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 principal  activity  is  selling  fuels  and  petroleum  products,  merchandise  and  services,  and energy and solutions.  
 
With  its 318  service stations,  it  has  a  56  percent  share  of  the  Slovenian  retail market  in petroleum products.  
 
In 2022, the company Petrol d.d., Ljubljana generated EUR 7.3 billion in sales revenue, which is 106 percent more than in 2021, mainly due to the higher prices of oil, electricity and other energy products, as well as good sales of fuels and petroleum products.  
 
Petrol d.d., Ljubljana’s sales revenue was generated through the sale of:  
•  3.5 million tons of fuels and petroleum products, up 34 percent relative to 2021,
•  merchandise and services in the amount of EUR 358.5 million, down 7 percent relative to 2021,
•  0.8 TWh of natural gas to end-customers, up 6 percent relative to 2021,
•  1.8 TWh of natural gas to end-customers, down 9 percent relative to 2021,
•  117.2 thousand MWh of heat, down 7 percent relative to 2021.
 
Operating costs totalled EUR 301.4 million, which is 4 percent less than in previous year. The costs of materials totalled EUR 28.6 million, up 20 percent relative to 2021, mainly due to the increase in energy prices. The costs of services stood at EUR 136.1 million, an increase of 19 percent compared to the year before, with the largest increase in the cost of transport services due to the strong sales of fuels and petroleum products. The costs of work stood at EUR 82.1 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 28 thousand (in the amount of EUR  0.4  million  in  2021)  and  recorded  this  exemption  as  a  decrease  in  labour  costs. Depreciation totalled EUR 46.5 million, on a par with the previous year. Other costs amounted to EUR 8.1 million.  
 
Other operating revenue stood at EUR 6.4 million, which was 29 percent more than in 2021. The gain on derivatives totalled EUR 525.1 million or 95 percent more than in 2021. Other operating expenses, stood at EUR 0.03 million. Loss on derivatives totalled EUR 551.3 million or 133 percent more than in 2021.

Finance income from dividends paid by subsidiaries, associates and jointly controlled entities stood at EUR 1.7 million, a decrease of EUR 1.6 million relative to 2021. Net finance expenses stood at EUR -1.7 million.
 
In 2022 Petrol d.d., Ljubljana’s net profit on derivatives was down by EUR 2.0 million and EUR 3.4 million lower loss from net exchange rate differences relative to 2021. In 2022, there were no impairments of investments and goodwill. Net interest expenditure amounted to EUR 5.9 million, on a par with the previous year. Loss allowances for financial receivables reversed were EUR 0.3 million higher compared to 2021. Net other finance income was up EUR 2.6 million in 2022 compared to 2021.
 
Pre-tax profit totalled EUR 17.8 million or EUR 65.6 million less than in 2021. The net profit of Petrol d.d., Ljubljana for the year 2022 stood at EUR 19.4 million, down 47.1 million relative to 2021. The total assets of Petrol d.d., Ljubljana as at 31 December 2022 equalled EUR 2.1 billion, which was 13 percent more than on 31 December 2021. Of this, non-current assets amounted to EUR 1.2 billion, which is 3 percent less than on 31 December 2021. Current assets amounted to EUR 921.5 million, which is 42 percent less than on 31 December 2021, mainly due to higher operating receivables.
 
The equity of Petrol d.d., Ljubljana as at 31 December 2022 equalled EUR 598.0 million, which was 2 percent less than at the end of 2021.