Luka Koper published their 9M results last week, showing an 11% YoY decrease in sales, a 30% YoY decrease in EBITDA and a net profit of EUR 22m (-37%).

In 9M 2020 Luka Koper posted sales in the amount of EUR 154.9m, representing an 11% YoY decrease in sales. The drop in sales came as a consequence of the pandemic and related measures which resulted in a lower volume of throughput and increased volume of goods in warehouses.

EBITDA fell 30% YoY, amounting to EUR 42.6m. The decrease is due to lower sales as OPEX remained flat on YoY level.

Below the operating line, the net financial result improved by 36% YoY amounting to EUR 1.6m. Finally, net profit amounted to EUR 21.8m, representing a 36.9% YoY decrease.

Luka Koper Key Financials (EUR 000)

Turning our attention to the balance sheet, Luka Koper remains operating with virtually no debt. At the end of the 9M period their net debt amounted to EUR 15.8m, which translates to 0.3x net debt/EBITDA.

Despite the challenging environment in which the company operated during the 9M period, Luka Koper’s CAPEX amounted EUR 50m, double the amount seen in the same period of last year. Investments were mainly allocated to the construction of the parking garage, construction of a new RO-RO berth, construction of railway tracks and the purchase of a new transhipment machinery and commencement of the construction of the Pier I extension.

Luka Koper Maritime Throughput (in tons)

In the 9M period of 2020, Luka Koper recorded a throughput of 14.9m tons. All cargo groups experienced a negative effect of the COVID-19 pandemic which led to a decrease in throughput volume. However, the drop in the volume of dry bulk and bulk cargoes was further impacted by the European Climate law which provides for complete decarbonisation in the coming years and introduction of environmental taxes on CO2 emissions.

Throughput of containers (number containers and TEU) & cars (in units)

One should also add that despite recording lower volumes of throughput, Luka Koper managed to significantly outperform other comparable ports as presented in the tables below.

Containers – TEU

Cars – units