During 2023, Luka Koper’s revenue remained unchanged YoY, the Company’s EBITDA decreased by 18%, while the net profit amounted to EUR 56.4m, a 24% decrease YoY.
By the end of 2023, Luka Koper’s net revenue amounted to EUR 312.8m, remaining unchanged YoY, and increasing by 8% compared to the plan for 2023. Breaking this down further, revenue from higher maritime throughput grew by EUR 20m, from the increased maritime throughput volume of containers and cars, increased volume of stuffing and unstuffing of containers, as well as increased volume of other additional services on goods and higher cost of services. On the other hand, due to the normalization of the situation in the global logistics market and the shortening of the storage time of containers, revenues from storage fees decreased by EUR 21m.
The total maritime throughout amounted to 22.3m tonnes, representing a decrease of 4% YoY. Breaking this down into segments, general cargo throughput amounted to 1.1m, decreasing by 15% YoY, as a lower throughput of steel products and rubber was achieved. Containers meanwhile, recorded 1% higher throughput in terms of tonnes, and 5% higher throughput in terms of TEUs. Luka Koper noted that this allowed it to consolidate its position and confirm its primacy in the Northern Adriatic ports segment. Cars also recorded an increase, of 13% to 1.57m tonnes, and by 14% to 916.7k units, which is a segment that has been recording the fastest growth during the year. As the Company also noted, this also allowed it to consolidate its position and confirm its primacy in the Mediterranean in this category. Liquid cargoes meanwhile, recorded a 3% decrease to 4.5m tonnes, while dry and dry bulk cargoes decreased by 15% YoY to 5.29m tonnes. While no details are given as to why liquid cargoes decreased, for dry and dry bulk cargoes the decrease came due to lower throughput of soya, alumina, phosphates, coal, and iron ore.
Maritime throughput in tonnes per cargo group (2023 vs. 2022)
Source: Luka Koper, InterCapital Research
Moving on to operating expenses, in 2023 they amounted to EUR 258m, a 10% increase YoY. All types of expenses grew, except the cost of material, which decreased by 3% YoY due to lower cost of spare parts and lower energy cost, as reduced consumption was recorded, while at the same time, a lower average price of motor fuel was recorded. On the other hand, the cost of services grew by 15% YoY, as a result of the higher volume of business, mainly due to the increased maritime transshipment of cars and increased volume of maintenance works, as well as higher prices of maintenance costs. Labour costs grew by 9% YoY, due to the higher number of employees, higher payments for business performance as well as the adjustment of salaries to inflation. Finally, depreciation costs are higher due to new asset purchases, while the other expenses are higher due to the formation of long-term provisions related to lawsuits.
This resulted in an EBITDA of EUR 93.7m, an 18% decrease YoY. As such, the EBITDA margin amounted to 30%, a decrease of 6.59 p.p. YoY. Finally, the net income amounted to EUR 56.4m, a 24% decrease YoY, while besides the operating result, was also supported by higher financial income which the Group achieved due to higher interest on short-term deposits and treasury bonds. In terms of the net income margin, it amounted to 18% in 2023, a decrease of 5.61 p.p. YoY.
Luka Koper key financials (2023 vs. 2022, EURm)
Source: Luka Koper, InterCapital Research
In terms of investments, they amounted to EUR 41.5m in 2023, an 18% decrease YoY, and a 29% decrease compared to the 2023 plan. Luka Koper noted that several relevant investments were made during the year, including the arrangement of the storage areas at landfill 5A, construction of new reefer plugs for reefer containers, and construction of the external Truck terminal at the Sermin entrance, among others.
If you would like to read the 2023 business performance information in more detail, click here.
