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LUKA KOPER, d.d., Koper

Session of the Supervisory Board

7th July 2009 saw the final meeting of the Luka Koper Supervisory Board in its erstwhile configuration, and the completion of the mandate of three of its members. At this meeting the Board was notified as to the company's operations between January and May 2009, and it was concluded that the trend of the first quarter was continuing into the second quarter of the year. The Supervisory Board was also informed as to throughput over the past six months, and the overall results were down by some twenty percent on the first six months of 2008, and thirteen percent behind projections. This said, however, better results were recorded as regards liquid cargos (up by 36% on last year) and timber (up by 12%), as well as fruit and perishables (68% up), and oil derivatives (up 19%). Container freight was three percent off the record recorded in the first half of 2008, but still three percent ahead of anticipations. Vehicles took the greatest hit, with only half the number passing through the port than a year previously. Supervisory Board members also received a report by the management which reveals a more encouraging picture for the remainder of the year, as well as the expectation that projections will be met. Nonetheless, the Supervisory Board suggested that management make concerted efforts to conscientiously check costs, as well as take active measures to ensure their reduction.

Supervisory Board members also studied the minutes submitted by its various committees. The Environment Committee suggested that Management continue investment into ameliorating the environmental impacts of operations. The Investment Committee also drew attention to the investments and contractual agreements which are now under scrutiny in the context of the special audit, and accordingly deemed to be at risk. Further to committee work, committee members whose mandates had now run out were replaced in order that their work could continue unhindered until the new Supervisory Board members were appointed.

In continuation, Supervisory Board members were notified as to business operations with the real estate broker Premik-net, which served as an intermediary in the purchase of land at Orleška Gmajna in Sežana, which is to become the site of the new European Distribution Centre. They were also informed as to two criminal allegations against the previous management regarding the recapitalisation of terminal facilities near Arad in Romania. The Board also rescinded a previous decision it had made concerning the co-financing of the K2 - Emona roundabout, and further to discussion as to a vote of confidence, endorsed Marjan Babič's continued membership of the company's Management Board. At the end of its meeting the Supervisory Board unanimously approved Olga Franca's mandate, which is anticipated to be endorsed by the General Assembly of shareholders on Monday.

This message will be available on company's website from 9th July 2009 onwards.


The Management Board


Date: 9. 7. 2009