The financial investment and tourism group Sava reported on Friday a EUR 47m net loss for 2014, which comes after a EUR 55.6m loss in 2013 and is largely the result of impairments, especially at Gorenjska banka.

Impairments of assets totalled EUR 31m while the reversal of deferred tax receivables contributed to EUR 10.9m million to the loss.

More than half of the impairments, EUR 26.7m, stemmed from Sava's 44.23% stake in Gorenjska banka. The EUR 47m loss caused a negative capital value for the group totalling EUR 21.2m.

The group's sales revenue reached EUR 63m last year, which is 6.3% less than in 2013 and 3% below plans.

The bulk of the revenue, EUR 62.3m, was accounted for by Sava's tourism division, although the figure is 4% below the target here as well.

The net profit for the tourism segment was EUR 1m, meaning the financial division generated a loss of EUR 48m.

The company said it was undergoing preventive restructuring and would support the development strategy of Gorenjska banka while withdrawing in an appropriate way from other financial investments.

Sava has ambitions plans for this year, when it expects group revenue of EUR 65.6m and a reduction of the net loss to EUR 1.4m.

The Sava group had 1,003 employees at the end of 2014, 986 of which in the tourism division.