Petrol d.d. Ljubljana

Activities of the company

Petrol d.d., Ljubljana was formally established on 5 June 1945 as a subsidiary of the state-owned company Jugopetrol. Before being transformed into a private joint-stock company in 1997, Petrol operated under a variety of different organisational forms. Petrol d.d., Ljubljana's predominant activity is to sell petroleum products and other energy products (liquefied petroleum gas, natural gas and electricity), as well as merchandise and services. In addition, the Company is engaged in environmental and energy solutions projects. 
 
With its 318 service stations, it has a 56 percent share of the Slovenian retail market in petroleum products.  
 
It generates the greater part of the Petrol Group's revenue and profits.  
 
In 2021, the company Petrol d.d., Ljubljana generated EUR 3.55 billion in sales revenue, which is 52 percent more than in 2020, mainly due to higher prices of oil, electricity and other energy products.

Petrol d.d., Ljubljana's sales revenue was generated through the sale of:  

• 2.6 million tons of petroleum products, down 3 percent relative to 2020; 
• 33.0 thousand tons of LPG, up 5 percent relative to 2020; 
• 1.4 TWh of natural gas, down 19 percent relative to 2020; 
• merchandise totalling EUR 396.0 million, up 6 percent relative to 2020. 

Operating costs totalled EUR 298.7 million or 10 percent more than in 2020. The costs of materials totalled EUR 23.8 million on a par with the previous year. The costs of services stood at EUR 114.2 million, an increase of 3 percent over the year before. The costs of work stood at EUR 78.3 million, an increase of 5 percent over the year before. In accordance with the Act Determining the Intervention Measures to Contain the COVID-19 Epidemic and Mitigate its Consequences for Citizens and the Economy, Petrol d.d., Ljubljana benefited from measures to reimburse quarantine and force majeure compensation, crisis allowance compensation and short sick leave compensation of 80 percent in the total amount of EUR 0.4 million (in the amount of EUR 2.4 million in 2020) and recorded this exemption as a decrease in labour costs. Depreciation and amortisation amounted to EUR 46.7 million, which is 1 percent less than in 2020. Other costs amounted to EUR 35.7 million.  

Other operating revenue stood at EUR 274.8 million, which was EUR 164 million more than in 2020. Gain on derivatives totalled EUR 269.8 million or 171 percent more than in 2020. Other operating expenses, the bulk of which is attributable to losses on derivatives, stood at EUR 236.3 million, which was EUR 210 million more than in 2020.

The operating profit amounted to EUR 100.3 million, which is 184 percent more than in 2020.

Finance income from dividends paid by subsidiaries, associates and jointly controlled entities stood at EUR 3.3 million, a decrease of EUR 0.3 million relative to 2020. Net finance expenses stood at EUR -20.2 million and was down EUR 12.9 million compared to 2020. In 2021 Petrol d.d., Ljubljana's net profit on derivatives was up by EUR 7.6 million and EUR 6.7 million higher loss from net exchange rate differences relative to 2020. The value adjustment of operating receivables totalled EUR 3.0 million.  Due to impairments of investments and goodwill, financial expenses decreased by EUR 6.6 million. Net interest expenses were EUR 1.1 million higher than in 2020, while the elimination and recovered adjustments of receivables were EUR 0.6 million lower than in 2020. Net other financial expenses in EUR 2021 were EUR 2.4 million higher than in 2020.

Pre-tax profit totalled EUR 83.4 million or EUR 51.7 million more than in 2020. Net profit of Petrol d.d., Ljubljana for the year 2021 stood at EUR 66.5 million, up 37.6 million relative to 2020.  

Total assets of Petrol d.d., Ljubljana as at 31 December 2021 equalled EUR 1.9 billion, which was 28 percent more in 2020. Of this, non-current assets amounted to EUR 1.2 billion, which is 19 percent more than on 31 December 2020. Current assets amounted to EUR 650.1 million, which is 48 percent more than on 31 December 2020, mainly due to lower operating receivables. 

The equity of Petrol d.d., Ljubljana as at 31 December 2021 equalled EUR 609.9 million, which was 4 percent more than at the end of 2020.