Zagreb – The Management Board of JANAF Plc. presented today, 1 February 2010, the unaudited financial statements for the year 2009 and announced the business activities in the year 2010.
Presenting the financial figures for the last year, Mr. Ante Markov, Chairman of the Board, pointed out that the total crude oil throughput reached 6,9 mil. tons, thus showing a 9,2% increase compared to the same period of the previous year and a 1,8% increase when compared to the planned transportation volumes. By end-2008 JANAF resumed transport for the Bosanski Brod Refinery and during 2009 significantly higher volumes were transported than those planned.
The revenues obtained from crude oil transport, measured in US dollar, were up 18,8% compared to the previous year and up 3,7% when looking at the plan, as a result of higher transportation volume and changes in market structure. When measured in HRK, the revenues obtained from crude oil transport rose by 28,3% in comparison to the same period of the last year and are for 19,6% higher than the revenues planned. Higher growth in HRK revenues was influenced by a rise in US dollar exchange rate.
When compared both to the planned ones and those realized in the previous year, the revenues obtained from the crude oil storage show a multiple increase. As concerns the oil products storage, those revenues, measured in HRK, are up 10,2% when compared to those realized in the previous year, showing at the same time also a 9,1% increase with respect to the plan, as a result of expanding the business activities on new clients. The revenues obtained from crude oil storage amount to HRK 117,0 mil. and account for 26,7% of the revenues realized from the core business operation.
Therefore, the revenues totalled HRK 464,9 mil., which is up 25,2% when compared to the previous year and with respect to the planned ones, the revenues are being higher for HRK 139,3 mil. or 42,8%.
Total expenses amounted to HRK 312,0 mil. and rose by 2,7% in comparison to the previous year, showing at the same time also a 9,7% increase when looking at the plan, as a result of a growth in both operating and financial expenses. The operating expenses amounting to HRK 299,9 mil. show a 3,9% increase with respect to those realized in the same period of the last year and are also for 7,2% higher than the planned ones, mostly as a result of a rise in depreciation/amortization and reservation costs.
The financial revenues entirely covered the financial expenses, thus realizing the profit from the financial activities in the amount of HRK 3,9 mil.
The gross profit for the period, amounting to HRK 152,9 mil., for the most part is a result of the business activities and is significantly higher than the planned profit and the one realized in the same period of the last year. The net realized profit, reaching HRK 119,0 mil., accounts for 25,6% of the total revenues. In the fourth quarter (Q4) the gross profit was realized in the amount of HRK 48,6 mil.
The year 2009 saw the realization of the positive cash flow from the business activities in the amount of HRK 305,0 mil., as well as the repayment of loan liabilities towards the Paris and London Clubs in the total amount of HRK 47,8 mil.
For the procurement of long-term assets (tangible and intangible fixed assets) the amount of HRK 430,0 mil. was paid from the own financial resources realized through the business operations and payment of a part of the capital increase amount.
At the press conference, the Chairman of the Board, Mr. Markov also addressed JANAF’s business activities in the year 2010.
Thus, according to Mr. Markov, the business activities and goals refer primarily to an increase in operating revenues in US dollar obtained from the crude oil transport, as well as from crude oil and oil products storage both for the commercial purposes and for the needs of keeping the compulsory stocks, then construction of additional storage capacities, further modernization and upgrade of the crude oil transportation system together with enhancement of its functionality (diversification of refineries supply routes), growth in profitability and economic effectiveness of the business performance, further increase in security of transportation and storage and thus also in crude oil and oil products supply, along with boosting quality of services and environmental protection.
Taking about planned capital investments, the Chairman of the Board highlighted that in the year 2010 the amount of these investments would reach HRK 400 million and they would be financed exclusively from own funds.