Koper, 14 February (STA) - The supervisors of port operator Luka Koper adopted on Friday the business plan for 2014. The approval comes after the document was rejected twice. Moreover, according to unaudited results, the group generated EUR 8.5m in net profit in 2013. It expects its profit to increase this year by 145% to EUR 20.8m.
The group's operating revenue is to reach EUR 151.2m this year, with the parent company accounting for EUR 144.1m.
The operating profit of the group is to go up by 112% to EUR 27.3m year-on-year. The parent company's operating profit is to increase by 140% to EUR 25.4m.
The group is set to invest a total of EUR 37m this year. The transhipment capacity will go up by 5% to 18.9 million tonnes of cargo.
"The plan is very demanding but it could be achieved provided serious participation of the entire management," chief supervisor Alenka Žnidaršič Kranjc told the press after supervisory board meeting.
She said that the adopted plan was brought to a "higher level of quality" with the help of two supervisory board members, making it fit for adoption.
The plan now no longer takes into account only wishes but also feasibility, needs and realistic values, she added.
Luka Koper also published an unaudited business report for 2013 today. The group posted a net profit of EUR 8.5m, which was 19% (EUR 2m) lower than in 2012. By delaying paying taxes, the group increased its net profit by EUR 1.5m.
Excluding property devaluation and impairments of financial investments, net profit was at EUR 17.4m. The group's financial liabilities was reduced by EUR 30m in 2013 to EUR 153.8m on 31 December, a press release said.
It generated EUR 144.2m in revenue, which was 2% more than the year before, while the group's operating profit dropped by 33% to EUR 12.9m due to devaluation of real estate and higher labour cost.
Operating profit excluding real estate devaluation was at EUR 21.2m in 2013, 11% higher year-on-year. Earnings before interest, taxes, depreciation and amortization (EBITDA) were at EUR 41.1m, which was 13% lower that in 2012.
CEO Gašpar Gašpar Mišič told the press today that an AGM would be called for 19 March.