The 2022 revised revenue is estimated at EUR 300m (+EUR 60m), the revised EBITDA is estimated at EUR 99m (+EUR 38.3m), and finally, the revised net profit is estimated at EUR 62.9m (+EUR 31.5m).
According to a release by Luka Koper, the Company has revised its 2022 business plan because of the very good business results achieved by the Company in the period from January to August 2022, as well as due to harsh economic conditions which have been affected by the current situation in Ukraine and developments in the energy markets, reflected in increased energy prices and high inflation.
During this period, net sales revenue increased, and in particular the storage revenue, as a result of longer storage time in warehouses due to the current global logistics market conditions. As Luka Koper expects gradual normalization of this situation, the growth of the above-mentioned revenue should slow down by the end of the year. According to the new estimates, Luka Koper is expected to achieve net sales revenue of EUR 300m in 2022 an increase of 25.4% compared to its initial 2022 plan, and 33.6% compared to 2021. This will also be additionally affected by the increase in storage revenue, driven by higher service prices, an increase in the volume of throughput of all commodity groups, and an increase in the volume of ancillary services.
At the same time, Luka Koper also faces higher operating expenses in 2022. The current situation in the energy markets will lead to further increases in energy and raw material costs. Labour costs are also expected to increase, mainly due to higher throughput volumes and related headcount, higher merit payments, and the alignment of salaries with inflation. Furthermore, higher throughput will have an impact on the increase in the cost of port services and the throughput tax, while higher net sales revenue will lead to higher concession fee costs and certain other costs.
Because of this, the revised plan assumes that the EBITDA will amount to EUR 99m, which is an increase of 63% compared to the original plan, and 65.6% compared to 2021. EBIT for 2022 is revised to EUR 68.9m, an increase of 126% compared to the initial 2022 plan, and 124% compared to 2021. Finally, the revised net income for the 2022 plan is estimated at EUR 62.9m, an increase of 100% compared to the initial plan, and 110% compared to 2021.
Luka Koper 2021, initial 2022 and revised 2022 key financials, EURm
As a reminder, Luka Koper already recorded solid results in Q2 2022, and given this information, the results in Q3 and Q4 2022 should also be really good. If you would like to read more about Luka Koper’s Q2 2022 results, click here.
