Zagreb – JANAF Plc. has announced unaudited financial figures for 2007, compiled according to Croatian legal regulations
JANAF’s 2007 oil throughput was 7,2 million tons, ie. 13,2% more than in 2006, whilst oil transport revenues amounted to Kn 216,2 million and comprised 69,3% of the core business revenues, which gave 10,1% increase when compared to the previous year. The increase in revenue is a result of larger transport volumes, of altered commercial conditions and the negative impact of the change in US dollar exchange rate. The transported oil quantities record 2,9% decrease, which has resulted, along with consequences of the US dollar exchange rate devaluation, in 3,4% revenue decrease.
Oil storage revenues amount to Kn 63 million, representing an increase of 50,2% in comparison to last year and so comprise 20,2% of the core business revenues. Oil products storage revenues have remained at last year’s levels, are consistent with the Plan and comprise 10,5% of the core business revenues.
Business revenues of Kn 328,3 million show 13,1% increase when compared to the prior year and represent 10,5% increase of the revenues planned. A profit of Kn 46,1 million has been made from business activities and represents 14,1% of business profits. Profit expressed shows substantial increase when compared both to the prior year (2,9 times more) and to the Plan (1,7 times).
Financial revenues, consisting of interest rate revenues (Kn 10,6 million) and a positive exchange rate difference (Kn 20,8 million), amount to Kn 4 million, thus surpassing the financial expenses made.
2007 total revenues amount to Kn 360,1 million, which shows an increase of 5,2% in relation to the last year and 19,3% increase projected by the Plan.
2007 total expenses amount to Kn 310 million, ie. 1,4% more compared to the last year. Business expenses amount to Kn 282,2 and comprise 91% of total expenses, which represents 3% increase in expenses comparing to the last year and 4,3% in relation to the Plan.
Depreciation and human resources costs comprise 72,2% of business expenses. Total financial expenses amount to Kn 27,8 million, ie. show 11,7% decrease in comparison to the year before and are related to long-term loans interest rates (amounting to Kn 10,4 million) and negative exchange rate (Kn 17,4 million).
The results of the business in total are as follows: 2007 gross profit amounts to Kn 50,1 million. Gross profit expressed shows 36,7% increase compared to the year 2006 and 143,6% increase compared to the gross profit planned. JANAF Plc. is as of 2007 a taxpayer of corporate income tax which in 2007 amounted to Kn 10,7 million. Thus, JANAF Plc. made Kn 39,4 million of net profit in 2007.
JANAF Plc. generates high liquidity ratios (current ratio of 2,9 and quick ratio of 2,8), although substantial guarantee funds are invested in purchasing long-term material assets (Kn 197,6 million) and payment of long-term loans (Kn 39,3 million). In 2007, there has been a decrease in cash and cash equivalents of Kn 1,7 million, along with a positive net cash flow realized from business activities. JANAF Plc. pays the majority of its liabilities in due time and finances its investments by its own funds.