Luka Koper published their Q1 2020 results recently, showing a 9% YoY decrease in sales, 37% YoY decrease in EBITDA and 48% YoY decrease in net profit which amounted to EUR 7.5m.
In Q1 2020 Luka Koper’s sales amounted to EUR 55.2m, representing a 9% YoY decrease. The decrease came as a result of a lower volume of throughput which fell 6% YoY. Lower market activity mainly resulted from the epidemic COVID-19 and the following slowdown in economic activity.
Maritime Throughput in Tons
All cargo segments recorded a decrease but one, liquid cargoes. According to the report, liquid cargo throughput went up 3% YoY due to increased sale of petroleum products and the supply in the hinterland.
EBITDA amounted to EUR 15.5m, representing a 36.5% YoY decrease. The decrease came as a result of a drop in the volume of throughput and higher operating expenses which went up 7% YoY. Among them, one should highlight higher labour costs, which increased by EUR 2.4m in 2020 and higher costs of transhipment fee, which increased by EUR 0.7m. Finally, as a result of the abovementioned, the Group’s net profit decreased by 48% YoY to EUR 7.5m.
Turning our attention to the balance sheet, in Q1 2020 Luka Koper posted a net debt/EBITDA ratio of 0.3x, indicating that the company remains in a stable financial situation despite the decreasing performance.
Luka Koper Key Financials (EUR 000)
The company proposed the distributable profit to be allocated to retained profit.
Končar published the convocation to the General Assembly in which the Management and Supervisory Board proposed the distribution of net profit for the year 2019. To be specific, the company proposed the distributable profit to be allocated to retained profit. This of course indicates no dividend payment in 2020. As a reminder, the company paid out a dividend of HRK 15 per share in 2019, which translated to a dividend yield of 2.2%.
The proposed profit distribution is subject to approval at the GSM which will be held on 9 July 2020.
In the graphs below, we are bringing you a historic overview of the company’s dividend per share and dividend yield.
Dividend per Share (HRK) and Dividend Yield (%) (2015 – 2019)