As Croatian ports published their Q1 2019 reports, we are bringing you key takes from them.
Luka Rijeka
In Q1 2019, Luka Rijeka observed flat throughput compared to the same period last year of 1.08m tons. Of that, Containers increased by 7%, accounting now for 54% of the total throughput. Bulk cargo observed a decrease of 12%, now accounting for 27% of the throughput. General Cargo recorded an increase of 3%, now accounting for 18%.
When observing sales, it increased by 6%, amounting to HRK 34.9m. Meanwhile, operating revenues amounted to HRK 38.8m, which represents an increase of 8.1%.
Operating expenses increased by HRK 2.8m, amounting to HRK 41.2m (+7.4%). It is noteworthy that the company reported an increase in amortization of HRK 3.3m, amounting to HRK 6m (+126.8%) which we assume is a consequence of IFRS 16. This implies that operating leases have increased assets of the company and increased depreciation, instead of leasing (operating) expenses.
Consequently, Luka Rijeka recorded EBITDA higher by HRK 3.4m, amounting to HRK 3.6m.
In Q1, the company reported net income of HRK 0.92m, which is a decrease by HRK 0.29m (-24%).
Luka Rijeka Performance (Q1 2019 vs Q1 2018) (HRK m)
Luka Ploče
In Q1 2019, Luka Ploče observed an increase in sales by HRK 22.4m, amounting to HRK 47.2m (+90.3%). Meanwhile, operating revenues amounted to HRK 47.7m, representing an increase of 73.4% YoY. The company also observed higher operating expenses by 55%, amounting to HRK 41.5m. The increase could me mostly attributed to a rise in material costs by HRK 15.5m.
Moving further down the P&L, Luka Ploče recorded EBITDA of 7.9m, which is an increase by HRK 5.5m (+227%). EBIT amounted to HRK 6.2m, which is an increase of HRK 5.5m. Such a high increase in operating profit is due to higher sales in Q1 2019.
Net income in Q1 amounted to HRK 5.1m, which is an increase by HRK 4.4m. However, note that the company’s good performance could be attributed to a lower than usual base in Q1 2018.
Luka Ploče Performance (Q1 2019 vs Q1 2018) (HRK m)
