Luka Koper published their H1 2020 results yesterday, showing an 11% YoY revenue decrease, 29% YoY decrease in EBITDA and a 40% YoY decrease in net profit which amounted to EUR 15.1m.

In H1 2020 Luka Koper’s sales amounted to EUR 106.8m, representing an 11% YoY decrease. The decrease came as a result of a lower volume of throughput which fell 15% YoY. Lower market activity mainly resulted from the epidemic COVID-19 and the following slowdown in economic activity. Furthermore, the decline in bulk and bulk cargo throughput was further influenced by European Union legislation, which provides for full decarbonisation in the coming years, and the introduction of environmental charges for CO2 emissions.

Maritime Throughput in Tons

EBITDA fell 29% YoY, amounting to EUR 31.2m, mostly due to the decrease in revenue. However, one should also highlight higher labour costs, which increased by 8% or EUR 2.9m in 2020. Finally, as a result of the abovementioned, the Group’s net profit decreased by 40% YoY to EUR 15.1m.

In H1 2020 CAPEX was below plan, amounting to EUR 16m.  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.

Turning our attention to the balance sheet, in H1 2020 Luka Koper posted a net debt/EBITDA ratio of 0.1x, indicating that the company remains in a stable financial situation despite the decreasing performance.

Luka Koper Key Financials (EUR 000)