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LUKA KOPER, d.d., Koper

Non-Audited Interim Report of Luka Koper Group and Luka Koper d. d., January – June 2013

At today's session, Luka Koper d.d.'s Supervisory Board was presented with the non-audited interim report of Luka Koper Group and Luka Koper d.d., January to June 2013.

In the first half of the year, Luka Koper Group generated net profit in the amount of 7.8 million which is 1.6 million euros (25 percent) ahead of the same period last year as well as 0.5 million euros (7 percent) ahead the planned volumes.

Notwithstanding a two-percent year-on decrease in cargo throughput, the Group's operating revenues in the amount of 73.2 million euros were three percent ahead of the same period last year. Said growth can be in particular attributed to the increase in container freight which has a better structure of additional services. In addition, an increase in revenues was also recorded in general cargos mainly due to the upturn in throughput of steel products and export of timber to the countries of North Africa. A 12-percent increase was also recorded in other operating revenues mainly due to the subsidiary Luka Koper Inpo d.o.o. A decrease in revenues at the  car terminal is the result of reduced car imports attributable to the downturn in purchasing power across Europe whereas a downturn in soya throughput affected revenues generated from dry bulk cargos.

Operating expenses in the amount of 63.8 million euros were 2.2 million euros ahead of the same period last year. The largest increase was recorded in other operating expenses due to the formation of provisions to cover anticipated losses from litigations and claims for damages in the amount of 1.1 million euros.

EBIT in the amount of 10.8 million euros was 0.3 million euros (3 percent) down on the same period last year. Planned operating profit for January – June 2013 was exceeded by 5 percent due to reduced material and service costs.

Financing loss for the period stood at -2.6 million euros which is 25 percent less than a year before. This upward trend can mainly be attributed to lower financial expenses from financial liabilities that fell by 1.2 million euros due to reduced indebtedness and the lower (EURIBOR) interest rate. In the first half of 2013 Luka Koper Group managed to reduce total financial liabilities by 8 percent from 183.9 million euros to 169.9 million euros. Financial liabilities in equity fell to 66 percent which allows the Group further development and financing the anticipated investment projects in the future, in particular the extension of Pier I at its southern periphery.

In the first half of 2013, net profit of the controlling company Luka Koper d.d. amounted to 7.3 million euros which is 1.5 million euros (25 percent) year-on increase.

The Management Board
Date: 26.08.2013