Luka Koper has announced a summary of its business plan for 2022 as well as its estimate of business performance for 2021.

The main factors influencing Luka Koper in 2021 as well as in the upcoming period are the following: impact of the COVID-19 pandemic, recovery of the global activity as well as instability due to the shortage of car semiconductors, and occasional delays in car production. With that in mind, the Company is projecting a maritime throughput of 20.6m by the end of the year, which is 5% higher than 2020 and at the planned level for 2021.

The increase in throughput is driven by higher throughput in container, car, and dry bulk cargo sectors, despite the aggravated business environment. At the same time, due to the decrease in air passenger traffic and lower volume of petroleum product throughput, there was a decrease in throughput of liquid cargoes. Dry and dry bulk cargoes were also influenced by the Pan-European „green“ policy, calling for the reduction in the usage of thermal coal.

Due to these influences, the Company estimates a net revenue from sales from 2021 in the amount of EUR 223.3m, which is 6% higher than 2020 and 1% higher than the 2021 plan. EBIT will achieve EUR 27m, which is 19% lower than 2020 and 5% ahead of plan, while net profit will achieve EUR 26.1m, which is 18% lower than 2020 and 7% ahead of the 2021 plan.

Looking over to 2022, based on the global situation and economic projections for 2022 (based on the IMF and OECD GDP estimates), the Company will achieve 9% higher net revenue from sales and 3% higher maritime throughput, throughout all cargo groups.

Container throughput is expected to increase by 3%, as compared to 2021 estimates. This will continue to be affected by the instability in maritime shipping that happened in 2021. At the same time, looking over to cars cargo group, the Company expects a lower impact of the pandemic in 2022 on car production, and thus 4% higher throughput of cars in the port.

Luka Koper expects 16% higher EBIT and 23% higher net profit compared to the 2021 estimate, mostly due to higher planned net revenue from sales, lower cost growth compared to sales growth, and higher financial revenue.

The Company also discussed its investment plan for 2022. In the plan, they outline the enlargement of the container terminal capacity, the construction of additional storage areas for cars as well as the improvement of operating conditions for the throughput of general cargoes. The whole investment plan is estimated to amount to EUR 70.4m, of which EUR 12.3m will be for sustainable development projects.

Key Performance Indicators of Luka Koper in 2021 and 2022, EURm

Valamar Riviera has approved the investments for 2022 in the amount of HRK 179.5m.

On December 20^th, Valamar Riviera’s Supervisory Board approved the investments for 2022 in the amount of HRK 179.5m. The approved investments relate to the renovation and rebranding of the Corinthia Hotel in Baška to the level of the Sunny Plus brand, re-branding of the Valamar Bellevue Hotel 4* in Rabac, continued investment in Istra Premium Camping Resort and Lanterna Premium Camping Resort, and other investment projects.

The investment will also include the maintenance of properties and facilities for guests in all destinations, as well as continued investments in employee accommodation, energy efficiency projects, and digitalization projects.

As a reminder, in 2021, Valamar Riviera already completed its Istra Premium Camping Resort 5*, the largest camping development in Croatia, having invested a total of HRK 455m. Investments in Valamar Parentino hotel in Poreč and Valamar meteor hotel in Makarska were completed as well. On Hvar island, Valamar has launched its lifestyle hotel [PLACES] by Valamar, while at the same time, starting construction of a new fully sustainable eco family resort.

In the period from 22 Feb till 19 Dec 2021 the value of taxable invoices increased by 25.2% YoY amounting to HRK 177.4 bn. The spending amount is 4.6% higher than spending in a comparable period in 2019, yet again indicating positive sentiment. The value of last week’s taxable invoices is up 21.7% YoY and compared to the week before it was up 11.4%.

By looking at the latest announcements from the Tax Administration of the Republic of Croatia, in the period from 22 Feb till 19 Dec 2021, the value of taxable invoices increased by 25.2% YoY amounting to 177.4 bn. This growth in taxable invoices represents positive sentiment in consumption, especially taking into consideration that consumption is yet again, 4.6% higher in the comparable period in 2019 (25 Feb – 22 Dec). Taxable invoices in wholesale and retail trade in the period from 22 Feb till 19 Dec grew by HRK 16.3 bn YoY (an increase of 16.1%) and it is also 6.4% above the value of spending level in this segment in the same period in 2019.

The value of taxable invoices in all segments in the week from 13 Dec to 19 Dec witnessed double-digit growth of 21.7% YoY. Compared to the same week in 2019 consumption growth also witnessed an increase of 8.2% beating pre-pandemic spending. In the last week (13 Dec to 19 Dec) the spending in wholesale and retail trade picked up 12.1% YoY. Meanwhile, it is important to note that the value of taxable invoices in accommodation and food in a given week reported a 4x increase – increase of HRK 213.4m (amounting to HRK 283.7m) when compared to the same week in 2020. Compared to the same week in 2019, taxable invoices in accommodation and food reported a slight decrease of 3.92%.

The value of taxable invoices in all segments in the week from 13 Dec to 19 Dec 2021, compared to the week before (6 Dec to 12 Dec) was up 11.4%, while the value in wholesale and retail in the same period was up 12.1%. When looking at the value of taxable invoices in accommodation and food service, it increased by app. 13% compared to the week before.