LUKA KOPER, d.d., Koper
Regarding the document: Non-Audited interim report for January – June 2012
On meeting held on 24th August, Luka Koper d.d. Supervisory Board was introduced to the non-audited interim report of the Luka Koper Group in the first half of the year. In accordance with the financial calendar, the document will be published in its entirety on Monday 27th August.
The volume of cargo throughput from January to June 2012 in the amount of 9 million tonnes – eight percent year-on increase – was already published in July's edition of the quarterly e-magazine Notice. Operating revenues amounting to € 73.8 million were three percent up on the same period last year. They are two percent behind plans, in particular in the field of general cargos, which can mainly be attributed to the decrease in the volume of ferrous products consequent to the crisis in the construction industry, as well as decline in paper volumes. The revenues from container freight are also behind plans due to the fact that a new direct line with Far East established this May has not yet fully compensated for the shortfall of service cancelled last December. Harsh economic conditions, in particular in our hinterland markets, as well as lower ocean freight rates at the North of Europe and delays in dredging the navigational channels into the port also significantly affected container freight.
Revenues behind the plans also affected the operating profit in the amount of € 11.2 million which recorded fifteen percent year-on decline and is seven percent down on plans. The labour costs increased due to new employments and increases in basic salaries as well as port service provisions and energy costs resulting from increase in cargo handled. The performance in the second quarter was ahead of the first quarter. Indeed, the Group exceeded operating profit planned for Q2 by nineteen percent and fell behind last year's performance by eight percent.
The Luka Koper Group's net profit for the first half of 2012 amounted to € 6.2 million which is eighty-two percent year-on increase and eleven percent behind plans.
The Luka Koper Group further reduces its indebtedness. Financial liabilities decreased by € 10 million on 31st December 2011 amounting to € 195.7 million. Thus financial liabilities were the equivalent of 80.6 percent of equity.
The Management Board