In H1 2022, sales increased by 57.1%, EBITDA increased by 77.8%, while net profit increased 178.8% and reached HRK 127.2m.

In the first six months of 2022, the company transported 3.2m tons of cargo. Of that, coal makes up roughly 61%, followed by minor bulk and iron ore with c.31% and 6%, respectively.

Atlantska Plovidba operated with 12 vessels, of which 5 are classified as Panamax, 5 as Supramax and 2 as Handy. Of those, 4 vessels were employed on a long-term lease (> 1 year), while 8 were employed on a short-term lease (< 1 year). In the mentioned period, the fleet utilization rate amounted to 97%.

According to the company reports, the average daily freight rate in H1 of 2022 rose sharply to roughly USD 21,449 per day. We also note that the company’s average freight rate increased on an MoM basis and as of June stood just slightly above USD 22,000.

As a result of the favorable environment, in the first half of 2022, the company observed a steep increase in sales of 57.1%, amounting to HRK 305.9m.

Operating expenses in H1 observed an increase of 25% YoY, amounting to HRK 162.9m. The aforementioned increase could be attributed to higher material costs (+20% YoY) and higher employee costs (19.5% YoY).

Therefore, as a result of higher growth in sales than operating expenses, EBITDA increased 77.8% and reached HRK 188.8m. Such a result led to the EBITDA margin being higher as well, at 61.7% (+7.2 p.p.). Going further down the P&L, the company recorded EBIT of HRK 147.4m compared to EBIT of HRK 72.5m in H1 of 2021.

At the same time, Atlantska Plovidba recorded a net financial loss of HRK 20.2m, which represents a decrease in loss of HRK 6.7m on a YoY basis. The mentioned decrease could be attributed to somewhat higher interest revenue in H1 2022. As a result of all of the above, the company’s bottom line increased 1788.8%, reaching HRK 127.2m, compared to a profit of HRK 45.6m in H1 of 2021.

We should also emphasize that during the first three months, Company announced the selling of one of its boats, classified as Supramax. Transaction price amounted to HRK 140.1m. Atlantska Plovidba will deliver the boat in the last quarter of 2022 and will be operating the boat meanwhile. Transaction will positively impact on Company’s cash flow.

Furthermore, we emphasize that yesterday, Atlantska Plovidba announced one of its boats (AP Revelin) was hit while leaving Port Arthur and suffered a significant material impact (with no human casualties and no consequences for the environment). As a result of this event, repairs will be necessary, which will cause a significant loss of usable ship time.

ATPL Financials (H1 2022 vs. H1 2021, HRKm)

In the period from July 2021 till July 2022 the value of taxable invoices increased by 27.1% YoY amounting to HRK 257.6bn, yet again indicating positive sentiment. The spending amount is 62.4% higher than spending in a comparable period in 2019/2020. The value of last month’s taxable invoices is up 27.7% YoY, while compared to the month before in, a strong increase of 25.6% is reported due to higher invoices in accommodation and food service.

By looking at the latest announcements from the Tax Administration of the Republic of Croatia, in the period from July 2021 to July 2022, a 12-month period, the value of taxable invoices increased by 27.1% YoY amounting to 257.6bn. This growth in taxable invoices represents positive sentiment in consumption, especially taking into consideration that consumption is yet again, 26.7% higher than in the 2019/2020 comparable period (July 2019 – July 2020). Taxable invoices in wholesale and retail trade in the period from July 2021 till July 2022 grew by HRK 22.2bn YoY (an increase of 15.7%), amounting to HRK 164.2bn. It is also 19.3% above the value of spending level in this segment in the same period in 2019/2020.

The value of taxable invoices in all segments only in July witnessed double-digit growth of 27.7% YoY. Compared to the same month in 2020 consumption increased by 62.4%, clearly beating pandemic spending. This growth, which amounted to HRK 11.6bn compared to July 2020, was primarily driven by an increase in spending in wholesale & retail trade and providing accommodation & food, which reported an increase of HRK 2.51bn and 2.23bn, respectively.

The value of taxable invoices in all segments in the July 2022, compared to the month before (June 2022) was up 25.6%, mostly driven by the value in accommodation and food service, which increased by HRK 2.95bn MoM and amounted to 9.8% of the value of all taxable invoices. This increase in accommodation and food service is followed by an increase in wholesale and retail, which amounted to HRK 2.1bn.

Here you can find the dates for the upcoming events of the regional companies.

Due to the nature of these events, they are subject to change (might be postponed or canceled).