Petrol d.d. Ljubljana
The main activities of the parent company are the trading of petroleum products, other merchandise, electricity, supply and sale of gas and heat and the sale of services.Contact us
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 had 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 Slovene retail market in petroleum products.
It generates the greater part of the Petrol Group's revenue and profits.
In 2020 Petrol d.d., Ljubljana generated EUR 2.3 billion in sales revenue or 34 percent less than in 2019. This was mainly due to lower oil prices and lower sales of petroleum products, and this was primarily the result of the pandemic (the impact of the pandemic is presented in chapter Analysis of business performance and impact of the pandemic on the Petrol Group's operations in 2020 and also in other chapters of this annual report).
Petrol d.d., Ljubljana's sales revenue was generated through the sale of:
- 2.7 million tons of petroleum products, down 20 percent relative to 2019,
- 31.3 thousand tons of LPG, down 14 percent relative to 2019,
- 1.4 TWh of natural gas, up 34 percent relative to 2019,
- merchandise totalling EUR 372.6 million, down 5 percent relative to 2019,
- electricity and energy and environmental solutions.
Adjusted gross profit stood at EUR 280.5 million, a decrease of 19 percent on the previous year. This was mainly the result of a drop in petroleum product sales caused by the pandemic.
Operating costs totalled EUR 272.8 million or 2 percent more than in 2019. The costs of materials totalled EUR 23.8 million and were 3 percent lower than in 2019. The costs of services stood at EUR 110.4 million, a decrease of 8 percent over the year before. Labour costs totalled EUR 74.7 million or 1 percent less than in 2019. In accordance with the Act Determining the Intervention Measures to Contain the Covid-19 Epidemic, Petrol d.d., Ljubljana made use of a partial exemption from the payment of contributions for pension and disability insurance totalling EUR 2.4 million, recording the exemption as a decrease in the costs of pension and other social insurance.
The depreciation and amortisation charge totalled EUR 47.2 million, which was 6 percent more than in 2019. Other costs totalled EUR 16.7 million and were EUR 14.4 million higher than in 2019, owing to impairment of assets and a lower reversal of provisions.
Other operating revenue stood at EUR 103.9 million, which was EUR 22.4 million more than in 2019. Gain on derivatives totalled EUR 99.7 million or 29 percent more than in 2019. Other operating expenses, the bulk of which is attributable to loss on derivatives, stood at EUR 76.3 million, which was EUR 8.3 million less than in 2019.
Operating profit totalled EUR 35.4 million or 55 percent less than in 2019.
Finance income from dividends paid by subsidiaries, associates and jointly controlled entities stood at EUR 3.6 million, an increase of EUR 1.4 million relative to 2019. Net finance expenses stood at EUR -7.3 million and was down EUR 0.5 million compared to 2019. In 2020 Petrol d.d., Ljubljana's net loss on derivatives was up by EUR 6.4 million relative to 2019. Finance expenses decreased by EUR 4.6 million, which was the result of impairment of investments and goodwill. Net foreign exchange differences were positive in 2020 and as such up EUR 4.9 million compared to 2019. Net interest expense was EUR 1.7 million lower year-on-year, with allowances for receivables reversed and bad debt recovered increasing by EUR 0.8 million compared to 2019. In 2020 Petrol d.d., Ljubljana did not create allowances for operating and financial receivables whereas in 2019 these had stood at EUR 1.4 million. Net other finance income was up EUR 1.6 million in 2020 compared to 2019.
Pre-tax profit totalled EUR 31.7 million or EUR 41.6 million less than in 2019. Net profit of Petrol d.d., Ljubljana for the year 2020 stood at EUR 28.9 million, down 52 percent relative to 2019.
Total assets of Petrol d.d., Ljubljana as at 31 December 2020 equalled EUR 1.5 billion, which was 3 percent less than in 2019. Non-current assets accounted for EUR 1.0 billion of the above figure, which was 2 percent more than on 31 December 2019, with current assets amounting to EUR 440.4 million, down 12 percent as compared to 31 December 2019. This was mostly the result of a decrease in operating receivables and inventories.
The equity of Petrol d.d., Ljubljana as at 31 December 2020 equalled EUR 586.0 million, which was 3 percent less than at the end of 2019.