Uljanik reported a loss of 365 million kuna in the first half of the year

Uljanik Group finished the first half of this year with a loss of 364.8 million kuna, which is an increase of approximately three times compared to the same period last year when it amounted to 113.3 million kuna, according to data from the financial report published on Tuesday.

The Group’s total revenues amounted to 838.2 million kuna, a decrease of 44 percent. The majority of revenues come from sales, which amount to 637.9 million kuna and are down by 46 percent compared to the first half of last year.

The Group also recorded a decrease in total expenses – by 25.5 percent, to 1.2 billion kuna.

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The report states that in the first half of this year, part of the shipbuilding process activities were transferred from Uljanik d.d. to Uljanik Shipyard d.d., resulting in a significant reduction in the number of employees at Uljanik d.d.

The number of employees in the parent company as of June 30 this year was 29, while the Group employed 4,241 employees.

Within the Uljanik Group, alongside the parent company Uljanik d.d., operate Uljanik Shipyard, 3. maj shipyard, Uljanik Machine Engineering Diesel, Uljanik Equipment Production, Uljanik Business Information Systems, Uljanik Shipbuilding Projects, Uljanik Maritime, Uljanik Standard, USCS d.o.o., Maritime transport Pula Three, Maritime transport Pula Four, and Uljanik TESU d.d.

All the mentioned companies are fully owned by the Uljanik Group, except for 3. maj, in which Uljanik d.d. holds 88.27 percent of the share capital.

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According to data published today, Shipyard 3. maj recorded total revenues of 109.5 million kuna in the first six months of this year, which is about 80 percent less than in the same period last year, while the company’s loss reached 151 million kuna. In the same period last year, the Rijeka shipyard operated with a profit of 1.7 million kuna.

Uljanik d.d. achieved a net profit of 26.56 million kuna in the first half of the year, which is an increase of 12 percent compared to the same period last year.

Total revenues reached 724.4 million kuna, which is a decrease of 28.7 percent. The majority of revenues come from sales, which decreased by 31 percent, to 576 million kuna. The company also reduced total expenses by 29.7 percent, to 697.8 million kuna.

The report also states that both Uljanik d.d. and the Group are primarily exposed to risks of exchange rate changes, credit risk, liquidity risk, and interest rate risk.

>>>Kermas lent Uljanik 12.4 million euros to repay the bank debt to continue operations

By the way, at the end of last week, the Minister of Economy, Entrepreneurship, and Crafts, Darko Horvat, stated that the restructuring plan for Uljanik was sent to the European Commission on time and that a response from the Commission regarding the analysis of the restructuring program is awaited.

It was also announced that the potential strategic partner, Kermas energy, helped Uljanik in Pula bridge financing issues for the newbuilding 500, specifically a suction dredger for a Dutch client, with a loan of 12.4 million euros.

With this loan, Kermas energy, a company owned by entrepreneur Danko Končar, helped Uljanik repay the bank debt to continue normal operations of the shipyard and prevent the activation of state guarantees, confirmed Uljanik and Kermas energy mid-last week.

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Namely, Uljanik had to repay the bank loan to ensure that the newbuilding 500, which is a self-propelled suction dredger that Uljanik contracted with the Luxembourg company Dredging and Maritime Management S. A. as part of the JDN Group, could be delivered without issues.

This loan enabled normal financing of newbuilding 500 until the delivery date, in such a way that the buyer finances the construction with its own funds, Uljanik reported at that time.