Consent granted by Government of Republic of Slovenia to Asset Management Annual Plan 2017 and SOEs Performance Criteria
On its session held on 19 January 2017, the Government of the Republic of Slovenia granted the consent to the Annual Asset Management Plan 2017 which had been prepared by SSH in accordance with ZSDH-1 and on the basis of the State Assets Management Strategy. The detailed goals to be achieved by SSH in the management of individual assets are defined in this Plan, together with measures and policies for attaining these goals. Additionally, the above mentioned Plan establishes the forecasted cash flows from the management of assets owned by SSH and the Republic of Slovenia. The Annual Asset Management Plan is composed of the General Section and Special Section. The General Section, which is publicly available, includes general pieces of information, particularly the inclusion of the Annual Asset Management Plan within the Corporate Governance System, the presentation of the entire SSH Asset Management Portfolio which also specifies the forecasted cash flows from the management of assets, particularly dividend income, and presents generally defined asset management actions to be performed by SSH without the need to amend or modify the Annual Asset Management Plan. The Special Section includes, in addition to the forecasted cash flows arising from asset management, (i) the definition of asset management goals for companies, (ii) key criteria for measuring the performance in attaining the asset management goals, and(iii) policies and specific measures for attaining goals.
The Annual Asset Management Plan 2017 also establishes the List of Assets for Sale. In regard to certain assets, activities have already been initiated. These assets are: Cimos, d. d., KDD, d. d., and Paloma, d. d. (the public offering for the takeover of shares is envisaged, together with the sale of certain shareholdings and shares of smaller companies).
In 2017, the activities for the sale of NLB shares are planned to be continued and the process of sale of Unior, d.d. is expected to be launched. Further activities pursued in regard to Geoplin, d.o.o. and Plinovodi d.o.o. are planned in which regard the spinning-off of Plinovodi from Geoplin is envisaged; all activities have been planned in accordance with the adopted Strategy and the approved Annual Asset Management Plan in regard to this particular asset. In addition, sales of several other capital assets which have been defined as portfolio assets by way of the Strategy are planned for 2017.
The exact list of such assets is published below:
|Družba||RS ownership stake (%)||SSH ownership stake (%)|
|1. ABANKA, D.D.||100,00|
|2. CASINO BLED, D.D.||43,00|
|3. CASINO PORTOROŽ, D.D.*||9,46|
|4. CETIS, D.D.||7,47|
|5. CIMOS, D.D.||24,26|
|6. GEOPLIN, D.O.O.||39,57||0,05|
|7. GORENJSKA BANKA (SKUPINA)||0,17|
|8. HIT, D.D.*||20,00|
|9. INKOS, D.O.O.||2,54|
|10. INTEREUROPA, D.D.||1,73|
|11. INTERTRADE ITA, D.D.||7,69|
|12. KDD D.D.||19,23|
|13. MARIBORSKA LIVARNA MARIBOR, D.D.||32,73|
|14. NLB, D.D.||100,00|
|15. PALOMA, D.D.||0,01||70,97|
|16. SAVAPROJEKT, D.D.||3,34|
|17. TELEMACH ROTOVŽ, D.D.||1,10|
|18. TOPLOTNA OSKRBA, D.O.O.||49,17|
|19. UNIOR, D.D.||39,42|
|20. VARNOST SISTEMI, D.O.O.||9,74|
*Amendments to Gaming Act are necessary to be undertaken prior to the launch of any activities.
Likewise, the consent was granted by the Government of the Republic of Slovenia to the SOEs Performance Criteria which, in terms of the content, is connected with the Annual Asset Management Plan. The above mentioned document was first adopted in November 2015 and it defines the criteria (indicators) for SSH to monitor the performance of operations of companies with State's capital assets. In addition to measuring and assessing past performance results, the performance criteria are intended for a more detailed determination of expectations on the part of SSH towards SOEs in regard to future business results. These criteria are not quantified which is why they have to be applied in connection with each Annual Asset Management Plan. As a matter of fact, the performance criteria are quantified in the Annual Asset Management Plan and, by being forward looking, they represent expectations by SSH from SOEs in regard to the attainment of future business results, while in retrospect, these criteria are a quantified basis for measuring and assessing past performance of companies in regard to the expectations set by SSH.
The entire Corporate Governance System of SOEs was finalised in 2015 in Slovenia. This is when the following important documents were adopted: the State Assets Management Strategy, the SOEs Performance Criteria and the Annual Asset Management Plan. In addition to the above mentioned documents, the Corporate Governance Code for SOEs and the Asset Management Policy complement the Slovenian Corporate Governance System for SOEs.
These key documents have provided SSH with the relevant basis for pursuing the role of an active owner who sets goals to its companies on an annual basis and oversees the attainment of these goals.
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