In 2022, Luka Koper reported a revenue increase of 37% YoY, an EBITDA growth of 87%, and a net profit of EUR 74.2m, an increase of 133% YoY.

In 2022, Luka Koper’s net revenue amounted to EUR 313.5m, an increase of 37.2% YoY, and 4% compared to the 2022 plan. The higher revenue can be attributed to several things: firstly, higher net revenue from warehouse fees resulting from the extended retention time in warehouses due to the current situation in the global logistics market, which decreased at the end of 2022 because of the gradual normalisation. Secondly, revenue grew due to the increase in prices of services, increased volume of throughput, and additional services in all commodity groups, but also due to higher productivity. Finally, the sale of the building in the amount of EUR 573k was recognized within other revenue.

Looking at Luka Koper’s maritime throughput more closely, in total it amounted to 23.3m tonnes, exceeding 2021’s level by 2.4m tonnes, or 12%, and 2022’s by 378k tonnes, or 2%. Higher throughput growth compared to 2021 was recorded in all commodity groups, which compared to the 2022 plan, all groups except general cargoes and containers recorded higher numbers. Luka Koper also had a change in the cargo transportation system dynamics; in 2021, 42% of freight was transported by road, and 58% by rail. In 2022, this increased to 46% by road (an increase of 4 p.p. YoY), while transportation by rail decreased to 54%.

Maritime throughput in tonnes per cargo group (2022 vs. 2021)

Source: Luka Koper, InterCapital Research

2022 was also a year of historic records and several historic milestones for Luka Koper. The first historic record was achieved in container throughput at the container terminal, where 1,017,778 container units, TEUs, were serviced. Meanwhile, the first historic milestone was reached when over a million transhipped containers in a single year were achieved. Even so, they note that the throughput of containers was slightly lower (-2% YoY). At the same time, they also note that the Car terminal achieved a new transshipment record, since 801,036 vehicles were transhipped, an increase of 7% above the 2022 plan and 22% above 2021’s level. Historic milestones were also achieved at the terminals for general cargo, dry and dry bulk cargoes and liquid cargo. In 2022, 1.3m tonnes of commodities in the general cargoes group were transhipped, an increase of 16% YoY and 3% below the 2022 plan. The throughput of steel products was higher, which was attributable to the production in the automotive industry. In the dry and dry bulk cargo group, 7.2m tonnes of goods were transhipped in 2022, which is 12% above 2021’s level and 3% above the 2022 plan. The throughput of road salt, alumina (aluminum oxide) and soy was also higher. Finally, 4.6m tonnes of goods in the liquid cargoes group were transhipped, an increase of 39% YoY, and 9% above 2022’s plan. The throughput of petroleum derivatives, jet fuel and chemicals also increased.

Comparison of maritime throughput per cargo group (2022 vs. 2022 plan, in tonnes)

Source: Luka Koper, InterCapital Research

Coming back to the financials, operating expenses amounted to EUR 234.7m, an increase of 16% YoY, or EUR 32.8m. The Group notes that all types of expenses, excl. other operating expenses, increased. A significant increase in energy costs within material expenses of EUR 4.6m was recorded, due to higher consumption of motor fuel and higher electricity prices, as well as higher spare parts costs due to the increased volume of maintenance works. Furthermore, higher maritime throughput and revenue also increased services costs, which by themselves increased the most of all the expenses, in the amount of EUR 5.4m. At the same time, higher costs of transshipment and concession fees, as well as costs of IT were also recorded. Finally, higher labour costs were also recorded. This was due to a higher number of employees, higher payments for job performance, more overtime work done, and inflation adjustments.  Higher amortization and depreciation costs were also recorded, due to the purchases of new assets.

With all these developments, and especially due to faster revenue than OPEX growth, Luka Koper recorded an EBITDA of EUR 114.6m, an increase of 87.4% YoY, and 14% compared to the 2022 plan. This would imply an EBITDA margin of 36.6%, an increase of 9.8 p.p. YoY. Lastly, Luka Koper recorded a net profit of EUR 74.2m, an increase of 133.3% YoY, and 17% compared to the 2022 plan. This would imply a net profit margin of 23.7%, an increase of 9.7 p.p. YoY.

Luka Koper key financials (2022 vs. 2021, EURm)

Source: Luka Koper, InterCapital Research

Also taking a look at investments, in 2022 they amounted to EUR 50.8m, a decrease of 3% YoY, and 28% compared to the 2022 plan. This included major investments into the container and car terminal areas. The Group also adopted final investment decisions for the period 2022-2027, in the amount of EUR 430m.