again.
The Slovenian Congress Office assembly in Bled
On 29 and 30 March, the Grand Hotel
Toplice hosted the 8th assembly of
the Slovenian Congress Office, whose
sponsor was Sava Turizem, while
Bled Tourism Institution assisted in the
organisation and performance. The
participants were addressed by the
mayor of Bled, Janez Fajfar, executive
director of Sava Hotels Bled, Fedja
Pobegajlo, and vice president of the
Slovenian Congress Office, Gorazd
Čad.
At the assembly, 6 new members of
the council of the Slovenian Congress
Office were elected, one of them as a
representative of Sava Turizem being
Saša Zor, MICE sales director.
The assembly was attended by more
than 60 members of the Slovenian
Congress Office.
The co-organisers of the event used
this opportunity for a very efficient and
attracting presentation of Bled as an
appealing congress destination, which
excited all participants
Fedja Pobegajlo,
executive director
of Sava Hotels Bled
during his welcome speech
at the assembly
of the Slovenian Congress Office

Livada Presige hosted the President of the
Republic of Slovenia and the President of Hungary
Catering team of Terme 3000 who attended to high officials
The President of the Republic of Slovenia Dr. Danilo Türk
and the President of Hungary Dr. Pál Schmitt visited the
Hungarian Porabje region and the Slovenian Prekmurje region
where they met with the representatives of the Slovene
national community and the representatives of the Hungarian
national community in Slovenia. During this visit President
Türk was accompanied by the economic delegation
consisting of representatives from 30 Slovene companies
and institutions including energy management business,
metal industry, tourism, financial sector and energy supply.
The visit ended with a dinner in the restaurant Prestige in
the hotel Livada Prestige where high officials were welcomed
by the executive director of Terme 3000 Ivanka Ajlec.
NEWS FROM TERME 3000
“Together with the Protocol of the Republic of Slovenia we
have precisely defined the menu and after we received a
final confirmation, we tested it and served it in the so-called
dry rehearsal. In catering, we defined who served whom
and how many guests one waiter served (three guests are
served by one waiter), and how cleaning the tables took
place. The tables were arranged in champagne colour. Decorations
included spring spices and bulb flowers to create
a spring atmosphere. A thorough pre-preparation in the
kitchen and waiting service and the professional approach
of our employees contributed to an outstandingly wellorganised
and performed dinner, for which we received
commendations by the Protocol of the Republic of Slovenia.
We proved that we are able to offer the services at the highest
level,” said Andrej Jandrašič, head of waiting service
at Terme 3000.
21 MAY 2012

NEWS FROM TERME PTUJ
MAY 2012
The Government of the Republic of Slovenia
visited the region of Ptuj and Ormož
Visit by the Government of the Republic of Slovenia in Terme Ptuj
With a working consultation in the Grand Hotel Primus in Ter-
me Ptuj held on 18 April, the Government of the Republic of
Slovenia began its first visit in the Lower Podravje, under the
framework of which the representatives of the Government
visited more than 50 various institutions: regional organisations,
institutes and companies in the Ptuj-Ormož region in order to
get a detailed insight in the situation in the area.
The Prime Minister of the Republic of Slovenia Janez Janša and
the Minsiter of the Economy Radovan Žerjav , MSc, also met
with Andrej Klasinc, the executive director of Terme Ptuj, and
Milena Mojzeš, hotel director of Terme Prtuj, who presented
the new organisational structure of Sava Turizem d.d. and the
development plans for this largest Slovene tourism company.
22
The management of Terme Ptuj with the Prime Minister Janez Janša
and the Minister of the Economy and Technology Radovan Žerjav, MSc

Lets’ Clean Kranj 2012 campaign
The highest number of participants, more than 7,000 citizens, joined this year’s, the 11th in succession, Let’s Clean Kranj Campaign, and picked more than 650 cubic metres of
waste up, which was three times more than in 2011.
This year, illegal waste dumps were cleaned (the cleaning
was organised by the society Ecologists without Borders)
as a part of the Pan Slovenian cleaning campaign. The
action was sponsored by Savatech d.o.o. which dressed
children, participants of the campaign, in T-shirts designed
especially for this purpose. Sava d.d. and Sava Turizem
d.d. contributed practical awards for the best drawings in
the Best Waste campaign.
The cleaning campaign was carried out under the framework
of the Let’s Clean Slovenia campaign 2012, which
further formed a part of a broader world cleaning action
Let’s Clean the World.
The purpose of this unique action was to raise awareness
of residents of Kranj and the Gorenjska region on keeping
the environment clean. Special attention was placed
on raising awareness of children on this issue; more than
4,000 children from kindergartens, primary and secondary
schools participated this time.
The great success of the 11th Let’s Clean Kranj campaign
is thanks to the professional attitude of the organisers and
a high number of volunteers and their hard work. It should
be pointed out that the number of participants grows every
year attracting new participants from all spheres of life.
Parallel with the cleaning actions many other events took
place on this day. At the start of the action all participants
were welcomed by mayor of Kranj Mohor Bogataj, director
of Savatech d.o.o. Igor Hafnar, director of municipal
utilities Evstahij Dermota, Petra Odar form Ecologists without
Borders, and Klemen Markelj, chairman of the Kranj
Scouts Association.
Representatives of Sava and mayor of Kranj
WE AND THE ENVIRONMENT
A workshop was held in the EKO tent, in which the participants
could make drawings on the theme of waste separation.
The best drawings were awarded with practical prizes.
Events in the Slovenski Trg
In the Slovenski Trg, the fire fighting rescue service from
Kranj and the municipal utilities service demonstrated their
work.
Like every year, scouts made delicious pancakes for the
participants and passersby.
At the end of action, the Best Waste was awarded, which
was composed from various waste and shaped into a “mobile
waste.”
During the action Sava Medical in Storitve organised the
cleaning of the outer yard of Savatehc’s production premises.
Irena Ropret
Klemen Markelj, chairman of Kranj Scouts’ Association, and Petra Odar,
representative of Ecologists without Borders welcomed the participants
Pupils of primary
school Stane
Žagar and their
Best Waste
23 MAY 2012

Snapshots
from the
Let's Clean Kranj 2012
campaign