Luka Koper Publishes FY 2021 Results

Luka Koper published their FY 2021 results last week, demonstrating a 9% increase in revenue YoY, a 1% decrease in EBITDA, and a net profit of EUR 31.8m, a decrease of -1%.

In 2021, Luka Koper achieved a net revenue from sales of EUR 228.4m, an increase of 9% YoY, and an increase of 4% compared to the 2021 plan. This increase was mainly due to the higher revenue from containers throughput, as well as the revenue from the performance of the public utility service of regular maintenance of the port’s infrastructure intended for public transport, which amounted to EUR 6.7m (+6% YoY).

Looking at the port’s throughput, it achieved higher throughputs in two segments, containers and cars. Container throughput amounted to 997,574 TEUs, which is an increase of 6% YoY (+2% compared to the 2021 plan), and also a new record for the Company, with the previous record set in 2018 at 998,501 TEUs. Cars throughput in 2021 amounted to 656,477 units, an increase of 6% YoY despite the instabilities in the car market due to the pandemic and the semiconductor shortage.

Maritime throughput in tons per cargo group in 2020 and 2021

The throughput of some of the other segments increased as well. Dry and bulk cargoes increased by 12% to 5.57m tons, an increase of 12% YoY due to the increased throughput of cooking salt and iron ore. At the same time, general cargoes increased by 19% YoY, amounting to 1.13m tons, while liquid cargoes remained roughly the same due to the reduced passenger air traffic and lower volume of throughput of petroleum products due to the pandemic.

Throughput of containers (TEU) and cars (in units) in 2020 and 2021

Luka Koper’s EBITDA amounted to EUR 61.2m, a decrease of 1% YoY (but also an increase of +13% compared to the 2021 plan). This would result in an EBITDA margin of 26.8%, a decrease of 9% YoY. This decrease was due to a 54% decrease in other revenue (or EUR 5.5m), which by itself was from recognised revenue from written-off liabilities for the payment of pension and disability insurance contributions in compliance with the Act Determining the Intervention Measures to Contain the COVID-19 Epidemic and Mitigate its consequences in 2020.

Operating expenses amounted to EUR 201.9m, an 8% (or EUR 15.1m) increase YoY, mainly due to an increase in material costs (+2% YoY), the costs of services (+10% YoY), labour costs (+10% YoY) and costs of amortization (+5% YoY).

Finally, net profit amounted to EUR 31.8m (-1% YoY), due to the aforementioned reasons that affected EBITDA, as well as higher corporate tax in 2021 compared to 2020. ROE amounted to 7%, a 6% (or 0.4 p.p.) decline compared to 2020.

The Company also continued its investments cycle, with the focus being primarily on the expansion of port facilities. This includes the construction of the extension of the container quayside at the head of Pier 1 for the needs of the Container terminal. In total, the CAPEX for the year amounted to EUR 52.1m.

Luka Koper Key Financials (EUR)

Category : Blog

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