LUKA KOPER, d.d., Koper
Supervisory Board Session – 1Q results
At today's session, Luka Koper d.d. Supervisory Board was presented the business performance of the Group for the first three months of this year. Compliant with the financial calendar, the report will fully be published online on Monday, 28th April 2012, at Ljubljana Stock Exchange website SEOnet.
In the first quarter of 2012, Luka Koper Group's cargo throughput amounted to 4.4 million tonnes which is eight percent ahead of the same period last year. Operating revenues in the amount of € 36.4 million recorded a three percent year-on increase. Unfortunately they are four percent below the planned amount which can be attributed to a strong bora wind that paralysed and impeded the port operations for well two weeks in February.
The increased cargo throughput in the first quarter contributed to a faster growth of operating expenses, in particular due to increased consumption and cost of energy, rise of labour costs attributable to increased number of personnel (25 new employees on 31st March 2011) as well as formation of long-term provisions. Thus the operating profit amounted to € 4.7 million which is twenty-three percent down the same period in 2011.
In the first quarter of 2012, EBITDA amounted to € 11.6 million which is nine percent down on the same period last year. Net profit of the Group in the amount of € 2.6 million recorded a forty percent year-on decrease.
Luka Koper d.d. Management Board estimates that the conditions in the key markets are highly unpredictable, particularly as regards general and dry bulk cargos; this in itself presents a risk to the accomplishment of planned results. The growth in the energy price, labour costs and maintenance costs will affect the Group's ROS. Gregor Veselko, president of the management board commented: “Marketing activities, i.e. the increase in cargo throughput, and cost management will be implied to efficiently manage said risks. This will be certainly reflected in the half-year business results.”
The Management Board