Luka Koper published their Q1 2020 results recently, showing a 9% YoY decrease in sales, 37% YoY decrease in EBITDA and 48% YoY decrease in net profit which amounted to EUR 7.5m.

In Q1 2020 Luka Koper’s sales amounted to EUR 55.2m, representing a 9% YoY decrease. The decrease came as a result of a lower volume of throughput which fell 6% YoY. Lower market activity mainly resulted from the epidemic COVID-19 and the following slowdown in economic activity.

Maritime Throughput in Tons

All cargo segments recorded a decrease but one, liquid cargoes. According to the report, liquid cargo throughput went up 3% YoY due to increased sale of petroleum products and the supply in the hinterland.

EBITDA amounted to EUR 15.5m, representing a 36.5% YoY decrease. The decrease came as a result of a drop in the volume of throughput and higher operating expenses which went up 7% YoY. Among them, one should highlight higher labour costs, which increased by EUR 2.4m in 2020 and higher costs of transhipment fee, which increased by EUR 0.7m. Finally, as a result of the abovementioned, the Group’s net profit decreased by 48% YoY to EUR 7.5m.

Turning our attention to the balance sheet, in Q1 2020 Luka Koper posted a net debt/EBITDA ratio of 0.3x, indicating that the company remains in a stable financial situation despite the decreasing performance.

Luka Koper Key Financials (EUR 000)