Supervisory Board Approved Petrol Group's and Petrol d.d., Ljubljana's Annual Report 2019
Ljubljana, 12th March 2020 - At its 40th meeting held on 12th March 2020, the Supervisory Board of Petrol d.d., Ljubljana discussed and approved the audited Petrol Group’s and Petrol d.d., Ljubljana’s Annual Report for 2019. In 2019 the Petrol Group performed very well, exceeding the set targets.
The Petrol Group is active in two very important and highly competitive sectors – energy and trade. Besides trends in the area of energy and commerce, the Group's operations are subject to several other and often interdependent factors, in particular changes in energy product prices and the US dollar exchange rate, which are a reflection of global economic trends. In addition, operations in the Petrol Group's markets are influenced to an important extent by local economic conditions (economic growth, price growth, growth in consumption and manufacturing) and measures taken by governments to regulate prices and the energy market. Energy market participants are presented with vast challenges and change. On the one hand, they have to deal with an extremely difficult systemic transition to renewable supply sources, while on the other, a considerable shift can be observed in the behaviour of end customers, who are becoming increasingly engaged. As one of the core energy companies in Slovenia and in SE Europe, the Petrol Group took on an active role in increasing energy independence, energy efficiency and the share of renewable energy sources in the markets where it operates. The production of electricity from renewable sources is, therefore, highly significant for ensuring a sustainable portfolio. The sales of merchandise and services make up an important part of the Group's revenue, which is why the situation in the trade sector has a major impact on operations. Digitization and 'smart' solutions are emerging in the world, developing new business models and changing value chains. With the development of digital sales applications and mBills digital wallet, the Petrol Group is part of these trends.
In 2019, the Petrol Group changed certain accounting policies and the manner of presentation of certain accounting categories relating to MSRP 16 (leases), commodity forward contracts and excise duties, which had a significant impact on the value of certain accounting categories, as explained in detail in the Annual Report of the Petrol Group and Petrol d.d., Ljubljana for 2019.
In 2019 the Petrol Group generated sales revenues of EUR 4.4 billion, which represents an increase of 1% on 2018. Adjusted gross profit totalled EUR 472.9 million, up 7% from 2018. EBITDA amounted to EUR 196.5 million, up 9% from the previous year. Net profit was EUR 105.2 million, up 15% from 2018.
In 2019 the Petrol Group sold 3.7 million tonnes of oil products, 6% more than in 2018. At the end of 2019 the Petrol Group operated 509 service stations, of which 318 in Slovenia, 110 in Croatia, 42 in Bosnia and Herzegovina, 14 in Serbia, 14 in Montenegro and 11 in Kosovo. Revenues from sales of merchandise and related services amounted to EUR 466.5 million on a par with 2018. In 2019 the Petrol Group sold 21.5 TWh of natural gas, 176.4 thousand tonnes of liquefied petroleum gas, 22.6 TWh of electricity and 145.8 thousand MWh of heat.
Petrol d.d., Ljubljana has been closely monitoring the situation surrounding the coronavirus since its outbreak. To monitor developments regarding SARS-CoV-2 and COVID-19, a coordination team has been set up which also prepares appropriate organisational measures. There have been no disruptions to our operations so far, but Petrol d.d., Ljubljana has in place action plans to ensure energy product supply should the situation deteriorate. The Company will adapt its follow-up actions to the situation as it develops.
President of the Supervisory Board
Nada Drobne Popović
President of the Management Board