Zagreb – JANAF Plc. announced its financial statements for the 2008 first quarter, prepared in accordance with the Croatian regulations.
In the current accounting period, the crude oil quantities transported show a 16,05% decrease compared to the same period of the previous year and a 22,5% decrease compared to the planned quantities, which consequently resulted in lower realized revenues from the core business.
The revenues obtained from the crude oil storage in the current period are down 52,6% when compared to the previous year, and up 3,1% compared to the plan. The total revenues for the first quarter of 2008 amount to HRK 82,2 mil., which makes a 7,8% decrease compared to the same period of the last year and a 2,6% increase when looking at the plan. The gross profit in the current period amounts to HRK 10,4 mil., which is for 41,6% less as compared to the same period of the previous year, and for 77,1% more than the gross profit planned.
As regards the total expenses realized in the current accounting period, they amounted to HRK 72,0 mil., thus being for 0,5% higher as compared to the previous year, while at the same time they are for 3,2% lower with respect to the planned ones.
In the total costs structure, the operating expenses account for 96,2%, while the financial expenses account for 3,8%. When compared to the last year, the operating expenses are for 3,1% higher and for 3,8% lower as compared to the plan.
The gross profit realized in the current period amounts to HRK 10,2 mil. Given the fact that the company is obliged to pay the profit tax, the realized net profit amounts to HRK 8,2 mil. The gross profit realized from the business activities amounts to HRK 10,2 mil. and accounts for 12,8% of the operating revenues. As regards other operating revenues in the current year, the extraordinary revenues from sales of long-term assets have been recognized, which resulted in significant increase in other revenues of this year, as compared to the same period of the previous year.
The financial revenues consisting of positive exchange rates differences (HRK 0,7 mil.) and interest revenues (HRK 2,1 mil.) are slightly higher than the financial expenses, thus resulting in the profit obtained from the financial activities in the amount of 80 thousand kunas.
The liquidity coefficient realized by the company is high (the current liquidity coefficient being 3,9), although the company invested its own significant funds in the procurement of long-term assets. Moreover, the company settles all its liabilities in due time and finances the investments by its own funds.
During the first quarter of 2008, there was no allocation of shares, and therefore no change occurred in the shareholders structure of the company.