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Luka Koper Reports Its Nine-month Net Profit Drop By 29% Year-on-year To €34.5 Million

Luka Koper reports its nine-month net profit drop by 29% year-on-year to €34.5 million

Luka Koper Reports Its Nine-month Net Profit Drop By 29% Year-on-year To €34.5 MillionSource: Luka Koper

Koper, Slovenia (PortSEurope) December 1, 2019 – Luka Koper, operator of Slovenia’s only maritime port, has reported its nine-month results, with net profit down by 29% year-on-year to €34.5 million, compared to the same period of 2018.

Net revenue from sale was €170.82 million, compared to €165.51 million in Jan-Sept 2018, up 3%;

Earnings before interest and taxes (EBIT) was €37 million (€55.8 million), down 33%;

Earnings before interest, taxes, depreciation and amortisation (EBITDA) was €58.7 million (€77.2 million), down 24%;

Profit or loss from financing activities was €2.64 million (€2.12 million), up 24%;

Profit before tax was €39.6 million (€57.9 million), down 31%

Net profit or tax was €34.9 million (€47.7 million), down 29%;

Added value was €111.8 millon (€116.3 million), down 4%;

Significant events, news and achievements inJanuary – September 2019:

January

  • The Government of the Republic of Slovenia unanimously adopted the investment programme for the second railway track Divača–Koper project, and thus gave the go-ahead to the start of preparation works
  • Luka Koper published the first public tender for the selection of external contractors for industrial cleaning services.
  • In January 2018, Luka Koper, d. d., began the procedure of refinancing part of its long-term loans payxable, and completed it in January 2019. Long-term loan contracts were signed with two banks, i.e Intesa Sanpaolo, d. d., and SID, d. d., for the period of 10 years and for the total amount of €43.7 million, each bank providing a half. By refinancing part of its loans, the Company has prolonged the maturity of its sources of funds, while also replacing part of its variable-rate sources of funds with fixed interest rate sources and reducing financing costs.
  • Upon the completion of the tax inspection performed by the Financial Administration of the Republic of Slovenia with regard to the corporation tax return for 2017, Luka Koper, d. d., received a notice of reassesment and has settled the obligation. The Company appealed against the notice
  • On 15 January 15 2019, Luka Koper received a request from the Ministry of Infrastructure to issue apermissions to register a title of the land.

February

  • On the basis of the Act regulating the construction, operation and management of the second track of the Divača – Koper railway on line, the Government of Slovenia issued the specifying the types of freight to be included in individual freight categories fort he purposes of transhipment fee calculation.
  • In the category of large companies, Luka Koper ranked in the group of seven finalists of the research project Golden Thread (Zlata nit) 2018, which selects and awards the best and most distinguished employers.

March

  • Luka Koper started to pay the transhipment fee, intended to the second railway track Divača-Koper project.
  • In the event of the Port’s Day held in Cairo, the representatives of Luka Koper met the Egyptian business partners.
  • Under the patronage of the Ministry of Infrastructure, Slovenian Maritime Administration, Faculty of Maritime Studies and Luka Koper a round-table on the protection of the marine environment was held in occasion ofthe Slovenian Maritime Day.
  • The cruise ship Viking Star launched this year’s cruising season.
  • The Ports of Koper, Venice and Trieste signed the joint protocol for permanent cross-border cooperation on port security in the Northern Adriatic.
  • At the conference Transport and Logistics of the South-Eastern Europe and Danube region,
  • Luka Koper was awarded Brand Leader Award 2019.

April

  • Luka Koper attended the largest world’s cruise fair Seatrade Cruise Global 2019 in Miami.
  • Luka Koper became a honorary member of the Polish Baltic-Adriatic regions.
  • With the aim of promoting Slovenian sector of transport and logistics, the representatives of Luka Koper, d. d., joined the delegation of the Chamber of Commerce and Industry of Slovenia visiting India.
  • Luka Koper, d. d., granted recognitions to the best suppliers in 2018, notably to the companies GES, Varmig and Metalna – SRM.
  • Luka Koper, d. d., presented its development plans to the heads of municipal offices and to the counsellors of the Municipality of Koper.

May

  • On May 10, 2019 the second official gate to the Port of Koper was opened. The new Sermin entrance will facilitate the access in the port, reduce truck traffic in the town and contribute to better and safer port’s services.
  • The contract for the construction of the RO-RO berth in the Basin III was signed.
  • The public procurement award procedure for the construction of piles for the Pier I was concluded.
  • Tender for the selection of the contractor for the construction of the garage was published on the public procurement website.
  • The contract for the construction of the sixth group of tracks in the rear areas of the Basin III was concluded. The new rail access will shorten transport routes up to loading points, increase the productivity and safety, facilitating the arrival of larger wagon compositions.
  • On May 22, 2019 the Company received the resolution on the completion of the inspection inspection procedure from 2017 in relation to the exceeding of noise limit values toward Koper.
  • The largest container ship so far, 15.200 TEU Maersk Hamburg, moored in the Port of Koper.
  • Luka Koper, d. d., presented itself to Polish business partners at the Port’s day held in Warsaw.
  • A new regular container railway connection between the container terminal of Luka Koper, d. d., and the Austrian terminals Enns and Salzburg was put into service.
  • More than 4.000 vistors could visit the port and its activities at the traditional Port’s day.
  • For the third time Luka Koper, d. d., was selected in the international tender as the of the German corporation Daimler, as the most suitable for the transport of cars from Europe to the Far East.
  • Luka Koper presented its services at the specialised project cargoes trade Breakbulk Europe.
  • Luka Koper, organised the annual meeting with business partners from Serbia which was held in Belgrade.
  • Luka Koper, d. d., presented the advantages of the transport route through the port of Koper to the representatives of Japanese companies operating in Europe, in Vienna.
  • Luka Koper, d. d., introduced online trucks’ booking system (VBS – Vehicle booking system).
  • At the Forum on the respect of human rights, Luka Koper, d. d., signed a committment for the Corporate responsibility to respect human right.
  • French shipping company CMA CGM launched a new regular weekly container service connecting Koper with Algerian port Skikda.

June

  • On 28 June 2019, the shareholders of Luka Koper, d. d., gathered for the 31th General Shareholders’ Meeting . At the meeting, the shareholders:
  • Took a decision on the proposal for the appropriation of the accumulated profit for the year 2018 in the amount of €29.252.442,43:
  • A portion in the amount of €18.620.000,00 is to be used for dividend pay-out in the gross value of €1,33 per ordinary share,
  • The residual amount of accumulated profit in the amount of €10.632.442,43 remains unappropriated.
  • Granted discharge for the business year 2018 to the Management Board and Memers of the Supervisory Board, except for Mladen Jovičić.
  • Adopted changes and the amendments to the Company’s Statute.
  • Luka Koper, d. d., jointly with 19 logistic companies and under the auspices of the public agency Spirit presented the Slovenian transport route in the largest logistic fair Transport Logistic held in Munich
  • Within the framework of the meeting of the presidents of States, integrated in the Three Seas Initiative, in which Luka Koper, d. d., took part also in the business forum, and participated in the panel transport.
  • At the EXPO fair, held in Ningbo, China Luka Koper, d. d., jointly with some Slovenian companies presented the advantages of the Southern transport route in Europe through the Port of Koper. Jointly with the State delegation Luka Koper, d. d., paid also visit to the largest Chinese shipping company Cosco.
  • Due to a railway accident near Hrastovlje, the port of Koper remained without the railway connection with the hinterland for four days.
  • Luka Koper, d. d., presented itself at the Austrian Logistics Day held in Linz.
  • In the publication Port’s knots, distributed to 15.300 households in the Municipality of Koper and Municipality of Ankaran, Luka Koper, d. d., presented its activities in the field of sustainable development and planned investments.
  • As reported by Verkehr, the Austrian trade magazine specialised logistics, the port of Koper handled most the Austrian overseas cargo also in 2018.
  • Luka Koper, d. d., convened the 32th General Shareholders’ Meeting to be held on August 21, 2019, when the owners voted on a new representative in the Supervisory board.
  • Ljubljana and Zagreb Stock Exchange started to calculate joint ADRIAprime index, which is composed of selected companies and among them ranks also Luka Koper, d. d.

July

  • The driving in of test piles for the extension of the Pier I, which will ensure further development and increase the international competitivity of the port, started.
  • The European independent agency for the selection and promotion of the most successful business people and companies, awarded Luka Koper, d. d., as the best company in southeastern and central Europe.
  • United Nations Trade and Development agency Agencija (UNCTAD) published a list of best connected container ports according to the LSCI (Liner Shipping Connectivity) index . The Port of Koper placed 80th on this year’s list and it is the highest ranked container port in the Adriatic area.
  • Relevant post-balance events

August

  • The contractor for the construction of the garage house at the Car terminal, which will increase the warehousing facilities for vehicles, was selected.
  • On August 21, 2019 expired the term of the office of the Member of the Supervisory Board Sabini Mozetič. On August 22, Tamara Kozlovič was appointed a new Member of the Supervisory Board.
  • The largest cruise ship MS Koningsdam sailed to the Cruise terminal in the Port of Koper.

September

  • First group of workers of the tier II of new strategy, which will carry out some port’s works through recruitment agencies, started to work.
  • Rail Cargo Operator Hungary (RCO) introduced a new regular railway service between the Romanian town Ploiesti and container terminal of Luka Koper.
  • The conference on the inauguration of the European corridor RFC11 and Amber Rail Freight Corridor, of which part is The Port of Koper, was held in Koper.

The full non-audited report of Luka Koper Group and Luka Kpper d.d., January-September 2019 can be accessed here.

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