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LUKA KOPER, d.d., Koper

Luka Koper operates at a profit

At its 26th August 2011 meeting, the Luka Koper d.d. Supervisory Board was introduced to the non-audited interim report of the Luka Koper Group for January to June 2011.

In the first half of 2011, Luka Koper handled 8,363,443 tonnes of cargo, which is eight percent ahead of the same period last year. Vehicles, as well as containerised and liquid cargos recorded the largest growth rates.

Operating revenues for January to June amounted to 71.7 million euros, which is 9.5 million euros (15 percent) up on the same period last year. The rise in operating expenses -amounting to 58.5 million euros - fell behind the growth in operating revenues, thus operational profitability has increased. The 13.2 million euro operating profit for the interim is 74 percent ahead of last year, whilst EBITDA - in the amount of 26.6 million euros - was 6.1 million euros up on the first half of 2010.

In the first half of 2011, the Luka Koper Group generated a net profit in the amount of 3.4 million euros, which is 36 percent below January – June 2010. Without the impairment of the Group’s holding in Intereuropa d.d., net profit would have amounted to 9.1 million euros.

The complete report will be published online at SEOnet, Ljubljana Stock Exchange's electronic information system, as well as the company's website - www.luka-kp.si - on 29th August 2011.

The Supervisory Board also addressed the issue of port service providers. Aware of problems in relation to the situation of subcontracted labour, the Luka Koper Management Board was advised to supplement contracts on the external provision of port services with control mechanisms which shall guarantee that all personnel are treated fully in accordance with labour legislation, as well as ensure that employment conditions and occupational health and safety provisions are upheld in relation to all contracted and sub-contracted labour working at the Port of Koper.

The Management Board is obliged to regularly inform the Supervisory Board of its activities in relation to port service provider issues, as well as the implementation of its action plan.

The Management Board has already prepared new solutions to resolve the situation and the Supervisory Board has bound it to start signing supplemented agreements with port service providers within 14 days.

Together with the signatories of the 6th August 2011 agreement, the Supervisory Board also binds the Management Board to identify long-term systemic solutions to the issues pertaining to port service provision.
The Management Board
Date: 29.08.2011