News
Government of the Republic of Slovenia Grants its Consent to Annual Assets Management Plan 2025
Ljubljana, 15 May 2025 – At its session on 15 May 2025, the Government of the Republic of Slovenia granted its consent to the Annual Asset Management Plan for 2025 (hereinafter: “AAMP”), which serves as the key document guiding the operations of Slovenian Sovereign Holding (SSH) as the central manager of state capital assets. The adoption of the AAMP for 2025 was delayed due to the enactment of the emergency act concerning the Šoštanj Thermal Power Plant (TEŠ) and amendments to the State Asset Management Strategy, which was adopted on 25 March 2025. The approved AAMP is now aligned with both documents and defines the framework for the implementation of SSH’s asset management activities. It reflects the expectations of the State as the owner and enables the systematic monitoring of the achievement of the set objectives of the companies in 2025.
One of SSH’s key projects in 2025 is the restructuring of the Farme Ihan Group, aimed at ensuring stable and sustainable long-term operations, preserving the vertical agri-food supply chain, and thereby contributing to greater food security in Slovenia. In line with the provisions of the State Asset Management Strategy, SSH also plans to examine and, where appropriate, implement all necessary measures aimed at strengthening the Slovenian capital market.
In light of current global developments—including increased digital interconnectedness and expanding communications infrastructure—companies are facing new areas of vulnerability. As a result, a comprehensive and strategically designed corporate security and resilience function is becoming increasingly vital.
In the area of claim management, SSH will pursue the goal of ensuring the swiftest possible repayment, sale or restructuring of claims, with the aim of maximising the value for SSH while simultaneously reducing the costs associated with managing the portfolio of claims.
Regular asset management activities encompass the monitoring of strategy implementation and strategic projects in companies wholly owned by the Republic of Slovenia and/or SSH. These activities also include responding to developments in the international business environment, implementing diversity and inclusion policies, and defining appropriate dividend policies. In the management of companies classified as portfolio assets, SSH will remain focused exclusively on achieving economic objectives. Where specific circumstances so require, financial and operational restructuring measures will be undertaken in selected companies, with the aim of establishing a stable and sustainable long-term business model.
2024 Performance and 2025 Outlook
Based on preliminary results for 2024, the return on equity (ROE) for SSH’s portfolio is expected to exceed the planned 6.7%. For 2025, the ROE is projected at 7.1%. The projected ROE of the portfolio is contingent upon a range of external economic factors, many of which remain subject to significant uncertainty and are therefore not yet reliably predictable.
Productivity as a Strategic Objective
For the first time, the Annual Asset Management Plan (AAMP) 2025 sets productivity targets at the level of the entire SSH portfolio. This is fully aligned with the overarching objectives and guidelines set out in the State Asset Management Strategy. The planned value added per employee for the portfolio of capital assets managed by SSH is set at EUR 86,000 in 2025.
Dividends
The implementation of an appropriate and consistent dividend policy remains one of the core activities in the management of state capital assets. Through this policy, SSH aims to maximise cash flows to the owner, while also taking into consideration the operational performance and development needs of companies in its management portfolio.
In 2024, total dividends paid by portfolio companies under SSH management amounted to EUR 487.6 million, distributed as follows: EUR 408.5 million to the Republic of Slovenia; EUR 13.7 million to the Pension and Disability Insurance Institute of Slovenia (ZPIZ), based on its shareholding in Zavarovalnica Triglav d. d.; and EUR 65.4 million to SSH. For 2025, total projected dividend payments amount to EUR 464.1 million, of which: EUR 377.5 million is expected to be paid to the Republic of Slovenia; EUR 20.4 million to ZPIZ; and EUR 66.2 million to SSH.
More: https://www.sdh.si/Data/Documents/asset-management/LNU_2025_EN.pdf