Annual Report (ESEF) • Apr 10, 2025
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Download Source FileDear shareholders, business partners and colleagues,
2024 proved a year of both challenges and achievements for the Petrol Group. Despite regulatory restrictions and geopolitical uncertainties, effective risk management, adaptation of business process, and a focus on cost efficiency allowed us to generate results that exceed both last year’s outturn and the objectives set. Petrol and the Petrol Group have successfully entered their eightieth year of operation. This would not have been possible without the expertise, perseverance and dedication of Petrol employees who are committed to performing their work efficiently and successfully. My sincere gratitude goes out to each individual who helps to co-create Petrol's story.
Energy regulation was gradually relaxed over the course of 2024 – firstly for natural gas sales, then for electricity. In the second half of the year, regulation of petroleum product margins was also somewhat relaxed, more significantly in Croatia than in Slovenia. Nevertheless, regulated margins in Slovenia are still among the lowest in Europe, affecting our investment ability and long-term sustainability of our operations. The challenges were responded to using a combination of cost actions and good sales results.
In 2024, the Petrol Group generated EUR 6.1 billion in revenue, with volumes of petroleum products, natural gas and electricity sold remaining at high levels. Gross profit amounted to EUR 730.4 million, representing an 8 percent growth compared to 2023. EBITDA reached EUR 314.2 million, which is 15 percent more than in the previous year and 3 percent above our planned targets. The net profit amounting to EUR 145.9 million was 7 percent higher than in 2023, whereby profit before tax reached EUR 188.1 million, a year-on-year increase of EUR 20.3 million or 12 percent.
and increasing environmental and geostrategic risks. In the second half of the year, we fast-tracked the investments, but the investment activities are still underway and will continue in 2025 with an emphasis on investments in the energy transition, focusing on expanding the range of sustainability and mobility solutions on offer. In 2024, our investment in electric charging stations was accelerated, turning us into the leading partner in the region in terms of the number of charging stations.
For the Petrol Group, 2024 also marked the year during which it prepared itself for a new period of sustainability reporting. The Corporate Sustainability Reporting Directive (CSRD)1 brings a more ambitious and structured framework, which includes European Sustainability Reporting Standards (ESRS)2. This makes sustainability reporting even more transparent, structured and comparable, which will benefit companies, investors and the general public. Preparing for this step required a lot of effort, but it will enable a better understanding of our impact on the environment and society and contribute to the further development of sustainable business practices.
In addition to setting very ambitious goals for 2025, this year we will also carry out a series of activities that will highlight our role in the supply of energy commodities, energy development in the region, and sustainable solutions for the future. It is estimated that the year will be marked by continued volatility in global energy markets, driven by geopolitical tensions, inflation, and energy price regulation. Especially in Slovenia, which is the largest market for the Petrol Group, low margins on petroleum products continue to exercise pressure on our operations. Although projections indicate a further moderation in energy prices, regulatory requirements and costs associated with the green transition, such as increasing the share of biofuels and environmental legislation, will pose a challenge.
The Petrol Group will adapt its activities to these circumstances by further optimising its processes and carefully managing costs. The objective is to ensure long-term stability and performance, including through additional investments in digitisation and the introduction of operational efficiency improving actions. At the same time, in an uncertain environment, special attention will be paid to risk management and strengthening the capital structure.
The Petrol Group's key financial targets for 2025 are a sales revenue of EUR 6.1 billion, gross profit of EUR 789 million, EBITDA of EUR 339 million, net profit of EUR 177.8 million and net debt/EBITDA of 1.2.
This year, the investment activity is planned to be increased to a foreseen EUR 150 million, with more than half of these funds being allocated to energy transition projects, including investments in renewable energy sources, the digitisation and expansion of mobility offerings.
One of the Petrol Group's main projects in 2025 will be the development of a new business strategy until 2030. This strategy will focus on a gradual and balanced transition to sustainable energy solutions and adaptation to rapid changes in energy markets. The strategy will be based on digitisation, energy efficiency and the introduction of
1 CSRD – Corporate Sustainability Reporting Directive
new business models that will ensure stability and competitiveness in a rapidly changing environment. There are no shortcuts in the energy industry. Any change must be based on real data, a well-thought-out strategy, and long-term planning. The green transition is no exception. So the question is not whether, but how. In this regard, energy security and economic competitiveness should not be a side issue. A too rapid and reckless phasing out of established energy sources without suitable alternatives can lead to higher energy prices and supply disruptions. This is definitely not a path one would want to follow.
On Petrol's 80th anniversary, our vision is reaffirmed - to be an integrated partner in the energy transition with an excellent user experience for households, the private and public sectors. The outlook remains focused on growth and development. I believe that thoughtful strategic decisions, a focus on efficiency, and an innovative approach to energy challenges will allow us to continue to create a stable and successful future for the Petrol Group and all our stakeholders.
The milestones in our Company's development, which has been named The Path of the Unstoppable, tell the story of decades of breakthroughs, opening new horizons, and growth that has led Petrol from a small company to the leading energy and trade provider in the region. This is the story of all of you who have co-created this development with us. This path isn't stopping. We have been unstoppable for 80 years. And we will continue to be like that in the future.
Thank you for your trust and support.
Respectfully yours,
Sašo Berger
President of the Management Board
In the future, we will continue to strengthen our role in the supply of energy commodities, energy development in the region, and the introduction of sustainable solutions for the future.
A balanced transition to sustainable solutions in the face of rapid changes in the energy market must ensure energy security.
Pursuant to Article 60a of the Companies Act, members of the Management Board and the Supervisory Board of Petrol d.d., Ljubljana state that the Annual Report of the Petrol Group and Petrol d.d., Ljubljana for the year 2024 with all components, including the corporate governance statement and sustainability report has been prepared and published in accordance with the Companies Act, the Financial Instruments Market Act and the International Financial Reporting Standards and sustainability reporting standards, as adopted by the EU.
As provided in Article 134 of the Financial Instruments Market Act, members of the Management Board of Petrol d.d., Ljubljana, comprising Sašo Berger, President of the Management Board, Drago Kavšek, Member of the Management Board, Marko Ninčević, Member of the Management Board, Jože Smolič, Member of the Management Board, Metod Podkrižnik, Member of the Management Board and Zoran Gračner, Member of the Management Board and Worker Director, declare that to their best knowledge and belief:
appropriate methods for the Company and the Group, on the basis of which the assurances below are provided. The basis for the sustainability report is the double materiality assessment of the Petrol Group. The Members of the Management Board ascertain that the Sustainability Report for 2024, to the best of their knowledge, contains a true and fair view of the environmental, social and governance aspects of the Group.
Sašo Berger
Drago Kavšek
President of the Management Board
Member of the Management Board
Marko Ninčević
Jože Smolič
Member of the Management Board
Member of the Management Board
Metod Podkrižnik
Zoran Gračner
Member of the Management Board
Member of the Management Board
and Worker Director
Ljubljana, 2 April 2025
The Supervisory Board of Petrol d.d., Ljubljana has worked in its current composition since 22 April 2021. In 2024, the Supervisory Board was composed of the President Janez Žlak, the Deputy President Borut Vrviščar and the Members Mladen Kaliterna, Alenka Urnaut, Mario Selecky, Aleksander Zupančič, Robert Ravnikar, Marko Šavli and Alen Mihelčič. The composition is diverse in terms of education, professional background and personality traits, all of which allow for an effective professional complementarity and the exchanging of opinions and views.
In 2024, all Supervisory Board members attended meetings regularly and made unanimous decisions regarding virtually all matters discussed. The Supervisory Board members thoroughly prepared themselves for the topics discussed, made constructive proposals, and adopted decisions in line with the Rules of Procedure, internal regulations and statutory powers. The work of the Supervisory Board was effectively supported by the substantive proposals of the Supervisory Board’s two committees. The Supervisory Board kept the stakeholders informed on the Petrol Group’s performance on a regular and timely basis.
The Supervisory Board had 14 meetings in 2024, of which eight were scheduled in the financial calendar for 2024 and the other six were extraordinary meetings, intended mainly for managing costs and financially stabilising the Company in the light of the energy price regulation and its impact on the operations and, in the last quarter of the year, for implementing the procedure to record candidates for new members of the Supervisory Board.
In January 2024, the Supervisory Board met to approve the business plan for 2024. In February 2024, the Supervisory Board met to supervise the operations in January and be briefed on the estimate of results from the sales of petroleum products at service stations in the time of the effective Decree determining the prices for certain petroleum products (Official Gazette of the RS, Nos. 66/23 and 120/23), which it continued to consistently monitor throughout the entire year.
The Supervisory Board met two times in March 2024 to discuss the unaudited annual report for 2023 and related matters.
In April 2024, the Supervisory Board approved the Annual Report of the Petrol Group and Petrol d.d., Ljubljana for 2023, discussed the proposal on the allocation of accumulated profit, approved the convening of the 38th General Meeting of Shareholders and, additionally, discussed the strategy of the subsidiary MBills d.o.o. (now Petrol Pay d.o.o.).
A diverse composition and varied competences of the Supervisory Board and its committees are the foundations for the good work performed by the Supervisory Board.
and the Petrol Group in the first three months of the year. The Supervisory Board also discussed the merger of EKOEN d.o.o. and EKOEN S d.o.o. to Petrol d.d., Ljubljana. Two Supervisory Board meetings were held in June 2024 to discuss strategic topics: the merger of VE Ljubač d.o.o. to VE Glunča d.o.o., sales of assets of the Črnomelj Biogas Plant and the termination of Petrol d.d., Ljubljana’s business unit Črnomelj Biogas Plant; furthermore, the Supervisory Board discussed a wide range of service stations that were either closed or newly opened by Petrol. Throughout the year, the Supervisory Board deliberated over cost optimisation and analysed all legal options for a deregulation of petroleum product prices lifted and the damage suffered by the Company in that respect reimbursed. Regarding that, the Supervisory Board also discussed the topic with external legal advisors on several occasions.
In August 2024, the Supervisory Board discussed the report on the operations of the Company and the Petrol Group in the first six months of 2024. In October 2024, the Supervisory Board discussed strategic topics in two meetings (Efficient public lighting project under the PPA model in the Republic of Serbia, Municipality of Mali Iđoš; Projekt Efficient public lighting project under the PPA model in the Republic of Serbia, City of Subotica, Oil & Gas E2E supply chain digitalisation project, and an overhaul of the Petrol Pay payment and financial services). In addition, the Supervisory Board started the recording procedure for Supervisory Board member candidates. In the context of the candidacy procedure, the Supervisory Board, together with the Human Resources and Management Board Evaluation Committee, discussed 40 applications for Supervisory Board members.
Three meetings were held in November and December 2024. In addition to two regular meetings where the report on the operations in the first nine months of 2024, activities relating to the independence and transparency of the members of the Supervisory Board and the outline of the business plan for 2025 were discussed, one extraordinary meeting was held in respect of the procedure for selecting candidates for new Supervisory Board members.
The Supervisory Board, acting within its powers, made responsible decisions and discussed a number of other matters:
The Supervisory Board also paid close attention to the legal options for abolishing the regulation of petroleum product prices.
Public
• Managing potential conflicts of interest (the statements required under the applicable code were signed by Supervisory Board members upon their appointment and also at the end of the financial year, and published on the Company’s website),
• Giving consents to the Management Board in accordance with the Articles of Association and other forms of approval for Management Board proposals.
All the working procedures of the Supervisory Board are geared towards ensuring the basic rules that must apply in the effective operation of this body:
discussed quarterly reports on the operations of the Petrol Group and Petrol d.d., Ljubljana, and standard and other matters, such as:
The Committee also discussed the audited annual report on several occasions and submitted a proposal for its endorsement to the Supervisory Board, and deliberated over topics related to the Supervisory Board and the annual General Meeting of Shareholders.
The Human Resources and Management Board Evaluation Committee of the Supervisory Board met seven times in 2024, mainly to discuss the Remuneration Policy for Management and Supervisory Bodies of Petrol d.d., Ljubljana, which was submitted for adoption to the General Meeting of Shareholders, and the procedure for appointing candidates for new Supervisory Board members where it deliberated over the applications received from the candidates, interviewed them and advised the Supervisory Board on the further selection procedure in preparation for the General Meeting of Shareholders.
The Supervisory Board monitored the work of its committees on the basis of their regular reporting to the Supervisory Board. Based on the execution of all committee resolutions and the review of their work and the reports on their work at the meeting in December, the Supervisory Board – in the context of self-assessing its work – assessed the work of both committees as very good.
At its 62nd meeting of 13 March 2025, the Supervisory Board of Petrol d.d., Ljubljana discussed the unaudited business results of the Petrol Group and Petrol d.d., Ljubljana for 2024. The Petrol Group’s sales revenue stood at EUR 6.1 billion in 2024, a year-on-year decrease of 12 percent; gross profit was recorded in the amount of EUR 730.4 million, which is 8 percent more than in 2023; EBITDA stood at EUR 314.2 million, a 15-percent increase compared to 2023; and net profit at EUR 145.9 million, up 7 percent on the year before.
At its 63rd meeting of 9 April 2025, the Supervisory Board discussed the Annual Report of the Petrol Group and Petrol d.d., Ljubljana for 2024. Having verified the Annual Report and the financial statements with notes, the Management Board’s proposal on the allocation of the accumulated profit, and the certified auditor’s report, the Supervisory Board endorsed the audited Annual Report of the Petrol Group and Petrol d.d., Ljubljana for 2024.
As part of the Annual Report adoption, the Supervisory Board also put forward its position regarding the corporate governance statement and the statement of compliance with the applicable code that are included in the business section of the Annual Report of the Petrol Group and Petrol d.d., Ljubljana for 2024, and concluded that it is a true reflection of the corporate governance in place in 2024.
Dr Janez Žlak
President of the Supervisory Board
Ljubljana, 9 April 2025
EBITDA = Operating profit + net impairment losses on financial and contract assets + Depreciation and amortisation charge.
Sales to final customers, trading and management of the retail portfolio.
Since 2023, forwards have been included under gains/losses on derivatives; until 2022 they were carried under finance income/expenses.
| The Petrol Group | Unit | 2022 | 2023 | 2024 | Index 2024 / 2023 | Index 2024 / 2022 |
|---|---|---|---|---|---|---|
| Revenue from contracts with customers | EUR million | 9,456.7 | 6,982.7 | 6,111.7 | 88 | 65 |
| Gross profit | EUR million | 393.4 | 677.6 | 730.4 | 108 | 186 |
| Gross profit with DFI | EUR million | 406.3 | 712.1 | 750.4 | 105 | 185 |
| Operating profit | EUR million | -7.9 | 175.6 | 208.2 | 119 | - |
| Net profit | EUR million | -2.7 | 136.6 | 145.9 | 107 | - |
| Equity | EUR million | 860.2 | 923.0 | 976.5 | 106 | 114 |
| Total assets | EUR million | 2,740.6 | 2,635.3 | 2,447.1 | 93 | 89 |
| EBITDA | EUR million | 96.3 | 272.6 | 314.2 | 115 | 326 |
| EBITDA / (Gross profit with DFI) | % | 23.7 | 38.3 | 41.9 | 109 | 177 |
| Operating costs / (Gross profit with DFI) | % | 115.1 | 78.8 | 73.6 | 93 | 64 |
| Net debt / Equity | 0.6 | 0.5 | 0.4 | 87 | 73 | |
| Net debt / EBITDA | 5.4 | 1.7 | 1.4 | 80 | 25 | |
| Return on equity (ROE) | % | -0.3 | 15.3 | 15.4 | 100 | - |
| Return on net assets (RONA) | % | -0.2 | 11.1 | 12.0 | 108 | - |
| Return on capital employed (ROCE) | % | -0.5 | 12.0 | 14.1 | 118 | - |
| Added value per employee | EUR thousand | 41.3 | 76.7 | 86.8 | 113 | 210 |
| Earnings per share attributable to owners of the controlling company | EUR | 0.1 | 3.3 | 3.4 | 102 | 3,062 |
| Share price as at last trading day of the year | EUR | 20.0 | 23.3 | 31.5 | 135 | 158 |
| Volume of fuels and petroleum products sold | thousand tons | 4,095.2 | 3,778.4 | 3,867.3 | 102 | 94 |
| Volume of natural gas sold | TWh | 18.9 | 16.6 | 20.7 | 124 | 109 |
| Volume of electricity sold | TWh | 13.9 | 12.8 | 11.3 | 88 | 81 |
| Revenue from the sales of merchandise and services | EUR million | 520.1 | 571.2 | 636.3 | 111 | 122 |
| Alternative performance measures | Calculation information | Reasons for choosing the measure |
|---|---|---|
| Gross profit | Gross profit = Revenue from the sale of merchandise and services – Cost of goods sold | The Petrol Group has no direct influence over global energy prices, which makes the gross profit more appropriate to monitor business performance. |
| Gross profit with DFI | Gross profit + Closed Net Derivative Financial Instruments for Commodities | Closed Net derivative financial instruments for commodities are intended for hedging price and volumetric risks and, hence, the amount of sales revenue and the cost of goods sold. In terms of comparison with the previous period, the ratio is more appropriate than merely the gross profit. |
| EBITDA | EBITDA = Operating profit + Net impairment losses on financial and contract assets + Depreciation and amortisation charge. | EBITDA indicates business performance and is the primary source for ensuring returns to shareholders. |
| EBITDA / (Gross profit with DFI) | EBITDA / (Gross profit + Closed Net Derivative Financial Instruments for Commodities) | The share of EBITDA in the gross profit, increased by the closed net derivative financial instruments for commodities is a good approximation to the share of free cash flow in the gross profit, increased by the net derivatives and ensures better comparability to the previous period and the plan. |
| Operating costs | Operating costs = Costs of materials + Costs of services + Labour costs + Depreciation and amortisation + Other costs | The criterion is important in terms of the cost-effectiveness of operations. |
| Operating costs / (Gross profit with DFI) | Operating costs / (Gross profit + Closed Net Derivative Financial Instruments for Commodities) | The ratio is relevant in terms of the operational cost efficiency and ensures better comparability to the previous period and the plan. |
| Net debt/Equity | Net debt = Current and non-current financial liabilities + Current and non-current lease liabilities – Cash and cash equivalents; Ratio = Net debt/Equity | The ratio reflects the relation between debt and equity and is, as such, relevant for monitoring the Company's capital adequacy. |
| Net debt/EBITDA | Ratio = Net debt/EBITDA | The ratio expresses the Petrol Group’s ability to settle its financial obligations, indicating in how many years financial debt can be settled using existing liquidity and cash flows from operating activities. |
| Return on equity (ROE) | ROE = Net profit/Average equity | The ratio indicates the Petrol Group's efficiency to generate net profit relative to equity. Return on equity also reflects management's performance in increasing the value of the Company for its owners. |
| Return on net assets (RONA) | RONA = net profit / (average non-current assets - (average current assets – average current liabilities)) | The ratio shows how efficient the Petrol Group is in using assets to generate net profit. |
| Return on capital employed (ROCE) | ROCE = Operating profit / (Total assets – Current liabilities) |
The ratio shows how efficient the Petrol Group is in generating profits from its long-term sources of finance.
Added value per employee = (EBITDA + Integral labour costs)/Average number of employees. Integral labour costs = Labour costs relating to Petrol Group employees + Labour costs relating to third-party managed service stations, which stood at EUR 22.5 million in 2024 and EUR 28.6 million in 2023. This productivity ratio indicates average newly created value per Petrol Group employee.
Working capital = Operating receivables + Contract assets + Inventories – Current operating liabilities – Contract liabilities. The ratio reflects operational liquidity of the Petrol Group.
Net investments = Investments in fixed assets (EUR 67.4 million in 2024) + Non-current investments (EUR 2.0 million in 2024) - Disposal of fixed assets and reimbursements (EUR 9.2 million in 2024). The information about investments reflects the direction of the Petrol Group's development.
Book value per share = equity/total number of issued shares. Book value per share reflects the value of a public limited company's total equity per share.
The Petrol Group has companies in the following countries:
In addition, the Petrol Group carries out business activities and closely monitors business opportunities in other countries, which requires an in-depth understanding of local regulatory and market circumstances. Members of the Management Board and Supervisory Board regularly participate in analysing these factors, which enables Petrol to effectively adjust its business strategies.
GOV-1, paragraph 21 c – Experience in relation to the Company's sectors, products and geographical locations.
Through a broad range of energy commodities, comprehensive energy solutions and a digital approach, we are putting the user at the centre of our attention. We want to become the first choice for shopping on the go. Together with our partners, we create solutions for a simpler transition to cleaner energy sources. We are building a green energy future in a decisive and active manner, increasing the value for our customers, shareholders and society in the long run.
Through the energy transition, we create a green future and make a significant contribution to protecting our environment.
To become an integrated partner in the energy transition, offering an excellent customer experience.
At Petrol, we feel a strong sense of responsibility towards our employees, customers, suppliers, business partners, shareholders and society as a whole. We meet their expectations with the help of motivated and business-oriented staff, we adhere to the fundamental legal and moral standards in all the markets where we operate, and we protect the environment.
On 28 January 2021, the Supervisory Board of Petrol d.d., Ljubljana endorsed the Strategy of the Petrol Group for the 2021–2025 period, which defines the path to a successful future through a vision, objectives and strategic business plan. Ensuring business growth and increasing the profitability of operations while staying committed to sustainable development are the main principles underpinning the preparation and implementation of the strategic plan.
The environment in which the Petrol Group operates is facing important changes. The low-carbon energy transition and the development of new technologies are transforming the established ways energy commodities are produced, sold and used. Petrol is committed to making a transition to green energy and is dedicating a significant share of its investments to achieve it. The strategy of the Petrol Group defines clear targets for implementing our vision.
While co-creating opportunities brought about by the energy transition, we will also continue to supply the market with hydrocarbons. This helps us focus on our principal activity, which is to supply energy commodities, as it is this area where we still see great potential in connection with the energy transformation.
We will continue to strengthen our sales network in the region. Thanks to new digital channels, a broader range of energy commodities and a personalised offer, we are following trends, getting closer to our customers, and helping them make a transition from traditional energy sources to cleaner renewable energy. Our aim is to become a key link in a broader ecosystem by offering energy sources that are adapted to and co-shape the market.
For this reason, we strengthen operational efficiency to free up additional funds for investments in renewable energy production.
Through the continuous development of fuels, we will actively contribute to reducing emissions. At the same time, we will help reduce the carbon footprint of both the Petrol Group and our customers by pursuing clear sustainable policies. We want to become the first choice for shopping on the go in our traditional segment of oil products and merchandise and services.
In this strategic period, we will remain present in all markets, focusing on:
We strive to remain the first choice for energy transition projects in the region by offering integrated services with high added value. We develop and strengthen our presence in the supply and sale of natural gas and electricity, in the sale of liquefied petroleum gas and in energy efficiency projects. Renewable electricity generation, of which we position ourselves to become a major supplier in SE Europe, plays a particular role in the energy transition.
The development of new solutions in the field of e-mobility and mobility services shows a great potential for development. In doing so, the Petrol Group focuses on charging infrastructure (the establishment, management and maintenance of charging infrastructure for electric vehicles and the provision of charging services) and mobility services (e.g. operating leasing, fleet electrification and fleet management services).
By pursuing the goals, we strengthen the long-term financial stability of the Petrol Group. Through a stable dividend policy, we ensure a balanced dividend yield for shareholders and the use of free cash flows to finance the Petrol Group’s investment plans. This will allow for the long-term growth and development of the Group, maximizing its value for the owners. The dividend policy target for the 2021-2025 strategic period is 50 percent of the Group’s net profit, taking into account the investment cycle, Group indicators and the achieved objectives.
The turbulence in the energy markets, high inflation and the resulting regulatory intervention by governments in the pricing of energy commodities have severely impacted the Petrol Group’s business. The regulated prices for petroleum products were not high enough to cover all costs in a certain period. In 2022 and 2023, we also had to adapt, or limit, our investment funds to the changed business environment, all the while still aiming to earmark as much of investments as possible for the energy transition.
In 2025, in line with current trends and developments in the energy markets, the Petrol Group is preparing a roadmap for the Group’s strategic development until 2030.
The Petrol Group is formed of the parent company Petrol d.d., Ljubljana, and subsidiaries, jointly controlled entities, and associates in Central and South-Eastern European countries. The core activities of the Group companies are dominated by the sale of fuels and petroleum products, other energy commodities, merchandise and services.
Petrol's core development activity is focused on achieving objectives related to efficient energy use, which includes consulting on energy solutions and the generation of electricity from renewable sources (for more information about the sale of individual products, refer to Section 8: Business by product group). The Petrol Group companies are present in nine European countries (for more information, refer to Introduction - Section 7: The Petrol Group in the region).
Through activities related to the unification and integration of common functions, synergies are sought and productivity increased. Great emphasis is placed on the digitisation and automation of processes, which allows us to operate even more actively in the market, provide better support to partners, and offer a wider range of services and products.
The Petrol Group's business model also depends on intangible assets, both those that are recognised in the Petrol Group's financial statements (right-of-use of the concession infrastructure, emission allowances, software, patents and licenses, goodwill), and those that are not recognised in the financial statements:
All of the above categories are of key importance to the performance and competitiveness of the Petrol Group, making a strategic approach to managing significant risks and opportunities necessary. Actions related to the workforce, consumers and databases are presented in more detail in the Sustainability Report of this report and in the section entitled Customers – the focus of our attention.
At Petrol, our objectives are achieved while respecting applicable regulations and corporate integrity guidelines. Ethics and integrity are important principles that have been promoted at Petrol for several years as companions to every business decision. At work, high standards of business ethics are adhered to and an organisational culture promoting legal, transparent and ethical conduct and decision-making by all employees is built. Awareness of the importance of business compliance is spread and strengthened among employees and business partners, informing them of Petrol's values and business principles, and of the rules for preventing corruption and all unethical conduct.
Our activities are carried out by selecting business partners who meet ethical standards and conditions and criteria according to Petrol's business partner verification process which is carried out before the start of cooperation and also periodically during the cooperation itself. Through internal communication channels, the level of awareness of the importance of corporate integrity and its consequences for Petrol's operations is raised, with the aim of thereby contributing to raising awareness and expanding good practices in the broader social sphere.
Internal awareness systems are being introduced in order to get as close as possible to each individual in their actions, both at the level of daily routines and when making every business decision. The Corporate Integrity Officer and the Whistleblower Protection Officer encourage and assist employees with issues related to decisions about the correctness of conduct. Reporting of all detected irregularities is encouraged. These are investigated and minimisation actions are introduced. The principle of zero tolerance towards illegal and unethical conduct by employees and business partners is enforced.
Communicating and living the values that accompany work at Petrol begins with the personal culture of each individual. It is important that people resonate with them and consider them their own, which makes it easier to live in compliance therewith. Therefore, we constantly strive for our employees to use them as their baseline in their thoughts and personal lifestyle. In doing so, we strive for an appropriate balance between Petrol's collectively formed values and the values we hold as individuals, allowing us to direct the business system towards a culture of corporate integrity.
The year 2025 will be marked by the continued instability on global energy markets driven by geopolitical tensions, inflation and the energy price regulation. In Slovenia, Petrol Group’s major market, especially, the low petroleum product margins and the tight regulation continue exerting pressure on the operations. Although the projections point to gradual energy price stabilisation, regulatory requirements and costs related to the green transition, such as an increased share of biofuels and the environmental legislation, will remain a challenge.
The Petrol Group will tailor its activity to such conditions through further process optimisation and cost efficiency. The aim is to ensure a long-term business stability and performance, including through additional investments in digitalisation and measures to improve operational efficiency. At the same time, the Petrol Group will pay special attention to managing risks and improving the capital structure in the volatile environment. This way, the Petrol Group will address the key challenges and continue adapting to changes on energy markets.
Energy source stability in connection with the energy transition will remain vital for a successful long-term performance. In addition to modernising service stations and introducing new contents for improving the customer experience, we are intensively developing projects in the field of renewables, such as solar power plants and wind power plants. Also, we are expanding the network of electric charging stations and the range of energy solutions for individuals and companies. By efficiently using energy commodities and supporting the green transition, Petrol provides its customers with a sustainable future.
The Petrol Group will keep its strong role in the field of fuel and petroleum product sales which, together with merchandise sales, are the foundation of its financial stability. At the same time, it will continue making investments in supply chain optimisation, business process digitalisation and modernisation and in ensuring best services for users. Our ambition to grow encompasses increasing the number of service stations in the region, while maintaining the leading position in the segment of traditional service stations and EV-charging points.
For 2025, the Petrol Group plans to generate sales revenue of EUR 6.1 billion. Gross profit will amount to EUR 789 million, EBITDA to EUR 339 million, net profit to EUR 177.8 million and the net debt-to-EBITDA will be 1.2.
Return on equity (ROE) will be 17.3 percent, return on net assets (RONA) 14.5 percent and return on capital employed (ROCE) 15.3 percent.
Constant changes in environmental policies, geostrategic movements, risk of reduced economic growth force Petrol to lead a prudent long-term risk management policy.
The Petrol Group will achieve the results planned for 2025 by selling 4.0 million tons of fuels and petroleum products, and merchandise in the amount of EUR 702.8 million. In 2025, the Petrol Group will sell 8.5 TWh of natural gas and 3.3 TWh of electricity to final customers.
for energy transition projects, including investments in renewables, digitalisation and expansion of the range of products and services in mobility.
Petrol d.d., Ljubljana, submits a statement on corporate governance in compliance with the provisions of paragraph five of Article 70 of the Companies Act (ZGD-1).
The Slovenian Corporate Governance Code for Listed Companies (the Code) was applicable to the Company with regard to the period from 1 January 2024 to 31 December 2024, as drafted on 27 October 2016 and amended and adopted on 9 December 2021 by the Ljubljana Stock Exchange, d.d., Ljubljana, and the Slovenian Directors’ Association. The updated version entered into force on 1 January 2022. The Code is available on the Ljubljana Stock Exchange website (https://ljse.si/en) in Slovenian and English. The Company has not adopted its own governance code. Governance is carried out in compliance with the provisions of ZGD-1 and within the framework of the above-mentioned Code. In compliance with the recommendations of the currently applicable Code, the Supervisory Board and the Management Board developed and adopted the Governance Policy of Petrol d.d., Ljubljana at the Supervisory Board meeting on 23 November 2010, which was published on 28 December 2010 in the SEOnet stock exchange information system of the Ljubljana Stock Exchange. The policy has since been updated several times at meetings of the Company's Supervisory Board and published on SEOnet. The latest version in force is available at the following link Governance Policy 17 February 2022. It is also available in Slovenian and English on the Company's website (www.petrol.eu, www.petrol.si).
In its operations, the Company complies with the above-mentioned Code, both the guiding principles and the recommendations. Deviations that the Company does not take into account or does not take into account in full, and the reasons for these deviations, are listed or explained below:
Supervisory Board did not specifically determine its tasks when developing it (Code: of the Supervisory Board Committees, first sentence of point 18.2).
The Company regularly reports on its financial and legal position through public communications, but does not report on operational assessments, as this is not meaningful if operations are in line with the applicable strategy and annual work plan. In the event of deviations, the Company would immediately make a public announcement to inform interested stakeholders about other business events, impacts and deviations (Code: Public Disclosure of Important Information, third indent of point 32.1).
The Company does not publish the currently valid texts of the rules of procedure of its bodies on its website. The Management Board and the Supervisory Board have discussed the appropriateness of this recommendation and assess that both the Rules of Procedure of the Supervisory Board and the Rules of Procedure of the Management Board, which are regularly updated, are documents intended exclusively for the work of these bodies. Any external assessment of the suitability of these documents by third parties would be inappropriate due to a lack of knowledge of the needs of these bodies. The Rules of Procedure for the General Meeting were adopted in 1997 at the first session of the General Meeting of the listed company Petrol d.d., Ljubljana, and are always available at the General Meeting and do not conflict with the provisions of the ZGD-1. The ZGD-1 defines all segments of the implementation of the General Meeting of a company with mandatory provisions, rendering it sufficient that the rules of procedure are only available at each general meeting session (Code: Public Disclosure of Important Information, third indent of point 32.7).
The Management Board of the Company is responsible for keeping adequate accounts, for establishing and ensuring the functioning of internal controls and internal accounting controls, the selection and application of accounting policies and the protection of the Company’s property. Setting up a system of internal controls based on the principle of three lines of defence has three main objectives:
The Company's Management Board strives for a system of controls that is, on the one hand, effective in limiting the occurrence of negative events, and on the other hand, cost-effective. It is aware that every system of internal controls – irrespective of its effectiveness – has its limitations and cannot completely prevent errors or fraud. However, it must be configured so that it flags them as soon as possible and provides the Management Board with suitable assurance about the achievement of objectives.
To this end, the Petrol Group maintains and improves:
Section 7. Risk management and opportunities of this business report contains a detailed presentation of risk management and control mechanisms in connection with the assessment of each type of risk. The current system of internal controls is believed to have operated effectively and provided an appropriate environment for achieving business goals in Petrol d.d., Ljubljana, and the Petrol Group in 2024, ensured operations in accordance with legal provisions, and enabled fair and transparent reporting in all material respects.
Petrol d.d., Ljubljana, as a company that is obliged to apply the law governing takeovers, in compliance with the provisions of the sixth paragraph of Article 70 of the ZGD-1, provides data on the situation as of the last day of the financial year and all the required notes:
All shares of the Company are ordinary registered no-par value shares, which give their holders the right to participate in the governance of the Company, the right to a share of the profit (dividends) and the right to an appropriate share of the remaining assets after the liquidation or bankruptcy of the Company. All shares are shares of one class and are issued in dematerialized form.
| Shareholder | Address | Number of shares | Holding in % |
|---|---|---|---|
| J\&T BANKA A.S. - FIDUCIARNI RAČUN | Sokolovská 700/113A, 18600 Praha, Czechia | 5,333,200 | 12.78% |
| SDH, D.D. | Mala ulica 5, 1000 Ljubljana | 5,299,220 | 12.70% |
| REPUBLIKA SLOVENIJA | Gregorčičeva ulica 20, 1000 Ljubljana | 4,514,005 | 10.82% |
| KAPITALSKA DRUŽBA, D.D. | Dunajska cesta 119, 1000 Ljubljana | 3,452,780 | 8.27% |
| OTP BANKA D.D. - FIDUCIARNI RAČUN | Domovinskog rata 61, 21000 Split, Croatia | 3,124,081 | 7.49% |
| ERSTE GROUP BANK AG - FIDUCIARNI RAČUN | Am Belvedere 1, 1100 Wien, Austria | 1,805,396 | 4.33% |
| VIZIJA HOLDING, D.O.O. | Dunajska cesta 156, 1000 Ljubljana | 1,582,480 | 3.79% |
| VIZIJA HOLDING ENA, D.O.O. | Dunajska cesta 156, 1000 Ljubljana | 1,350,700 | 3.24% |
| MUSTAND ENERGY LIMITED | Klimentos 41-43, Klimentos, Tower, Nicosia, Cyprus | 846,259 | 2.03% |
| PERSPEKTIVA FT D.O.O. | Dunajska cesta 156, 1000 Ljubljana | 725,240 | 1.74% |
All shares of the company are freely transferable.
On 31 December 2024, based on the first paragraph of Article 77 of the Takeover Act (regarding the achievement of a qualifying holding), the situation is as follows:
The Company has not issued any securities that would provide special control rights.
The Company does not have an employee share scheme.
There are no restrictions on voting rights.
The Company is not aware of any such agreements.
on the appointment and replacement of members of management or supervisory bodies
special criteria to be used for selecting candidates for the President and Members of the Management Board, and at the same time lays down the framework for concluding contracts with Members of the Management Board. The Supervisory Board also determines the weightings of individual criteria that make up the competency model of the President and Members of the Management Board. The Human Resources and Management Board Evaluation Committee proposes to the Supervisory Board how to recruit candidates for the President of the Management Board (personal invitations, an open competition or a combination thereof) and assesses the need to collaborate with an external HR recruitment and selection expert. The Committee carefully verifies compliance with the general and special conditions for performing the function of President or Member of the Management Board in the Company, including the conditions set out in the Company's Articles of Association. It also checks the candidates' references on their CVs and conducts interviews with them. After reviewing the candidates, the Committee makes a list of candidates for the position of President of the Management Board, conducts selection interviews with them, and performs a ranking. The short-listed candidates propose other members of the Management Board, and the Committee reviews the conditions and references of the proposed candidates. The Committee also assesses the composition of the entire Management Board and conducts negotiations with the candidates on the basic elements of their contract. The candidate or candidates for the President of the Management Board, together with the proposed Members of the Management Board, present their development vision for the Company at a Supervisory Board meeting. The Supervisory Board conducts selection interviews with them, then selects and appoints the President of the Management Board and Members of the Management Board. If the Supervisory Board determines that the proposed composition of the Management Board is inappropriate, the procedure will be repeated. If the term of office of the President of the Management Board terminates early on any ground, the Supervisory Board, taking into account the interests of the Company, may either carry out the appointment procedure for a new President of the Management Board or, from among the remaining members of the Management Board who meet the determined conditions, appoint a new President of the Management, who will perform the duties of the President of the Management Board until the end of the term for which he/she was appointed as a Member of the Management Board.
The Supervisory Board may re-appoint the Management Board within one year before the end of its term of office and, as a rule, no later than three months before the end of its term of office. If the General Meeting of the Company passes a vote of no confidence for the Management Board, the Supervisory Board must decide immediately after the General Meeting on the dismissal of any individual member of the Management Board. If the General Meeting of the Company does not grant discharge to the Management Board and/or Supervisory Board, the Supervisory Board must meet as soon as possible and determine the grounds for the non-granting of discharge. Notwithstanding the above, the Supervisory Board may, at its discretion, dismiss the Management Board for reasons defined by the law. The Supervisory Board is obliged to immediately inform the Management Board, which is inadequately performing the tasks within its competence, of its findings and opinions and to set the shortest possible deadline for remedying the identified deficiencies. If the Management Board does not achieve the expected results within a certain period, the Supervisory Board decides to recall the Members of the Management Board. The Supervisory Board may appoint one of its members as a temporary member of the Management Board, replacing a missing or absent member of the Management Board, for a maximum period of one year. Re-appointment or extension of the term of office is permissible, provided that the total term of office does not exceed one year.
The Supervisory Board of the Company consists of nine members, six of whom are elected at a General Meeting of Shareholders of the Company by a majority of the votes of the shareholders present, and three by the Workers’ Council of the Company. The members of the Supervisory Board are elected for a four-year term and can be re-elected after the end of their term. The decision on the early recall of members of the Supervisory Board, representatives of shareholders, must be adopted by a three-quarter majority of the votes present at the General Assembly, and the terms of recall of members of the Supervisory Board, representatives of workers, are laid down by the Workers’ Council in its act of general application.
The General Meeting takes its decision on amendments to the Articles of Association by a three-quarter majority of its members of the represented share capital.
Company on the date of acceptance of this authorisation, would not exceed two percent of the Company's share capital. The Company may acquire its treasury shares through transactions concluded on an organised securities market, at the respective market price. They can also be acquired outside the organised securities market. When acquiring shares on an organised or OTC securities market, the purchase price of the shares may not be lower than 50 percent of the book value of the share, calculated based on the latest publicly published audited annual profit or loss of the Petrol Group, nor may it be higher than 11 times the net earnings per share (EPS), calculated based on the latest publicly published audited annual profit or loss of the Petrol Group. In accordance with the third and fourth paragraphs of Article 381 of the ZGD-1, the Company may reduce its share capital (once or successively) by withdrawing its own shares acquired on the basis of this authorisation (but not previously acquired own shares), following a simplified procedure and debiting other profit reserves with the consent of the Supervisory Board. The Company may use its own shares acquired on the basis of this authorisation only in accordance with this decision. During the period of the authorization to acquire treasury shares based on decision number 7.1., adopted at the 34th General Meeting of Shareholders, Petrol d.d., Ljubljana, did not acquire its own shares, which the Company reported on at the 38th General Meeting of Shareholders of the Company.
The Company is not aware of any such agreements.
A member of the Management Board is not entitled to severance pay due to early termination of his/her term of office in cases specified by the law governing companies. A member of the Management Board is not entitled to severance pay in the event of a regular expiration of their term of office. In addition, a member of the Management Board is not entitled to severance pay if he/she terminates the employment agreement himself/herself or if the employment agreement is terminated early on grounds such as serious breach of obligations, lack of operational capability, or a vote of no confidence in him/her by the General Meeting (unless the vote of no confidence was carried for clearly unfounded reasons). If there are no grounds of fault for his/her recall, an agreement on early termination of the term in office may be concluded at the initiative of one or the other party, if this is in the interest of both parties, for example when a member of the Management Board does not achieve optimal operational capability results, does not have optimal organisational skills, or there is no necessary trust between the Member of the Management Board and the Supervisory Board. The expected benefits for the Company must be higher than the amount of severance pay and any other expenses that must be paid upon conclusion of the agreement.
Petrol d.d., Ljubljana, has no established branches.
also carries out the activity specified in Article 70b of the ZGD-1, namely the activity of economic exploitation of mineral resources (geothermal resource), but the payments to the Republic of Slovenia in 2024 did not exceed the amount specified in paragraph two of Article 70b.
In compliance with applicable legislation, namely the Companies Act, the General Meeting of Shareholders is the body of the Company in which shareholders exercise their rights related to matters pertaining to the Company. The convening of the General Meeting is regulated by the Company's Articles of Association in compliance with legislation in force. The General Meeting of Shareholders is convened by the Management Board of the Company on its own initiative, at the request of the Supervisory Board, or at the request of the Company's shareholders whose total shares account for one twentieth of the Company's share capital. The beneficiary requesting the convening of the General Meeting must, with the request in writing, attach the agenda, a proposal for a decision for each proposed agenda item on which the General Meeting should deliberate, or if the General Meeting does not adopt a decision on an individual agenda item, an explanation of the agenda item. Notwithstanding this, the General Meeting of the Company, with the content required by regulations, may also be convened by registered letter to all shareholders, if their names and addresses can be determined from the valid share register. In this case, the day the mail was sent is considered the day of the announcement of the General Meeting.
with applicable legislation.
At the 38th General Meeting, held on 23 May 2024 (the notice of the decisions of the General Meeting is available at the following link: 38th General Meeting of the Company), the Company's shareholders took note of the annual report and the report of the Supervisory Board on the audit results of the annual report for the 2023 financial year, as well as the report on the remuneration of the members of the management and supervisory bodies. The shareholders deliberated on and adopted the Decision on the appropriation of distributable profit and granting discharge to the Management Board and Supervisory Board for 2023. The General Meeting also adopted the Remuneration Policy for Management and Supervisory Bodies of the Petrol d.d., Ljubljana.
Petrol d.d., Ljubljana has a two-tiered board structure. The Company is managed by the Management Board whose operations are supervised by the Supervisory Board. The governance of Petrol d.d., Ljubljana, is based on statutory provisions, the articles of association as the basic legal act of the Company, internal acts and established and generally accepted good business practice.
The composition of the Management Board and Supervisory Board is aligned with the key challenges and opportunities arising from Petrol's operations. Their expertise provides a comprehensive overview of regional and global energy markets and specific impacts on Petrol's business model.
Members of the Management Board and Supervisory Board regularly receive training in areas related to energy, energy transition, sustainable development, and corporate governance. In addition, they have access to external experts and consultants, which allows them to quickly adapt to changing market and regulatory requirements.
The expertise of the Management Board and Supervisory Board enables a comprehensive consideration of the impacts, risks and opportunities associated with sustainable operations. In the environmental field, they are aware of the key role of climate change mitigation and energy transition, which constitute both opportunities and risks for Petrol. Their expertise facilitates the strategic integration of these aspects into business planning and investment decisions. In the social field, the competences of the members of the management bodies ensure that topics such as employee safety and health, promotion of gender equality and work-life balance support are adequately addressed. At the governance level, the members' experience in compliance, corporate governance and risk management ensures that the Company operates in compliance with legislative requirements, including the CSRD directive and ESRS standards, and effectively manages the risks associated with sustainable operations.
Petrol d.d., Ljubljana, is managed by the Management Board independently and at its own responsibility. The Management Board represents the Company. In compliance with the Company's Articles of Association, the Management Board consists of the President and other members, with the board consisting of a minimum of three and a maximum of six members. The exact number of Members of the Management Board, their areas of work and powers are determined by the Company's Supervisory Board by decision, at the proposal of the President of the Management Board. One member of the Management Board is always the Worker Director, elected by the Workers’ Council. The Worker Director only participates in decisions on issues related to the development of the HR and social policy.
The Company's Management Board discussed issues within its scope of competence at 71 meetings held in 2024. At all meetings, the Management Board adopted practically all decisions unanimously. In addition to formal meetings, the Management Board exercised its powers and responsibilities in daily operations and its powers and responsibilities towards the General Meeting, as defined by the ZGD-1 and the Company's Articles of Association. The Management Board carried out its activities in relation to the Supervisory Board in compliance with the provisions of the Rules of Procedure of the Supervisory Board and the Company's Articles of Association. The Management Board regularly reported to the Supervisory Board.
9 GOV-1, paragraph 21 c– Experience in relation to the Company’s sectors, products and geographical locations
10 GOV-1, paragraph 21 c – Experience in relation to the Company’s sectors, products and geographical locations
Disclosure of how skills and expertise related to sustainability are linked to material impacts, risks and opportunities
Representation of employees and other workers
on the Company's operations and consulted with the Supervisory Board on the Company's strategy, development of operations and risk management. The Management Board also focused part of its activities towards cooperation with the Workers’ Council and the representative trade union. Members of the Management Board are appointed for a five-year term and can be re-appointed. The Company is jointly represented by the President of the Management Board and a Member of the Management Board. In the event that the Management Board grants a power of attorney, the procurator may represent the Company only together with the President of the Management Board. The Management Board of the Company requires the consent of the Supervisory Board to conclude the following transactions:
The above also applies mutatis mutandis to transactions concluded by subsidiaries in the course of their operations and for which the consent of the Company's Board must be obtained prior to conclusion. For most of the aforementioned transactions, the Management Board must also obtain the prior consent of the Supervisory Board before granting the consent requested by the management of subsidiaries.
In 2024, the composition of the Management Board of Petrol d.d., Ljubljana changed. In 2024, the board consisted of five members from 1 January to 28 February, and from 1 March 2024 onwards, it has consisted of six members.
The Petrol Management Board consists of six members whose expertise covers a wide range of key areas that complement each other and form a whole of qualities and knowledge in energy, sustainable development, finance, sales, logistics and digital transformation. Their strategic role includes designing and implementing sustainable strategies to achieve decarbonization, energy efficiency, and the expansion of renewable energy sources. All six Members of the Management Board are male.
The President of the Management Board directs Petrol's strategic transformation with an emphasis on our core activity, sustainable development, operational compliance and innovative IT solutions.
The Worker Director ensures that employee interests are included in strategic decisions. The Management Board strives to ensure that all decisions are made unanimously, paying particular attention to incorporating different perspectives and finding common solutions.
He was appointed President of the Management Board for a five-year term on 23 November 2023. He was born in 1966. He holds a Bachelor’s degree in economics.
He was appointed Member of the Management Board for a five-year term, commencing on 28 August 2020, and reappointed for another five-year term of office until 27 August 2030. He was born in 1967. He holds a Master’s degree in Economic Sciences.
He was appointed Member of the Management Board for a five-year term, which began on 1 January 2024. He was born in 1971. He holds a Bachelor’s degree in Mechanical Engineering and a Master’s degree in Economic Sciences.
He was appointed Member of the Management Board for a five-year term on 1 September 2023. He was born in 1981. He holds a Bachelor’s degree in economics with an MBA degree.
In the period from 14 December 2023 to 28 February 2024:
In the period from 1 March to 31 December 2024:
He was appointed Member of the Management Board for a five-year term on 1 March 2024. He was born in 1974. He holds a Bachelor’s degree in economics.
The Supervisory Board appointed him Member of the Management Board, as the Worker Director, for a five-year term on 11 December 2020. He was born in 1970. He holds a Master's degree in Management and Organisation and a Bachelor’s degree in Mechanical Engineering.
The Worker Director, in compliance with the Articles of Association of Petrol d.d., Ljubljana, co-decides on issues related to the development of HR and social policy.
The Supervisory Board of Petrol d.d., Ljubljana, in a two-tier governance system, performs tasks pertaining to supervising the conduct of the Company's business (including the election and appointment of the Management Board), tasks related to the powers of the General Meeting, and other tasks specified by law.
In accordance with the Company's Articles of Association, the Supervisory Board of Petrol d.d., Ljubljana has nine members, of which six are independent shareholder representatives and three are employee representatives.
The Members of the Supervisory Board are elected for a four-year term and can be re-elected after the end of their term. The Supervisory Board elects a President and Deputy President from among its members. The President of the Supervisory Board and the Deputy President of the Supervisory Board are always representatives of the shareholders. The President of the Supervisory Board represents the Company in relation to the Management Board and the Supervisory Board towards the Management Board of the Company and third parties, unless otherwise specified in each specific case. The President of the Supervisory Board represents the Company in concluding an agreement with the auditor of the annual report and consolidated annual report and in relations with the Members of the Supervisory Board.
The Supervisory Board operates in compliance with international corporate governance standards, including the OECD Guidelines for Corporate Governance and the ESRS Guidelines for Disclosure of Risks and Opportunities.
Petrol's Supervisory Board ensures strategic oversight of the Company's operations and its alignment with long-term sustainability targets. The Members of the Supervisory Board have extensive experience in energy, finance, law, real estate, logistics, and corporate governance, which allows for a comprehensive overview of key business challenges and opportunities. The President and Members of the Supervisory Board have an in-depth understanding of regional and international energy markets and governance in the context of sustainable development.
Within the framework of its activities, the Supervisory Board focuses on four fundamental areas:
In doing so, the Supervisory Board contributes to solid corporate governance, which is based on transparency, accountability, and the long-term sustainability of Petrol's operations.
The Supervisory Board of Petrol d.d., Ljubljana, operated in the following composition in 2024:
| Name | Position | Company/Organization | Appointment Details |
|---|---|---|---|
| Janez Žlak | President of the Supervisory Board | HSE d.o.o., Ljubljana | Appointed for a four-year term at the 33rd General Meeting of Shareholders, held on 22 April 2021, with the term of office beginning on 22 April 2021. Since the inaugural meeting held on 22 April 2021, he has served as the President of the Supervisory Board. |
| Borut Vrviščar | Deputy President of the Supervisory Board | Kuehne+Nagel, AG, Schindellegi, CH | Appointed for a four-year term at the 32nd General Meeting of Shareholders, held on 28 December 2020, with the start of the term of office on 11 April 2021 as a Member of the Supervisory Board. Since the inaugural meeting held on 22 April 2021, he has served as Deputy President of the Supervisory Board. |
| Mladen Kaliterna | Member of the Supervisory Board | Perspektiva FT, d.o.o., Ljubljana | Appointed for a four-year term at the 23rd General Meeting of Shareholders, held on 4 April 2013, with his term of office beginning on 16 July 2013. He was re-appointed at the 27th General Meeting of Shareholders, held on 10 April 2017, with his four-year term beginning on 16 July 2017. From 11 to 21 April 2021, he served as President of the Supervisory Board. He was re-appointed at the 32nd General Meeting of Shareholders, held on 28 December 2020, with his four-year term of office starting on 16 July 2021. |
| Alenka Urnaut | Member of the Supervisory Board | Exiit Group d.o.o. | Appointed for a four-year term at the 32nd General Meeting of Shareholders, held on 28 December 2020, with her term of office beginning on 11 April 2021. |
| Mário Selecký | Member of the Supervisory Board | J\&T Banka, a.s. | Appointed for a four-year term at the 32nd General Meeting of Shareholders, held on 28 December 2020, with his term of office beginning on 11 April 2021. |
| Aleksander Zupančič | Member of the Supervisory Board | Javno podjetje Komunala Brežice d.o.o. | Appointed for a four-year term at the 32nd General Meeting of Shareholders, held on 28 December 2020, with his term of office beginning on 11 April 2021. |
| Alen Mihelčič | Member of the Supervisory Board | Employee representative |
GOV-1, paragraph 23 b – Disclosure of how skills and expertise related to sustainability are linked to material impacts, risks and opportunities.
Petrol d.d., Ljubljana, Director of Management and Sales of Petroleum Products. He was appointed for a four-year term at the 3rd meeting of the Workers’ Council, held on 27 January 2017. His term of office began on 22 February 2017. He was re-appointed at the 44th meeting of the Workers’ Council, held on 4 December 2020, with his four-year term of office starting on 23 February 2021.
Robert Ravnikar, Member of the Supervisory Board, employee representative
Petrol d.d., Ljubljana, Director of OEM Ljubljana - Kranj. He was appointed for a four-year term at the 3rd meeting of the Workers’ Council, held on 27 January 2017. His term of office began on 22 February 2017. He was re-appointed at the 44th meeting of the Workers’ Council, held on 4 December 2020, with his four-year term of office starting on 23 February 2021.
Marko Šavli, Member of the Supervisory Board, employee representative
Petrol d.d., Ljubljana, professional associate for occupational health and safety and fire safety. With the resignation of Supervisory Board member Zoran Gračner, he was appointed alternate member of the Supervisory Board, employee representative, at the 44th meeting of the Workers’ Council, held on 4 December 2020, in compliance with provision 10.13 of the Company's Articles of Association, with his term of office starting on 11 December 2020. At the same meeting, he was also appointed for a four-year term, which he took up after the end of his term as an alternate member, on 23 February 2021.
Of the nine members of the Supervisory Board, eight are men and one is a woman. The Supervisory Board consists of six shareholder representatives and three employee representatives, the latter being appointed by the Workers’ Council. Of the six shareholder representatives, five are men and one is a woman, while all three employee representatives are male.
All Members of the Supervisory Board have submitted a declaration of independence, which is published on Petrol's website and updated annually, in which they define themselves as independent (100 percent of the board members are independent).
In 2024, the Supervisory Board established two permanent committees, namely the Audit Committee, which is mandatory by law, and the HR and Management Board Evaluation Committee.
The Audit Committee reviews financial reporting, monitors internal controls and risk management in the Company, monitors the internal and external auditing process, and compliance with regulations. In addition, it investigates activities within its jurisdiction and obtains external legal or independent expert advice.
The Human Resources and Management Board Evaluation Committee monitors and evaluates the work of the Management Board, carries out the nomination procedure for Members of the Management Board and Members of the Supervisory Board, monitors the division of work areas among members of the Supervisory Board, and establishes the achievement of the Management Board’s goals, including strategic and sustainability objectives.
Gender balance and other aspects of diversity taken into account by the Company
Percentage of independent board members
Information on the identity of the administrative, management and supervisory bodies or individuals within the body responsible for overseeing impacts, risks and opportunities
The Human Resources and Management Board Evaluation Committee had the following members in 2024:
In compliance with the provisions of Article 294a of the ZGD-1, the company has developed a Remuneration Policy for Management and Supervisory Bodies, which it submitted to the General Meeting of the Company for approval at its 38th session. Approval was granted. The nominal amounts received in the 2024 financial year for each Member of the Management Board and the Supervisory Board are listed in the accounting section of this report (Section 7: Related party transactions), more specifically in the Report on the remuneration of the management and supervisory bodies of Petrol d.d., Ljubljana, in the 2024 financial year, which the Company compiled in compliance with the provisions of Article 294.b of the ZGD-1.
For members of the Management Board, data on fixed and variable payments and other remuneration are also disclosed, as well as the criteria and methods used to determine whether these criteria are met. The remuneration policy in the part relating to the Members of the Management Board is proposed by the Supervisory Board. For a Member of the Management Board, the Worker Director, who is a legal representative, but can only represent the Company together with the President of the Management Board and upon a decision of the Supervisory Board, his/her remuneration policy for performing this function is determined by the “Agreement on Employee Participation in the Management of Petrol”, signed by the Management Board and the Workers’ Council on 7 October 1997. In the variable part, the remuneration of the Member of the Management Board, the Worker Director, is adjusted to the respective multiple of the monthly salary determined by the Supervisory Board for the Members of the Management Board.
In compliance with the adopted Remuneration Policy for Management and Supervisory Bodies in Petrol d.d., Ljubljana, the other Members of the Management Board are entitled to the following remuneration:
internationalisation, requirements of the immediate economic environment, complexity of key products, regulation level of the respective activity).
The remuneration of the Supervisory Board is determined by the General Meeting of the Company. At the 33rd General Meeting, held on 22 April 2021, a decision was adopted determining the remuneration of the Members of the Supervisory Board. The entire decision of the General Meeting can be found in the notice of adopted decisions of the General Meeting at the following link: 33rd General Meeting.
23
23
| First appointment to the office | Termination of office/mandate | Gender | Nationality | Year of birth | Education | Professional profile | Membership of the supervisory bodies of non-related companies | Sustainability competencies |
|---|---|---|---|---|---|---|---|---|
| 23 November 2023 | 22 November 2028 | male | Slovenian | 1966 | Bachelor’s degree in Economics | competencies in the fields of corporate management and governance, finance, accounting, controlling, IT, purchasing, human resources and legal affairs | / | business compliance, internal audit, ESG regulations, integration of sustainable business practices into strategy, understanding of ESG standards and corporate responsibility |
| 01 September 2023 | 31 August 2028 | male | Slovenian | 1981 | Bachelor’s degree in Economics, with an MBA degree | competencies in the fields of corporate management and governance, finance, risk management, auditing | / | risk management, energy transition, strategic decision-making for the green transition, sustainable aspects of purchasing |
| Member of the Board | 28 August 2020 | 27 August 2030 | male | Slovenian | 1967 | Master’s degree in Economic Sciences | competencies in the fields of trade, marketing, sales promotion, retail, development of new sales networks and markets, development of new types and concepts of points of sale / development of sustainably oriented sales solutions, digital sales channels, improving the user experience in sustainable retail, promoting responsible consumer purchasing decisions |
|---|---|---|---|---|---|---|---|
| Member of the Management Board (from 1 March 2024) | 1 March 2024 | 28 February 2029 | male | Slovenian | 1974 | Bachelor’s degree in Economics | competencies in the fields of corporate management and governance, finance, accounting, controlling, IT, purchasing, human resources and legal affairs / CSRD, ESRS, EU taxonomy, methodological harmonisation, adaptation to regulatory requirements in financial processes, risk management and controlling with an emphasis on sustainability aspects |
| Member of the Board | 1 January 2024 | 31 December 2028 | male | Slovenian | 1971 | Bachelor’s degree in Mechanical Engineering, Master’s degree |
competencies in corporate management, procurement, logistics and commerce / integration of renewable energy sources, sustainable approaches in B2B and B2G business, support in improving energy efficiency and developing sustainable solutions
Member of the Board, Head of the Works Council
11 December 2020
10 December 2025
male Slovenian 1970
Master’s degree in Management and Organisation, Bachelor’s degree in Mechanical Engineering
competencies in the energy field / employee representation, social aspects of sustainable business, an inclusive human resources policy, promotion of a sustainable and inclusive work environment
The Head of the Works Council is not responsible for any area of work; he/she co-decides on issues related to the development of the human resources and social policy.
| Name and Surname | Area of work in the Management Board |
|---|---|
| Drago Kavšek | In the period from 14 December 2023 to 31 December 2024: human resources, processes and general affairs; procurement and trading of fuels and energy commodities; IT; internal audit; office of the Board; legal affairs; corporate security and business control; strategy; sustainable development, quality and safety. |
| Metod Podkrižnik | |
| Zoran Gračner | |
| Sašo Berger | In the period from 14 December 2023 to 28 February 2024: energy generation, energy solutions and mobility; energy and environmental systems; logistics; strategic, technical and operational procurement; development needs and project management; finance; accounting; risk management; controlling; back office; business intelligence; treasury; process organisation and real estate management. |
| Marko Ninčević | In the period from 1 March to 31 December 2024: energy generation, energy solutions and mobility; energy and environmental systems; logistics; strategic, technical and operational procurement; management of development needs and projects. |
| Jože Smolič | In the period from 14 December 2023 to 31 December 2024: sales to end customers (B2C); fuels and petroleum products; gastro; merchandise and services; marketing and user experience management; development of physical points of sale. |
In the period from 1 March to 31 December 2024: finance; accounting; risk management; controlling; back office; business intelligence; treasury; process organisation and real estate management.
Area of work in the Management Board
In the period from 1 January to 31 December 2024: business-to-business and business-to-government (B2B and B2G) sales; electricity; operational business; natural gas.
| Name and Surname | Function (president, deputy, member of the Supervisory Board) | First appointment to the office | Termination of office/mandate | Shareholder/employee representative | Attendance at Supervisory Board meetings according to the total number of meetings | Gender | Nationality | Year of birth |
|---|---|---|---|---|---|---|---|---|
| Janez Žlak | President of the Supervisory Board in 2024 | 22 April 2021 | 21 April 2025 | Capital representative | Attended all 14 sessions of the Supervisory Board in 2024 | male | Slovenian | 1965 |
| Borut Vrviščar | Deputy President of the Supervisory Board in 2024 | 28 December 2020 | 10 April 2025 | Capital representative | attended 13 out of a total of 14 Supervisory Board sessions in 2024 | male | Slovenian | 1969 |
| Aleksander Zupančič | Member of the Supervisory Board in 2024 | 28 December 2020 |
| Name | Role | Gender | Nationality | Year of Birth | Start Date | End Date | Attendance |
|---|---|---|---|---|---|---|---|
| Mladen Kaliterna | Member of the Supervisory Board in 2024 | male | Slovenian | 1979 | 04 April 2013 | 15 July 2025 | Attended all 14 sessions of the Supervisory Board in 2024 |
| Alenka Urnaut | Member of the Supervisory Board in 2024 | female | Slovenian | 1967 | 28 December 2020 | 10 April 2025 | Attended all 14 sessions of the Supervisory Board in 2024 |
| Mário Selecký | Member of the Supervisory Board in 2024 | male | Slovak | 1975 | 28 December 2020 | 10 April 2025 | Attended 13 out of a total of 14 sessions in 2024 |
| Alen Mihelčič | Member of the Supervisory Board in 2024 | male | Slovenian | 1975 | 27 January 2017 | 22 February 2025 | Attended all 14 sessions of the Supervisory Board in 2024 |
| Robert Ravnikar | Member of the Supervisory Board in 2024 | male | Slovenian | 1979 | 27 January 2017 | 22 February 2025 | Attended all 14 sessions of the Supervisory Board in 2024 |
| Marko Šavli | Member of the Supervisory Board in 2024 | male | Slovenian | 1979 |
11 December 2020
22 February 2025
Employee representative
Attended all 14 sessions of the Supervisory Board in 2024
male Slovenian 1973
| Name and Surname | Education | Professional profile | Independence according to Article 23 of the Code (YES/NO) | Existence of a conflict of interest in the financial year (YES/NO) | Membership of the supervisory bodies of other companies | Membership of committees (audit, HR, remuneration, etc.) | President/member | Attendance at committee meetings according to the total number of committee meetings |
|---|---|---|---|---|---|---|---|---|
| Janez Žlak | Ph.D. | general management and governance, state investment management | YES | NO | / | The HR and Board Work Evaluation Committee | Committee Member in 2024 | Attendance at all 7 sessions in 2024 |
| Borut Vrviščar | Bachelor’s degree in Electronics Engineering, Leadership and strategic management, Top management programme | logistics, organisation and management | YES | NO | / | The HR and Board Work Evaluation Committee | Committee President in 2024 | Attendance at all 7 sessions in 2024 |
| Aleksander Zupančič | Bachelor’s degree in Law | organisation and management, law, psychotherapy and coaching |
| Committee Member in 2024 | Attended all 8 sessions in 2024 |
|---|---|
| Mladen Kaliterna | YES |
| Alenka Urnaut | YES |
| Mário Selecký | YES |
| Marko Šavli | YES |
| Committee Member in 2024 | Attendance at all 7 sessions in 2024 |
|---|---|
| Alen Mihelčič | YES |
| Robert Ravnikar | YES |
At its 21st meeting held on 13 December 2018, the Supervisory Board adopted the Diversity Policy regarding representation in the management or supervisory bodies of the Company, which was published on the Company's website in Slovenian and English on 31 December 2018. The full text of the published Diversity Policy, which includes the set goals and the method of implementation, is available in Slovenian at the following link: Diversity Policy, 13 December 2018.
The aim of the Diversity Policy is to ensure that the composition of the Management Board and the Supervisory Board is such that each body is provided with a set of abilities, professional knowledge, skills and experience, which will enable a good understanding of current developments and long-term risks and opportunities related to the Company's operations, which will ensure sustainable and long-term successful operations. According to the analysis of long-term trends in energy and trade activities and related services (taking into account political-legal, economic, socio-cultural, demographic, technological and natural and industry forces), the following aspects of diversity are essential for efficient and sustainable operations: professional diversity, professional experience, diversity of competencies, as well as gender diversity, age diversity and ensuring continuity.
The composition of the Management Board and the Supervisory Board must achieve complementarity and diversity, which are reflected:
The Company has set itself the following main objectives with its Diversity Policy:
| Name and Surname | Committee | Attendance at committee meetings according to the total number of committee meetings | Gender | Nationality | Education | Year of birth | Professional profile | Membership of the supervisory bodies of non-related companies |
|---|---|---|---|---|---|---|---|---|
| Sabina Merhar | Audit Committee | attended 7 out of a total of 8 sessions in 2024 | female | Slovenian | Master’s degree in Economic Sciences, majoring in Accounting and Auditing | 1975 | competences in the field of financial and accounting |
• efforts to ensure that the entire composition of the Supervisory Board does not change, with the goal of one-third continuity.
The Diversity Policy is appropriately implemented through the recruitment and selection process used for members of the Supervisory Board and the Management Board. The Policy is administered by the Human Resources and Management Board Evaluation Committee, which monitors its implementation and reports to the Supervisory Board. It is used primarily in activities such as the recruitment, selection and proposal of candidates for the Supervisory Board to the General Meeting, the appointment of members of the Management Board and Supervisory Board committees, and the work self-assessment implementation of the Supervisory Board.
For the most part, the objectives of the Diversity Policy have been adequately achieved, especially the objectives relating to diversity in education, profession, experience, and age. Diversity objectives relating to gender diversity have been achieved in part. The members of the Management Board are male. The Supervisory Board which held meetings in 2024 and whose members' terms expire in 2025 consists of one female member and eight male members. The female representative has been appointed external member of the Audit Committee. The energy sector has been found to have a low level of female representation in management positions, which is the predominant reason for the male representation in the Company's management and governance bodies. In 2019, the Supervisory Board also joined the Initiative for Voluntary Achievement of Targeted Gender Diversity 40/33 2026 of the Slovenian Directors’ Association, which was supported, among others, by the Slovenian Sovereign Holding, d.d., and the Ljubljana Stock Exchange, d.d.
Sašo Berger
Drago Kavšek
President of the Management Board
Member of the Management Board
Marko Ninčević
Jože Smolič
Member of the Management Board
Member of the Management Board
Metod Podkrižnik
Zoran Gračner
Member of the Management Board
Member of the Management Board and Worker Director
Ljubljana, 2 April 2025
The operations of the Petrol Group are highly diversified and take place in two highly competitive industries: energy and trade. In addition to mega trends in the energy and trade sectors, the operations of the Petrol Group are impacted by several other, often interdependent factors. The most important include energy commodity price developments and developments in the US dollar exchange rate, which are a reflection of global economic trends. In addition, in the markets in which the Petrol Group operates, operations are also significantly impacted by local economic conditions (economic growth, price growth rate, consumption and manufacturing growth) and actions taken by the state to regulate prices and the energy commodity market. Digitisation and changing consumer habits also have a significant impact on the operations and development of the Group, impacting the development of business models and services.
2022 led to the regulation of fuel, electricity and natural gas prices in the markets in which the Group operates. Despite the drop in prices as early as at the end of 2022, fuel and electricity prices continued to be regulated throughout 2024, while the regulation of natural gas prices ended: at the end of March 2024 in Croatia, at the end of April 2024 in Slovenia.
Economic growth in the euro zone slowed down considerably in 2023. International institutions predicted a boost in GDP growth for 2024, but there was no dramatic recovery. According to Eurostat's initial estimates24, economic growth in the eurozone in 2024 amounted to 0.7 percent. According to initial estimates, inflation amounted to 2.4 percent (December 2024 compared to December 2023).
GDP growth in Slovenia was 1.6 percent in 202425. Activity in most economic sectors was higher year-on-year for most of the year, but continued to lag behind in construction. Export market share strengthened, real revenue increased in the trade sector, whereas it decreased in marketing services in the second half of the year. The employment rate remains at record levels, the unemployment rate is low26. The gross wage per employee was on average 6.2 percent higher in 2024 compared to the year before. Annual inflation in Slovenia in 2024 amounted to 2.0 percent (average for the year) or 1.9 percent (December 2024 compared to December 2023).
According to the initial estimate of the Croatian Bureau of Statistics, GDP in Croatia increased by 3.6 percent and inflation by 3.4 percent in 2024 year-on-year (December 2024 to December 2023).
Strong competitiveness, global geopolitical environment and strategic importance of changes in the energy sector set a framework for the Petrol Group's operations.
| Real GDP growth, in % | Inflation, year average, in % |
|---|---|
| Source: IMAD, Spring forecast 2024 (Slovenia), Croatian Bureau of Statistics – Estimate for 2024 (Croatia), International Monetary Fund, October 2024 (other) |
The price of North Sea Brent Crude in 2024 ranged between USD 69.2 per barrel and USD 91.2 per barrel. The average price in 2024 amounted to 79.8 USD per barrel, which is 3 percent less than in 2023.
The price of oil increased in the first quarter of 2024 due to the reduced volumes of oil extracted by the OPEC, increased demand from China (the largest oil importer), and the wars in Israel and Ukraine. At the beginning of the second quarter of 2024, it began to fall due to the planned reduction in restrictions on the amount of oil extracted by OPEC. In addition, the global economy began to cool, with China, still facing a real estate crisis and reduced domestic demand, playing a key role. In June, the price of oil rose due to an increased seasonal demand for.
The retail prices of diesel and NMB-95 petrol are regulated in key markets where we have a retail network, although this is not common practice in the European Union. The lower margin compared to practices in developed European countries along with the rising costs resulting from the inflation is becoming an increasing burden for Petrol’s operations. Additionally, regulatory requirements are becoming more stringent in the field of biocomponent blending and energy savings, which generally pursue the goal to fast-track the green transition, yet the unharmonized margin elevates the risk of such goals not being achieved and, additionally, reduces the strategic potential of energy independence.
The price of extra light fuel oil has been regulated since 9 November 2021, with the exception of the period from 22 May to 12 September 2022. Until 21 May 2022, the maximum margin was limited to EUR 0.06/litre, and, since 27 September 2022, it has been limited to EUR 0.08/litre.
gas bottles (7.5 kg or more) are also regulated.
In the Republic of Serbia, a regulation has set the maximum retail price since 9 February 2023, including value added tax, for Eurodiesel and unleaded petrol NMB-95 amounting to the average wholesale price of petroleum products in Serbia, increased by the amount determined by the regulation.
In Bosnia and Herzegovina, as of 3 April 2021, the retail calculation margin has been limited to a maximum of 0.25 BAM/litre (0.128 EUR/litre), the wholesale margin to 0.06 BAM/litre (0.0307 EUR/litre).
In Montenegro, the prices of petroleum products are set in compliance with the Regulation on the Method of Maximum Retail Pricing of Petroleum Products, in force since March 2021. Prices change every 14 days based on the developments of the listed Platts prices and the dollar exchange rate. The regulation sets fixed margin amounts, namely for NMB-95/98 in the amount of 0.1108 EUR/litre and for diesel 0.1079 EUR/litre.
In 2024, energy prices, both electricity and natural gas, were characterised by high daily price fluctuations or price volatility within a trading day.
LPG – Liquefied petroleum gas
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Business report 53
The electricity annual base product in the Hungarian market for 2025 closed the clearing price on the first trading day of 2024 at a rate of 102.5 EUR/MWh, and prices already dropped significantly in January.
In the first three months of the year, they fell most of the time amid high daily price fluctuations. In the second quarter of the year, electricity prices rose, driven by continued increases in energy demand due to the recovery of industrial manufacturing in Europe, Asian competition for liquefied natural gas supplies, and geopolitical risks in the Middle East and Ukraine. The reduction in power imports from Austria has increased the daily volatility of spot prices, and, in particular, the so-called "duck effect" is increasingly reflected, where excess energy during the sunny part of the day causes low prices, while during the evening peaks, high demand and lack of production flexibility cause extremely high prices, even up to 1,000 EUR/MWh.
terminals, which have been almost non-existent in the last two months. Thus, the annual base electricity product on the Hungarian market for 2025 closed the clearing price on the last trading day of 2024 at a rate of 117.4 EUR/MWh. A reduced electricity demand may be further stimulated by the predicted global economic slowdown and the economic crisis in Europe, especially in the German automotive industry.
Source: Petrol, 2024
Price fluctuations on the electricity market are increasing in the light of the geopolitical situation and the rising share of renewable energy generation.
With record-breaking warm weather during the 2023/24 heating season and a decrease in industrial consumption, the situation in the natural gas market in Europe continued to de-escalate in the first quarter of 2024. At the end of winter, warehouses in Europe remained at record fullness levels. A ninety percent fullness of the warehouses was again achieved before the end of August, thus taking an important step towards achieving security of supply and price stability in the 2024/25 heating season.
Prices of natural gas bottomed in wholesale markets at the end of the heating season in the first quarter. Due to uncertain geopolitical conditions, especially the war in Ukraine and the Middle East, weather conditions and still insufficient supply sources, the trend of rising gas prices in Europe continued throughout the year. A prolonged period of cold weather in the transition from autumn to winter 2024, poor wind conditions in northern Europe, and the disruption of Russian gas supplies via Ukraine further impacted the upward trend in energy commodity prices in the last two months of the current year.
Price growth would continue in the coming months amid low temperatures and potential supply disruptions. Geopolitical uncertainty is said to be the one continuing to cause price volatility in the European gas market. The ceasefire in Israel offers hope for stability, while Ukrainian drone attacks on the TurkStream gas pipeline and other political developments bring new risks. Futures prices are expected to stabilise in the event of above-average temperatures, increased electricity generation from renewable sources and reduced consumption due to the economic slowdown, with stable natural gas supplies from Norway and imports to European LNG terminals. The above factors will also have a major impact on the price developments of electricity futures contracts.
Source: Petrol, 2024
Both short- and long-term gas price forecasts are significantly influenced by the weather, geopolitical activity and gas storage occupancy rates.
Common areas in mixed multi-dwelling-housing and commercial buildings were regulated throughout 2023. The regulation for micro enterprises and SMEs did not apply in 2024 anymore. The regulation set the maximum permitted retail price of electricity for public institutions, public economic institutions, public agencies, public funds, municipalities, providers of publicly valid education and training programmes, and providers of social welfare services, social welfare programs, and family support programs throughout 2023.
For supplies regulated by decrees, suppliers were entitled to a monthly compensation for the difference between the average monthly supply cost and the regulated retail price, taking into account the supplier's cost of 10 EUR/MWh.
The regulation adopted on 20 October 2023 kept the regulation of electricity prices for household consumers in 2024, namely for 90 percent of actual monthly consumption for each tariff separately, while the remaining 10 percent is subject to the price from the supply contract. On 5 June 2024, the Government of the Republic of Slovenia adopted the Regulation laying down compensation for electricity suppliers in 2024.
A new network charge act came into force in October 2024, significantly changing the method of determining the network charge that customers pay in a given month, with tariff items in the high season, which lasts from 1 November to 28 February, being significantly higher than in the other months.
Therefore, as part of the package to mitigate high electricity bills in the 2024/2025 winter season, the Government of the Republic of Slovenia issued a regulation that sets the maximum permitted retail price of electricity for household consumers for consumption in common areas of multi-dwelling housing and common areas in mixed multi-dwelling-housing and commercial buildings from 1 November 2024 to 28 February 2025.
Retail prices of natural gas from the gas transmission and distribution network system for household and small business customers were regulated throughout 2023. Changes in the field of the network charge regulation and electricity prices at the end of 2024 caused confusion among final customers.
On 13 January 2023, the Government of the Republic of Slovenia adopted the Regulation laying down compensation for natural gas suppliers. For supplies regulated by regulations, suppliers were entitled to a monthly compensation for the difference between the average monthly supply cost and the regulated retail price, taking into account the supplier's cost of 5 EUR/MWh.
The regulation, which was adopted on 20 October 2023, kept natural gas prices regulated until 30 April 2024. The government did not adopt a regulation on compensation to suppliers for the damage incurred by price regulation in 2024.
The price of heat from district heating for household consumers who receive heat from the distribution system, where the distributor performs a public service through an individual or common consumption point, was regulated in the period from 1 January to 30 April 2023. After the end of the price regulation period, distributors of heat from district heating systems were entitled to compensation for the damage incurred by the regulation. In 2024, prices are not regulated.
2020, HERA published a bylaw containing a detailed methodology to be used calculating the price for the aforementioned customer segment.
On 4 April 2023, the Croatian energy regulator HERA adopted a new methodology regulating retail natural gas prices in Croatia, introducing a 15-day reference gas sales pricing period instead of the previous 11-month period. The change retroactively impacts contractual relationships between suppliers and customers, as the changed methodology does not take into account the actual value of the price of purchased gas according to the methodology laid down in 2020.
On 7 July 2023, the Government of the Republic of Croatia, by decree, established a mechanism for compensating natural gas suppliers for the difference between the price to be paid when purchasing this energy commodity and the price regulated by the methodology used for natural gas supply pricing. The regulation applies to supplies from 1 April 2023 to 31 March 2024.
The prices of natural gas have not been regulated since the end of the winter season 2023/24.
In Croatia, as in Slovenia, the cap on natural gas prices was removed at the end of March.
The Petrol Group’s operating results are reported by the following product groups:
In 2024, the Petrol Group realized revenue from contracts with customers in the amount of EUR 6.1 billion. In addition to the volumes sold, the amount of revenue is affected most by changes of energy prices which is out of Petrol’s influence. Despite the positive trends in sales volumes of energy, the lower prices of electricity and natural gas and, partly, also of petroleum products contributed to lower revenue compared to the previous year.
Categories increasing, both in Slovenia and even more so in SEE markets. In 2024, 20.7 TWh of natural gas, 11.3 TWh of electricity and 135.5 thousand MWh of heat were also sold.
Gross profit together with closed net derivative financial instruments for commodities amounted to EUR 750.4 million in 2024, which is 5 percent more than in 2023. Compared to the previous year, a better result was achieved in the sales of fuels and petroleum products, mainly due to good sales in SEE markets, where the achieved margin was also higher than in the previous year. In Slovenia, however, due to stricter margin regulation until mid-July 2024, the result was not as good as the previous year was recorded. Very good merchandise sales results were achieved. We also successfully sold natural gas to foreign markets and generated electricity from renewable energy sources.
Gains and losses on derivatives, used to manage energy commodity sales-related quantity, price and currency risks, are recorded as a separate item in the income statement in accordance with accounting standards.
On 7 July 2023, the Government of the Republic of Croatia, by decree, established a mechanism for compensating natural gas suppliers for the difference between the price to be paid when purchasing this energy commodity and the price regulated by the methodology used for natural gas supply pricing. Geoplin d.o.o. (Zagreb) has already filed a claim for reimbursement of the price difference in the amount of EUR 20.9 million for the April-December 2023 period and in the amount of EUR 15.8 million for the January-March 2024 period. The claim is not recognised in the Petrol Group's financial statements, as it has not been approved by the market regulator.
Operating costs of the Petrol Group in 2024 amounted to EUR 552.0 million, which is EUR 9.3 million or 2 percent less than in 2023.
The share of operating costs in the gross profit with closed net financial instruments for commodities amounted to 73.6 percent in 2024 and to 78.8 percent in 2023.
| Costs of materials | EUR 55.8 million | EUR 9.8 million | 15 percent less than in 2023 |
|---|---|---|---|
| Energy costs | EUR 13.9 million | 25 percent lower | Mainly due to lower energy prices than in the previous year |
| Costs of consumables | Increased by EUR 4.0 million | 46 percent | Related to a larger scope of operations |
| Costs of services | EUR 190.2 million | EUR 4.0 million | 2 percent higher than in 2023 |
| Transport services | EUR 44.4 million | Increased by EUR 1.8 million | 4 percent compared to the previous year |
The costs of service station operators amounted to EUR 29.2 million, down by EUR 8.2 million or 22 percent compared to the previous year. In the last quarter of 2023, 55 service stations switched from the CODO operation system to the COCO system, which reduced the costs of service station operators and, as a result, increased labour costs and costs of student work in the framework of the intellectual services.
| 2022 | 2023 | 2024 | Index 2024/2023 | Index 2024/2022 | |
|---|---|---|---|---|---|
| Cost of materials | 39.4 | 65.6 | 55.8 | 85 | 142 |
| Cost of services | 180.1 | 186.3 | 190.2 | 102 | 106 |
| Labour costs | 135.6 | 160.6 | 179.1 | 112 | 132 |
| Depreciation and amortisation | 96.3 | 97.5 | 99.9 | 102 | 104 |
| Other costs | 16.5 | 51.4 | 27.0 | 53 | 164 |
| - of which net impairment losses on financial and contract assets | 7.9 | -0.5 | 6.2 | - | 78 |
| Operating costs | 467.9 | 561.3 | 552.0 | 98 | 118 |
Despite inflationary pressures, the cost efficiency improved thanks to our prudent cost control measures.
The costs of fixed asset maintenance services amounted to EUR 28.9 million, an increase of EUR 0.4 million compared to the previous year.
The costs of intellectual services amounted to EUR 18.7 million in 2024, an increase of EUR 6.1 million or 49 percent compared to the previous year, of which EUR 2.8 million refers to the higher costs of agency workers in Croatia and EUR 3.3 million to the higher costs of student work, partly due to the changed service station operation model and partly due to the replacement of staff, especially at service stations where we are understaffed.
Payment transaction and banking service costs amounted to EUR 16.1 million, an increase of EUR 1.0 million or 7 percent compared to the previous year, mainly due to higher payment card commission costs due to higher sales at service stations.
Current lease costs amounted to EUR 14.8 million, which is EUR 2.0 million or 16 percent more than in 2023. Of this, costs increased by EUR 1.7 million in at Petrol d.o.o. (Zagreb) pertaining to the lease of service stations.
Subcontractor costs amounted to EUR 9.8 million, an increase of EUR 0.3 million or 3 percent compared to 2023.
The costs of fairs, advertising and entertainment amounted to EUR 9.1 million, an increase of EUR 1.7 million or 23 percent compared to 2023.
Insurance premium costs amounted to EUR 6.6 million, which is EUR 0.2 million or 3 percent more than in 2023.
Security costs in 2024 amounted to EUR 2.6 million, which is EUR 0.4 million or 19 percent more than last year.
Costs of environmental protection services amounted to EUR 2.5 million, which is EUR 0.1 million or 5 percent less than in 2023.
Employee cost reimbursements amounted to EUR 1.7 million and are EUR 0.3 million or 24 percent higher than in 2023 due to higher training costs.
Other costs of services amounted to EUR 4.6 million, which is EUR 1.9 million or 29 percent less than in 2023.
CODO – Company Owned Dealer Operated
COCO – Company Owned Company Operated
Despite lowering the number of employees, labour costs increased significantly due to regulatory changes, upskilling and changes in the service station operation model.
Depreciation costs amounted to EUR 99.9 million and were 2 percent or EUR 2.4 million higher than in 2023. They increased due to investments in the renovation of service stations and petroleum product storage facilities, as well as the expansion of energy generation operations (wind power plants) and mobility.
Other costs, which amounted to EUR 27.0 million, are EUR 24.3 million lower than the previous year. The remaining other costs decreased by EUR 33.8 million compared to the previous year, mainly due to lower accrued charges. Impairment of inventories was EUR 1.3 million lower than in the previous year, while net adjustments to financial assets and contract assets were EUR 6.7 million higher than the previous year. Impairment of goodwill was recognised in the amount of EUR 1.7 million. The effect of exchanging the interest in Plinhold d.o.o. for the interest in Geoplin d.o.o., Ljubljana, is EUR 3.4 million.
Net gains on derivatives amounted to EUR 17.8 million. The Petrol Group is exposed to price, volumetric and foreign exchange risks arising from operations with energy commodities (petroleum products, natural gas, electricity, LPG). The Petrol Group manages these risks primarily by coordinating the purchases and sales of energy commodities, both in terms of volumes and purchasing and sales conditions, thereby hedging the margin generated on energy commodities. Depending on the business model of the energy commodity, limits are set that limit exposure to price, currency and quantity risks.
The Petrol Group primarily uses derivative financial instruments to hedge the price of petroleum products. Partners are global financial institutions and banks or suppliers of goods, so the Petrol Group estimates that the risk of non-fulfilment of concluded contracts is minimal. When trading electricity, the Petrol Group also enters into derivative financial instruments with financial institutions, where the risk of non-fulfilment of concluded contracts is minimal, while also taking into account accepted market value limits. The value of financial transactions changes continuously depending on market price movements and the need to hedge the portfolio. The net gain on commodity derivatives should be monitored together with the energy commodity margin, while open derivative financial instruments for commodities will impact the level of gross profit or margin in the future.
Other income amounted to EUR 12.8 million or EUR 1.9 million more than in 2023. Other expenses amounted to EUR 0.8 million or EUR 0.6 million more than in 2023.
EBITDA amounted to EUR 314.2 million in 2024, which is EUR 41.6 million or 15 percent more than in 2023 and EUR 9.6 million or 3 percent more than planned.
In the EBITDA structure by product group, the share of fuels and petroleum products increased compared to 2023, mainly as a result of relaxed regulation on the Croatian market and cost optimisation, as well as the share of merchandise and services, where very good sales results were achieved in 2024. The share of the Energy and Solutions product decreased, mainly due to price fluctuations in the electricity market.
Operating profit amounted to EUR 208.2 million or EUR 32.6 million or 19 percent more than in 2023.
Share of profit or loss of equity accounted investees amounted to EUR 1.6 million, which is EUR 2.1 million less than in 2023.
Net financial expenses of the Petrol Group amounted to EUR 21.7 million, which is EUR 10.1 million more than in 2023. Net expenses from foreign exchange differences in 2024 were EUR 14.0 million higher than the previous year, while net interest expenses together with revenue from interest rate swaps were lower by EUR 2.5 million. Other net financial expenses in 2024 amounted to EUR 1.4 million less than in 2023.
Total assets of the Petrol Group amounted to EUR 2.4 billion on 31 December 2024, a decrease of 7 percent compared to the end of 2023. Non-current assets amounted to EUR 1.3 billion, which is 2 percent less than at the end of 2023, and short-term assets amounted to EUR 1.1 billion, down 13 percent year-on-year. The decline in the value of total assets is primarily a result of the movement in energy commodity prices and the optimisation of the working capital management process.
The most important item among non-current assets are tangible and intangible fixed assets and investment property, which total EUR 1.1 billion and are EUR 21.5 million lower than at the end of 2023. Right-of-use assets amounted to EUR 162.1 million at the end of 2024, which is EUR 31.3 million more than the previous year. Non-current investments in jointly controlled entities and associates amounted to EUR 2.2 million at the end of the year, which is EUR 57.5 million less than at the end of 2023, especially as a result of exchanging the interest in Plinhold d.o.o. for the interest in Geoplin d.o.o. Ljubljana. After the exchange, the Petrol Group became a 12.91-percent owner of Plinhold d.o.o. and the investment is reported under non-current assets as a financial asset at fair value through other comprehensive income.
Great attention is paid to the management of current assets, which account for 46 percent of the Petrol Group's assets. On the last day of 2024, operating receivables were 15 percent lower, or EUR 121.0 million, compared to the end of 2023, while inventories were higher by EUR 15.7 million, or 8 percent. The decline in operating receivables was mainly due to lower energy prices compared to the previous year.
As far as credit risk management is concerned, all official procedures of credit insurance companies are consistently complied with. The Petrol Group has collateralised 83 percent of all receivables that individually exceed the nominal value of EUR 100,000. Customer payments are monitored daily and, if necessary, measures to reduce credit risk are taken. Despite the negative impacts on the economy, payment discipline has not deteriorated significantly for now.
On the last day of 2024, the working capital of the Petrol Group amounted to EUR 173.1 million, which is EUR 85.3 million more than the previous year, when it amounted to EUR 87.8 million. Compared to the end of 2023, trade receivables decreased, and even more so, operating liabilities, while inventories increased slightly. Fluctuations in the prices of petroleum products and non-petroleum energy commodities have a significant impact on the movement of working capital.
Cash flows from operating activities amounted to EUR 282.9 million in 2024, which is EUR 62.1 million more than in 2023. The Petrol Group used the generated own assets for investment activities, dividend payments and loan repayments. The net financial liabilities to equity ratio (net debt/equity ratio) amounted to 0.4 on the last day of 2024, and to 0.5 at the end of 2023. The net debt/EBITDA ratio amounted to 1.4 at the end of 2024, while at the end of 2023 it amounted to 1.7. The leverage ratio amounted to 30 percent at the end of 2024, and to 34 percent at the end of 2023.
Despite more stable conditions on the energy market compared to previous years, ensuring an adequate liquidity structure was a high priority in 2024.
EUR 60.1 million were allocated for net investments in 2024, which is EUR 22.9 million or 27 percent less than in 2023.
Before the start of the energy crisis and the subsequent price regulation, the Petrol Group had been in a very good business and financial condition. Despite the challenging circumstances of the energy crisis, energy transition, regulatory interventions by states, and uncertainty regarding compensation for damage incurred, when assets allocated for investments in 2022 and 2023 had to be severely limited, our key development projects in 2024 were successfully implemented. The implementation of our strategic debt policy continued and net debt was reduced below the 2021 level. In the Petrol Group, all key indicators were maintained at acceptable levels, providing a financially sustainable foundation for future operations.
stability, also by maintaining an adequate debt-to- EBITDA ratio. Despite harsh business conditions, our capital policy, based on long-term maximisation of shareholder earnings, constitutes one of the most important objectives of our development strategy. The Management Board of Petrol d.d., Ljubljana, advocates a long-term stable dividend policy, which is also most in line with the long-term development targets of the Petrol Group. Business stability, further development of the company and energy transition remain the key strategic orientations despite the volatile global geopolitical situation.
On 22 December 2023, S&P Global Ratings reaffirmed Petrol d.d., Ljubljana’s long-term BBB- and short-term A-3 rating with a stable outlook. The rating was reaffirmed in February 2025.
With regard to the compensation for the damage resulting from the regulated prices of fuels in 2022, the Management Board of Petrol d.d., Ljubljana submitted proposals for amicable settlement of dispute to the State Attorney’s Office of the Republic of Slovenia and Petrol d.o.o. (again) to the State Attorney’s Office of the Republic of Croatia, in Slovenia in the amount of EUR 106.9 million and in Croatia in the amount of EUR 60 million.
In Slovenia, the proposal for amicable dispute resolution was rejected by the State Attorney’s Office, as a result of which an action for the compensation for the damage resulting from the regulated fuel prices in 2022 in the amount of EUR 106.9 million was brought against the Republic of Slovenia on 16 May 2023. The Republic of Slovenia rejected cooperation in mediation and the proceedings have continued before the District Court in Ljubljana.
Given that it was not possible to reach an amicable dispute resolution before the State Attorney‘s Office in the Republic of Croatia by the set deadline, we have continued the anticipated legal proceedings on the basis of the capped prices of fuels in the period between 16 October 2022 and 31 December 2023.
On 16 May 2023, Geoplin d.o.o. Ljubljana initiated an arbitration against Gazprom Export LLC on the grounds of a breach of the natural gas supply agreement. Due to a corporate guarantee being enforced by Gazprom Export LLC, Petrol d.d., Ljubljana joined Geoplin d.o.o. Ljubljana in initiating the proceeding. Pursuant to the decision made by the court of arbitration, the two arbitration proceedings must be conducted separately, hence the Geoplin d.o.o. Ljubljana proceeding against Gazprom Export LLC, continued within the initiated proceeding. Geoplin d.o.o. Ljubljana already filed the final arbitration claim on 13 May 2024 and Petrol d.d., Ljubljana will enter the arbitration subsequently.
On 7 July 2023, the Government of the Republic of Croatia passed a decree, setting a mechanism of compensation payments to natural gas suppliers for the difference between the purchase price for the relevant energy commodity and the price regulated by the natural gas pricing methodology. Geoplin d.o.o. (Zagreb) has already filed an application for the reimbursement in the amount of the price difference of EUR 20.9 million for the period of April–December 2023 and EUR 15.8 million for the period of January–March 2024. The claim is not recognised in the Petrol Group’s financial statements because it has not been confirmed by the market regulator.
On 13 February 2025, S&P Global Ratings affirmed Petrol d.d., Ljubljana’s long-term BBB- and short-term A-3 rating with a stable outlook.
The 39th General Meeting of Shareholders of Petrol d.d., Ljubljana was held on 14 March 2025. The notification on the General Meeting resolutions is available on the following link: 39th General Meeting of the Company.
Petrol's share is listed on the prime market under the PETG symbol and has been listed on the Ljubljana Stock Exchange since 5 May 1997.
Petrol's share was one of the most heavily traded shares on the Ljubljana Stock Exchange in 2024 and its price at the end of 2024 was 35.2 percent higher than at the end of 2023. As of 23 December 2024, the share of Petrol d.d., Ljubljana, accounts for a 19.98 percent share in the SBI TOP index.
The average closing price of the Petrol d.d., Ljubljana share, which amounted to EUR 28.56 in 2024, was 23.5 percent higher than the previous year. In 2024, the closing price of Petrol's share ranged between EUR 23.10 and EUR 32.30 per share.
In 2024, Petrol d.d., Ljubljana disbursed the highest dividend to date for 2023, amounting to EUR 1.8 gross per share.
The turnover generated from Petrol shares on the Ljubljana Stock Exchange in 2024, amounting to EUR 31.0 million, which also includes block trades (EUR 4.8 million), was 72.5 percent higher than the turnover in 2023. The turnover generated from Petrol shares, excluding blocks, amounted to EUR 26.2 million in 2024, which is 48.3 percent more than in 2023.
In the total stock market turnover on the Ljubljana Stock Exchange amounting to EUR 505.6 million (in 2023, it amounted to EUR 330.2 million), the turnover share of Petrol shares accounted for 6.1 percent, and, in the turnover generated from shares on the stock market in the amount of EUR 485.1 million (in 2023 it amounted to EUR 320.4 million), it accounted for 6.4 percent.
On the last trading day of 2024, Petrol d.d., Ljubljana was in the third place in terms of market capitalisation.
In terms of turnover, the share of Petrol d.d., Ljubljana ranked fourth among the shares on the Ljubljana Stock Exchange. On average, transactions worth EUR 2.6 million were carried out using Petrol shares per month.
The market capitalisation of Petrol d.d., Ljubljana, on the last trading day of 2024 amounted to EUR 1.3 billion, accounting for 11.0 percent of the market capitalisation of the stock exchange market.
The Petrol Group's net profit attributable to the owners of the controlling company, per share (EPS) amounted to 3.37 EUR in 2024, and the Petrol Group's cash earnings per share (CEPS) amounted to 5.8 EUR. The capital gains yield of the share, calculated by comparing the closing share price at the end of 2024 with the closing share price at the end of 2023, amounted to 35.2 percent. This, together with the 7.7 percent dividend yield, accounts for a 42.9 percent gains yield of the share in 2024.
The share capital structure of Petrol d.d., Ljubljana, did not change significantly in 2024 compared to the end of 2023. The largest single shareholder is J&TBANKA AS– fiduciary account with 5,333,200 shares, followed by the Slovenian Sovereign Holding, d.d. (SDH, d.d.), with 5,299,220 shares, the Republic of Slovenia with 4,514,005 shares, and Kapitalska družba, d.d., with 3,452,780 shares. The largest single shareholders also include OTP banka, d.d.– fiduciary account, Erste Group Bank AG – fiduciary account, Vizija Holding, d.o.o., Vizija Holding Ena, d.o.o., MUSTAND ENERGY LIMITED and Perspektiva FT d.o.o.
Total shareholder return of the PETG share in 2024 (including capital and dividend yield) was 42.9 percent.
The number of total shareholders increased from 21,404 at the end of 2023 to 21,447 in 2024. At the end of 2024, foreign legal entities and individuals owned 12,613,357 shares, accounting for 30.2 percent of all shares. Compared to the end of 2023, the share of foreign shareholders increased by 0.2 percentage points.
| No. of Shares | in % | No. of Shares | in % | |
|---|---|---|---|---|
| Slovenski državni holding, d.d. | 5,299,220 | 12.7% | 5,299,220 | 12.7% |
| Republic of Slovenia | 4,514,005 | 10.8% | 4,513,980 | 10.8% |
| Kapitalska družba d.d. together with own funds | 3,537,602 | 8.5% | 3,594,617 | 8.6% |
| Domestic institutional investors and other legal entities | 5,905,825 | 14.2% | 6,030,856 | 14.5% |
| Foreign legal entities | 12,571,823 | 30.1% | 12,491,327 | 29.9% |
| Private individuals (domestic and foreign) | 9,283,085 | 22.2% | 9,181,560 | 22.0% |
| Own shares | 614,460 | 1.5% | 614,460 | 1.5% |
| Total | 41,726,020 | 100.0% | 41,726,020 | 100.0% |
| Name and Surname | Position | Shares owned | Equity share |
|---|---|---|---|
| Supervisory Board | 8,937 | 0.0214 % | |
| External members | 7,177 | 0.0172% | |
| 1. Janez Žlak | President of the Supervisory Board | 0 | 0.0000% |
| 2. Borut Vrviščar | Deputy President of the Supervisory Board | 7,177 | 0.0172% |
| 3. Aleksander Zupančič | Member of the Supervisory Board | 0 | 0.0000% |
| 4. Alenka Urnaut | Member of the Supervisory Board | 0 | 0.0000% |
| 5. Mladen Kaliterna | Member of the Supervisory Board | 0 | 0.0000% |
| 6. Mário Selecký | Member of the Supervisory Board | 0 | 0.0000% |
| Internal members | 1,760 | 0.0042% | |
| 1. Marko Šavli | Member of the Supervisory Board | 1,760 | 0.0042% |
| 2. Alen Mihelčič | Member of the Supervisory Board | 0 | 0.0000% |
| 3. Robert Ravnikar | Member of the Supervisory Board | 0 | 0.0000% |
| Management Board | 6,700 | 0.0161% |
| Sašo Berger | President of the Management Board | 1,400 | 0.0034% |
|---|---|---|---|
| Jože Smolič | Member of the Management Board | 1,400 | 0.0034% |
| Marko Ninčević | Member of the Management Board | 1,400 | 0.0034% |
| Metod Podkrižnik | Member of the Management Board | 7,000 | 0.0017% |
| Drago Kavšek | Member of the Management Board | 7,000 | 0.0017% |
| Zoran Gračner | Member of the Management Board and Worker Director | 1,100 | 0.0026% |
The prospectus of Petrol d.d., Ljubljana, compiled upon the listing of the shares of Petrol d.d., Ljubljana, is published on the company's website. All changes to the prospectus are published in the company's strategy, annual reports of Petrol d.d., Ljubljana, and public notices of Petrol d.d., Ljubljana, available on the company's website www.petrol.eu and the websites of the Ljubljana Stock Exchange, d.d., https://seonet.ljse.si.
The General Meeting of Petrol d.d., Ljubljana, did not deliberate on a conditional capital increase in 2024.
Petrol d.d., Ljubljana, did not buy back any treasury shares in 2024. On the last day of 2024, it held 614,460 treasury shares, accounting for 1.5 percent of the share capital. Out of which 494,060 are treasury shares acquired by Petrol d.d., Ljubljana, in the years 1997 to 1999. Their total procurement value as of 31 December 2024 amounted to EUR 2.6 million. As of that day, it was EUR 13.0 million lower than the market value of the shares. The remainder, i.e. 120,400 own shares, are shares that are considered treasury shares held by the subsidiary Geoplin d.o.o. Ljubljana upon its consolidation into the Petrol Group. The company may use the treasury shares in compliance with the company's articles of association.
Our capital policy, based on long-term maximisation of shareholder earnings, constitutes one of the most important objectives of our development strategy. The company's management advocates a long-term stable dividend policy. This best suits the long-term development needs of the company, as it safeguards a higher level of predictability of the operating yield and a long-term stable share price. The target dividend policy in the strategic period 2021–2025 accounts for 50 percent of the group's net profit, taking into account the investment cycle, the indicators of the Group and achieved objectives.
In 2024, according to a resolution of the 38th General Meeting of Shareholders held on 23 May 2024, a gross dividend per share for 2023 in the amount of EUR 1.8 was disbursed.
Available profit: For 2024, the available profit of Petrol d.d., Ljubljana, in compliance with the Companies Act-1, amounted to EUR 86.6 million.
Companies Online” webinar. In March, we presented our operations at the “Slovenian Capital Market Day” event organised by the Securities Market Agency. In May, we participated in the “NLB Investor Day” event and the “Trade on the Stock Exchange” event, in June in Zagreb and in November in Ljubljana at the “Investor Day of the Ljubljana and Zagreb Stock Exchanges - CEE Investment Opportunities” event, and in October at the “Financial Festival” event.
All information for investors, including the financial calendar, is published on the company's website in the For investors section. The contact person responsible for investor relations is Barbara Jama Živalič, who can be reached at: [email protected].
An effective risk and opportunity management system is crucial for successfully managing corporate risks in a challenging and rapidly growing business environment, which is why a system overhaul was actively pursued in 2024. The system was overhauled following the best professional corporate risk management practices which significantly affected the existing risk management system. The established system pursues the following key objectives:
| Period | Gross dividend per share (recalculation after the share split in a 1:20 ratio) | Gross dividend per share |
|---|---|---|
| 2018 | EUR 0.90 | EUR 18.00 |
| 2019 | EUR 1.10 | EUR 22.00 |
| 2020 | EUR 1.10 | EUR 22.00 |
| 2021 | EUR 1.50 | EUR 30.00 |
| 2022 | EUR 1.50 | |
| 2023 | EUR 1.80 |
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Business report
Accordingly, the system will enable a comprehensive overview of identified corporate risks, both in terms of a precise financial assessment of each risk and of an overview of the most exposed risk groups and the actions introduced to manage them. The biggest changes to the new system are:
The corporate risk management system continues to operate according to the principle of three lines of defence.
The implementation of the new system was introduced gradually, following the following steps:
In 2024, all of the above steps were undertaken, with certain steps to be continued and completed in 2025.
During the design of the new corporate risk management system, financial risks continued to be managed according to the established system, as, over the years, effective actions were introduced that reduce financial risks to or below an acceptable level.
Precisely identified risk management procedures are in place for financial risk management purposes. These procedures include:
The established financial risk management system focuses on the economic environment and the unpredictability of financial and energy markets, and strives to reduce the volatility of the financial results of the Petrol Group. The system is subject to a continuous evaluation and upgrading, as the environment in which the Petrol Group operates is also constantly changing.
The Petrol Group's business model includes energy commodities such as petroleum products, natural gas, electricity and liquefied petroleum gas, exposing the Petrol Group to price, quantity and currency risks arising from their purchase and sales.
The Petrol Group purchases petroleum products at market rates in foreign purchasing markets and pays for them mostly in USD, while sales are made in local currencies (mainly in EUR). This means that the Petrol Group is exposed to both a price risk – changes in the prices of petroleum products – and a currency risk – changes in the EUR/USD exchange rate – in performing its core activity. The Petrol Group maximises the management of the volume and price risks by harmonising purchase terms with suppliers on the one hand and sales terms pertaining to customers on the other. Any remaining open price or currency position is closed by entering into appropriate derivative financial instruments, primarily commodity swaps pertaining to the price risk and FRAs pertaining to the currency risk. The purpose of hedging with derivative financial instruments is to hedge the sales margin. Geopolitical conditions have generated uncertainty and certain challenges in the supply of petroleum products. Despite the harsh conditions, their uninterrupted supply was ensured.
The volatility of electricity and natural gas prices is caused by increased price and volume risks, which the Petrol Group manages using a diverse array of limit systems defined according to the business partner, risk value and volume exposure, and with appropriate monitoring and control processes. The Petrol Group also regularly monitors the adequacy of the limit systems used, updating and supplementing them where appropriate.
In addition to the risks arising from the changes in the EUR/USD exchange rate, the Petrol Group is also exposed to a certain extent to the risk of changes in other currencies that arise as a result of its operations in the region. The Petrol Group monitors open positions in currencies on a quarterly basis and makes decisions on actions that manage them.
The Petrol Group is exposed to credit risk when selling products and services to natural persons and legal entities. Effective credit risk management is ensured by regular procedures intended to approve the amount of exposure (limit) to an individual customer and active collection. Within the framework of receivables management, we try to maintain a high level of first-class collateral instruments as a sales approval condition (receivables insurance with a credit insurance company, bank guarantees, securities, corporate guarantees, sureties, liens). The insurance scheme enables the Petrol Group to adequately track its needs as pertaining to credit risk protection subject to market conditions. The Group systematically monitors receivables by portfolio, by region and organisational unit, based on the estimated credit risk, the level of collateral, and by customer. Centralised controls of received collateral and collection have also been introduced.
In the last few years, the harsh conditions and thus a higher credit risk have been mainly caused by high energy prices and higher interest rates at which companies borrow. In the light of the foregoing, as well as of the potential forthcoming recession in the European Union, we at the Petrol Group continued to closely monitor increased risk indicator in 2024 and intensely communicated with our customers.
The Petrol Group is believed to manage its credit risk satisfactorily. Our assessment is based on the type of products we sell, market share, large number of customers, a large number of collateral instruments, a high volume of collateralised receivables and a low level of outstanding receivables. The insurance coverage rate for receivables of legal entities is at the level of 73 percent, with credit insurance and trade payables insurance dominating in terms of the scope of insurance (a total of 91 percent of insurance). Despite various challenges, the balance of outstanding receivables has not significantly deteriorated and remains at a satisfactory level of 13 percent.
Interest rate risk is the risk of a negative impact of changes in market interest rates on the operations of the Petrol Group. The exposure of the Petrol Group to interest rate risk arises from the potential change in the EURIBOR interest rate. Exposure to interest rate risk in the Petrol Group is monitored on an ongoing basis. 93 percent of non-current financial liabilities of the Petrol Group have been concluded with a variable interest rate linked to EURIBOR.
In 2024, the EURIBOR value was marked by a downward trend. The noticeable changes compared to 2023 can be attributed to various macroeconomic factors, including changes in the policies of the European Central Bank, which seeks to lower interest rates, and a decline in inflation. The average EURIBOR value in 2024 was lower than at the end of 2023.
The Petrol Group also manages its interest rate risk by entering into classic derivative financial instruments (interest rate swaps and forward interest rate agreements). The Petrol Group has concluded derivative financial instruments for 97 percent of its non-current loans with variable interest rates, thereby hedging its interest rate position.
The risk of interest rate changes in current financial resources is managed within the framework of the liquidity risks and policies of the Petrol Group.
During the design of the new corporate risk management system, operational risks continued to be managed according to already established actions within individual processes. Actions to mitigate operational risks have been established in the form of:
In compliance with the new legislation, the ESG risks have been defined in a dual importance matrix and a special part of reporting dictated by ESRS standards. The report forms an integral part of the annual report.
In 2025, we will continue to implement a corporate risk management system within the entire Petrol Group, following the steps already mentioned and:
In 2024, the Petrol Group generated EUR 3.2 billion in revenue from the sales of the fuels and petroleum products group, which is 6 percent less than the year before as a result of the lower fuel prices. The sales of petroleum products accounts for the largest share in this group.
The operations of the Petrol Group pertaining fuel and petroleum product sales in 2024 were impacted by the regulation of prices of certain petroleum products, which was introduced by countries in response to high energy commodity prices and arising inflation. This regulation was, however, less strict compared to the previous two years.
In 2024, the Petrol Group sold 3,867.3 thousand tons of fuels and petroleum products, which is 2 percent more than in the same period in 2023.
In the Slovenian market, it sold 1,521.8 thousand tons of fuels and petroleum products in 2024, which is 1 percent less than in 2023. The downward trend in heating oil sales continued, due to high temperatures during the heating season and the transition to alternative heating energy sources.
The sales of bitumen and petrochemicals also decreased. Retail sales of diesel fuel declined as transit customers preferred to visit service stations in Croatia rather than Slovenia due to lower prices. This was successfully compensated for with higher wholesale levels. Lower fuel prices in Italy along the Slovenian border also had a negative impact on sales at border service stations.
In SEE markets, the Group sold 1,490.0 thousand tons of fuels and petroleum products in 2024, which is 10 percent more than in the same period last year. Sales of diesel fuel in particular increased, both in retail and wholesale, in all markets. In Croatia, high growth was also driven by lower fuel prices compared to neighbouring countries, which led transit buyers to prefer purchases in this country instead of Slovenia.
In the EU and other markets, the Group sold 855.6 thousand tons of fuels and petroleum products in 2024, which is 3 percent less than in 2023. Especially in the first half of 2023, above-average sales were generated due to the shortage of petroleum products in most markets, which was a result of the embargo on imports from Russia.
In 2024, compared to 2023, in the structure of fuel and derivatives sales by market, the share of sales in SEE markets increased (from 36 to 39 percent), the share of sales in the Slovenian market decreased (from 41 to 39 percent), and the share of sales in the EU and other markets also slightly decreased (from 23 to 22 percent).
Of the total of 3,867.3 thousand tons of fuels and petroleum products, 48 percent were sold in retail and 52 percent in wholesale.
The Petrol Group retail network
The Petrol Group has 318 service stations in the Slovenian market, a 58 per cent market share in terms of the number of service stations. Our competitive lies in our leading position on transit routes, with an emphasis on highway locations, key urban and border locations. Our biggest competitor is MOL & INA with a 25 per cent market share in terms of the number of service stations.
In the Croatian market, our market share in terms of the number of service stations at the end of 2024 amounted to 23 percent. The largest competitor still remains INA, followed by other companies such as Tifon, Lukoil and some smaller companies. In Bosnia and Herzegovina, Petrol has a 4 per cent market share in terms of the number of service stations, while its largest competitors in the retail sector are Nestro, Energopetrol, INA, Hifa Petrol and TI Oil. In Serbia, the largest retail networks are held by NIS, Lukoil, Knez Petrol, MOL and OMV, while Petrol's market share in terms of the number of service stations is one percent. In Montenegro, Petrol has a 12 percent market share in terms of the number of service stations, and its biggest competitors are Eko and INA.
Among fuels and petroleum products, LPG sales represent an important activity in the Petrol Group, having established a regional infrastructure that serves as the basis for our presence in the wider SEE region. The Petrol Group operates in LPG supply and the construction and management of LPG distribution networks. LPG business includes the sales of gas through networks and gas storage facilities, as well as the sale of autogas and gas in gas bottles, both through our service stations and in wholesale.
At the end of December 2024, the Petrol Group managed four LPG supply concessions in Slovenia. In Croatia, Petrol d.o.o. concluded LPG supply agreements in the cities of Šibenik and Rijeka. In both countries, LPG customers are also supplied through gas storage tanks, at service stations, and wholesale with autogas and gas in gas bottles. We also supply autogas and gas in gas bottles to retail and wholesale customers in Montenegro, and we have also continued to expand our business both through our own retail network and also in wholesale.
In Serbia, Petrol LPG d.o.o. Belgrade continued to expand its operations in the region, also by exporting LPG to North Macedonia, Bosnia and Herzegovina, and Montenegro. In the Serbian market, we are temporarily unable to use the terminal in Smederevo for gas supply with barges, which we do have, but have leased until we a concession to perform port activities is awarded. Until then, gas is delivered to the terminal by rail and road tankers.
Our important competitive advantage lies in the high level of quality of products and services, provided for by an extensive network of sales representatives, adequate technical and advisory support, and efficient logistics. This allows us to operate quickly, efficiently and, above all, flexibly, which was especially evident during the pandemic, which greatly changed the purchasing habits of our business customers.
In 2024, the Petrol Group generated EUR 636.3 million in revenue from the sales of merchandise and services, which is 11 percent more than the year before.
In the Slovenian market, EUR 415.2 million in revenue were generated in 2024 from the sale of merchandise and services, which is 5 percent more than in 2023. In SEE markets, it generated EUR 221.1 million in revenue from the sales of merchandise and services, which is 24 percent more than the previous year.
Revenue increased primarily in the tobacco and food sales segment, both in Slovenia and in SEE markets. A high volume of sales was largely influenced by the renewed assortment of merchandise, but also positively influenced by the renovation of the service stations, sales to transit customers who visited service stations in Croatia instead of service stations in Slovenia, and the closure of other stores in Croatia on Sundays.
Petrol's service stations are an increasingly popular destination for customers, as in addition to the standard fuel range, they also offer a wide range of products and services. The offer of coffee to go, soft drinks and sandwiches stands out in particular, while in the summer months there is also an increase in ice cream sales volumes. The offered food and hot drinks at our service stations is thus becoming an increasingly important part of our operations and also a leverage on the basis of which customers choose where to purchase both food products and fuels and other products from our range.
The increase in the volume of sales of merchandise and services is also attributed to our investment in professionalism and customisation of our product offering. The strategy of modernising service stations and expanding the gastronomic offering also plays an important role in this regard. In addition to the already well-known strategic collaborations with catering providers such as McDonald's and Marche, another world-famous brand was added to our Lom 2 rest area (towards Koper) in 2024 - Burger King. Our Coffee to go maintained its dominant position in its category in Slovenia and at the same time strengthened its presence in all other markets where we are present.
Revenue growth is also influenced by the attractive offer for Petrol Club members, who can take advantage of benefits such as purchases at discounted prices or even for free by collecting Gold Points. Customers also have the option of purchasing goods via the PetrolGO application, which allows for an easier collection of goods at a specified time, including the option of delivery to their vehicle.
An attractive range of goods, redesign of service stations and the friendliness of employees contributed to the high growth in sales of merchandise and services.
In Slovenia, a minor remodelling of service stations was carried out with the aim of optimising the sales assortment and positioning and expanding the range of food products. 73 retail outlets were included in the “mini remodelling” project.
To ensure that service stations are adequately stocked with goods and to develop actions intended to manage a collapse in supplies in this area, digital tools were used to ensure better and faster control over inventory levels.
Great emphasis was placed on properly preparing the optimal number of employees at each service station in order to ensure sound operations at the service stations and generate appropriate business results.
Revised learning paths and training programmes for individual work areas were developed for the purpose of developing employees at service stations. Educational content was intensified in Croatia and programmes for new employees were carried out. Several online training courses aimed at improving the customer experience and increasing efficiency in the sales segment were carried out. Through various educational content, the key competencies of all employees to provide customer-tailored services were strengthened.
In 2024, our focus also lay on finding new technological and digital solutions to optimise business processes and administrative procedures, standardise and mainstream processes and reporting systems across all markets, and monitor operational efficiency.
As far as the sales to business customers is concerned, great attention was paid to maintaining good business relationships and successful cooperation with customers, which is especially important during the period of regulation of sales prices or fuel margins. New customers are being obtained, new products and package sales offered to existing ones, and appropriate financial insurance ensured.
In doing so, we take into account the fundamental principle of cooperation, which is based on understanding, flexibility, and helpfulness. We are becoming a connecting link in the broader ecosystem of the sales segments and industry. A comprehensive range of energy commodities and energy allows us to offer customers support in the transition from traditional energy sources (fossil fuels) to cleaner, more environmentally and health-friendly renewable energy sources using the latest energy solutions. A personalised offer is created based on the needs of each customer.
In our work, an effective customer relationship management (CRM31) tool is used, helping us effectively manage and build customer relationships. We also actively participate in public procurement.
Major investments and reconstructions in fuels and petroleum products and merchandise and services are listed in section 11. Investments.
By selling energy and solutions, the Petrol Group generated a revenue of EUR 2.3 billion in 2024, a year-on-year decrease of 25 percent, mainly due to the lower prices of electricity and natural gas on spot and futures markets and due to the lower electricity trading.
The energy solutions product allowed us to generate EUR 45.9 million in sales revenue in 2024.
We help public partners (municipalities, ministries, etc.) achieve a more efficient and environmentally friendly energy profile of buildings through energy performance contracting (EPC) - a public-private partnership model. After renovation, optimal energy use in all types of buildings by using renewable sources, while maintaining appropriate user standards. We find the most optimal energy renovation investment solution for public partners, take care of the entire renovation process, and then manage the facilities energy-wise and ensure savings during the contractual period.
In 2024, we continued to manage and optimise all facilities as part of signed concession agreements and prepare new sales and investment projects that will be implemented in 2025. In the Municipality of Novo Mesto, a major sales project that includes the implementation, maintenance and management of ventilation measures in three facilities, was implemented. In addition, smaller after-sales projects in existing projects were carried out.
Old, energy-wasting public lighting fixtures in settlements are replaced with modern LED fixtures that direct light only where it is needed, which can reduce energy consumption by up to 80 percent. A holistic approach improves the quality of maintenance, general and traffic safety, and extends the lifespan of the public lighting system. At the same time, energy, maintenance and management costs and – most importantly – light pollution are reduced.
In 2024, public utility services were or energy management was performed in all existing public lighting projects in all markets where we operate. Contractual obligations for all existing projects are regularly fulfilled and the contractually guaranteed electricity savings are achieved or exceeded. An annex was signed with the municipality of Molve in Croatia to expand the concession and an investment was made. In addition, a public lighting replacement sales agreement was signed with the municipality of Ozalj in Croatia. In December, two major public lighting replacement agreements in Serbia were signed – in the city of Subotica and the municipality of Mali Iđoš. Both investments will be implemented in 2025. We are also continuing to develop new investment projects, which are scheduled for implementation in 2025.
We strive to ensure quality water resources in cities and careful and efficient water management. We offer public partners comprehensive support in improving the efficiency of water supply system operations, help identify water losses, and advise on actions to reduce or maintain them at the achieved level. This provides operators with greater system reliability, improves their efficiency and operational safety, and reduces risks.
In 2024, our activities in the currently largest project to optimise the operation and ensure savings of drinking water in Croatia, whose clients are Vodovod Slavonski Brod and Hrvatske vode, continued. In Slovenia, activities to optimise drinking water supply systems were carried out in two projects, one of which has already been completed.
District heating constitutes a key factor in the green transition, as it stands for a long-term comprehensive social transformation whose objective is to achieve climate neutrality. Heat generation is one of the largest consumers of energy, rendering energy efficiency in this area one of our key targets. The main guidelines for the development of smart district heating systems include the reduction of energy consumption and cost efficiency, as well as actions to increase the use of renewable energy sources simultaneously accompanied by a digitisation of the system.
Smart networks are used to develop district heating systems as part of the infrastructure of smart cities which includes the smart generation, distribution and consumption of heat. State-of-the-art real-time analytics and software tools allow us to optimise measurable data.
In 2024, our contractual obligations to the client HEP (Croatian Electric Power Company) were fulfilled in district heating projects in Zagreb and Osijek, where regular maintenance work is carried out. The hydraulic model of the district heating system in Maribor was updated with new Geographic Information System (GIS) data.
The hydraulic model of the district heating system of Energetika Ljubljana was successfully transferred to the new version of the TERMIS software, also called District Energy. A two-year system optimisation agreement with Komunalno podjetje Velenje was signed.
We continue to monitor systems in Koper, Maribor, Železniki and Trbovlje, while activities are underway to prepare projects for three cities in Serbia.
Ensuring a safe and reliable water supply constitutes one of the key challenges of the 21st century. Therefore, the quality of water sources is of exceptional importance. We provide support to public partners (municipalities) in the construction and management of treatment plants used to treat industrial and municipal wastewater, and we manage concessions for the provision of the public utility service of municipal wastewater treatment.
Currently, the procedures for the II phase of the concession agreement, or the upgrade of the Sežana municipal wastewater treatment plant from 6,000 population equivalents (PE) to 12,000 PE, are underway, and is expected to be completed in 2025. We actively participate in the compilation of new projects in the industry and carry out after-sales activities for existing clients.
Petrol manages two rounded-off economic zones (SEZs), in Ravne and Štore, where electricity distribution, compressed air generation and distribution, drinking water distribution, and other energy services tailored to each location are provided. In Ravne, we also distribute cooling water, supply technical gases (oxygen, nitrogen, argon), and treat municipal water, while in Štore, we also manage the distribution of natural gas and the cooling, treatment, and distribution of industrial water. In both zones, special attention is paid to comprehensive energy solutions for all customers.
In the field of energy solutions for households, our primary focus lay on the heat pumps and solar power plants on offer, which significantly reduce energy consumption costs in residential housing and contribute to reducing the carbon footprint.
Our solar power plant systems include both classic and hybrid solar power plants with a built-in electricity storage. The “Petrol’s New Self-Sufficiency” product was introduced, intended for customers who did not take advantage of the annual billing system. In addition to the solar power plant and battery storage, the product also includes electricity for seven years, with Borzen subsidies amounting to up to 40 percent of the investment value available. Sales of air conditioners was also very successful in 2024.
In addition to sales, we focused on optimizing and digitising processes. A customer portal that allows project status monitoring and documentation exchange was introduced.
Due to changes in legislation, especially the abolition of annual electricity billing and the introduction of a new network charge billing system, suppliers faced a significant decline in demand in 2024.
Industrial companies, especially energy-intensive ones, face numerous challenges in the energy sector, including volatile energy prices, security of supply issues, increasing sustainability targets, emission reduction pressures, the need to invest in their own energy systems, technological and management complexity, and the electrification of vehicle fleets.
The solution development trend pertaining to the generation and storage of electricity and the management of energy flows is directed towards a greater self-sufficiency, cost reduction and more reliable management of energy sources. Companies are increasingly combining advanced energy storage and management technology with sustainable generation to increase energy efficiency and reduce costs, while taking environmental requirements into account. In doing so, they need stable partners who can provide them with comprehensive energy solutions.
In the field of energy solutions for businesses, comprehensive solutions intended for efficient energy use, a greater share of renewable sources, and optimisation of system management, are developed. We help customers optimise manufacturing processes, reduce costs, and achieve carbon footprint reduction targets. Our comprehensive energy solutions render us their reliable partner on the path to sustainable transition and energy transformation.
Our comprehensive energy solutions, which include solar electricity generation, its storage, heating and cooling, energy renovation of buildings, efficient lighting, energy self-sufficiency and vehicle fleet electrification, bring about immediate savings to customers. Various financial models for implementing these solutions, allowing clients to invest their capital in their core business while taking an important step towards green transformation, are also on offer.
Efficient energy solutions are becoming increasingly complex, as synergistic effects must be sought across sectors. This renders the implementation process more complex, as it requires the appropriate configuration and management of energy systems. Customising a comprehensive solution to each customer, digitisation and streamlining processes are key factors for a successful sustainable transition without any additional risks.
Petrol provides its customers with a wide range of services, offering them comprehensive support in their sustainable transition and facilitating long-term and stable cooperation. The service includes:
In 2024, Petrol focused on developing new business models that enable customers to make a sustainable transition without a financial investment and with immediate cost reductions. These models provide a comprehensive service, whereby the customer does not need to make their own investments in energy systems, nor does it require additional staff capacity for their installation, operation and management. Nevertheless, the customer enjoys significant positive financial effects resulting from the installation and management of the systems and their exploitation in the balance responsible party and in the electricity market. Petrol invests in energy systems at the customer's location, installs, launches, operates and maintains them, and the customer immediately saves on electricity costs, ensures a long-term stable electricity price and acquires ownership of the entire system after the contractual period expires.
In 2024, Petrol developed numerous projects that included the construction of solar power plants and battery storage systems at customers' sites and their dynamic management. The total rated power of these appliances exceeds 50 MW.
EUR 26.9 million in sales revenue were generated in 2024 from heating systems. Heating systems include district heating systems, where heat is produced in one or more boiler rooms and distributed to end customers via a heating network. District heating is considered the most reliable heat supply system, as it is environmentally and cost-effective. Facilities connected to a district heating system do not need their own heating source, which results in space savings. A district heating system provides users with greater energy efficiency, without the need to invest in their own heating and maintenance. Climate change encourages the connection to district heating through legislation, as exhaust gas and CO2 emissions are minimal. On the other hand, higher outdoor temperatures, together with energy efficiency actions, reduce heat consumption. The Petrol Group is the third largest heat distributor on the Slovenian market among more than 50 district heating providers.
Heat generation and distribution is a regulated activity under the Heat Supply from Distribution Systems Act (ZOTDS), regardless of the input primary energy source. According to the aforementioned law, heat distributors must ensure that systems are energy efficient and operate according to the highest environmental standards, which is achieved through various primary energy sources. In this case, at least 50 percent of the heat must be produced from renewable energy sources (Slovenian wood chips, pellets, geothermal energy) or at least 75 percent from high-efficiency cogeneration of heat and electricity (cogeneration). A combination of cogeneration and renewable sources is also possible, provided that they together attain an at least 50 per cent share.
The most important task of a heat generator and distributor according to the ZOTDS is to ensure a reliable heat supply, which must be competitive in price, and customers must be treated in a non-discriminatory way.
In 2023, several heat pricing regulations were witnessed, mainly through the regulation of the price of natural gas as an input energy source. The Government of the Republic of Slovenia extended this regulation into 2024, where it was valid until 30 April 2024.
In 2024, we managed 36 district heating systems in the Slovenian market, out of which: 18 systems are organised as selection public utility services (concessions), for which concession agreements have been signed with municipalities, 15 systems are proprietary, and 3 operate as market distribution systems.
In 2024, the Petrol Group sold 120.3 thousand MWh of thermal energy for heating systems, which is 6 percent less than in the same period in 2023. This decline is mainly due to higher temperatures during the heating season compared to last year. Additionally, 15.2 thousand MWh of thermal energy were generated as part of energy solutions.
The distribution of natural gas allowed the Petrol Group to generate 15.0 million EUR in sales revenue in 2024.
At the end of December 2024, the Petrol Group operated 31 natural gas supply concessions in Slovenia, and, in Serbia, we supply natural gas to the municipalities of Bačka Topola and Pećinci, as well as three municipalities in Belgrade. In the Croatian market, natural gas is distributed in some municipalities in the Krapina-Zagorje and Zagreb counties.
Activities in all markets were primarily focused on completing smaller infrastructure projects and maintenance, which will enable greater cost optimisation.
In 2024, we began designing a connecting gas pipeline in the municipality of Sežana to connect the distribution network to the gas transmission network, and we are in the process of obtaining consents and easements along the planned gas pipeline route.
In 2024, the Petrol Group distributed 1,278.8 thousand MWh of natural gas, which is 8 percent more than in 2023. Despite the mild winter and a noticeable shift of customers to other energy sources (as a result of the new Energy Act (EZ-2), which prohibits the installation of new condensing boilers for household users), higher consumption compared to 2023 on the Slovenian market was impacted by the connection of larger industrial users, and in the Serbian market by the connection of new users to the network during the expansion of the distribution network.
The sales of energy commodities allowed the Petrol Group to generate EUR 2.1 billion in sales revenue in 2024.
Natural gas sales and trading
With record-breaking warm weather during the 2023/24 heating season and a decrease in industrial consumption, the situation in the natural gas market in Europe continued to deescalate in the first quarter of 2024.
In 2024, the Government of the Republic of Slovenia continued to regulate electricity prices for household customers. In 2024, regulated prices were not in place for business customers, which instead concluded new energy agreements at lower market prices than those prevailing during the energy crisis, when energy prices had reached record levels. The Petrol Group provided appropriate support to our business customers, advised them on energy leases and helped them optimise costs.
In 2024, the last self-supply units could be connected to the network subject to annual billing (annual net metering). In response to legislative changes that have transformed the way energy is billed for new self-supplies, the Petrol Group has developed and introduced a new regular offering. A special offering that combines the sale of solar power plants, battery storage systems and the supply of electricity under promotional conditions has also been launched. With this, we have taken an important step towards combining our services into a single offering for customers.
As a reliable energy partner, we welcomed and supported all self-supply customers who needed additional information or support with the transition, and included them in our supply system, where they are provided with a reliable and flexible supply.
The new network charge act, which entered into force on 1 October 2024 after multiple postponements, introduced significant shifts to the electricity system, impacting both suppliers and customers. The suppliers had to adapt their systems to the requirements of the new network charge act, which required extensive testing and technical adjustments for the smooth implementation of network charge billing.
At the same time, the Petrol Group continued to offer a wide range of system services used to support the stability of the electricity system. We actively participate in regulating the electricity system and offer solutions that include system reserves and services to maintain a balance between electricity generation and consumption.
The Petrol Group continued to expand its presence in the region in 2024. In Croatia, we remained active in the electricity supply market, where more and more business customers trust us, thereby strengthening our position in this market. In addition, we have also started signing agreements in Serbia, where we are expanding our customer portfolio.
In Bosnia and Herzegovina, we are currently in the initial phase of market research and are laying the foundations for future operations, also seeking to develop long-term and stable relationships with business customers in this market environment.
Electricity generation allowed the Petrol Group to generate EUR 20.9 million in sales revenue in 2024.
Renewable energy generation is one of the key sustainable development areas globally and an important pillar of the Petrol Group's development as a modern energy group. Developments in energy markets confirm the importance of our proprietary, long-term, guaranteed sources of energy generation. At the same time, investments in renewable electricity generation constitute a concrete contribution to strengthening self-sufficiency and the energy transition of households, the economy and the state.
The Petrol Group manages two wind power farms in Croatia (the Glunča and Ljubač windfarms), which generated 149.1 thousand MWh of electricity in 2024. In addition, we are in the final phase of developing the third wind power plant (Dazlina wind power plant), the construction of which is expected to begin in 2025. A wind power plant project in Slovenia is also in the development phase.
In the first half of 2024, three solar power plants with a total capacity of 22 MW began operating as part of the Ljubač wind farm.
IT solutions and tools are key to a quick decision-making process and the optimisation of processes in the sale and trading of electricity.
In Bosnia and Herzegovina and Serbia, we manage six small hydroelectric power plants, which generated a total of 17.8 thousand MWh of electricity in 2024.
Solar power plants in Croatia (Suknovci, Vrbnik and Pliskovo) generated over 8 thousand MWh of electricity in 2024.
The sales of mobility products and services allowed us to generate EUR 6.2 million in sales revenue in 2024. The development of e-charging points stations and of new e-mobility solutions and services constitute an important pillar of Petrol's sustainable and innovative operations.
The recognition of Petrol's network of charging stations is increasing throughout the region, both among domestic users and foreign charging service providers that enable their users to charge their vehicles in the Petrol network in Slovenia and Croatia.
By developing e-mobility services in 2024, the Petrol Group thus:
At the end of December 2024, we operated 564 charging stations across Petrol's entire charging network.
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In the final phase of the MULTI-E project, we are expanding our presence in the Slovenian and Croatian markets. In Croatia, all electrical construction work was carried out and 14 ultra-fast charging stations were installed at 8 locations in 2024. In Slovenia, ultra-fast charging stations were successfully launched at both Barje service stations, which are the first motorway locations in Slovenia with charging stations under a canopy. At the Supernova Novo mesto location, the charging park was updated with two additional ultra-fast charging stations. Ultra-fast charging stations were also installed at 7 motorway service stations. A new charging park was opened in the Supernova Maribor shopping centre, the first charging station in the P+R Dobrova parking lot was installed, and a charging park was also installed in the BTC shopping centre in Ljubljana, where 8 new charging points were added.
In April, we were selected to install high-performance charging points across Europe as part of the CROSS-E European cross-border electric charging project, together with Allego, Emobility Solutions and GreenWay. The project was selected by the European Commission and is financially supported by the Connecting Europe Facility (CEF). As part of the project, we plan to install up to 105 ultra-fast charging points at motorway locations in Slovenia and Croatia by the end of 2026.
Petrol Archive
CEF – Connecting Europe Facility
The e-mobility infrastructure is being upgraded with ultra-fast charging stations.
Numerous additional activities intended to promote the development of sustainable transport and reduce our carbon footprint are carried out. In cooperation with Ljubljanski potniški promet, we carried out a test charging of two electric buses, BYD and Mercedes, at the Barje North service stations at charging stations with a power of 300 and 350 kW.
In addition to our own investments, we also expanded the charging infrastructure network through sales projects, selling 61 charging stations to private users, 56 charging stations to business customers in Slovenia and Croatia, and two charging stations in Serbia.
service, long-term and short-term rentals vehicles and fleet management, analytics and optimisation services are offered in the market. Our objective is to provide companies, municipalities and individuals with the most efficient mobility they need at any given moment, and to be a partner in the green transition through vehicle fleet electrification.
In the area of long-term leases, cooperation with several municipalities was renewed and extended in 2024. We have entered into international cooperation with the SCMAdria group and expanded cooperation with companies such as Knauf Insulation, Schindler Slovenia, Metrob, Sava Medical, Pivovarna Laško Union and others. A partnership was established with Summit Motors, introducing a new approach to networking, which includes joint sales of operating lease services and cooperation in the sale of used vehicles through their sales network. Cooperation with Wilhelm Fricke SE was established in the Croatian market.
In the field of short-term leases, we have entered into new cooperation with Iskraemeco Middle East FZE, GP Sistemi, ReCatalyst and Pipistrel, which use our services to supplement their fleets. With a greater emphasis on monthly leases, we have successfully concluded several important partnerships, including with Butan Plin and the New Moment agency. We were also successful in being selected in a public tender for a 4-year collaboration with the Jožef Stefan Institute.
We have also established new partnerships with so-called "brokers" for international reservations, through which 37 percent more "car days" were sold in the main tourist season compared to the previous year. The short-term lease booking website (ATET/rent) has been upgraded with the option of prepayment and refund terms in various cancellation periods, allowing customers greater flexibility when renting vehicles. Website search energy optimisation activities (SEO33), used to expand recognition of our brand, allowed us to increase the number of online reservations by 20 percent compared to the previous year.
In 2024, we also started offering short-term vehicle rentals on the Croatian market. The first short-term vehicle rentals were made in the Croatian market during the main tourist season, and partnerships with brokers to obtain international reservations were entered into.
A digitised and integrated solution is essential for the strategic expansion of vehicle fleet management activities in domestic and foreign markets and, subsequently, for the activation of new, more advanced mobility services. Therefore, as far as the digitisation of vehicle fleet management and related mobility services is concerned, an agreement was signed in early 2024 for the development of a vehicle fleet management platform (FMG platform)34. Its production launch with the first key functionalities is expected in the second half of 2025.
Establishing relationships with customers and taking care of them is our priority, and new digital channels, an expanded range of energy products, and a personalised offer, we enable us to get even closer to our customers and provide them with an excellent customer experience.
By providing a great experience, customer relationships are developed, loyalty is increased, ambassadorship is promoted, we differentiate ourselves from the competition, and business results are improved. One of the key indicators of customer experience monitoring is the measurement of customer satisfaction. At the Petrol Group, customer satisfaction is monitored at all important points of contact and also in comparison with the competition.
33 SEO – Search Engine Optimisation
The most important elements that affect customer satisfaction and consumer experience, in addition to the price and quality of products and services, which are a key element in all categories/areas, are the following:
All of the above factors, if they meet and exceed customer expectations, form an integral part of an excellent customer experience, which is one of our strategic foundations and sources of future growth.
The customer experience is monitored at all contact points.
The 2024 customer satisfaction survey, which was conducted in Slovenia for the sixth consecutive year, showed that, despite increasing competition and the arrival of a strong global provider in the Slovenian service station market, our customer satisfaction was even increased compared to the previous year. Higher customer satisfaction was also recorded in other strategic areas: the loyalty programme, food on the go, contact centre, mobile application, energy commodities, solar power plants, and communication. This allows us to further strengthen the position of “custodian”, which was chosen and written into the company's strategy years ago. The greatest stability and high level of satisfaction over time are achieved through digital channels (applications, online store) and the contact centre, which are key points of contact for simplifying and speeding up processes and an important building block of an excellent customer experience.
In 2024, the satisfaction of Petrol's customers and competitors' customers in key areas, including in the Croatian and Serbian markets, was measured. The greatest satisfaction in the Croatian market was expressed by users pertaining to energy commodities and the Petrol GO mobile application, and a positive satisfaction trend has been recorded in one of the stronger points of the customer experience, i.e. the loyalty programme. We also managed to improve satisfaction with Petrol's customer loyalty programme in Serbia.
Customer experience remains Petrol's strongest dimension of its brand image. The annual Brand Power survey carried out in five markets (Slovenia, Croatia, Serbia, Bosnia and Herzegovina and Montenegro), is used to track the perception of Petrol and Petrol's brands in the general public, while at the same time observing how our competition is positioned among our customers.
dimensions of the brand and will continue to be our key focus in the future. By doing this, we want to keep our competitive advantage in the perception of our customers, as customer experience has proven to be our strongest area for many years.
Even in SEE markets, where the Petrol Group is not a leading player, our strongest dimension remains customer experience, and employee friendliness achieves by far the highest awareness among all the attributes assessed.
Fuel quality is the most important attribute when choosing a service station provider and is also a hygiene factor that the consumer expects.
The most important factor impacting the brand image in the service station category is quality fuel. Petrol remains the provider the most customers attribute this to. The constant development of both the Q Max product and brand and successful communication have placed Q Max fuel far ahead of the competition in recent years, and, in 2024, this brand strengthened further. The greatest progress has been noticed in consumer awareness that the Q Max brand is reliable. Moreover, in 2024, the majority of drivers attributed the "extends the life of engine parts" property to Q Max fuel, and the share of consumers who believe that Q Max fuel provides the lowest fuel consumption also increased.
In March 2024, we received the prestigious award Selected Trusted Brand of the Year 2024 for the Q Max fuel.
In recent years, the service station has become far more than just a place to fill up the tank of our cars. It becomes a place where we satisfy our needs, as drivers or passengers, or we visit it on foot or by bike, if it is nearby. One of the main reasons to visit is to indulge in great coffee and a quick meal on the go.
Slovenian customers prefer to go to a Petrol service station for coffee. In 2024, 10 percent more coffee aficionados chose Petrol as their favourite coffee stop than the year before. In addition to its high accessibility, they also highly rate its good taste.
The Fresh brand's freshly prepared food offering is known by 5 percent more customers than last year, and the offering was rated even better by customers than in 2023.
Picking up their package at the service station. In 2024, almost 33 thousand ratings were received.
Customers are in contact with Petrol to the greatest extent at service stations, followed by the contact centre and customer support, purchasing heating oil and the eShop, claims, and TipStop Vianor service workshops. Customers are enabled to provide immediate feedback on satisfaction with our products, services or processes on an individual channel, and, at the same time, we respond to them and fix any problems.
Our total tNPS index (total score of all measured points of contact), calculated based on the ratings received, shows a high level of satisfaction and has remained stable in recent years, whereby, in 2024, it again reached its highest value in the last five years.
Most improvements and creations of new products and services occur in response to different or changing customer needs. Petrol's research panel has been operating in Slovenia since 2018. The community consists of 4,500 members, who are often invited to participate in research on various topics. In 2024, their responses helped us understand their needs even better. In addition to our offering, they also co-created Petrol's image - they co-created our presence in the media and participated in decisions about the visual redesign of our service stations.
In 2024, we continued to upgrade the Petrol Club and communicate all the benefits of membership. The redemption of Gold Points increased by 8 percentage points. The number of loyalty points earned increased by 14 percent compared to 2023, and the number of points redeemed was 34 percent higher than in 2023.
In 2024, 8 catalogues containing the offering of the Petrol Club were published; the Petrol Club offering is also available in the Petrol eShop online store. Sales through the Petrol e-shop also increased in 2024.
In 2024, we also continued to offer more affordable products for loyalty members, which we offered in exchange for points in the Loyalty Stars and Gold Offering ranges. Throughout 2024, there was also a major prize game - The Game of All Games. By participating in 5 challenges of our big prize game, customers could win a Hosekra eco-mobile home, a Ford Turneo Courier car, as well as up to EUR 2,000 for shopping, spa treatments, and other prizes.
Satisfaction is maintained at a high level and it has been increasing in the last two years.
The Petrol GO mobile application was launched in February 2024 and constitutes Petrol's key digital tool for improving the customer experience and optimising sales processes. It enables simpler and faster payments at Petrol service stations, and also serves as a tool for Petrol Club members to monitor their Gold Points and take advantage of the benefits.
Additional security improvements have been introduced: a security password for entering the application and biometric authentication for payments over EUR 50, with the option of a PIN code as an alternative. The one-stop purchase with the Petrol GO app allows Petrol customers to shop easily and quickly at service stations, without having to visit the cash register.
Win!”, which emphasizes speed and ease of use, enabled us to achieve a greater awareness of the application and the benefits of using it. In 2024, the Petrol GO application received the 2024 DIGGIT Gold Award for design and customer experience, the 2024 Marketing Excellence Award in all the announced categories and also received the title 2024 WEBSI in the Mobile Applications category, which places it among the best digital projects in Slovenia. The Petrol GO app is also a monitoring tool for Gold Points and claiming benefits.
Petrol’s Customer Support and Sales Contact Centre provides integral and friendly customer care services for retail customers and business partners. We are available year-round via various communication channels, such as telephone calls, e-mail, social networks, mobile apps, websites, a chatbot and video calls. We regularly monitor customer satisfaction and, based on the results, make improvements to increase the quality of our services. In 2024, customer satisfaction measurement again delivered good results and showed high satisfaction. We are committed to digitalising our business, developing self-service customer channels and going paperless, which contributes to a more sustainable business. In 2024, we started implementing AI-driven solutions into customer support processes to further optimise processes.
Customer complaints, problems and other feedback are key to making improvements in every aspect of business operations. We have an efficient complaint handling system in place, which includes regular information on the handling procedure to customers. The process is fully digitalised. In 2024, customer support processes and standards were additionally improved and unified to further increase the service quality throughout the Petrol Group.
Quality and excellence are embedded in the Petrol Group’s strategy for the 2021–2025 period, which is why we are constantly upgrading and expanding our quality management systems. Petrol has the following certified systems in place: quality management system (ISO 9001), environmental management system (ISO 14001), and energy management system (ISO 50001). In addition to the certified systems, the Company’s comprehensive quality management system incorporates the requirements of the HACCP food safety management system, of the ISO 45001 occupational health and safety system and of the ISO 27001 information security system.
Public
An inspection body accredited by Slovenian Accreditation with the accreditation number K-040 in the field of inspection (SIST EN ISO/IEC 17020, Type C – General criteria for the operation of various types of bodies performing inspections) also operates as part of Petrol d.d., Ljubljana.
The inspection body has 19 accredited test methods for the inspection of flow and tyre pressure measuring devices, pressure equipment, the tightness of fixed steel reservoirs, the wall thickness of liquid fuel reservoirs, the measurement of dielectric strength of liquid fuel reservoir insulation and the measurement of noise in the natural and living environment.
Petrol d.d., Ljubljana has a Responsible Care Certificate for its activities relating to storage, logistics and the retail network of service stations in Slovenia, an FSC certificate for the sale of FSC-certified products, and an ISCC certificate for trading and storing renewable energy sources.
36AEO – Authorised Economic Operator
| Company | Quality management system | Environmental management system | Energy management system | Laboratory accreditations | Other certificates |
|---|---|---|---|---|---|
| Petrol d.d., Ljubljana | ISO 9001:2015 | ISO 14001:2015 | ISO 50001:2018 | SIST EN ISO/IEC 17025:20171, SIST EN ISO/IEC 17020:20122 | ISCC3, RC4, FSC5, AEO6 |
| Petrol d.o.o. | ISO 9001:2015 | ISO 14001:2015 | |||
| Petrol d.o.o. Beograd | ISO 9001:2015 | ISO 14001:2015 | EN 45001 | ||
| Beogas d.o.o. | ISO 9001:2015 |
At the Petrol Group, great attention is paid to improving the products and services offered to our customers, as well as to introducing new technologies and systems into our processes. It is also important to work towards sustainable development, including reducing the Group's environmental footprint, introducing cleaner technologies, and improving resource efficiency.
In 2024, the Petrol Group was active in the following R&D projects:
In 2024, the most funds were allocated to completing the construction of the Barje North and Barje South replacement motorway service stations and the redesign of the service stations at Petrol d.d., Ljubljana, and Petrol d.o.o. (Zagreb). In accordance with the adopted strategy of the Petrol Group until 2025, a large share of investment funds was allocated to energy transformation, namely the expansion of operations pertaining to energy and solutions in Slovenia and in the SEE markets. Investments were also made in expanding sales, upgrading and maintaining logistics capacities in Slovenia. A large part of the funds was also allocated to digitisation.
In Slovenia, the comprehensive redesign of the Ljubljana Barje AC South service station was completed in January 2024, and the comprehensive redesign of the Ljubljana Dunajska 70 service station was completed in April, boasting a new visual image and concept that reflects Petrol's vision of a service station of the future. The redesign of the interior of the Ljubljana Črnuče – Štajerska service station was completed in June and also included the redesign of the roofing system. In July and August, a comprehensive redesign of the service stations flooded in 2023 (Otiški Vrh, Nazarje and Žerjav) were completed, and, in August, a comprehensive redesign of the Ajdovščina Goriška service station was completed. In the last two months of 2024, the redesign of the Lipica and Štaloni service stations was completed, and the new construction of the Zreče service station began. The latter will be completed in February 2025.
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In Croatia, the redesign of the Zadar Gaženica store was completed in July, and we rented the Split Zagorski put service station, which was also redesigned in accordance with Petrol's corporate identity upon takeover. The redesign of the Varaždin Gospodarska service station was completed in October. In November, the implementation of minor redesigns of several service stations, whereby the redesign of the Beli Manastir, Zagreb Velikogorička, Osijek Divaltova, Osijek Mandičeva, Virje, Majerje and Varaždin Optujska service stations has already been completed.
In Serbia, the redesign of the Petrovaradin service station was completed in April, and, in December, we rented the Inđija Vojvoda Putnik service station, which is redesigned in line with the new visual image of a Petrol's service station of the future. In Montenegro, the complete redesign of the Podgorica service station of Mitar Bakić was completed in July.
At all Petrol warehouses, legally required risk reduction projects and projects are implemented, as well as minor investment and maintenance works to ensure the sound operation of installations. At the petroleum products warehouse Zalog, a documentation compilation project for major redesign and replacement of supply pipelines used for extinguishing/cooling and cooling rings for tanks was underway. Its implementation is foreseen in 2025. At the petroleum products warehouse in Lendava, the investment to ensure the storage and mixing of biofuels was completed in 2024. In the petroleum products warehouse in Rače, we as co-investors (in addition to the majority owner ZRSBR37) launched a major redesign project of the railway siding. At the petroleum products warehouse in Sermin, the floor of three tanks was redesigned, and project documentation for the renovation of the control room was compiled. We also began compiling project documentation and obtaining a building permit for the new parking lot. Minor investment and maintenance works were also carried out at all warehouses.
The logistics platform, which automates and optimises energy commodities supply chain processes, will be upgraded further and introduced in all Petrol Group companies.
As far as the generation of electricity from renewable sources is concerned, the development phase of the third wind power plant (Dazlina wind power plant) was completed at the end of 2024. Its construction is scheduled for 2025. A wind power plant project in Slovenia is also in the development phase. In 2024, as part of the Petrol Green project, in addition to 85 existing power plants, solar power plants were installed at an additional 43 own facilities in Slovenia, bringing the additional installed power of the power plants to 1.0 MW. The first phase of the Petrol Green project in Croatia and the first solar power plant in the Republic of Serbia are also in preparation.
Digital logistics solutions will allow us to improve business efficiency and reduce CO2 emissions by 10 percent.
As far as energy solutions are concerned, two major public lighting replacement agreements in Serbia were signed as part of efficient public lighting – in the city of Subotica and the municipality of Mali Iđoš. These investments are foreseen to be implemented in 2025. The concession expansion project with the municipality of Molve in Croatia was completed. There were also projects for the market, including the implementation of heating stations, central control systems and expansions of various projects.
As far as mobility is concerned, investments were made in the expansion of charging infrastructure and in vehicles for providing mobility services in all markets, which is presented in more detail in section 8. Operations by product groups.
The year 2024 was full of information-communication technology challenges. Critical infrastructure upgrades were implemented, key partnership agreements were renewed, all digitisation projects of the Petrol Group were actively participated in, the security of Petrol's IT ecosystem was improved and upgraded and the smooth operation of key IT solutions and infrastructure to support operations was ensured.
In 2024, the Petrol Group continued to implement strategic actions intended to strengthen digital resilience, which is crucial for the continuity of its operations and the trust of all stakeholders. Increased dependence on digital technologies and the complexity of IT systems have brought new challenges that require a comprehensive and proactive approach to risk management.
2024 was primarily marked by internal IT risks, which primarily include the possibility of unauthorised access to sensitive data, employee errors, and vulnerabilities in IT systems. The supply chain risk remains one of the key risks, as cooperation with various external partners and suppliers carries the risk of intrusion into our systems through vulnerabilities in third parties. In this context, an ongoing assessment of our suppliers' security practices has been conducted and stricter contractual cybersecurity obligations are being introduced.
The implementation of a large-scale cyber exercise, which tested the multi-layered protection of...
38 CRM – Customer Relationship Management
39 EPRM – Energy Portfolio Risk Management
Our information systems, is highlighted as one of the most important IT achievements in 2024. The exercise simulated various cyber-attack scenarios and tested the responsiveness and coordination of internal teams and external partners. The results confirmed a high level of preparedness and highlighted additional areas for improvement.
By introducing an administrative access management solution, regular employee training, and secure cooperation with suppliers, a solid foundation for further strengthening IT security in the Petrol Group has been established. This way, a reliable and secure operation of our systems is secured and the interests of all stakeholders protected.
Many activities were also aimed at ensuring compliance with new regulatory requirements, such as NIS 2 and DORA. The new requirements impose more responsibility, especially on the company's management, and failure to comply therewith results in high penalties.
Aware that this is crucial for successful operations in a rapidly changing digital environment, Petrol remains committed to continuously improving IT security. Our actions not only reduce risks, but also strengthen the trust of our customers, partners, and employees. Our commitment and success in this area is also confirmed by the highest rating of A, which was awarded to us in June 2024 based on the Cybersecurity Rating awarded by Security Scorecard.
For many years, the Petrol Group has been considered one of the biggest supporters of Slovenian and regional sports. Through sponsorships, we contribute to the development of various sports and to the success and development of athletes in Slovenia and the region. We sponsor individuals, clubs and associations, as well as sporting events at the national and international level. By supporting sports and culture, we strengthen the company's reputation and ensure a greater recognition of our own brands.
Petrol is traditionally present in winter sports, where our support for the Slovenian Ski Association stands out, through which all age categories of the national teams have been sponsored for many years. As a personal sponsor, we support a top athlete, currently the best competitor in technical alpine ski racing disciplines, Žan Kranjec. We also sponsored the 2024 FIS Snowboarding World Cup Rogla in 2024.
The Petrol Group is also present in summer sports. As one of the largest sponsors, we support the Basketball Association of Slovenia, the Football Association of Slovenia, the Volleyball Association of Slovenia, the Tennis Association of Slovenia, the Gymnastics Association of Slovenia, and numerous larger and smaller clubs, including the Cedevita Olimpija Basketball Club, the Jesenice Ice Hockey Skating Association, the Bravo Football Club, the Domžale Helios Suns Basketball Club, the Branik Maribor Tennis Club, and other smaller sports teams.
Just like in winter, we also supported several major summer sporting events, including the charity sporting event Night of the Dragon with Goran Dragić's farewell match at the end of his professional basketball career and the international ITF (International Tennis Federation) women's tennis tournament in Maribor. In addition, as the largest sponsor and name bearer, we have already supported the 30th international mountain speed race Q Max Petrol Ilirska Bistrica and several smaller sporting events, such as the Triglav Run.
The presence in numerous sports is rounded off by our sponsorship of the Olympic Committee of Slovenia and the Slovenian Olympic teams.
Brumen and others. As far as culture is concerned, we have been collaborating with the Ljubljana and Lent Festivals for many years and support the organization of cultural events at the Ljubljana City Theatre and Cankarjev Dom (the Veličastni- Magnificent subscription series). We were also active as sponsors in Croatia in 2024, where we supported the Croatian Football Federation, the Croatian Olympic Committee, and the Zadar Basketball Club.
Through the Our Energy Connects project, we helped organizations and individuals in local environments for the fourteenth time. As part of the project, each service station in Slovenia proposes a humanitarian project, for which 200 EUR are allocated. In total, 135 different humanitarian projects implemented by non-profit organisations were supported. As part of this project, a total of more than EUR 860 thousand have been donated to local humanitarian projects over the past fourteen years.
In 2024, EUR 10,000 were donated to the Slovenian Forest Service and the assets were used to restore almost 20 hectares of Slovenian forests. Petrol employees also participated in reforestation campaigns.
Numerous cultural, sports and environmental projects are supported through sponsorships.
At the end of 2024, we carried out a charity campaign Together we Help, in which we joined forces with members of the Petrol Club, the Red Nose Association and Slovenian Forest Service, with the aim of collecting gold points for a good cause – 1,000 children's smiles and 1,600 honey trees. The raised EUR 10,000 in assets will be used by the Red Nose Association for its activities in Slovenian hospitals, and by the Slovenian Forest Service to supplement naturally grown seedlings with seedlings of honey-producing forest tree species.
The Cent Collection charity campaign, which was first launched at the end of 2022 in cooperation with the Slovenian Ski Association to help young and talented Slovenian alpine skiers, was continued in 2024. The "Ski Cents" campaign was extended to the "Tennis Cents" campaign to help young and talented tennis players, and "Gogi Cents" to help young basketball talents. With the help of our customers at Petrol service stations who rounded up the amounts on their bills, we collected and donated more than EUR 220,800 to young talents in 2024.
As far as sustainability is concerned, Petrol Group employees have the opportunity to join the community of sustainability ambassadors, and we also have the Me Too! portal available. Its purpose is to foster closer environmental awareness and sustainable management cooperation and integration of employees in reducing the carbon footprint. Employees are called upon and obliged to follow efficient use instructions for heating, cooling, ventilation, lighting and electrical appliances, that the Be the Hero of Your Environment! campaign also contributes to.
Social responsibility is implemented by actively supporting numerous humanitarian projects.
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The Heart for the Planet sustainability label project, with which we began labelling sustainable products, services and activities in 2023 with the aim of allowing users to recognise them more quickly, continued in 2024. The symbol communicates that by choosing to support our fellow human beings, nature, or progress, we become an active participant in more responsible, sustainable behaviour and conduct.
In 2024, the Corporate Volunteering Week was extended to a longer period of time - it took place throughout the year. As part of the We Give Back to Society campaign, seven volunteer campaigns across Slovenia and two in Croatia were organised, attended by 42 employees. Petrol contributed 84 hours of their working time to these activities, and the volunteers additionally dedicated the same number of hours of their free time, thus further contributing to the successful implementation of the campaigns.
In 2024, we also participated in the Become Petrol's Santa Claus charity campaign, as part of which we joined forces with the Anita Ogulin & ZPM Association and our employees from Slovenia collected more than 200 New Year's gifts for children from socially disadvantaged backgrounds.
The internal audit functions organisationally as a standalone and independent support function within the parent company. Organisationally, it reports directly to the Management Board of the company, and, functionally, to the Audit Committee or Supervisory Board of the company. It operates at the level of the entire Petrol Group in compliance with the International Standards for the Professional Practice of Internal Auditing. A goal of the internal audit function is to provide objective assurance to the Management Board and the Audit Committee and to advise at all levels on the protection of assets, compliance with legislation and internal regulations, improvement of the risk management quality and efficiency and, consequently, the operations of the Petrol Group. This helps achieve strategic and business objectives in accordance with best practice principles.
The internal audit operates in accordance with the Internal Audit Charter and is guided by the principles of independence, professionalism, impartiality and ethical principles, which form the foundation of the auditing profession. The annual work plans and annual reports of the internal audit are approved by the Management Board, the Audit Committee takes note thereof, and the Supervisory Board of the company consents to the plans and reports. The internal audit regularly reports on its work to the Management Board and at least quarterly to the Audit Committee of the Supervisory Board. In 2024, it reported to the Audit Committee on a quarterly basis on all audits conducted, significant findings and proposed actions to improve the internal control and risk management system in the Petrol Group.
In 2024, in accordance with the International Standards for the Professional Practice of Internal Auditing, an external quality assessment of the internal audit function operation was carried out by an independent international audit firm. The results of the assessment confirmed that the internal audit in the Petrol Group operates in accordance with applicable standards. The external assessment also included a comparative analysis of certain indicators with comparable companies around the world. This showed that the internal audit in the Petrol Group is comparable, and in certain indicators, performs better than the internal audit departments of comparable companies around the world. The next assessment is scheduled for the end of 2029.
In 2024, the internal audit also implemented certain procedures that contribute to higher quality work:
In 2024, internal audit strengthened cooperation with other internal assurance providers, mainly with the following sectors: corporate security and business control (pertaining to the commodity and financial monitoring of service stations, logistics and warehouses) and the Management Board Office and business compliance (pertaining to compliance with key regulations).
In 2024, activities were also focused on updating key internal acts and internal audit methodology as part of preparations for the new Global Internal Auditing Standards, which enter into force in January 2025.
The work of Internal Audit in sustainability is detailed in the Sustainability Report.
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Mbills d.o.o. changed its name into Petrol Pay d.o.o.
As at 31 December 2024, the Petrol Group diagram does not include inactive companies.
| Fuels and petroleum products | Merchandise and services | Energy and solutions | Other |
|---|---|---|---|
| The parent company | Petrol d.d., Ljubljana | ||
| Subsidiaries | Petrol d.o.o. (100%) | ||
| Petrol javna rasvjeta d.o.o. (100%) | |||
| Adria-Plin d.o.o. (75%) | |||
| Petrol BH Oil Company d.o.o. Sarajevo (100%) | |||
| Petrol d.o.o. Beograd (100%) | |||
| Petrol Lumennis PB JO d.o.o. Beograd (100%) | |||
| Petrol Lumennis VS d.o.o. Beograd (100%) | |||
| Petrol Lumennis ZA JO d.o.o. Beograd (100%) | |||
| Petrol Lumennis ŠI JO d.o.o. Beograd (100%) | |||
| Petrol KU 2021 d.o.o. Beograd (100%) | |||
| Petrol Lumennis KI JO d.o.o. Beograd (100%) | |||
| Petrol Lumennis SU JO d.o.o. Beograd (100%) | |||
| Petrol Lumennis MI JO d.o.o. Beograd (100%) | |||
| Petrol Crna Gora MNE d.o.o. (100%) | |||
| Petrol Trade Handelsges.m.b.H. (100%) | |||
| Beogas d.o.o. Beograd (100%) | |||
| Petrol LPG d.o.o. Beograd (100%) | |||
| Petrol LPG HIB d.o.o. (100%) | |||
| Petrol Power d.o.o. Sarajevo (100%) | |||
| Petrol-Energetika DOOEL Skopje (100%) | |||
| Petrol Bucharest ROM S.R.L. (100%) | |||
| Petrol Hidroenergija d.o.o. Teslić (80%) | |||
| Vjetroelektrane Glunča d.o.o. (100%) | |||
| IG Energetski Sistemi d.o.o. (100%) |
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Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report 124
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PricewaterhouseCoopers d.o.o.,
Cesta v Kleče 15, SI-1000 Ljubljana, Slovenia
T: +386 (1)5836 000, F: +386 (1) 5836 099, www.pwc.com/si
Matriculation No.: 5717159, VAT No.: SI35498161
The company is entered into the company register at Ljubljana District Court under Insert no. 12156800 per resolution Srg. 200110427 dated 19 July 2001 and into the register of audit companies at the Agency for Public Oversight of Auditing under no. RD-A-014/94. The registered share capital is EUR 34,802. The list of employed auditors with valid licenses is available at the company’s registered office.
Translation note: This version of our report is a translation from the original, which was prepared in Slovenian. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.
To the shareholders of Petrol d.d.
We have conducted a limited assurance engagement on the consolidated sustainability statement of Petrol d.d. (the “Company”), included in Sustainability Statement of the Integrated Business Report (the “consolidated Sustainability Statement”), as at 31 December 2024 and for the period from 1 January 2024 to 31 December 2024.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the consolidated Sustainability Statement is not prepared, in all material respects, in accordance with the Article 70 (č) of the Company’s Act (ZGD-1) implementing Article 29 (a) of EU Directive 2013/34/EU, including:
process carried out by the Company to identify the information reported in the consolidated Sustainability Statement (the “Process”) is in accordance with the description set out in note IRO-1 (Description of the processes to identify and assess material pollution-related impacts, risks and opportunities);
We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information (“ISAE 3000 (Revised)”), issued by the International Auditing and Assurance Standards Board.
This version of our report is a translation from the original, which was prepared in Slovenian. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Practitioner’s responsibilities section of our report.
We have complied with the independence and other ethical requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
The firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Management of the Company is responsible for designing and implementing a process to identify the information reported in the consolidated Sustainability Statement in accordance with the ESRS and for disclosing this Process in note IRO-1 (Description of the processes to identify and assess material pollution-related impacts, risks and opportunities); of the consolidated Sustainability Statement. This responsibility includes:
Management of the Company is further responsible for the preparation of the consolidated Sustainability Statement, in accordance with the Article 70 (č) of the Company’s Act (ZGD-1) Article 29(a) of EU Directive 2013/34/EU, including:
in compliance with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”);
Those charged with governance are responsible for overseeing the Group’s sustainability reporting process.
In reporting forward-looking information in accordance with ESRS, management of the Company is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the consolidated Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the consolidated Sustainability Statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement.
This version of our report is a translation from the original, which was prepared in Slovenian. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.
A limited assurance engagement involves performing procedures to obtain evidence about the consolidated Sustainability Statement. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.
The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstatements are likely to arise in the consolidated Sustainability Statement, whether due to fraud or error.
o obtaining an understanding of the Group’s control environment, processes and information system relevant to the preparation of the consolidated Sustainability Statement, but not for the purpose of providing a conclusion on the effectiveness of the Group’s internal control;
The comparative information included in the consolidated Sustainability Statement of the Company as at 31 December 2023 and for the period from 1 January 2023 to 31 December 2023 was not subject to an assurance engagement. Our conclusion is not modified in respect of this matter.
For and on behalf of PricewaterhouseCoopers d.o.o.
Primož Kovačič
Dušan Hartman
Director, Certified auditor
Certified auditor
Ljubljana, Slovenia, 9 April 2025
The sustainability statement has been prepared in accordance with the Corporate Sustainability Reporting Directive (CSRD), the Slovenian Companies Act (ZGD-1M) and the European Sustainability Reporting Standards (ESRS). The basis for disclosing environmental, social, and governance impacts, risks, and opportunities is the double materiality assessment of the Petrol Group. The parent company of the Group ensures that all its subsidiaries are included in a manner that enables credible disclosure of all material impacts, risks, and opportunities.
The disclosures also cover the upstream and downstream parts of the Group’s value chain, where significant impacts, risks, and opportunities have been identified through the due diligence process and double materiality assessment in relation to specific stakeholder groups within the value chain. Our data covers Tier 1 suppliers and direct customers. These disclosures are provided in sections ESRS E1, S3, S4 and G1.
No specific information related to intellectual property, know-how, or innovation outcomes has been omitted from the sustainability statement.
In our disclosures, we follow the medium- and long-term time horizons defined in the ESRS standards, except in the thematic disclosures in the ESRS E1 section, where they are specifically defined based on our strategic documents.
For the purposes of the integrated annual report, the terms sustainability statement and sustainability report are used interchangeably given their use in the CSRD and ESRS.
CSRD – Corporate Sustainability Reporting Directive
Slovenian: ZGD – Zakon o gospodarskih družbah.
ESRS – European Sustainability Reporting Standards
The following companies are excluded: Petrol javna rasvjeta d.o.o.; Adria-Plin d.o.o.; Petrol BH Oil Company d.o.o., Sarajevo; Petrol d.o.o., Beograd; Petrol Lumennis PB JO d.o.o., Beograd; Petrol Lumennis VS d.o.o., Beograd; Petrol Lumennis ZA JO d.o.o., Beograd; Petrol Lumennis ŠI JO d.o.o., Beograd; Petrol KU 2021 d.o.o., Beograd; Petrol Lumennis KI JO d.o.o., Beograd; Petrol Crna Gora MNE d.o.o.; Petrol Trade Handelsges.m.b.H; Beogas d.o.o., Beograd; Petrol LPG d.o.o., Beograd; Petrol LPG HIB d.o.o.; Petrol Power d.o.o., Sarajevo; Petrol-Energetika DOOEL Skopje; Petrol Bucharest ROM S.R.L.; Petrol Hidroenergija d.o.o., Teslić; Vjetroelektrane Glunča d.o.o.; IG Energetski Sistemi d.o.o.; Petrol Geo d.o.o.; Petrol Pay d.o.o.; Atet d.o.o., Ljubljana; Atet Mobility d.o.o., Zagreb; STH Energy d.o.o., Kraljevo; Petrol - OTI - Terminal L.L.C.; Petrol Skladiščenje d.o.o.; Geoplin d.o.o., Zagreb; and Zagorski metalac d.o.o.
We use metrics in our disclosures that include value chain data estimated from indirect sources in the Environment section, namely for the carbon footprint and energy consumption (E1), and for the calculation of municipal waste volumes – based on data from business partners (E5). These metrics are explained in more detail in their respective sections and are assessed as appropriate. Going forward, we will continue to enhance our methodologies and data to ensure the highest possible accuracy of our disclosure metrics.
Our disclosures do not contain any quantitative metrics or monetary amounts that are subject to a high degree of measurement uncertainty. Disclosures under the EU Taxonomy Regulation are also included in the sustainability statement.
In 2024, due to a stricter approach to compliance with minimum safeguards and activity alignment criteria, certain activities were reclassified into the Taxonomy-eligible category. Consequently, for fixed asset investments, we included the total amounts allocated to new construction (7.1 Construction of new buildings) and the renovation of existing buildings (7.2 Renovation of existing buildings), not just investments in energy-efficient equipment (7.3 Installation, maintenance and repair of energy-efficient equipment) and heat pumps (4.16 Installation and operation of electric heat pumps), which were implemented as part of broader renovations and upgrades. Investments in all passenger vehicles under activity 6.5 Transport by motorcycles, passenger cars and light commercial vehicles were also considered.
The scope of consolidated companies remained unchanged compared to 2023 and includes Petrol, d.d., Ljubljana and its direct subsidiaries in Slovenia and Croatia. In 2024, Ekoen d.o.o. and Ekoen S d.o.o. were merged into Petrol, d.d., Ljubljana, while Vjetroelektarna Ljubač d.o.o. was merged into Vjetroelektrane Glunča d.o.o.
To ensure comparability, 2023 data were appropriately adjusted and are included in the comparative tables for 2024.
For the sake of completeness of disclosures and a clear structure of the sustainability statement, certain disclosures are incorporated by reference (in accordance with ESRS 1, section 9.1 Incorporation by reference). These are listed in the table below.
| Disclosure requirements and related data points | Disclosures of other legislation | Link in the report |
|---|---|---|
| Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 | Regulation (EU) 2020/852 and related delegated acts (EU Taxonomy) | |
| GOV-1 21 a – Number of executive and non-executive members | Business Report, Chapter 3 Corporate Governance Statement | |
| GOV-1 21 b – Representation of employees and other workers | Business Report, Chapter 3 Corporate Governance Statement | |
| GOV-1 21 c – Experience in relation to the Company’s sectors, products and geographical locations | Business Report, Chapter 3 Corporate Governance Statement | |
| GOV-1 21 d – Gender balance and other aspects of diversity taken into account by the Company | Business Report, Chapter 3 Corporate Governance Statement | |
| GOV-1 21 e – Percentage of independent board members | Business Report, Chapter 3 Corporate Governance Statement | |
| GOV-1 23 a – Information on sustainability-related expertise that the body as a whole either directly possesses or can draw on | Business Report, Chapter 3 Corporate Governance Statement and Appendix C | |
| GOV-1 23 b – Disclosure of how skills and expertise related to sustainability are linked to material |
The Petrol Group has established processes, controls and management procedures used for monitoring, managing and supervising sustainability matters. Chapter 3– Corporate Governance Statement – and Annex C disclose the composition and diversity of the management and supervisory bodies, their roles, responsibilities and experience in relation to the sectors, products and geographical locations of the Petrol Group, as well as access to expertise and skills regarding sustainability matters.
Petrol d.d., Ljubljana operates in compliance with the Companies Act (ZGD-1), which regulates the two-tier management system and defines the role of employee representatives on the Supervisory Board. In accordance with the Articles of association of Petrol d.d., Ljubljana, employees have the right to represent their interests on the Supervisory Board through employee representatives. The Articles of Association provide that three of the nine members of the Supervisory Board represent the employees. These employee representatives are appointed in accordance with the Employee Participation in Governance Act (Slovenian: ZSDU - Zakon o sodelovanju delavcev pri upravljanju).
In more detail, the powers and responsibilities of the Management Board and Supervisory Board are disclosed in Chapter 3 Corporate Governance Statement.
One of the key building blocks of the Petrol Group's governance system is the impact, risk and opportunity management system. The company’s Management Board ensures an efficient governance system, the basis of which is an appropriate organisational structure. The Petrol Group has established a systematic approach to managing impacts, risks and opportunities, which includes governance at the level of individual companies, appropriate monitoring of impacts, risks and opportunities of individual companies within the Group, and the management of impacts, risks and opportunities at the level of the Petrol Group.
The HACCP food safety management system, the ISO 45001 occupational health and safety management system and the information security management system in compliance with the SIST ISO 27001 standard are also included in the integrated quality system of the company. Responsible officers are appointed for all systems.
There are three lines of defence in place to manage risks and opportunities: internal control systems, key functions, and internal audit.
The first line of defence comprises directors and heads of organisational units, who identify, analyse and assess risks, and establish mechanisms to manage or reduce them to an acceptable level.
The second line of defence includes functions that monitor, based on various analyses, whether identified risks remain within the pre-defined boundaries. In the Petrol Group, this includes individuals responsible for risk management, various controllers, business compliance officers, fraud investigators, and personnel conducting reviews specific to the Group’s activities (key functions). The key compliance monitoring function is performed within the Board Office and Compliance Department.
The third line of defence is internal audit, which provides independent assurance. In addition, external auditors, external supervisors and other institutions — while not part of the Petrol Group — also play a significant role in the Company’s governance structure.
At the strategic level, the Management Board ensures that operational activities are aligned with the business strategy and sustainability vision. The ESG and Climate Change Committee serves as the Management Board’s strategic advisory body on sustainability and climate-related matters. In addition to the President and Members of the Management Board, permanent members of the Committee include directors of all areas where sustainability-related impacts, risks and opportunities have been identified. These areas are: sustainable development, quality and safety, human resources, the Board Office and Compliance, marketing and digital sales, corporate communications, strategy, internal audit, risk management, finance, energy generation, energy solutions and mobility, and strategic and technical procurement.
By overseeing and evaluating the effectiveness of impact, risk and opportunity management systems, the Supervisory Board contributes to compliance with international corporate governance standards and supports the Company’s long-term stability.
The link between the responsibilities of each body regarding impacts, risks and opportunities and the Company's powers, the mandate of the Company's Board and other related company policies.
Petrol's management of impacts, risks and opportunities related to sustainability is based on clearly defined responsibilities and powers of the Management Board and the Supervisory Board. Sustainability aspects monitored include:
51 ESG – Environmental, Social, and Governance
The Petrol Group has established a systematic approach to managing impacts, risks and opportunities, which includes governance at the level of individual companies.
The Management Board and the Supervisory Board exercise oversight over sustainability aspects through formalised procedures:
Monitoring sustainability aspects is organised and formalised through specific mechanisms. The Management Board is responsible for implementing sustainability policies and coordinating activities across all business units, including operational processes for risk management and sustainable development. The Supervisory Board monitors the implementation of sustainability strategies and assesses their alignment with business targets. Monitoring is supported by annual sustainability reports and compliance assessments conducted in accordance with international corporate governance standards.
Petrol's structure facilitates a comprehensive and coordinated approach to monitoring, managing and controlling impacts, risks, and opportunities at all levels of the organisation. The Management Board is responsible for the operational implementation and integration of impacts, risks and opportunities into business processes.
ESRS 2 GOV-1 22c
Petrol's management of impacts, risks and opportunities related to sustainability is based on clearly defined responsibilities and powers of the Management Board and the Supervisory Board.
Regular top-down communication between the management, B-1 level managers and other responsible functions ensure the alignment of sustainability targets with operational activities.
The ESG and Climate Change Committee acts as an interdisciplinary advisory body, bringing together internal experts from various fields, such as sustainable development, human resources, finance, procurement, and others. Although the ESG and Climate Change Committee does not play a direct role in corporate governance, it contributes to strategic support through the following activities:
The Supervisory Board plays a key role in overseeing strategic sustainability issues, particularly from the perspective of alignment with the Company's long-term vision. Its tasks include the following activities:
Petrol provides structured reporting lines and coordination between all relevant functions. The Management Board reports to the Supervisory Board, upon request, on key impacts, risks and opportunities, and on progress in achieving sustainability targets. Communication between the Management Board and the B-1 level and other internal functions ensures that sustainability parameters are consistently integrated into operational processes.
Senior management, the level of directors who report directly to the Management Board. The ESG and Climate Change Committee acts as an interdisciplinary advisory body, bringing together internal experts from various fields.
Key functions such as internal audit, sustainable development, compliance and risk management support the implementation of sustainability policies.
Petrol systematically monitors and manages impacts, risks and opportunities through a multi-layered structure that includes the Management Board, the Supervisory Board and the ESG and Climate Change Committee.
The Management Board is responsible for designing and implementing sustainability plans and solutions, including monitoring and managing impacts in key areas. Members of the board participate in the work of the ESG and Climate Change Committee and directly oversee the achievement of sustainability-related targets.
The ESG and Climate Change Committee and other relevant business units. It also participates in consultations on key risks and opportunities related to sustainability issues.
The ESG and Climate Change Committee is a key strategic and operational coordination mechanism for sustainability matters. Its responsibilities include the following tasks:
The Committee is composed of permanent and specially invited advisory members, including the President and members of the Management Board, as well as senior management (B-1) and heads of key sectors, including sustainability, compliance, risk management, internal audit, marketing, energy solutions and procurement.
Petrol is striving to further improve its control mechanisms by establishing specific working groups and advisory committees that will include internal and external experts and further strengthen accountability and efficiency in achieving sustainability targets.
Petrol has established initial mechanisms for monitoring, managing and reporting on impacts, risks and opportunities within the scope of environmental, social, and governance (ESG) matters. Reporting in these areas is currently conducted through existing structures and processes, with the Company actively working towards implementing a more comprehensive reporting system in line with the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS).
The Management Board is responsible for the operational and strategic direction of ESG matters. The ESG and Climate Change Committee supports the Management Board by regularly addressing key issues, including aligning ESG targets, identifying risks and opportunities, and making recommendations to achieve strategic goals.
Petrol has established initial mechanisms for monitoring, managing and reporting on impacts, risks and opportunities within the scope of environmental, social, and governance (ESG) matters.
Until now, standalone sustainability reports have been issued separately every two years. The Petrol Group's annual reports have included shorter sustainability disclosures covering strategic directions, achievements, challenges, targets, and actions and programmes. These reports have been prepared in accordance with the GRI (Global Reporting Initiative) standards.
Petrol has established an initial framework for managing impacts, risks and opportunities, based on a purpose-built system of controls and procedures. These mechanisms ensure the coordinated operation of various internal functions, ensuring a comprehensive approach to sustainable management.
Key controls and procedures for managing impacts, risks and opportunities focus on the following areas: monitoring ESG targets, risk management, and business continuity and crisis management.
Dedicated controls and procedures are directly linked to several internal functions, such as finance, strategic planning, internal audit, compliance, and sustainable development. The collaboration of these functions ensures that all aspects of impact, risk and opportunity management are effectively linked and support common targets.
The Company's Management Board is responsible for setting and implementing targets, while the Supervisory Board performs the function of a supervisory body and ensures that progress is monitored and that targets are consistent with the long-term strategy.
The Management Board and the ESG and Climate Change Committee monitor progress towards achieving the targets using specific performance indicators covering areas such as carbon footprint, energy efficiency and regulatory compliance. The Supervisory Board monitors progress through periodic reviews and additional reports as needed.
Petrol recognises that appropriate knowledge, skills and access to expert insight are crucial for the effective management of impacts, risks and opportunities related to sustainability matters. Members of the Management Board bring expertise from a wide range of fields, including energy, energy transition, finance, risk management, logistics, IT, sustainable development, business compliance, sales and strategic planning. Each member contributes to the Company’s sustainability goals from the perspective of their area of responsibility, as presented in Chapter 3, Corporate Governance Statement, and in Appendix C.
which includes directors from areas where sustainability-related impacts, risks and opportunities have been identified.
The Members of the Supervisory Board combine interdisciplinary competencies across corporate law, finance, energy, energy transition, logistics, and governance. Members of the Management Board, the ESG and Climate Change Committee and the Supervisory Board regularly participate in internal workshops and training programmes dedicated to sustainability matters, as well as in conferences and events focused on topics such as climate change, energy transition, and circular economy. The Company works with external advisors who support regulatory assessments, sustainability risk analysis, and report preparation.
Dedicated controls and procedures are directly linked to several internal functions.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report
Petrol systematically tracks the latest developments in sustainability through a number of professional associations aligned with material impacts, risks and opportunities. It ensures that both strategic and operational management and supervisory bodies possess or have access to the appropriate sustainability knowledge required for high-quality decision-making. In doing so, the Petrol Group strengthens its sustainability resilience and long-term performance.
Management and supervisory bodies are informed of material impacts, risks and opportunities at the end of each quarter, and for individual major projects directly when decisions are made (final as well as interim). At that time, they are also informed about the implementation of the due diligence and other results of the actions, metrics, and targets. Certified management system officers and risk managers inform the Management Board of the material impacts, risks and opportunities, implementation of due diligence, and the results and effectiveness of policies, actions, metrics, and targets. The Management Board informs the Supervisory Board on these matters.
Petrol ensures that impacts, risks and opportunities are thoroughly considered in strategy oversight, decisions on major transactions and risk management procedures.
ESG indicators form an integral part of the evaluation of investment projects. The Investment Committee, which includes Members of the Management Board and directors of relevant organisational units, evaluates investment projects, among other things, based on their financial, operational and ESG impact and strategic importance for the organisation. In addition to financial indicators, the Management Board also assesses the broader sustainable and strategic impacts of these projects.
The Management Board actively coordinates risk management, which includes financial, environmental, operational, and strategic risks. There is a special focus on sustainability issues such as the impacts of climate change, the energy transition and social aspects related to employees and the wider community. The Management Board works closely with the ESG and Climate Change Committee, which coordinates strategic and operational ESG targets, major investments, and ensures that impacts, risks, and opportunities are appropriately integrated into the decisions of the Management Board.
The Management Board actively coordinates risk management, which includes financial, environmental, operational, and strategic risks.
Climate Change Committee meets at least twice a year to review, among other matters, material impacts, risks and opportunities; the implementation of due diligence; and the results and effectiveness of the policies, measures, metrics and targets presented for consideration.
The Supervisory Board complements the role of the Management Board with an emphasis on strategic oversight and key investment decisions. Projects above the threshold of EUR 5 million are subject to review by the Supervisory Board, which assesses their strategic contribution, financial indicators and broader ESG impacts, focusing on long-term sustainability targets. The Supervisory Board ensures that key investments and business decisions are consistent with the Company's business strategy, which, from 2026, will include sustainability targets as an integral part.
The Supervisory Board participates in the formulation of risk management policies and examines trade-offs between short-term business goals and long-term sustainability priorities.
The Management Board, the ESG and Climate Change Committee and the Supervisory Board addressed all impacts, risks and opportunities related to the company's long-term resilience, compliance with regulatory frameworks and contribution to a sustainability strategy that includes environmental, social, and governance aspects. A list of these key impacts, risks and opportunities that were addressed during the reporting period is presented in the table in Section ESRS 2 IRO 1.
The ESG and Climate Change Committee addressed the following impacts, risks and opportunities or sustainability topics during the reporting period:
The General Meeting of Shareholders adopted the Remuneration Policy for Management and Supervisory Bodies. The remuneration of Management Board members consists of a fixed and a variable component. The variable component is based on the achievement of both financial and non-financial criteria that contribute to the short-term and long-term performance of the Group. These criteria are designed to support the business strategy, long-term development, and the Group’s sustainability. The criteria for the variable part of the remuneration are categorised into financial and non-financial. Non-financial criteria account for at least one-half of the total weighting. These include performance indicators reflecting the effectiveness of strategy implementation, business growth, stakeholder engagement, and progress toward environmental and social goals.
61 Slovenian: OE EiR – Organizacijska enota energija in rešitve
Since the exact distribution between individual sustainability criteria is not separately quantified, it is estimated that approximately 50 percent of the variable remuneration is indirectly linked to sustainability targets. The proportion of variable remuneration tied to climate-related targets is disclosed in E1.
The approval and revision mechanism for incentive schemes operates on three levels. The General Meeting of Shareholders adopts the Remuneration Policy for the Management and Supervisory Bodies, which sets out the general framework for incentive schemes. The Supervisory Board monitors and decides on the implementation and potential changes to incentive schemes to ensure compliance with strategic targets and regulatory requirements. The Management Board is responsible for implementing remuneration policies in line with the business strategy and sustainability targets.
| Key elements of due diligence | Paragraphs in the Sustainability report |
|---|---|
| (a) Integrating due diligence into governance, strategy and the business model | ESRS 2 GOV-1, 21 to 23 ESRS 2 GOV-2, 26 a to 26 c |
| (b) Engaging with affected stakeholders at all key stages of due diligence | ESRS 2 SBM-1, 45 to 45 d ESRS S1-2, 27 to 27 e ESRS S3-2, 21 to 21 d ESRS S3-3, 27 a to 27 d ESRS S4-2, 20 to 20 d ESRS S4-3, 25 a to 25 d |
ESRS 2 IRO-1, 53 a to 53 h
ESRS E1-5, 37 to 39
ESRS E1-6, 44 to 52 b
ESRS S1-14, 88 a to 88 c
E2.IRO-1, 11 a-b, AR 9
E3.IRO-1, 8 a-b
E5.IRO-1, 11 a-b
ESRS S1-14, 88 a to 88 c
ESRS S4-5, 41 to 41 c
ESRS E1-3, 29 a, and 29 b
ESRS E1-4, 34 a, and 34 b
E2-2, E2.MDR-A, 18
E3.MDR-A, 17, E3-2, 19
E5.MDR-A, 19
ESRS S1-5, 47 a to 47 c
ESRS S4-3, 25 a to 25 d
ESRS 2 SBM-1, 45 to 45 d
ESRS E1-5, 37 to 39
ESRS E1-6, 44 to 52 b
ESRS S1-2, 27 to 27 e
ESRS S4-4, 31 d and 32 c
63
ESRS 2 GOV-4 30, 32 and AR 48
It is estimated that approximately 50 percent of the variable remuneration is indirectly linked to sustainability targets.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report 145
The Petrol Group manages risks related to sustainability reporting, which form an integral part of the broader compliance risks associated with sustainability matters. We recognise the growing demand for high-quality sustainability information. Investors, regulators and other stakeholders rely on these disclosures to make well-informed decisions. Ensuring the accuracy and completeness of this information is therefore critical—not only to meet stakeholder expectations, but also to manage the Group’s sustainability performance and foster trust-based relationships.
Risk management systems related to sustainability reporting are embedded within a robust internal control framework. These systems ensure a sound understanding of legal sustainability reporting requirements and stakeholder expectations. Each data disclosure has a designated data owner (responsible for data management) and a disclosure supervisor (responsible for overseeing data accuracy). Data owners are accountable for the completeness and integrity of the data, as well as for the accuracy of the related evaluations or calculations. Areas where adequate data governance is not yet in place have been identified through a gap analysis. These gaps will be systematically addressed over the coming years, prioritised by their materiality—either in terms of internal operations or the broader value chain.
The internal control system is structured across multiple layers. The first level of control (first line of defence) consists of disclosure supervisors, who review and approve the data and related results. The second level of control (second line of defence) includes both the Director of the Sustainable Development, Quality, and Safety sector, who oversees the application of the sustainability disclosure methodology in alignment with the business strategy, and the Compliance Department, which addresses key regulatory risks. The third line of defence is the internal audit, whereas final oversight is exercised by the relevant member of the Management Board.
The main risks identified in connection with sustainability reporting include: incomplete digitalisation of databases; limited availability of data from the value chain, both upstream and downstream; the burden on key personnel responsible for reporting; the timing of information availability (e.g. delays in receiving certain environmental data from third parties); and challenges related to cross-sectoral coordination.
Petrol aims to reduce these risks through the following strategic approaches: training a broader pool of responsible personnel within the Group for sustainability reporting; providing IT support; and gradually achieving full digitalisation of relevant databases. At the strategic level, the Company also actively formulates proposals and measures to reduce the reporting burden, which is increasingly recognised as a factor affecting the competitiveness of the European Union’s economy.
Risk and internal control management in relation to the sustainability reporting process is embedded in the following internal functions and procedures:
Findings from risk assessments and internal control reviews are reported at least twice per year to the ESG and Climate Change Committee; annually to the Management Board of the parent company, Petrol d.d., Ljubljana; at least four times per year to the Audit Committee of the Supervisory Board; and once a year to the Supervisory Board.
The core product and service groups of the Petrol Group are: hydrocarbons (fuels and petroleum products), merchandise and services, and energy and solutions. Within the “energy and solutions” segment, we co-create opportunities arising from the energy transition. As an integrator of energy solutions, Petrol enables customers to make optimal decisions regarding the type and quantity of energy. We are also the first choice for shopping on the go. Further information is provided in the Business Report, Chapter 4.2 Operations of the Petrol Group.
The Group’s key markets are Slovenia and Southeast Europe, where we hold the largest market share, while we are also expanding our presence in other European markets. In Slovenia, we are strengthening our position as a leading energy company and strategic partner in the energy transition. In Croatia, through our sales network, we are expanding our customer base for energy commodities and energy transition services, while also investing in electricity generation from renewable energy sources. In Serbia, we are increasing our market share in energy commodities sales. We will continue to strengthen our sales network across the region, supporting more sustainable operations through network and logistics optimisation. With new digital channels, an expanded portfolio of energy commodities, and a personalised offering, we are both aligning with consumer trends and helping customers transition from traditional energy sources to cleaner renewable alternatives.
At the end of 2024, the Petrol Group and its managed service stations had 5,945 people, 45% of whom were employed outside Slovenia. More detailed information about employees is disclosed in S1.
The Petrol Group’s total revenue for 2024, after limited consolidation, amounted to EUR 5.9 billion. The breakdown of total revenue by material ESRS sectors will be disclosed for 2025. In the financial statements, we disclose total revenue by four product groups: fuels and petroleum products, merchandise and services, energy and solutions, and other. In 2024, the Petrol Group generated EUR 4.2 billion in revenue from the sale of fossil fuels, which represent the majority of the Fuels and Petroleum Products and Natural Gas Sales and Trading product groups. Revenue from the Fuels and Petroleum Products group, primarily composed of oil-based products, totalled EUR 3.2 billion, while Natural Gas Sales and Trading contributed an additional EUR 0.9 billion. Revenues from taxonomy-eligible economic activities related to fossil gas are disclosed in the section Disclosures under Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation).
In implementing its fundamental sustainable development guidelines, the Petrol Group follows the targets of the EU Green Transition and the United Nations Sustainable Development targets, or the 2030 Agenda, and in making its decisions, it focuses particularly on the following targets:
The Petrol Group is committed to the transition to green energy, which is reflected in our three strategic targets up to and including 2025, which are written in the Petrol Group Strategy for the 2021 - 2025 period: reducing the carbon footprint of primary activities by 40 percent for Petrol d.d., Ljubljana, excluding the Energy and Solutions organisational unit (hereinafter referred to as OE EiR) compared to the reference year, investing in the energy transition in the amount of EUR 244 million and 164 MW of installed capacity for renewable electricity generation. The aim of energy renovation is to achieve 73 GWh of energy savings for final customers in 2025.
By continuously developing the composition of fuels, we will actively contribute to reducing emissions in all markets where we operate. At the same time, sustainability policies will provide for the reduction of the carbon footprint both in the Petrol Group and of our customers. By improving our own processes, upgrading competencies and empowering employees, the Group will address the current and future needs of customers in the energy sector in an even more decisive manner and adapt its operations to the user who is at the centre of our attention.
The generation of electricity from RES has a special place in energy transition, where we have been paving the way to become one of the most important providers in SE Europe. The development of new e-mobility and mobility service solutions is an important pillar of Petrol's sustainable and innovative operations. The Petrol Group focuses on two segments here. The first is related to the charging infrastructure, which means the establishment, management and maintenance of the e-vehicle charging infrastructure and the provision of a charging service. Petrol's goal for the e-vehicle charging infrastructure is to include at least 1,500 e-charging stations by the end of 2025. The second segment is accounted for by mobility services, such as commercial leasing, fleet electrification, and fleet management services, where we also aim to grow our market share.
Committed to sustainability, the Petrol Group conducts annual assessments of its performance against established targets. In our core sales group of fuels and petroleum products, we are continuously working to reduce transport emissions by adding renewable energy sources for mobility (biofuels) and fuel additives. With the implementation of our unique Dual Action Technology, users of petrol and diesel in all markets offering Q Max-branded fuels benefit from energy savings and thus reduced emissions due to lower fuel consumption. In 2022, our Q Max fuels were awarded the EQTM (European Quality Trademark) by the European Organisation for Quality (EOQ).
In addition to fuel additives, Petrol is also adapting its fuels to new trends and market demands to further reduce combustion emissions. These efforts focus primarily on the use of advanced biofuels produced from waste raw materials in conventional biofuel production. These effects are already more pronounced in our premium fuels (Q Max iQ Diesel and Q Max 100), where the advantages of using high-quality fuel components are maximised.
from its own activities (excluding the Energy and Solutions business unit – OE EiR) in Scopes 1 and 2 (market-based method) has so far been reduced by 20.8% (more in E1-4). Key pillars of the Group’s decarbonisation efforts are energy efficiency and the generation of energy from renewable sources, where we are actively expanding our operations. Under the Petrol Green project, we have started installing solar power plants at our own facilities – on the rooftops of service stations in Slovenia, Croatia and Serbia.
our main activities have been directed towards the industrial, commercial and household segments. We co-financed energy efficiency projects totalling over 100 GWh in energy savings.
By the end of 2024, we successfully concluded the multi-year EU project MULTI E, through which we installed 42 ultra-fast (UC) charging stations with up to two charging points with a capacity of at least 150 kW, and 105 conventional (AC) charging points with a capacity of up to 22 kW in Slovenia and Croatia.
The Petrol Group's Strategy for the 2021–2025 period serves as the umbrella development document, outlining strategic objectives and business plans in line with its vision: “To become an integrated partner in the energy transition, offering an excellent user experience.” In 2025, a new five-year strategy will be adopted, introducing updated strategic directions for continued successful operations in a business environment marked by accelerating changes across several dimensions. We will continue to strengthen our leading role in the region’s energy transition.
The sectors most relevant to the Petrol Group include oil and gas, sales and trading, and energy generation. The operating environment is undergoing profound change. Global political uncertainty, the shift toward a low-carbon society, ambiguous market signals, and the slow commercialisation of emerging technologies are all contributing to a complex and unpredictable transformation of established practices in energy production, procurement, sales, and use.
Volatility in energy markets may lead to tighter conditions for the procurement of petroleum products or even potential disruptions in supply chains. These disruptions could, in turn, affect the Company’s ability to meet regulatory targets, particularly the required share of renewable energy in transport.
The accelerated and demanding transition to renewable and alternative fuels—promoted by the European Green Deal—introduces requirements such as achieving energy savings among end-users (Slovenian: ZPEPKO – Zagotavljanje prihrankov energije pri končnih odjemalcih), increasing the share of RES66 components in transport fuels, CO₂ taxes, and penalties for non-compliance. While these mechanisms are expected to positively contribute to the achievement of environmental objectives, they may at the same time have a negative impact on business profitability.
In the field of energy supply and generation for heating and cooling, the Petrol Group is navigating still-evolving regulatory frameworks across private and industrial segments in the region. As a result, the implementation of planned projects has slowed, and the investment risks associated with these projects remain relatively high—both for the Group and for stakeholders along the value and supply chains.
Despite the many uncertainties, we aim to (remain and) strengthen our role as a key integrator within the broader energy ecosystem, offering a diverse portfolio of energy commodities and advanced energy solutions.
The Petrol Group’s business model is based on a comprehensive portfolio of energy commodities, energy, and energy solutions, reflected in the provision of fuels and petroleum products, electricity and energy-related services, as well as merchandise and mobility-related services. The Group’s core development activity lies in expanding and introducing new energy services and in generating electricity from renewable energy sources.
The Petrol Group has developed a structured overview of its operations, business relationships, and the broader context in which they take place, while also building a clear understanding of its key affected stakeholders.
We analyse our activities and business relationships from the perspective of:
RES – Renewable Energy Sources
The Group’s core development activity lies in expanding and introducing new energy services and in generating electricity from renewable energy sources.
Our approach to gathering, developing, and acquiring data is grounded in the legal and regulatory framework that governs our operations. Key references include the European Green Deal (2020), the National Energy and Climate Plan (2024), and the Strategy for Developing a Market for Alternative Fuels Infrastructure in the Transport Sector in Slovenia (2017).
such as: the Chamber of Commerce of Slovenia, the Chamber of Commerce and Industry of Slovenia, the Energy Chamber of Slovenia, the Employers’ Association of Slovenia, the Slovenian Association for Quality, the Slovenian National Oil and Gas Committee (SNNK), the Economic Interest Association for Liquefied Petroleum Gas (GIZ UNP), the Slovenian Institute for Standardization (SIST), the American Chamber of Commerce, the Development Centre for Hydrogen Technologies (TECES), the Slovenian Energy Association, the Slovenian Corporate Security Association, the Slovenian Water Protection Society, ODEM – the Association of Packaging Manufacturers, Importers and Users, the Green Network of Slovenia, the Slovenian Marketing Association (DMS), the Slovenian Advertising Chamber, GOMA – Croatian Association for Fuels and Lubricants, and H2 – Croatian Association for Hydrogen Fuel Development and Application.
We are also members of European-level organisations such as FERMA (Federation of European Risk Management Associations), UPEI (The Voice of Europe’s Independent Fuel Suppliers), the European Forum for Energy, IEEE (Institute of Electrical and Electronics Engineers), and CIGRE, the global network for energy system development.
Moreover, we collaborate with the European Institute of Innovation and Technology (EIT), Europe’s largest public-private partnership for addressing climate change through innovation, with the goal of building a carbon-neutral economy. We also actively engage with EIT Climate-KIC Hub Slovenia67, where we promote environmental topics and drive innovation.
67 EIT Climate-KIC Hub Slovenia – part of the EU’s climate innovation initiative
The Petrol Group respects human rights and maintains a responsible relationship with all its stakeholders, striving to achieve maximum and balanced satisfaction across all groups. Our approach to employees is detailed in section S1, to affected communities in E3, to customers in S4, and to suppliers in G1. The Company ensures a governance system that upholds the principle of equal treatment of shareholders and enables the responsible exercise of shareholder rights.
Its capital policy is focused on the long-term maximisation of returns for shareholders while also taking into account the social and environmental dimensions of its operations.
We maintain a stable dividend policy that balances dividend payouts with the use of free cash flow to finance the Petrol Group’s investment plans. This ensures long-term growth and sustained value creation for shareholders. Petrol d.d., Ljubljana pays dividends to shareholders annually.
The target dividend policy for the 2021–2025 strategic period is set at 50 percent of the Group’s net profit, subject to the investment cycle, key financial indicators, and the achievement of strategic goals.
As a joint-stock company listed on the Prime Market of the Ljubljana Stock Exchange, Petrol d.d., Ljubljana adheres to the Corporate Governance Code for Listed Companies. The Company has also adopted a Governance Policy, which defines stakeholder groups and outlines its communication and engagement strategy with each of them.
efficient access to all material information for shareholders and the wider public. Through this approach, Petrol fosters trust among its shareholders. Communication with both existing and potential shareholders—retail and institutional—is conducted in a comprehensive and regular manner.
The Petrol Group has identified four main value chains: oil and petroleum products, gas, electricity, and merchandise and services. Each of these value chains involves defined stakeholders with whom we actively engage.
All four value chains are taken into account in our reporting, with a brief description of their key characteristics and our position within each.
The value chain of oil and petroleum products is segmented into three main stages or flows:
The Petrol Group operates exclusively in the downstream part of the value chain, acting as a distributor of petroleum and related products in their final form. It is active in the wholesale sector (B2B and B2G) across Slovenia, Southeast Europe, and other European markets, and in the retail sector (B2C) through a physical network of service stations in Slovenia, Croatia, Bosnia and Herzegovina, Montenegro, and Serbia.
Due to its scale and market position, the Petrol Group does not exert significant influence over the upstream segment of the value chain.
The natural gas value chain is also segmented into three key stages or flows:
The Petrol Group operates in the midstream and downstream parts of the natural gas value chain – acting as a transporter and supplier via international transmission networks and supplying distributors and end users in Slovenia, Croatia, and Serbia.
In the retail market, the Petrol Group supplies electricity in Slovenia, Croatia, Serbia, and Bosnia and Herzegovina. In Slovenia, electricity is provided to all customer segments – from large corporate clients (B2B) to small businesses and households (B2C). In the other markets where we are present in the retail segment, services are currently offered exclusively to corporate customers (B2B).
Merchandise and services include the sale of food, car cosmetics and spare parts, haberdashery items, tobacco products, lottery tickets, coupons and cards, coffee on the go, parcel drop-off services for various logistics providers, Fresh range products, car wash service, and other services, as well as the rental of hospitality facilities.
Sales are carried out through the following channels: retail (B2C), wholesale, the Petrol eShop online store, and the Petrol GO mobile application.
The Petrol Group operates exclusively as a distributor and retailer of merchandise and services to end customers in Slovenia and in other markets where it is present with a physical retail infrastructure (Slovenia, Croatia, Bosnia and Herzegovina, Montenegro, and Serbia).
By pursuing both business and sustainability objectives across all four of its value chains, the Petrol Group strengthens its long-term financial stability, which is essential for fostering responsible, long-term relationships with all stakeholders.
The complex operations of the Petrol Group encompass a broad spectrum of stakeholders—both natural and legal persons—who are either impacted by the Group or exert influence over its operations. These stakeholders can be classified as internal or external.
The Petrol Group classifies its key stakeholders into two main categories:
Some stakeholder groups fall under both categories, as outlined in the table below.
| Affected stakeholders – impact stakeholders | Stakeholders – users of the Sustainability statement |
|---|---|
| Management Board | Supervisory Board, owners (shareholders) |
| Employees | Trade unions, Works Council |
| Trade unions, Works Council | Regulators |
| Suppliers (Petroleum procurement, Natural gas supply & trading, Electricity supply & trading, Strategic & technical procurement) | Civic initiatives, local communities |
| Customers: B2B, B2C, B2G | Professional associations |
| The media | Supervisory Board |
In the strategic management of stakeholder relations, we include upstream stakeholders (suppliers) and downstream stakeholders (customers and end consumers). Equally important are internal stakeholders, who co-create the Petrol Group’s activities, and stakeholders from the supporting environment.
In line with our business model and strategy, the materiality of stakeholders is assessed based on three criteria: the stakeholder’s power or influence over the Petrol Group, the stakeholder’s vulnerability to impacts from the Petrol Group, and the stakeholder’s overall materiality to the Group.
Among suppliers, we highlight four key groups as particularly material: suppliers of petroleum products, suppliers of natural gas, suppliers of electricity, and suppliers of merchandise and services within the scope of strategic and technical procurement.
As previously outlined, given our position in the upstream value chains, we maintain direct relationships only with direct suppliers of goods and products. Downstream, depending on the specific product group, our stakeholders include corporate entities, public sector organisations, and individual consumers.
We conduct our business in accordance with high ethical standards of corporate governance and place strong emphasis on the careful management of relationships with internal stakeholders, to whom we attribute considerable importance. Operating in a regulated environment — marked by a strong appetite for investment, knowledge, development, innovation, and collaboration — we also recognise the importance of stakeholders from the broader enabling ecosystem.
Stakeholder management is a continuous process through which the Petrol Group organises, monitors, evaluates, and improves its relationships with stakeholders. It involves the systematic identification of stakeholders, analysis of their needs and expectations, and the planning and implementation of various engagement activities. The structure, purpose, and approach through which the Petrol Group incorporates the outcomes of stakeholder engagement are presented in the corresponding table.
| Stakeholder group | Purpose of stakeholder management | Engagement manner, method | Attitude analysis (e.g.: identification and assessment of adverse impacts) |
|---|---|---|---|
| Taking into account the interests and views of stakeholders | Awareness of the interests of stakeholders by management and supervisory bodies | Monitoring the effectiveness of efforts, communicating (feedback) | |
| Procurement of petroleum |
Information through professional services (collegial bodies, coordination), gas and electricity portfolio
| Purpose of stakeholder management | Engagement manner, method | Attitude analysis (e.g.: identification and assessment of adverse impacts) |
|---|---|---|
| Taking into account the interests and views of stakeholders | Awareness of the interests of stakeholders by management and supervisory bodies | Monitoring the effectiveness of efforts, communicating (feedback) |
Management Board meetings
Ensuring optimal supply chain management (non-oil business)
(current needs, long-term contractual agreements), complaints
in day-to-day business
Information provided through professional services (collegial bodies, coordination), Management Board meetings
Ensuring customer satisfaction and meeting their needs and expectations; continuous monitoring and development of the offering.
Action plans based on survey feedback; complaint resolution and process improvement.
Indicators: sales performance and customer satisfaction metrics.
Ensuring B2C customer satisfaction and meeting their needs and expectations; continuous monitoring and development of the offering.
Annual CEX action plan based on customer pain points.
Ensuring B2G customer satisfaction and meeting their needs and expectations; continuous monitoring and development of the offering
Complaint analysis, collection of feedback through sales representatives
Root cause elimination; action plan based on satisfaction survey feedback
(collegial bodies, coordination), Management Board meetings
Sales performance and customer satisfaction metrics
Information about the Petrol Group's operations
Messages for investors or owners via SEO net and the company's website; conferences of the Ljubljana and Zagreb Stock Exchanges; invitations to general meetings
On the stock exchange, approval of resolutions at general meetings
General Meeting, e-mail (e-mail address for investors)
| Stakeholder group | Purpose of stakeholder management | Engagement manner, method | Attitude analysis (e.g.: identification and assessment of adverse impacts) | Taking into account the interests and views of stakeholders | Awareness of the interests of stakeholders by management and supervisory bodies | Monitoring the effectiveness of efforts, communicating (feedback) |
|---|---|---|---|---|---|---|
| Supervisory Board | Supervision of the Company's operations | Supervisory Board sessions, General Meeting of shareholders, evaluation of the work of the Supervisory Board and committees, report on the work of the Board | Giving consent, review (awareness) | Consents, approvals | Materials for meetings of the Supervisory Board and the General Meeting | Analysis of the evaluation of the work of the Supervisory Board and committees, determining the achievement of targets according to the business plan |
| Employees | Informing, collaborating, promoting a sense of belonging and agility, connecting, harmonising positions and preventing misunderstandings, developing employees, strengthening corporate culture, reducing turnover. | Internal communication channels, educational and social events, quarterly and annual interviews, surveys and research, employee representative in the Works Council, trade union and head of the Works Council | Satisfaction ratings, analysis of |
Head of the Works Council - a member of the Management Board serves as a connecting link, employees have representation on the Company's Supervisory Board, regular sessions.
Regular review of all completed content, which is a requirement of banks for smooth cooperation.
Regular monitoring and implementation of identified needs for improvements/legal definitions.
Information provided through professional services (collegial bodies, coordination), Management Board sessions.
An agreement has been concluded with an insurance broker who cooperates with insurance companies. The selection of the contractor is in compliance with a transparent procurement process.
Regular weekly meetings and professional coordination with the insurance broker (internal stakeholders of the Petrol Group are included if necessary).
Based on our needs, the insurance broker finds the most favourable offers on the market, based on which a decision/choice of individual insurance is made.
Information provided through professional services (collegial bodies, coordination), Management Board meetings.
Assessment of the impact of insurance on individual risks.
Coordination of positions, resolution of outstanding issues.
Written communication, sessions, participation in initiatives.
Monitoring media releases, following up on issues and initiatives.
Adjustment of operations, if possible.
| Public Stakeholder group | Purpose of stakeholder management | Engagement manner, method | Attitude analysis (e.g.: identification and assessment of adverse impacts) | Taking into account the interests and views of stakeholders | Awareness of the interests of stakeholders by management and supervisory bodies | Monitoring the effectiveness of efforts, communicating (feedback) |
|---|---|---|---|---|---|---|
| Professional associations | Pursuit of the interest of the Company through an individual association | Professional training, business conferences | Regular review of obligations and commitments | We maintain active membership. | E-mail or briefing at Management Board meetings | Giving opinions, networking, new knowledge |
| The media | Informing the public about the Company's news, activities and operations, increasing the Company's visibility and reputation, reducing the risks of adverse publicity | Press releases, press conferences, answering journalist questions, Petrol's web portal (Media subpage), events for journalists, invitations to Company events | Monitoring of media releases | Proactive, professional and up-to-date communication | Collegial bodies, e-mail (confirmation of press releases, answers to press questions, press materials, etc.) | Correct reporting on the Company's operations and activities |
Answers to press questions, the number of journalists present at events.
Our own database of project partners with whom we cooperate in consortia. Direct connection relationships.
Regular monitoring of relationships with partners, methods of communication and constructive cooperation. Based on this, the partner is evaluated for further cooperation.
Proactive, professional and up-to-date communication.
Cooperation with associations, relevant ministries, organisations at the national and EU levels.
Information provided through professional services (collegial bodies, coordination), Management Board sessions, and through the horizontal EU group.
Annual amount of grants obtained.
of affected stakeholders, including the Petrol Group’s sustainability-related impacts. As a socially responsible group, Petrol systematically and strategically engages all identified stakeholder groups, in line with its own interests and the legitimate interests of stakeholders. It recognises that sustainable development depends on continuous dialogue with all key stakeholders, encompassing environmental, social, and governance (ESG) aspects. Corporate governance includes ongoing stakeholder engagement across various segments, as presented in the table.
The views and interests of stakeholders expressed within the framework of the Petrol Group's stakeholder engagement through the due diligence process may be relevant to one or more aspects of its strategy or business model. As such, they can impact the Petrol Group's decisions regarding the future direction of its strategy or business model. Stakeholders have also been included in the double materiality assessment process, which is disclosed in ESRS 2 IRO 1.
The positions and interests of stakeholders expressed as part of the Petrol Group’s engagement and due diligence processes may be relevant to one or more aspects of its strategy or business model. As such, they can influence decisions about the Group’s future strategic direction and business model. Stakeholders have also been included in the double materiality assessment, as disclosed in ESRS 2 IRO 1.
The Petrol Group adjusts its strategy and business model accordingly, based on the views and interests of both internal and external stakeholders. To remain competitive, the Group continuously adapts to evolving conditions in the markets where it operates. These adjustments primarily relate to the digital transformation of processes and products, sustainability aspects of operations, and the development of new energy transition products and services. The Group also keeps track of developments in national and international guidelines, standards, and best practices.
Going forward, we will continue to actively enhance the sustainability aspects of our operations, both in-house and across value chains, in line with our strategic guidelines and targets. We will maintain regular dialogue with stakeholders, monitor their views, and implement necessary adjustments based on their feedback.
We expect that the planned measures and activities will further strengthen stakeholder relationships and build greater trust in our Group. We remain committed to improving our engagement with employees, customers and end-users, suppliers, business partners, the broader community, and other external stakeholder groups.
Our material impacts, risks and opportunities and their connection to our strategy and business model are described thematically across sections E1, E2, E3, E5, S1, S3, S4 and G1.
In general, the Petrol Group’s material impacts, risks and opportunities are closely tied to the strategy and core activities of our energy-sector business model and are predominantly linked to the locations where we operate.
In these sections, we disclose the current and anticipated effects of material impacts, risks and opportunities on our business model, value chain and strategy. We also explain the significance of the Petrol Group’s negative and positive impacts on people and the environment, and present key measures taken to address these impacts and risks or to harness specific opportunities.
As an energy group, we generate a wide range of environmental, social and governance impacts, which we manage systematically and diligently. At the same time, we identify a number of risks and opportunities, most of which — with the exception of three areas (energy, decent wages, and cybersecurity) — are not financially material to a high degree.
Among the most significant impacts are those related to climate change (mitigation and energy). In the energy domain, we have identified an opportunity for further growth in fossil fuel distribution. However, this business opportunity also increases the negative environmental impact of our operations, namely our carbon footprint. This issue will be specifically addressed in the new five-year strategy to be developed in 2025, which will also consider potential changes to our business model.
negatively) and the handling of substances of concern. We also generate both negative and positive impacts related to water resources, resource inflow (including resource use), and waste generation.
We exert multiple impacts — both beneficial and adverse — on our own workforce, arising directly from our operational activities. Negative impacts include issues related to working hours and work-life balance, due to the nature of our uninterrupted operations. As a result of state regulation, the sector lacks sufficient added value to support competitive wages, particularly in retail. The green transition, combined with tightening legislative and regulatory requirements, also correlates negatively with job security during the transformation of business activities. These and other negative impacts are managed with great care, while we strive to amplify positive impacts — as further detailed in section S1.
In relation to affected communities, we have identified a potential negative impact. Our operations are subject to SEVESO legislation, which implies potentially high risks for local communities in areas where we are present. These risks are managed with exceptional diligence and in line with the highest standards.
Our material impacts on customers and end-users are exclusively positive, as the customer is placed at the heart of our operations. These impacts and our management practices are presented in section S4.
In the governance domain, we have identified three positive impacts: in the areas of corporate culture, political participation and lobbying, and supplier relationship management (including payment practices). Cybersecurity, however, constitutes a significant financial risk, given our role as a major energy company managing critical infrastructure. These risks are addressed responsibly through strategic direction and appropriate safeguards.
Because our material impacts, risks and opportunities are closely aligned with our core business and growth capacity, our initiatives to harness opportunities and mitigate risks and impacts are embedded within existing governance structures. As a result, we assess our resilience as adequate — and in some areas even strong — when measured against the time horizons defined in the standards.
In light of the evolving business environment, regulatory requirements, and unclear market signals, the new five-year strategy of the Petrol Group will define the key directions of our operations and adapt our business model accordingly.
The Petrol Group has conducted a double materiality assessment in line with ESRS standards. The methodology involves identifying material sustainability topics by analysing their impacts on people and the environment, and assessing associated risks, opportunities, and financial materiality. From a content perspective, the methodology comprises several steps, which are illustrated in the accompanying diagram.
business, consulted analytical and strategic energy-related documents, GRI
72
and SASB
73
sector standards, existing sectoral benchmarks, publications on global megatrends, and scientific sustainability literature relevant to our value chain. We also analysed the reports of larger peer companies. Based on this, we developed a broader list of potentially relevant specific sub-topics.
72 GRI – Global Reporting Initiative
73 SASB – Sustainability Accounting Standards Board. Slovenian: Odbor za standarde računovodskega poročanja o trajnostnosti.
and other sources
Impacts were assessed using a two-stage approach. We appointed expert evaluators from relevant business lines across the Group and simultaneously consulted key stakeholders who are significantly affected by our business or who exert influence over it. Each relevant stakeholder group was included in the assessment, either in full or via a representative sample.
The assessment of the materiality of the Petrol Group’s impacts on people and the environment is based on those impacts that could reasonably be expected to result from our operations, target setting, and performance outcomes, both in our own operations and across the entire value chain. Impacts were classified according to three timeframes (short-term, medium-term, and long-term), and by business relationships (own operations and value chain). Impacts may be negative or positive, and actual or potential.
For actual negative impacts, materiality is assessed based on their severity; for potential negative impacts, it is determined by a combination of severity and the likelihood of occurrence. Severity is evaluated based on magnitude, scope, and irreversibility.
For positive impacts, materiality is assessed based on magnitude and scope (for actual impacts), or on magnitude, scope, and likelihood (for potential impacts). In line with the defined assessment scales, impacts are first evaluated and then prioritised according to their resulting scores.
To identify, assess and prioritise risks and opportunities, we used a list of identified impacts through which external factors could pose a risk and/or opportunity to the Petrol Group. In doing so, we considered the connections and interdependencies between impacts and the risks and opportunities that may arise from them. We also reviewed the Petrol Group’s risk register, where we had already identified environment-, social- and governance-related risks with financial effects, as well as climate change analyses, scenario analyses and resilience assessments. In addition, we referred to the list of sub-topics defined by the ESRS standards and to other documents already mentioned in the impact assessment process.
Based on this, a broader list of potential risks and opportunities was developed. A sustainability matter is considered financially material if it causes or is reasonably likely to cause material financial effects. This applies where a sustainability matter results in or may result in risks or opportunities that have a material impact, or are reasonably expected to have a material impact, on the development, financial position, financial performance, cash flows, access to finance, or cost of capital of a particular company or the Group as a whole in the short-, medium-, or long-term.
The assessment of the materiality of the Petrol Group's impacts on people and the environment is based on those impacts that could reasonably be expected from our operations.
The Petrol Group’s risks and opportunities may stem from past or future events. The financial materiality of a sustainability matter is not limited to factors under the direct control of the Petrol Group but also includes information on significant risks and opportunities linked to business relationships that fall outside the scope of consolidation used in the preparation of financial statements.
The materiality of risks and opportunities, as assessed by the Petrol Group’s experts, was determined based on a combination of the likelihood of financial impacts occurring and their potential magnitude (scope). For financial materiality thresholds, we applied the same financial scales used in our internal risk assessment processes, thereby ensuring a holistic approach to risk and opportunity management across the Group.
External stakeholders were not consulted in this segment, as assessing the financial consequences of external sustainability impacts requires specialised and in-depth knowledge that our external stakeholders do not possess.
The Petrol Group has a fully integrated risk management system, which also encompasses procedures for the identification, assessment, and management of impacts and risks.
Our systematic approach to identifying, assessing and managing opportunities that support sustainable development and create value for stakeholders involves a holistic analysis of the many external factors that impact our operations. The assessment of opportunities is based on business analyses, cost-effectiveness assessments and compliance with the Group's sustainability strategy. The identified opportunities are included in strategic business plans with the aim of creating higher added value for stakeholders, expanding operations, improving performance and increasing business resilience, also from the perspective of the green transition and climate change.
In the process of identifying, assessing, and managing material impacts, risks, and opportunities, a variety of inputs were used—such as internal system analyses, evaluations and scoring mechanisms, stakeholder insights, and external expert analyses relevant to our sector and value chain.
The Petrol Group has a fully integrated risk management system, which also encompasses procedures for the identification, assessment, and management of impacts and risks.
| Subtopic | Impacts, risks, and opportunities | Positive, negative | Origin in the value chain | Trend (short-term, medium-term, long-term) | Downstream | Own activity | Upstream |
|---|---|---|---|---|---|---|---|
| E1 - Climate change | Climate change mitigation | Carbon footprint due to the Company/Group's operations | Actual impact | X | Steady trend | ||
| Climate change mitigation | Efficient energy use in our own operations | Services that contribute to climate change mitigation in the downstream value chain: | - e-mobility, | - energy renovation of facilities, | - energy renovation of public lighting, | - optimisation of district heating systems, | |
| - use of waste heat for heating. | Infrastructure investments in e-mobility; partnerships for installing charging stations | Actual and potential impact | X | X |
Activities include the generation and marketing of RES:
Replacing fuels with a higher carbon footprint with natural gas as a transition energy source.
Additivated fuel contributes to efficient energy use and consequently to climate change mitigation.
Trading in petroleum products and natural gas, LPG, LNG, CNG and hydrogen (identified as mid-term), district heating supply.
(Non-)guaranteeing a mandatory marketshare for advanced biofuels and related infrastructure (due to the absence of established market mechanisms).
Market opportunities for further growth in fossil fuel distribution.
Opportunity
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report 171
Water pollution caused by our own activity.
| Pollution of soil | Soil pollution caused by our own activities (e.g. spills) | Actual and potential impact | X | Declining trend | |
|---|---|---|---|---|---|
| Pollution of soil | Implementing remediation | Actual and potential impact | X | Steady trend | |
| Substances of concern | Use, distribution and/or marketing of substances of concern (key sales items: diesel, petrol, LPG, aviation fuels) | Actual impact | X | X | Steady trend |
| Substances of concern | The activity is conducted in accordance with state-of-the-art measures to protect employees, customers and the natural environment. | Actual impact | X | X | Declining trend |
| Water consumption | Water consumption for our own car wash activity | Actual impact | X | X | Steady trend |
|---|---|---|---|---|---|
| Water consumption | Water cycle management for the market: treated and reused industrial water | Actual impact | X | X | Steady trend |
| Resource inflows, including resource use | Raw materials for our own activity: merchandise and packaging | Actual impact | X | X | X | Steady trend |
|---|---|---|---|---|---|---|
| Positive, negative | Origin in the value chain | Trend (short-term, medium-term, long-term) |
|---|---|---|
| Downstream | Own activity | Upstream |
| Resource inflows, including resource use | - The proportion of recyclable materials or recycled materials in products for our own activity; - sale of merchandise in bulk; - reuse of packaging (e.g. cardboard boxes). | Actual and potential impact |
| X | X | X |
| Growth trend | Waste | Waste generation from our activity |
| Waste generation at service stations by customers | Actual impact | X |
| X | Steady trend | Waste |
| Waste separation system at origin in our own activity and at service stations | Own packaging sorting | Actual impact |
| X | X | Steady trend |
| Company | S1 Own workforce | Employment security |
| Timely transfer of knowledge in light of the business transition: | Status of one of the largest and most reputable employers in the region (without major lay-offs) | Actual impact |
| X | Declining trend | Employment security |
| the green transition of activities (including the legislative and regulatory framework) is negatively correlated with job security in the context of business transition. | Potential impact | X |
| Growth trend | Working hours | Activity with continuous operation (night work, weekend work) |
| Actual impact | X | Growth trend |
| Working hours | In certain segments, the activity allows for working from home, flexible working hours, mid-week days off, etc. | Actual impact |
All employees receive at least the minimum wage; the Group rewards successful performance and provides a supplementary pension scheme.
Due to market regulation, the activity lacks sufficient added value to support competitive wages, especially in retail.
The risk is maintaining competitive wage growth, aligned with inflation and market wage growth. As a result, there is a potential risk of certain staff profiles leaving.
High-quality, systemically regulated social dialogue.
Freedom of association, the existence of workers’ councils and workers' rights to information, consultation and participation.
High standard of freedom of association, including benefits for trade union members, social activities for all employees (e.g. sports games).
A well-organised and high-quality collective bargaining system.
| Work-life balance | The nature of the activity has limitations on work-life balance, particularly in the following areas: restrictions on the allocation of preferred leave and redeployment, particularly in service stations and the call centre | Actual impact | X | Growth trend |
|---|---|---|---|---|
| Health and safety | A comprehensive occupational health and safety system for employees has been established | Actual impact | X | Steady trend |
| Gender equality and equal pay for work of equal value | Gender pay gap; declining representation of women in managerial positions | Actual impact | X | Steady trend |
| Training and development of knowledge and skills | Developed system intended for developing leadership, potential and specific skills; training and coaching on the rise | Actual impact | X | Growth trend |
| Training and development of knowledge and skills | Systemic knowledge transfer needs to be upgraded in light of market knowledge developments (regarding green transition and market fluctuations) | Actual impact | X | Declining trend |
Our activities are carried out in compliance with the Seveso legislation, as the activity may pose a high risk to local communities where we are present with our activities.
A comprehensive, integrated and diversified communication system has been established, controlled by the Management Board
Actual impact: Steady trend
A comprehensive communication system that includes all relevant stakeholders and all aspects of information to support informed decision-making by consumers and end-users.
Actual impact: Steady trend
An integrated system has been established to ensure the health and safety of customers, which includes:
Actual impact: Steady trend
The activity is carried out with integrated security systems, including consumer information security and physical security of customers (e.g. accidents, attacks, etc.).
Actual impact: Growth trend
The activity is carried out with a high level of accessibility to products and services, including web applications, a “call me” function, and ramps for people with impaired mobility.
Actual impact: Steady trend
The activity is based on responsible marketing practices, including adherence to sustainable advertising guidelines and all forms of marketing communication.
Actual impact: Declining trend
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report
Public
Impacts, risks, and opportunities
| Trend (short-term, medium-term, long-term) | Downstream | Own activity | Upstream |
|---|---|---|---|
| Corporate culture | High importance given to a stimulating corporate culture based on the values of the Petrol Group, encompassing all activities and transmitted throughout the value chain; also includes a broader commitment to respecting human rights across the value chain | Actual impact | X |
| Steady trend | X | ||
| Political participation and lobbying activities | Corporate position (stance) on national legislation or policy proposals that address environmental and social factors relating to the industry. | Active participation through interest groups and representative bodies in the preparation of legislation in the Group's field of operation. | Actual impact |
| Steady trend | X | ||
| Supplier relationship management, including payment practices | Compliance with legislation with stricter requirements and good practices | Actual impact | X |
| Steady trend | X | ||
| Cyber security | Information leakage, service disruption, information system hacking, legal violations or non-compliance. | Risk | X |
| Growth trend |
The list of data points derived from other EU legislation and information on where they can be found in the Sustainability Statement is disclosed at the end of the statement (p. 318).
The list of ESRS disclosure requirements fulfilled in preparing the Sustainability statement based on the results of the materiality assessment is also provided at the end of the Statement (p. 315-318).
The materiality threshold was set at 3 on a scale from 1 to 5, which, from the perspective of the financial definition of risks or opportunities, corresponds to EUR 25 million.
74 ESRS2 IRO-2 56, 59
Material information to be disclosed regarding significant impacts, risks and opportunities has been identified in accordance with the requirements of ESRS 2 – General Disclosures and the relevant ESRS topical standards (i.e. all specified disclosure requirements and data points).
our materiality assessment, it was identified as material based on its relevance to the matter it illustrates or explains, its ability to support users’ decision-making (including that of primary users of general-purpose financial reporting), and/or its importance to users primarily interested in our Group’s impacts.
In accordance with the Taxonomy Regulation (Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment and amending Regulation (EU) 2019/2088), which entered into force on 12 July 2020 and establishes a classification system for environmentally sustainable economic activities, we report, for the 2024 financial year, indicators for economic activities that are taxonomy-eligible. The reporting and analysis for the 2024 financial year cover all six environmental objectives of the European Union, namely:
The scope of consolidated companies remained unchanged compared to 2023, including Petrol d.d., Ljubljana, and directly controlled subsidiaries in Slovenia and Croatia. In 2024, the companies Ekoen d.o.o. and Ekoen S d.o.o. were merged into Petrol d.d., Ljubljana, while Vjetroelektarna Ljubač d.o.o. was merged into Vjetroelektrarne Glunča d.o.o. The company MBills d.o.o. was renamed Petrol Pay d.o.o.
The revenues of directly controlled subsidiaries in Slovenia and Croatia included in the 2024 analysis represent 97.22% of the Group’s total consolidated revenues. Their capital expenditure accounts for 90.94% of the Group’s total capital expenditure, and their operating expenses represent 90.13% of the Group’s total operating costs.
The analysis covers material subsidiaries, identified based on their business activities and key performance indicators. With regard to revenue, the 2024 methodology excludes other operating income, and therefore only includes revenue from the sale of products or services linked to customer contracts. As for operating expenses, the 2023 methodology included both operating expenses and the cost of goods sold, whereas the 2024 methodology has been adjusted to cover only expenses related to services and materials for the maintenance of fixed assets, as well as short-term leases and rentals.
The key performance indicator ‘operating expenses’ under the Taxonomy Regulation refers to direct non-capitalised costs related to research and development, building renovation measures, short-term leases, maintenance and repairs, as well as all other direct expenditures associated with the day-to-day servicing of tangible fixed assets by the undertaking or by third parties to whom activities are outsourced, that are necessary to ensure the continued and effective operation of such assets.
The consolidated revenue of the entire Group in 2024 amounted to EUR 6,111,679 thousand, as disclosed in the Introduction of the Annual Report, Chapter 4 Highlights of Petrol Group Operations in 2024. Total capital expenditure amounted to EUR 64,314 thousand, comprising EUR 60,126 thousand in net investments and EUR 3,188 thousand in subsidies. Net investment figures are presented in Chapter 4.3 Financial Position of the Petrol Group, in the business section, and Chapter 5 Alternative Performance Measures, table List of Alternative Performance Measures in the Introduction of the Annual Report. Operating expenses of the entire Group, as defined under the Taxonomy Regulation, amounted to EUR 20,174 thousand in 2024 and are disclosed in Chapter 4.2 Petrol Group Operations, table Operating Costs of the Petrol Group, in the business section of the Annual Report.
Capital expenditure includes investments in tangible and intangible assets, with no changes to its scope in 2024. Tangible assets comprise real estate, equipment and machinery, and infrastructure such as energy installations. Intangible assets include industrial property rights, copyrights, and software (computer programs). In 2024, there were no capital investments in the covered companies stemming from goodwill or mergers and acquisitions (M&A).
Long-term leases are not included in investments in fixed assets; they are recognised as right-of-use (ROU) assets and recorded directly under the fixed asset account for rights of use.
In the energy sector, Petrol Group manages facilities for the generation of electricity and energy from renewable sources, with solar and wind energy representing a significant share. We operate plants that use wood biomass (wood pellets) for combined heat and power generation, as well as for heat production. We also manage a boiler plant for heat production using geothermal energy and a facility for electricity generation from bioenergy or biogas. We hold concessions for performing the local public utility service as the system operator of the natural gas distribution network. Activities also include district heating distribution and heat pump management.
In the water supply, wastewater and waste management, and environmental remediation sector, we own or operate small municipal and industrial wastewater treatment plants and supply industrial consumers with water in two closed economic areas.
In the transport sector, activities include construction and operation of publicly accessible charging infrastructure for electric vehicles, as well as the purchase of passenger vehicles and light commercial vehicles, long- and short-term vehicle rentals, and fleet management.
The construction and real estate sector includes the construction of new buildings and the renovation of existing ones, referring to our own facilities. We also carry out activities related to energy management of buildings and public lighting. We install, maintain, and repair solar power plants for customers. Charging stations for electric vehicles located in parking areas of buildings are also included in this sector.
In the information and communication sector, activities involve the development and management of IT solutions for monitoring energy and water consumption data, with the aim of reducing consumption and greenhouse gas emissions.
The assessment of eligible economic activities for the purpose of determining the proportion of alignment was carried out for each of the activities based in the technical criteria established by Delegated Acts 2021/2139 and 2023/2486, respectively, as well as Climate Delegated Acts on nuclear and gas (EU) 2022/1214.
requirements were not fully met. Additionally, the Company then performed the assessment criteria established for the 4 applicable areas regarding minimum social guarantees: human rights, corruption, taxation and competitive practices.
All taxonomy-eligible activities fall under the environmental objective of climate change mitigation (CCM) and climate change adaptation (CCA) – with the exception of two activities.
Following the assessment carried out based on the social minimum safeguards requirement, it was found that these are not fully met, therefore, the eligible activities carried out by the Company in 2024 (and 2023) cannot be considered aligned with the EU Taxonomy.
All taxonomy-eligible activities fall under the environmental objective of climate change mitigation (CCM) and climate change adaptation (CCA), with the exception of activity 8.2 Data-driven solutions for GHG emissions reductions and activity 6.5 Transport by motorbikes, passenger cars and light commercial vehicles, which are aligned with the first objective only. Climate change mitigation is the primary environmental objective of our activities. Activities 7.1 Construction of new buildings and 7.2 Renovation of existing buildings simultaneously fall under the objective of a circular economy (CE).
In 2024, due to a stricter approach to compliance with minimum safeguards and the alignment criteria for activities, we reclassified certain activities as taxonomy-eligible. Accordingly, we included the full amounts allocated to new constructions (7.1) and renovations (7.2) under investments in fixed assets, and not only investments in energy-efficient equipment (7.3) and heat pumps (4.16), which were carried out as part of upgrades and renovations. We also included investments in all passenger vehicles under activity 6.5 Transport by motorbikes, passenger cars and light commercial vehicles.
Group data are aggregated at the level of individual taxonomy-defined activities. Indicators are calculated based on definitions provided in the Annex to Regulation 2020/852 – Key Performance Indicators of non-financial undertakings. Company-level data are sourced from accounting statements, categorised by activity in the information system. To avoid double counting, revenue and operating expenses are tracked according to profit centres and internal accounting orders assigned to specific activities (with uniquely defined names). Investments in fixed assets (capital expenditure) are assigned unique identifiers within the platform used for demand management and project management, as well as for tracking investment numbers.
The proportion of revenue derived from the sale of products or services related to taxonomy-aligned economic activities – Petrol Group disclosure (Slovenia and Croatia) 78 for 2024
Companies included in the analysis: Petrol d.d., Ljubljana; Petrol Skladiščenje d.o.o.; Petrol GEO d.o.o.; Petrol Pay d.o.o.; Geoplin d.o.o. Ljubljana; Atet d.o.o.; E 3, d.o.o.; Petrol d.o.o. (Zagreb); Vjetroelektrane Glunča d.o.o.; and Zagorski metalac d.o.o.
| Economic Activities (1) | Code | Turnover | Proportion of Turnover, year 2024 | Climate Change Mitigation | Climate Change Adaptation | Water Pollution | Circular Economy | Biodiversity |
|---|---|---|---|---|---|---|---|---|
Proportion of Taxonomy aligned (A.1.) or -eligible (A.2.) turnover, year 2023
| Category enabling activity | Category transitional activity | Text in EUR thousand | % | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T | |
| Activity | 0.00 | 0.00% | N/EL | N/EL | N/EL | N/EL | N/EL | N/EL | N/EL | N | N | N | N | N | 0.00% | // | |
| 0.00 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | N | N | N | N | N | N | 0.00% | E | ||
| 0.00 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | N | N | N | N | N | N | 0.00% | T | |||
| 4.3 Electricity generation from wind power | CCM / CCA 4.3 | 17,811 | 0.30% | EL | EL | N/EL | N/EL | N/EL | N/EL | 9.91% | |||||||
| 7.3 Installation, maintenance and repair of energy efficiency equipment | CCM / CCA 7.3 | 15,459 | 0.26% | EL | EL | N/EL | N/EL | N/EL | N/EL | 13.90% | |||||||
| 4.14 Transmission and distribution networks for renewable and low-carbon gases | CCM / CCA 4.14 | 13,311 | 0.22% | EL | EL | N/EL | N/EL | N/EL | N/EL | 15.91% | |||||||
| 7.6 Installation, maintenance and repair of renewable energy technologies | CCM / CCA 7.6 | 9,968 | 0.17% | EL | EL | N/EL | N/EL | N/EL | N/EL | 17.91% | |||||||
| 5.1 Construction, extension and operation of water collection, treatment and supply systems | CCM / CCA 5.1 | 7,057 | 0.12% | EL | EL | N/EL | N/EL | N/EL | N/EL | 8.12% | |||||||
| 6.5 Transport by motorbikes, passenger cars and light commercial vehicles | CCM 6.5 | 5,268 | 0.09% | EL | N/EL | N/EL | N/EL | N/EL | N/EL | 4.16% | |||||||
| 4.31 Production of heat/cool from gaseous fossil fuels in an efficient district heating and cooling system | CCM / CCA 4.31 | 4,670 | 0.08% | EL | EL | N/EL | N/EL | N/EL | N/EL | 5.25% | |||||||
| 4.9 Transmission and distribution of electricity | CCM / CCA 4.9 | 4,590 | 0.08% | EL | EL | N/EL | N/EL | N/EL | N/EL | 3.92% | |||||||
| 4.15 District heating/cooling distribution | CCM / CCA 4.15 | 4,461 | 0.08% | EL | EL | N/EL | N/EL | N/EL | N/EL | 5.48% | |||||||
| 5.3 Construction, extension and operation of wastewater collection and treatment | CCM / CCA 5.3 | 3,466 | 0.06% | EL | EL | N/EL | N/EL | N/EL | N/EL | 3.16% | |||||||
| 4.24 Production of heat/cool from bioenergy | CCM / CCA 4.24 | 2,926 | 0.05% | EL | EL | N/EL | N/EL | N/EL | N/EL | 3.00% |
| CCM / CCA | Activity | Turnover (EUR) | Percentage | Substantial contribution criteria | DNSH criteria |
|---|---|---|---|---|---|
| 6.15 | Infrastructure enabling low-carbon road transport and public transport | 2,680 | 0.05% | EL | N/EL |
| 4.30 | High-efficiency cogeneration of heat/cool and power from gaseous fossil fuels | 1,877 | 0.03% | EL | N/EL |
| 4.1 | Electricity generation using solar photovoltaic technology | 1,013 | 0.02% | EL | N/EL |
| 7.4 | Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) | 404 | 0.01% | EL | N/EL |
| 8.2 | Data-driven solutions for GHG emissions reductions | 334 | 0.01% | EL | N/EL |
| 4.22 | Production of heat/cool from geothermal energy | 330 | 0.01% | EL | N/EL |
| 4.8 | Electricity generation from bioenergy | 42 | 0.00% | EL | N/EL |
| 4.16 | Installation and operation of electric heat pumps | 24 | 0.00% | EL | N/EL |
| 4.20 | Cogeneration of heat/cool and power from bioenergy | 10 | 0.00% | EL | N/EL |
Total: 95,703 (1.61%)
Turnover of Taxonomy-non-eligible activities
Of which Enabling
Of which Transitional
Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)
Year
Substantial contribution criteria
DNSH criteria
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report
Notes:
| Economic Activities Code | Turnover | Proportion of Turnover, year 2024 | Climate Change Mitigation | Climate Change Adaptation | Water Pollution | Circular Economy | Biodiversity | Minimum safeguards | Proportion of Taxonomy aligned (A.1.) or -eligible (A.2.) turnover, year 2023 | Category enabling activity | Category transitional activity |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Activity | 0.00 | 0.00% | N/EL | N/EL | N/EL | N/EL | N/EL | N/EL | N | N | N |
| 0.00 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | N | N | N | N | |
| 0.00 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | N | N | N | N | |
| 0.00 | 0.00% | 0.00% | N | N | N | N | N | 0.00% | |||
| 7.3 Installation, maintenance and repair of energy efficiency equipment | 14,407 | 0.33% | EL | EL | N/EL | N/EL | N/EL | 17.06% | |||
| 4.14 Transmission and distribution networks for renewable and low-carbon gases | 10,182 | 0.23% | EL | EL | N/EL | N/EL | N/EL | 14.47% | |||
| 7.6. Installation, maintenance and repair of renewable energy technologies | 9,968 | 0.23% | EL | EL | N/EL | N/EL | N/EL | 22.92% | |||
| 5.1 Construction, extension and operation of water collection, treatment and supply systems | 7,057 | 0.16% | EL | EL | N/EL | N/EL | N/EL | 10.39% | |||
| 4.9 Transmission and distribution of electricity | 4,590 | 0.10% | EL | EL | N/EL | N/EL | N/EL |
| CCM / CCA | 4.31 | 4,428 | 0.10% | EL | EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.15 | 4,244 | 0.10% | EL | EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 5.3 | 3,466 | 0.08% | EL | EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.24 | 2,623 | 0.06% | EL | EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 6.15 | 2,080 | 0.05% | EL | EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.30 | 1,445 | 0.03% | EL | EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.1 | 586 | 0.01% | EL | EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 7.4 | 404 | 0.01% | EL | EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|
| CCM | 8.2 | 334 | 0.01% | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.22 | 330 | 0.01% | EL | EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|
| CCM | 6.5 | 104 | 0.00% | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.8 | 42 | 0.00% | EL | EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.20 | 10 | 0.00% | EL | EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|
In 2024, revenues from taxonomy-eligible activities at the parent company Petrol d.d., Ljubljana, amounted to EUR66.2 thousand, representing 1.51% of the total revenues of Petrol d.d., Ljubljana. These taxonomy-eligible revenues accounted for 69.28% of the total taxonomy-eligible revenues of the companies included in the Petrol Group analysis in Slovenia and Croatia, and 1.12% of the total revenues of these analysed companies.
| Petrol Group (Slovenia and Croatia) | Proportion of turnover / Total turnover | |
|---|---|---|
| Environmental goals | Taxonomy-aligned per objective | |
| CCM | 0.00% | 1.61% |
| CCA | 0.00% | 1.52% |
| WTR | 0.00% | 0.00% |
| EC | 0.00% | 0.00% |
| PPC | 0.00% | 0.00% |
| BIO | 0.00% | 0.00% |
Revenue from taxonomy-eligible activities related to the environmental objective of climate change mitigation (CCM) accounted for 1.61% of the total revenue of the Petrol Group companies included in the analysis and 1.51% of the total revenue of Petrol d.d., Ljubljana. The share of revenue related to the climate change adaptation (CCA) objective is lower by the proportion attributable to activities 6.5 Transport by motorbikes, passenger cars and light commercial vehicles and 8.2 Data-driven solutions for GHG emissions reductions, which contribute exclusively to the first environmental objective.
Companies included in the analysis: Petrol d.d., Ljubljana; Petrol Skladiščenje d.o.o.; Petrol GEO d.o.o.; Petrol Pay d.o.o.; Geoplin d.o.o. Ljubljana; Atet d.o.o.; E 3, d.o.o.; Petrol d.o.o., Zagreb; Vjetroelektrane Glunča d.o.o.; and Zagorski metalac d.o.o.
80, for 2024
Companies included in the analysis: Petrol d.d., Ljubljana; Petrol Skladiščenje d.o.o.; Petrol GEO d.o.o.; Petrol Pay d.o.o.; Geoplin d.o.o. Ljubljana; Atet d.o.o.; E3, d.o.o.; Petrol d.o.o., Zagreb; Vjetroelektrane Glunča d.o.o.; and Zagorski metalac d.o.o.
| Economic Activities Code | CapEx in EUR thousand | Proportion of CapEx, year 2024 | Climate Change Mitigation | Climate Change Adaptation | Water Pollution | Circular Economy | Biodiversity | Minimum safeguards | Proportion of Taxonomy aligned (A.1.) or -eligible (A.2.) CapEx, year 2023 | Category enabling activity | Category transitional activity |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Activity | 0.00 | 0.00% | N/EL | N/EL | N/EL | N/EL | N/EL | N | N | N | N |
| 0.00 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | N | N | N | N | |
| 0.00 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | N | N | N | N | |
| 0.00 | 0.00% | N | N | N | N | ||||||
| 7.2 Renovation of existing buildings | 8,043 | 13.97% | EL | EL | N/EL | N/EL | EL | 13.63% | |||
| 7.1 Construction of new buildings | 7,436 | 12.91% | EL | EL | N/EL | N/EL | EL | 45.14% | |||
| 6.15 Infrastructure enabling low-carbon road transport and public transport | 3,457 | 6.00% | EL | EL | N/EL | N/EL | N/EL | N/EL | 1.25% | ||
| 6.5 Transport by motorbikes, passenger cars and light commercial vehicles | 3,054 | 5.30% | EL | N/EL | N/EL | N/EL | N/EL | N/EL | 7.31% | ||
| 7.4 Installation, maintenance and repair of charging stations for |
| 2,041 | 3.54% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.00% |
|---|---|---|---|---|---|---|---|---|
| CCM / CCA 4.14 | 508 | 0.88% | EL | EL | N/EL | N/EL | N/EL | N/EL | 2.43% |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA 4.1 | 479 | 0.83% | EL | EL | N/EL | N/EL | N/EL | N/EL | 18.82% |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA 5.3 | 383 | 0.67% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.39% |
|---|---|---|---|---|---|---|---|---|---|
| CCM 8.2 | 299 | 0.52% | EL | N/EL | N/EL | N/EL | N/EL | 0.54% |
|---|---|---|---|---|---|---|---|---|
| CCM / CCA 4.30 | 212 | 0.37% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.00% |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA 4.15 | 160 | 0.28% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.27% |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA 7.3 | 140 | 0.24% | EL | EL | N/EL | N/EL | N/EL | N/EL | 7.70% |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA 4.3 | 42 | 0.07% | EL | EL | N/EL | N/EL | N/EL | N/EL | 2.25% |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA 4.16 | 11 | 0.02% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.00% |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA 4.24 | 0 | 0.00% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.15% |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA 4.20 | 0 | 0.00% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.09% |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA 7.5 | 0 | 0.00% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.02% |
|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA 7.6 | 0 | 0.00% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.01% |
|---|---|---|---|---|---|---|---|---|---|
| 26,267 | 45.62% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% |
|---|---|---|---|---|---|---|---|---|
| 26,267 | 45.62% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% |
|---|---|---|---|---|---|---|---|---|
CapEx of Taxonomy-Eligible but Not Environmentally Sustainable Activities (Not Taxonomy-Aligned Activities) (A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report 186
In calculating indicators related to capital expenditure, subsidies received for energy-efficient renovation projects were added to the net capital expenditure of Petrol Group companies in Slovenia and Croatia. These amounts were reflected in both the numerator and denominator for activity 7.3 Installation, maintenance and repair of energy efficiency equipment, for charging infrastructure projects under activity 6.15 Infrastructure enabling low-carbon road transport and public transport, and for projects involving construction of own photovoltaic power plants under activity 4.1 Electricity generation using solar photovoltaic technology.
In 2024, capital expenditure of Petrol Group companies in Slovenia and Croatia included in the analysis amounted to EUR 57,578 thousand, of which 45.62% (EUR 26,267 thousand) was related to taxonomy-eligible activities. The largest individual shares of taxonomy-eligible capital expenditure were contributed by activities 7.2 Renovation of existing buildings, 7.1 Construction of new buildings, 6.15 Infrastructure enabling low-carbon road transport and public transport, and 6.5 Transport by motorbikes, passenger cars and light commercial vehicles (together accounting for 83.72% of total taxonomy-eligible capital expenditure for the companies included in the analysis).
In 2024, compared to 2023, capital expenditure under activity 7.1. Construction of new buildings, increased significantly, while investment in activity 4.1 Electricity generation using solar photovoltaic technology decreased. Four activities had no new investments.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report 187
Proportion of capital expenditure related to products or services associated with taxonomy-aligned economic activities – disclosure for Petrol d.d., Ljubljana, for 2024
| Economic Activities Code | CapEx | Proportion of CapEx, year 2024 | Climate Change Mitigation | Climate Change Adaptation | Water Pollution | Circular Economy | Biodiversity | Minimum safeguards |
|---|---|---|---|---|---|---|---|---|
| Category enabling activity | Category transitional activity | in EUR thousand | % | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Activity | 0.00 | 0.00% | N/EL | N/EL | N/EL | N/EL | N/EL | N/EL | N | N | N | N | N | N | 0.00% | / |
| 0.00 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | N | N | N | N | N | N | 0.00% | E | |
| 0.00 | 0.00% | 0.00% | 0.00% | N | N | N | N | N | N | 0.00% | T | |||||
| EL;N/EL | EL;N/EL | EL;N/EL | EL;N/EL | EL;N/EL | EL;N/EL | |||||||||||
| 7.1 Construction of new buildings | CCM / CCA 7.1 / CE 3.1 | 5,562 | 12.62% | EL | EL | N/EL | N/EL | EL | N/EL | 51.83% | ||||||
| 7.2 Renovation of existing buildings | CCM / CCA 7.2 / CE 3.2 | 5,447 | 12.36% | EL | EL | N/EL | N/EL | EL | N/EL | 5.65% | ||||||
| 6.15 Infrastructure enabling low-carbon road transport and public transport | CCM / CCA 6.15 | 3,427 | 7.77% | EL | EL | N/EL | N/EL | N/EL | N/EL | 2.03% | ||||||
| 7.4 Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) | CCM / CCA 7.4 | 387 | 0.88% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.00% | ||||||
| 5.3 Construction, extension and operation of wastewater collection and treatment | CCM / CCA 5.3 | 383 | 0.87% | EL | EL | N/EL | N/EL | N/EL | N/EL | 1.10% | ||||||
| 4.1 Electricity generation using solar photovoltaic technology | CCM / CCA 4.1 | 353 | 0.80% | EL | EL | N/EL | N/EL | N/EL | N/EL | 21.24% | ||||||
| 8.2. Data-driven solutions for GHG emissions reductions | CCM 8.2 | 299 | 0.68% | EL | N/EL | N/EL | N/EL | N/EL | 1.53% | |||||||
| 4.30 High-efficiency cogeneration of heat/cool and power from gaseous fossil fuels | CCM / CCA 4.30 | 212 | 0.48% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.00% | ||||||
| 4.14 Transmission and distribution networks for renewable and low-carbon gases | CCM / CCA 4.14 | 201 | 0.46% | EL | EL | N/EL | N/EL | N/EL | N/EL | 4.44% | ||||||
| 4.15 District heating/cooling distribution | CCM / CCA 4.15 | 160 | 0.36% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.72% | ||||||
| 7.3 Installation, maintenance and repair of energy efficiency equipment | CCM / CCA 7.3 | 106 | 0.24% | EL | EL | N/EL | N/EL | N/EL | N/EL | 11.13% | ||||||
| 6.5 Transport by motorbikes, passenger cars and light commercial vehicles | CCM 6.5 | 56 | 0.13% | EL | N/EL | N/EL | N/EL | N/EL | N/EL | 0.00% | ||||||
| 4.16 Installation and operation of electric heat pumps | CCM / CCA 4.16 | 11 | 0.03% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.00% | ||||||
| 4.20 Cogeneration of heat/cool and power from bioenergy | CCM / CCA 4.20 | - | 0.00% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.26% | ||||||
| 7.5 Installation, maintenance and repair of instruments and devices for measuring, regulating and controlling the energy performance of buildings | CCM / CCA 7.5 | 0 | 0.00% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.06% | ||||||
| 7.6. Installation, maintenance and repair of renewable energy technologies | CCM / CCA 7.6 | 0 | 0.00% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.01% | ||||||
| Total | 16,606 | 37.67% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | |||||||
| A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) | 16,606 | 37.67% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | |||||||
| A. CapEx of Taxonomy-eligible activities (A.1+A.2) | 27,474 | 62.33% | 44,080 | 100.00% |
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report
In 2024, capital expenditure related to taxonomy-eligible activities for Petrol d.d., Ljubljana, amounted to EUR 16,606 thousand, representing 37.67% of the company's total capital expenditure (EUR 44,080 thousand of total capital expenditure including subsidies).
Taxonomy-eligible capital expenditure of Petrol d.d., Ljubljana, accounted for 63.22% of the taxonomy-eligible capital expenditure in companies included in the analysis of the Petrol Group in Slovenia and Croatia, and 28.84% of the total capital expenditure of these companies.
| Petrol Group (Slovenia and Croatia) | Petrol d.d., Ljubljana | |||
|---|---|---|---|---|
| Proportion of CapEx / Total CapEx | Proportion of CapEx / Total CapEx | |||
| Environmental goals | ||||
| Taxonomy-aligned per objective | Taxonomy-eligible per objective | |||
| CCM | 0.00% | 45.62% | 0.00% | 37.67% |
| CCA | 0.00% | 39.80% | 0.00% | 39.80% |
| WTR | 0.00% | 0.00% | 0.00% | 0.00% |
| EC | 0.00% | 26.88% | 0.00% | 24.98% |
| PPC | 0.00% | 0.00% | 0.00% | 0.00% |
| BIO | 0.00% | 0.00% | 0.00% | 0.00% |
The percentage of capital expenditure related to the objective of climate change adaptation (CCA) is lower, as activities 6.5 Transport by motorbikes, passenger cars and light commercial vehicles, and 8.2 Data-driven solutions for GHG emissions reductions contribute only to the first environmental objective. Activities 7.1 Construction of new buildings and 7.2 Renovation of existing buildings also contribute to the environmental objective of transitioning to a circular economy (CE).
Petrol d.d., Ljubljana; Petrol Skladiščenje d.o.o.; Petrol GEO d.o.o.; Petrol Pay d.o.o.; Geoplin d.o.o. Ljubljana; Atet d.o.o.; E 3, d.o.o.; Petrol d.o.o., Zagreb; Vjetroelektrane Glunča d.o.o.; and Zagorski metalac d.o.o.
| Economic Activities (1) | Code | OpEx | Proportion of OpEx, year 2024 | Climate Change Mitigation | Climate Change Adaptation | Water Pollution | Circular Economy | Biodiversity | Minimum safeguards | Proportion of Taxonomy aligned (A.1.) or -eligible (A.2.) OpEx, year 2023 | Category enabling activity | Category transitional activity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Activity | 0.00 | 0.00% | N/EL | N/EL | N/EL | N/EL | N/EL | N/EL | N | N | N | N |
| 0.00 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | N | N | N | N | N | |
| 0.00 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | N | N | N | N | N |
CCM: Climate Change Mitigation
CCA: Climate Change Adaptation
EL: Taxonomy-eligible activity for the relevant objective
| CCM / CCA | 4.14 | 1,333 | 7.33% | EL | EL | N/EL | N/EL | N/EL | N/EL | 29.70% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 7.3 | 770 | 4.24% | EL | EL | N/EL | N/EL | N/EL | N/EL | 13.03% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.15 | 452 | 2.48% | EL | EL | N/EL | N/EL | N/EL | N/EL | 7.95% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 5.1 | 390 | 2.14% | EL | EL | N/EL | N/EL | N/EL | N/EL | 8.35% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.30 | 389 | 2.14% | EL | EL | N/EL | N/EL | N/EL | N/EL | 6.53% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.3 | 296 | 1.63% | EL | EL | N/EL | N/EL | N/EL | N/EL | 5.15% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.24 | 254 | 1.40% | EL | EL | N/EL | N/EL | N/EL | N/EL | 5.67% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 5.3 | 228 | 1.25% | EL | EL | N/EL | N/EL | N/EL | N/EL | 5.72% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM | 6.5 | 187 | 1.03% | EL | N/EL | N/EL | N/EL | N/EL | N/EL | 3.82% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 6.15 | 171 | 0.94% | EL | EL | N/EL | N/EL | N/EL | N/EL | 2.14% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.31 | 142 | 0.78% | EL | EL | N/EL | N/EL | N/EL | N/EL | 2.01% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.9 | 120 | 0.66% | EL | EL | N/EL | N/EL | N/EL | N/EL | 3.03% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.8 | 77 | 0.42% | EL | EL | N/EL | N/EL | N/EL | N/EL | 3.37% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.22 | 47 | 0.26% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.77% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.1 | 28 | 0.15% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.95% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 7.6 | 17 | 0.09% | EL | EL | N/EL | N/EL | N/EL | N/EL | 1.29% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 7.4 | 9 | 0.05% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.08% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.20 | 1 | 0.01% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.00% |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM | 8.2 | 1 | 0.01% | EL | N/EL | N/EL | N/EL | N/EL | N/EL | 0.44% |
|---|---|---|---|---|---|---|---|---|---|---|
| Total | 4,913 | 27.02% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% |
|---|---|---|---|---|---|---|---|---|---|
| Of which Enabling | 4,913 | 27.02% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% |
| Of which Transitional | 13,271 | 72.98% |
| OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) | |
|---|---|
OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report 190
Public
Operating costs under the Taxonomy Regulation for taxonomy-eligible activities of the companies included in the analysis in Slovenia and Croatia amounted to EUR 4,913 thousand in 2024, representing 27.02 percent of the total operating expenses of the selected companies.
In 2024, the largest contribution to taxonomy-eligible operating expenses came from activities 4.14 Transmission and distribution networks for renewable and low-carbon gases, 7.3 Installation, maintenance and repair of energy efficiency equipment, and 4.15 District heating/cooling distribution (together accounting for 52.01% of all taxonomy-eligible operating expenses for companies included in the analysis).
There were no significant changes in the ranking of activities by operating expenses in 2024 compared to 2023.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report 191
Public
| Economic Activities (1) | Code | OpEx | Proportion of OpEx, year 2024 | Climate Change Mitigation | Climate Change Adaptation | Water Pollution | Circular Economy | Biodiversity |
|---|---|---|---|---|---|---|---|---|
Notes:
Financial year 2024
Proportion of Taxonomy aligned (A.1.) or -eligible (A.2.) OpEx, year 2023
| CCM / CCA | 4.14 | 1,055 | 10.04% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 7.3 | 767 | 7.30% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 5.1 | 390 | 3.71% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.30 | 278 | 2.64% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.15 | 277 | 2.63% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 5.3 | 228 | 2.17% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.24 | 183 | 1.74% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.9 | 120 | 1.14% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 6.15 | 115 | 1.09% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.8 | 77 | 0.73% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM | 6.5 | 51 | 0.49% | EL | N/EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.22 | 47 | 0.45% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.31 | 38 | 0.36% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 4.1 | 28 | 0.26% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 7.6 | 17 | 0.16% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM / CCA | 7.4 | 9 | 0.09% | EL | EL | N/EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|---|
| CCM | 4.20 | 1 | 0.01% | EL | EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|---|
| CCM | 8.2 | 1 | 0.01% | EL | N/EL | N/EL | N/EL | N/EL |
|---|---|---|---|---|---|---|---|---|
| 0.59% | 3,683 | 35.04% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|---|---|---|---|---|---|---|---|---|
| 100.00% | 3,683 | 35.04% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 100.00% | 6,827 | 64.96% | 10,510 | 100.00% |
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report
Operating expenses related to taxonomy-eligible activities for Petrol d.d., Ljubljana, amounted to EUR 3,683 thousand in 2024, representing 35.04% of the company's total operating expenses (EUR 10,510 thousand total operating expenses).
Taxonomy-eligible operating expenses of Petrol d.d., Ljubljana, accounted for 74.97% of the taxonomy-eligible operating expenses of companies included in the analysis of the Petrol Group in Slovenia and Croatia, and 20.25% of total operating expenses of the companies included in this analysis.
| Petrol Group (Slovenia and Croatia) | 83 | |||
|---|---|---|---|---|
| Petrol d.d., Ljubljana | Proportion of OpEx / Total OpEx | |||
| Proportion of OpEx / Total OpEx | Environmental goals | |||
| Taxonomy-aligned per objective | Taxonomy-aligned per objective | Taxonomy-eligible per objective | Taxonomy-aligned per objective | |
| CCM | 0.00% | 27.02% | 0.00% | 35.04% |
| CCA | 0.00% | 25.98% | 0.00% | 34.54% |
| WTR |
Operating expenses related to taxonomy-eligible activities under the environmental objective of climate change mitigation (CCM) represented 27.2% of the total operating expenses of Petrol Group companies included in the analysis, and 35.04% of the operating expenses of Petrol d.d., Ljubljana.
The percentage of operating expenses related to the climate change adaptation (CCA) objective is lower due to the exclusion of activities 6.5 Transport by motorbikes, passenger cars and light commercial vehicles and 8.2 Data-driven solutions for GHG emissions reductions, which contribute solely to the first environmental objective.
In 2024, capital expenditure related to taxonomy-eligible activities amounted to EUR 26,267 thousand, representing 45.62 percent of total capital expenditure of the companies included in the analysis, which accounted for 90.94 percent of the Petrol Group’s total capital expenditure.
Operating expenses, as defined by the Taxonomy Regulation, for companies included in the analysis in 2024 amounted to EUR 4,913 thousand, representing 27.02 percent of the total operating expenses of the selected companies, which together accounted for 90.13 percent of total operating expenses of the Petrol Group.
Petrol d.d., Ljubljana; Petrol Skladiščenje d.o.o.; Petrol GEO d.o.o.; Petrol Pay d.o.o.; Geoplin d.o.o. Ljubljana; Atet d.o.o.; E 3, d.o.o.; Petrol d.o.o., Zagreb; Vjetroelektrane Glunča d.o.o.; and Zagorski metalac d.o.o.
Capital expenditure related to taxonomy-eligible activities was thus 5.3 times greater than operating expenses dedicated to maintenance within taxonomy-eligible activities.
A significant portion of activities aimed at improving energy efficiency was directed toward new construction and renovation of service stations, as reflected by investments in property, plant and equipment, which represented 58.93 percent of total investments in taxonomy-eligible activities in 2024.
Capital expenditure significantly exceeded operating expenses in the following activities:
Capital expenditure reflected the Petrol Group's energy transition priorities for the 2021–2025 strategic period, emphasizing improvements in energy efficiency, investments in renewable energy production, development of sustainable mobility, and smart energy management. The strategic goal of allocating 35 percent of capital expenditure toward the energy transition was exceeded on an annual basis in 2024 (45.62%).
Operating expenses significantly exceeded capital expenditure in the following activities, primarily involving maintenance of existing infrastructure:
Operating costs of the entire Group according to the Taxonomy Regulation amounted to EUR 20,174 thousand in 2024 and are included in the disclosure of total operating costs in Chapter 4.2 "Petrol Group Operations," table "Operating costs of the Petrol Group."
All taxonomy-eligible investments are included, including capital expenditure related to new construction and renovation of buildings. The methodology differs from the calculation approach used to define energy transition investments in the chapter Investments of the Business Report.
The tables below provide additional disclosures regarding the proportions of taxonomy-eligible key performance indicators for activities 4.30 High-efficiency cogeneration of heat/cool and power from gaseous fossil fuels and 4.31 Production of heat/cool from gaseous fossil fuels in an efficient district heating and cooling system, which are related to natural gas.
Commission Delegated Regulation (EU) 2022/1214.
| Row | 1. | 2. | 3. | 4. | 5. | 6. |
|---|---|---|---|---|---|---|
| in EUR thousand | % | in EUR thousand | % | in EUR thousand | % | |
| 1. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
0 0.00% 0 0.00% 0 0.00% 0 0.00% 00.00% 0 0.00%
| Row | Economic activities | Petrol group (Slovenia and Croatia) | Petrol d.d., Ljubljana (unaudited) | CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA) |
|---|---|---|---|---|---|---|
| 1 | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | NO | ||||
| 2 | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. | YES | ||||
| 3 | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | YES | ||||
| 4 | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. | NO | ||||
| 5 | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | NO |
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
NO
196 Public
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|
| 1,877 | 1.96% | 1,877 | 1.96% | 0 | 0.00% | 1,445 | 2.18% | 1,445 | 2.18% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,670 | 4.88% | 4,670 | 4.88% | 0 | 0.00% | 4,428 | 6.68% | 4,428 | 6.68% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|---|---|---|---|
Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI
| 95,703 | 100.00% | 95,703 | 100.00% | 0 | 0.00% | 66,302 | 100.00% | 66,302 | 100.00% | 0 | 0.00% |
|---|---|---|---|---|---|---|---|---|---|---|---|
Climate change mitigation (CCM)
Climate change adaptation (CCA)
Climate change mitigation (CCM)
Climate change adaptation (CCA)
| Row | Economic activities |
|---|---|
| Petrol group (Slovenia and Croatia) | Petrol d.d., Ljubljana (unaudited) |
| CCM + CCA | Climate change mitigation (CCM) |
| Climate change adaptation (CCA) |
| Row | Economic activities |
|---|---|
| Petrol group (Slovenia and Croatia) | Petrol d.d., Ljubljana (unaudited) |
| CCM + CCA | Climate change mitigation (CCM) |
| Climate change adaptation (CCA) |
Public
| Row | Economic activities in EUR thousand | Percentage in EUR thousand | Percentage |
|---|---|---|---|
| 1. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% |
| 2. | Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% |
| 3. | Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% |
| 4. | Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% |
| 5. | Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% |
| 6. | Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% |
| 7. | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 5,846,222 | 100.00% |
| 5,846,222 | 100.00% | 4,335,280 | 100.00% |
|---|---|---|---|
Public
| Row | in EUR thousand | % | in EUR thousand | % | in EUR thousand | % | in EUR thousand | % | in EUR thousand | % | in EUR thousand | % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 2. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 3. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 4. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 5. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 6. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 7. | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 8. | Total applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.
NO
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
| in EUR thousand | % | in EUR thousand | % | in EUR thousand | % | in EUR thousand | % | in EUR thousand | % | in EUR thousand | % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 2. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 3. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 4. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 5. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 6. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 7. | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 8. | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| in EUR thousand | % | in EUR thousand | % | in EUR thousand | % | in EUR thousand | % | in EUR thousand | % | in EUR thousand | % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | |
| 2. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
212 0.81% 212 0.81% 0 0.00% 212 1.28% 212 1.28% 0 0.00%
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
26,055 99.19% 26,055 99.19% 0 0.00% 16,393 98.72% 16,393 98.72% 0 0.00%
Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI
26,267 100.00% 26,267 100.00% 0 0.00% 16,606 100.00% 16,606 100.00% 0 0.00%
Climate change mitigation (CCM)
Climate change adaptation (CCA)
Climate change mitigation (CCM)
Climate change adaptation (CCA)
| Row | Economic activities |
|---|---|
| Petrol group (Slovenia and Croatia) | Petrol d.d., Ljubljana (unaudited) |
| CCM + CCA | Climate change mitigation (CCM) |
| Climate change adaptation (CCA) |
| Row | Economic activities |
|---|---|
| Petrol group (Slovenia and Croatia) | Petrol d.d., Ljubljana (unaudited) |
| CCM + CCA | Climate change mitigation (CCM) |
| Climate change adaptation (CCA) |
| 1. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 0.00% | 0 0.00% |
|---|---|---|---|
| 2. | Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 0.00% | 0 0.00% |
| 3. | Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I |
| Row | in EUR thousand | % | in EUR thousand | % | in EUR thousand | % | in EUR thousand | % | in EUR thousand | % |
|---|---|---|---|---|---|---|---|---|---|---|
| 1. | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 2. | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 3. | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 4. | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 5. | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 6. | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 7. | 31,311 | 100.00% | 27,474 | 100.00% | ||||||
| 8. | 31,311 | 100.00% | 27,474 | 100.00% |
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|
| Row | Economic activities | Petrol group (Slovenia and Croatia) | Petrol d.d., Ljubljana (unaudited) | CCM + CCA |
|---|---|---|---|---|
| 1 | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | NO | ||
| 2 | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. | YES | ||
| 3 | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | YES | ||
| 4 | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. | NO | ||
| 5 | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | NO |
| The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. | NO |
|---|---|
| in EUR thousand | % | in EUR thousand | % | in EUR thousand | % |
|---|---|---|---|---|---|
| 1. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% |
| 2. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% |
| 3. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% |
| 4. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the |
| Row | Economic activities | in EUR thousand | % | in EUR thousand | % | in EUR thousand | % |
|---|---|---|---|---|---|---|---|
| 1. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 2. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 3. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 4. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
| 5. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 389 | 7.91% | 389 | 7.91% | 0 | 0.00% |
| 6. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 142 | 3.25% | 142 | 3.25% | 0 | 0.00% |
| 7. | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 4,382 | 89.19% | 4,382 | 89.19% | 0 | 0.00% |
| 8. | Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI | 4,913 | 100.00% | 4,913 | 100.00% | 0 | 0.00% |
| 0 | 0.00% | 0 | 0.00% | 0 | 0.00% |
|---|---|---|---|---|---|
Climate change mitigation (CCM)
Climate change adaptation (CCA)
Petrol group (Slovenia and Croatia)
| Row | Economic activities | Petrol group (Slovenia and Croatia) | Petrol d.d., Ljubljana (unaudited) | CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA) | CCM + CCA |
|---|---|---|---|---|---|---|---|
| 1. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | ||
| 2. | Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | ||
| 3. | Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | ||
| 4. | Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | ||
| 5. | Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | ||
| 6. | Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% | ||
| 7. | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 13,271 | 100.00% | 6,827 | 100.00% | ||
| 8. | Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI | 13,271 | 100.00% | 6,827 | 100.00% |
system. It is aware of the contribution of its business activities to the achievement of national climate targets, and the need for further energy transformation which will allow both the Petrol Group and wider society to adapt to climate change.
The double materiality assessment (see ESRS 2 IRO-1 and E1.IRO-1) has allowed us to identify the actual and potential negative and positive climate change mitigation impacts of our activities. The carbon footprint represents a negative actual impact of our activities. Actual and potential positive impacts on climate change mitigation are created through efficient energy use in our own operations and through services that support climate change mitigation along the downstream value chain. These positive impacts have a growth trend in the future.
In the energy sector, there is an actual negative impact due to our activities of marketing petroleum products, natural gas, liquefied petroleum gas (LPG89), compressed natural gas (CNG90), and supplying district heating. This impact, which is present along the entire value chain, has a long-term downward trend. We also recognise the (non-)guaranteeing of a mandatory market share for advanced biofuels and related infrastructure as a potential negative impact, which arises from market mechanisms that have not been established yet or financial and technical challenges. This impact is also present along the entire value chain.
A positive impact is created through activities that include the generation and marketing of renewable energy sources, which is also present along the entire value chain. Additional positive impacts from a climate change perspective arise from reducing the carbon footprint of fuels, increasing the share of fuels with a higher share of renewable energy (biofuels), increasing the share of natural gas as an energy commodity used for the energy transition, and from additivated fuels (private label), which contributes to more efficient energy use and consequently reducing greenhouse gas emissions and mitigating climate change. These positive impacts have a long-term growth trend.
We have also identified a financially material opportunity, which is trending upwards, namely market opportunities for further growth in fossil fuel distribution. This opportunity affects the entire value chain.
89 Slovenian: UNP – Utekočinjeni naftni plin
90 Slovenian: Stisnjeni zemeljski plin
The Petrol Group has included environmental performance and the fight against climate change as one of the cornerstones of its strategic development and sustainable management system.
Climate considerations are included in the remuneration of members of the management and supervisory bodies in accordance with the adopted Remuneration Policy for Management and Supervisory Bodies. The policy stipulates that remuneration consists of a fixed and a variable component, with the variable component directly linked to the achievement of financial and non-financial criteria that contribute to Petrol's short-term and long-term performance.
quantified, it is estimated that approximately 20 percent of recognised remuneration is linked to climate-related aspects. This estimate is based on the integration of climate targets into Petrol’s strategic orientations, including greenhouse gas (GHG) emissions reduction, sustainable resource management, and compliance with environmental legislation. This way, Petrol d.d., Ljubljana, ensures that climate considerations constitute a key part of the incentive and remuneration system for management and supervisory bodies—supporting long-term resilience, sustainable growth, and the alignment of business strategy with environmental objectives.
The Petrol Group supports the Paris Agreement and the EU's commitments to decarbonise by 2050, which means that we are actively committed to preventing and mitigating climate change. At the same time, we strive to ensure a reliable supply of energy at an affordable price, which is important for social well-being. As a major energy company and group in the region, we are implementing several complex activities and programmes aimed at defossilisation and the implementation of the national energy and climate plan (see E1-3, E1-4).
We are currently developing a comprehensive transition plan for climate change mitigation, as part of the new 2026-2030 business strategy currently in preparation. It will also set targets related to limiting global warming to 1.5°C in line with the Paris Agreement.
We anticipate that the action plan, which Petrol will develop by 2027 and which will be approved by the Management Board, will define concrete steps and a timeline for achieving key targets such as the reduction of GHG emissions, improved energy efficiency, the shift to low-carbon technologies, and sustainable resource management. The action plan will be aligned with legislative developments, as well as technological and market signals.
As part of its energy transition in the strategic 2021–2025 period, the Petrol Group focused on long-term reduction of the carbon footprint of its operations, increasing energy efficiency, and generating and selling less carbon-intensive energy. Achieving these objectives relies on operational expenditures (OpEx) and investments in fixed assets (CapEx).
In 2024, Petrol invested in the energy transition, with a focus on:
To ensure effective energy transition investments, the Petrol Group also allocates significant operating costs, which include:
• education and training programmes (investment in workforce development, with a focus on sustainable competencies, green technologies, and ESG standards).
Through capital investments and operating expenses eligible under the EU Taxonomy, the Company is actively contributing to climate change mitigation. The energy transition defines priority investment areas, including:
Operating costs allocated to the Strategic Energy Transition Action Plan amounted to EUR 90,749,929 in 2024.
In 2024, the Petrol Group allocated EUR 13,623,266 for capital expenditure. Of this amount, EUR 5,871,810 was dedicated to implementing the energy transition action plan of Petrol d.d., Ljubljana, E 3, d.o.o., Geoplin d.o.o., Ljubljana and Petrol d.o.o. (Zagreb) — that is, within the scope of the Petrol Group’s limited consolidation.
The Petrol Group regularly assesses the compliance of its economic activities with the criteria set out in Commission Delegated Regulation 2021/2139. Energy transition activities — with the exception of electricity and natural gas trading and the marketing of CNG and LPG — are currently Taxonomy-eligible. Further alignment with the criteria will be explored going forward.
In line with its energy transition strategy, the Petrol Group will continue to invest in existing activities, with a focus on expanding renewable energy sources, developing electromobility infrastructure, introducing advanced energy solutions, and enhancing energy efficiency.
The continued development of Taxonomy-aligned activities will depend on future strategic directions and regulatory frameworks.
The locked-in emissions from key assets and products are mainly represented by the following categories:
Locked-in emissions from key activities do not jeopardise the current decarbonisation target, as this target currently covers Scope 1 and 2 emissions. As part of its 2026-2030 strategy, Petrol will prepare a comprehensive climate change mitigation action plan, which will also encompass the development of sustainable business models and, consequently, a plan to reduce the volume of locked-in emissions. The action plan will outline concrete measures for gradually reducing the dependence on carbon-intensive energy sources in a commercially and financially sustainable manner, while increasing the generation and use of renewable energy sources.
Dunajska 70 location in Ljubljana, and the installation of central fuel dispensers in compliance with legal requirements. Other smaller-scale service station renovations were also carried out. Risk mitigation and regulatory compliance measures were implemented at all storage facilities. The Group is also undertaking the Oil & Gas project, aimed at the digitalisation of the supply chain. In the Croatian market, major renovations and rebranding of service stations were completed, including the construction of the Dragalić S site. Ongoing investment maintenance was carried out in all companies.
In gas-related activities, Petrol invested a total of EUR 1,417,428 in 2024. Of this, EUR 192,221 was allocated to investments in natural gas distribution concessions at Petrol d.d. Ljubljana and in a trading platform at Geoplin d.o.o. Ljubljana. In addition, the sale of CNG was introduced at the renovated Barje S and Barje J service stations, with this investment totalling EUR 1,225,207.
Petrol is excluded from the benchmarks aligned with the Paris Agreement.
As part of its integrated risk and opportunity management and the double materiality assessment, the Petrol Group assessed both physical and transition climate-related risks in the short, medium and long term. Physical climate risks refer to the financial impact of climate change on the Petrol Group's operations — either directly through material damage and reduced productivity, or indirectly via supply chain disruptions and other operational consequences. These risks include acute events (e.g. floods, heat waves, storms) and chronic changes (e.g. rising temperatures, water scarcity, melting ice), which may impact operational stability over the long term.
Transition risks relate to the financial, operational, and strategic challenges faced by the Petrol Group during the shift to a low-carbon and more sustainable economy. These risks stem from regulatory changes, technological developments, market fluctuations, and evolving societal expectations. They may affect operations directly or indirectly via supply chains, demand, or price pressures. The assessment is based on a climate scenario aligned with the 1.5°C global warming limit (without overshoot).
The Petrol Group’s physical climate risk assessment shows that no risk exceeds the moderate level or the Group’s materiality threshold of EUR 25 million. For all identified physical risks—particularly in the short and medium term—the Group has already defined appropriate measures, which are implemented as needed.
Likewise, none of the identified transition risks exceed the materiality threshold. Challenges in this area primarily relate to green transition legislation, ambiguous market signals, and the limited commercial readiness of green technologies.
In 2024, the Petrol Group conducted a resilience analysis as part of the double materiality assessment. The analysis covered all activities above the materiality threshold, all operating geographies, and relevant value chains, based on available data. It addressed the short-, medium-, and long-term timeframes.
| Climate scenarios (IPCC, AR6 and AR5) | Variables (conditions) – global |
|---|---|
| Air temperature changes (in °C) | Precipitation (in mm or %) |
| Sea level rise (in cm) by 2100 | |
| SSP1–1.9 | T increase of 1.5°C by 2050 |
| between 1.5 and 4.5% by 2100 | |
| 28–55 cm | |
| SSP1–2.6 | RCP 2.6 |
| T increase of 1.8°C by 2100 | between 1.8 and 5.4% by 2100 |
| 32–62 cm | |
| SSP2–4.5 | RCP 4.5 |
| T increase of 2.7°C by 2100 | between 2.7 and 8.1% by 2100 |
| 44–76 cm | |
| SSP3–7.0 | RCP 6.0 |
| T increase of 3.6°C by 2100 | between 3.6 and 10.8% by 2100 |
| 58–98 cm | |
| SSP5–8.5 | RCP 8.5 |
| T increase of 4.4°C by 2100 | between 4.4 and 13.2% by 2100 |
| 63–101 cm |
The Petrol Group's resilience to all types of physical climate risks is high, as the Group adequately manages the moderate risks to which it is exposed through planned and well-implemented actions and the implementation of adjustments. Similar prospects also apply to the medium and long term. Adequate insurance arrangements (proper collateral) and financial preparedness allow it to reduce long-term financial consequences. Material changes to the business model on account of adapting to physical climate risks are not required in any time frame (short, medium and long term).
IPCC AR6 - Intergovernmental Panel on Climate Change (Sixth Assessment Report)
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report
and regulation of existing products and services, authorisations and regulation of existing production processes, exposure to litigation, replacement of existing products and services with potentially lower emissions, costs of transitioning to lower emission technologies, shifting customer behaviour, uncertainty of market signals, and higher raw material costs. Most of these areas are strongly dependent on market and political conditions, the development of green technologies, and consumer or buyer preferences. The Petrol Group's impact in these areas is limited. However, they are carefully monitored and managed. The long-term resilience of the Petrol Group in these areas is expected to increase further with further adaptation of the business model and strategic restructuring.
The Petrol Group has high resilience in the following areas: increasing GHG emission prices, strengthened reporting obligations on GHG emissions, (un)successful investments in new technologies, changes in consumer preferences, stigmatisation of the sector, increased concern from stakeholder groups, and negative feedback from stakeholders. All these areas are closely monitored and managed, and the business model is adapted accordingly to ensure a proactive and effective response to evolving conditions.
Key elements of strategic and business model adaptability are already embedded in existing processes and planning, enabling us to proactively manage climate risks and opportunities.
With these actions, Petrol demonstrates its ability to adapt its strategy and business models to climate change and strengthens its preparedness for future challenges.
The Petrol Group has no so-called high risks or risks above the materiality threshold in the area of transition climate risks.
General procedures for identifying and assessing double materiality—including significant climate-related impacts, risks, and opportunities—are outlined in ESRS 2 IRO-1. A more detailed overview of the assessment of physical and transition risks in the short-, medium-, and long-term—along with climate scenarios and resilience analysis—is provided in E1.SBM-3.
In our risk and resilience assessments, we verified whether our assets and business operations could be exposed to climate-related hazards. Infrastructure and business activities across the entire value chain and all operating geographies are exposed to climate-related risks, but the level of exposure is not high and remains below the materiality threshold. These risks are successfully managed through the implementation of adaptation measures.
As disclosed in E1.SBM-3, the identification of climate-related hazards and the evaluation of exposure and sensitivity are based on high-emission climate scenarios. Alongside the Paris Agreement-aligned scenario, the following high-emission pathways were considered in the climate risk assessment and resilience analysis:
Scenario analysis was used to identify and evaluate physical climate risks across short-, medium-, and long-term time horizons. Scenarios covered all geographies and markets in which we operate. While risks were assessed across all three timeframes, long-term physical risks remain highly uncertain and should be interpreted as indicative.
Climate-related risks and opportunities were assessed both for our own operations and across four value chains identified as material to the Group (see ESRS 2 SBM-1). Risks and opportunities in own operations were evaluated by internal experts with high-level expertise and access to relevant external databases. For the value chain assessment, secondary data sources—including industry studies, public disclosures from large corporates, and academic publications—were used, as the Group currently does not have its own proprietary databases in this area.
We identified and assessed transition events in a similar manner to physical risks, across short-, medium-, and long-term timeframes, using multiple climate scenarios. Petrol recognises transition-related risks and opportunities stemming from the shift to a low-carbon economy, and their potential impact on its operations and value chain. The assessment verified whether assets and operations are vulnerable to such transition events—an integral part of the resilience analysis. The degree of exposure and sensitivity to identified transition events was also evaluated.
Among the segments of our business that are incompatible with climate targets or require significant adaptation efforts, the following stand out:
In formulating climate-related accounting assumptions aligned with applied climate scenarios, the Company considers various factors that may affect its financial and operational stability in the context of climate change and the low-carbon transition. When assessing long-term business model sustainability, Petrol factors in key macroeconomic and sectoral trends aligned with EU climate objectives, regulatory frameworks, and market dynamics.
Future cash flow estimates take into account expected changes in fuel and petroleum product demand, emission allowance costs, and the long-term shift of the energy portfolio toward low-carbon technologies.
Changes in the regulatory environment—such as the Energy Taxation Directive and the Energy Efficiency Directive—are considered in long-term asset value assessments, particularly in the fossil fuel distribution segment.
shortfalls in transport. Provisions are formed based on current and anticipated costs associated with legal compliance and environmental risk management. Financial statements also reflect an increase in asset insurance costs (e.g. fire and third-party liability insurance), which has an impact on decreasing profitability. At the same time, we strive to shape retail prices that take into account all newly incurred costs.
Decommissioning costs—such as those related to the Glunča, Ljubač, and Dazlina wind farms—are not currently recognised in the financial statements. Future orientations will include further deepening climate risk analyses and linking them to key financial indicators, in line with the development of the regulatory and market environment.
The Petrol Group recognises the impact of climate change on its operations and is adapting its activities to market and regulatory developments linked to the transition to a low-carbon economy. Through its Climate Policy, approved by the Management Board, the Group supports the Paris Agreement and the EU’s decarbonisation commitments for 2050, signalling its active commitment to climate change prevention and mitigation. At the same time, it remains committed to ensuring a reliable and affordable energy supply to support societal well-being.
Petrol’s strategic objective is to reduce greenhouse gas emissions in the most economically and environmentally efficient manner, while minimising costs for the economy and the population.
The Petrol Group is committed to:
The Group implements its core principles of climate conduct through the following priority directions:
demand resulting from climate change.
UN -United Nations
Public
Petrol recognises the need to gradually reduce the carbon intensity of its operations and manage transition risks in the energy sector. It uses multiple levers to mitigate risks and seize opportunities related to climate change.
Key decarbonisation actions include:
In the reporting year, we implemented measures that contribute to the progressive reduction of greenhouse gas (GHG) emissions—primarily by optimising energy use and improving energy efficiency. In Slovenia and Croatia, the addition of fuel additives was increased to enhance fuel quality and thereby reduce emissions.
In Petrol d.d. Ljubljana (excluding the Energy and Solutions organisational unit), a 20.4% reduction in Scope 1 and 2 emissions was achieved in 2024 compared to the 2021 baseline.
Footnotes:
We aim to reduce Scope 1 and 2 emissions by 40% by the end of 2025. Additional measures are planned to further reduce the carbon intensity of operations by 2030.
To achieve the set targets, the key activities up to 2027 will primarily focus on infrastructure development and securing subsidies, digitalisation, enhancing user experience, and optimising processes and management.
These actions involve substantial investments in less energy-intensive solutions, including the installation of battery energy storage systems that ensure a stable electricity supply. Funds are directed towards optimising energy use, increasing the share of renewable energy, and gradually adjusting the energy offering to low-carbon sources. Projects that support decarbonisation are incorporated into both capital expenditure (CapEx) and operating expenditures (OpEx).
To track the effectiveness of our policies and actions, we apply:
These monitoring approaches ensure transparency, precision, and alignment with our sustainability goals, while actively supporting the energy transition and the achievement of climate objectives.
Among the promising options for transitioning to low-carbon energy solutions is the exploration of renewable hydrogen, which could in the future be produced in-house via electrolysis. The Group will continue adapting its cost structure to strengthen alignment with sustainability criteria and increase resilience to transition risks.
Petrol is progressively implementing measures to reduce the carbon intensity of its operations through targeted investments and operational adjustments, in line with legislative and market developments.
Like other energy companies in the EU, the Petrol Group aligns with the European Green Deal and channels investments into green transition projects in the fields of renewable energy, hydrogen, e-mobility, and advanced energy solutions for industrial and commercial clients. As a co-creator of the green transition in Slovenia and the broader region—and a contributor to the EU's energy and climate goals—securing non-repayable funding for investment and development projects is of strategic importance to the Petrol Group.
The success of securing funding depends on numerous external factors, including:
The Petrol Group has been successful in implementing EU-funded projects and drawing grants at both the EU and national levels. Notable initiatives include the expansion of charging infrastructure under the CEF programme and the development of sustainable solutions for optimising district heating systems—particularly relevant to the public sector.
through green transition projects—will continue to depend on the availability of co-financing sources at the EU and national levels.
Explanatory information on the ratio between significant capital and operating expenditures required for the implementation of adopted or planned measures is provided in the chapter Disclosures in accordance with Article 8 of Regulation (EU) 2020/852 (the Taxonomy Regulation).
At Petrol, the effectiveness of climate policies and actions is monitored against energy and environmental targets aligned with national legislation—such as the Act on the Efficient Use of Energy and the Act on the Promotion of the Use of Renewable Energy Sources—as well as EU legislative requirements and decarbonisation commitments by 2050. At the management level, the Management Board is committed to these targets. At the implementation level, expert staff ensure the ongoing monitoring and improvement of energy efficiency and promote the efficient use of energy. Key stakeholders are consulted across levels when setting strategic and operational targets. The consultation methods and processes are further detailed in ESRS 2. In setting environmental targets for decarbonisation, we follow the strategic direction of the Petrol Group, which is aligned with the Paris Agreement. This direction is adapted in the short and medium term to reflect key requirements of sector-specific legislation, market conditions, and technological developments. Our renewable energy initiatives are progressively increasing the share of renewables across specific regions and timeframes.
The Petrol Group has been successful in implementing EU-funded projects and drawing grants at both the EU and national levels. In the energy sector, the Petrol Group continues to scale sustainable solutions in support of decarbonisation, consistent with its long-term strategic and business objectives.
We invest in electricity generation from renewable sources (RES), the development of charging infrastructure in transport, energy retrofits, and environmental improvements. Our approach emphasises gradual scaling and optimisation of existing solutions. The 2025 targets include:
In all areas, we continue to optimise processes and reinforce long-term sustainability, while remaining focused on the stability of energy supply, efficient operations, and the development of sustainable solutions.
In line with the Petrol Group’s 2021–2025 strategy, the carbon footprint has been calculated since 2021 for Scopes 1 and 2. The calculation follows a phased approach aligned with the rollout of energy data monitoring.
In the first phase (2021), the market-based method was applied, covering Petrol d.d.’s activities (including office buildings in Ljubljana, all warehouses, owned and leased service stations, and holiday facilities), excluding those related to the Energy and Solutions organisational unit.
In 2022, previously excluded activities—such as energy product generation and distribution, energy and environmental solutions, and heating systems—were added, along with the Ravne, Bled, and Štore locations. In 2023, we started including subsidiaries, beginning with Petrol d.o.o. (Zagreb).
In 2024, in addition to Scope 1 and 2 calculations using the market-based method, emissions monitoring using the location-based method was introduced. Scope 3 emissions related to fuels and other energy carriers (categories 3.1 – purchased goods and services, and 3.11 – use of sold products) were also monitored for Petrol d.d., Ljubljana, Petrol d.o.o. (Zagreb), E 3, d.o.o., and Geoplin d.o.o. Ljubljana (Petrol Group – limited consolidation). Emissions from entities outside limited consolidation amounted to 3.3%, which is below the materiality threshold.
In line with the GHG protocol, the following greenhouse gases were monitored: CO₂, CH₄, N₂O, HFCs, PFC, SF₆ and NF₃. Given our business activity, it is appropriate to include — alongside CO₂ — N₂O, CH₄, and fugitive emissions of fluorinated gases (HFCs and SF₆) in CO₂ equivalent calculations. These industrial greenhouse gases have long atmospheric lifetimes and very high global warming potentials.
In designing our GHG emissions reduction strategy, we reviewed publicly available databases on climate change databases and RCP (Representative Concentration Pathways) scenarios, which are based on projected gas concentration reductions and assessments of future climate change. During the analysis, we encountered challenges in precisely projecting and adjusting the strategy in response to environmental, social, technological, market, and political shifts.
We identified persistent gaps in access to sector-specific data processing methodologies—particularly in the context of oil and gas distribution and related climate projections.
In the 2021 base year, we set a strategic target: to achieve a 40% reduction in total gross Scope 1 and 2 emissions (using the market-based method) by the end of 2025, relating to the own operations of Petrol d.d., Ljubljana, excluding the activities of the Energy and Solutions Business Unit (OE EiR).
As part of the emissions reduction strategy, key decarbonisation levers were identified. These include:
Our key priority in 2021 was to set a common emissions reduction target and identify key decarbonisation levers for our primary activity. These levers form the foundation of our approach to achieving the overarching goal of a 40% reduction in Scope 1 and 2 emissions.
Quantitative targets for individual levers have not yet been defined, as the analysis of their respective contributions to the overall target is still ongoing. The initial decarbonisation target was set without incorporating scenario analyses, and the sector-specific SBTI methodology for the distribution of oil and gas products could not be applied, as it is not yet available. Going forward, we plan to align our decarbonisation target with the SBTI methodology and relevant scenario analyses, in accordance with best practices and the forthcoming sector-specific guidance.
In the table titled "Monitoring the achievement of the -40% emissions target by 2025 in Scope 1 and 2 for Petrol d.d., Ljubljana, excluding Energy and Solutions", the 2024 results are presented in comparison to the 2021 baseline year. The carbon footprint of Scope 1 and 2 emissions was calculated using the market-based method and is shown as: the absolute value of total greenhouse gas (GHG) emissions reduction, the percentage reduction in total GHG emissions, and the emissions intensity value. Emissions intensity is expressed as the ratio between total Scope 1 and 2 emissions and the net revenue or gross profit of Petrol d.d., excluding the Energy and Solutions unit.
In 2024, we achieved a 20.4 per cent reduction in emissions compared to the baseline year of 2021. Our carbon footprint was reduced mainly due to reduced use of the following energy sources: electricity, heating oil, natural gas, and heat. In addition to reducing energy consumption, emission reductions were also achieved through a more favourable energy mix, which includes more electricity from renewable energy sources (RES) due to the installation of solar power plants at our facilities, and with guarantees of origin for electricity totalling 1,290 MWh.
To monitor the strategic target of reducing emissions throughout the progress monitoring period (2021–2025), the scope of emissions calculations has remained unchanged. This means that there have been no changes to the methodology or scope of activities covered, ensuring the reliability and consistent comparability of results across years relative to the 2021 baseline year.
We are aware of the importance of comprehensive monitoring of emissions from all activities and companies within the Petrol Group. Therefore, in accordance with the 2021–2025 strategy, emissions monitoring is additionally and gradually being expanded to Scope 3, including other subsidiaries, depending on the data aggregation possibilities. To ensure consistency with the baseline methodology, this part is reported separately in section E1-6.
The table shows the energy consumption related to our own activities: total energy consumption from fossil sources; total energy consumption from nuclear sources; share of nuclear sources in total energy consumption; total energy consumption from renewable sources; consumption of fuels from renewable sources; consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources; consumption of energy from renewable sources that are not fuels and are produced in-house; share of renewable sources in total energy consumption; consumption of fuels from coal and coal products; consumption of fuels from crude oil and petroleum products; consumption of fuels from natural gas; consumption of fuels from other fossil sources; consumption of purchased or acquired electricity, heat, steam or cooling from fossil sources; share of fossil sources in total energy consumption and energy intensity of activities in sectors with a high impact on the climate (total energy consumption in relation to the net revenue of the Petrol Group).
Total energy consumption refers entirely to activities in sectors with a high climate impact. The sectors with a high climate impact used to determine energy intensity are: generation and distribution of electricity, gas and heat; activities related to water supply, waste management and sewage treatment; and wholesale and retail trade, including the sale of our own motor fuels.
Data on energy and energy product consumption are collected based on energy and energy product invoices, meter readings, and internal consumption records. The energy mix was determined taking into account national data from international databases. For the calculation, the shares of energy sources from national averages for 2023 were used, as data for 2024 were not yet publicly available at the time of this report’s publication. In the calculations, the lower heating values (LHV) of energy commodities obtained from national sources were taken into account. The calculations have not been verified by an external validator.
| Consumption of coal fuels and coal products [in MWh] | 0 |
|---|---|
| Consumption of fuels from crude oil and petroleum products [in MWh] | 16,550 |
| Natural gas fuel consumption [in MWh] | 148,448 |
| Consumption of fuels from other fossil sources [in MWh] | 0 |
| Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources [in MWh] | 38,729 |
| Total energy consumption from fossil sources [in MWh] / calculated as the sum of rows 1 to 5 | 203,727 |
| Share of fossil sources in total energy consumption [in %] | 73.63 % |
| Consumption from nuclear sources [in MWh] | 15,765 |
| Share of consumption from nuclear sources in total energy consumption [in %] | 5.70% |
| Consumption of renewable fuels, including biomass [in MWh] | 39,377 |
| Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources [in MWh] | 15,923 |
| Consumption of self-generated energy from non-combustible renewable sources [in MWh] | 1,879 |
| Total renewable energy consumption [in MWh] | 57,187 |
| Share of renewable sources in total energy consumption [in %] |
Total energy consumption [in MWh]
276,679
Revenue of the Petrol Group (consolidated)* €
6,111,679,165
Energy intensity of activities in relation to revenue [in MWh/Mio€]
45.27
*Financial statement: Income statement of the Petrol Group and Petrol d.d., Ljubljana
The table below discloses energy generation from non-renewable sources data for 2024.
| Source type | Generated heat in MWh | Generated electricity in MWh |
|---|---|---|
| Liquefied petroleum gas (LPG) | 3,845.5 | 814.8 |
| Natural gas | 70,348.5 | 33,893.6 |
| Waste heat | 6,731.4 | 0.00 |
| ELKO/KOEL = extra light heating oil | 267.56 | 0.00 |
| Total | 81,192.96 | 34,708.4 |
The table below shows generation from renewable sources for 2024.
| Source type | Generated heat in MWh | Generated electricity in MWh |
|---|---|---|
| Wood biomass | 37,680.9 | 130.4 |
| Heat pump | 1,942.6 | 0.00 |
| Geothermal energy | 4,513.1 | 0 |
| Solar energy | 0 | 4,531.6 |
| Total | 44,136.7 | 4,662.1 |
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report 223
Public
In the accounting section of the report (section "Segment reporting"), the Petrol Group's revenue is disclosed by four product groups: Fuels and Petroleum Products; Merchandise and Services; Energy and Solutions and Other.
| Revenue in EUR | Petrol Group (consolidated)* | 6,111,679,165 |
|---|---|---|
| Petrol Group – limited consolidation | 5,908,556,298 |
*Financial statement: Income statement of Petrol d.d., Ljubljana and the Petrol Group.
The “Gross Scopes 1, 2, 3 and Total GHG emissions” table presents calculations of emissions of Scopes 1, 2 and 3 (categories 3.1 and 3.11) for the Petrol Group – limited consolidation, which includes Petrol d.d., Ljubljana, Geoplin d.o.o., Ljubljana and E 3, d.o.o. in Slovenia, and Petrol d.o.o. in Croatia.
The total Scope 1, 2 and 3 GHG emissions, calculated using both the location-based and market-based methods, amount to approximately 12.9 million tonnes of CO2eq for the Petrol Group (limited consolidation). Scope 1 and 2 emissions according to the location-based method amount to 56,922 tCO2eq, while under the market-based method they total 65,775 tCO2eq.
The largest share of emissions under the market-based method—54%—is contributed by the parent company Petrol d.d., Ljubljana, which, in addition to its core business of selling fuels, petroleum products and other non-oil energy products, also engages in the production and distribution of energy, provides comprehensive energy solutions, and sells merchandise and services. It is followed by the Croatian subsidiary Petrol d.o.o. (Zagreb), which accounts for 29% of emissions and whose main activity is the sale of fuels, petroleum products, and merchandise and services. Two Slovenian companies contribute the remaining share: Geoplin d.o.o., Ljubljana with 15% of emissions (main activity: sale of natural gas) and E 3, d.o.o. with 2% (main activity: sale of electricity).
Gross Scope 3 GHG emissions — particularly from category 3.11 (use of sold products) — represent the largest share of the Petrol Group’s total emissions (limited consolidation), amounting to over 10.5 million t CO2eq. This is mainly due to the sale of fossil fuels, whose combustion by end-users generates significant emissions.
Scope 3 thus accounts for as much as 99.5% of total emissions, while Scope 2 contributes 0.2% and Scope 1 contributes 0.3%. This means that direct emissions from owned sources (Scope 1) and indirect emissions from energy consumption (Scope 2) are negligible compared to indirect emissions associated with the supply chain and the end use of sold fuels.
It is important to emphasise that Petrol’s sales are directly linked to customer requirements and needs, with the existing vehicle fleet playing a decisive role. Since most vehicles still rely on fossil fuels, demand for these energy sources remains high, leading to significant emissions from their use.
The Petrol Group purchases electricity generated from various sources. When concluding electricity purchase contracts, the generation structure is currently not defined. To ensure a higher share of electricity from renewable sources and consequently reduce the carbon footprint in Scope 2, we use a contractual instrument - the Certificate of Cancellation of Guarantees of Origin (Slovenian: POI – Potrdila o izvoru). Guarantees of Origin (POI) verify the source of the electricity generated, are purchased separately from the electricity itself.
For 2024, the Petrol Group (limited consolidation) purchased 7,993 MWh of POI. Given that Petrol d.d., Ljubljana, fed electricity into the grid from its own solar plants, and that the companies also use electric vehicles in their fleets, 1,299 MWh of POI (1.9%) was used to reduce the Petrol Group's carbon footprint (limited consolidation). The remaining portion was cancelled for electricity supplied to the market by companies for powering electric vehicles, and for the purpose of improving the structure of electricity generation or reducing the emission factor.
The Petrol Group is an energy group operating in a sector characterised by high price volatility. Price developments are influenced by several factors, among which we particularly highlight geopolitical developments (such as the sharp increase in the prices of natural gas, petroleum products, and consequently electricity due to the embargo on energy imports from Russia), the impact of weather conditions on electricity generation (solar, wind and hydropower), an increased demand for energy commodities from developing economies, regulatory interventions by countries and numerous other factors. In recent years, price volatility has been extremely high, resulting in significant fluctuations in the Petrol Group's revenue, even if the volume of operations has remained unchanged. This also directly impacts the greenhouse gas emission intensity indicator, which, given such fluctuations in revenue, does not accurately reflect the actual situation or the success in reducing emissions.
The carbon footprint of the Petrol Group companies (limited consolidation) was calculated using the GHG Protocol Standard for Corporate Greenhouse Gas Accounting and Reporting ("revised edition"), which requires the monitoring emissions of seven greenhouse gases: CO₂, CH₄, N₂O, HFCs, PFC, SF₆ and NF₃. Given the activities carried out by the Petrol Group, in addition to CO₂, emissions of N₂O, CH₄, HFCs and SF₆ in CO₂ equivalent were also taken into account.
Three key dimensions have been included in the GHG emissions monitoring record limits: organizational, both in terms of operational and financial control; scope boundaries, including Scope 1, 2 and 3 emissions (categories 3.1 and 3.11); and time synchronisation with the annual business report.
In line with the ability to provide consolidated data for carbon footprint calculation, in 2024, we began monitoring GHG emissions in Scopes 1, 2 and 3 for the Petrol Group – limited consolidation (Petrol d.d., Ljubljana, Petrol d.o.o. (Zagreb), E 3, d.o.o. and Geoplin d.o.o.).
Scope 1 covers direct emissions resulting from the Company's activities or from the consumption of fuels and other energy commodities required for its operation. It includes emissions from the use of natural gas, heating oil, liquefied petroleum gas (LPG) and biomass, mainly for space heating and the operation of appliances, fuels for Company-owned vehicles (petrol, diesel, LPG), and emissions of fluorinated gases (HFCs and SF₆) from refrigeration or air conditioning systems. Energy commodities converted into other types of energy for sale or supply to end customers were also included in direct emissions.
In Scope 2, indirect emissions related to electricity and heat consumption were also considered. Electricity is used year-round for operating pumps, fans, compressors, computer equipment, car washes, security equipment, catering and commercial equipment, hot water preparation, lighting and in the winter for heating, and for cooling during summer months. To calculate emissions using the location method, national average specific emissions were used. In the calculation using the market method, data from the “European Residual Mix” were used. To reduce the carbon footprint of the organisation, the contractual instrument was additionally used, whereby guarantees of origin of electricity were purchased and cancelled.
Emissions resulting from the generation of procured fuels and other energy commodities (for own use and resale), as well as emissions related to their transport were included. To estimate these emissions, DEFRA Well-to-Tank (WTT) emission factors, which include indirect emissions from the production and transport of fuels to our depots, were used. For electricity and heat consumption, emission factors from the national databases of Slovenia and Croatia were used.
Emissions resulting from the combustion of fuels and other energy commodities sold to end users in retail and wholesale were included. The data on the volumes of fuels sold and other energy commodities along with the corresponding combustion emission factors from the DEFRA database, and for electricity and heat from the national databases of Slovenia and Croatia were used.
The other categories were not considered at this stage either due to their smaller contribution to total emissions or due to limited data availability. The remaining categories of Scope 3 (3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 3.10, 3.12, 3.13, 3.14, 3.15) are considered immaterial for Petrol’s operations due to their significantly smaller contribution.
For woody biomass, CH₄ and N₂O equivalent emissions were included in the calculation of Scopes 1, 2 and 3, while biogenic CO₂ emissions were not taken into account in accordance with the GHG protocol in these Scopes. Separately presented emissions outside Scopes 1, 2 and 3 include biogenic CO₂ emissions. Direct and indirect emissions from biomass combustion were included for Scopes 1 and 3, respectively, while, for Scope 2, indirect biogenic CO₂ emissions from purchased electricity were included. National emission factors for heat do not have separate data listed on the share of biomass, therefore no reporting is made on biogenic heat emissions.
111 DEFRA WTT – Department for Environment, Food & Rural Affairs, Well-to-Tank
The volumes are consolidated or subject to limited consolidation (inter-company sales between the four aforementioned companies are excluded; sales to other companies within the Petrol Group are included). Volumes for end consumers are considered (trading in electricity and natural gas is excluded, as are extraordinary fuel sales and sales to resellers).
The GHG emission intensity was calculated as the ratio between total Scope 1, 2 and 3 (or Scope 1 and 2) according to the location or market method and the net revenue of the entire Petrol Group.
Based on the double materiality assessment conducted for pollution, water pollution, soil pollution, and substances of concern (SOC) have been identified as material actual or potential impacts, either negative or positive.
The process applied to identify material impacts, risks and opportunities from a pollution perspective is presented in ESRS 2 IRO-1. When specifically assessing pollution, the following steps are additionally considered:
Actual impacts on water pollution occur at all petroleum product storage facilities, at both IED facilities — Ravne and Štore, at service stations with their own treatment plants (or other facilities for treating or storing wastewater), and at municipal and industrial treatment plants under our management.
Actual and potential impacts on soil pollution arise at all liquid petroleum product storage facilities, at both IED facilities, at all service stations and in liquid fuel boiler houses.
Actual impacts of substances of concern occur at all locations where petroleum products are handled, i.e. at all petroleum product storage facilities, all service stations and in liquid fuel boiler houses.
The value chains in which the Petrol Group is present are presented in more detail (both upstream and downstream) in the ESRS 2 SBM-1 section. The following actual and potential impacts that arise directly in our activities or in that part of the value chain over which we have a material impact are presented:
In other value chains — namely IED facilities within Energy and Environmental Systems — impacts on water and potential impacts on soil occur.
In the event that changes to an individual location owned or operated by the company require public consultation in accordance with the current Environmental Protection Act or related legislation, targeted consultations are conducted with affected communities or the interested public. The area of cooperation is described in more detail in section S3. To date, we have not conducted reviews of the locations and activities of suppliers or customers in our value chains from the perspective of material environmental impacts or risks.
Policies for managing significant impacts, risks and opportunities related to pollution are part of the company's quality system policy, as set out in the Quality Management System Rules for Petrol d.d., Ljubljana, and the Quality and Environmental Management System Rules for Petrol d.o.o. (Zagreb). These rules define how material aspects of negative actual or potential environmental impacts — such as water pollution, soil pollution, and substances of concern — are managed through the use of best available technologies and practices in our industry.
Business and operational processes are optimised across all relevant areas, and legal, regulatory, and internal requirements relating to our products and services with actual or potential environmental impacts are met. In all markets where we operate, we act responsibly toward the environment and are committed to continuous improvement and pollution prevention — including the setting of measurable environmental targets. This approach is also being gradually extended to our upstream and downstream value chains. The management boards of both Petrol d.d., Ljubljana and Petrol d.o.o. (Zagreb) are responsible for implementing this policy.
At Petrol d.d., Ljubljana, we have adopted an Environmental Protection Protocol, which aims to regulate the field of environmental protection and to define a system of custodians responsible for direct and indirect environmental impacts resulting from company activities. Environmental aspects to be addressed and assessed have been identified at both Petrol d.d., Ljubljana, and Petrol d.o.o. (Zagreb), in line with the Environmental Management Procedures in each company.
With regard to substances of concern, we monitor legislative requirements and any amendments. On 1 December 2023, Regulation 2022/692 (the 18th ATP) came into force, amending Regulation 1272/2008 (CLP). The amended regulation changed the harmonised classification of certain substances, which also affected coolant (antifreeze) products in Petrol’s sales portfolio. As a result, all coolants containing the affected substance were withdrawn from sale to end customers and replaced with alternative products.
The majority of trade in substances of concern within the Petrol Group relates to petroleum products or liquid fuels, which account for 98% of the total mass of chemical. Since fuels serve an essential social use, their complete replacement or phase-out is not planned.
The policy for preventing and managing incidents and emergencies is part of the Petrol Group's Overarching Safety Policy and is embedded in the Major Accident Prevention Plan (Petrol's Commitment to Safety guideline). Safety challenges are also addressed through our compliance system and specific safety sub-policies, such as the Safety Management System in accordance with the SEVESO Directive, which applies to all SEVESO high-risk establishments managed by the Petrol Group.
Based on these documents, Protection and Rescue Plans have been prepared to define procedures and measures to be followed in the event of incidents and emergencies.
European legislation governing the prevention of major accidents involving hazardous substances and the mitigation of their consequences for people and the environment.
At Petrol d.d., Ljubljana, we have adopted an Environmental Protection Protocol.
The reduction of negative impacts related to water and soil pollution is ensured through the implementation of legally mandated measures under applicable sector-specific legislation. These are the most effective measures for preventing and capturing identified emissions at the locations where our activities are carried out. The effectiveness of these measures is monitored through regular emissions measurements at pollution sources. All SEVESO establishments managed by the Petrol Group have either established their own professional industrial fire brigades, formed joint fire units with neighbouring facilities, or entered into cooperation agreements with the nearest professional fire brigades. Employee competence in these facilities is regularly verified through annual protection and rescue drills and periodic training sessions.
The actions implemented for individual activities and locations are presented below.
We pay particular attention to the treatment of wastewater generated through activities at service stations (gas stations) and Petrol warehouses. Many service stations are located outside urban areas where connection to the public sewage network is not possible. At these locations, wastewater is therefore treated using small municipal wastewater treatment plants (Slovenian: Male komunalne čistilne naprave - MKČN). New MKČN units or replacements of existing ones use the latest biological treatment technologies, such as treatment using fixed biomass on floating carriers or plant-based treatment systems. The professional competence of operational teams — along with the transfer of good practices and collaboration among teams — plays an important role.
The number of MKČN varies over time, as we strive to connect as many locations as possible to the public sewerage network where feasible. We regularly monitor the performance of each small wastewater treatment plant, conduct internal control analyses, and ensure effective management.
As of the end of 2024, we operated 53 MKČN and 12 pumping stations at petroleum product service stations and warehouse sites in Slovenia. Prescribed operational monitoring is carried out at all locations. In 2024, all small municipal wastewater treatment plants complied with prescribed limit values for controlled discharge parameters.
In 2022, we began the installation and maintenance activities of MKČN units in Croatia as part of the acquired Crodux service stations. Between 2022 and 2024, five new MKČN units — with capacities ranging from 400 PE to 700 PE — were installed at motorway service stations, which also include larger catering facilities.
Emissions to water are generated at all petroleum product storage facilities and service stations due to the rainwater runoff from surfaces potentially contaminated with petroleum products (e.g. vehicular traffic areas, decanting zones, and catchment basins). All such wastewater is discharged through oil separators that comply with the SIST EN 858-2 standard or local legislation in each respective country, into various water receivers depending on the available options at each location.
Most facilities are connected to the public sewage network, while in some cases, treated water is discharged into the natural environment (e.g., rivers, streams, infiltration basins). In both cases, we strictly comply with the permitted substance emission limits as defined by applicable legislation. Pollutants removed in the oil separators (mineral oils) are classified as waste and handed over to authorised waste collectors.
Water emissions from the IED facilities — Toplarna Ravne and IED Štore — are monitored in line with legal requirements and the respective environmental permits, covering all designated measurement points.
Petrol manages four municipal wastewater treatment concessions. These are municipal wastewater treatment plants (Slovenian: komunalne čistilne naprave - KČN) located in:
| Murska Sobota | (capacity: 42,000 PE) |
|---|---|
| Mežica | (4,000 PE) |
| Sežana | (6,000 PE) |
| Ig | (5,000 PE) |
The KČN facilities treat wastewater through multiple stages to a level suitable for discharge into watercourses or the natural environment. A portion of the treated water is reused in the technological treatment process. After use, this process water is collected via an internal sewage system and treated again at the treatment plant.
As a contractor, Petrol also provides wastewater treatment and regular maintenance services at the industrial wastewater treatment plant of the Vevčepaper mill. This process generates approximately 5,000 to 6,000 tonnes of paper sludge annually, which is repurposed. The Port of Koper has developed a solution for using paper sludge to cover coal landfills, effectively preventing the spread of coal dust.
Emissions to soil do not occur during normal operation of emission sources managed by the Petrol Group. To capture any potential spills and leaks, areas where spills or leaks could occur are equipped with spill containment systems. These systems are managed using appropriate actions such as:
The effectiveness of containment systems is regularly checked by monitoring the interstitial space of double-walled tanks and inspecting the condition of catchment basin materials. If necessary, the catchment basins can also be upgraded.
Since the substances of concern in the Petrol Group are mostly liquid fuels, the actions for their safe containment are the same as those for preventing emissions to soil. Fuels also pose a risk to people (employees and customers). Therefore, numerous activities — including some that are not yet legally required — are undertaken.
To reduce health risks for employees at service stations, we have introduced self-service stations, minimising their exposure to the negative effects of fuel vapours. The exception is LPG121 service stations in Croatia, where fuel dispensing is still performed by employees. With appropriate safety upgrades to LPG dispensers (e.g. the “dead man’s switch”), this practice will gradually be phased out.
At workplaces with the highest exposure to fuel vapours, we conduct measurements of hazardous substance exposure. Special attention is given to employees who handle 100LL aviation fuel, which contains the SVHC122 substance tetraethyl lead. These employees are also subject to biological monitoring for lead levels in their blood.
In Slovenia, even before the revised CLP Regulation came into force, we had already labelled fuel dispensers in accordance with the regulation, thereby appropriately informing consumers of the health risks posed by fuels.
The actions outlined above will continue to be implemented to ensure compliance with legally defined environmental impact limits. Any changes or upgrades will be defined should the business model change in a way that affects material environmental impacts.
The effectiveness of policies and actions is monitored using targets such as:
We monitor the achievement of targets through emissions monitoring carried out in compliance with legal regulations. After each round of measurement, the reports are carefully reviewed and their compliance verified by comparing the results against prescribed thresholds. In the event of non-compliance (exceeding limit values), the root causes are analysed and corrective actions are implemented. The effectiveness of these actions is verified through follow-up measurements. The targets are partially mandated by law but are mostly voluntary.
121 LPG - Liquefied Petroleum Gas
122 SVHC - Substance of Very High Concern
| Indicative target | Implementation target (task) | Pollution area |
|---|---|---|
| Ensure adequate training and awareness of employees | Ensure that warehouse employees are adequately trained to respond to potential fires and environmental disasters | Water |
| Informing employees about environmental protection and sustainability procedures through internal communication channels | Water | |
| Soil/surface (land) | ||
| Pollution prevention | Elimination of septic tanks and MKČNs and connection to the sewer system at all locations | Water |
| Improving the tank management system (uniform records of inspections, findings, and repairs; defining responsibilities and tasks for tanks owned by Petrol and managed by third parties, identifying tank leaks) | Water | |
| Soil/surface (land) | ||
| Implementation of legal obligations | Carrying out legally required monitoring and submitting all legally required reports | Water |
| Soil/surface (land) |
By ensuring continuous training of employees at warehouses — which represent the highest potential source of environmental pollution (surface water, soil, and groundwater) — and by raising employee awareness of environmental protection and sustainability procedures, especially for adverse events (e.g. spills and leaks), we significantly reduce the likelihood of such events and mitigate their negative impacts through preventive measures. Legally required monitoring of wastewater from industrial sewers or treatment plants ensures emissions remain within permitted thresholds by keeping monitored parameters within acceptable limits.
By eliminating septic tanks and connecting sites to the sewer system (or replacing septic tanks with small municipal wastewater treatment plants – MKČNs), we reduce the risks of soil and groundwater contamination in the event of septic tank failure. Regular monitoring of liquid fuel tanks minimises the risks associated with tank ageing, such as leaks. The digitalisation of tank monitoring will provide a comprehensive overview of all tanks managed within the Petrol Group, whether owned or leased.
The main objective of the Petrol Group in trading substances of concern is to identify risks to both the environment and people and to adopt and implement measures that reduce these risks.
When producing private label products, the goal is to avoid the use of SVHC substances. We monitor the achievement of targets through emissions monitoring carried out in compliance with legal regulations.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report 236
Public E2-4 – Pollution of water and soil
In the area of water and soil pollution, there were no significant changes over time in relation to ongoing pollution at the locations. There were also no changes in pollution at locations where septic tanks were eliminated and a connection to public sewers was made. Even during the operation of the septic tank, there were no releases into the environment (soil or water).
Water and soil pollution are measured using different methodologies. During regular operation, only emissions into water occur. These are measured in compliance with regulations, environmental permits, or direct legislation. Regulations determine how often and in what manner regular measurements are carried out. Most emissions to water are monitored through regular measurements. The performers of all emission measurements and calculations are authorised performers of these monitoring activities, who have obtained appropriate licences for their work from the competent state authorities.
Soil contamination is determined only in the event of extraordinary events (spills or leaks). In such cases, an authorised laboratory samples the contaminated soil, and based on the test results, provides an expert assessment of the options for further handling of such soil (e.g. backfilling, remediation, disposal as hazardous waste).
The collection of pollution accounting and reporting data is regulated within the framework of the environmental charges system, which consists of eight regulations adopted under the Environmental Protection Act. At Petrol d.d., Ljubljana, records for lubricating oils and fluids, waste packaging, waste electrical and electronic equipment, and used tires are kept automatically in the business information system, so that data on quantities is automatically generated for items subject to environmental charges. For wastewater discharge, the environmental tax is calculated by the authorised wastewater monitoring provider as part of the annual monitoring report, under an existing cooperation agreement.
All fuels — which account for the majority of substances of concern and are delivered to the Petrol Group’s warehouses — are final products of refining processes (without any special additives or biocomponents, which may be added to the final products). During the preparation of fuels for dispatch from storage, selected additives and quantities of biocomponents are added in accordance with predefined formulations.
Another process chain involving substances of concern is the preparation of private label (LBZ) coolants (antifreezes), where raw materials are blended with water to produce the final product. The remaining substances of concern include solvents, which are transferred from tanker trucks into smaller packaging, and other chemicals that are resold in the manufacturer’s original packaging.
class, in the Petrol Group in 2024*
*When listing hazard classes, applicable to the chemicals handled within the Petrol Group are included. English abbreviations are used, as they are also used in the Slovenian translation of the CLP Regulation. Individual substances of concern may fall into multiple hazard classes simultaneously.
The main emissions generated during processes involving substances of concern in the Petrol Group are gasoline emissions from storage tanks and vapour recovery units.
| Total volume [in kg] | |
|---|---|
| Preparation (generation) | 3,448,171,886 |
| Consumption | 3,448,196,509 |
| Procurement | 3,541,843,908 |
| Total | 3,541,843,908 |
| Purpose | Carc.1.2 (in kg) | Muta.1.2 (in kg) | Repr.1.2 (in kg) | PBT/vPvB s (in kg) | Skin Sens.1 (in kg) | Aquatic Chronic 1-4 (in kg) | STOT RE 1.2 (in kg) | STOT SE 1.2 (in kg) |
|---|---|---|---|---|---|---|---|---|
| Preparation (generation) | 3,448,028,720 | 566,486,383 | 566,629,549 | 0 | 0 | 3,448,028,720 | 2,658,956,690 | 0 |
| Consumption |
| 3,448,073,79 | 1 | 566,398,14 | 6 | 566,520,86 | 4 | 0 | 133,30 |
|---|---|---|---|---|---|---|---|
| 3,448,073,79 | 1 | 2,881,665,05 | 5 | 0 | Procurement | 3,520,533,99 | 3 |
| 638,852,34 | 8 | 566,556,42 | 5 | 0 | 143,47 | 8 | 3,469,164,62 |
| 1 | 2,882,046,73 | 5 | 70,97 | 6 | Total | 3,520,533,99 | 3 |
| 638,852,34 | 8 | 566,629,54 | 9 | 0 | 143,47 | 8 | 3,469,164,62 |
| 1 | 2,882,046,73 | 5 | 70,97 | 6 |
At the Petrol Group, reviews of the impacts of our activities on water and marine resources in accordance with international environmental standards and legislation are conducted. The process used for identifying material impacts, risks and opportunities from a water and marine resources perspective is presented in ESRS 2 IRO-1.
As part of the double materiality assessment, water consumption in the car washes’ own operations as an actual material negative impact, as well as a positive impact in managing the water cycle for the market (treated and reused industrial water) have been identified. No water and marine resources-related material risks and opportunities that would be above the materiality threshold for reporting have been identified.
| Purpose | Total volume [in kg] |
|---|---|
| Emission | 45,071 |
| Product, part of a product or service | 3,541,650,728 |
| Purpose | Carc.1.2 (in kg) | Muta.1.2 (in kg) | Repr.1.2 (in kg) | PBT/vPvBs (in kg) | Skin Sens.1 (in kg) | Aquatic Chronic 1-4 (in kg) | STOT RE 1.2 (in kg) | STOT SE 1.2 (in kg) |
|---|---|---|---|---|---|---|---|---|
| Emission | 45,071 | 45,071 | 45,071 | 0 | 0 | 45,071 | 0 | 0 |
| Property |
| (in kg) | Muta.1.2 | (in kg) | Repr.1.2 | (in kg) | PBT/vPvB s | (in kg) | Skin Sens. 1 | (in kg) | Aquatic Chronic 1-4 | (in kg) | STOT RE 1.2 | (in kg) | STOT SE 1.2 | (in kg) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Product | 3,297,760,109 | 638,940,585 | 566,496,553 | 0 | 10,170 | 3,469,119,550 | 2,659,169,813 | 70,976 |
A comprehensive approach is taken to identifying and managing the water and marine resources-related impacts, risks and opportunities. Through proactive monitoring, sustainable practices, and continuous process improvement, environmental impacts are reduced and responsible management of water resources contributed to. Consultations are conducted with key stakeholders to ensure sustainable management of water resources. We work with regulators, local communities, scientific institutions and non-governmental organizations to pro-actively identify potential risks, improve existing practices and contribute to the protection of aquatic ecosystems. We actively cooperate with environmental agencies and competent authorities in meeting legislative requirements and obtaining permits. We organise meetings for local communities and keep them informed about the impacts of our activities, while also listening to their initiatives and concerns. We collaborate with external trained experts in specialized areas of ensuring quality water resources, ecosystem impacts, and developing sustainable solutions. We support projects by non-governmental organizations for the protection of water resources, pollution prevention, and sustainable management of coastal areas.
Collaboration with key stakeholders is held in several ways, such as meetings with internal and external stakeholders to exchange opinions and suggestions on how to improve water management and monitor impacts. Through regular reporting, access to key indicators and analysis results is given to the public and stakeholders. Based on consultations, actions to improve the management of water resources to the greatest possible access are adapted.
The principles of sustainable water resource management, which also includes water consumption, are included in our Energy Policy, which, in addition to energy, defines the responsible and economical use of water. With this policy, the Petrol Group strives to save water in all our facilities, devices, and equipment. In the future, greater emphasis will be placed.
on water management and conservation and the example of best, cost-effective practices will be followed. Our objective is to reduce water costs relative to the generated turnover, thereby achieving a competitive edge in the industry. The energy policy obliges companies in the Petrol Group to control the management of water needed to provide services and which will create savings. Our efficiency will continuously be improved, water costs optimised, and environmental impacts (especially in the car wash business) reduced. Through market activities in the management of municipal and industrial wastewater treatment plants, we will have a positive impact on the state of the water cycle. Advanced technologies and practices are used, processes are optimised, and legal and internal regulations in water management are complied with. The policy applies to all our activities carried out for the market and that have an impact downstream in the value chain. However, it does not directly cover business partners up the value chain.
The Management Board is responsible for the adoption and implementation of the Energy Policy at the highest level, and the implementation of the policy is sensibly transferred to the operational levels, where its effective implementation in all relevant processes is ensured. No policies or practices related to sustainable oceans and seas have been developed, as at this stage of our sustainable value chain management it has not been recognised as material. As we expand our sustainable management up the value chain, this policy will also be developed as needed.
Our policy does not currently address specific aspects aimed at reducing water consumption in areas at water risk. No special policy has been adopted exclusively for areas at water risk, as in compliance with the general approach to water resources, numerous general measures are implemented that contribute to reducing water consumption also in potentially endangered areas or areas at water risk, which are described in section E3-2. Existing policies related to water resources will be complemented with a special emphasis on areas where water consumption is threatened or exposed to water risk.
As part of sustainable water resource management, numerous actions are implemented to reduce drinking water consumption, which contribute to reducing the negative impact of water consumption for our own car wash operations and increasing the positive impact in the area of water cycle management for the market.
Various actions that contribute to reducing water consumption, including in areas at water risk, are implemented. These actions include optimising water consumption in processes, reusing water in car washes, controlling and monitoring consumption to reduce unnecessary losses and inefficient use, using advanced technological solutions, investing in water reuse and waterless technologies to optimize consumption, and working with local stakeholders to identify potentially vulnerable areas and adjust water use strategies. Actions are monitored and adopted according to local conditions, regularly analysing water consumption and responding to the specific challenges of individual areas.
Proper maintenance of technical devices and prevention of pollution are ensured. All employees are responsible for implementing water saving measures, reporting irrational water use to those responsible and striving to ensure minimal water use in the areas where we operate.
In 2024, investments of EUR 181,000 were made at service stations to save water and consequently water resources, and, in 2025, EUR 120,000 are planned to be invested in this area.
In areas at water risk, actions that are part of general sustainable business actions are implemented. At the same time, we are aware that targeted management of water consumption in areas at water risk is of key importance, so, in the future, we will:
Areas at water stress or water risk are identified based on the European Environment Agency (EEA) map, which shows the ecological status of surface waters and their vulnerability in Europe. The map is available on the EEA website and is based on an analysis of the ecological status of water bodies in Europe. From the perspective of the geographical reach of the Petrol Group companies, limited consolidation illustrates the territory of Croatia as an area at water risk.
The measures are focused on our own activities, which materially impact customers and end consumers in all markets where we operate, i.e. downstream in the value chain. No actions are planned upstream in the value chain at this time.
Water management goals are directly linked to the targets stated in the company's Energy Policy, which also addresses water management. The emphasis is on continuous improvement of water saving actions, pollution prevention, proper maintenance of technical devices, and identifying and harnessing opportunities to optimise water consumption.
| Target | Metrics | Actions | Implementation in 2024 |
|---|---|---|---|
| Improving water consumption intensity in the Petrol Group – limited consolidation by 0.5% compared to the base year 2024. | Water consumption intensity is calculated as the ratio of water consumption of companies in limited consolidation to the revenues of the entire Petrol Group. | Awareness campaigns, introduction of new energy-saving technologies, use of rainwater, more effective control of water use, etc. | The baseline value in 2024 is 258.6 m3/million EUR. |
| Petrol d.d., Ljubljana: | Maintenance of the wastewater recycling system at all automatic car washes. | ||
| Petrol d.o.o. (Zagreb): |
Percentage of automatic car washes with a recycled and reused water system.
Installation of systems in automatic car washes that enable the re-circulation of water.
100% for Petrol d.d., Ljubljana and 91% for Petrol d.o.o. (Zagreb)
| 19,000,000 m³ | in reused industrial water in a closed system | 2,500,000 m³ | in treated industrial water at the Štore location. |
|---|---|---|---|
Volume of reused industrial water.
Volume of treated industrial water.
Implementation of new connections and projects.
| 18,135,291 m³ | in reused industrial water in a closed system | 2,809,166 m³ | in treated industrial water at the Štore location. |
|---|---|---|---|
The definition of targets relating to our activity in all geographical locations (excluding the value chain) is based on analyses of water consumption and process efficiency, taking into account:
The targets were also defined in collaboration with expert heads of individual activities, with the target-setting process including an internal analysis of water consumption and environmental impacts, consultations with key stakeholders, including management, professional staff, product managers and the sustainability department, tracking regulatory requirements and industry best practices, and reviewing the results of past actions and plans for the future.
131 E3.MDR-T, paragraph 22, E3-3, paragraphs 23 a, c, 25 Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report 243
The targets are formulated based on scientific knowledge about the sustainable use of natural resources. This takes into account the impact of operations on the water cycle and the need to maintain a balance between economic activities and natural constraints. The Company uses proven monitoring indicators and methodologies and adapts strategies according to evolving environmental and social needs.
The water resources-related targets in the Petrol Group are partly legally mandatory, but mostly voluntary.
Water resource management is recognised as a key strategic area, especially in regions where there is an increased risk of water stress, such as water scarcity during droughts, various restrictions on water consumption, and stricter environmental regulations.
Even in regions where the risk of water stress is increased, the previously stated targets are pursued. This will be achieved by raising awareness among employees about ways to save drinking water and by implementing a range of technical solutions to reduce consumption. Key actions include the introduction of 80% water recycling at all automatic car washes in Croatia, as well as actions such as installing energy-saving taps, energy-saving aerators, low-flow flushers, waterless sanitary technologies, and other actions that reduce water consumption without affecting the user experience.
Total water consumption at individual companies in the Petrol Group in 2024 by source of supply.
| Company | Water from public water supply (in m3) | Groundwater - from own source (boreholes, wells) (in m3) | Surface water - Other: abstraction from watercourses (in m3) | Total consumption for our own activity (in m3) |
|---|---|---|---|---|
| Petrol d.d., Ljubljana | 295,051 | 722,953 | 222,572 | 1,240,576 |
| Petrol d.o.o. (Zagreb) | 331,117 | 4,541 | 0 | 335,658 |
| Geoplin d.o.o., Ljubljana | 230 | 0 | 0 | 230 |
| E 3, d.o.o. | 4,185 | 0 | 0 | 4,185 |
| Total | 630,583 | 727,494 | 222,572 | 1,580,649 |
Public Water consumption in the area at water risk at individual companies in the Petrol Group in 2024, which was determined based on a map from the European Environment Agency (EEA), published on 18 November 2021.
| Company | Water consumption in areas at water risk (in m3) |
|---|---|
| Petrol d.d., Ljubljana | 780 |
| Petrol d.o.o. (Zagreb) | 335,658 |
| Geoplin d.o.o., Ljubljana | 0 |
| E 3, d.o.o. | 0 |
Recycled and reused water in car washes: In automatic car washes, we most often rely on washing systems with water recycling, which reduce drinking water consumption. Most car washes use filtration systems that allow the reuse of approximately 80% of the water.
The economic use of industrial wastewater, its cooling and treatment and its reuse, generated not only beneficial effects on the environment but also creates cost efficiency and competitive edges. An open and closed industrial water circuit are managed in the enclosed economic areas of the Štore and Ravne ironworks, reducing the need for fresh water supply in industrial processes and preparing water that has already been used for re-use purposes. Cooled industrial water in systems is harmless to the environment and can be released back to the environment.
| Company | Industrial water - shared use of treated and reused water in industry (in m3) | Industrial water - shared use of reused water in industry (in m3) | Total recycled and reused water in car washes (in m3) |
|---|---|---|---|
| Petrol d.d., Ljubljana | 2,809,166 | 18,354,291 | 292,163 |
| Petrol d.o.o. (Zagreb) | 0 | 0 | 94,292 |
| Geoplin d.o.o., Ljubljana | 0 | 0 | 0 |
| E 3, d.o.o. | 0 | 0 | 0 |
| Company | Stored water (in m3) | Changes in water storage (m3) |
|---|---|---|
| Petrol d.d., Ljubljana | 35,741 | 0 |
| Petrol d.o.o. (Zagreb) | 800 | 0 |
| Geoplin d.o.o., Ljubljana | 0 | 0 |
| E 3, d.o.o. | 0 | 0 |
The stored water is held in tanks and is intended to ensure fire safety at service stations and warehouses, as well as to supply the cooling systems of warehouses and the consolidated economic area in Štore (Slovenian: ZGO Štore – združeno gospodarsko območje Štore). No changes occurred in the water storage.
and measurements where these were performed. In cases where data were not available or measurements were not feasible, data were calculated based on other available sources. Estimated values based on historical data and comparative analyses were also used. The share of data for Petrol d.d., Ljubljana obtained on the basis of monthly billed water quantities is 93%, for Petrol d.o.o. (Zagreb) 89%, and for E3, d.o.o. and Geoplin d.o.o., Ljubljana 100%.
| Total consumption for our own activity (in m3) | Net sales revenue - consolidated** (in EUR million) | Water intensity ratio (in m3/million EUR) |
|---|---|---|
| 1,580,649 | 6,111.68 | 258.6 |
** Financial statement: Income statement of the Petrol Group and Petrol d.d., Ljubljana Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report
The process used for identifying and assessing material impacts, risks and opportunities related to resource use and the circular economy is presented in ESRS 2 IRO-1. To verify actual and potential impacts, risks and opportunities, we also apply the following steps.
In line with the double materiality assessment, two impacts were identified as actual or potential, and either negative or positive: resource inflows (including resource use), and waste. In the area of resource inflows, including resource use, we recognise an actual negative impact related to raw materials used in our own operations, such as merchandise and packaging. Resource inflows also represent actual and potential positive impacts, as we continue to increase the share of recyclable and recycled materials in products used in our operations. Merchandise is also sold in bulk where possible, and packaging—such as cardboard boxes—is reused wherever feasible.
In terms of waste, we recognise an actual negative impact from the generation of waste during operations and by customers at service stations. Our waste management practices also result in an actual positive impact, as we have established source separation systems at both our operational sites and service stations and carry out our own packaging sorting. No risks or opportunities exceeding the reporting threshold were identified as part of the double materiality assessment.
Where changes to an individual location owned or operated by the company require public consultation in accordance with the applicable Environmental Protection Act or related legislation, we conduct targeted consultations with affected communities or the interested public. Cooperation is further described in section S3.
Policies for managing material impacts, risks and opportunities related to resource use and the circular economy are the same as pollution-related policies listed in section E2-1. In addition, we manage resources and waste by taking into account legal and other applicable requirements, as well as internal regulations related to our products and services across all markets in which we operate.
The Petrol Group does not have standalone policies specifically addressing the transition away from the use of virgin resources — including the relative increase in the use of secondary (recycled) resources or the sustainable sourcing and use of renewable resources — as this area is covered under our overarching environmental management system policy. Under this policy, we are committed to the continuous improvement of our environmental management system and to reducing waste. We have also adopted environmental management protocols and procedural rules. These documents form the basis for assessing environmental aspects, setting environmental objectives, and providing guidance for the management of input raw materials and output products (e.g., waste).
Based on the identified impacts, we have adopted actions and set environmental targets, presented together in the table in section E5-3. Actions and targets were adopted for Petrol d.d., Ljubljana, which has the largest business share in the Petrol Group. For other companies within the Group — namely E3, d.o.o., Geoplin d.o.o. Ljubljana, and Petrol d.o.o. (Zagreb) — we plan to establish environmental targets and adopt actions within the next two years or by 31 December 2026 at the latest.
To effectively implement these actions, we use the best available technologies and practices in our industry, optimise business and production processes, and ensure compliance with legal and other applicable requirements, as well as internal regulations relevant to our products and services across all markets in which we operate.
Through environmental targets and the implementation of corresponding actions, we monitor the mass flows of the most significant raw materials used in our processes and seek to optimise their consumption. With these targets and actions, we strive to optimise waste management, reduce the volume of waste, and limit the environmental impacts associated with waste management.
| Indicative target | Implementation target (task) | 2024 environmental target | 2024 implementations / actions | Relation to the domain |
|---|---|---|---|---|
| Ensure adequate training and awareness of |
134 E5.MDR-P, paragraph 14, E5-1, paragraph 15 a-b
135 E5.MDR-A, paragraph 19
Ensure adequate waste management training of employees.
Update/review instructions in line with identified deviations, misunderstandings by employees, legislation amendments, etc.
A review of instructions and regulations was carried out. We updated the rules for oil separators for service stations and the environmental management procedures for the Croatian market, and adopted instructions for oil and grease separators in the Croatian market were adopted.
To enhance employee understanding, training and information sessions on relevant topics were conducted by the competent professional department at management meetings and retail days, where environmental topics were also addressed.
Environmental topics have also been integrated into onboarding training for new employees.
General instructions, reminders, and notifications were communicated via newsletters.
| 5 events in the Open Space | 5 sustainability-related articles in the Energy Among Us internal magazine |
|---|---|
| 10 events held in the Open Space | A regular topic in the Energy Among Us internal magazine (38 articles) |
| Regular Sustainability Tips columns (in the Our Energy e-newsletter) | Implementation of the "Me too!" project to raise awareness about sustainable employee activities through an interactive questionnaire |
| Presentation of the practices of Sustainability Ambassadors |
Ensure appropriate shares of recycled materials, in compliance with the requirements of the SUP Directive.
Launch activities to replace plastic products or reduce the quantities in compliance with the SUP directive (deadline 1/1/2026).
The actions resulting from the enforcement of the SUP137 Directive were implemented in accordance with the planned dynamics:
Central collection project for non-municipal packaging; optimisation of waste disposal (reduction of mixed municipal waste138 disposal).
Installation of mixed municipal waste presses in accordance with the 2023 plan.
The central packaging collection project was in full swing at the end of 2024. The main actions included intensive discussions, negotiations with the storage and distribution management service provider, location preparation, economic calculations, applications for investment assets that will be needed to launch the project, etc.
With the actions of preparing the terrain and setting up presses, the target was achieved according to plan in 2024 (5 new locations: service stations Kozina, Lukovica, Podlehnik, Barje S and Barje J).
Identification of the top 10 consumables, proposal of volume-reducing actions.
Action pertaining to establishing records for the most common raw materials and materials that enter our processes. Raw materials and input materials are identified – the 10 most common or most critical.
Central energy and environmental accounting via the IT Energy Management Platform.
Preparation of the implementation basis of the energy (2024) and waste (2025-2026) monitoring system.
The energy management IT platform is updated and ready. The main action currently pertains to finding a good and suitable municipal waste volume monitoring solution.
The achievement of targets consistent with the Petrol Group's policies is monitored through periodic reviews of target status and progress at least once a year, usually at the beginning of the new year for the previous year, or before external ISO audits. During these reviews, the status of targets and actions is assessed, progress analysed, and, if necessary, actions for the following year are redefined.
To ensure adequate employee training, we promote the optimal use of resources and the sustainable waste generation practices. Employees are encouraged to engage in circular product design, optimise resource use, and maximise the reuse of materials classified as MWS - Mixed municipal waste (Slovenian: MKO – mešani komunalni odpadki).
Through the use of sustainable packaging, we are moving away from primary production and towards a circular economy. By optimising our waste management system, we reduce the volume of waste and the environmental burden associated with waste transport. Packaging waste is reused wherever possible — for example, cardboard boxes are returned from service stations to the central warehouse and reused multiple times for product deliveries. In the wholesale sector, plastic containers are reused in the delivery of certain chemicals.
The defined and reported targets related to the circular economy and to resource management within the Petrol Group are partially legally mandated but are mostly voluntary.
At the Petrol Group, we committed years ago to monitoring ten input materials: office paper; toilet paper and soap; sand for minor spills at service stations; plastic gloves; car wash chemicals; service packaging; plastic garbage bags; cleaning agents for internal use; packaging for our own brands (Vitrex, Antifreeze, Car Shampoo); and IBC - Intermediate Bulk Containers (Oils and Lubricants segment). Until 2024, input materials were monitored for Petrol d.d., Ljubljana only. In 2024, this monitoring was expanded to include other companies within the Petrol Group (E 3, d.o.o., Geoplin d.o.o., Petrol d.o.o. (Zagreb)).
The total quantities of products and technical and biological materials used during the reporting period amounted to 724,536.61 kg.
| Item no. | Raw material/input material | 2024 Volume (in kg) | Recycling volume in kg | % recycled |
|---|---|---|---|---|
| 1 | Paper A4 and A3 format | 62,271.67 | 0.00 | 0.00 | 0.00 | 0.00 | |
|---|---|---|---|---|---|---|---|
| 2 | Toilet paper and soap | Toilet paper | 184,606.70 | 46,697.0 | 25.3 | 183,705.24 | 99.51 |
| Soap | 15,386.00 | 0.00 | 0.00 | 0.00 | |||
| 3 | Sand for small spills at service stations | ABSORBING POWDER | 48,470.00 | 0.00 | 0.00 | 0.00 | |
| 4 | Plastic gloves | Disposable GLOVES for refuelling | 11,836.40 | 0.00 | 0.00 | 0.00 | |
| 5 | Chemicals for car washes | All chemicals included | 50,829.60 | 0.00 | 0.00 | 0.00 | |
| 6 | Cleaning agents for own use | All cleaning agents included | 40,052.22 | 0.00 | 0.00 | 0.00 | |
| 7 | Plastic garbage bags | All bags included | 35,755.89 | 0.00 | 0.00 | 0.00 | |
| 8 | Service packaging | All service packaging |
| Raw material/input material | Product | Volume of packaging purchased (in kg) | Volume of purchased packaging with a recycled content of 30% (in kg) |
|---|---|---|---|
| Private label packaging | Vitrex, Antifreeze and Car Shampoo | 88,725.62 | 65,286.63 |
In the Petrol Group, some input raw materials and packaging are of biological origin. Among those, paper towels (napkins), toilet paper and some service packaging are predominantly monitored. The biological materials used are certified according to EU Ecolabel, FSC141 and PEFC142 standards.
In 2024, the existing packaging for our private label products (LBZ) Vitrex, Antifreeze and Car Shampoo was replaced with packaging containing 30% recycled rPET143. Of the total 88,725.62 kg of packaging ordered in 2024, 65,286.63 kg was packaging containing rPET, accounting for 73.6% of all orders in 2024.
Of the total volume of input materials in circulation in 2024 (724,536.61 kg), the total weight of reused and recycled materials amounted to 91,492.99 kg, representing 12.63%. IBC containers are primarily reused for orders of oils and lubricants in larger volumes, which are then refilled into smaller, user-friendly packaging. Through resource-efficient handling, we ensure that the IBC containers remain in circulation longer, as they are regularly cleaned and reused.
| Raw material/input material | 2024 Volume in circulation (in kg) | Volume of new purchases (in kg) | Volume in recirculation | Share in recirculation, relative to total circulation (%) |
|---|---|---|---|---|
| IBC containers | 7,490.00 | 840.00 | 6,650.00 | 88.79% |
Footnotes:
141 Forest Stewardship Council, FSC
142 Programme for Endorsement of Forest Certification, PEFC
To obtain the above data, we relied on the internal tools—Reporting Portal (Microsoft Power BI) and Petrol's Information System—from which we exported data on the volumes of purchased materials. Double counting in the reused and recycled materials categories was avoided by selecting distinct individual items within the applications for each category, as ordered goods are tracked by item code.
With regard to resource outflows, we report on those points of the standard concerning resource outflows that relate to waste that were identified as a significant sub-topic within the double materiality assessment.
In 2024, the Petrol Group generated a total of 17,418 tonnes of waste.
| Total waste volume (t) - 2024 | Volume of unrecycled waste (hazardous + non-hazardous) (t) | Percentage of unrecycled waste (hazardous + non-hazardous) (%) |
|---|---|---|
| 17,418.02 | 15,379.96 | 88.30 |
E5-5, paragraphs 37 a-d, 38 a-b, 39, 40
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report 253
Waste (hazardous and non-hazardous) by treatment or recovery method in the Petrol Group in 2024
| Diverted from disposal | Destined for disposal | Total hazardous waste (t) | |
|---|---|---|---|
| Preparation for re-use | 0.00 | 31.63 | 121.77 |
| Recycling | 0.00 | 566.25 | 2,504.32 |
| Other recovery operations | 3,070.57 | 3,223.97 | |
| Incineration | |||
| Landfilling | |||
| Other disposal operations | |||
| Total incineration, landfilling and other disposal |
| Disposal Operations | Incineration | Landfilling | Other Disposal Operations | Total |
|---|---|---|---|---|
| 0.00 | 2,006.43 | 5,195.47 | 0.00 | 5,463.85 |
| 1,528.30 | 6,992.15 | 14,194.05 |
Given the nature of our operations, the most relevant waste streams include paper and cardboard packaging, plastic packaging, and biological waste. For paper and plastic packaging, we are part of the packaging scheme operated by Slopak d.o.o., which collects all such packaging at the source of generation in our operations and manages it in full compliance with applicable legislation — all such packaging is fully recycled. Biological waste is handed over at the source to our contracted recipient, Bioterad.o.o., which also handles it in accordance with current legal requirements. The waste generated through our activities primarily consists of metals, plastics, paper, and biomass.
No radioactive waste was generated by the Petrol Group in 2024.
Data on non-municipal waste are monitored through the IS-Odpadki information system managed by the Slovenian Environment Agency (ARSO), which records all waste received in Slovenia where the original producers are Petrol d.d., Ljubljana, Geoplin d.o.o., Ljubljana, and E 3, d.o.o. For Petrol d.o.o. (Zagreb), data on non-municipal waste were obtained from waste tracking sheets provided by waste collectors, with records maintained on our behalf by a contractor for services related to environmental legislation.
Data on municipal waste were calculated based on an estimate using our own methodology. For office buildings and warehouses, we relied on a reference facility that includes both a warehouse and the administrative offices of two retail organisational units, for which we have the most reliable waste volume data. Based on utility bills, we calculated the amount of waste generated per employee. This figure was then used to estimate the volume of waste for all commercial buildings. To break down municipal waste into mixed municipal waste and mixed packaging, we applied a ratio derived from a sample of service stations.
Employees in the Petrol Group are regarded as strategic partners in shaping future plans, particularly in the development of the human resources strategy. We consistently seek employee feedback to guide the design of further actions. A regular dialogue is maintained with the Workers’ Council, which — at Petrol d.d., Ljubljana — has established a dedicated committee for status and HR matters. This forum enables employees’ views to be carefully considered.
We also collect feedback through regular meetings and exchanges with the trade union. Proposals for changes that affect employees are submitted to the Workers’ Council for consultation — or for co-decision where applicable — prior to their adoption. This process allows employees to participate in decision-making ahead of major HR-related developments.
At least once every two years, we conduct surveys to gather insights into the organisational climate, corporate culture, and employee engagement. We also measure satisfaction with the measures implemented under the Family Friendly Company certificate. To encourage open and honest feedback, we work with an external partner that conducts independent and anonymous assessments through multiple channels available to all employees.
In line with our business strategy and core activities across all four key value chains, we define the impacts on employees, identify opportunities, and actively manage risks. Our strategy combines the management of actual impacts on employees with the anticipation of future changes, thereby ensuring the stability of our business model and long-term competitiveness. The following have been identified as material impacts: employment security, working hours, decent pay, work-life balance, training, and the development of knowledge and competencies.
The Petrol Group is recognised as an important employer in terms of employment security, as one of the largest employers, offering a variety of career opportunities and pathways for development within the company. Working hours and work-life balance are carefully planned, taking into account the Group’s broad operational scope and diverse job roles — considerations that are reflected in the design of our measures. To ensure the ongoing competitiveness and development of the Petrol Group, it is crucial that we provide decent wages — also identified as a potential risk — and foster the development of competencies in line with our strategy.
The most significant impacts primarily affect workers employed under an employment contract, who make up the majority of our workforce. In cases of increased workload or project-based work, the company occasionally engages other forms of labour, such as student work or agency work. Currently, less than 1% of our workforce consists of individuals engaged through employment agencies to perform basic tasks; these are workers who are not part of our own workforce.
Based on the double materiality assessment, we have identified several negative impacts on our own workforce, particularly in the areas of employment security, working hours, decent wages, work-life balance, gender equality and equal pay, training and development of knowledge and skills, and turnover. The negative impacts are not systemically widespread across our operations but stem from the nature of our business model and corporate strategy.
Employment security represents an actual impact, which we address through strategic planning and regard as an important aspect of long-term employment stability within Petrol. As an employer, we strive to ensure employment security and facilitate transitions between different business segments, supporting employees through competency development and training.
business model may affect certain employee profiles and the competencies required by the company. Since regulatory and legislative changes are being introduced gradually, we expect their effects to become more tangible over time— a development we are already taking into account in our strategic planning and HR policy adjustments.
The Petrol Group ensures a continuous energy supply, which for some employees entails shift work and less favourable working hours. Consequently, certain employees are exposed to shift work, night shifts, and work on Sundays and public holidays. This type of work creates greater constraints on achieving work-life balance, particularly in terms of leave planning and working time redistribution. Those most affected are employees working at sales outlets, in warehouses, and in other roles requiring continuous presence.
A significant negative impact is also identified in the area of adequate wages. As the Petrol Group operates across multiple sectors and markets, ensuring a competitive wage level requires a solid understanding of market pay standards across various sectors, geographies, and employee profiles. If our wage offering does not align with market expectations, it may pose a risk to securing a sufficient number of suitable employees and affect our ability to attract and retain key talent.
The Petrol Group operates across a wide range of activities, job roles, and countries, which influences the gender pay gap and the representation of women in leadership positions. The pay gap, which favours male employees, primarily arises from factors such as company location, sector of activity, and job complexity. When these factors are controlled for, the gender pay gap is low for most employees. Exceptions to this are found in specialised, narrow fields, where the gap is wider due to the nature of the work, limited interest in specific roles, or other contributing factors.
In the context of the green transition and high labour market turnover, a negative impact has been identified in the area of training and the development of knowledge and skills. There is a need to upgrade the systematic transfer of knowledge within the Petrol Group to align with evolving market demands. Currently, employees who already possess the competencies required for the green transition face an increased workload. This may become a more significant challenge in the future, as employees with the most relevant and sought-after skills will be especially sought after, potentially leading to higher turnover.
The positive impacts of the Petrol Group on its own workforce stem, to some extent, from its geographical reach and wide range of activities, which enable employees to acquire diverse competencies, pursue lifelong learning, and work across various domains. Positive impacts have been identified in the areas of job security, working hours, decent wages, social dialogue, freedom of association, collective bargaining, work-life balance, occupational health and safety, and training and skills development.
The diversification of the Petrol Group ensures a high level of employment security, as employees can develop their careers in different directions. They also have opportunities to collaborate with various institutions and schools, allowing them to make a meaningful contribution to Slovenian acuity. The Petrol Group is recognised as one of the largest and most reputable employers in the region, with no major layoffs to date.
At the Petrol Group, we strive to provide employees with as much flexibility and support for work-life balance as possible, including with regard to working hours. Specifically:
The system of rewards and social benefits forms part of our broader strategy to ensure competitiveness, workforce stability, and talent attraction, while also enabling flexibility in the business model in light of market and regulatory changes.
An effective social dialogue and cooperation with social partners has been established, including workers’ council, trade unions and workers’ representatives. The primary objective of this cooperation is to ensure respect for workers' rights, which is why decision-making processes take place within the framework of consultations and regular cooperation between the company and internal entities. This structure allows for a timely response to labour-related issues and improvements in business processes. The form of cooperation is tailored to the individual company and local legislation, thereby ensuring flexibility in different working environments.
Employees of the Petrol Group enjoy a high degree of freedom of association, which allows them to seek advice and support for all HR-related issues. Trade union members have access to various benefits, while a variety of social activities such as sports games, are available to all employees. Our employees can express their opinions and views on the state of labour rights within the company through union representatives and can influence change. Employees also participate in the governance of the company through the workers’ council. Ensuring open dialogue between employees and management contributes to creating an inclusive working environment in which workers’ rights are actively represented and integrated into the company’s strategic decisions. More information about unionisation and workers' unions is disclosed in section S1-2 – Processes for engaging with own workforce and workers’ representatives about impacts.
In the Petrol Group, employee rights are governed by a high-quality collective bargaining system. Most employees are covered by corporate collective agreements that regulate the rights and obligations of workers and employers and ensure that pre-agreed labour rights are respected in all circumstances. For certain employees, industry-level collective agreements also apply. Collective bargaining allows the company to gain better insight into the opinions and needs of workers, as employees can express themselves not only through official company channels, but also through their representatives, who then present their views during negotiations in a structured manner. In accordance with the corporate collective agreement, employees are also entitled to solidarity support in the event of the death of a close family member, prolonged illness, disability, natural disasters, and other unforeseen circumstances.
In the area of occupational health and safety, we have established a comprehensive system through which we continuously strive to reduce risk levels, especially in highly exposed jobs where risks are stemming from operational work processes. We are committed to developing solutions that are more health-friendly and safer for employees. All employees are included in a preventive health check-up programme, with special attention paid to workers with reduced work capacity. In this context, the Healthy at Petrol programme has been established, the main aim of which is to encourage employees of all generations to take more active care of their own health.
Employees have access to a variety of education and training programmes that enhance their professional expertise and contribute to both personal and professional development. Through various programmes, a leadership system, and internal coaching at different levels, we foster the development of managerial, communication, and motivational skills, strategic and systems thinking, and personal competencies. We see significant opportunity in strengthening our employees’ digital competencies, as digitalisation is becoming a key tool for improving processes, boosting efficiency, and adapting to changing market conditions.
For workers who are not in regular employment (i.e. people in its own workforce who are not employees), we provide structured onboarding and training, including foreign language learning. They are ensured all occupational health and safety measures and are offered equal conditions regarding working hours and pay as regular employees.
In the Petrol Group, ensuring adequate wages is recognised as a significant risk in relation to our own workforce. In most of the countries where we operate, low unemployment rates and shortages of specific workforce profiles pose a risk to the implementation of our activities. This is particularly evident in roles requiring a larger number of employees (e.g. service stations) or in specialised profiles (e.g. technical staff).
to strong competition among employers in the labour market. Since the Petrol Group operates across multiple markets and business segments, this risk may manifest as falling behind market wage levels or insufficient tailoring of wage offerings to specific profiles and markets. We mitigate this risk by monitoring wage competitiveness and applying a remuneration policy that recognises and rewards employees who contribute significantly.
Since the Petrol Group operates in European countries where forced or compulsory labour and child labour are legally prohibited, these risks are not present.
The Petrol Group also recognises numerous opportunities, which, based on the financial materiality assessment, do not exceed the threshold for mandatory reporting.
The Petrol Group bases its understanding of employees who work under special circumstances or are exposed to higher risks on its own risk assessment and applicable legislation. In several countries where we operate, legislation already defines protected categories of workers who, due to increased vulnerability, are prohibited from performing certain tasks at specific times or under specific conditions. These protected categories mainly include women and employees during pregnancy and parenthood, persons with disabilities, and older workers. The Petrol Group consistently complies with the legal restrictions applicable to these groups, which may include restrictions on working hours, bans on performing certain tasks, or other forms of protection.
The Petrol Group also proactively identifies vulnerable employee groups and special working conditions through a careful review of jobs as part of the Risk Assessment. For each workplace, we identify risks to health and safety and develop an action programme that ensures regulatory compliance and minimises hazards and harmful exposures to the lowest possible level.
In the area of managing our own workforce, the Petrol Group has developed a human resources strategy for 2024–2025, with foundations and proposals extending through 2030. The strategy clearly defines strategic projects and future orientations. The President of the Management Board of Petrol d.d., Ljubljana, is responsible for implementing the HR policy and the material rights of employees.
Employee rights in the Petrol Group are regulated in compliance with local legislation, binding collective agreements, and internal collective agreements and rules. In cooperation with workers’ representatives, companies adopt internal provisions on employee rights, which are strictly followed. In this way, we manage material impacts, such as wage competitiveness, working hours and related employment matters, as we are committed to respecting rest periods, paying allowances for less favourable working hours, and ensuring compliance with wage-related legislation.
At Petrol d.d., Ljubljana, we hold the Family Friendly Company certificate, under which we have adopted measures and processes to support work-life balance. We are audited annually by an external partner, we monitor key indicators, communicate the measures, and upgrade them as needed. We are also signatories to the Diversity Charter, recognising that an inclusive work environment is key to employee well-being. The basic principles of both certificates are also reflected in our subsidiaries, with the measures adapted to the local markets. In line with the HR strategy, these measures will continue to be strengthened.
Our policies for managing material impacts, risks and opportunities apply primarily to all employees across the Petrol Group. Local legislation and internal regulations govern the treatment of special workforce groups (e.g. in Slovenia and Croatia), defining special restrictions regarding working hours and work locations for vulnerable employee groups – particularly women, employees during pregnancy and parenthood, persons with disabilities and older workers. This ensures that, despite the need for continuous operations, the agreed rights and limitations related to working hours for these groups are upheld.
146 MDR-P S1-1, paragraph 19, S-1, paragraphs 20, 20 a-c, 21, 22, 23, 24 a-d
Our policies are aligned with internationally recognised instruments such as the OECD Guidelines for Multinational Enterprises, the UN Global Compact principles, and the Sustainable Development Goals (SDGs).
The internal Code of Conduct of the Petrol Group defines the fundamental principles of business conduct, including respect for human rights, ethical behaviour, and environmental responsibility. It applies to all companies within the Petrol Group and across all markets in which we operate. It serves as a framework for establishing and strengthening business standards across the Group and in cooperation with business partners across all Petrol value chains.
The Code applies to all key stakeholders — including employees, customers, business partners, suppliers, and the broader social community. It is publicly available on the Petrol website. The Petrol Group’s management actively encourages consistent implementation of the Code through business practices. Employees and external experts were involved in drafting the Code to ensure its relevance. It serves as a foundational framework for our operations, with additional measures and policies introduced, as needed, in cooperation with relevant stakeholders.
In line with these standards, we conduct regular audits and obtain certifications such as ISO 9001 for quality management systems and ISO 14001 for environmental management. We have also introduced employee awareness and training programmes focused on ethical behaviour and sustainable practices.
The adopted policies are reviewed multiple times a year to ensure alignment with evolving international standards and to reflect global trends. We remain committed to sustainable development and responsible business conduct, including continuous engagement with stakeholders and independent organisations to monitor and improve our practices.
In the countries where the Petrol Group operates, human trafficking, forced or compulsory labour, and child labour are prohibited by law. Accordingly, we do not have dedicated policies in this area, as compliance with local legislation is mandatory.
Respect is one of the core values of the Petrol Group and is embedded across all areas of our operations. In line with the national constitution and international conventions, we respect the human rights of our employees. At the same time, our internal acts oblige our employees to respect the human rights of others.
In all procedures concerning our own workforce, we ensure equal rights and opportunities for every individual. This includes the protection of privacy, freedom of thought, freedom of association, and equality in employment and remuneration — regardless of gender, race, skin colour, age, health status or disability, religion, political or other beliefs, trade union membership, national or social origin, family status, economic situation, sexual orientation, or other personal circumstances.
Employees are actively involved in the development and implementation of key projects and in shaping strategic decisions. We collect their feedback through surveys, focus groups, and regular meetings. This fosters a sense of belonging and enables employees to have a meaningful influence on the company’s operations.
We promote lifelong learning and career development through a range of training programmes, mentoring schemes, and promotion opportunities. We encourage employees to move between departments and functions, which enhances their professional expertise and adaptability.
We place special emphasis on equal opportunities for all employees, regardless of gender, age, nationality, or other personal circumstances. We promote diversity because we believe that a variety of backgrounds and perspectives strengthen innovation and drive the success of our organisation.
We provide a safe, healthy, and supportive working environment. Flexible working arrangements, initiatives to promote psychological and physical well-being, and mechanisms for achieving a healthy work-life balance are in place.
We actively promote open communication with employees and recognise their contributions. Employees are regularly informed about the company’s goals and results, and individual and team achievements are celebrated.
Employees can report potential human rights violations through established communication channels, as outlined in section S1-3 – Processes to remediate negative impacts and channels for own workforce to raise concerns. In response to the feedback received, the Petrol Group takes appropriate remedial actions to address and eliminate impacts on human rights.
The Petrol Code of Conduct, which applies to all companies within the Petrol Group, outlines the Group’s policy on occupational health and safety. The Code identifies safety, occupational health, and security as core values. Employee safety at Petrol is ensured through the continuous identification and assessment of risks, which forms the basis for implementing and improving safety measures for both employees and business partners involved in our operations.
Through preventive measures, we reduce hazards and workplace strain, minimise the occurrence of occupational illnesses, improve safety culture, and enhance employee efficiency. In our commitment to providing a safer environment for employees and customers, and to fostering better working conditions, we implement a variety of measures to reduce or prevent criminal acts by third parties — such as theft or intentional bodily harm.
The Code of Conduct is publicly available on Petrol’s website. The Petrol Group’s management actively promotes the consistent application of the Code in business practices. Employees and external experts were involved in its preparation, ensuring its relevance. The Code serves as a foundational framework for our operations, and, based on engagement with relevant stakeholders, additional measures and policies are developed as needed.
Petrol d.d., Ljubljana; Petrol d.o.o. (Zagreb); E 3, d.o.o.; and Geoplin d.o.o., Ljubljana (hereinafter the Petrol Group – limited consolidation) have adopted a Safety Statement with Risk Assessment. By signing this statement, top management has committed to ensuring the provision of financial and human resources needed to ensure safety. The risk assessment is carried out for all workplaces using a modular approach. It provides a comprehensive overview of hazards and risks at each position and identifies which safety measures are already in place and which are scheduled for future implementation.
regulations and national legislation. Our policy does not include specific procedures regarding the promotion of diversity and inclusion. We are aware of the impact we have on the lives and rights of individuals and communities wherever we operate. For this reason, we advocate for equality and equity for all and respect differing opinions and perspectives. We do not tolerate any form of violence or harassment in the workplace — including emotional, psychological, verbal, or sexual harassment. We actively engage with partners and other stakeholders who uphold human rights and fundamental freedoms.
In the event of any perceived discrimination in the workplace, employees can report concerns through the independent Spregovori (‘Speak up’) whistleblowing line, which is managed by Deloitte on behalf of Petrol d.d., Ljubljana and all Petrol Group companies. We take all reports seriously and are committed to reviewing each one and initiating investigations as necessary. Reports are treated as confidential, and employees are not required to disclose their identity unless they choose to do so.
The Spregovori (‘Speak up’) hotline is available for reporting irregularities in the following areas: bullying, bribery/corruption, violations of policies/procedures, conflict of interest, discrimination, fraud, health/safety/environment, sexual harassment and violence, inappropriate conduct, theft, and other serious breaches.
Impacts on our own workforce are managed through cooperation with employees and their representatives. We review their views, gather feedback and meaningfully incorporate them into the decision-making process, in accordance with legislation and internal agreements. The rules of cooperation may differ between countries.
Cooperation with employees is in place across all companies of the Petrol Group. In Petrol d.d., Ljubljana, Petrol d.o.o. (Zagreb), Petrol Geo d.o.o., Geoplin d.o.o., Ljubljana, Zagorski, Metalac d.o.o., and Petrol Crna Gora MNE d.o.o., cooperation takes place through elected workers’ representatives, such as the workers’ council and/or trade union. In other companies, cooperation is less formalised and takes place via open communication with employees.
The management of each company is responsible for ensuring cooperation with employees. The Petrol Group has adopted a Corporate Governance Policy, aimed at ensuring transparent operations in compliance with legislation and standards, clear definition of roles and responsibilities, rapid and efficient transfer of information, and the dissemination of good practices and knowledge to support the realisation of the Petrol Group's mission and strategy.
The Corporate Governance Policy regulates:
At Petrol d.d., Ljubljana, the rules for cooperation with the workers’ council are defined in the Agreement on Employee Participation in Company Governance. In line with this agreement, the company informs the workers’ council and conducts consultations before making decisions on key HR matters that affect employees’ health, well-being or financial situation. The agreement also specifies the resources available to the workers’ council for its operations — namely human resources (i.e. additional roles that employees may take on within the workers’ council), and material resources (e.g., appropriate working conditions in the form of office space, communication tools, and other necessary means). We also comply with legislation that requires the workers’ council to give its consent for decisions concerning essential HR issues, such as the criteria for rewarding innovation activities, evaluating work performance, and promotions. Furthermore, representatives of the workers’ council are included in the Supervisory Board of the Company.
Petrol d.d., Ljubljana also works closely with the workers’ union in accordance with the Company Collective Agreement, which defines the union’s scope of work and stipulates the Company’s obligation to inform the union of any measures, intentions, or business operations that may affect the position of employees.
Cooperation with workers' representatives also takes place in other companies in Slovenia and Croatia where the union is present (e.g. Petrol Geo d.o.o., service stations under management, and Petrol d.o.o. (Zagreb)) or where a workers’ council is established (e.g. Geoplin d.o.o., Ljubljana). In these companies, cooperation is conducted in compliance with applicable legislation, whereby social partners are involved in consultation or co-decision processes on matters concerning significant HR decisions.
In other companies of the Petrol Group, cooperation with employees is carried out in accordance with local legislation and binding collective agreements; no global or other agreements have been concluded. Cooperation takes place through social partners, workers’ representatives or through direct communication and information-sharing with employees. Employee rights are harmonised with social partners across the entire Petrol Group before their implementation.
Cooperation with the workers’ council and the trade union generally takes place in the form of meetings, where minutes of the meeting are taken. The minutes of the workers’ council meetings are published and made available to all employees of the company. Feedback on the submitted proposals is provided in writing, along with the company’s formal response to each proposal. The workers’ council and the trade union cooperate on all essential HR matters, including those arising in the context of the green transition.
In 2024, an annex to the Corporate Collective Agreement was signed with the trade union, in which the provisions regarding the right to disconnect were agreed on together. The agreements reached with employees —based on which several new internal rules and amendments to the Corporate Collective Agreement were adopted, with proposals or approvals from workers’ representatives— confirm the effectiveness of employee cooperation.
The Petrol Group also conducts anonymous surveys to gain insight into employee views, with the aim of gathering relevant information that serves as a basis for reviewing working conditions, the work climate, satisfaction and engagement. Every employee has the opportunity to submit anonymous feedback, including via open-ended questions where they can express their views and suggestions.
The processes and mechanisms for addressing and remedying negative impacts in the Petrol Group are designed in compliance with the highest international standards, such as the UN Guiding Principles on Business and Human Rights and OECD Responsible Business Conduct Guidelines. Negative impacts primarily concern matters related to the working environment, ethical conduct and legal compliance. In this way, Petrol provides employees with a safe space to voice their concerns and report potential violations.
A structured system has been established for handling reports, with clearly defined procedures for verifying, processing and implementing appropriate corrective actions. These mechanisms are designed to foster employee trust and include regular independent reviews of their effectiveness. Employees are informed about the available reporting channels and the importance of using them to help create a transparent and fair working environment.
As part of these efforts, we conduct regular employee training sessions covering topics such as identifying irregularities, handling ethical dilemmas, and reporting procedures for misconduct. Employees are guaranteed full protection against retaliation, which is a key element in the effective operation of these mechanisms. The procedures are designed to ensure the prompt handling and resolution of reports, with all steps clearly documented and transparent.
We also implement preventive measures to reduce the risk of negative impacts on the workforce. This includes risk assessments related to the work environment and business practices, as well as initiatives aimed at strengthening a culture of compliance and integrity. Special attention is given to involving employees in the development and continuous improvement of these procedures, which reinforces their trust and fosters a stronger sense of belonging within the company.
152 S1-3, paragraphs 32 a, b, c, d, e, 33 The processes and mechanisms for addressing and remedying negative impacts in the Petrol Group are designed in compliance with the highest international standards.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report 269
Petrol d.d., Ljubljana is committed to fostering a safe, encouraging and ethical working environment for all employees in the Group. To enable employees to express concerns or report irregularities, we have established multiple reporting channels that ensure confidentiality and efficiency. These channels are designed to support timely and effective handling of reports while fostering employee trust in the system.
The Speak Up programme allows employees to anonymously report serious breaches and other irregularities. Reports can be submitted via a dedicated phone hotline (080 13 95) or through other secure and suitable channels that guarantee full confidentiality and safety for the whistleblower. The Whistleblower Protection Officer ensures the rights and protection of those who report issues, operating in line with binding regulations and good international practices.
In addition to the Speak Up programme, employees can contact the Corporate Integrity Officers directly at [email protected]. The officers provide support in handling reports and offer guidance on matters related to ethical business decision-making, compliance and integrity.
The Speak Up programme is managed by an independent external organisation with extensive experience in managing confidential information. This adds a layer of objectivity, independence, and anonymity to the process and strengthens employee trust by ensuring impartial handling and the prevention of retaliation.
Special emphasis is placed on preventing workplace bullying (mobbing). Our internal policies clearly reflect a zero-tolerance approach to all forms of bullying, discrimination, or harassment. Mechanisms for reporting mobbing are integrated into existing reporting systems and provide dedicated support through the relevant departments and designated officers. The Anti-Mobbing Officer is specifically appointed to protect employees in this regard.
All reporting channels are safeguarded by advanced security protocols, ensuring data protection and confidentiality. In line with the Security Update Management Policy, these systems are regularly reviewed and updated to maintain high levels of cybersecurity and resilience against emerging threats.
In line with the United Nations Guiding Principles and OECD guidelines, we continuously strive to improve our procedures for ensuring remedy and addressing irregularities.
Petrol d.d., Ljubljana has established multi-layered and comprehensive mechanisms for handling complaints and grievances, enabling employees across the Group to raise concerns or report irregularities in a safe, confidential and efficient manner. These mechanisms are aligned with the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Responsible Business Conduct.
Petrol d.d., Ljubljana has implemented a comprehensive system for monitoring and oversight of issues raised through established communication channels. We are committed to transparency and efficiency in handling reports, ensuring continuous improvement of processes and strengthening employee and stakeholder trust in these mechanisms.
All reports received via the various channels are centrally logged and analysed. This includes identifying key themes and recurring patterns, enabling the company to detect systemic issues or emerging risks in a timely manner. In addition, Petrol conducts quarterly assessments of the effectiveness of its complaint-handling processes — evaluating resolution timelines, the adequacy of measures taken, and employee satisfaction with the outcomes.
Findings from these analyses are discussed at quarterly governance meetings, where key performance indicators related to the effectiveness of reporting channels and proposed improvements are reviewed. This approach facilitates ongoing performance monitoring and strategic decision-making at the highest level.
Based on feedback and insights, we continuously refine and enhance our reporting channels and response processes. Process optimisation and the integration of new technologies ensure that all channels remain effective, secure and accessible to all employees. At the same time, we ensure that our monitoring and oversight systems not only fulfil their intended functions but also support sustainable development and foster a trustworthy working environment.
Petrol d.d., Ljubljana, implements a range of activities to ensure that employees across the Group are familiar with the structures and procedures in place for raising and addressing concerns or needs. These efforts enhance employee trust in the established channels and encourage their active use.
Employees have access to all key information through the internal portal, which clearly describes communication channels — including the Speak Up programme, contact details of Corporate Integrity Officers, and procedures for reporting irregularities. Internal newsletters and articles published on the portal further strengthen awareness, with view and click metrics monitored to gauge the reach and impact of the information.
To support this, regular training sessions and workshops, which include presentations on these procedures and structures, are organised. Each training concludes with a knowledge check, such as multiple-choice questionnaires, to ensure that employees understand both the content and practical functioning of the mechanisms available to them.
Special attention is paid to raising employee awareness of the availability and use of these channels. Regular communication activities and internal trainings ensure that all employees are informed of the available reporting options and the procedures in place to guarantee safe and effective resolution of their concerns. After each training session, employee feedback is analysed to improve channel effectiveness and adapt the approach to evolving needs.
Each employee receives a copy of the “Principles of Integrity and Ethical Conduct of Petrol” booklet, which serves as a guide to the Group’s core standards, values and procedures. It presents, in a clear and accessible way, the rules established to ensure compliance, integrity and ethical conduct— including information on all available concern-raising channels.
awareness of the systems in place. By combining information, training, guidance materials, internal newsletters and regular feedback monitoring, Petrol d.d., Ljubljana ensures that employees across the Group are well-informed about the structures and procedures enabling them to raise concerns. This approach not only builds trust in these mechanisms but also supports a culture of open communication, accountability and ethical behaviour.
Clear rules are also in place to protect individuals who use these channels from retaliation. These protections are set out in the internal acts of each company within the Group and guarantee that any reporting person is shielded from negative consequences. A designated Whistleblower Protection Officer is responsible for the impartial handling of all reports and for providing additional protection to those who raise concerns.
Across all markets in which it operates, the Petrol Group actively manages the impacts, risks and opportunities related to its own workers through the following approaches:
Employee satisfaction surveys are conducted at least once every two years. Additionally, monthly analyses are carried out on employee turnover, diversity, and workforce needs to identify key areas for improvement.
- Employee strategies / HR strategy
− Health and well-being are promoted through mental health programmes, sports activities, and flexible working arrangements.
− Competence development is supported through training initiatives and educational subsidies.
- Employee communication
Employees are engaged in decision-making processes through meetings, focus groups, and feedback tools.
- Monitoring progress
A set of key performance indicators (KPIs) is in place — including satisfaction levels and training effectiveness. Outcomes are also tracked after each training session.
To support the continuous implementation of these activities, the Group leverages a range of resources — including a dedicated budget for employee development, digital tools for monitoring satisfaction, and partnerships with educational institutions and consultancy firms.
The Petrol Group manages its impacts on employees and related risks through employee care projects, monitoring employee well-being, and agreements on employee rights. These activities are carried out within the Human Resources Department, which employs 39 HR professionals across the Group’s major companies.
As part of the HR strategy, additional funding is planned over the next five years to support projects focused on employee development, education and well-being.
To prevent or mitigate negative impacts, we implement and plan various actions aimed at creating a work environment that fosters motivation, satisfaction, and long-term well-being of employees. These actions include:
Petrol has taken measures to mitigate negative impacts on employees arising from the transition to a greener, climate-neutral economy. Employees are provided with training and education to acquire new skills needed to work in a sustainable business environment. We promote the transition to green technologies, which includes adapting jobs and tasks, and we provide support for retraining to reduce the negative effects on employees in sectors most exposed to change. In addition, we are introducing flexible forms of work and well-being support to facilitate a smoother transition to the new way of doing business. We monitor the effects of these measures and adjust our operations to ensure that the transition does not negatively affect our employees.
To ensure employment security, we are developing a competency model that defines not only the skills currently needed but also future competencies essential to the group’s business sustainability. The competency model will be integrated into all phases of the employee work cycle, serving as a tool for selection, onboarding, development, and career progression. Ongoing communication and collaboration with employees are also essential alongside the development of new competencies. We plan to hold regular workshops and consultations to better understand employee needs and involve them in the transition process. Furthermore, we will provide access to additional resources, such as mentoring, online learning platforms, and individualised training programmes.
When we receive a report of irregularities from an employee, the case is thoroughly examined and, where necessary, independent experts are engaged to conduct an impartial investigation. Where negative impacts are identified, we implement corrective measures, such as compensation for harm, adjustments to working conditions, or sanctions for those responsible. We learn from individual cases by analysing root causes and introducing preventive changes to our processes, thereby reinforcing a responsible and sustainable working environment.
We have established a systematic approach to adopting appropriate measures and to monitoring and evaluating the effectiveness of actions and initiatives aimed at improving working conditions and employee satisfaction. The approach is based on a combination of qualitative and quantitative methods. At least once a year, we conduct surveys on employee satisfaction and well-being, the results of which serve as a key tool for adapting employee-related activities.
We monitor performance indicators, such as the turnover rate, productivity, the number of reported issues related to working conditions, participation in training, levels of participation in internal events, and results of employee satisfaction and engagement surveys. Based on the collected data, we carry out trend analyses to identify which negative impacts are increasing and how they affect our operations. We use statistical methods to identify patterns and forecast potential future risks. Once key areas requiring action are identified, we prepare concrete measures, such as additional training, adjustments to working conditions, or changes in work organisation.
insight into specific challenges and opportunities affecting employee well-being. We have introduced internal audits to assess whether the measures are in line with our policies and values. We also organise regular meetings with management and human resources departments to analyse specific situations and risk assessments, in order to determine which actual or potential impacts are of greatest concern. On this basis, we develop guidelines for actions that align with the Group's values and the needs of employees.
The results of our monitoring are included in sustainability reports and shared with all stakeholders, enabling transparency and accountability. Based on these findings, we continuously adapt our measures to ensure their long-term effectiveness and impact.
In our risk mitigation actions around adequate wages, we focus on talent retention, competence development, and employee satisfaction through various programmes and additional benefits for employees. We are introducing employee retention programmes, including development plans, internal promotions, and competitive remuneration packages. We monitor employee turnover and analyse the reasons for departures.
We continuously invest in employee education and retraining and monitor the effectiveness of these programmes using indicators such as participation rates and their impact on business performance. Innovation is encouraged and ideas are rewarded. We offer preventive programmes and flexible working time arrangements, with effects measured through employee satisfaction surveys and absenteeism data.
We also promote diversity and inclusion through awareness-raising workshops and monitor the impact using inclusion and diversity indicators. The effectiveness of all implemented actions is monitored through surveys and meetings, with findings included in internal reports — enabling us to adapt and improve measures for greater effectiveness.
The Petrol Group implements various measures to harness opportunities related to our own workforce. However, based on the assessment of their financial materiality, these opportunities do not exceed the reporting threshold and are therefore not disclosed.
We are committed to ensuring that our practices do not cause negative impacts on the workforce (employees). Accordingly, we monitor and assess working conditions at least annually and conduct internal audits and risk analyses. Policies are in place to safeguard employee safety, equality, and well-being, including anonymous surveys and open dialogue. When potential issues are identified, we immediately implement appropriate corrective actions, such as adjustments to working conditions and/or additional employee training. Our practices comply with legislation and ethical standards, ensuring that they do not generate adverse impacts on employees.
The Petrol Group's targets related to managing the significant impacts, risks and opportunities associated with its own workforce focus on creating a stable and stimulating working environment. We aim to reduce talent turnover by developing targeted career development programmes, improving working conditions, and implementing internal reward systems. We also seek to increase employee satisfaction and engagement.
To achieve these goals, internal mechanisms have been established to monitor progress, evaluate outcomes and ensure transparency — supporting responsible workforce management and effective risk mitigation.
At Petrol d.d., Ljubljana, employee representatives who are members of the Supervisory Board also participate in shaping the Group's objectives. The Supervisory Board monitors the implementation of these objectives and based on business performance, contributes to identifying insights and potential improvements.
In accordance with the Employee Participation Agreement, the Workers’ Council is also informed about the company’s financial position, strategic goals, and results. Within this framework, employees are encouraged to share opinions, proposals, and initiatives.
We invest in continuous education and training to ensure our employees are well-prepared for future challenges.
In other companies within the Group, workers’ representatives are not directly involved in setting targets, monitoring performance or proposing improvements. However, employees can still contribute through established open communication channels — such as the “Tell the Management Board” platform, where they can offer feedback, suggestions, and initiatives to the Group management, communicate openly with their superiors, or participate in management’s open-door events.
At the end of 2024, the Petrol Group employed a total of 5,944 people, of whom 49% were women and 51% were men. The largest number of employees was in Slovenia, namely 3,262 at the end of 2024, followed by Croatia with 1,963 employees. Smaller numbers of employees are also employed in Bosnia and Herzegovina, Serbia, Montenegro and Austria.
The number of employees includes regularly employed persons (under contract), irrespective of the type of contract (for an indefinite or fixed term) and irrespective of the proportion of working hours (full-time or part-time). The data illustrate the number of employees on the last day of 2024. The country of employment refers to the country in which the employee concluded an employment contract, and gender is defined as female and male. Data on employees in individual companies in the Petrol Group have been obtained from colleagues in each of the respective companies.
In the accounting section of the annual report, employee data is disclosed in section 5.6 Labour costs.
| Gender | SLO | CRO | Bosnia and Herzegovina | SRB | MNE | AUT | Total |
|---|---|---|---|---|---|---|---|
| Female | 1,566 | 1,056 | 126 | 98 | 59 | 0 | 2,905 |
| Gender | Number of permanently employed employees (number of persons) | Number of temporary employees (number of persons) | Number of full-time employees (number of persons) | Number of part-time employees (number of persons) |
|---|---|---|---|---|
| Female | 2,652 | 253 | 2,892 | 13 |
| Male | 2,721 | 318 | 3,005 | 34 |
| Total | 5,373 | 571 | 5,897 | 47 |
| Country | Number of employees (number of persons) |
|---|---|
| SLO | 3,262 |
| CRO | 1,963 |
| BIH | 310 |
| SRB | 260 |
| MNE | |
| Other |
The majority of employees in the Petrol Group are employed on a permanent basis (90%) and full-time (99%). This applies to all countries in which we operate, although the percentages vary. Part-time employees have a part-time contract with the company, which means they may be employed by multiple companies, either within or outside the Petrol Group. In the division between full-time and part-time work, reduced hours due to parental leave and/or disability are not included. Fixed-term employees include those employed due to a temporary increase in workload, replacement of a temporarily absent employee, or project-based work. The Petrol Group does not have any employees without a guaranteed number of working hours.
155 S1-6, paragraphs 50 a-f, 51
156 Including employees at managed service stations.
| 3,218 | 1,708 | 223 | 142 | 80 |
|---|---|---|---|---|
| 44 | 255 | 87 | 118 | 67 | 0 |
|---|---|---|---|---|---|
| 3,230 | 1,957 | 309 | 252 | 147 | 2 |
|---|---|---|---|---|---|
| 32 | 6 | 1 | 8 | 0 | 0 |
|---|---|---|---|---|---|
The average employee turnover in the Petrol Group in 2024 was 24%. The turnover rate also depends on the total number of employees in each individual company within the Petrol Group. As a result, smaller companies can show a higher turnover rate even with one departure per year (e.g. LPG HIB d.o.o.). In companies where the majority of employees work in trade, we observe higher turnover rates, a common feature of the sector. Turnover is also influenced by the local context and, as a rule, a higher turnover rate is observed outside Slovenia.
Employee turnover is monitored monthly and appropriate action is taken where necessary. Because there are many causes of turnover, we monitor as many aspects of employee satisfaction as possible. The organisational climate is measured at least once every two years, monthly feedback is gathered from social partners, and open communication with employees and managers is maintained to detect changes in employee well-being as soon as possible. The competitiveness of working and pay conditions in relation to the labour market is also monitored on a monthly basis.
All forms of employment termination are included in the turnover figure (terminations at the initiative of the employee and employer, retirement, death). The table presents the total number of employees who left the company in a certain period. The turnover rate is calculated as the ratio between the number of employees who left the company between 1 January and 31 December 2024, and the average number of employees under contract in the period between 1 January and 31 December 2024.
| Name of unit | Number of employees who left the company | Turnover rate |
|---|---|---|
| Petrol d.d., Ljubljana | 343 | 14.09 % |
| PM managed in Slovenia | 154 | 22.11 % |
| Petrol Geo d.o.o. | 1 | 7.06 % |
| Petrol Pay d.o.o. |
| E 3, d.o.o. | 11 | 25.14 % |
|---|---|---|
| Geoplin d.o.o., Ljubljana | 8 | 21.52 % |
| Atet d.o.o. | 4 | 13.26 % |
| Petrol d.o.o. (Zagreb) | 614 | 32.45 % |
| Adria-plin d.o.o. | 13 | 51.32 % |
| Vjetroelektrana Ljubač d.o.o. | 0 | 0.00 % |
| Geoplin d.o.o. Zagreb | 0 | 0.00 % |
| Zagorski Metalac d.o.o. | 0 | 0.00 % |
| Atet d.o.o., Zagreb | 0 | 0.00 % |
| Petrol BH Oil Company d.o.o. | 106 | 35.00 % |
| Petrol power d.o.o., Sarajevo | 0 | 0.00 % |
| Petrol hidroenergija d.o.o., Teslić | 0 | 0.00 % |
| Petrol d.o.o., Beograd | 115 | 67.88 % |
| Beogas d.o.o., Beograd | 3 | 8.43 % |
| Petrol KU 2021 d.o.o., Beograd | 1 | 27.91 % |
| Petrol LPG d.o.o. | 7 | 17.39 % |
| Petrol LPG HIB d.o.o. | 3 | 60.00 % |
| Petrol Crna Gora MNE d.o.o. | 40 | 27.71 % |
| Petrol-Trade H.m.b.H. | 0 | 0.00 % |
| Petrol Group | 1,428.00 | 24.03 % |
No significant methodological assumptions or estimates were used in the data disclosures and calculations, and the data has not been validated by an external body.
There are no employees outside the European Economic Area (EEA) who are covered by company-level collective agreements or social dialogue arrangements. In the reporting that follows (in tables), only the proportion of employees covered by corporate-level collective agreements is included. No significant methodological assumptions or estimates were used, and the data has not been validated by an external body.
| Country | % of employees with a company collective agreement |
|---|---|
| SLO | 97 |
| CRO | 97 |
In Petrol d.d., Ljubljana, Geoplin d.o.o, Petrol d.o.o. (Zagreb), and Zagorski Metalac d.o.o., workers’ representatives are in place to represent employees in these companies. Together, these companies account for 86% of all employees within the Petrol Group. No agreement has been concluded with employees regarding representation in the European Works Council (EWC), a works council of the Societas Europaea (SE) or a works council of the Societas Cooperativa Europaea (SCE).
| Country | % of employees with workers’ representatives |
|---|---|
| SLO | 97 |
| CRO | 98 |
In the Petrol Group, all employees receive appropriate and adequate pay, in compliance with the legislation of their country of employment. Adequate wages are never below the minimum wage set by law in each respective country or through collective bargaining. The metrics have not been validated by an external body.
The occupational health and safety management system in the Petrol Group is based on legal requirements and applies to all employees in the Group. Due to the diversity of the portfolio, supplier and partner structure, and varying levels of operational control in individual Group companies, a unified system for monitoring and reporting safety indicators for our own employees and external workers at all locations is currently not in place. Data at this stage cover larger companies and managed points of sale, while for other entities, monitoring and centralised reporting are either not yet fully implemented or still under development.
(the rate is expressed as the number of cases per 1,000,000 working hours)
| Group company | Number of recorded workplace accidents | Number of accidents on the way to/from work | Recorded workplace accident rate (per 1,000,000 working hours) |
|---|---|---|---|
| Petrol d.d., Ljubljana, and managed points of sale | 34 | / | 6.3 |
| Petrol d.o.o. (Zagreb) | 33 | 6 | 10.7 (including accidents on the way to/from work) 8.7 (excluding accidents on the way to/from work) |
| E 3, d.o.o. | 0 | / | 0 |
| Geoplin d.o.o., Ljubljana | 0 | / | 0 |
| Total | 67 | 6 | 8.5 (including accidents on the way to/from work) 7.5 (excluding accidents on the way to/from work) |
The data is based on centralised occupational health and safety reports maintained by individual companies, in accordance with internal safety policies and national regulations. The rate of recorded workplace accidents is calculated following the ESRS methodology, whereby the number of reported work-related accidents is divided by the total number of hours worked and multiplied by a factor of 1,000,000. This ensures comparability across the industry, regardless of company size.
The data includes officially recorded workplace accidents for key entities of the Petrol Group, namely Petrol d.d., Ljubljana, and its managed service stations, Petrol d.o.o. (Zagreb), E 3, d.o.o. and Geoplin d.o.o., Ljubljana. The metrics have not been verified by an external body.
The calculation for Petrol d.o.o. (Zagreb), takes into account two separate indicators:
In the key companies of the Petrol Group, 67 workplace accidents involving own employees were recorded during the reporting period, 6 of which were related to commuting. No fatalities occurred as a result of workplace accidents or work-related illnesses — either among Petrol’s own employees, external contractors, or other workers present at Petrol locations.
The Petrol Group is committed to further harmonising its occupational health and safety reporting systems, including:
These efforts will support a deeper understanding of risks and enable targeted improvements in working conditions across the Petrol Group.
The gender pay gap, defined as the difference in average pay levels between women and men, expressed as a percentage of the average pay level of men, amounted to 21.6% for the Petrol Group in 2024, based on the basic gross salaries of full-time employees. The calculation includes all employees, regardless of country of employment, job complexity, industry characteristics, or other factors that directly affect gross salary.
The gender pay gap in the Petrol Group is influenced by several factors:
| Country | Gender pay gap (%) |
|---|---|
| Croatia | 13 |
| Slovenia | 19 |
| Total in all markets | 22 |
Activities carried out by the company: Certain activities typically involve a higher proportion of either men or women in specific roles — for example, technical and maintenance roles — which influences the pay gap. The Petrol Group operates across several different business areas, meaning that the wage gap is also affected by the nature of activities performed by various companies and employees.
Job complexity: An analysis of the pay gap that considers job complexity, expressed in terms of pay grade, shows that the gender pay gap increases with job complexity. In the highest pay grade — where the gap is widest — the proportion of women in specific professional or managerial roles has a significant impact.
| Salary bracket | Gender pay gap (%) | Share of employees in the sample considered (%) |
|---|---|---|
| II | 13 | 1 |
| III | -1 | 1 |
| IV | 0 | 45 |
| V | 4 | 18 |
| VI | 0 | 8 |
| VII |
For the purposes of this data point, the Petrol Group includes the following companies: those under limited consolidation – Petrol d.d., Ljubljana, E 3, d.o.o., Geoplin d.o.o., Ljubljana, and Petrol Geo d.o.o. – and, additionally, Petrol Pay d.o.o. and Petrol d.o.o., Zagreb.
The median annual total remuneration of employees in the Petrol Group represents 10% of the annual total remuneration of the highest-paid individual in the company. In calculating annual remuneration, gross salaries, severance pay, jubilee payments, compensation, reimbursements, annual bonuses, business performance bonuses, and net reimbursements for meals, transportation, mandatory health contributions, and benefits are included. The metrics have not been verified by an external body.
In the Petrol Group, the affected communities include the surrounding residents or users of the facilities, located in the impact area of higher and lower risk establishments (SEVESO facilities) owned and/or managed by the Petrol Group. Higher and lower risk establishments include petroleum product storage facilities (PDSF) and liquefied petroleum gas storage facilities (LPGSF).
In Slovenia, the risk establishments include the PDSF Terminal Instalacija Sermin in the Municipality of Koper, PDSF Zalog in the Municipality of Ljubljana, PDSF Celje in the Municipality of Celje, PDSF Rače in the Municipality of Rače-Fram, PDSF Lendava in the Municipality of Lendava, LPGSF Sežana in the Municipality of Sežana and LPGSF Štore in the Municipality of Celje and the Municipality of Štore. In Croatia, these are the LPGSF: Sv. Križ-Začretje, Divoš, Unešić, Kukuljanovo and Banići, and in Serbia the LPGSF Smederevo.
A material interest of the affected communities is to reside in an environment safe from the consequences of major accidents in high-risk establishments.
Activities within our own oil and petroleum products value chain, and the related impacts on affected communities, are key to our strategy and business model. Potential impacts on affected communities relate to safety risks arising from potential major accidents at high-risk establishments. High-risk establishments and affected communities exposed to potential impacts are disclosed in ESRS 2 SBM-2 – Interests and views of stakeholders.
As part of our own operations, affected communities and facilities are located within the impact zones of potential major accidents that could occur at the high-risk establishments. The extent of these zones depends on the location of the accident, the configuration of the surrounding terrain, and the proximity of nearby buildings. All potential major accidents at high-risk establishments are related to petroleum products and liquefied petroleum gas (LPG). The Petrol Group is a distributor of petroleum and related products as finished products in the wholesale sector (B2B, B2G) in the SEE and other European markets, and in the retail sector (B2C) in Slovenia, Croatia, Bosnia and Herzegovina, Montenegro, and Serbia.
We are also aware of the environmental impacts of upstream and midstream activities in the oil and petroleum products value chain, which we have no direct influence over. The other main value chains in the Petrol Group do not pose risks related to the possibility of major accidents for surrounding residents.
new storage facilities. Therefore, potential additional impacts on affected communities have not been assessed.
Based on the legislation (Regulation on Criteria for Determining the Minimum Distance Between an Establishment and Areas Where a Large Number of People Are Present, and Infrastructure), certain facilities or affected communities are classified as more vulnerable in terms of exposure to the risk of damage. Among the most vulnerable are facilities such as schools, kindergartens, healthcare, and sports facilities, while industrial facilities, pipelines, and communication networks are considered less vulnerable. Based on the vulnerability classes of the facilities, we have also defined our impact areas for potential major accidents.
We collaborate with local communities (municipalities) and other spatial planners to ensure the appropriate use of land around our existing storage facilities, especially within the impact zones of potential major accidents at our sites.
In 2024, no major accidents occurred at SEVESO establishments owned or managed by the Petrol Group. No positive impacts and opportunities in this area have been recognised.
In 2024, no major accidents occurred at SEVESO establishments owned or managed by the Petrol Group.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report
Policies related to affected communities are set out in Petrol's safety guideline (Major Accident Prevention Plan) and in the Rules on Action, Handling and Conduct at Warehouses and Terminals (RAHC). They apply to all SEVESO establishments. Petrol's safety guidelines are presented in more detail in section E2-1 – Policies related to pollution.
Respect for the human rights of affected communities
Petrol d.d., Ljubljana is firmly committed to respecting the human rights of affected communities, including ensuring special attention to the needs and rights of indigenous peoples when they are included in the Company's scope of impact. This is reflected in our policies, internal regulations, cooperation with affected communities, and mechanisms used to eliminate potential negative impacts. In doing so, we adhere to high standards of corporate integrity and respect international guidelines, such as the UN Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises, to the greatest extent possible.
We engage in dialogue with affected communities to better understand their needs and expectations and to respond with responsible practices. We pay particular attention to projects that incorporate environmental and social aspects, thereby reducing potential negative impacts on affected communities. We cooperate with affected communities through numerous initiatives in the field of sport, culture, humanitarian efforts, and environmental activities. Mechanisms are in place to address potential negative impacts on human rights. As part of our sustainability management system, we monitor the effects of our operations on society and the environment and implement measures to mitigate potential risks.
Although we operate in regions where indigenous people are not directly involved in our impact area, we nevertheless implement preventive measures that include an analysis and assessment of impacts on potentially vulnerable groups. More information about cooperation with communities is disclosed in section S3-2 – Processes for engaging with affected communities about impacts. More information about the provision and/or facilitation of a remedial action for impacts on the human rights of affected communities is disclosed in section S3-3 – Processes to remediate negative impacts and channels for affected communities to raise concerns.
We engage in dialogue with affected communities to better understand their needs and expectations and to respond with responsible practices.
The spatial planning around SEVESO establishments is aligned with the guidelines of the SEVESO Directives to ensure an acceptable level of risk to affected communities located in the vicinity of the establishments. Within our own activities, whether upstream or downstream of the Petrol Group's value chain, no cases of non-compliance with the United Nations Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, or the OECD Guidelines for Multinational Enterprises involving affected communities have been identified.
Based on the views of affected communities (the interested public), Petrol d.d., Ljubljana, makes decisions or carries out activities to manage actual and potential impacts only in cases where public hearings are required for changes to an individual location owned or managed by the Company, in accordance with the requirements of the current Environmental Protection Act or related legislation. In such cases, consultations are held with affected communities or the interested public. No public hearing was held in 2024.
Cooperation with affected communities in the event of a major change to a SEVESO establishment, within the framework of public proceedings, is led by the Ministry of the Environment, Climate and Energy (MOPE). Persons permitted by law to participate in public proceedings may include residents of endangered areas (areas covered by major accident scenarios at the establishment) and NGOs with an appropriate status.
The cooperation takes place in the period between the submission of a complete application for an amendment to the environmental permit for the establishment, which is carried out by Petrol d.d., Ljubljana, and the issuance of the amendment to the environmental permit, which is issued by the Ministry of the Environment, Climate and Energy (MOPE). During this time, a period of public consultation is also foreseen, as further defined in the applicable Environmental Protection Act.
The Management Board of the Company is responsible for implementing cooperation at the highest level, ensuring that the Company's approach is shaped based on results and that operations are conducted in compliance with the law. According to the authorisation system, the Management Board delegates the responsibility for the implementation of individual activities to the directors of the relevant organisational units.
Managed by Petrol d.d., Ljubljana, was still an independent company, Instalacija d.o.o.
The Management Board of the Company is responsible for implementing cooperation at the highest level.
If a major accident occurs, the Protection and Rescue Plan is used as the first response. Remediation of potential consequences (remediation of environmental damage) is carried out in accordance with the requirements of the competent ministry.
Various channels are available for affected communities to directly communicate their concerns or needs, such as Petrol's external, independent whistleblower line, Speak Up (Spregovori), the [email protected] email address, which is managed by an independent external consultant and allows for complete anonymity of the whistleblower. The hotline and designated telephone number are also available to all representative offices in the Petrol Group.
Affected communities can also write to the following e-mail addresses:
[email protected],
[email protected],
[email protected],
[email protected]
or in writing to the following address: Petrol d.d., Dunajska cesta 50, 1000 Ljubljana with the note “To be handed to the trustee”.
More information on the availability of the “Speak Up” channel is disclosed in standard S1-3, in the section Processes to remediate negative impacts and channels for own workforce to raise concerns.
The “Speak Up” reporting channels are publicly available to affected communities in the footers of the landing pages of Petrol's web pages in Slovenia, Croatia, Bosnia and Herzegovina, Serbia, and Montenegro. The availability and accessibility of other reporting channels for affected communities is ensured by Petrol employees working in the IT department. Although the familiarity of affected communities with structures and procedures is not separately assessed, all channels are publicly accessible on the Group's websites, and partial insight can be obtained through the analysis of website traffic.
Within the framework of the Rules on the Protection of Whistleblowers in the Petrol Group, a system has been established for the Slovenian company – Petrol d.d., Ljubljana – to protect individuals from retaliatory measures when using the aforementioned channels. In other countries, the Rules are in process of being adopted.
As part of the action plan aimed at managing material impacts and risks, all investments in SEVESO establishments are managed in a way that increases operational safety. All maintenance work is intended to ensure the proper functioning of technological equipment, especially containment systems (tanks, pipelines, catchment basins, etc.). All statutory requirements are met, technical standards are followed, and the best available technologies introduced. The main resources for ensuring the action plan are, in addition to financial resources used for investments and maintenance, trained employees who ensure the safe implementation of processes within the establishment.
Each high-risk establishment has a so-called Blue Book drafted for the purpose of carrying out maintenance work, which specifies the frequency and scope of preventive inspections and maintenance (e.g. weekly visual inspections of key technological equipment, annual inspections of containment systems). These inspections are carried out by the warehouse maintenance department. Security services and fire-fighters conduct warehouse rounds several times a day to visually inspect the equipment and check for possible leaks.
Professional fire brigades responsible for specific areas, as well as local volunteer fire departments, are also invited to regular annual protection and rescue exercises in high-risk establishments. These units occasionally take part in the exercises.
For each SEVESO establishment, a Safety Report (for major risk sources) or an Environmental Risk Reduction Plan (for minor risk sources) has been developed, outlining major accident scenarios and the measures for their prevention. A protection and rescue plan has also been developed for each SEVESO establishment, which clearly defines actions to be taken in the event of a major accident. Spatial planning in the vicinity of SEVESO establishments ensures that there are no vulnerable facilities (kindergartens, hospitals, residential buildings, etc.) within the direct impact area of major accident scenarios. As a result, direct impacts of major accidents on affected communities are not possible.
Actions that are necessary and appropriate in response to individual actual or potential negative impacts on affected communities are planned as part of the major disaster risk assessment process, dividing them into major accident prevention actions and actions to reduce their impacts. All major accident prevention actions are planned based on anticipated failures that could occur in the establishment and are implemented on an ongoing basis. Actions to reduce the impacts of major accidents (which would be implemented in the event of an accident) are planned based on the consequences of anticipated accidents.
Hazards that may cause major accidents during operation, maintenance, major changes to the establishment, possible construction within the establishment area, or during its potential decommissioning are systematically identified. A qualitative risk assessment is performed for major accidents involving hazardous substances for all identified hazards.
A dialogue with affected communities has been established, social impact assessments are implemented, and reporting channels for perceived violations or any issues by affected communities are provided for. More information about this is provided in S3-3, in the section on processes to remediate negative impacts and channels for affected communities to raise concerns. No serious human rights issues or incidents related to affected communities within the Petrol Group have been recorded.
for investments and maintenance of SEVESO establishments. The adequacy of containment systems was ensured, fuel transfer technologies were updated, and active fire protection systems were overhauled.
No opportunities related to the affected communities in the vicinity of the high-risk establishments were identified.
Our main objective is to operate SEVESO establishments accident-free. Affected communities have not participated in setting this objective of the Petrol Group so far, as accident-free operation forms part of the Group's strategy and interest, and therefore no coordination of this objective was required.
To achieve this objective, various actions are implemented for each SEVESO establishment. These are presented to the affected public in public information published on the Petrol Group's website. This document serves as a key communication tool with potentially affected communities. Where necessary, the affected public is also informed of any changes through local community representatives or public consultations. More information about the investments and investment maintenance of SEVESO establishments are included in the financial statements under investments in fixed assets.
Public engagement of affected communities is disclosed in section S3-2 – Processes for engaging with affected communities about impacts.
The strategic management of relationships with consumers and end-users is presented in ESRS 2 SMB-2. We strive to ensure that, by appropriately addressing the interests and views of consumers and end-users across all markets where we operate, we provide them with tailored, reliable services and affordable products in our activities.
In the oil and petroleum products supply market, the interests of all consumer groups and end-users across all markets focus on a reliable and uninterrupted supply at acceptable prices. The Petrol Group ensures that supply is available in strategic locations, enabling broad accessibility for various user groups. Customers are provided with accurate and timely information about our products and services through multiple communication channels, including points of sale, advertising, Petrol Group websites, email, the contact centre, and social media.
For environmentally conscious consumers seeking sustainable solutions, we have developed fuels with added bio-components, such as Q Max HVO (hydrotreated vegetable oil-based diesel fuel), which reduce emissions and contribute to sustainability objectives. Electric vehicle users have similar expectations to users of vehicles with internal combustion engines – they expect reliable charging infrastructure installed in strategic locations, which we provide through continuous upgrades to charging station network.
In the field of natural gas, where we are a distributor in Slovenia and Croatia, the key interest of consumers and end-users is an uninterrupted and secure supply. To support this, we are introducing technologies that increase efficiency and a lower carbon footprint, aligning also with the interests of environmentally conscious consumers.
In all markets where we operate, customers are offered a wide range of products and services, accessible through a network of physical points of sale and service stations, strategically located to ensure maximum accessibility. In Slovenia, an online store is also available, enabling customers to purchase products easily from the comfort of their homes. By optimising the opening hours of retail stores, we improve the accessibility of products and services and respond to the needs and expectations of consumers. In addition, we continuously enhance services such as contactless payments, digitalised experiences, and personalised shopping processes to provide users with the best possible user experience.
Consumers and end-users, whom the Petrol Group can materially impact, are diverse across all markets in which the Group operates, due to the wide range of its activities. These include natural persons who are household customers or consumers, companies or business users, public institutions and local communities. Each of these groups has distinct interests, which we assess and meaningfully take into account in our strategy and development of our business model.
Freedom of expression, access to (quality) information, health and safety, personal security, access to products and services, and responsible market practices have been identified as material impacts on consumers and end-users as part of the double materiality assessment. These areas are recognized as positive impacts, and no material risks or opportunities were identified.
Impacts (negative and positive) and opportunities for consumers and end-users are also present in other areas such as climate change mitigation, energy, water pollution, substances of concern, water consumption and resource flows, including resource use and waste. These impacts are addressed within the framework of environmental standards (E1, E2, E3 and E5).
One of the Petrol Group's key priorities across all markets is ensuring the health of our customers and other users of our facilities, goods and services. We actively seek and introduce solutions that enhance consumer and end-user safety, including with regard to personal data protection, which is one of our top priorities. We are increasing the accessibility of our services and products and ensure that important information is communicated regularly. This information is always available to consumers and end-users via our websites and the Group's mobile applications in Slovenia and Croatia, as well as by email and regular post. By providing multiple communication channels, we enable them to freely express their questions, concerns, or suggestions.
Legal guidelines and sustainability standards are followed in all markets where we operate, and consumers and end-users are provided with all necessary and relevant information regarding products and services to avoid potential harmful use.
At the Petrol Group, a wide range of products and services in an extensive retail network in the region ensures accessibility of products and services to all consumers and end-users. Accessibility is also facilitated for vulnerable groups, such as persons with disabilities, through adjustments (e.g., adjusted width of entrances to service stations and wheelchair accessible restrooms). Accessibility is also expanded with online applications and a "call me" function, which enables support for elderly people to be assisted with fuelling and other services.
A comprehensive, integrated and diversified communication system that includes all relevant stakeholders enables access to all aspects of information for empowered decision-making by consumers and end-users.
We are members of the Slovenian Advertising Chamber and follow the responsible marketing practices guidelines and sustainable advertising standards in our operations, having joined as signatories of a pledge to their implementation.
Consumers and end-users across all markets are informed about all sustainable solutions and initiatives available in the Petrol Group through various marketing activities - including articles in major media, social media, content on the Petrol Group's websites, email, and mobile applications. In this way, we actively engage them in our activities and enable them to freely express their opinions, ideas and questions through various channels (e.g. contact centre, points of sale, social networks, email, etc.).
An integrated system to ensure customer health and safety has been established in all markets, under which product compliance with legislation and other standards is ensured. Preventive maintenance programmes are carried out for our service equipment to ensure safe use for our customers. Protocolised sales processes with all the necessary equipment have also been established to provide the best possible user experience and traceability of sales processes.
In all markets, we strive—through various analyses, stakeholder engagement, and adaptation of our practices—to understand and reduce the risk of harm to consumers and end-users with specific characteristics, such as persons with disabilities and people with medical contraindications to certain types of food. Our understanding of these groups and their needs is based on the identification, analysis and management of these risks using structured methodologies, analyses, stakeholder engagement, and the implementation of safeguards. No material risks and opportunities associated with this group have been identified.
In accordance with the Code of Conduct of the Petrol Group, we are committed to maintaining an ethical relationship with all business partners, consumers, and end-users. The internal Code of Conduct defines the fundamental principles of business conduct, including the respect for human rights, ethical behaviour, and environmental responsibility. It serves as the foundation for our interactions with all stakeholders and throughout the entire value chain, including our approach to consumers and end-users. This includes safeguarding freedom of expression, ensuring access to quality information, and making sure our products and services comply with legislation and are safe for the health of our consumers and end-users. The Code also binds us to act responsibly in our marketing practices. It applies to all companies within the Petrol Group and across all markets in which we operate, serving as a framework for setting and strengthening business standards across the Group and in cooperation with business partners throughout Petrol’s value chains.
In accordance with our Privacy Policy, we have established a comprehensive system for the protection of consumer and end-user privacy across all value chains in which we operate and, in all markets, where we are present. We handle our customers’ personal data responsibly and carefully, in compliance with applicable legislation, human rights standards, and the internal regulations of the Company. In line with our publicly available Privacy Policy, which is accessible on the Petrol website, we inform consumers and end-users about their rights and how they can exercise them, as well as about the purposes for which we process the personal data they provide and to which they have consented.
Petrol Group's strategy and related to consumers and end-users are defined in the internal regulation on Managing Marketing Processes. We are also signatories to the pledge to implement sustainable advertising standards adopted by the Slovenian Advertising Chamber. The competent executive function pertaining to marketing and digital sales, retail and wholesale, customer support and corporate communications is responsible for ensuring the implementation of policies, as authorised by the management of the company.
All rights guaranteed by the constitution and laws, as well as all international human rights documents are respected, and we act in compliance with the UN Guiding Principles on Business and Human Rights, The ILO176 Declaration on Fundamental Principles and Rights at Work, and The OECD177 Guidelines for Multinational Enterprises. No cases of non-compliance with these principles have been identified in the Petrol Group.
Accordingly, there are several internal regulations in place that define the rights and responsibilities of employees also in relation to consumers and end-users, including personal data protection. Personal data is handled responsibly, carefully and in accordance with applicable legislation and the Company's internal regulations. In addition to the personal data processed pursuant to the law, only personal data truly needed to provide quality products and services to consumers or end-users are processed. When providing data, an individual who gives consent to the processing of personal data for the purposes of direct marketing, compilation of customised offers or invitations to market research is informed about the specific purpose of their use and all rights they have in compliance with applicable law.
Legal obligations regarding the accessibility of products and services for persons with disabilities are also fulfilled, with digital channels and the built environment adapted to their needs.
We engage with consumers and end-users through various communication channels and platforms, available to them every day of the year. The Customer Support and Sales Contact Centre organisational unit serves both private and corporate customers, by providing a wide variety of information about Petrol's offerings. It also handles contractual relationships, prepares offers, receives orders, provides technical support, and resolves complaints. The main contact centre, located in Slovenia, also manages support for Croatia, while other companies within the Petrol Group operate their own local contact centres. The most popular communication channels remain telephone and email, while customers are increasingly contacting us via online chat, chatbot, mobile applications and video calls.
A unified reporting system has been established for suspected serious violations, which anyone can report if they believe their rights have been violated or if they notice any other irregularities. There are designated reporting channels for consumers and end-users, which are also accessible to employees and affected communities. More information about this is...
176 ILO – International Labour Organization
177 OECD - The Organisation for Economic Co-operation and Development
provided in S1-3 and S3-3, in the section on processes to remediate negative impacts and channels for individual stakeholders to raise concerns. Any complaints received are analysed and identified deficiencies are addressed promptly.
A unified complaint capturing and management has been established, which includes all communication platforms. This ensures efficient and consumer- and end-user-friendly handling of various complaints. This allows us to provide them with a comprehensive service pertaining to enforcing legal remedies and rights that concern them.
Consumer feedback and views provide us with valuable insights into how to manage our actual or potential impacts on them. Feedback is obtained both directly from consumers and end users, as well as through representatives of consumer organisations, local communities, and other organisations that represent their interests and communicate their insights and needs.
Direct input is obtained through market research, our own research (pNPS, tNPS, Petrol online panel), within the contact centre, through digital channels, and via feedback from sales staff at service stations.
Information is monitored at all points of contact and in all interaction phases, with all types of consumers and end-users (including vulnerable groups), and in all areas of our operations. In this way, customer needs and expectations are identified and responded to and are taken into account when developing business decisions and sustainability initiatives. Feedback is also sought at all stages of our product development, from design to customisation and upgrades.
Both during the development phase and after the launch of products, services, and digital solutions, user testing is conducted to obtain feedback and guidelines for adjustments and upgrades. Advertising materials are also tested with the aim of optimising creative solutions and messages, all with the aim of increasing efficiency and adapting to the appropriate target groups of consumers and end-users.
The competent executive function pertaining to marketing and digital sales, retail and wholesale, customer support and corporate communications is responsible for ensuring cooperation, as authorised by the management of the company.
Effectiveness of engagement with consumers and end-users is systematically and continuously monitored through surveys, research, and data analysis. Annual customer satisfaction surveys are conducted, and systematic feedback analysis is used to identify areas for improvement. The use of our digital solutions — such as the website and mobile applications (e.g. Petrol GO) — is analysed, and key performance indicators are tracked (e.g. number of users, frequency of use, and the most frequently used functionalities).
We continuously build customer trust through comprehensive procedures and communication channels that enable them to directly express their (dis)satisfaction, while also ensuring high-quality feedback — especially when it includes suggestions for potential remedial actions.
in real time about the handling progress of their respective claim or complaint.
Great emphasis is placed on continuously improving the user experience, which is centred around the customer and end-user, with a focus on understanding their needs, expectations, desires, motivators, and behaviours. The user experience is monitored using NPS indicators at various points of contact (service stations, online store, contact centre, mobile application) and in various products (electricity, energy solutions, e-mobility, KOEL). These indicators help us detect negative market reactions and take action accordingly, if necessary.
The identification of significant negative impacts includes areas such as safety, accessibility of products and services, product quality, and environmental and health impacts. Affected stakeholders can report issues through digital channels, the call centre, or directly at the points of sale. Once a negative impact is identified, clear and timely communication is established with affected stakeholders. This allows customers to understand the actions taken to eliminate it and provides them with the necessary support in solving the issue at hand. The established channels ensure transparency, responsiveness, and allow users to contribute to improving our services.
Users can express their opinion via social networks, the Contact Centre, online forms (Your suggestions | Petrol and Tell Petrol | Petrol) and as part of the Petrol research panel. Messages via e-mail are forwarded to the appropriate departments within Petrol, which respond accordingly. The Contact Centre records customer interests through analytics and systems. Periodic assessments of communication channels are conducted, including measuring response times, analysing user satisfaction, and identification of potential gaps.
To monitor and control the issues addressed and ensure the effectiveness of the channels, a structured and transparent system that allows for the monitoring, control and evaluation of issues, needs and complaints expressed through various communication channels, is used.
NPS – Net Promoter Score
Great emphasis is placed on continuously improving the user experience.
Consumer and end-user awareness of these structures is monitored through email analytics (share of recipients who opened the e-mail), social media (number of views), and website metrics (reach, retention time). More information about concern-raising channels is disclosed in section S4-2 – Processes for engaging with consumers and end-users about impacts.
To ensure the full protection of individuals using our communication channels, clear rules and procedures that prevent any retaliation and encourage responsible and open communication have been established. A whistleblower protection policy has been adopted, and the Company also has a whistleblower protection officer. All concern-raising channels are designed to ensure the confidentiality of user data. Reports and feedback are handled discreetly, and only authorised persons have access thereto.
Actions are taken following an approach of preventive action, systematic management of potential risks, and implementation of actions that improve the quality of services, safety, and sustainability of our solutions. Through sustainability-oriented actions, infrastructure improvements, digitalisation, and support for vulnerable groups, we strive for long-term user satisfaction and strengthening trust in our services and solutions across all markets in which we operate.
The onset of negative impacts is monitored, and appropriate remedial actions are provided for when they occur. The approach to preventing, mitigating or eliminating negative impacts includes their identification and handling procedures — such as an issue reporting system — and ensuring that all remedial actions are carried out promptly, fairly and in accordance with best practices. More information about the provision and facilitation of remedies is disclosed in section S4-3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns.
We use mechanisms that support the launch of products and services tailored to the needs and expectations of consumers and end-users. Various product and service-related studies are conducted to gather feedback on appeal, suitability, usability, and other characteristics. In 2024, we introduced testing and optimisation of communication materials (advertisements, posters, brochures, etc.) using an AI-based platform. A/B testing is used to compare different versions of ads that vary in text, visuals, or target audience. Based on the results, ads that are more relevant to users and enhance campaign effectiveness are used in subsequent campaign phases. A/B testing results contribute to advertising optimisation by enabling the delivery of content tailored to user needs and interests. We also carry out various market research activities to gain insight into customer opinions and attitudes.
Modern technological solutions, such as the Petrol GO mobile application, enable contactless payment at points of sale, contributing to greater accessibility of petroleum products and improved user convenience. The supply is available to customers 24 hours a day, every day of the year.
New digital channels, an expanded range of energy commodities, and a personalised offering help us respond to customer preferences and market trends. The development of digital tools and platforms (e.g. the Moj Petrol application) provides consumers with a better overview of energy consumption, tailored advice for efficient energy use, and easy service management.
Our electricity customers are informed about the composition of primary electricity generation in our electricity offering via their electricity bills and the website, increasing transparency and user awareness.
Customers are offered goods and services that meet the requirements of sustainable business. With advanced biofuels as an alternative to fossil fuels in transport, by promoting e-mobility, and by investing in sustainable sources of electricity (such as wind power plants) — which simultaneously increase the share of renewable sources of electricity in customer consumption — we help reduce emissions and increase energy security. By responsibly selecting packaging for our products (using cardboard and PET packaging), we also reduce our environmental impact in the retail segment of our operations. A more detailed description of the impacts of climate change on consumers and end-users is provided in section E1.
How the efficiency of actions and initiatives is monitored and assessed is disclosed in section S4-3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns.
If a potential negative impact is identified, it is analysed in terms of severity (how many users are affected and how important the impact is to their needs), duration (whether the impact is short-term or long-term), and remediation options (how quickly and effectively the issue can be resolved). Based on the analysis, tailored actions are developed. These may include technical improvements (e.g. expanding access to e-charging stations), the introduction of discounts on certain products or services, or additional user education on the safe and efficient use of energy commodities, etc.
New digital channels, an expanded range of energy commodities, and a personalised offering help us respond to customer preferences and market trends.
All general terms and conditions of various activities (e.g. collecting cents for young sports prodigies) intended for consumers and end-users are subject to review and approval by the Sustainable Development, Quality and Safety sector and the Legal Affairs sector, each of which, in their own field of expertise, ensures compliance of activities with applicable legislation and sustainable operating guidelines.
No significant negative impacts on consumers and end-users have been identified. Also, no serious human rights incidents related to consumers and end-users have been recorded. Consumers and end-users can report actual or potential negative impacts through various channels, which are presented in section S4-3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns. This chapter also lists the procedures used to prevent the occurrence of material negative impacts.
Key measures to address negative impacts will be defined following the adoption of the new business strategy for the 2026–2030 period and will include concrete activities aimed at achieving the strategic objectives.
Resources include both financial and human capital and arise from operations and interactions with consumers and end-users. These resources are intended for the development and implementation of sustainable solutions. Our approach is based on structured planning, which includes identifying key impact areas, directing resources to projects with the greatest potential impact, and continuously monitoring and evaluating the effectiveness of resource use.
The targets related to consumers and end-users refer to indicators of the strength of the Petrol brand (brand power, preference of service stations), customer satisfaction, social media indicators (growth in the number of followers on Facebook and Instagram, growth in organic reach per post, growth in engagement and growth in responses to direct messages on Facebook), the number of members of the Petrol Club loyalty programme, use of the Petrol GO mobile application (number of users in Slovenia and Croatia), use of the Petrol Group websites (time spent on the website, number of pages read, etc.), the Contact Centre, and indicators of interaction with our email communications, among others.
No significant negative impacts on consumers and end-users have been identified.
The operations and governance of the Petrol Group are based on a two-tier corporate governance system, which establishes a clear distinction of responsibilities between the Management Board (management body) and Supervisory Board (supervisory body). This structure ensures a transparent allocation of responsibilities and tasks across management and supervisory bodies, forming a solid foundation for responsible, sustainable and compliant operations.
The Management Board is responsible for decision-making, supported by the expertise and opinions of professional departments. It provides guidance and requirements for strategy development aimed at creating shareholder value, while also considering the interests of a broader range of relevant stakeholders — including environmental, social and governance (ESG) aspects. The Management Board works closely with senior managers in preparing strategic documents, guided by long-term objectives, key business challenges and emerging opportunities. Its tasks include setting frameworks and targets aligned with the Company's business ambitions and overseeing the implementation of strategies and operational activities. In doing so, the Management Board connects the company's vision with executive functions.
The Supervisory Board, as a non-executive body, monitors and oversees the work of the Management Board and ensures that business decisions are consistent with the approved strategy and legislation. Its responsibilities include reviewing and approving business plans, interim reports and strategic documents — including the sustainable development strategy — as well as approving major business projects and investments. As part of its role, the Supervisory Board also appoints special committees that, among other matters, examine sustainability issues in greater depth and provide expert support and recommendations to the Supervisory Board.
At the Shareholders' General Meeting, key strategic decisions are made — including the approval of annual reports, the appointment of the Supervisory Board and the resolution of other important issues — ensuring transparent governance of the company.
Sustainability aspects are increasingly embedded in the company’s business strategy and objectives. Through coordinated approaches, the management and supervisory bodies ensure that the Petrol Group effectively manages material impacts, risks, and opportunities.
To ensure effective business management and compliance with relevant standards and legislation, the General Meeting, management, and supervisory bodies consistently uphold a high level of professional expertise. These bodies include experts with backgrounds in the financial sector, energy, law, logistics, and management, enabling the Petrol Group to benefit from professional complementarity and remain agile in responding to market trends and changes in the business environment. This interdisciplinary expertise supports not only regulatory and market compliance, but also the ability to seize opportunities arising from the sustainable transition.
developments. In the coming period, particular emphasis will be placed on building expertise in sustainability and ESG governance, which members consider in the context of the company’s strategic direction.
Members of the Supervisory Board and other governance bodies actively participate in training programmes and workshops on corporate governance, sustainable development and relevant regulatory changes — ensuring continuous professional development. Their skills and expertise are demonstrated through participation in conferences and panel discussions, where they contribute as experts on key governance challenges in the energy sector and the broader economy.
Processes for identifying and assessing material impacts, risks and opportunities related to business conduct are disclosed under the general disclosures in ESRS 2 IRO 1.
The Petrol Group operates in accordance with internal regulations that govern key aspects of business conduct and corporate culture, ensuring responsible and ethical operations across all levels of the organisation. The Management Board and executives at the B-1 level are responsible for implementing the policies, monitoring their application, and ensuring compliance with regulatory requirements. All employees are responsible for their consistent application.
The internal rules on the prevention and mitigation of mobbing allow employees to report suspected mobbing or other violations of their workplace rights in a safe and confidential manner and set out appropriate procedures for handling such cases. The Petrol Group also follows internal rules on whistleblower protection, enabling employees to report breaches of regulations encountered in the work environment and ensuring proper handling of such reports. These rules also safeguard whistleblowers, including individuals who disclose violations either internally or publicly.
In addition, the Petrol Group has adopted Anti-Corruption Rules, which define measures and methods to prevent corruption and introduce business practices that minimise the risk of decision-making powers being exercised in violation of external or internal regulations and ethical standards.
Corporate values serve as the foundation for building the corporate culture and long-term business strategy. Sustainability values — including emission reduction targets, the transition to renewable energy sources, and the development of innovative sustainable solutions — form part of Petrol’s strategic focus. Pursuing these priorities enables us not only to meet stakeholder expectations, but also to make a meaningful contribution to the sustainable development and long-term resilience of the Petrol Group.
The Energy of Our Conduct, clearly defines the core values, which are embedded in our daily processes and decisions. It places particular emphasis on encouraging responsible behaviour among employees and fostering a work environment grounded in respect and ethics.
The Petrol Code is a set of rules, standards of conduct and expected behaviours. It serves as a practical tool for day-to-day decision-making and helps employees avoid situations that could lead to legal violations, cause damage, or otherwise negatively affect the reputation of the Petrol Group. The Code is adapted to the realities of the time we live in — its purpose is not to prohibit and sanction, but to suggest and advise. It has also been endorsed by the Petrol Group Workers' Trade Union and the Workers’ Council, adding further weight and significance. The standards set out in the Code are already in force across the Petrol Group and are applied consistently.
Employees are encouraged to act in line with our values through a range of initiatives. At least once a year, various programmes are organised to involve employees in initiatives that positively impact the broader society. These include corporate volunteering opportunities, enabling employees to contribute to socially responsible projects and humanitarian campaigns — such as fundraising for the socially disadvantaged, supporting local communities, and participating in initiatives to preserve natural resources. We also promote employee education and awareness on sustainable development, strengthening their understanding of and commitment to Petrol’s values and objectives.
Corporate culture is regularly monitored and evaluated through annual surveys of organisational climate, employee satisfaction, and engagement. These surveys provide insight into employees’ perceptions of the work environment, communication practices, interpersonal relationships, and factors that influence engagement.
In addition to general organisational climate surveys, we also conduct targeted surveys — such as the “Satisfaction with Internal Cooperation” survey — aimed at improving the efficiency and quality of collaboration within the company. Employees can anonymously share their views on key challenges and strengths of the work environment, which serve as the basis for developing action plans. These measures are monitored and adapted to the current needs of employees and the strategic directions of the Group.
We also promote active employee involvement in socially responsible initiatives, such as corporate volunteering programmes and initiatives focused on environmental protection and support for local communities. This way, an organisational culture based on sustainable principles and responsible business practices is fostered.
ensures oversight of the implementation of values and cultural improvements, while management at all levels of the company is responsible for their operational execution. Key indicators are regularly monitored through annual reports and internal evaluation processes, allowing for the continuous alignment of initiatives with employee needs and Petrol’s strategic priorities.
conduct in the work environment, and ensure timely action to protect their rights and dignity. These mechanisms provide for the proper handling of such reports and the protection of individuals who report or publicly disclose information about violations, irregularities, unethical conduct, or other actions suspected of constituting criminal offences.
The Petrol Group has also adopted the Rules on Business Supervision and Investigations, which establish clear procedures and responsibilities for conducting internal controls and investigations. These Rules form the foundation of the Group’s integrity assurance system, supporting compliance with moral, legal, and ethical standards.
The control and investigation procedures are designed to enable the timely detection of potential violations and the activation of appropriate response mechanisms — including sanctions. This ensures that operations across the Petrol Group are carried out in a manner that upholds accountability, transparency, and legality. At the same time, these mechanisms help safeguard the rights and safety of employees and business partners. By implementing these procedures, the Group strengthens trust in its operations and ensures timely resolution of violations, which is essential for long-term organisational success and integrity.
Special attention is paid to employee training in the area of business conduct, with a focus on promoting corporate integrity, ethical behaviour and responsible practices. Although a written training policy has not yet been formally adopted, its establishment is planned in the near future. The new policy is expected to reflect the Group’s core strategic directions — including sustainability transition targets, the business strategy, and the action plan — thereby strengthening Petrol’s commitment to responsible business.
Employees currently receive training through both formal and informal learning formats. Formal training includes workshops, seminars and other programmes focused on business ethics, regulatory compliance, whistleblower protection, and mobbing prevention. Informal education takes place through internal newsletters, such as articles and contributions on the intranet platform, which present good practices, corporate values, and guidance on ethical conduct in day-to-day operations.
The Management Board ensures oversight of the implementation of values and cultural improvements, while management at all levels of the company is responsible for their operational execution.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report 307
We also organise regular presentations of the corporate Code of conduct, which serves as a foundational framework for business behaviour and helps employees understand the core principles of integrity and accountability in the workplace. The Code is a central element of training, as it defines the values and standards that all employees are expected to uphold.
Our future training policy will further enhance existing practices by more closely linking education to the achievement of sustainability transition goals, the improvement of business processes, and the maintenance of high standards of integrity across all aspects of the Group’s operations.
The Petrol Group operates exclusively in the downstream part of the value chain, specifically as a distributor of petroleum and related finished products. In the wholesale sector (B2B and B2G), we are active in the Slovenian market, the markets of Southeast Europe, and other European markets. In the retail sector (B2C), we operate a network of physical sales locations in Slovenia, Croatia, Bosnia and Herzegovina, Montenegro, and Serbia. At present, we do not have a comprehensive overview of our suppliers’ supply chains.
Compliance with regulatory frameworks and sustainability standards forms a key part of our procurement processes. As a result, all supplied fuels and goods comply with EU directives, environmental standards and adopted EU actions, including sanctions. As part of our continuous improvement efforts, we continue to strengthen oversight and regularly monitor suppliers to ensure long-term compliance and accountability throughout the supply chain.
The fundamental rules of cooperation with suppliers and their obligations to the Petrol Group. We cooperate with suppliers on the basis of a concluded contract or a confirmed quote, followed by a confirmed purchase order. An integral part of every contract is the inclusion of payment deadlines for services provided and goods ordered, as well as defined default interest in the event of late payment. Because our business strategy also includes a financial plan, which allocates funds for supplier payments, delays generally do not occur. Supplier payments for services and goods are managed via the SAP system.
Before signing a contract, we carry out a verification process for each supplier, which includes a comprehensive assessment based on a questionnaire covering sustainable requirements for suppliers. Suppliers must ensure compliance with legal and ethical standards, which they demonstrate by formally implementing an internal Corporate Integrity Code and a compliance policy in writing. In addition, suppliers are required to adopt internal acts to prevent money laundering, terrorist financing and bribery and to establish procedures to monitor the effectiveness of these policies. Suppliers must also ensure the protection of personal data through appropriate technical and organisational actions and disclose whether they or their business partners appear on any sanctions lists. In addition, whether the company discloses sustainability information is also checked.
In 2024, the Petrol Group conducted an assessment of existing suppliers, thereby gaining insight into the compliance of business partners. This assessment constitutes a key basis for the further development of our approach to supply chain management. 279 suppliers were assessed using a questionnaire. The assessment included criteria pertaining to financial stability, ensuring ethical business practices, product safety and quality, and demonstrating sustainable policies.
A Code of Conduct for Suppliers and an adjustment of the supplier selection process are under development. These will further strengthen our commitment to respecting human rights, labour rights, fighting corruption, and ensuring fair competition. As part of these changes, additional formalised environmental and social criteria are being introduced. These will be integrated into supplier assessments and cooperation processes, as part of responsible and sustainable supply chain management.
As part of the double materiality assessment, we identified the Petrol Group’s corporate position (stance) on national legislation or policy proposals related to environmental and social factors as a material impact. The impact disclosed in this section has been recognised as specific to the Petrol Group.
The Petrol Group does not provide or receive financial or in-kind political contributions in any form. We actively participate in interest groups and representative bodies in order to contribute to the legislative drafting process in areas relevant to our operations — especially the regulation of petroleum product prices. We are also registered in the European Transparency Register, through which we seek to influence EU legislation and decision-making processes, particularly with regard to energy price regulation.
We monitor proposals and developments in national legislation and policies related to environmental and social matters affecting our sector on a daily — and sometimes even hourly — basis. We assess their potential impact on our operations and actively submit comments, particularly when proposed legislation is not well-aligned with the economic realities or strategic interests of the Petrol Group. These comments are submitted either directly to regulatory bodies or through cooperation with interest groups (e.g. chambers of commerce, energy and trade associations).
At the Petrol Group, we recognise that our sector is subject to specific legislative requirements. Accordingly, we have identified key regulatory developments as part of our impacts, risks and opportunities assessment, such as:
We are developing a methodology with relevant metrics to support these processes. Going forward, we will also monitor the effectiveness of our key performance indicators.
Our corporate stance is built on a proactive approach to legislative changes and the maintenance of open dialogue with regulators and other stakeholders.
In terms of payment practices, we follow the contracts concluded with individual suppliers, with the maturity of the Petrol Group's liabilities varying depending on the supplier and the type of liability (e.g. petroleum products, gas, electricity, merchandise). The payment terms for most of the payables are aligned with market or industry standards.
The average payment term in the Petrol Group is 27 days, though this varies depending on the type of goods, delivery parity, and suppliers, as different commercial terms imply different payment conditions. For electricity and gas procurement, payment terms are largely determined by the trading model.
For other goods and services, individual payment terms are agreed upon with suppliers and are consistently observed. These typically range between 30 and 60 days, although some fall outside this range.
In 2024, the Petrol Group settled payments within agreed deadlines across all categories. The overall average time to settle an invoice — from the start date of the contractual or legally prescribed payment period — was 27.4 days. In total, 99.6% of all payments were made within the agreed deadline.
In the procurement of petroleum products, which represents more than 30% of total purchases, 99.6% of the value was paid on time in 2024. For electricity procurement, 98.6% was paid within the agreed terms; for gas, 100%. In merchandise procurement, where we process a larger number of smaller payments, 97.9% of the value was paid on time. For other goods procured for current operations, the figure was 98.5%.
The data disclosed above covers the following Petrol Group companies: Petrol d.d., Ljubljana; E 3, d.o.o.; Petrol d.o.o. Beograd; Petrol LPG d.o.o. Beograd; Petrol Lumennis PB JO d.o.o. Beograd; Petrol Lumennis VS d.o.o. Beograd; Petrol Lumennis ZA JO d.o.o. Beograd; Petrol Lumennis ŠI JO d.o.o. Beograd; Petrol KU 2021 d.o.o. Beograd; Petrol Lumennis KI JO d.o.o.; Beogas d.o.o. Beograd; STH Energy d.o.o. Kraljevo; Petrol BH Oil Company d.o.o. Sarajevo; Petrol Power d.o.o. Sarajevo; Petrol Hidroenergija d.o.o. Teslić; Petrol Crna Gora MNE d.o.o.; Petrol d.o.o. (Zagreb); Vjetroelektrane Glunča d.o.o.; and Petrol Javna Rasvjeta d.o.o.
Minor delays may occur due to technical issues in payment processing, regulatory changes, invoice data reconciliation, late receipt of invoices, or multi-level approval procedures.
Since we consistently comply with agreed payment terms, there are no ongoing legal proceedings related to delayed payments.
The calculation methodology is based on the total value of all transfers made in 2024. For a more accurate analysis of payment practices, suppliers were categorised based on their share of overall deliveries.
A key assumption in our calculation is that delays of up to 5 days beyond the agreed payment deadline are not classified as late. This reflects common practice and accounts for minor administrative delays such as weekends, public holidays or other administrative delays—none of which indicate problems with payment discipline.
The metric related to payment practice disclosure has not been validated by an external body. All calculations and analyses are carried out internally.
Cyber security has been identified as a material risk for the Petrol Group as part of the financial materiality assessment. It represents both an actual and potential risk, with a growth trend anticipated in the medium and long-term. These risks include information leakage, service disruption, information system breaches, and legal violations or non-compliance.
Since we consistently comply with agreed payment terms, there are no ongoing legal proceedings related to delayed payments.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Sustainability report 312
For the Petrol Group, safeguarding information systems is crucial — both for our internal operations and for the continued functioning of critical infrastructure in the energy and transport sectors.
A uniform, Group-wide cyber security policy has been established for all Petrol Group companies and markets, with oversight provided by the Management Board. This is complemented by specific sectoral policies that address key requirements such as protective security mechanisms, information security, antivirus protection, and disaster recovery protocols. We also require our suppliers to adhere to the same security standards via contractual obligations, in line with the NIS 2 Directive on cyber security.
The security mechanisms in place ensure that customer data are also appropriately protected.
The primary objective of our information security management is to prevent security incidents or, where unavoidable, to minimise their impact on business operations. We follow the principle that prevention is better than cure — achieved by designing secure information systems and applying information security principles throughout the planning, implementation, use, and maintenance phases.
We achieve our goals through the consistent implementation of both organisational and technical measures.
All the above measures for our own operations are implemented periodically, in line with good process management practices that encompass establishment, implementation, maintenance, and continuous improvement. The same measures must also be adopted by suppliers who may affect the Petrol Group’s cyber security.
The main challenge in this area stems from rapid IT developments and their influence on improving business processes. Technological innovations — such as artificial intelligence (AI), the Internet of Things (IoT), connected devices, and big data — significantly shape the broader ecosystem. Regardless of the expected benefits, it is essential to consistently comply with new regulatory requirements and adhere to sound security practices, whether already in place or emerging at the global level.
The effectiveness of our defence, detection, and response to information security incidents is monitored monthly. Key monitoring indicators include the number of security event investigations, the number of attacks, and the number of detected security incidents.
The objective of effective information security management is to enable the organisation to focus on the real challenges of digital business — and, above all, to create a strategy that is goal-oriented and tailored to actual needs.
Metrics and targets are defined by internal experts, as they are not prescribed by sectoral standards and legislation. They are managed exclusively in-house on an annual basis and are not submitted for external validation.
GDPR- General Data Protection Regulation
| Target | Metrics |
|---|---|
< 10 million
The risks of security incidents are reduced through organisational and technical actions.
| Response | Criticality |
|---|---|
| critical | 60 min |
| high | 60 min |
| moderate | 240 min |
| low | 24 hours |
| Event type | 2024 |
|---|---|
| Number of security incident investigations | 2,607 |
| Number of attacks | 112 |
| Number of security incidents | 10 |
| Commercial detriment incurred (loss reported to the Management Board) | 0 EUR |
| Timely response to a security incident (in %) | 100 %* |
As the intensity of attacks increases, it is essential to reduce the risk of consequences from security incidents that cannot be fully prevented. Our long-term objective is to ensure that any business impact or loss remains minimal or negligible through the implementation of appropriate security measures.
Public
| Chapter | Page number |
|---|---|
| ESRS 2 BP-1, 5 a-d | 130 |
| ESRS 2 BP-2, 9 a, 10 a-d, 11 a, 13, 15, 16 and AR 1 c |
130, 132,
21 a-e, 22 a-d, 23 a, b
132, 133, 134, 135, 137, 138, 139, 140
26 a-c
141
29 a-e
142
30, 32 and AR 48
144
36 a - e
145
40 a, b, d, e, f, g, 41, 42 a-c
147
45 a, b, c, d
157
48 a, b, c, f
163
53 a, b, c, d, e, f, g
165
59
175
13
205
14, 16 a-j, 17
206
18,19 a-c
208
20 a-c, 21, AR 15
211
24, E1-2 5 a-e
213
28, 29 a-c, AR 21
215
| E1.MDR-T | 32, E1-4 | 33, 34 a-f | |
|---|---|---|---|
| E1-4 | Targets related to climate change mitigation and adaptation | 217 | |
| E1-5 | 37 a-c, 38 a-e, AR 34, 39, 40-43 | E1-5 Energy consumption and mix | 221 |
| E1-6 | 44 a-d, 52 a, b, AR 39 b, AR 42 c, AR 43 c, AR 45 d, e, 53, 55, AR 55 | E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions | 223 |
| E2.IRO-1 | 11 a-b, AR 9 | ESRS 2 IRO-1 Description of the processes to identify and assess material pollution-related impacts, risks and opportunities | 228 |
| E2.MDR-P | 14, 15 a-c | E2-1 Policies related to pollution | 229 |
| E2.MDR-A | 18 | E2-2 Actions and resources related to pollution | 231 |
| E2.MDR-T | 22, E2-3, 23 b-d, 25 | E2-3 Targets related to pollution | 234 |
| E2-4 | 28 a, 30 a-c | E2-4 Pollution of water and soil | 236 |
| E2-5 | 34 | E2-5 Substances of concern | 236 |
| E3.IRO-1 | 8 a-b | ESRS 2 IRO-1 Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities | 238 |
| E3.MDR-P | 11, 12 a (i), b-c, 13, 14 | E3-1 Policies related to water and marine resources | 239 |
| E3.MDR-A | 17, E3-2, 19 | E3-2 Actions and resources related to water and marine resources | 240 |
| E3.MDR-T | 22, E3-3, 23 a, c, 25 | E3-3 Targets related to water and marine resources | 242 |
| E3-4 | 28 a-e, AR 29, 29 | E3-4 Water consumption | 243 |
| E5.IRO-1 | 11 a-b | ESRS 2 IRO-1 Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities | 246 |
| E5.MDR-P | 14, E5-1, 15 a-b | E5-1 Policies related to resource use and circular economy | 247 |
| E5.MDR-A | 19 | E5-2 Actions and resources related to resource use and circular economy | 247 |
| E5.MDR-T | 23, E5-3, 24 a-f, 25, 27 | E5-3 Targets related to resource use and circular economy | 247 |
| E5-4 | 30, 31 a-c, 32, AR 25 | E5-4 Resource inflows |
| Chapter | Page number |
|---|---|
| S1-1 | Policies related to own workforce |
| S1-2 | Processes for engaging with own workers and workers’ representatives about impacts |
| S1-3 | Procedures for remediation of negative impacts and channels through which members of the workforce can raise concerns |
| S1-4 | Taking actions related to material impacts on own workforce and approaches to managing material risks and exploiting material opportunities related to own workforce and the effectiveness of these actions |
| S1-5 | Targets related to the management of significant negative impacts, the promotion of positive impacts, and the management of material risks and opportunities |
| S1-6 | Characteristics of employees in the company |
| S1-8 | Collective bargaining coverage and social dialogue |
| S1-10 | Adequate wages |
| S1-14 | Health and Safety Metrics |
| S1-16 | Metrics of Remuneration (Wage Gap and Annual Total Remuneration) |
| ESRS 2 SBM-2 | Interests and views of stakeholders |
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and their interaction with strategy and business model |
| S3.MDR-P | Policies related to affected communities |
| S3-2 | Processes for engaging with affected communities |
286
287
288
289
290
292
293
295
318
296
298
300
301
303
303
307
| ESRS disclosures | Chapter | Page number |
|---|---|---|
| ESRS 2 BP-2, 13 a-c, 14 a-b, 15 | E1-3, 29 c, 16 c | 177, 192 |
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The Company’s Management Board is responsible for the preparation of the financial statements of the Petrol Group and Petrol d.d., Ljubljana, for the year ended 31 December 2024, including the related policies and notes, which, in its opinion, give a true and fair view of the development and results of operations and the financial position of the Company, together with a description of the principal risks to which the Company and any other companies included in the consolidated financial statements, taken as a whole, are exposed.
The Management Board confirms that the appropriate accounting policies have been applied consistently in the preparation of the financial statements, that the accounting estimates have been made on the basis of fair value, prudence and good governance, and that the financial statements give a true and fair view of the state of affairs of the Group and the Company and the results of their operations for the year ended 31 December 2024.
The Management Board is also responsible for keeping proper accounting records, for taking reasonable precautions to safeguard property and other assets, and certifies that the financial statements, including the notes thereto, have been prepared on a going concern basis and in accordance with the applicable law and International Financial Reporting Standards as adopted by the European Union.
The Management Board accepts and approves the financial statements of the Petrol Group and Petrol d.d., Ljubljana, including the related policies and notes, for the year ended on 31 December 2024.
The tax authorities may audit the Company’s operations at any time within five years of the end of the year in which the tax was due. This may result in additional liabilities for tax, interest and penalties arising from corporate income tax (CIT) or other taxes and duties. The Company’s Management Board is not aware of any circumstances that could give rise to a material liability in this respect.
Sašo Berger
Drago Kavšek
President of the Management Board
Member of the Management Board
Marko Ninčević
Jože Smolič
In our opinion, the consolidated and separate financial statements present fairly, in all material respects, the consolidated and separate financial position of Petrol d.d., Ljubljana (the “Company”) and its subsidiaries (together – the “Group”) as at 31 December 2024, and the Group’s consolidated and the Company’s separate financial performance and consolidated and separate cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union.
Our opinion is consistent with our additional report to the Audit Committee of Petrol d.d. dated 7 April 2025.
The Group’s consolidated and the Company’s separate financial statements comprise:
We conducted our audit in accordance with International Standards on Auditing (ISAs) and Regulation (EU) No. 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities (the “Regulation”). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated and separate financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
have fulfilled our other ethical responsibilities in accordance with those requirements and with the IESBA Code.
To the best of our knowledge and belief, we declare that non-audit services that we have provided to the Company and its subsidiaries are in accordance with the applicable law and regulations in Slovenia and that we have not provided non-audit services that are prohibited under Article 5(1) of the Regulation.
The non-audit services that we have provided to the Company and its subsidiaries in the period from 1 January 2024 to 31 December 2024 are disclosed in the note 5.5 to the consolidated and separate financial statements.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the consolidated and separate financial statements. In particular, we considered where Management made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of Management override of internal controls, including among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the consolidated and separate financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated and separate financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall Group and the Company materiality for the consolidated and separate financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, if any, both individually and in aggregate on the consolidated and separate financial statements as a whole.
The Group: EUR 18,250 thousand
The Company: EUR 10,669 thousand
We chose Gross profit (Revenue from contracts with customers minus Cost of goods sold) as the benchmark because, in our view, it is the benchmark against which the performance of the Group and Company is most commonly measured by users and is a generally accepted benchmark. We chose the 2.5% threshold, which is within the range of acceptable quantitative materiality thresholds for this benchmark.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated and separate financial statements of the current period. These matters were addressed in the context of our audit of the consolidated and separate financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
This version of our report is a translation from the original, which was prepared in Slovenian language. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.
Impairment of investments in subsidiaries in the separate financial statements and impairment of goodwill in the consolidated financial statements
See Note 3.a Material accounting policy information – Subsidiaries, Note 3.j2 Material accounting policy information – Impairment-Non financial assets – Impairment of investments in subsidiaries and Note 3.e Material accounting policy information – Intangible assets – Goodwill.
The total value of investments in subsidiaries as at 31 December 2024 is disclosed in Note 5.19 in the separate financial statements – Investments in subsidiaries, and amounts to EUR 595,955 thousand; the total value of goodwill as at 31 December 2024 is disclosed in Note 5.15 in the consolidated financial statements – Intangible assets, and amounts to EUR 158,970 thousand.
Investments in subsidiaries and goodwill are considered to be key audit matters due to:
Group/Company applied value in use to determine recoverable amount.
We also included an asset valuation expert in our audit team who helped us assess the methodology used and the use of discount rates.
See Note 3.c2 Material accounting policy information – Financial assets at fair value through other comprehensive income and Note 3.c3- Derivative financial instruments.
The total of Gain from derivatives in 2024 is disclosed in Note 5.9 Gain/(Loss) from derivatives and amounts to:
This version of our report is a translation from the original, which was prepared in Slovenian language. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.
The total Loss from derivatives in 2024 is disclosed in Note 5.9 Gain/(Loss) from derivatives and amounts to:
● EUR 111,723 thousand of Loss from derivatives for the Company.
Recognising gains and losses from derivatives is considered to be key audit matter due to:
● On a sample basis we tested underlying documentation (such as contracts and settlement documents) supporting derecognition of derivatives and recognition of gain/loss in the consolidated and separate financial statements.
● On a sample basis we tested the appropriateness of valuation of derivatives and recognition of gain/loss in the consolidated and separate financial statements.
● Assessing the accuracy and completeness of presentation and disclosures in the consolidated and separate financial statements.
In our audit team, we also included an expert for IFRS 9 who assisted us with the accounting treatment of derivatives and the related valuation of the open positions as at 31 December 2024.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates.
The Group engagement team carried out audit work on the Company’s separate financial statements. The Group engagement team determined Group audit materiality and issued audit instructions to component auditors, constantly through the year discussed important audit matters, and reviewed the work of component auditors. Full audit was performed at 8 components, 3 of which were not audited by us, instead we visited these components and reviewed the work of the auditor.
Management is responsible for the other information. The other information comprises the “Introduction”, “Business Report” and “Sustainability report” (jointly referred to as: “Business Report”) which are a constituent part of the Annual Report of the Group and the Company (but does not include the consolidated and separate financial statements and our auditor’s report thereon) which we obtained prior to the date of this auditor’s report.
Our opinion on the consolidated and separate financial statements does not cover the other information, including the Business Report.
Translation note:
This version of our report is a translation from the original, which was prepared in Slovenian language. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.
In connection with our audit of the consolidated and separate financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated and separate financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
the consolidated and separate financial statements and whether the Business Report was prepared in accordance with legal requirements.
Based on the work undertaken in the course of our audit, in our opinion:
The Sustainability report was subject to our separate limited assurance engagement and we provided a separate limited assurance report containing an unmodified limited assurance conclusion dated 9 April 2025.
In addition, in the light of knowledge and understanding of the Group and the Company and their environment obtained in the course of the audit, we are required to report if we have identified material misstatements in the other information that we obtained prior to the date of this auditor’s report. We have nothing to report in this regard.
Management is responsible for the preparation and fair presentation of the consolidated and separate financial statements in accordance with International Financial Reporting Standards as adopted by the European Union, and for such internal control as Management determines is necessary to enable the preparation of consolidated and separate financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated and separate financial statements, Management is responsible for assessing the Group’s and Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group and the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s and the Company’s financial reporting process.
Our objectives are to obtain reasonable assurance about whether the consolidated and separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated and separate financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for the purpose of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable actions taken to eliminate threats or safeguards applied.
This version of our report is a translation from the original, which was prepared in Slovenian language. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated and separate financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
We were first appointed as auditors of the Group and the Company at the shareholders meeting of the Company on 21 April 2022 for the financial year ended 31 December 2022. The president of the supervisory board signed the audit contract on 1 August 2022. The contract was concluded for 3 years. Our appointment has been renewed by shareholders resolutions in the intermediate years, representing a total period of our uninterrupted engagement appointment for the Group and the Company, as a public interest entity, of 3 years.
We have been engaged based on our agreement by Management of the Company to conduct a reasonable assurance engagement for the verification of compliance with the applicable requirements of the presentation of the consolidated and separate financial statements of the Group and the Company for the financial year ended 31 December 2024 (the “Presentation of the consolidated and separate financial statements”).
The Presentation of the consolidated and separate financial statements has been applied by Management of the Company to comply with the requirements of art. 3 and 4 of the Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 supplementing Directive 2004/109/EC of the European Parliament and of the Council with regard to regulatory technical standards on the specification of a single electronic reporting format (the “ESEF Regulation”). The applicable requirements regarding the Presentation of the consolidated and separate financial statements are contained in the ESEF Regulation.
The requirements described in the preceding sentence determine the basis for application of the Presentation of the consolidated and separate financial statements and, in our view, constitute appropriate criteria to form a reasonable assurance conclusion.
This version of our report is a translation from the original, which was prepared in Slovenian language. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.
financial statements that complies with the requirements of the ESEF Regulation. This responsibility includes the selection and application of appropriate markups in iXBRL in the consolidated and separate financial statements using ESEF taxonomy and designing, implementing and maintaining internal controls relevant for the preparation of the Presentation of the consolidated and separate financial statements which is free from material non-compliance with the requirements of the ESEF Regulation.
Those charged with governance are responsible for overseeing the financial reporting process, which should also be understood as the preparation of the consolidated and separate financial statements in accordance with the format resulting from the ESEF Regulation.
Our responsibility was to express a reasonable assurance conclusion whether the Presentation of the consolidated and separate financial statements complies, in all material respects, with the ESEF Regulation.
We conducted our engagement in accordance with the International Standard on Assurance Engagements 3000 (R) - ‘Assurance Engagements other than Audits and Reviews of Historical Financial Information’ (ISAE 3000(R)). This standard requires that we comply with ethical requirements, plan and perform procedures to obtain reasonable assurance whether the Presentation of the consolidated and separate financial statements complies, in all material respects, with the applicable requirements.
Reasonable assurance is a high level of assurance, but it does not guarantee that the service performed in accordance with ISAE 3000 (R) will always detect the existing material misstatements (significant non-compliance with the requirements).
We apply the International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality Management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
We comply with the independence and other ethical requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour.
Our planned and performed procedures were aimed at obtaining reasonable assurance that the Presentation of the consolidated and separate financial statements complies, in all material respects, with the applicable requirements and such compliance is free from material errors or omissions. Our procedures included in particular:
Translation note: This version of our report is a translation from the original, which was prepared in Slovenian language. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
In our opinion, based on the procedures performed, the Presentation of the consolidated and separate financial statements complies, in all material respects, with the ESEF Regulation.
The Company disclosed financial statements by activities in Note 10. “Financial statements of Petrol d.d. Ljubljana by activity in accordance with the Electricity Supply Act, the Gas Supply Act and the Heat Supply from Distribution Systems Act” to the separate financial statements, which include Statement of financial position by activities as at 31 December 2024 and Statement of profit and loss by activities for the year then ended (“the Financial statements by activities”) and the criteria for allocation of assets, liabilities, revenues and expenses by activities (the “Criteria”) and other relevant information. The Criteria are also contained in the internal act “Sodila za razporejanje sredstev in obveznosti ter stroškov, odhodkov in prihodkov ter vodenje ločenih računovodskih evidenc in sestavljanje ločenih računovodskih izkazov po Energetskem zakonu in Zakonu o javnih gospodarskih službah”.
Financial statements by activities has been prepared by the Management of the Company to comply with the Criteria and with the requirements of ZOP, ZOEE and ZOTDS.
This version of our report is a translation from the original, which was prepared in Slovenian language. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.
The Management is responsible for the preparation of the Financial statements by activities as at 31 December 2024 and for the year then ended in accordance with ZOP, ZOEE and ZOTDS. The Management is also responsible for establishing the Criteria and application of these Criteria to the Financial statement by activities, and for such internal control as is necessary according to the decision of the Management to enable the preparation the Financial statement by activities that are free from material misstatement due to fraud or error.
Those charged with governance are responsible for the adoption of Criteria and the control of their use in accordance with the requirements of ZOP, ZOEE, ZOTDS.
Our responsibility was to perform a reasonable assurance engagement and to express a conclusion whether the Company, in all material respects, disclosed Financial statements by activities, established adequate Criteria and applied these Criteria to prepare Financial statements by activities in compliance with the Criteria and the requirements of ZOP, ZOEE, ZOTDS.
We conducted our engagement in accordance with the International Standard on Assurance Engagements 3000 (R) – Assurance Engagements Other than Audits or Reviews of Historical Financial Information (ISAE 3000(R)). This standard requires us to plan and perform the procedures to obtain reasonable assurance whether the Financial statements by activities complies with the Criteria and the requirements of ZOP, ZOEE, ZOTDS, and are free from material misstatement.
In order to assess the adequacy of Criteria, we assessed the compliance with the requirements of ZOP, ZOEE and ZOTDS. We assessed whether the Criteria reflect the scope of activities that give rise to the economic category for which they are intended to be split. If the scope of the activities that give rise to the economic category cannot be measured, we assessed whether the division criteria was determined based on the proportion of direct costs.
In order to assess the accuracy of the application of the Criteria, we checked whether the individual Criteria are used for the split of the economic category for which it was adopted and in the way it was determined.
Reasonable assurance is a high level of assurance, but it does not guarantee that the service performed in accordance with ISAE 3000 R will always detect an existing material misstatement (significant non-compliance with the requirements).
We apply the International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality Management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
We comply with the independence and other ethical requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour.
accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.
Our planned and performed procedures were aimed at obtaining reasonable assurance that, in all material respects, the Company disclosed Financial statements by activities, established adequate Criteria and applied those Criteria to prepare Financial statements by activities in compliance with the applicable requirements. Our procedures included in particular:
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
Based on the procedures performed and evidence obtained, in our opinion, in all material respects, the Company disclosed Financial statements by activities, established the adequate Criteria and applied those Criteria to prepare Financial statement by activities in compliance with the Criteria and the requirements of ZOP, ZOEE, ZOTDS.
The key audit partner on the audit resulting in this independent auditor’s report are Primož Kovačič and Dušan Hartman.
For and on behalf of PricewaterhouseCoopers d.o.o.
Primož Kovačič
Director, Certified auditor
Dušan Hartman
Certified auditor
Ljubljana, Slovenia, 9 April 2025
Original report signed in Slovenian language
| The Petrol Group | Petrol d.d. | (in EUR thousand) | Note | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|---|---|---|
| Revenue from contracts with customers | 5.3 | 6,111,679 | 6,982,677 | 4,401,582 | 5,303,129 | ||
| Cost of goods sold | (5,381,312) | (6,305,108) | (3,974,791) | (4,865,439) | |||
| Costs of materials | 5.4 | (55,803) | (65,616) | (43,970) | (52,501) | ||
| Costs of services | 5.5 | (190,207) | (186,253) | (142,763) | (145,844) |
| 5.6 | (179,083) | (160,563) | (116,826) | (105,016) |
|---|---|---|---|---|
| 5.7 | (99,866) | (97,483) | (48,121) | (46,440) |
|---|---|---|---|---|
| 5.8 | (27,006) | (51,351) | (16,573) | (34,733) |
|---|---|---|---|---|
| - of which net impairment (losses)/gains on financial and contract assets | (6,153) | 513 | 1,010 | (619) |
| 5.9 | 140,505 | 216,405 | 143,608 | 216,303 |
|---|---|---|---|---|
| 5.9 | (122,670) | (167,686) | (117,769) | (161,803) |
|---|---|---|---|---|
| 5.3 | 12,792 | 10,883 | 34,561 | 7,169 |
|---|---|---|---|---|
| (848) | (294) | (55) | (105) | |
|---|---|---|---|---|
| 208,181 | 175,611 | 118,883 | 114,720 | |
|---|---|---|---|---|
| 5.10 | 1,579 | 3,724 | ||
|---|---|---|---|---|
| 5.10 | 44,179 | 3,767 | ||
|---|---|---|---|---|
| 5.11 | 57,237 | 62,738 | 64,086 | 57,446 |
|---|---|---|---|---|
| 5.11 | (78,898) | (74,279) | (73,702) | (67,564) |
|---|---|---|---|---|
| (21,661) | (11,541) | (9,616) | (10,118) | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|
| 188,099 | 167,794 | 153,446 | 108,369 |
| 145,915 | 136,552 | 130,512 | 92,806 |
|---|---|---|---|
| Owners of the controlling company | 138,420 | 135,362 | 130,512 | 92,806 |
|---|---|---|---|---|
| Non-controlling interest | 7,495 | 1,190 | - | - |
| 2024 | 2023 | 2024 | 2023 | ||
|---|---|---|---|---|---|
| 5.13 | 3.37 | 3.29 | 3.17 | 2.25 |
The accounting policies and notes form an integral part of these financial statements and should be read in conjunction therewith.
| Note | 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|---|
| Net profit/(loss) for the year | 145,915 | 136,552 | 130,512 | 92,806 | |
| Effect of merger by absorption | 5.19 | - | - | (567) | - |
| Effective portion of changes in the fair value of cash flow variability hedging | 5.14 | 15,620 | (14,186) | (5,567) | (12,718) |
| Change in deferred taxes | (3,444) | 2,675 | 1,225 | 1,811 | |
| Change in the fair value of financial assets through other comprehensive income | 846 | 2 | 846 | - | |
| Change in deferred taxes | (186) | (23) | (186) | (22) |
| 31 December 2024 | 31 December 2023 | 31 December 2024 | 31 December | |
|---|---|---|---|---|
| Other comprehensive income to be recognised in the statement of profit or loss in the future | 13,127 | (11,491) | (4,249) | (10,929) |
| Total other comprehensive income to be recognised in the statement of profit or loss in the future | 13,127 | (11,491) | (4,249) | (10,929) |
| Unrealised actuarial gains and losses | (22) | 611 | (18) | 352 |
| Other comprehensive income not to be recognised in the statement of profit or loss in the future | (22) | 611 | (18) | 352 |
| Attribution of changes in the equity of associates | (18) | 18 | ||
| Total other comprehensive income not to be recognised in the statement of profit or loss in the future | (40) | 629 | (18) | 352 |
| Total other comprehensive income after tax | 13,087 | (10,862) | (4,267) | (10,577) |
| Total comprehensive income for the year | 159,002 | 125,690 | 126,245 | 82,229 |
| Total comprehensive income attributable to: | ||||
| Owners of the controlling company | 148,854 | 124,256 | 126,245 | 82,229 |
| Non-controlling interest | 10,148 | 1,434 |
The accounting policies and notes form an integral part of these financial statements and should be read in conjunction therewith.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Financial Report
| Intangible assets | 5.15 | 235,837 | 240,679 | 152,126 | 151,635 |
|---|---|---|---|---|---|
| Right-of-use assets | 5.16 | 162,099 | 130,838 | 32,429 | 29,524 |
| Property, plant and equipment | 5.17 | 849,017 | 867,570 | 365,068 | 365,945 |
| Investment property | 5.18 | 18,733 | 16,839 | 12,756 | 11,133 |
| Investments in subsidiaries | 5.19 | - | - | 595,955 | 555,292 |
| Investments in jointly controlled entities | 5.20 | 342 | 350 | 233 | 233 |
| Investments in associates | 5.21 | 1,864 | 59,317 | 337 | 26,610 |
| Fin. assets at fair value through other comprehensive income | 5.22 | 27,850 | 3,994 | 25,628 | 2,118 |
| Contract assets | 5.28 | 4,664 | 5,182 | - | - |
| Loans | 5.23 | 1,154 | 2,362 | 22,334 | 29,072 |
| Operating receivables | 5.24 | 7,626 | 8,468 | 7,621 | 8,452 |
| Deferred tax assets | 5.12 | 20,690 | 21,827 | 11,062 | 9,753 |
1,329,876
| Inventories | 5.25 | 221,494 | 205,764 |
|---|---|---|---|
| Contract assets | 5.28 | 617 | 871 | 5 | 212 |
|---|---|---|---|---|---|
| Loans | 5.26 | 1,081 | 775 | 46,828 | 38,642 |
| Operating receivables | 5.27 | 681,109 | 802,101 | 417,567 | 539,697 |
| Corporate income tax assets | 5.12 | 909 | 5,728 | - | - |
| Derivative financial instruments | 5.29 | 25,962 | 26,547 | 17,782 | 24,022 |
| Prepayments and other assets | 5.30 | 109,220 | 130,114 | 47,765 | 68,415 |
| Cash and cash equivalents | 5.31 | 76,861 | 105,937 | 30,555 | 33,020 |
| Total assets | 1,117,253 | 1,277,837 | 708,624 | 819,963 | |
| 2,447,129 | 2,635,263 | 1,934,173 | 2,009,730 |
| Equity attributable to owners of the controlling company | ||||
|---|---|---|---|---|
| Called-up capital | 52,241 | 52,241 | 52,241 | 52,241 |
| Capital surplus | 80,991 | 80,991 | 80,991 | 80,991 |
| Legal reserves | 61,988 | 61,988 | 61,750 | 61,750 |
| Reserves for own shares | 4,708 | 4,708 | 4,708 | 4,708 |
| Own shares | (4,708) | (4,708) | (2,605) | (2,605) |
| Other profit reserves | 341,328 | 293,492 | 353,699 | 316,608 |
| 2,903 | 2,283 | 43,424 | 42,782 |
|---|---|---|---|
| 14,218 | 6,078 | 11,391 | 15,733 |
|---|---|---|---|
| (9,166) | (9,455) | - | - |
|---|---|---|---|
| 429,734 | 402,974 | 65,196 | 46,343 |
|---|---|---|---|
| 5.32 | 976,543 | 923,043 | 670,795 | 618,551 |
|---|---|---|---|---|
| 5.33 | 7,983 | 7,561 | 6,396 | 5,935 |
|---|---|---|---|---|
| 5.34 | 44,618 | 34,880 | 40,159 | 30,836 |
|---|---|---|---|---|
| 5.35 | 38,918 | 39,806 | 30,046 | 29,521 |
|---|---|---|---|---|
| 5.36 | 254,380 | 347,037 | 260,948 | 300,682 |
|---|---|---|---|---|
| 5.37 | 130,942 | 99,759 | 29,461 | 27,579 |
|---|---|---|---|---|
| 5.38 | 442 | 531 | 442 | 531 |
|---|---|---|---|---|
| 5.12 | 20,006 | 21,595 | - | - |
|---|---|---|---|---|
| Deferred income | 5.35 | 12,315 | 5,619 | 11,866 | 5,461 |
|---|---|---|---|---|---|
| Borrowings and other financial liabilities | 5.36 | 99,496 | 103,692 | 276,372 | 222,051 |
| Lease liabilities | 5.37 | 20,556 | 21,055 | 5,723 | 4,318 |
| Operating liabilities | 5.39 | 707,998 | 895,620 | 504,620 | 684,867 |
| Derivative financial instruments | 5.29 | 21,516 | 22,734 | 16,240 | 2,071 |
| Corporate income tax liabilities | 5.12 | 12,416 | 24,965 | 1,732 | 18,819 |
| Contract liabilities | 5.40 | 22,136 | 25,291 | 16,227 | 16,977 |
| Other liabilities | 5.41 | 71,631 | 49,274 | 59,404 | 38,134 |
| Total liabilities | 973,297 | ||||
| Total equity and liabilities | 1,470,586 | ||||
| 1,712,220 | |||||
| 1,263,378 | |||||
| 1,391,179 | |||||
| 2,447,129 | |||||
| 2,635,263 | |||||
| 1,934,173 | |||||
| 2,009,730 |
The accounting policies and notes form an integral part of these financial statements and should be read in conjunction therewith.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Financial Report 339
(in EUR thousand)
| Called-up capital | Capital surplus | Profit reserves | Fair value reserve | Hedging reserve |
|---|---|---|---|---|
| As at 1 January 2023 | 52,241 | 80,991 | 61,988 | 4,708 | (4,708) | 299,826 | 1,811 | 17,827 | (9,496) | 323,577 | 828,765 | 31,401 | 860,166 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend payments for 2022 | - | - | - | - | - | (51,975) | - | - | (9,692) | (61,667) | - | (61,667) | |
| Transfer of a portion of 2023 net profit | - | - | - | - | - | 46,403 | - | - | (46,403) | - | - | - | |
| Increase/(decrease) in non-controlling interest | - | - | - | - | - | (762) | - | - | - | (762) | (384) | (1,146) | |
| Transactions with owners | - | - | - | - | - | (6,334) | - | - | - | - | - | - |
135,362
1,190
472
(11,749)
41
130
(11,106)
244
(10,862)
472
(11,749)
41
135,492
124,256
1,434
125,690
| 52,241 | 80,991 | 61,988 | 4,708 | (4,708) | 293,492 | 2,283 | 6,078 | (9,455) | 402,974 | 890,592 | 32,451 | 923,043 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 52,241 | 80,991 | 61,988 | 4,708 | (4,708) | 293,492 | 2,283 | 6,078 | (9,455) | 402,974 | 890,592 | 32,451 | 923,043 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (46,403) | (74,001) | ||||
|---|---|---|---|---|---|
| (74,001) | Transfer of a portion of 2024 net profit | ||||
| 65,256 | |||||
| (65,256) | |||||
| Increase/(decrease) in non-controlling interest | |||||
| 10,178 | (1,385) | 8,793 | |||
| (40,293) | (31,500) | Transactions with owners | |||
| 47,836 | (1,385) | (111,659) | (65,208) | (40,293) | (105,501) |
| Net profit for the current year | |||||
| 138,420 | 138,420 | 7,495 | 145,915 | ||
| Other comprehensive income | |||||
| 620 | 9,525 | 289 | |||
| 10,434 | 2,653 | 13,087 | |||
| Total comprehensive income | |||||
| 620 | 9,525 | 289 |
| Called-up capital | Capital surplus | Profit reserves | Fair value reserve | Hedging reserve | Retained earnings | Total |
|---|---|---|---|---|---|---|
| As at 1 January 2023 | 52,241 | 80,991 | 61,750 | 4,708 | (2,605) | 322,181 |
| Legal reserves | Reserves for own shares | Own shares | Other profit reserves | Total | ||
| 42,539 | 26,640 | 9,545 | 597,990 | |||
| Dividend payments for 2022 | - | - | - | - | (51,975) | - |
| - | - | - | - | - | (9,692) | |
| - | - | - | - | (61,667) | ||
| Transfer of a portion of 2023 net profit | - | - | - | - | - | 46,403 |
| - | - | - | - | - | (46,403) | |
| Transactions with owners | - | - | - | - | (5,572) | - |
| - | - | - | - | (56,095) | (61,667) | |
| Net profit for the current year |
The accounting policies and notes form an integral part of these financial statements and should be read in conjunction therewith.
| 92,806 | 92,806 | |||
|---|---|---|---|---|
| 243 | (10,907) | 87 | (10,577) | |
| Total comprehensive income | - | - | - | - |
| 243 | (10,907) | 92,893 | 82,229 |
| 52,241 | 80,991 | 61,750 | 4,708 | (2,605) | 316,608 | 42,782 | 15,733 | 46,343 | 618,551 |
|---|---|---|---|---|---|---|---|---|---|
| 52,241 | 80,991 | 61,750 | 4,708 | (2,605) | 316,608 | 42,782 | 15,733 | 46,343 | 618,551 |
|---|---|---|---|---|---|---|---|---|---|
| - | (27,598) | - | - | (46,403) | (74,001) |
|---|---|---|---|---|---|
| - | - | 65,256 | - | - | (65,256) | - |
|---|---|---|---|---|---|---|
| - | - | - | - | - |
|---|---|---|---|---|
| (in EUR thousand) | Note | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|---|
| Cash flows from operating activities | |||||
| Net profit or loss | 145,915 | 136,552 | 130,512 | 92,806 | |
| Adjustments for: | |||||
| Income tax expense | 5.12 | 42,184 | 31,242 |
Net profit for the current year: 130,512
Other comprehensive income: (4,267)
Total comprehensive income: 126,245
As at 31 December 2024
Accumulated profit for 2024: 353,699
The accounting policies and notes form an integral part of these financial statements and should be read in conjunction therewith.
| Year | Amount |
|---|---|
| 2022 | 22,934 |
| 2021 | 15,563 |
| Year | Amount |
|---|---|
| 2022 | 12,163 |
| 2021 | 13,040 |
| Year | Amount |
|---|---|
| 2022 | 613 |
| 2021 | (643) |
| Year | Amount |
|---|---|
| 2022 | - |
| 2021 | 597 |
| Year | Amount |
|---|---|
| 2022 | 1,784 |
| 2021 | 2,001 |
| Year | Amount |
|---|---|
| 2022 | (65) |
| 2021 | (65) |
| Year | Amount |
|---|---|
| 2022 | 405 |
| 2021 | 190 |
| Year | Amount |
|---|---|
| 2022 | 2,165 |
| 2021 | 28,825 |
| Year | Amount |
|---|---|
| 2022 | 5,808 |
| 2021 | 723 |
| Year | Amount |
|---|---|
| 2022 | (3,987) |
| 2021 | (3,915) |
| Year | Amount |
|---|---|
| 2022 | 6,153 |
| 2021 | (513) |
| Year | Amount |
|---|---|
| 2022 | 8,501 |
| 2021 | 12,410 |
| Year | Amount |
|---|---|
| 2022 | 1,841 |
| 2021 | 41 |
| Year | Amount |
|---|---|
| 2022 | 1,962 |
| 2021 | - |
| (Income)/expense from the revaluation of the remaining share | 5.3, 5.8 | 1,399 | (11,544) | ||
|---|---|---|---|---|---|
| Share of profit of jointly controlled entities | 5.10 | (36) | (44) | ||
| Share of profit of associates | 5.10 | (1,543) | (3,680) | ||
| Income from dividends received from subsidiaries | 5.10 | (42,360) | (1,588) | ||
| Income from dividends received from jointly controlled entities | 5.10 | (44) | (931) | ||
| Income from dividends received from associates | 5.10 | (1,775) | (1,247) | ||
| Cash flow from operating activities before changes in working capital | 312,965 | 301,204 | 145,263 | 190,520 | |
| Net (decrease in)/creation of other liabilities | 5.41 | 22,345 | 16,717 | 21,271 | 3,008 |
| Net decrease in/(creation) of other assets | 5.30 | 1,944 | (24,495) | 10,025 | (14,981) |
| Change in inventories | 5.25 | (13,511) | 60,995 | (31,532) | 34,934 |
| Change in operating and other receivables and contract assets | 5.27,5.28 | 136,130 | 82,678 | 134,382 | 41,056 |
| Change in operating and other liabilities and contract liabilities | 5.39,5.40 | (177,018) | (216,390) | (165,964) | (122,428) |
| Cash generated from operating activities | 282,855 | 220,709 | 113,445 | 132,109 | |
| Interest paid | 5.11 | (26,961) | (25,181) | (22,878) |
| Taxes refunded/(paid) | 5.12 | (53,339) | 10,987 | (39,698) | 11,161 |
|---|---|---|---|---|---|
| Total | 202,555 |
| Payments for inv. in subsidiaries, net of cash acquired | 5.19 | (2,000) | (3,000) | (2,050) | (4,259) |
|---|---|---|---|---|---|
| Receipts from sale of intangible assets | 5.15 | 438 | 981 | 427 | 678 |
| Payments for intangible assets | 5.15 | (10,253) | (11,196) | (10,544) | (9,717) |
| Receipts from sale of property, plant and equipment | 5.17 | 5,839 | 6,765 | 424 | 2,859 |
| Payments for property, plant and equipment | 5.17 | (55,144) | (88,085) | (31,933) | (42,581) |
| Receipts from sale of investment property | 5.18 | - | 8 | - | - |
| Payments for investment property | 5.18 | (855) | (1,806) | - | (174) |
| Receipts from financial assets at fair value through other comprehensive income | 5.22 | - | 309 | - | - |
| Receipts from loans granted | 5.23,5.26 | 319 | 1,792 | 52,951 | 187,775 |
| Payments for loans granted | 5.23,5.26 | (579) | (2,152) | (48,912) | (153,943) |
| Interest received | 5.11 | 19,175 | 15,904 | 14,797 | 12,124 |
| Dividends received from subsidiaries | 5.10 | - | - | 13,686 | - |
1,589
| 5.10 | 2,040 | 1,350 | 1,775 | 1,247 |
|---|---|---|---|---|
| 5.10 | 367 | 205 | 147 | 95 |
|---|---|---|---|---|
| (40,609) | (77,994) | (9,188) | (3,376) |
|---|---|---|---|
| 5.36 | (32,828) | - | (32,828) | - |
|---|---|---|---|---|
| 5.37 | (20,743) | (20,484) | (5,390) | (4,651) |
|---|---|---|---|---|
| 5.36 | 334,542 | 1,552,485 | 2,911,419 | 2,777,681 |
|---|---|---|---|---|
| 5.36 | (398,014) | (1,592,469) | (2,843,443) | (2,849,458) |
|---|---|---|---|---|
| 5.19 | (50) | (1,259) | - | - |
|---|---|---|---|---|
| 5.32 | (74,001) | (61,667) | (74,001) | (61,667) |
|---|---|---|---|---|
| (191,094) | (123,394) | (44,243) | (138,095) |
|---|---|---|---|
| (29,148) | 5,127 | (2,562) | (18,045) |
|---|---|---|---|
| 105,937 | 100,963 | 33,020 | 51,203 |
|---|---|---|---|
| 72 | (153) | 25 | (138) |
|---|---|---|---|
| - | - |
|---|---|
Petrol d.d., Ljubljana (hereinafter the “Company”) is a company domiciled in Slovenia. Its registered office is at Dunajska cesta 50, 1000 Ljubljana. The consolidated financial statements comprise the Company and its subsidiaries, as well as the Group’s interests in associates and jointly controlled entities (together referred to as the “Group”). A more detailed overview of the Group’s structure is presented in the chapter Companies in the Petrol Group of the business report. Below we present the consolidated financial statements of the Group for the year ended 31 December 2024 and separate financial statements of the company Petrol d.d., Ljubljana for the year ended 31 December 2024.
The Company’s Management Board approved the Company’s financial statements and the Group’s consolidated financial statements on 2 April 2025. The financial statements of Petrol d.d., Ljubljana and the consolidated financial statements of the Petrol Group have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union, the interpretations of the IFRS Interpretations Committee, also adopted by the EU, and in accordance with the applicable law.
The Group’s and the Company’s financial statements have been prepared on the historical cost basis except for the financial instruments carried at fair value.
The financial statements in this report are presented in thousands of euros (EUR), except where explicitly stated to be presented in euros (EUR). The euro also being the Company’s functional currency. Due to rounding, some immaterial differences may arise in the sums presented in the tables. The financial statements provide comparative information in respect of the previous period.
The preparation of the financial statements requires the management to make estimates and judgements based on the assumptions used and reviewed that affect the reported amounts of assets, liabilities, revenue and expenses. How the estimates are produced and the related assumptions and uncertainties are disclosed in the notes on individual items. The estimates, judgements and assumptions are reviewed on a regular basis. Because estimates are subject to subjective judgement and a degree of uncertainty, the actual results might differ from the estimates. Changes in accounting estimates, judgements and assumptions are recognised in the period in which the estimates are changed, if the change only affects that period. If the change affects future periods, they are recognised in the period of the change and in any future periods.
Estimates and assumptions are mainly used in the following judgements:
In most cases, the lease term is stipulated in the contract. When the term is not specified, the Group/Company estimates the lease term by considering the assessment of the need to use the asset, taking into account its plans and the long-term business direction.
The Group/Company applied the following accounting judgements that significantly affect the determination of the amount and the recognition of revenue from contracts with customers:
duty is not carried as part of the revenue or cost. The assessment is based on indicators that determine the nature of the duty and the appropriateness of its presentation, such as: the assessment of the basis of the calculation, the point of payment of the duty, the possibility of changing the selling price in the event of a change in the duty, and the risks associated with the value of the inventory of goods. Taking into account all the above indicators, the Group/Company concludes that the revenue from the sale of goods and the cost of goods are shown net of excise duties. In 2024, the Group’s excise duties totalled EUR 1,511,817 thousand and the Company’s EUR 844,966 thousand.
When estimating the lives of assets, the Group/Company takes into account the expected physical wear and tear, the technical and economic obsolescence, as well as any expected legal restrictions and other restrictions of use. In addition, the Group/Company periodically checks the useful lives of significant assets; for example, if circumstances change significantly, resulting in the need to change the useful life and revalue the depreciation and amortisation costs.
An increase in the useful life of depreciable assets by 5 percent results in a decrease in depreciation and amortisation of EUR 3,193 thousand in 2024. A decrease in the useful life of depreciable assets by 5 percent results in an increase in depreciation and amortisation of EUR 3,289 thousand in 2024.
Information on significant uncertainty estimates and critical judgments that were prepared by the management in the process of accounting policy implementation and that affect the amounts in the financial statements the most was used in the estimation of the value of:
The Group/Company assesses the value of its assets by:
using the market approach, which is based on the values of economic categories of comparable companies as at the value assessment date.
Fair value is used for financial assets measured at fair value through other comprehensive income, financial assets measured at fair value through profit or loss and for derivatives. All other items in the financial statements represent the cost or amortised cost.
In measuring the fair value of a non-financial asset, the Group/Company must take into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group/Company uses valuation techniques that are appropriate under the circumstances and for which sufficient data is available, especially by applying appropriate market inputs and minimum non-market inputs.
All the assets and liabilities measured and disclosed in the financial statements at fair value are classified within the fair value hierarchy based on the lowest level of input data that is significant to the fair value measurement as a whole:
For assets and liabilities disclosed in the financial statements in previous periods, the Group/Company determines at the end of each reporting period whether transfers have occurred between levels by re-assessing the classification of assets based on the lowest level input that is significant to the fair value measurement as a whole.
The fair value hierarchy of assets and liabilities of the Group/Company is presented in Note 6.7, whereas the guidelines for individual items in the financial statements are given in Point 3.o.
Several lawsuits have been filed against Group companies, for which the potential need for provisions is estimated on an ongoing basis. Provisions are recognised if, as a result of a past event, companies have a current legal or constructive obligation that can be estimated reliably, and if it is probable that an outflow of economic benefits will be required to settle the obligation.
The Group and Group companies applied the accounting policies set out below consistently to all the periods presented in these financial statements. Except for the newly adopted standards and interpretations specified below, the accounting policies used herein are the same as in the previous annual report.
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on 22 September 2022 and effective for annual periods beginning on or after 1 January 2024). The amendments relate to the sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. The amendments require the seller-lessee to subsequently measure liabilities arising from the transaction and in a way that it does not recognise any gain or loss related to the right of use that it retained. This means deferral of such a gain even if the obligation is to make variable payments that do not depend on an index or a rate. The amendments to the Standards did not have a significant impact on the financial statements of the Group/Company.
Classification of liabilities as current or non-current – Amendments to IAS 1 (originally issued on 23 January 2020 and subsequently amended on 15 July 2020 and 31 October 2022, ultimately effective for annual periods beginning on or after 1 January 2024). These amendments clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities are non-current if the entity has a substantive right, at the end of the reporting period, to defer settlement for at least twelve months. The guidance no longer requires such a right to be unconditional. The October 2022 amendment established that loan covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Management’s expectations whether they will subsequently exercise the right to defer settlement do not affect classification of liabilities. A liability is classified as current if a condition.
The Group’s/Company’s other provisions include provisions for partial non-compliance pertaining to renewables in transport (Decree on renewable energy sources in transport). The provisions were estimated by considering all the relevant circumstances regarding conformity with the required standards and legal aspects, and represent the management’s best estimate of how likely the outflow of economic benefits from the Group/Company is.
Designated post-employment and other benefit obligations include the present value of post-employment benefits on retirement and jubilee benefits. They are recognised based on an actuarial calculation approved by the management. An actuarial calculation is based on the assumptions and estimates applicable at the time of the calculation, which may differ from the actual assumptions due to future changes. This mainly refers to determining the discount rate, the estimate of staff turnover, the mortality estimation and the salary increase estimate. Designated benefit obligations are sensitive to changes in the said estimates because of the complexity of the actuarial calculation and the item’s long-term nature. The assumptions are detailed in Notes 5.33 and 5.34.
Provisions for electricity are recorded under the provisions for onerous contracts. They are recognised on the basis of the calculation of the estimated economic benefits, agreed sales prices, and costs arising from electricity contracts. The current and forecasted market prices of electricity for the following year are used in the calculation. In the event of a 5 percent change in the purchase price profile of electricity for large and small business consumers, the provision for onerous contracts would change by EUR 2,789 thousand (2023: EUR 790 thousand) for the Group and EUR 2,235 thousand for the Company (2023: EUR 392 thousand).
The Group/Company recognises deferred tax assets for tax losses carried forward if it is probable that future taxable net profits will be available against which deferred tax assets can be utilised in the future. If the Group recognised all unrecognised deferred tax assets, the net profit and equity would increase by EUR 2,108 thousand (EUR 2,035 thousand as at 31 December 2023).
is breached ator beforethe reporting date evenif a waiver of that condition is obtained from the lender after the end of the reporting period. Conversely, a loan is classified as non-current if a loan covenant is breached only after the reporting date. In addition, the amendments include clarifying the classification requirements for debt a company might settle by converting it into equity. ‘Settlement’is defined as the extinguishment of a liability with cash, other resources embodying economic benefits or an entity’sown equity instruments. There is an exception for convertible instrumentsthat might be converted into equity, but onlyfor those instruments where the conversion option is classified as an equity instrument as a separate component of a compound financial instrument.
The amendments to the Standards didnot have a significantimpact on the financial statements of the Group/Company.
(Issued on 25 May 2023 and effective for annual periods beginning on or after 1 January 2024).
In response to concerns of the users of financial statements about inadequate or misleading disclosure of financing arrangements, in May 2023, the IASB issued amendments to IAS 7 and IFRS 7 to require disclosure about an entity’s supplier finance arrangements (SFAs). These amendments require the disclosures of the entity’s supplier finance arrangements that would enable the users of financial statements to assess the effects of those arrangements on the entity’s liabilities and cash flows and on the entity’s exposure to liquidity risk. The purpose of the additional disclosure requirements is to enhance the transparency of the supplier finance arrangements. The amendments do not affect recognition or measurement principles but only disclosure requirements.
The amendments to the Standards didnot have a significantimpact on the financial statements of the Group/Company.
The Group’s consolidated financial statements comprise the financial statements of the controlling company and its subsidiaries.
The financial statements of subsidiaries are included in the Group’s consolidated financial statements from the date when control commences until the date when control ceases. The accounting policies of subsidiaries are aligned with the Group’s policies.
In the Company’s financial statements, investments in subsidiaries are accounted for at cost less impairment. The Company only recognises income from an investment to the extent that it originates from a distribution of the accumulated profits of the investee arising after the date of acquisition. If a company is merged, the difference between the investment and the net value of the acquired assets is recognised in other profit reserves, taking into account goodwill, if any.
The impairment of assets is detailed in Policy j2.
Associates are those entities in which the Group has a significant influence, but not control, over their financial and operating policies. Jointly controlled entities are those entities over whose activities the Group has joint control, established by contractual agreement and requiring unanimous consent for financial and operating decisions. Investments in associates and jointly controlled entities are initially recognised at cost but are subsequently accounted for using the equity method. The Group’s consolidated financial statements include the Group’s share of the profit and loss of equity-accounted associates and jointly controlled entities, after adjustments to align the accounting policies, from the date that significant influence commences until the date that significant influence ceases. When the Group’s share of losses of an associate or a jointly controlled entity exceeds its interest in such an entity, the carrying amount of the Group’s interest is reduced to zero and the recognition of further losses is discontinued.
The Company measures investments in associates and jointly controlled entities at cost less impairment.
All foreign exchange differences are recognised in profit or loss, except for differences arising from the translation of the effective portion of the changes in the fair value of a grouped cash flow hedging instrument measured at fair value through other comprehensive income, which are recognised directly in other comprehensive income.
The Group’s consolidated financial statements are presented in thousands of euros. Line items of each Group company that are included in the financial statements are translated, for the purpose of preparing consolidated financial statements, into the reporting currency as follows:
The Group’s/Company’s financial assets include cash and cash equivalents, receivables and loans, and investments. The Group/Company initially recognises loans, receivables and deposits on the date of their origin. All other financial assets are recognised initially on the trade date, which is the date the Group/Company becomes a party to the contractual provisions of the instrument.
The Group’s/Company’s financial instruments are classified on initial recognition, based on the business model for managing the financial assets and the contractual cash flow characteristics of the financial asset acquired, into one of the following groups:
The impairment of financial assets is detailed in Note j1.
The Group’s/Company’s financial assets at amortised cost include financial assets held under its business model in order to collect contractual cash flows when the cash flows are solely payments of principal and interest on the principal amount outstanding. This category includes loans, trade and other receivables and cash and cash equivalents.
Financial assets at fair value through other comprehensive income that have the nature of an equity instrument are financial assets that meet the definition of equity under the IAS 32 Financial Instruments, which the Group/Company elected to classify irrevocably as equity instruments designated at fair value through other comprehensive income and that are not held for trading. The classification is determined on an instrument-by-instrument basis. The Group/Company elected to irrevocably classify its non-listed equity investments.
Derivative financial instruments are initially recognised at fair value. Attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are accounted for as described below.
The Group/Company uses the following derivative financial instruments:
The Group/Company purchases petroleum products in US dollars but primarily sells them in euros. Because purchases and sales are made in different currencies, mismatches occur between the purchase and selling prices that are hedged against using currency forward contracts by the Group/Company. The fair value of outstanding currency forward contracts at the date of the statement of financial position is determined by means of publicly available information about the value of currency forward contracts in a regulated market on the reporting date for all outstanding contracts. Gains and losses are recognised in operating profit or loss.
When a currency forward is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a recognised asset or liability or a forecast transaction, the effective portion of the gain or loss on the instrument is recognised directly in other comprehensive income. The ineffective portion of the gain or loss on the instrument is recognised in operating profit or loss under gains and losses from derivative financial instruments. The Group has currency forward contracts recognised both at fair value through profit or loss and in the hedging reserve. The Company only has them recognised at fair value through profit or loss.
down in its strategy and its electricity trading policy. As explained below the Group/Company has two separate portfolios of commodity derivatives, one at fair value through profit and loss and the other own use. For the first one, the so-called “Trading model” is used, and for the second one, the so-called “Retail model” is used. The material difference between the “Trading model” and “Retail model” in the case of physical contracts is that physical contracts are not concluded for the purpose of trading, but for the actual sale of electricity to end customers. Therefore, the booking of these transactions is carried out in accordance with IFRS 15. Until the physical contract is settled, it shall not be recognised. In accordance with IFRS 15, revenue and expenses from the sale of the cost value of the goods sold are booked and recognized only when the supply contract has been realized. To the extent that the physical sale of quantities and prices is not covered by the physical purchase of quantities and prices, and to the extent that there is an increase in the purchase price of electricity compared to the originally agreed price of electricity for sale, onerous contract provisions are formed for the loss disclosed in an individual contract. Both the retail and trading portfolios are clearly separated (by accounts and policies in place).
The fair value of outstanding commodity derivatives as at the date of the statement of financial position is determined using publicly available information about the market value of commodity derivatives as at the date of the statement of financial position as issued by relevant institutions. Gains and losses are recognised in operating profit or loss as gains and losses on derivative financial instruments.
If forward purchases and sales related to the physical delivery of electricity are considered contracts concluded in the ordinary course of business of the Group (“own use” contracts) they are not subject to the scope defined under IFRS 9. This applies when the following conditions are met:
Forward financial contracts which are not related to physical delivery in the electricity trade do not meet the above conditions and are treated by the Group/Company as financial instruments designated under IFRS 9. In the financial statements, revenue from the sale of goods and the costs of goods sold arising from commodity forward transactions are recognised at fair value. Outstanding contracts are remeasured to fair value at the date of the statement of financial position, and changes of the fair value are recognised as gains and losses on derivative financial instruments in the operating part of the statement of profit or loss.
When a commodity derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a recognised asset or liability or a forecast transaction, the effective portion of the gain or loss on the instrument is recognised directly in other comprehensive income. The ineffective portion of the gain or loss on an instrument is recognised in profit or loss as a gain or loss on the derivative financial instruments.
The effects of derivatives arising from physical contracts, not designated as hedges, in the case of cash flow variability exposure or failure of attribution to an individual risk, associated with a recognised asset or liability, are recognised in operating profit or loss as gains and losses on derivative financial instruments using net principle on individual contractual basis. The Group/Company has commodity derivatives (electricity, oil) recognised at fair value through profit or loss and in the hedging reserve.
Interest rates on loans received are exposed to a risk of interest rate fluctuations that is hedged against using interest rate swaps and collars. The fair value of outstanding interest rate swaps and collars at the date of the statement of financial position is determined by discounting future cash flows arising as a result of a variable interest rate (interest proceeds from a swap) and a fixed interest rate (payment of interest on a swap).
When an interest rate swap is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a recognised asset or liability or a forecast transaction, the effective portion of the gain or loss on the instrument is recognised directly in other comprehensive income. The ineffective portion of the gain or loss on the instrument is recognised in profit or loss as a finance income or expense.
The Group/Company has interest rate swaps recognised in the hedging reserve.
The Group’s/Company’s financial liabilities include liabilities arising from debt securities issued and loans received. The Group/Company initially recognises debt securities issued on the date of origin. All other financial liabilities are recognised initially on the trading date, or when the Group/Company becomes party to the contractual provisions of the respective instrument. All financial liabilities are initially recognised at fair value. After initial recognition, borrowings are measured at the amortised cost using the effective interest rate method.
The called-up capital of the controlling company, Petrol d.d., takes the form of share capital, the amount of which is laid down in the Company’s Articles of Association. It is registered with the Court and paid up by the owners.
Dividends on ordinary shares are recognised as a liability in the period in which they were approved by the General Meeting.
Capital surplus may be used under the conditions and for the purposes stipulated by law. Capital surplus consists of the general equity revaluation adjustment, which was transferred to capital surplus upon transition to the IFRS, and the capital surplus representing the excess of the disposal value over the carrying amount of own shares paid to the Company’s Supervisory Board members as a bonus.
Legal reserves comprise shares of profit from previous years that have been retained for a dedicated purpose, mainly for offsetting eventual future losses. When created, they are recognised by the body responsible for the preparation of the annual report or by means of a resolution of a competent body.
In accordance with the Companies Act, legal reserves may be used in excess to increase the share capital from the assets of the company and to cover net and carried-forward losses, provided that the profit reserves are not used at the same time to pay out profits to shareholders.
If the parent company or its subsidiaries acquire an ownership interest in the parent company, the amount paid, including transaction costs less tax, is deducted from the total equity in the form of own shares until such shares are cancelled, reissued or sold. If own shares are later sold or reissued, the consideration received is included in the capital surplus net of transaction costs and related tax effects.
At the time of drawing up the annual report, the Group/Company may establish other profit reserves of up to 50 percent of the net profit for the financial year. Other profit reserves may be used for any purpose in accordance with the law, the Articles of Association, the corporate policy and the resolutions of the General Meeting of Shareholders.
The fair value reserve comprises the effects of valuing financial assets at fair value through other comprehensive income and actuarial gains and losses related to the provisions for employee post-employment and other long-term benefits.
The hedging reserve comprises the effect of changes in the fair value of derivative financial instruments designated as effective in hedging against the variability in cash flows.
The Group’s goodwill is the result of business combinations. Goodwill is measured at cost less impairment. The Group measures the non-controlling interests in the acquiree at the proportionate share of the acquiree’s identifiable net assets. The Company’s goodwill arises on the upstream merger of a subsidiary. An upstream merger of a subsidiary to the controlling company is accounted for at the carrying amount of the assets in the top level of the Group. In the case of any goodwill arising from a business combination, goodwill is recognised at the Group’s cost. Any difference between the net assets of the merged company plus goodwill and the investment in the merged company is recognised in other profit reserves.
The Group/Company recognises an intangible non-current asset arising from a service concession arrangement when it has a right to charge for the usage of the concession infrastructure. An intangible non-current asset received as a consideration for providing construction or upgrade services in a service concession arrangement is measured at fair value upon initial recognition. Subsequent to the initial recognition, the intangible non-current asset is measured at cost less accumulated depreciation and any accumulated impairment losses. The duration of the right is linked to the duration of the concession agreement.
| Register Number | Country | Concessions | Description of the agreement | Area |
|---|---|---|---|---|
Concession agreement for the construction of a central wastewater treatment plant for the treatment of municipal wastewater and rainwater in the territory of individual municipalities
Concession agreement - distribution of natural gas
Agreement on the financing of the design, construction and operation of a gas distribution system and the performance of activities of general interest
Petrol d.d., Ljubljana
| Register no. | Concession period | Duration of concessions | Amount of revenue in 2024 in EUR thousand | Amount of revenue in 2023 in EUR thousand | Value of the concession fee for 2024 in EUR thousand | Value of the concession fee for 2023 in EUR thousand |
|---|---|---|---|---|---|---|
| 1 | from 2003 to 2044 | from 10 to 35 years | 8,948 | 9,166 | 33 | 37 |
| 2 | from 1999 to 2042 | from 25 to 30 years | 3,478 | 3,502 | 12 | 7 |
| 3 | from 1994 to 2055 | 28 to 35.5 years | 10,122 | 11,448 | 615 | 644 |
Under intangible assets, the Group/Company recognises emission allowances for the management of plants that require a greenhouse gas emission permit.
Public
Other intangible fixed assets with finite useful lives are carried at cost less accumulated depreciation and accumulated impairment losses. The Group/Company mainly recognises computer software as material and other rights.
Amortisation is calculated on a straight-line basis, taking into account the useful life of intangible fixed assets. Emission allowances are not amortised as they are purchased on an annual basis and are used in the same way.
Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses, with the exception of land, which is measured at cost less accumulated impairment losses. Items of property, plant and equipment are subsequently measured using the cost model.
Depreciation is calculated on a straight-line basis, taking into account the useful life of each part (component) of an item of property, plant and equipment. Leased assets are depreciated by taking into account the lease term and their useful lives. Land is not depreciated. Construction work in progress is not depreciated.
| (in %) | 2024 | 2023 |
|---|---|---|
| Construction facilities: | ||
| Facilities at service stations | 2.50 - 10.00 | 2.50 - 10.00 |
| Above ground and underground reservoirs | 1.00 - 25.00 | 1.00 - 25.00 |
| Underground service paths at service stations | 5.00 - 14.30 | 5.00 - 14.30 |
| Other facilities | 1.50 - 16.67 | 1.50 - 16.67 |
| Machinery: | ||
| Pump units at service stations | 5.00 - 25.00 | 5.00 - 25.00 |
| Supply wagons, tank wagons | 25.00 | 25.00 |
| Equipment: | ||
| Hardware and electronic equipment for maintenance of other equipment | 10.00 - 25.00 | 10.00 - 25.00 |
| Service station equipment | 3.33 - 20.00 | 3.33 - 20.00 |
| Motor vehicles | 10.00 - 25.00 | 10.00 - 25.00 |
| Computer hardware | 15.00 - 25.00 | 15.00 - 25.00 |
| Office equipment, furniture | 6.70 - 16.10 | 6.70 - 16.10 |
| Small tools | 33.33 | 33.33 |
| Environmental fixed assets | 4.00 - 25.00 | 4.00 - 25.00 |
Depreciation rates vary due to the different useful lives of the individual construction facilities, machinery and equipment. The impairment of assets is detailed in Policy j2.
Investment property is property held by the Group/Company either to earn rental income or for capital appreciation or for both. This is measured at cost less accumulated depreciation and accumulated impairment losses. The depreciation method and rates are the same as for property, plant and equipment. The impairment of assets is detailed in Policy j2.
The Group/Company considers as investment property all property held by the Group/Company that is fully or partially leased out to third parties. The Group’s/Company’s consideration takes into account the intended use of the property and the long-term goals pursued.
Property that is leased out as a whole is recognised as investment property based on separate records. The Group/Company recognises parts of the property that are leased out and constitute an integral part of the property used for the performance of core activities as investment property, insofar as that part of the property can be sold or leased separately from the rest of the property. If parts of the property cannot be sold separately, the property is only investment property if an insignificant part is used for the performance of the Group/Company’s core activity.
The Group/Company holds various items of business property (land, business premises and buildings), equipment and cars under a lease. Lease conditions are subject to negotiation on a case-by-case basis and vary depending on the term and type of the lease. The Group/Company assesses at contract inception whether a contract is, or contains, a lease. That is the case if the contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration.
Amortisation rates depend on the terms of the concession agreements.
Amortisation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.
The Group/Company determines the lease term based on the noncancellable period of a lease, taking into account the period covered by an option to extend the lease and the period covered by an option to terminate the lease. The Group/Company also assesses the probability of the above options.
The term of a lease depends on the type of the leased asset and the range:
The Group/Company applies a single recognition and measurement approach for all leases, except for short-term leases whose lease term expires earlier than 12 months from initial use and leases of low-value assets. Low-value leases are leases of assets with an individual value of less than EUR 4,300 (the value of the new asset being leased is taken into account). With regards to the leases of low-value assets and short-term leases, the Group/Company records lease payments as an expense for the period to which the lease relates.
For all other leases, the Group/Company has recognised lease liabilities and right-of-use assets.
The Group/Company recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised initially, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
The depreciation rates of right-of-use assets are as follows:
| (in %) | 2024 | 2023 |
|---|---|---|
| Land | 3.33 - 20.00 | 3.33 - 20.00 |
| Buildings | 5.00 - 20.00 | 5.00 - 20.00 |
| Equipment | 10.00 - 100.00 | 10.00 - 100.00 |
Inventories of merchandise and materials are measured at the lower of the cost and net realisable values. Damaged, expired and unusable inventories are written off regularly during the year on an item-by-item basis. The cost of inventory is determined under the moving average cost method for fuel stock and under the FIFO method for merchandise inventory.
In accordance with the IFRS 9, the Group/Company uses the expected credit loss model (for trade receivables, IFRS 15 assets under contracts with customers and loans) based on which the Group/Company not only recognises incurred losses but also expected future losses. Objective evidence that financial assets are impaired includes default or delinquency by a debtor, restructuring of an amount due to the Group/Company for which the Group/Company has granted its approval, indications that a debtor will enter bankruptcy, and the disappearance of an active market for an instrument. For an investment in an equity security, a significant or prolonged decline in its fair value below its cost is objective evidence of impairment.
The Group and the Company use a simplified lifetime expected credit loss model to value receivables in accordance with the IFRS 9. The Expected Credit Loss (ECL) is calculated as the product of:
On each reporting date, the Group/Company reviews the carrying amounts of significant non-financial assets to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated.
The Group/Company determines the recoverable amount of an asset using the present value method of expected cash flows, which is based on the multi-year future financial plans of cash-generating units approved by the Supervisory Board. The assumptions used in the calculation of the net cash flows (long-term growth rate of cash flows, cash flow projection, projection period and discount rate) are based on past operations and reasonably expected operations in the future. Cash flow projection periods reflect the operations and investment activities of individual companies. Growth rates of free cash flows are based on the expected price growth rates.
In the case of points of sale, the Group/Company defined that it checks for indications of impairment at the level of the point-of-sale network rather than at the level of individual points of sale. Based on an analysis of the interdependence of individual points of sale, the Group/Company determined that identifying the point-of-sale network in an individual country as a level at which to check for signs of impairment was the most appropriate approach. If there are indications of impairment at the level of the point-of-sale network, the impairment is carried out at the level of the individual point-of-sale.
Based on internal and external sources of information, the Company verifies on a regular basis whether there is an indication that investments in subsidiaries may be impaired. The Company determines the recoverable amount using the same method as for other non-financial assets.
The amount of the provisions is determined as the present value of payments that the Group/Company will be expected to make based on the contracts it has concluded and the applicable legislation. To determine the amount, the Group/Company relies on actuarial methods and on opinions provided by legal experts.
Provisions for employee post-employment and other non-current benefits
Pursuant to the law, the collective agreement and the internal rules, the Group/Company is obligated to pay its employees jubilee benefits and post-employment benefits on retirement, for which it has established long-term provisions. The business cooperation agreements entered into by Group companies with service station operators stipulate that the rights of employees at third-party operated service stations to jubilee benefits and post-employment benefits on retirement are equal to the rights of Group company employees. The contractual obligation of Group companies to reimburse the costs arising from such rights to service station operators represents a basis for the recognition of long-term provisions. Other obligations related to employee post-employment benefits do not exist.
The provisions amount to the estimated future payments for post-employment benefits on retirement and jubilee benefits discounted to the end of the reporting period. The calculation is performed separately for each employee by taking into account the costs of the post-employment benefits on retirement and the costs of all the expected jubilee benefits until retirement. The calculation using the projected unit credit method is performed by a certified actuary. Post-employment benefits on retirement and jubilee benefits are charged against the provisions created.
The Group/Company makes provisions based on estimates by professional services or external legal advisers of the likely outcome of lawsuits. The appropriateness of the provisioning is examined on a case-by-case basis, taking into account the amount of the claim, the subject matter of the lawsuit, the allegations made by the claimant and the course of the individual proceedings. Several lawsuits have been filed against the Group and Group companies for which the potential need for provisions is estimated on an ongoing basis.
The Group/Company creates provisions for onerous contracts when the market situation causes the costs of meeting contractual obligations to exceed the expected economic benefit of long-term contracts. The provisions are determined based on the estimated purchasing and selling price levels and quantities, taking into account the costs to sell and general and administrative costs.
Government and other subsidies received to cover costs are recognised as a decrease in the corresponding costs. Subsidies received as compensation for assets are recognised strictly as income over the periods in which the costs that they are intended to compensate are incurred. The income, or the decrease in costs, is recognised when it can be reasonably expected that it will result in receipts or where it is sufficiently certain that no unfulfilled conditions exist.
Revenue from contracts with customers is recognised once the control of goods or services is transferred to a customer in an amount that reflects the consideration the Group/Company expects to be entitled to in exchange for such goods or services. Revenue from contracts with customers is recognised at the fair value of the consideration received or receivable, net of returns and discounts, trade discounts and volume rebates. Revenue is recorded when the customer obtains control of the goods or benefits from the services rendered.
Sales revenue includes revenue from the sale of petroleum products, LPG and other alternative energies (compressed natural gas), electricity, natural gas, revenue from the sale of merchandise (foodstuffs, tobacco products, lottery, vouchers and cards, Coffee to Go, Fresh products, car cosmetics and spare parts), biomass, tyres, tubes and batteries. A sale of goods is recognised when the Group/Company delivers goods to a customer, the customer accepts the goods, and the collectability of the related receivables is reasonably assured. As of the sale, the Group/Company no longer has control of the goods or services sold. Sales revenue does not include duties paid upon the purchase and upon the sale of the goods.
With respect to contracts on the supply of electricity or natural gas, the Group/Company transfers control over time, while the customer receives and uses benefits deriving from the Group’s/Company’s performance obligation as the latter is satisfied. For measuring revenue over time the Group/Company uses the output method. Revenue from the sale of electricity also includes revenue from the sale of electricity generated by solar, wind and hydropower plants, as well as the sale of other energy produced by Energy and solutions. Revenue from transportation services is presented and recognised as a separate performance obligation in service revenue.
Revenue from services includes transportation, storage and fuel handling revenue, income from payment cards, car wash revenue, revenue from natural gas distribution, revenue from the maintenance and servicing of charging mobile stations and revenue from installation service for solar power plants. A sale of services is recognised according to input method which measures progress towards satisfying performance obligation indirectly, based on consumed resources in proportion to total expected resources.
For long-term projects, the revenue from services rendered is recognised based on the stage of completion (cost-to-cost method) as at the balance sheet date. Under this method, the revenue is recognised in the accounting period in which the services are rendered. The percentage of completion is based on the costs incurred to the estimated total cost to complete the project.
In instalment sales, the Group/Company immediately recognises revenue from the sale of goods and finance income deferred over the entire contract term. The finance income is assessed based on discounted future cash flows flowing to the Group/Company. The Group/Company mainly sells built solar power plants and heat pumps in instalments.
The Group/Company also sells merchandise to customers that is the direct property of the suppliers at the time of sale. Under contracts with customers and suppliers, the Group/Company receives, in return for brokering the sale, a pre-agreed difference between the final selling price and the purchase price, which the Group/Company recognises in sales revenue - merchandise and services segment.
A contract asset is the right to consideration in exchange for goods or services transferred to the customer. The Group’s/Company’s contract assets include accrued revenue from goods and services delivered to customers.
A receivable is the Group’s/Company’s right to an amount of consideration that is unconditional (i.e. only the passage of time is required before the payment of the consideration is due). See the accounting policies on the recognition of financial assets in the Financial assets section.
A contract liability is an obligation to transfer goods or services to a customer for which the Group/Company has received consideration. The Group’s/Company’s contract liabilities include the liabilities from prepayments received and liabilities arising from the loyalty scheme. Contract liabilities are recognised as revenue when the Group/Company satisfies its performance obligation.
Variable consideration refers to volume rebates granted to customers. The Group/Company provides retrospective volume rebates to certain customers once the quantity of products purchased during the period exceeds a threshold specified in the contract. Rebates are offset against amounts payable by the customer. To estimate the variable consideration for the expected future rebates, the Group/Company applies the most likely amount method for contracts with the expected value method. The selected method that best predicts the amount of variable consideration is primarily driven by the number of volume thresholds contained in the contract. The Group/Company then applies the requirements on constraining estimates of variable consideration and recognises a refund liability for the expected future rebates.
Finance income comprises interest income on financial assets, positive exchange rate differences and gain on interest rate swaps. Interest income is recognised as it accrues using the effective interest rate method. Dividend income is recognised in the Company’s statement of profit or loss on the date that a shareholder’s right to receive payment is established. Finance expenses comprise borrowing costs (unless capitalised), foreign exchange losses, and loss on interest rate swaps. Borrowing costs are recognised in profit or loss using the effective interest method.
The methods of determining the fair values of individual groups of assets for measurement or reporting purposes are described below.
The fair value of receivables and loans is calculated as the present value of future cash flows, discounted at the market rate of interest at the end of the reporting period. The estimate takes into account the credit risk associated with these financial assets.
For reporting purposes, fair value is calculated using the present value of future payments of the principal and interest, discounted at the market rate of interest at the end of the reporting period.
Because the Group/Company has no convertible bonds or share options granted to employees, its basic earnings per share are the same as its diluted earnings per share. The basic earnings per share are calculated by dividing the profit or loss attributable to the owners of the controlling company by the weighted average number of ordinary shares during the period.
An operating segment is a component of the Group that engages in business activities from which it earns revenue and incurs expenses that relate to transactions with any of the Group’s other components. Segments differ from one another in terms of risks and returns. Their results are reviewed regularly by the Management Board (Chief Operating Decision Maker) to make decisions about the resources to be allocated to a segment and assess the Group’s performance.
The Group uses the following segments in the preparation and presentation of its financial statements:
The section of the statement of cash flows referring to operating activities has been drawn up using the indirect method based on data derived from the statement of financial position as at 31 December 2023 and 31 December 2024 and data derived from the statement of profit or loss for the period January to December 2024. Interest paid on loans is allocated to cash flows from operating activities, while the default interest received in connection with operating receivables and interest received on loans are allocated to cash flows from investing activities. Dividends paid are allocated to cash flows from financing activities and dividends received are classified as investing cash flows.
The standards and interpretations disclosed below have been issued but were not yet effective as of the date of issuance of the consolidated/separate financial statements. The Group/Company intends to adopt these standards and interpretations, if applicable, when drawing up its financial statements when they become effective. The Group/Company did not adopt any of the standards early.
(Issued on 15 August 2023 and effective for annual periods beginning on or after 1 January 2025).
In August 2023, the IASB issued amendments to IAS 21 to help entities assess exchangeability between two currencies and determine the spot exchange rate, when exchangeability is lacking. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. The amendments to IAS 21 do not provide detailed requirements on how to estimate the spot exchange rate. Instead, they set out a framework under which an entity can determine the spot exchange rate at the measurement date. When applying the new requirements, it is not permitted to restate comparative information. It is required to translate the affected amounts at estimated spot exchange rates at the date of initial application, with an adjustment to retained earnings or to the reserve for cumulative translation differences. The Group/Company does not expect the aforementioned amendments to have an impact on its consolidated or separate financial statements.
Amendments to IFRS 9 and IFRS 7 (issued on 30 May 2024 and effective for annual periods beginning on or after 1 January 2026).
On 30 May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to:
The Group/Company has been reviewing the impact of the amendments to the Standard and will take them into account upon its implementation.
(Issued in July 2024 and effective from 1 January 2026).
recognised at ‘the amount determined by applying IFRS 15’ instead of at ‘their transaction price (as defined in IFRS 15)’. IFRS 10 was amended to use less conclusive language when an entity is a ‘de-facto agent’ and to clarify that the relationship described in paragraph B74 of Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Financial Report.
IFRS 10 is just one example of a circumstance in which judgement is required to determine whether a party is acting as a de-facto agent. IAS 7 was corrected to delete references to ‘cost method’ that was removed from IFRS Accounting Standards in May 2008 when the IASB issued amendment ‘Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate’. The Group/Company has been examining the impact of the amendments to the Standard and will take them into account upon its implementation.
Amendments to IFRS 9 and IFRS 7 (Issued on 18 December 2024 and effective from 1 January 2026).
The IASB issued amendments to help companies better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs). Current accounting requirements may not adequately capture how these contracts affect a company’s performance. To allow companies to better reflect these contracts in the financial statements, the IASB has made targeted amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures. The amendments include:
The Group/Company has been reviewing the impact of the amendments to the Standard and will take them into account upon its implementation.
(Issued on 9 April 2024 and effective for annual periods beginning on or after 1 January 2027).
In April 2024, the IASB issued IFRS 18, the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:
IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its ‘operating profit or loss’. IFRS 18 will apply for reporting periods beginning on or after 1 January 2027 and also applies to comparative information. The Group/Company has been reviewing the impact of the amendments to the Standard and will take them into account upon its implementation.
(Issued on 9 May 2024 and effective for annual periods beginning on or after 1 January 2027).
The International Accounting Standard Board (IASB) has issued a new IFRS Accounting Standard for subsidiaries. IFRS 19 permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Applying IFRS 19 will reduce the costs of preparing subsidiaries’ financial statements while maintaining the usefulness of the information for users of their financial statements. Subsidiaries using IFRS Accounting Standards for their own financial statements provide disclosures that may be disproportionate to the information needs of their users. IFRS 19 will resolve these challenges by:
The Group/Company has been reviewing the impact of the amendments to the Standard and will take them into account upon its implementation.
In view of the fact that the financial report consists of the financial statements and accompanying notes of both the Group and the Company, only the Group’s operating segments are disclosed.
An operating segment is a component of the Group that engages in business activities from which it earns revenue and incurs expenses that relate to transactions with any of the Group’s other components. The results of the operating segments are reviewed regularly by the Management Board (Chief Operating Decision Maker) to make decisions about the resources to be allocated to a segment and assess the Group’s performance.
Segment reporting is presented in more detail in the business section of the report in the Chapters Performance analysis of the Petrol Group 2024 and Operations by product groups. The Management Board monitors data in four segments.
The Group uses the following segments in both the drawing up and presentation of its financial statements:
Fuels and petroleum products include:
| (in EUR thousand) | Fuels and petroleum products | Merchandise and services | Energy solutions | Other | Total profit or loss |
|---|---|---|---|---|---|
| Revenue from contracts with customers | 4,356,063 | 571,925 | 3,412,083 | 14,753 | 8,354,824 |
| Revenue from subsidiaries | (936,954) | (706) | (426,608) | (7,879) | (1,372,147) |
| Revenue from contracts with customers | 3,419,109 | 571,219 | 2,985,475 | 6,874 | 6,982,677 |
| Cost of goods sold | (3,065,293) | (406,420) | (2,832,220) | (1,176) | (6,305,108) |
| Gross profit | 353,817 | 164,799 | 153,255 | 5,698 | 677,569 |
| Operating profit or loss | 53,432 | 41,952 | 76,232 | 3,994 | 175,611 |
| Depreciation of PPE, right-of-use assets, inv. property and amortisation of intangible assets | (48,133) | (20,298) | (28,277) | (775) | (97,483) |
| EBITDA | 101,002 | 60,836 | 106,589 | 4,154 | 272,581 |
| Depreciation and amortisation | (97,483) | ||||
| Net impairment (losses)/gains on financial and contract assets | 513 | ||||
| Share of profit or loss of equity accounted investees | 3,724 | ||||
| Net finance expenses | (11,541) | ||||
| Profit/(loss) before tax | 167,794 |
| (in EUR thousand) | Fuels and petroleum products | Merchandise and services | Energy solutions | Other | Total profit or loss |
|---|---|---|---|---|---|
| Revenue from contracts with customers | 4,153,889 | 637,324 | 2,586,648 | 12,626 | 7,390,487 |
| Revenue from subsidiaries | (934,471) | (997) | (334,920) | (8,419) | (1,278,808) |
| Revenue from contracts with customers | 3,219,418 | 636,327 | 2,251,727 | 4,207 | 6,111,679 |
| Cost of goods sold | (2,868,562) | (442,421) | (2,070,329) | (5,381,312) | |
| Gross profit | 350,856 | 193,906 | 181,398 | 4,207 | 730,367 |
| Operating profit or loss | 95,021 | 58,709 | 52,656 | 1,795 | 208,181 |
| Depreciation of PPE, right-of-use assets, inv. property and amortisation of intangible assets | (49,665) | (29,025) | (20,085) | (1,091) | (99,866) |
| EBITDA | 145,564 | 78,556 | 87,179 | 2,901 | 314,200 |
| Depreciation and amortisation | (99,866) | ||||
| Net impairment (losses)/gains on financial and contract assets | (6,153) | ||||
| Share of profit or loss of equity accounted investees | 1,579 | ||||
| Net finance expenses | (21,661) | ||||
| Profit/(loss) before tax | 188,099 |
EBITDA and gross profit are alternative performance measures and not defined by IFRS. It can be calculated differently by different parties.
EBITDA = Operating profit + Net impairment (losses)/gains on financial and contract assets + Depreciation and amortisation charge.
Gross profit = Sale revenue – Cost of goods sold.
Revenue from contracts with customers
Total assets
Net investments
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|---|---|
| Slovenia | 2,823,082 | 3,458,019 | 1,422,337 | 1,542,385 | 44,508 | 46,668 |
| Croatia | 1,242,291 | 1,172,473 | 750,468 | 759,107 | 11,387 | 35,389 |
| Austria | 240,593 | 301,541 | 4,935 | 4,646 | - | - |
| Bosnia and Herzegovina | 200,216 | 235,041 | 84,192 | 97,069 | 758 | (723) |
| Serbia | 173,194 | 144,085 | 122,030 |
| Montenegro | 62,906 | 55,911 | 34,459 | 32,967 | 1,316 | 125 |
|---|---|---|---|---|---|---|
| Romania | 2,270 | 6,071 | 26 | 587 | - | - |
| Macedonia | 8,699 | 3,316 | 3,835 | 235 | - | - |
| Other countries | 1,358,428 | 1,606,220 | 1,951 | 1,938 | - | - |
| Total | 6,111,679 | |||||
| Total | 6,982,677 | |||||
| Total | 2,424,233 | |||||
| Total | 2,553,770 | |||||
| Total | 60,126 | |||||
| Total | 82,935 | |||||
| Jointly controlled entities | 342 | 350 |
| Associates | 1,864 | 59,317 |
|---|---|---|
| Unallocated assets | 20,690 | 21,827 |
| Total assets | 2,447,129 | 2,635,263 |
For the purpose of presenting geographical areas, revenue generated in a particular area is determined based on the geographical location of customers, whereas the assets are determined based on the geographical location of assets.
Unallocated assets refer mainly to deferred tax assets.
Net investments are acquisitions and disposals of property, plant and equipment, intangible assets and non-current investments of the Group in subsidiaries, jointly controlled entities and associates.
On November 7, 2024, following the fulfilment of suspensive conditions, Petrol d.d., Ljubljana, and the Republic of Slovenia, represented by Slovenski državni holding d.d. in accordance with the Act on Slovenian Sovereign Holding (ZSDH-1), completed the second step of the share exchange agreement involving Geoplin d.o.o. Ljubljana and Plinhold d.o.o. The share exchange agreement was initially signed on July 14, 2016. In the first step Petrol d.d., Ljubljana became the majority shareholder of Geoplin d.o.o. Ljubljana, while the Republic of Slovenia became the majority shareholder of Plinovodi d.o.o. (later restructured into Plinhold d.o.o.). However, the Republic of Slovenia retained a 25.01% ownership interest in Geoplin d.o.o. Ljubljana.
Pursuant to the agreed terms of the share exchange with the Republic of Slovenia, on November 7, 2024, Petrol d.d., Ljubljana acquired the 25.01% ownership interest in Geoplin d.o.o. Ljubljana in exchange for a 16.98% interest in Plinhold d.o.o. The exchange was carried out based on the agreed exchange ratio, which was determined using valuations of both companies conducted by an authorized business valuation expert in 2016. The acquired ownership interest was recognized in the Company’s financial statements and the Group’s consolidated statements at fair value, while the divested interest was derecognized at its carrying value. The remaining interest in Plinhold d.o.o. was revalued to its fair value. For the valuation of the business share of Geoplin d.o.o. Ljubljana, an external independent appraiser used the discounted cash flow method, with a required rate of return of 11.30%. For the valuation of the business share of Plinhold d.o.o., an external independent appraiser used the summation method, with a required rate of return of 7.16% and a residual value growth rate of 2.10%.
The Company realized financial income of EUR 15,118 thousand from the derivative financial instrument or the difference between the fair values of both investments on the date of the forward contract execution. After the forward settlement, the Company derecognized the disposed part of the investment in the associate Plinhold d.o.o. and recognized operating income of EUR 15,412 thousand for the difference to the fair value of the acquired share in Geoplin d.o.o. The remaining share in Plinhold d.o.o. was classified by the Company as a financial asset under IFRS9, measured at fair value through other comprehensive income, and upon remeasurement of its fair value in accordance with IAS 28, recognized operating income of EUR 11,544 thousand.
The Group recognized an increase in other reserves from profit of EUR 9,822 thousand and a decrease in the hedge reserve of EUR 1,385 thousand for the difference between the fair value of the acquired share in Geoplin d.o.o. Ljubljana and the reduction of non-controlling interest. From the sale of the share in Plinhold d.o.o., the Group realized a loss recognized among other expenses in the amount of EUR 1,962 thousand, and from the remeasurement of the remaining share in Plinhold d.o.o. (12.91% share) to its fair value, operating expenses in the amount of EUR 1,399 thousand.
In 2024, Petrol d.d. acquired an additional ownership interest in Petrol Power d.o.o. Sarajevo, thus becoming a 100 percent owner of the company.
At the end of March 2024, Geoplin d.o.o. Ljubljana liquidated Geoplin d.o.o. Beograd.
In May 2024, MBills d.o.o. was renamed to Petrol Pay d.o.o..
In July 2024, Ekoen d.o.o. and Ekoen S d.o.o. were merged into Petrol d.d., Ljubljana, with an effective merger date of January 1, 2024. The merger had no impact on the Group’s financial statements, as Petrol d.d., Ljubljana was the sole owner of both companies. However, it had an impact on the Company's financial statements and the difference between the net asset value of the upstream merger and the investment was recognised as a reduction in profit reserves in the amount of EUR 567 thousand.
In July 2024, Vjetroelektrana Ljubač d.o.o. was merged into Vjetroelektrane Glunča d.o.o.. The merger had no impact on the Group’s financial statements, as Vjetroelektrane Glunča d.o.o., a subsidiary of Petrol d.d., was the sole owner of Vjetroelektrana Ljubač d.o.o.
In August 2024, Tigar Petrol d.o.o. Beograd was merged into Petrol LPG d.o.o.. The merger had no impact on the Group’s financial statements, as Petrol LPG d.o.o., a subsidiary of Petrol d.d., was the sole owner of Tigar Petrol d.o.o. Beograd.
In 2024, Petrol d.o.o. Beograd established two subsidiaries: Petrol Lumennis SU JO d.o.o. Beograd and Petrol Lumennis MI JO d.o.o. Beograd, which operate in the Energy and solutions segment. Petrol d.o.o. Beograd is the 100 percent owner of both companies.
In 2023, Petrol d.d. acquired an additional 23 percent interest in Atet d.o.o., thus becoming a 100 percent owner of the company.
In July 2023, GEOCOM d.o.o. was merged into Geoplin d.o.o. Ljubljana with an effective date on 1 January 2023. The upstream merger had no impact on the Group’s financial statements as Geoplin d.o.o., a subsidiary of Petrol d.d., Ljubljana was its sole owner.
In 2023, Atet d.o.o. established a subsidiary, Atet Mobility Zagreb d.o.o., which operates in the Energy and solutions segment. Atet d.o.o. is the 100 percent owner of the company.
| The Petrol Group | Petrol d.d. | |||
|---|---|---|---|---|
| (in EUR thousand) | (in EUR thousand) | |||
| 2024 | 2023 | 2024 | 2023 | |
| Revenue from the sale of goods | 6,003,232 | 6,857,962 | 4,304,638 | 5,198,823 |
| Revenue from the sale of services | 108,447 | 124,715 | 96,944 | 104,306 |
| Total revenue | 6,111,679 | 6,982,677 |
| 4,401,582 | 5,303,129 |
|---|---|
| 4,534,806 | 4,786,235 | 3,814,997 | 4,244,318 |
|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| Domestic sales revenue | 2,823,082 | 3,458,019 | 2,520,049 | 3,062,854 |
| EU market sales revenue | 2,587,980 | 2,851,417 | 1,712,323 | 2,008,072 |
| Non-EU market sales revenue | 700,617 | 673,241 | 169,210 | 232,203 |
| Total revenue | 6,111,679 | 6,982,677 | 4,401,582 | 5,303,129 |
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Fuels and petroleum products | 3,219,418 | 3,419,109 | 2,670,633 | 2,883,562 |
| Merchandise and services | 636,327 | 571,219 | 412,427 | 390,976 |
| Energy and solutions | 2,251,727 | 2,985,475 | 1,307,718 | 2,018,196 |
| Other | 4,207 | 6,874 | 10,804 | 10,395 |
| Total revenue | 6,111,679 | 6,982,677 | 4,401,582 | 5,303,129 |
The Group’s/Company’s revenue includes rental income. In 2024, the Group generated EUR 6,441 thousand in rental income (2023: EUR 5,994 thousand) and the Company EUR 4,267 thousand (2023: EUR 3,664 thousand).
Based on the IFRS 15 Revenue from Contracts with Customers, for the agent-principal model, excise duties and similar levies or fees are recognised with the net presentation in the financial statements as the Company and its subsidiaries act as an “agent” and collect the excise duties from third parties for the benefit of the government. The total amount of the excise duty collected from customers was EUR 1,511,817 thousand in 2024.
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Income from grants, EU projects and other | 9,493 | 7,704 | 5,762 | 5,579 |
| Compensations received from insurance companies | 1,401 | 472 | 888 | 67 |
| Compensation, lawsuits, contractual penalties received | 1,013 | 472 | 531 | 304 |
| Gain on disposal of plan, property and equipment | 786 | 2,104 | 344 | 1,130 |
| Repayment of court fees | 99 | 131 | 80 | 89 |
| Profit from the sale of an associate's share | - | - | 15,412 | - |
| Income from the revaluation of the remaining share | - | - | - | - |
| The Petrol Group | Petrol d.d. | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Costs of energy | 41,884 | 55,770 | 34,137 | 46,232 |
| Costs of consumables | 12,680 | 8,664 | 9,224 | 5,609 |
| Write-off of small tools | 242 | 120 | 77 | 41 |
| Other costs of materials | 997 | 1,062 | 532 | 619 |
| Total costs of materials | 55,803 | 65,616 |
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Cost of transport services | 44,426 | 42,635 | 34,862 | 33,360 |
| Costs of service station managers | 29,223 | 37,407 | 29,223 | 37,407 |
| Costs of fixed-asset maintenance services | 28,903 | 28,528 | 20,466 | 20,446 |
| Cost of intellectual services | 18,653 | 12,536 | 11,558 | 8,558 |
| Costs of payment transactions and bank services | 16,075 | 15,045 | 10,276 | 9,342 |
| Lease payments | 14,814 | 12,779 |
| Costs of subcontractors | 10,425 | 10,283 | 9,794 | 9,478 | 8,205 | 8,840 |
|---|---|---|---|---|---|---|
| Costs of fairs, advertising and entertainment | 9,084 | 7,357 | 5,832 | 5,161 | ||
| Costs of insurance premiums | 6,583 | 6,414 | 3,892 | 3,764 | ||
| Costs of fire protection, physical and technical security | 2,642 | 2,222 | 2,022 | 1,694 | ||
| Costs of environmental protection services | 2,535 | 2,671 | 1,600 | 1,736 | ||
| Reimbursement of work-related costs to employees | 1,730 | 1,400 | 1,001 | 803 | ||
| Membership fees | 654 | 641 | 224 | 224 | ||
| Property management | 515 |
| Other costs of services | 4,576 | 6,440 | 2,656 | 3,570 |
|---|---|---|---|---|
| Total costs of services | 190,207 | 186,253 | 142,763 | 145,844 |
The costs of intellectual services include the costs of services performed by the auditors of the annual report of EUR 522 thousand (2023: EUR 446 thousand). Auditing services comprise the auditing fee of the annual report of EUR 506 thousand (2023: EUR 432 thousand). Other, non-auditing services, stood at EUR 16 thousand in 2024 (2023: EUR 13 thousand).
The costs of intellectual services include the costs of services performed by the auditors of the annual report of EUR 313 thousand (2023: EUR 125 thousand). Auditing services comprise the auditing fee of the annual report of EUR 301 thousand (2023: EUR 114 thousand). Other, non-auditing services, stood at EUR 12 thousand in 2024 (2023: EUR 12 thousand).
| Petrol Group | Petrol d.d. | |||
|---|---|---|---|---|
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
| Depreciation of right-of-use assets | 24,731 | 23,511 | 5,772 | 4,966 |
| Finance expenses | 4,672 | 4,114 | 1,519 | 1,346 |
| 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|
| 14,814 | 12,779 | 10,425 | 10,283 |
| 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|
| 44,217 | 40,404 | 17,716 | 16,595 |
The Group’s/Company’s lease expenses include expenses for current leases, leases of low-value assets and leases with variable lease payments.
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Salaries | 131,066 | 119,526 | 85,509 | 79,496 |
| Costs of other social insurance | 11,695 | 10,662 | 6,499 | 5,855 |
| Expense for defined contribution plan | 9,251 | 8,695 | 7,584 | 7,201 |
| Meal allowance |
| The Petrol Group | Petrol d.d. | |||||||
|---|---|---|---|---|---|---|---|---|
| Employees at third-party managed service stations | Total employees | Employees at third-party managed service stations | Total | |||||
| Level I | 40 | 7 | 47 | 18 | 7 | 25 | ||
| Level II | 80 | 19 | 99 | 33 | 19 | 52 | ||
| Level III | 113 | 4 | 117 | 14 | 4 | 18 | ||
| Level IV | 1,602 | 229 | 1,831 | 377 | 229 | 606 | ||
| Level V | 1,873 | 496 | 2,369 | 900 | 496 | 1,396 | ||
| Level VI | 328 | 54 | 382 | 188 | 54 | 242 | ||
| Level VII | 779 | 37 | 816 | 516 | 37 | 553 | ||
| Level VII/2 | 260 | 10 | 270 | 199 | 10 | 209 |
6,154
4,953
3,910
2,999
5,846
4,993
3,059
2,210
5,494
4,428
4,491
3,412
2,929
2,190
2,808
2,062
6,648
5,116
2,966
1,781
179,083
160,563
116,826
| Level I | 51 | 11 | 62 | 31 | 11 | 42 |
|---|---|---|---|---|---|---|
| Level II | 89 | 10 | 99 | 31 | 10 | 41 |
| Level III | 123 | 2 | 125 | 20 | 2 | 22 |
| Level IV | ||||||
| Total | 5,089 | 856 | 5,945 | 2,252 | 856 | 3,108 |
| Level | Value 1 | Value 2 | Value 3 | Value 4 | Value 5 |
|---|---|---|---|---|---|
| Level V | 1,569 | 192 | 1,761 | 401 | 192 |
| 593 | Level VI | 1,995 | 406 | 2,401 | |
| 984 | 406 | 1,390 | Level VII | 314 | |
| 28 | 342 | 172 | 28 | 200 | |
| Level VII/2 | 1,086 | 45 | 1,131 | 772 | 45 |
| 817 | Level VIII | 10 | - | 10 | |
| - | - | 13 | - | 8 |
| The Petrol Group | Petrol d.d. | |||
|---|---|---|---|---|
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
| Depreciation of property, plant and equipment | 61,675 | 59,847 | 32,011 | 31,444 |
| Depreciation of right-of-use assets | 24,731 | 23,511 | 5,772 | 4,966 |
| Amortisation of intangible assets | 12,163 | 13,040 | 9,626 | 9,376 |
| Depreciation of investment property | 1,297 | 1,085 | 712 | 654 |
| Total depreciation and amortisation | 99,866 |
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Environmental charges and charges unrelated to operations | 7,166 | 7,544 | 4,707 | 4,976 |
| Net impairment (losses)/gains on financial and contract assets | 6,153 | (513) | (1,011) | 619 |
| Sponsorships and donations | 2,567 | 2,631 | 1,650 | 2,446 |
| Loss from the sale of an associate's share | 1,962 | - | - | - |
| Impairment of investment/goodwill | 1,733 | - | 3,639 | - |
| 1,399 | 1,461 | 310 | 313 |
|---|---|---|---|
| 1,399 | - | - | - |
|---|---|---|---|
| 680 | 2,001 | 669 | 1,987 |
|---|---|---|---|
| 108 | 41 | 108 | - |
|---|---|---|---|
| - | 597 | - | 597 |
|---|---|---|---|
| 3,839 | 37,589 | 6,501 | 23,795 |
|---|---|---|---|
| 27,006 | 51,351 | 16,573 | 34,733 |
|---|---|---|---|
In 2024, among other expenses, the Group incurred EUR 4,543 thousand (EUR 3,742 thousand in the Company) related to the recognition of current provisions for onerous contracts with customers for the supply of electricity. The Group reversed part of the current provisions created.
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Gain on commodity derivatives | 116,691 | 207,170 | 120,797 | 207,415 |
| Gain on currency forward contracts | 23,814 | 9,235 | 22,811 | 8,888 |
| Total gain from derivative fin. instruments | 140,505 | 216,405 | 143,608 | 216,303 |
| Loss on commodity derivatives | (115,337) | (153,889) | (111,723) | (152,231) |
| Loss on currency forward contracts | (7,333) | (13,797) | (6,046) | (9,571) |
| Total loss from derivative fin. instruments | (122,670) | (167,686) | (117,769) | (161,803) |
| Gain/(Loss) on derivatives | 17,835 |
Shares of the profit or loss of equity-accounted investees of the Petrol Group
| The Petrol Group | (in EUR thousand) | 2024 | 2023 |
|---|---|---|---|
| Plinhold d.o.o. | 892 | 2,519 | |
| Aquasystems d.o.o. | 398 | 909 | |
| Knešca d.o.o. | 253 | 252 | |
| Total net profit of associates | 1,543 | 3,680 | |
| Soenergetika d.o.o. | 36 | 44 | |
| Total net profit of jointly controlled entities | 36 | 44 | |
| Total net finance income from interests | 1,579 | 3,724 |
| (in EUR thousand) | 2024 | 2023 |
|---|---|---|
| Petrol d.o.o. | 19,872 | - |
| E 3, d.o.o. | 6,000 | - |
| Petrol BH Oil Company d.o.o. Sarajevo | 3,469 | - |
| Zagorski metalac d.o.o. | 3,075 | - |
| Petrol GEO d.o.o. | 1,952 | - |
| Petrol Hidroenergija d.o.o. | 1,912 | 701 |
| Petrol Crna Gora MNE d.o.o. | 1,633 | - |
| Geoplin d.o.o. Ljubljana | 1,467 | - |
| Beogas d.o.o. Beograd | 1,211 | - |
| Petrol Trade Handelsgesellschaft m.b.H. | 1,199 | 888 |
| IGES d.o.o. | 427 | - |
| STH Energy d.o.o. Kraljevo | 143 | - |
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Total subsidiaries | 42,360 | 1,589 | Aquasystems d.o.o. | 914 |
| Plinhold d.o.o. | 861 | 342 | Total associates | 1,775 |
| Soenergetika d.o.o. | 44 | 931 | Jointly controlled entities | 44 |
| Total income from interests | 44,179 | 3,767 | Foreign exchange differences | 38,360 |
| 46,447 | 35,304 | Interest income from interest rate swaps | 10,862 |
| Interest income | 11,051 | 8,686 | 9,216 | 7,648 |
|---|---|---|---|---|
| Income from the exchange of shares | - | - | 15,118 | - |
| Other finance income | 367 | 289 | 373 | 206 |
| Total finance income | 57,237 | 62,738 | 64,086 | 57,446 |
| Foreign exchange differences | (51,520) | (45,578) | (48,278) | (41,945) |
| Interest expense | (26,404) | (26,441) | (24,454) | (23,933) |
| Other financial expenses | (974) | (2,260) | (970) | (1,686) |
| Total finance expenses | (78,898) |
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| Current tax expense | (46,267) | (31,323) | (23,205) | (19,539) |
| Deferred tax | 4,083 | 81 | 271 | 3,976 |
| Taxes | (42,184) | (31,242) | (22,934) | (15,563) |
| Year 1 | Year 2 | Year 3 | Year 4 | |
|---|---|---|---|---|
| Profit/(loss) before tax | 188,099 | 167,794 | 153,446 | 108,369 |
| Tax at the Company's nominal tax rate | 41,382 | 31,881 | 33,758 | 20,590 |
| Tax effect of tax-free income | (16,670) | (2,933) | (13,875) | (2,598) |
| Tax effect of expenses not deducted on the current tax assessment | 21,099 | 6,416 | 3,051 | (472) |
| Effect of a changed tax rate on deferred taxes | - | (2,919) | - | (1,957) |
| Effect of higher/lower tax rates for companies abroad | (3,627) | (1,203) | - | - |
| Taxes | 42,184 | 31,242 | 22,934 | 15,563 |
| Effective tax rate | 22.43 % | 18.62 % | 14.95 % |
14.36 %
As at 31 December 2024, the Group has a corporate income tax receivable of EUR 909 thousand (2023: EUR 5,728 thousand) and EUR 12,416 thousand in income tax liabilities (2023: EUR 24,965 thousand). The Group does not offset the assets and liabilities, as they represent a receivable from or a liability to different tax administrations.
In Slovenia, the nominal corporate income tax rate stood at 22 percent in 2024 (2023: 19 percent), whereas the Group’s tax rates ranged from 9 to 24 percent.
| (in EUR thousand) | Investments | Provisions | Allowance for rec. and impairment of assets | Inventories | Tax loss amortisation | liabilities | Other | Total | |
|---|---|---|---|---|---|---|---|---|---|
| As at 1 January 2023 | 3,583 | 2,152 | 8,801 | 1,176 | 9,168 | 5,173 | 14,178 | 228 | 44,459 |
| Netting | (26,268) | ||||||||
| Total net receivables as at 1 January 2023 | 18,191 | ||||||||
| (Charged)/credited to the statement of profit or loss | 21 | 844 | 638 | (1,123) | (4,647) | 2,468 | 840 | 236 | (724) |
| (Charged)/credited to other comprehensive income | 771 | - | - | - | - | - | - | - | 771 |
| Foreign exchange differences | - | - | - | - | - | - | - | 1 | 1 |
| As at 31 December 2023 | 4,374 | 2,997 | 9,438 | 53 | 4,521 | 7,640 | 15,017 | 465 | 44,505 |
| Netting | (22,679) | ||||||||
| Total net receivables as at 31 December 2023 | 21,827 | ||||||||
| (Charged)/credited to the statement of profit or loss | 239 | (767) | 526 | 84 | 2,472 | 903 | 5,021 | (202) | 8,276 |
| (Charged)/credited to other comprehensive income | (3,002) | - | - | - | - | - | - | - | (3,002) |
| Foreign exchange differences | - | - | (2) | - | - | - | - | - | (2) |
| As at 31 December 2024 | 1,611 | 2,230 | 9,962 | 137 | 6,993 | 8,543 | 20,038 | 263 | 49,777 |
| Netting | (29,087) | ||||||||
| Total net receivables as at 31 December 2024 | 20,690 |
| (in EUR thousand) | Investments | Fixed assets | Right-of-use assets | Other | Total |
|---|---|---|---|---|---|
| As at 1 January 2023 | 6,492 | 26,182 | 14,178 | 99 | 46,951 |
| Netting | (26,268) | ||||
| Total net liabilities as at 1 January 2023 | 20,683 | ||||
| Charged/(credited) to the statement of profit or loss | - | (1,117) | 410 | (99) | (806) |
| Charged to other comprehensive income | (1,882) | - | - | - | (1,882) |
| Foreign exchange differences | - | 11 | - | - | 11 |
| As at 31 December 2023 | 4,610 | 25,076 | 14,588 | 0 | 44,274 |
| Netting | (22,679) | ||||
| Total net liabilities as at 31 December 2023 | 21,595 | ||||
| Charged/(credited) to the statement of profit or loss | - | (741) | 4,899 | 35 | 4,193 |
| Charged to other comprehensive income | 629 | - | - | - | 629 |
| Foreign exchange differences | - | (3) | - | - | (3) |
| As at 31 December 2024 | 5,239 | 24,332 | 19,487 | 35 | 49,093 |
| Netting | (29,087) | ||||
| Total net liabilities as at 31 December 2024 | 20,006 |
Within deferred tax liabilities, the Group recognises deferred tax liabilities for fixed assets from property, plant and equipment, intangible assets and right-of-use assets.
| (in EUR thousand) | Investments | Provisions | Allowance for receivables | amortisation | Other | Total |
|---|---|---|---|---|---|---|
| As at 1 January 2023 | 400 | 807 | 4,581 | 5,120 | 23 | 10,931 |
| Netting | (6,944) | |||||
| Total net receivables as at 1 January 2023 | 3,987 |
| Net profit attributable to owners of the controlling company (in EUR thousand) | 2024 | 2023 |
|---|---|---|
| Net profit | 138,420 | 135,362 |
| Number of shares issued | 41,726,020 | 41,726,020 |
| Net profit attributable to owners of the controlling company (in EUR thousand) | 2024 | 2023 |
|---|---|---|
| Net profit | 130,512 | 92,806 |
| Number of shares issued | 41,726,020 | 41,726,020 |
| (in EUR thousand) | Investments | Fixed assets | Total |
|---|---|---|---|
| As at 1 January 2023 | 6,483 | 461 | 6,944 |
| Netting | (6,944) | ||
| Total net liabilities as at 1 January 2023 | - | ||
| (Charged)/credited to the statement of profit or loss | - | (461) | (461) |
| (Charged)/credited to other comprehensive income | (1,882) | - | (1,882) |
| As at 31 December 2023 | 4,601 | - | 4,601 |
| Netting | (4,601) | ||
| Total net liabilities as at 31 December 2023 | - | ||
| (Charged)/credited to other comprehensive income | (1,039) | - | (1,039) |
| As at 31 December 2024 | 3,562 | - | 3,562 |
| Netting | (3,562) | ||
| Total net liabilities as at 31 December 2024 | - |
Based on Pillar II, the EU Directive, and consequently the Slovenian legislation transposing the directive, Petrol d.d., with its registered office in Ljubljana, is subject to the global minimum tax. The GMT applies to financial years starting from 31 December 2023, with the first reporting year starting in 2026.
Calculations for the year 2024 have shown that the obligation for the global minimum tax, amounting to EUR 66 thousand, primarily pertains to the jurisdiction of Bosnia and Herzegovina.
614,460
614,460
41,111,560
41,111,560
3.37
The basic earnings per share are calculated by dividing the net profit attributable to the owners of the controlling company by the weighted average number of ordinary shares, excluding ordinary shares owned by the Company/Group. The Group and the Company have no potential dilutive ordinary shares, meaning the basic and diluted earnings per share are identical. Petrol’s shares are traded on the prime market of the Ljubljana Stock Exchange (LJSE) under the PETG symbol.
The effective portion of the changes in the fair value of the cash flow variability hedging instrument increased by EUR 15,620 thousand (in 2023: decrease of EUR 14,186 thousand) and decreased by the impact of deferred tax of EUR 3,444 thousand (in 2023: an increase of EUR 2,675 thousand). The change relates to interest rate swap hedging, commodity derivative financial instruments and currency forward contracts and impacting to the hedging reserve. The balance and movement of the hedging reserve is explained in Note 5.32.
Unrealised actuarial gains and losses relate to provisions for post-employment benefits on retirement.
| (in EUR thousand) | Material and other rights | Right to use infrastructure | Concession | Goodwill | Ongoing investments | Emission allowances | Total |
|---|---|---|---|---|---|---|---|
| Cost | As at 1 January 2023 | 60,395 | 126,473 | 160,685 | 5,857 | 1,185 | 354,595 |
| New acquisitions | 255 | 172 | - | 9,111 | 2,565 | 12,104 | |
| Disposals | (6,297) | (879) | - | (245) | (1,589) | (9,011) | |
| Transfers between intangible assets | 14 | (16) | - | - | 1 | - | |
| Transfers between PPE | - | - | - | (1,807) | - | (1,807) | |
| Transfer from ongoing investments | 4,186 | 827 | - | (5,013) | - | - | |
| Foreign exchange differences | 2 | 2 | 17 | 2 | - | 24 | |
| As at 31 December 2023 | 58,556 | 126,579 | 160,703 | 7,905 | 2,162 | 355,905 |
| Accumulated amortisation | |||||||
|---|---|---|---|---|---|---|---|
| As at 1 January 2023 | (41,441) | (67,864) | - | - | - | (109,306) | |
| Amortisation | (7,808) | (5,232) | - | - | - | (13,040) | |
| Disposals | 6,244 | 878 | - | - | - | 7,122 | |
| Transfers between intangible assets | (1) | 1 | - | - | - | - | |
| Foreign exchange differences | (1) | (1) | - | - | - | (3) | |
| As at 31 December 2023 | (43,007) | (72,218) | - | - | - | (115,226) |
| Net carrying amount | |||||||
|---|---|---|---|---|---|---|---|
| As at 1 January 2023 | 18,954 | 58,609 | 160,685 | 5,857 | 1,185 | 245,289 | |
| As at 31 December 2023 | 15,549 | 54,361 | 160,703 | 7,905 | 2,162 | 240,679 |
| (in EUR thousand) | Material and other rights | Right to use infrastructure | Concession | Goodwill | Ongoing investments | Emission allowances | Total |
|---|---|---|---|---|---|---|---|
| Cost | As at 1 January 2024 | 58,556 | 126,579 | 160,703 | 7,905 | 2,162 | 355,905 |
| New acquisitions | 359 | 101 | - | 9,793 | - | 10,253 | |
| Disposals | (152) | (195) | - | (9) | (419) | (775) | |
| Impairments | - | - | (1,733) | - | - | (1,733) | |
| Transfers between PPE | - | 3,709 | - | 32 | - | 3,741 | |
| Transfers between right-of-use assets | - | (15,498) | - | - | - | (15,498) | |
| Transfer from ongoing investments | 10,164 | 962 | - | (11,126) | - | - | |
| As at 31 December 2024 | 68,927 | 115,658 | 158,970 | 6,595 | 1,743 | 351,893 |
| Accumulated amortisation | |||||||
|---|---|---|---|---|---|---|---|
| As at 1 January 2024 | (43,007) | (72,218) | - | - | - | (115,226) | |
| Amortisation | (7,300) | (4,863) | - | - | - | (12,163) | |
| Disposals | 152 | 185 | - | - | - | 337 | |
| Transfers between PPE | - | (320) | - | - | - | (320) | |
| Transfers between right-of-use assets | - | 11,315 | - | - | - | 11,315 | |
| As at 31 December 2024 | (50,155) | (65,901) | - | - | - | (116,056) |
| Net carrying amount | |||||||
|---|---|---|---|---|---|---|---|
| As at 1 January 2024 | 15,549 | 54,361 | 160,703 | 7,905 | 2,162 | 240,679 | |
| As at 31 December 2024 | 18,772 | 49,757 | 158,970 | 6,595 | 1,743 | 235,837 |
All intangible assets presented herein are the property of the Group and are unpledged.
23.72 percent of all the intangible assets in use on 31 December 2024 were fully amortised (compared to 17.7 percent as at 31 December 2023).
Under intangible assets, the Group records emission allowances for the management of plants that require a greenhouse gas emission permit. For more information, please refer to the respective note relating to the Company.
The goodwill structure presented by the business combination from which it originates is as follows:
| The Petrol Group | (in EUR thousand) | 31 December 2024 | 31 December 2023 |
|---|---|---|---|
| Instalacija d.o.o., Koper¹ | 85,266 | 85,266 | |
| Petrol d.o.o.² | 69,338 | 69,338 | |
| Vjetroelektrana Ljubač d.o.o. | 2,580 | 2,580 | |
| Atet d.o.o. | 1,427 | 2,435 | |
| Vjetroelektrane Glunča d.o.o. | 358 | 358 | |
| Crodux Plin d.o.o. | - | 263 | |
| Petrol Pay d.o.o. | - | 245 | |
| Adria-Plin d.o.o. | - | 217 | |
| Total goodwill | 158,970 | 160,703 |
¹ Instalacija d.o.o. was merged into Petrol d.d., Ljubljana in 2013 and is treated as a cash-generating unit of Petrol d.d., Ljubljana.
² Petrol d.o.o. is a single cash-generating unit that includes goodwill arising from the merger of the following companies: Euro-Petrol d.o.o., Petrol-Jadranplin d.o.o., Petrol Butan d.o.o., and Crodux derivati dva d.o.o.
Impairment of goodwill is recognised when its carrying amount exceeds its recoverable amount. The recoverable amount of goodwill is the greater of its value in use and its fair value less costs to sell. The impairment test used value in use, where the estimated future cash flows are discounted to their present value using a discount rate.
The recoverable amount of the acquired assets was assessed at the aggregate level of the acquired companies, except for Instalacija d.o.o. and Vjetroelektrana Ljubač d.o.o., where the recoverable amount was assessed at the level of the cash-generating unit directly related to the assets acquired during the acquisition of the companies.
Goodwill was tested for impairment using the present value method of expected cash flows, which are based on the future financial plans of cash-generating units (value in use method). The assumptions used in the calculation of the net cash flows (non-current growth rate of cash flows, cash flow projection, projection period and discount rate) are based on past operations and reasonably expected operations in the future. Cash flow projection periods reflect the operations and investment activities of individual companies. Growth rates of free cash flows are based on the expected price growth rates.
For Instalacija d.o.o., the 4-year financial plans of the cash-generating unit, the required rate of return of 8.89 percent after taxes (2023: 8.81 percent) and the annual growth rate of the remaining free cash flows (the residual value) of 2.0 percent (2023: 1.92 percent) were used in testing the goodwill for impairment.
For Petrol d.o.o., the 5-year financial plans of the cash-generating unit, the required rate of return of 10.20 percent after taxes (2023: 9.43 percent) and the annual growth rate of the remaining free cash flows (the residual value) of 2.0 percent (2023: 2.0 percent) were used in testing the goodwill for impairment. The testing of Petrol d.o.o.’s goodwill comprises goodwill arising from the upstream merger of Euro-Petrol d.o.o., Petrol-Jadranplin d.o.o., Petrol-Butan d.o.o. and Crodux derivati dva d.o.o..
For Atet d.o.o., the 5-year financial plans of the cash-generating unit, the required rate of return of 9.0 percent after taxes (2023: 7.5 percent) and the annual growth rate of the remaining free cash flows (the residual value) of 2.0 percent (2023: 2.0 percent) were used in testing the goodwill for impairment.
For Petrol Pay d.o.o., the 5-year financial plans of the cash-generating unit, the required rate of return of 13.9 percent after taxes (2023: 14.6 percent) and the annual growth rate of the remaining free cash flows (the residual value) of 2.0 percent (2023: 2.0 percent) were used in testing the goodwill for impairment. The cash flow projection period is based on plans for the development and growth of the company up to the period when the cash flows are expected to stabilise in the long term.
For Vjetroelektrane Glunča d.o.o., the 24-year financial plans of the cash-generating unit and the required rate of return of 9.5 percent after taxes (2023: 11.77 percent) were used in testing the goodwill for impairment. The value of the remaining cash flows was not taken into account in the calculation. The cash flow projection period corresponds to the life of the existing wind power plants and the concession agreement.
For Vjetroelektrana Ljubač d.o.o., the 22-year financial plans of the cash-generating unit and the average required rate of return of 9.5 percent after taxes (2023: 11.77 percent) were used in testing the goodwill for impairment. The value of the remaining cash flows was not taken into account in the calculation. The cash flow projection period corresponds to the life of the existing wind farms and the concession agreement.
For Adria-Plin d.o.o., the 6-year financial plans of the cash-generating unit, the required rate of return of 10.27 percent after taxes (2023: 11.02 percent) and the annual growth rate of the remaining free cash flows (the residual value) of 2.0 percent (2023: 2.0 percent) were used in testing the goodwill for impairment.
The effect of changes in the discount rate or the non-current growth rate of the remaining free cash flows on the estimated fair value of assets is presented below:
| In 2023 | Key assumptions | Change in key assumptions | Effect of change in the discount rate | Effect of change in the non-current growth rate |
|---|---|---|---|---|
| Discount rate (WACC) | Non-current growth rate (g) | |
|---|---|---|
| + 0,5 | - 0,5 | |
| Adria-Plin d.o.o. | (32) | (21) |
| 11.02% | - 0,5 | + 0,5 |
| 35 | 24 | |
| (50) | 63 |
| Atet d.o.o. | 7.50% | 2% | - 0,5 | + 0,5 | 1,045 | 1,060 | 2,340 |
|---|---|---|---|---|---|---|---|
| Petrol d.o.o. (Crodux derivati dva d.o.o. in Euro-Petrol d.o.o.) | 9.43% | 2% | - 0,5 | + 0,5 | (38,712) | (27,751) | (62,647) |
| Instalacija d.o.o., Koper | - 0,5 | + 1,0 | (19,411) | (8,644) | (25,897) |
| 8.81% | 2% | - 1,0 | + 0,5 | 25,982 | 9,997 | 40,199 | |
|---|---|---|---|---|---|---|---|
| - | + 0,5 | - 0,5 | (111) | (118) | (221) | - | |
| Petrol Pay d.o.o. | 14.60% | 2% | - 0,5 | + 0,5 | 120 | 128 | 258 |
| - | + 0,5 | - | (1,543) | - | (1,543) | - | |
| Vjetroelektrane Glunča d.o.o. | 11.77% | - | - 0,5 | - | 1,634 | - | 1,634 |
| - | + 0,5 | - |
| Change in key assumptions | Effect of change in the discount rate | Effect of change in the non-current growth rate | Effect on Non-current impairment when recoverable |
|---|---|---|---|
| Vjetroelektrana Ljubač d.o.o. | 11.77% | - | - |
| 0,5 | 2,245 | - | 2,245 |
| Company | WACC (%) | g (%) | Amount | Change | + 0.5 | - 0.5 |
|---|---|---|---|---|---|---|
| Adria-Plin d.o.o. | 10.27% | 2% | 6 | - | (560) | (1,027) |
| 5 | (532) | (2,034) | ||||
| Atet d.o.o. | 9.00% | 2% | 645 | 726 |
| 1,490 | - | + 0,5 | - 0,5 |
|---|---|---|---|
| (21,578) | (11,609) | (31,386) | - |
| Petrol d.o.o. | 10.20% | 7% | - 0,5 |
| + 0,5 | 24,377 | 12,984 | 39,951 |
| - | + 0,25 | - 0,5 | |
| (5,316) | (8,723) | (13,412) | - |
| Instalacija d.o.o., Koper | 8.89% | 2% | - 0,25 |
| + 0,5 | 5,717 | 10,090 | 16,677 |
| - | + 0,5 | - 0,5 | |
| (71) | (96) | (161) | - |
| Petrol Pay d.o.o. | 13.90% |
| 3% | - 0,5 | + 0,5 | 78 | 104 | 190 |
|---|---|---|---|---|---|
| - | (1,330) | - | (1,330) | - | d.o.o. |
| 9.49% | - | - 0,5 | - | 1,406 | - |
| 1,406 | - | Vjetroelektrana Ljubač | + 0,5 | - | (2,437) |
| - | (2,437) | - | d.o.o. | 9.49% | - |
| - 0,5 | - | 2,590 | - | 2,590 | - |
| (in EUR thousand) | Material and other rights | Concession infrastructure | Goodwill | Ongoing investments | Deferred costs and emission allowances | Total | |
|---|---|---|---|---|---|---|---|
| Cost | As at 1 January 2023 | 44,279 | 113,143 | 85,266 | 3,697 | 1,173 | 247,559 |
| New acquisitions | - | 112 | - | 8,130 | 2,383 | 10,625 | |
| Disposals | (5,603) | (195) | - | - | (1,585) | (7,384) | |
| Transfers between intangible assets | - | (1) | - | - | 1 | - | |
| Transfer from ongoing investments | 4,116 | 810 | - | (4,926) | - | - | |
| As at 31 December 2023 | 42,793 | 113,868 | 85,266 | 6,901 | 1,972 | 250,800 |
| Accumulated amortisation | ||||||
|---|---|---|---|---|---|---|
| As at 1 January 2023 | (32,420) | (63,167) | - | - | - | (95,586) |
| Amortisation | (5,312) | (4,064) | - | - | - | (9,376) |
| Disposals | 5,603 | 195 | - | - | - | 5,798 |
| As at 31 December 2023 | (32,129) | (67,036) | - | - | - | (99,163) |
| Net carrying amount | ||||||
|---|---|---|---|---|---|---|
| as at 1 January 2023 | 11,860 | 49,977 | 85,266 | 3,697 | 1,173 | 151,972 |
| as at 31 December 2023 | 10,664 | 46,832 | 85,266 | 6,901 | 1,972 | 151,635 |
| (in EUR thousand) | Material and other rights | Concession infrastructure | Goodwill | Ongoing investments | Deferred costs and emission allowances | Total | |
|---|---|---|---|---|---|---|---|
| Cost | As at 1 January 2024 | 42,793 | 113,868 | 85,266 | 6,901 | 1,972 | 250,800 |
| New acquisitions | - | - | - | 10,544 | - | 10,544 | |
| Disposals | (17) | (190) | - | - | (420) | (627) | |
| Transfers between intangible assets | - | (112) | - | 112 | - | - | |
| Transfer from ongoing investments | 10,152 | 959 | - | (11,111) | - | - | |
| As at 31 December 2024 | 52,928 | 114,525 | 85,266 | 6,446 | 1,552 | 260,717 |
| Accumulated amortisation | ||||||
|---|---|---|---|---|---|---|
| As at 1 January 2024 | (32,129) | (67,036) | - | - | - | (99,163) |
| Amortisation | (5,531) | (4,095) | - | - | - | (9,626) |
| Disposals | 17 | 183 | - | - | - | 200 |
| As at 31 December 2024 | (37,643) | (70,948) | - | - | - | (108,589) |
| Net carrying amount | ||||||
|---|---|---|---|---|---|---|
| as at 1 January 2024 | 10,664 | 46,832 | 85,266 | 6,901 | 1,972 | 151,635 |
| as at 31 December 2024 | 15,284 | 43,576 | 85,266 | 6,446 | 1,552 | 152,126 |
All the intangible assets presented herein are owned by the Company and are unpledged.
21.21 percent of all the intangible assets in use on 31 December 2024 were fully depreciated (compared to 16.5 percent as at 31 December 2023).
Under intangible assets, the Company recognises emission allowances for the management of plants that require a greenhouse gas emission permit. Each year the Company is required to surrender emission allowances equal to the total amount of greenhouse gas emissions released into the atmosphere by the plants during the previous year of operation. The actual amount of emissions, and therefore the number of allowances that the Company is required to surrender to the Emissions Allowance Register, is calculated using a standardised methodology, in accordance with all EU regulations and legislation, and certified by an external auditor.
The Company purchases emission allowances according to their current market value. Emission allowances obtained from the State are valued at EUR 1. As at 1 January 2024, the Company’s total balance of emission allowances amounted to 30,843 emission allowances. In 2024, 6,140 allowances were purchased for EUR 359 thousand, 12,556 emission allowances were used for EUR 822 thousand. In 2024, the Company acquired 1,332 emission allowances from the State free of charge. At the end of 2024, the Company held 25,759 emission allowances valued at EUR 1,012 thousand, of which 1,332 were acquired from the State.
Intangible fixed assets as at 31 December 2024 were tested for impairment. It was determined that there is no need for the impairment of intangible fixed assets, the same as in 2023.
As at 31 December 2024, the Company disclosed goodwill arising from the upstream merger of Instalacija d.o.o. in 2013 amounting to EUR 85,266 thousand.
The assumptions used in impairment testing and the effects recognised in the Company’s financial statements have been explained as part of the goodwill disclosure relating to the Group.
| (in EUR thousand) | Right-of-use land | Right-of-use buildings | Right-of-use equipment | Total | |
|---|---|---|---|---|---|
| Cost | As at 1 January 2023 | 79,527 | 60,113 | 25,974 | 165,614 |
| New acquisitions | 16,040 | 4,877 | 2,355 | 23,272 | |
| Cancellation | (27) | (2,214) | (1,886) | (4,127) | |
| Foreign exchange differences | 12 | 5 | 5 | 22 | |
| As at 31 December 2023 | 95,553 | 62,780 | 26,448 | 184,781 |
| Accumulated amortisation | As at 1 January 2023 | (10,802) | (16,158) | (7,034) | (33,994) |
|---|---|---|---|---|---|
| Depreciation | (8,450) | (9,153) | (5,908) | (23,511) | |
| Cancellation | 18 | 1,658 | 1,886 | 3,562 | |
| Foreign exchange differences | (1) | 1 | - | - | |
| As at 31 December 2023 | (19,235) | (23,651) | (11,057) | (53,943) |
| Net carrying amount as at 1 January 2023 | 68,726 | 43,955 | 18,940 | 131,620 |
|---|---|---|---|---|
| Net carrying amount as at 31 December 2023 | 76,318 | 39,129 | 15,391 | 130,838 |
| (in EUR thousand) | Right-of-use land | Right-of-use buildings | Right-of-use equipment | Total | |
|---|---|---|---|---|---|
| Cost | As at 1 January 2023 | 33,478 | 3,117 | 8,405 | 45,000 |
| New acquisitions | 2,429 | 541 | 2,282 | 5,251 | |
| Cancellation | (18) | (965) | (2,028) | (3,011) | |
| As at 31 December 2023 | 35,889 | 2,693 | 8,658 | 47,240 |
| Accumulated amortisation | As at 1 January 2023 | (8,673) | (1,506) | (5,584) | (15,762) |
|---|---|---|---|---|---|
| Depreciation | (2,484) | (713) | (1,769) | (4,966) | |
| Cancellation | 18 | 965 | 2,028 | 3,011 | |
| As at 31 December 2023 | (11,139) | (1,253) | (5,324) | (17,716) |
| Net carrying amount as at 1 January 2023 | 24,806 | 1,611 | 2,821 | 29,238 |
|---|---|---|---|---|
| Net carrying amount as at 31 December 2023 | 24,750 | 1,440 | 3,334 | 29,524 |
| (in EUR thousand) | Right-of-use land | Right-of-use buildings | Right-of-use equipment | Total | |
|---|---|---|---|---|---|
| Cost | As at 1 January 2024 | 35,889 | 2,693 | 8,658 | 47,240 |
| New acquisitions | 2,442 | 1,549 | 4,859 | 8,850 | |
| Cancellation | - | - | (864) | (864) | |
| As at 31 December 2024 | 38,331 | 4,242 | 12,653 | 55,226 |
| Accumulated amortisation | As at 1 January 2024 | (11,139) | (1,253) | (5,324) | (17,716) |
|---|---|---|---|---|---|
| Depreciation | (2,727) | (802) | (2,243) | (5,772) | |
| Cancellation | - | - | 691 | 691 | |
| As at 31 December 2024 | (13,866) | (2,055) | (6,876) | (22,797) |
| Net carrying amount as at 1 January 2024 | 24,750 | 1,440 | 3,334 | 29,524 |
|---|---|---|---|---|
Net carrying amount as at 31 December 2024
| Land | Buildings | Machinery | Equipment | Investments | Total | ||
|---|---|---|---|---|---|---|---|
| Cost | As at 1 January 2023 | 326,234 | 825,836 | 4,767 | 402,753 | 46,439 | 1,606,029 |
| New acquisitions | - | 217 | 16 | 7,820 | 71,001 | 79,055 | |
| Disposals | (126) | (6,859) | (7) | (16,575) | (1,572) | (25,140) | |
| Impairments | (597) | - | - | - | - | (597) | |
| Transfers between PPE | - | (566) | (14) | 640 | (60) | - | |
| Transfers between intangible assets | - | - | - | 1,806 | 1 | 1,807 | |
| Transfer from ongoing investments | 13 | 24,700 | - | 19,748 | (44,461) | - | |
| Transfers between investment properties | 356 | (1,729) | - | - | (123) | (1,496) | |
| Foreign exchange differences | 32 | (1) | - | 43 | 1 | 76 | |
| As at 31 December 2023 | 325,912 | 841,599 | 4,762 | 416,235 | 71,225 | 1,659,733 |
| As at 1 January 2023 | - | (507,113) | (2,846) | (241,517) | - | (751,476) | |
|---|---|---|---|---|---|---|---|
| Depreciation | - | (28,841) | (259) | (30,747) | - | (59,847) | |
| Disposals | - | 6,052 | 7 | 12,959 | - | 19,017 | |
| Transfers between PPE | - | 43 | 14 | (57) | - | - | |
| Transfers between investment properties | - | 147 | - | - | - | 147 | |
| Foreign exchange differences | - | 6 | - | (10) | - | (5) | |
| As at 31 December 2023 | - | (529,707) | (3,084) | (259,372) | - | (792,163) |
| Land | Buildings | Machinery | Equipment | Investments | Total |
|---|---|---|---|---|---|
| 326,234 | 318,723 | 1,920 | 161,236 | 46,439 | 854,553 |
| Land | Buildings | Machinery | Equipment | Investments | Total |
|---|---|---|---|---|---|
| 325,912 | 311,892 | 1,678 | 156,863 | 71,225 | 867,570 |
| Land | Buildings | Machinery | Equipment | Investments | Total | |
|---|---|---|---|---|---|---|
| As at 1 January 2024 | 325,912 | 841,599 | 4,762 | 416,235 | 71,225 | 1,659,733 |
| New acquisitions | 2 | 580 | 9 | 9,468 | 45,085 | 55,144 |
| Disposals | (1) | (5,668) | (44) | (15,078) | (242) | (21,033) |
| Transfers between PPE | - | - | (1,484) | 1,484 | - | - |
| Transfers between intangible assets | - | 3,461 | - | (7,281) | 79 | (3,741) |
| Transfer from ongoing investments | 27 | 32,497 | 8 | 29,272 | (61,804) | - |
| Transfer to investment property | - | - | - | - | (2,570) | (2,570) |
| Transfer from investment properties | - | 772 | - | - | - | 772 |
| Foreign exchange differences | 50 | 171 | - | 38 | 15 | 274 |
| As at 31 December 2024 | 325,990 | 873,412 | 3,251 | 434,138 | 51,788 | 1,688,579 |
| As at 1 January 2024 | - | (529,707) | (3,084) | (259,372) | - | (792,164) | |
|---|---|---|---|---|---|---|---|
| Depreciation | - | (29,100) | (107) | (32,468) | - | (61,675) | |
| Disposals | - | 4,487 | 36 | 10,058 | - | 14,581 | |
| Transfers between PPE | - | - | 798 | (798) | - | - | |
| Transfers between intangible assets | - | (785) | - | 1,105 | - | 320 | |
| Transfer from investment properties | - | (537) | - | - | - | (537) | |
| Foreign exchange differences | - | (69) | - | (19) | - | (88) | |
| As at 31 December 2024 | - | (555,711) | (2,357) | (281,494) | - | (839,562) |
| Land | Buildings | Machinery | Equipment | Investments | Total |
|---|---|---|---|---|---|
| 325,912 | 311,892 | 1,678 | 156,863 | 71,225 | 867,570 |
| Land | Buildings | Machinery | Equipment | Investments | Total |
|---|---|---|---|---|---|
| 325,990 | 317,701 | 894 | 152,644 | 51,788 | 849,017 |
37.89 percent of all items of property, plant and equipment in use on 31 December 2024 were fully depreciated (compared to 44.26 percent as at 31 December 2023).
Pledged property, plant and equipment: All of the Group's property, plant and equipment are free of encumbrances.
Investment property comprises buildings (storage facilities, car washes, bars) being leased out by the Group/Company.
| (in EUR thousand) | The Petrol Group | Petrol d.d. |
|---|---|---|
| Cost | ||
| As at 1 January 2023 | 36,350 | 27,732 |
| New acquisitions | 1,806 | 174 |
| Disposals | (126) | - |
| Transfers between property, plant and equipment | 1,496 | 123 |
| As at 31 December 2023 | 39,526 | 28,028 |
Ongoing
| (in EUR thousand) | Land | Buildings | Equipment | Investments | Total |
|---|---|---|---|---|---|
| Cost | |||||
| As at 1 January 2023 | 102,587 | 584,617 | 276,608 | 23,408 | 987,220 |
| New acquisitions | - | - | - | 33,840 | 33,840 |
| Disposals | (126) | (1,075) | (8,851) | (270) | (10,322) |
| Impairments | (597) | - | - | - | (597) |
| Transfer from ongoing investments | - | 7,383 | 13,469 | (20,851) | - |
| Transfers between investment property | - | - | - | (123) | (123) |
| As at 31 December 2023 | 101,865 | 590,924 | 281,226 | 36,005 | 1,010,019 |
| Accumulated amortisation | |||||
|---|---|---|---|---|---|
| As at 1 January 2023 | - | (429,511) | (191,399) | - | (620,910) |
| Depreciation | - | (15,147) | (16,297) | - | (31,444) |
| Disposals | - | 384 | 7,896 | - | 8,280 |
| As at 31 December 2023 | - | (444,274) | (199,800) | - | (644,074) |
| Net carrying amount as at 1 January 2023 | 102,587 | 155,106 | 85,210 | 23,408 | 366,311 |
|---|---|---|---|---|---|
| Net carrying amount as at 31 December 2023 | 101,865 | 146,650 | 81,426 | 36,005 | 365,945 |
Ongoing
| (in EUR thousand) | Land | Buildings | Equipment | Investments | Total |
|---|---|---|---|---|---|
| Cost | |||||
| As at 1 January 2024 | 101,865 | 590,924 | 281,226 | 36,005 | 1,010,019 |
| New acquisitions as a result of merger by absorption | 37 | 1,668 | 1,480 | 3,185 | |
| New acquisitions | - | - | - | 31,932 | 31,932 |
| Disposals | (1) | (3,324) | (5,950) | (9) | (9,284) |
| Transfer from ongoing investments | 25 | 23,726 | 20,407 | (44,158) | - |
| Transfer to investment property | - | - | - | (2,570) | (2,570) |
| Transfer from investment properties | - | 772 | - | - | 772 |
| As at 31 December 2024 | 101,926 | 613,766 | 297,163 | 21,200 | 1,034,054 |
| Accumulated amortisation | |||||
|---|---|---|---|---|---|
| As at 1 January 2024 | - | (444,274) | (199,800) | - | (644,074) |
| New acquisitions as a result of merger by absorption | - | (466) | (794) | - | (1,260) |
| Depreciation | - | (14,975) | (17,036) | - | (32,011) |
| Disposals | - | 3,179 | 5,716 | - | 8,895 |
| Transfer from investment properties | - | (537) | - | - | (537) |
| As at 31 December 2024 | - | (457,073) | (211,914) | - | (668,987) |
| Net carrying amount as at 1 January 2024 | 101,865 | 146,650 | 81,426 | 36,005 | 365,945 |
|---|---|---|---|---|---|
| Net carrying amount as at 31 December 2024 | 101,926 | 156,693 | 85,249 | 21,200 | 365,068 |
47.56 percent of all items of property, plant and equipment in use on 31 December 2024 were fully depreciated (compared to 46.6 percent as at 31 December 2023).
Pledged property, plant and equipment: All property, plant and equipment of the Company are unpledged.
The Company’s impairment review process has determined that no indicators of impairment exist for property, plant and equipment as at 31 December 2024. And it was determined that there is no need for the impairment of property, plant and equipment.
| The Petrol Group | Petrol d.d. | |
|---|---|---|
| As at 1 January 2023 | (21,572) | (16,241) |
| Depreciation | (1,085) | (654) |
| Disposals | 118 | - |
| Transfers between property, plant and equipment | (147) | - |
| Foreign exchange differences | (1) | - |
| As at 31 December 2023 | (22,687) | (16,895) |
| The Petrol Group | Petrol d.d. | |
|---|---|---|
| As at 1 January 2023 | 14,777 | 11,491 |
| As at 31 December 2023 | 16,839 | 11,133 |
After assessing the intended use of the property and the long-term goals pursued as at 31 December 2024, the Group determined that certain property held by the Group meets the criteria to be classified as investment property. The Group transferred property worth EUR 2,570 thousand (2023: EUR 1,349 thousand) from property, plant, and equipment to investment property.
In 2024, the revenue generated by the Group from investment property totalled EUR 5,124 thousand (2023: EUR 4,171 thousand). The Group estimates that the fair value of investment property as at 31 December 2024 amounts to EUR 44,985 thousand (31 December 2023: EUR 36,345 thousand). The Group assesses the fair value using the standardised cash flows capitalisation method, whereby cash flows mainly consist of rents received from the lease of investment property.
The fair value of investment property was assessed using the required rate of return from 9.31 to 15.79 percent after taxes (2023: from 9.42 to 17.18 percent).
In 2024, the Group’s impairment review process determined that no indicators of impairment exist for investment property as at 31 December 2024. It was determined that there is no need for the impairment of investment property.
In 2024, the revenue generated by the Company from investment property totalled EUR 3,680 thousand (2023: EUR 3,270 thousand). The Company estimates that the fair value of investment property as at 31 December 2024 amounts to EUR 33,595 thousand (31 December 2023: EUR 29,503 thousand). The Company assesses fair value using the standardised cash flows capitalisation method, whereby cash flows consist mainly of rents received from the lease of investment property. A required rate of return of 9.31 percent (2023: 9.42 percent) is assumed.
In 2024, the Company’s impairment review process determined that no indicators of impairment exist for investment property as at 31 December 2024. It was determined that there is no need for the impairment of investment property.
In the preparation of the Group’s financial statements, investments in subsidiaries are eliminated on consolidation. A more detailed overview of the Group’s structure is presented in the chapter Companies in the Petrol Group of the business report.
| Name of subsidiary | Address of subsidiary | Ownership interest | Equity as at 31 December 2024 (in EUR thousand) | Net profit or loss for 2024 (in EUR) |
|---|---|---|---|---|
| Slovenia | Address | Ownership interest | Equity as at 31 December 2024 (in EUR thousand) | Net profit or loss for 2024 (in EUR thousand) |
|---|---|---|---|---|
| IGES d.o.o. | Dunajska cesta 50, Ljubljana, Slovenia | 100% | 15,637 | 196 |
| Petrol Skladiščenje d.o.o. | Zaloška 259, Ljubljana Polje, Slovenia | 100% | 815 | 0 |
| Petrol GEO d.o.o. | Mlinska ulica 5d, Lendava, Slovenia | 100% | 2,440 | 214 |
| Petrol Pay d.o.o. | Tržaška cesta 118, Ljubljana, Slovenia | 100% | 2,122 | (337) |
| Geoplin d.o.o. Ljubljana¹ | Cesta Ljubljanske brigade 11, Ljubljana, Slovenia | 99.35% | 199,322 | 46,927 |
| Atet d.o.o.² | Devova ulica 6A, Ljubljana, Slovenia | 96% | 2,877 | 127 |
| E 3, d.o.o. | Prvomajska ulica 21, Nova Gorica, Slovenia | 100% | 23,653 | 6,719 |
| Croatia | Address | Ownership interest | Equity as at 31 December 2024 (in EUR thousand) | Net profit or loss for 2024 (in EUR thousand) |
|---|---|---|---|---|
| Petrol d.o.o. | Savska Opatovina 36, Zagreb, Croatia | 100% | 281,349 | 41,072 |
| Vjetroelektrane Glunča d.o.o. | Savska Opatovina 36, Zagreb, Croatia | 100% | 30,233 | 5,752 |
| Zagorski metalac d.o.o.³ | Ulica Josipa Broza Tita 2F, Zabok, Croatia | 75% | 5,280 | 604 |
| Serbia | Address | Ownership interest | Equity as at 31 December 2024 (in EUR thousand) | Net profit or loss for 2024 (in EUR thousand) |
|---|---|---|---|---|
| Petrol d.o.o. Beograd | Omladinskih brigada 88-90, New Belgrade, Serbia | 100% | 41,842 | 3,742 |
| Beogas d.o.o. Beograd | Omladinskih brigada 88-90, New Belgrade, Serbia | 100% | 24,247 | 1,608 |
| Petrol LPG d.o.o. | Omladinskih brigada 88-90, New Belgrade, Serbia | 100% | 11,601 | 123 |
| STH Energy d.o.o. Kraljevo | Karadjordjeva 241, Kraljevo, Serbia | 80% | 546 | (47) |
| Montenegro | Address | Ownership interest | Equity as at 31 December 2024 (in EUR thousand) | Net profit or loss for 2024 (in EUR thousand) |
|---|---|---|---|---|
| Petrol Crna Gora MNE d.o.o. | Ulica Slobode br. 2, Podgorica, Montenegro | 100% | 24,578 | 1,331 |
| Bosnia and Herzegovina | Address | Ownership interest | Equity as at 31 December 2024 (in EUR thousand) | Net profit or loss for 2024 (in EUR thousand) |
|---|---|---|---|---|
| Petrol BH Oil Company d.o.o. Sarajevo | Ulica Džemala Bijedića br. 202, Sarajevo, Bosnia and Herzegovina | 100% | 77,523 | 4,549 |
| Petrol Hidroenergija d.o.o. Teslić | Branka Radičevića 1, Teslić, Bosnia and Herzegovina | 80% | 6,982 | 600 |
| Petrol Power d.o.o. Sarajevo | Ulica Džemala Bijedića br. 202, Sarajevo, Bosnia and Herzegovina | 100% | (611) | (33) |
| Other countries | Address | Ownership interest | Equity as at 31 December 2024 (in EUR thousand) | Net profit or loss for 2024 (in EUR thousand) |
|---|---|---|---|---|
| Petrol-Trade Handelsgesellschaft m.b.H. | Elisabethstrasse 10/4, Vienna, Austria | 100% | 2,690 | 1,129 |
| Petrol-Energetika DOOEL Skopje | Ul. St. Kiril i Metodij 20, Skopje, North Macedonia | 100% | 121 | 2 |
| Petrol Bucharest ROM S.R.L. | B-dul Tudor Vladimirescu 22, Sector 5, Bucharest, Romania | 100% | (300) | (343) |
| Petrol-OTI-Terminal L.L.C. | Industrial zone bb, Kosovo Polje, Kosovo | 100% | 8,555 | (15) |
1 Petrol d.d., Ljubljana has 99.55 percent of the voting rights in Geoplin d.o.o. Ljubljana.
2 Petrol d.d., Ljubljana has 100 percent of the voting rights in ATET d.o.o.
3 The Geoplin d.o.o. Ljubljana subsidiary owns a 25 percent interest in Zagorski metalac d.o.o. In total, the Group has a 99.89 percent interest in Zagorski metalac d.o.o.
| Company | 31 December 2024 | 31 December 2023 |
|---|---|---|
| Petrol d.o.o. | 327,834 | 327,834 |
| Geoplin d.o.o. Ljubljana | 102,516 | 56,964 |
| Petrol BH Oil Company d.o.o. Sarajevo | 34,538 | 34,538 |
| Petrol d.o.o. Beograd | 23,603 | 23,603 |
| Petrol Crna Gora MNE d.o.o. | 19,396 | 19,396 |
| IGES d.o.o. |
| Location | Address | Ownership | Value | Count |
|---|---|---|---|---|
| VS | Patrijarha Dimitrija 12v, Belgrade, Serbia | 100% | 2 | 1 |
| ZA | Omladinskih brigada 88‒90, New Belgrade, Serbia | 100% | 7 | 2 |
| ŠI | Omladinskih brigada 88‒90, New Belgrade, Serbia | 100% | 1 | 0 |
| KU 2021 | Omladinskih brigada 88‒90, New Belgrade, Serbia | 100% | 47 | 17 |
| KI | Omladinskih brigada 88‒90, New Belgrade, Serbia | 100% | (1) | 1 |
| SU | Omladinskih brigada 88‒90, New Belgrade, Serbia | 100% | - | - |
| MI | Omladinskih brigada 90, New Belgrade, Serbia | 100% | - | - |
| Company | Address | Ownership | Value | Count |
|---|---|---|---|---|
| Vitales d.o.o. Bihać | Naselje Ripač b.b., Bihać, Bosnia and Herzegovina | 100% | - | - |
| Company | Address | Ownership | Value | Count |
|---|---|---|---|---|
| Petrol javna rasvjeta d.o.o. | Savska Opatovina 36, Zagreb, Croatia | 100% | 160 | 32 |
| Adria-Plin d.o.o. | Stinice 15, Kastel Gomilica, Croatia | 75% | 90 | 17 |
| Company | Address | Ownership | Value | Count |
|---|---|---|---|---|
| Geoplin d.o.o. | Radnička 177, Zagreb, Croatia | 100% | (34,333) | (16,375) |
| Company | Address | Ownership | Value | Count |
|---|---|---|---|---|
| Atet Mobility Zagreb d.o.o. | Savska Opatovina 36, Zagreb, Croatia | 100% | 596 | (7) |
| 15,774 | |
|---|---|
| 15,581 | |
| E 3, d.o.o. | 14,950 |
| 14,950 | |
| Beogas d.o.o. Beograd | 12,774 |
| 12,774 | |
| Zagorski metalac d.o.o. | 7,600 |
| 7,600 | |
| Petrol Hidroenergija d.o.o. Teslić | 5,000 |
| 5,000 | |
| Petrol LPG d.o.o. | 4,771 |
| 4,771 | |
| Petrol Pay d.o.o. | 4,153 |
| 5,955 | |
| Atet d.o.o. | 3,467 |
| 5,303 | |
| Petrol - OTI - Terminal L.L.C. | 1,805 |
| 1,805 | |
| Petrol Skladiščenje d.o.o. | 795 |
| 795 | |
| Petrol GEO d.o.o. | 697 |
| 697 | |
| STH Energy d.o.o. Kraljevo | 468 |
| 468 | |
| Petrol Trade Handelsgesellschaft m.b.H. | 148 |
| Subsidiary | 2024 | 2023 |
|---|---|---|
| Petrol Power d.o.o. Sarajevo | 50 | - |
| Petrol-Energetika DOOEL Skopje | 25 | 25 |
| Petrol Bucharest ROM S.R.L. | 10 | 10 |
| Vjetroelektrana Ljubač d.o.o. | - | 9,057 |
| Ekoen d.o.o. | - | 1,250 |
| Ekoen S d.o.o. | - | 51 |
| 2024 | 2023 |
|---|---|
| 595,955 | 555,292 |
| As at 1 January | 555,292 | 554,033 |
|---|---|---|
| New acquisitions | 45,602 | 1,259 |
| Merger by absorption | (1,300) | - |
| Impairments | (3,639) | - |
| As at 31 December |
595,955
555,292
In 2024, Petrol d.d. acquired an additional ownership interest in Petrol Power d.o.o. Sarajevo, thus becoming a 100 percent owner of the company.
In July 2024, Ekoen d.o.o. and Ekoen S d.o.o. were merged into Petrol d.d., Ljubljana, with an effective merger date of January 1, 2024. The difference between the net asset value of the upstream merger and the investment was recognised as a reduction in profit reserves in the amount of EUR 567 thousand.
In July 2024, Vjetroelektrana Ljubač d.o.o. was merged into Vjetroelektrane Glunča d.o.o.
As of December 31, 2024, the Group was a 99.35 percent owner of Geoplin d.o.o. Ljubljana (with 99.55 percent voting rights), while the share in Plinhold d.o.o. decreased to a 12.91 percent ownership interest, and in the Company to a 12.72 percent ownership interest. The investment in the subsidiary Geoplin d.o.o. Ljubljana increased by EUR 45,551 thousand due to the exchange, representing the fair value of the acquired share in Geoplin d.o.o. Further details are provided in Note 5.1.
In 2023, the Company acquired an additional 23 percent ownership interest in Atet d.o.o., thus becoming the 100 percent owner of the company.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Financial Report 389
In 2024, the Company's expenses for investments in subsidiaries, in the amount of EUR 2,050 thousand arose from a deferred payment of EUR 2,000 thousand for Crodux derivati dva d.o.o. and EUR 50 thousand for the acquisition of a non-controlling interest in Petrol Power d.o.o., Sarajevo.
In 2023, the Company's expenses for investments in subsidiaries, in the amount of EUR 4,259 thousand arose from a deferred payment of EUR 3,000 thousand for Crodux derivati dva d.o.o. and EUR 1,259 thousand for the acquisition of a non-controlling interest in Atet d.o.o.
At the Group level, deferred payment expenses are shown in the statement of cash flows under expenses for investments in subsidiaries, while the acquisition of a non-controlling interest is shown under transactions with non-controlling interests.
In accordance with IAS 36, the Company performed a test of impairment indicators for investments and determined that the carrying amount of investments in Atet d.o.o. and Petrol Pay d.o.o. exceeds their recoverable amount. Therefore, based on the valuation of an external independent valuator, the Company recognised an impairment of this investment in the total amount of EUR 3,639 thousand in 2024. In 2023, no need for impairment of investments in subsidiaries was identified.
Impairment of an investment in a subsidiary is recognised when its carrying amount exceeds its recoverable amount. The recoverable amount of an investment in a subsidiary is the greater of its value in use and its fair value less costs to sell. The impairment test used value in use, where the estimated future cash flows are discounted to their present value using a discount rate.
To assess the value of the investment in the Atet d.o.o. subsidiary, an external independent valuator used the value in use of an asset method, as it is higher than the calculated fair value less costs to sell. The model used the five-year financial plans of Atet d.o.o., with a required after-tax rate of return of 9.0 percent and an annual growth rate of residual free cash flow of 2 percent.
To assess the value of the investment in the Petrol Pay d.o.o. subsidiary, an external independent valuator used the value-in-use of an asset method. The model used the five-year financial plans of Petrol Pay d.o.o., with a required after-tax rate of return of 13.9 percent and an annual growth rate of residual free cash flow of 2 percent.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Financial Report 390
| Effect of change in the discount rate (WACC) | Effect on non-current impairment (in EUR thousand) |
|---|---|
| Discount rate | |
| Growth rate (g) |
| amount | amount | change |
|---|---|---|
| + 0,5 | - 0,5 | (38,712) |
| (27,751) | (62,647) | - |
| Petrol d.o.o. | 9.43% | 2% |
| - 0,5 | + 0,5 | 44,307 |
| 31,755 | 81,805 | - |
| + 0,5 | - 0,5 | (2,144) |
| (1,712) | (3,670) | (1,075) |
| Petrol d.o.o. Beograd | 12.16% | 3% |
| - 0,5 | + 0,5 | 2,392 |
| 1,910 | 4,561 | - |
| + 1,0 | - 0,5 | (452) |
| (190) | (605) | - |
| Petrol LPG d.o.o. |
| 12.63% | 3% | - 1,0 | + 0,5 | 555 | 210 | 824 | ||
|---|---|---|---|---|---|---|---|---|
| - | + 1,0 | - 0,5 | (2,728) | (1,249) | (3,651) | - | ||
| E 3, d.o.o. | 8.35% | 2% | - 1,0 | + 0,5 | 3,727 | 1,460 | 5,856 | |
| - | Vjetroelektrane Ljubač | + 0,5 | - | (2,114) | - | (2,114) | - | |
| d.o.o. | 11.77% | - | - 0,5 | - | 2,245 | - | 2,245 | - |
| Vjetroelektrana Glunča |
| Company | Percentage | Change | Value 1 | Value 2 | Value 3 |
|---|---|---|---|---|---|
| d.o.o. | 11.77% | - 0,5 | (1,543) | (1,543) | |
| Petrol Pay d.o.o. | 14.60% | 2% | - 0,5 | + | 0,5 |
| 120 | 128 | 258 | |||
| Atet d.o.o. | 7.50% | 2% | - 0,5 | ||
| (870) | (883) | (1,617) | |||
| (1,456) |
| Change in key assumptions | Effect of change | Effect of | Effect of |
|---|---|---|---|
| in the discount rate | and the non-current growth rate | Effect on | discount rate |
| Non-current | Discount rate | Non-current | Discount rate |
| growth rate | recoverable | the recoverable | amount |
| (in EUR thousand) | (WACC) | (g) | (WACC) |
| (g) |
0,5
1,045
1,060
2,340
| amount | change |
|---|---|
| + 0,5 | - 0,5 |
| (21,578) | (11,609) |
| (31,386) | - |
| Petrol d.o.o. | 10.20% |
| 7% | - 0,5 |
| + 0,5 | 24,377 |
| 12,984 | 39,951 |
| - | + 0,5 |
| - 0,5 | (1,496) |
| 214 | (1,209) |
| (751) | Petrol d.o.o. Beograd |
| 12.16% | 3% |
| - 0,5 | + 0,5 |
| 1,700 | (264) |
| 1,541 | - |
| + 0,5 | - |
| (2,437) | - |
| (2,437) | - |
| Vjetroelektrana Ljubač d.o.o. | 9.49% |
| 0,5 | 2,590 | 2,590 | + 0,5 |
|---|---|---|---|
| (1,330) | (1,330) |
| 13.90% | 3% | - 0,5 | + 0,5 |
|---|---|---|---|
| 85 | 104 | 198 | (1,604) |
| + 0,5 | - 0,5 | (514) |
The financial data for each subsidiary with a non-controlling interest are summarised below. Data for Petrol Power d.o.o. (for the year 2023), Adria-Plin d.o.o., STH Energy d.o.o. Kraljevo are shown among others. Disclosures are made before the elimination of intercompany relationships.
In 2024, Petrol d.d. acquired an additional 25.01 percent ownership interest in Geoplin d.o.o., thus becoming a 99.35 percent owner of the company with 99.55 percent voting rights. In 2024, Petrol d.d. acquired an additional ownership in Petrol Power d.o.o. Sarajevo, thus becoming a 100 percent owner of the company. In 2023, Petrol d.d. acquired an additional 23 percent interest in Atet d.o.o., thus becoming a 100 percent owner of the company.
| (in EUR thousand) | The Geoplin Group | Zagorski d.o.o. | Petrol d.o.o. | Teslić | Others | Total |
|---|---|---|---|---|---|---|
| Revenue | 1,014,058 | 14,661 | 3,274 | 4,850 | 1,036,843 | |
| Net profit/(loss) for the year | 2,549 | (237) | 2,516 | 1,772 | 6,600 | |
| Net profit/(loss) for the year attributable to: | Non-controlling interest | 650 | (15) | 503 | 51 | 1,190 |
| Total other comprehensive income after tax | 957 | 3 | - | (1) | 958 | |
| Total comprehensive income for the financial year | 3,506 | (234) | 2,516 | 1,771 | 7,558 | |
| Total comprehensive income attributable to: | Non-controlling interest | 894 | (15) | 503 | 51 | 1,434 |
| (in EUR thousand) | The Geoplin Group | Zagorski d.o.o. | Petrol d.o.o. | Teslić | Others | Total |
|---|---|---|---|---|---|---|
| Non-current assets | 42,537 | 7,385 | 5,427 | 4,956 | 60,306 | |
| Current assets | 204,894 | 8,670 | 3,757 | 3,966 | 221,287 | |
| Non-current liabilities | (203) | (3,407) | - | (1,750) | (5,359) | |
| Current liabilities | (130,035) | (2,714) | (418) | (9,188) | (142,355) | |
| Net assets | 117,194 | 9,935 | 8,766 | (2,016) | 133,879 | |
| Net assets attributable to: | Non-controlling interest | 29,899 | 634 | 1,753 | 165 | 32,451 |
| (in EUR thousand) | The Geoplin Group | Zagorski d.o.o. | Petrol d.o.o. | Teslić | Others | Total |
|---|---|---|---|---|---|---|
| Net cash from (used in) operating activities | (1,436) | 2,592 | 2,521 | 2,051 | 5,728 | |
| Net cash from (used in) investing activities | 2,686 | (11,548) | 937 | (144) | (8,069) | |
| Net cash from (used in) financing activities | (174) | 10,172 | (738) | 598 | 9,857 | |
| Increase/(decrease) in cash and cash |
| Group | d.o.o. | d.o.o. Teslić | Others | Total | ||
|---|---|---|---|---|---|---|
| Revenue | 932,071 | 14,427 | 1,067 | 1,789 | 949,354 | |
| Net profit/(loss) for the year | 35,830 | 479 | 606 | (30) | 36,885 | |
| Net profit/(loss) for the year attributable to: | Non-controlling interest | 7,332 | 47 | 121 | (5) | 7,495 |
| Total other comprehensive income after tax | 15,229 | - | - | - | 15,229 | |
| Total comprehensive income for the financial year | 51,059 | 479 | 606 | (30) | 52,114 | |
| Total comprehensive income attributable to: | Non-controlling interest | 9,985 | 47 | 121 | (5) | 10,148 |
| Group | d.o.o. | d.o.o. Teslić | Others | Total | ||
|---|---|---|---|---|---|---|
| Non-current assets | 40,515 | 7,028 | 5,243 | 2,158 | 54,944 | |
| Current assets | 232,481 | 5,467 | 1,838 | 439 | 240,225 | |
| Non-current liabilities | (1,956) | (3,249) | - | (1,754) | (6,959) | |
| Current liabilities | (101,074) | (2,932) | (99) | (207) | (104,312) | |
| Net assets | 169,966 | 6,314 | 6,982 | 636 | 183,898 | |
| Net assets attributable to: | Non-controlling interest | 771 | 7 | 1,396 | 132 | 2,306 |
| Group | d.o.o. | d.o.o. Teslić | Others | Total | |
|---|---|---|---|---|---|
| Net cash from (used in) operating activities | 23,959 | (118) | 107 | 277 | 24,225 |
| Net cash from (used in) investing activities | (27,618) | 3,993 | - | (476) | (24,101) |
| Net cash from (used in) financing activities | (1,506) | (3,075) | (1,912) | (2,864) | (9,357) |
| Increase/(decrease) in cash and cash equivalents | (5,165) | 800 | (1,805) | (3,063) | (9,233) |
| Dividend payments to non-controlling interest | 502 | 261 | 478 | 36 | 1,277 |
A more detailed overview of the Group’s structure is presented in the chapter Companies in the Petrol Group of the business report.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Financial Report 392
| Name of jointly controlled entity | Address of jointly controlled entity | Business activities | Ownership and voting rights 31 December 2024 | Ownership and voting rights 31 December 2023 |
|---|---|---|---|---|
| GEOENERGO d.o.o. - in bankruptcy¹ | Slovenia | Extraction of natural gas, oil |
Mlinska ulica 5, Lendava, Slovenia
and gas condensate
| Electricity, gas and steam | Soenergetika d.o.o. | Stara cesta 3, Kranj, Slovenia | supply |
|---|---|---|---|
| 25% | 25% | Croatia | Krapanjska cesta 8, Šibenik, |
| Vjetroelektrana Dazlina d.o.o. | Croatia | Electricity production | 50% |
| 50% |
The company is in bankruptcy proceedings.
After analysing the contracts of members of jointly controlled entities, the Group/Company established that it does not control those entities, disclosing them as investments in jointly controlled entities as a result.
| The Petrol Group | Petrol d.d. | 31 December 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 |
|---|---|---|---|---|---|
| Soenergetika d.o.o. | 320 | 327 | 210 | 210 | |
| Vjetroelektrarna Dazlina d.o.o. | 22 | 23 | 23 |
| The Petrol Group | 2024 | 2023 |
|---|---|---|
| As at 1 January | 350 | 1,278 |
| Attributed profit/loss | 36 | 44 |
| Dividends received | (44) | (931) |
| Impairment | - | (41) |
| As at 31 December | 342 | 350 |
In 2024, in conformity with the equity method, the Group attributed the corresponding share of profits, in total EUR 36 thousand (2023: EUR 44 thousand), deducting from the investments the dividends received of EUR 44 thousand (2023: EUR 931 thousand). No impairment needs were identified in 2024. In 2023, based on the impairment review of investments in jointly controlled entities, the Group impaired the investment in Geoenergo by EUR 41 thousand as the company has been undergoing bankruptcy proceedings as of 19 January 2024.
| (in EUR thousand) | Net assets of jointly controlled entities | Liabilities | Ownership interest | Carrying amount of the Petrol Group investment | Net profit or loss attributable to the Petrol Group | Revenue | |||
|---|---|---|---|---|---|---|---|---|---|
| Soenergetika d.o.o. | 1,595 | 286 | 1,309 | 25% | 327 | 2,310 | 178 | 44 | |
| Vjetroelektrana Dazlina d.o.o. | 530 | 532 | (2) | 50% | (1) | 23 | - | - | |
| Geoenergo d.o.o. | 1,371 | 3,811 | (2,440) | 50% | (1,220) | - | 2,260 | (2,315) | (1,157) |
| Net assets | Liabilities | Net profit or loss | Net assets of jointly controlled entities | Ownership interest | Carrying amount of the Petrol Group investment | Revenue | Net profit or loss attributable to the Petrol Group | ||
|---|---|---|---|---|---|---|---|---|---|
| Soenergetika d.o.o. | 2,031 | 753 | 1,278 | 25% | 320 | 320 | 2,948 | 146 | 36 |
| Vjetroelektrana Dazlina d.o.o. | 1,006 | 1,009 | (3) | 50% | (2) | 22 | 6 | - | - |
| Geoenergo d.o.o. | 1,452 | 3,881 | (2,429) | 50% | (1,215) | - | 62 | 11 | - |
| (in EUR thousand) | 2024 | 2023 |
|---|---|---|
| As at 1 January | 233 | 233 |
| As at 31 December | 233 | 233 |
The original contract for the acquisition of a 50 percent interest in Vjetroelektrarna Dazlina d.o.o. from 2017 contains a call option under which Petrol d.d., Ljubljana has an option to acquire the remaining 50 percent interest in Vjetroelektrarna Dazlina d.o.o. at fair value. The option is enforceable subject to suspensive conditions.
A more detailed overview of the Group’s structure is presented in the chapter Companies in the Petrol Group of the business report.
| Name of associate | Address of associate | Business activities | Ownership and voting rights | 31 December 2024 | 31 December 2023 |
|---|---|---|---|---|---|
| Knešca d.o.o. | Kneža 78, Most na Soči, Slovenia | Electricity production | 47.27% |
| Company | 2024 (in EUR thousand) | 2023 (in EUR thousand) | 2024 (in EUR thousand) | 2023 (in EUR thousand) |
|---|---|---|---|---|
| Knešca d.o.o. | 1,067 | 1,072 | - | - |
| Aquasystems d.o.o. | 797 | 1,314 | 337 | 337 |
| Plinhold d.o.o. | - | - | - | - |
1 The company is in liquidation.
Aquasystems d.o.o. - in Dupleška cesta 330, Maribor, Slovenia
Plinhold d.o.o. Mala ulica 5, Ljubljana, Slovenia
47.27%
26%
26%
| 2024 | 2023 | |
|---|---|---|
| As at 1 January | 59,317 | 56,968 |
| Attributed profit/loss | 1,543 | 3,680 |
| Dividends received | (2,040) | (1,350) |
| Disposals | (32,397) | - |
| Transfer between financial assets at fair value through OCI | (24,541) | - |
| Attribution of changes in the equity of associates | (18) | 18 |
| As at 31 December | 1,864 | 59,317 |
In 2024, in conformity with the equity method, the Group attributed the corresponding share of 2024 profits or losses to its investments, in total EUR 1,543 thousand (2023: EUR 3,680 thousand), deducting from the investments the dividends received of EUR 2,040 thousand (2023: EUR 1,350 thousand).
| Liabilities | Net assets | Ownership of the Petrol | Carrying amount of the | Net profit or loss attributable to the Petrol |
|---|---|---|---|---|
| (in EUR thousand) | Assets | (debt) | associates | interest | Group investment | Revenue | loss | Group |
|---|---|---|---|---|---|---|---|---|
| Knešca d.o.o. | 1,987 | 223 | 1,764 | 47.27% | 834 | 1,072 | 871 | 542 |
| Aquasystems d.o.o. | 6,204 | 1,152 | 5,052 | 26% | 1,314 | 1,314 | 8,771 | 3,500 |
| Plinhold d.o.o. * | 327,600 | 98,654 | 228,946 | 30% | 68,325 | 56,931 | 67,800 | 8,300 |
| (in EUR thousand) | Liabilities | Net assets of associates | Ownership of the Petrol Group | Net profit or loss | attributable to the Petrol Group | ||||
|---|---|---|---|---|---|---|---|---|---|
| Knešca d.o.o. | 1,992 | 91 | 1,901 | 47.27% | 899 | 1,067 | 888 | 530 | 250 |
| Aquasystems d.o.o. | 3,812 | 751 | 3,061 | 26% | 797 | 797 | 4,050 | 1,511 | 393 |
| Plinhold d.o.o. * | - | - | - | - | - | - | 39,895 | 2,382 | 711 |
| (in EUR thousand) | 2024 | 2023 |
|---|---|---|
| As at 1 January | 26,610 | 26,610 |
| Transfer between financial assets at fair value through OCI | (11,252) | - |
| Disposals | (15,022) | - |
| As at 31 December | 337 | 26,610 |
On November 7, 2024, Petrol d.d., Ljubljana and the Republic of Slovenia, represented by the Slovenian Sovereign Holding in accordance with the Slovenian Sovereign Holding Act (ZSDH-1), completed the second step of the interest exchange agreement in Geoplin d.o.o. Ljubljana and Plinhold d.o.o., in accordance with the exchange agreement signed on July 14, 2016. The interest exchange was carried out in accordance with the exchange ratio calculated based on the valuations of both companies, prepared by an authorized appraiser.
As of December 31, 2024, the Group has been a 99.35 percent owner of Geoplin d.o.o. Ljubljana (with 99.55 percent voting rights), while the interest in Plinhold d.o.o. decreased to a 12.91 percent ownership interest, and in the Company to a 12.72 percent ownership interest. The Group/Company reclassified the investment in Plinhold d.o.o. from investments in associates to financial assets at fair value through other comprehensive income.
Financial assets at fair value through other comprehensive income are investments in the shares and interests of companies.
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|---|
| Non-current financial assets at fair value through other comprehensive income | Shares of companies | 2,859 | 1,930 | 2,801 | 1,871 |
| Interests in companies | 24,991 | 2,064 | 22,827 | 247 | |
| Total financial assets at fair value through other comprehensive income | 27,850 | 3,994 | 25,628 | 2,118 |
396
| (in EUR thousand) | 2024 | 2023 |
|---|---|---|
| As at 1 January | 3,994 | 4,112 |
|---|---|---|
| 2,118 | 2,118 | |
| Transfer from investments in associates | 24,541 | - |
| Valuation of the remaining interest at fair value | (1,399) | - |
| Disposals | - | (118) |
| Decrease | (24) | - |
| Revaluation | 846 | - |
| Elimination of impairment | 83 | - |
| Impairment | (191) | - |
| 27,850 | 3,994 | 25,628 | 2,118 |
|---|---|---|---|
The Group’s/Company’s financial assets at fair value through other comprehensive income are carried at fair value.
| The Petrol Group | Petrol d.d. | |
|---|---|---|
| 31 December | 2024 | 2023 |
| Loans and other financial receivables | 1,154 | 2,362 |
| Total non-current loans | 1,154 | 2,362 |
| 22,334 | 29,072 |
| The Petrol Group | (in EUR thousand) | |
|---|---|---|
| 2024 | 2023 | |
| As at 1 January | 2,362 | 949 |
| New loans |
| 485 | 194 | |
|---|---|---|
| Loans repaid | (1,216) | |
| Increase in financial leases | - | |
| Decrease in financial leases | (58) | |
| Transfer from current loans | - | |
| Transfer to current loans | (421) | |
| Foreign exchange differences | 2 | |
| As at 31 December | 1,154 | 2,362 |
Non-current loans of EUR 22,334 thousand (EUR 29,072 thousand as at 31 December 2023) include non-current loans granted to Group companies totalling EUR 22,306 thousand (EUR 28,108 thousand as at 31 December 2023) and non-current loans granted to others of EUR 28 thousand (EUR 964 thousand as at 31 December 2023).
| Company | 2024 | 2023 |
|---|---|---|
| Vjetroelektrarne Glunča d.o.o. | 20,504 | - |
| STH Energy d.o.o. Kraljevo | 1,402 | 1,402 |
| Atet d.o.o. |
| Vjetroelektrana Ljubač d.o.o. | 400 |
|---|---|
| Petrol d.o.o. Beograd | 21,566 |
| Ekoen d.o.o. | 5,000 |
| Ekoen S d.o.o. | 80 |
| Total | 22,306 |
| Year | 2024 | 2023 |
|---|---|---|
| As at 1 January | 29,072 | 59,135 |
| Decrease due to merger by absorption | (80) | - |
| New loans | 400 | 20,821 |
| Loans repaid | (1,080) | - |
| Transfer to current loans | (5,978) | (50,882) |
| Foreign exchange differences | - | (2) |
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| Receivables arising from the sales of solar power plants and heat pumps | 7,624 | 8,466 | 7,621 | 8,452 |
| Other receivables | 2 | 2 | - | - |
| Total non-current operating receivables | 7,626 | 8,468 | 7,621 | 8,452 |
Receivables from the sales of solar power plants and heat pumps relate to the non-current instalment part of the sales.
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Spare parts and material | 10,290 | 6,181 | 9,978 | 5,796 |
| Merchandise: | 211,204 | 199,583 | 138,144 | 110,159 |
| ‒ fuel | 155,834 | 137,192 | 99,218 | 65,828 |
| ‒ other petroleum products | 188 | 226 | 151 | 178 |
| ‒ other merchandise | 55,182 | 62,164 | 38,775 | 44,153 |
| Total inventories | 221,494 | 205,764 | 148,122 | 115,955 |
The Petrol Group
The Group has no inventories that are pledged as security for liabilities.
EUR 2,001 thousand). Market prices as at the date of the financial statements were taken into account.
The Company has no inventories that are pledged as security for liabilities.
As of December 31, 2024, the Company examined the value of inventories of goods and determined that the carrying amounts of certain products exceeded their net realizable values. Consequently, for inventories where the net realizable value, i.e., the estimated selling price in the ordinary course of business less the estimated costs to sell, was lower than the carrying amount, the Company recognised an inventory write-down of EUR 1,341 thousand (2023: EUR 1,987 thousand). Market prices as at the date of the financial statements were taken into account.
| The Petrol Group | Petrol d.d. | |||
|---|---|---|---|---|
| 31 December | 31 December | 31 December | 31 December | |
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
| Loans | 2,703 | 1,314 | 44,916 | 36,359 |
| Allowance to the value of loans granted | (1,681) | (780) | (979) | (718) |
| Time deposits with banks (3 months to 1 year) | 16 | 159 | - | 142 |
| Interest receivables | 269 | 261 | 8,232 | 7,846 |
| Allowance for interest receivables | (226) |
In addition to loans of EUR 1,863 thousand granted by Petrol d.d., Ljubljana to others (EUR 533 thousand as at 31 December 2023) (explained in the disclosure relating to the Company), the loans granted include current loans of EUR 840 thousand (EUR 780 thousand as at 31 December 2023) granted to other companies, mainly in connection with the payment of goods delivered.
Petrol d.d., Ljubljana
Current loans to companies of EUR 44,916 thousand (EUR 36,359 thousand as at 31 December 2023) include the current portion of loans to Group companies totalling EUR 43,053 thousand (EUR 35,826 thousand as at 31 December 2023) and current loans to others equalling EUR 1,863 thousand (EUR 533 thousand as at 31 December 2023).
| Company | 31 December 2024 | 31 December 2023 |
|---|---|---|
| Petrol d.o.o., Beograd | 20,000 | 15,000 |
| Atet d.o.o. | 8,164 | 6,775 |
| Petrol LPG d.o.o. | 6,000 | 6,000 |
| Petrol Crna Gora MNE | 4,700 | - |
| Petrol-Energetika DOOEL Skopje | 1,980 | - |
| Atet Mobility Zagreb d.o.o. | 1,077 | 4 |
| Petrol Pay d.o.o. |
| Petrol Bucharest ROM S.R.L. | 700 |
|---|---|
| Petrol Oti Terminali d.o.o. | 332 |
| E 3, d.o.o. | 100 |
| Petrol Power d.o.o. Sarajevo | 3,759 |
| Ekoen d.o.o. | 3,562 |
| Ekoen S d.o.o. | 33 |
| Total | 43,053 |
| 35,826 |
| Allowance for trade receivables | (60,022) | (56,144) | (27,219) | (30,014) |
|---|---|---|---|---|
| Operating interest receivables | 1,608 | 1,871 | 1,201 | 2,764 |
| Allowance for interest receivables | (1,559) | (1,798) | (1,201) | (1,368) |
| Receivables from insurance companies (loss events) | 74 | 131 | 34 | 65 |
| Other operating receivables | 20,319 | 27,303 | 8,643 | 12,548 |
| Allowance for other receivables | (1,528) | (2,016) | (280) | (761) |
| Total | 673,684 | 794,205 | 417,550 | 539,650 |
The Petrol Group
Contract assets represent a transfer of goods or services to a customer before the consideration is paid. Contract assets relate to public lighting projects. As at 31 December 2024, contract assets amounted to EUR 5,281 thousand (2023: EUR 6,053 thousand).
The Petrol Group
Petrol d.d.
| 31 December | 31 December | 31 December | 31 December | ||
|---|---|---|---|---|---|
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 | |
| Assets from derivative financial instruments | 15,618 | 20,606 | 14,906 | ||
| Assets arising from interest rate swaps | |||||
| Fair value of derivatives used for hedging |
| Fair value of derivatives through profit or loss | 1,590 | - | 1,590 | - |
|---|---|---|---|---|
| - petroleum products | 1,590 | - | 1,590 | - |
| 7,620 | - | - | - |
|---|---|---|---|
| - natural gas | 7,620 | - | - |
| Fair value of derivatives through profit or loss | 810 | 3,960 | 962 | 3,883 |
|---|---|---|---|---|
| - petroleum products | 810 | 121 | 962 |
| Fair value of derivatives used for hedging | 324 | 1,981 | 324 | 1,981 |
|---|---|---|---|---|
| Petroleum products | 324 | 324 | ||
| Electricity | 1,981 | 1,981 | ||
| Total assets arising from derivative financial instruments | 25,962 | 26,547 | 17,782 | 24,022 |
| Fair value of derivatives through profit or loss | 2,400 | 3,960 | 2,552 | 3,883 |
| Fair value of derivatives used for hedging | 23,562 | 22,587 | 15,230 | 20,139 |
| Fair value of derivatives used for hedging | 767 |
|---|---|
| 489 | |
| 767 | |
| 489 | |
| 767 | |
| 489 | |
| 767 | |
| 489 |
| Fair value of derivatives through profit or loss | - | 1,348 |
|---|---|---|
| - petroleum products | - | 1,348 |
| Fair value of derivatives used for hedging | - | 9,075 |
| - natural gas | - | 9,075 |
| 10,423 | ||
| 1,348 |
| Fair value of derivatives through profit or loss | 15,832 | 786 |
|---|---|---|
| 15,364 | 234 | |||
|---|---|---|---|---|
| - petroleum products | 1,154 | - | ||
| 1,154 | - | |||
| - electricity | 14,210 | 173 | ||
| 14,210 | 234 | |||
| - natural gas | 468 | 613 | ||
| - | - | |||
| Fair value of derivatives used for hedging | 4,917 | 11,036 | 109 | - |
| - petroleum products | 109 | - | 109 | - |
| - natural gas | 4,808 | 11,036 | - | - |
| 20,749 | 11,822 | 15,473 | 234 | |
| Total liab. arising from derivative fin. instruments | 21,516 | 22,734 | 16,240 |
| 2,071 | 15,832 | 2,134 | 15,364 | 1,582 |
|---|---|---|---|---|
| 5,684 | 20,600 | 876 | 489 |
|---|---|---|---|
Liabilities arising from interest rate swaps and forward contracts were in previous years shown under the item 'borrowings and other financial liabilities' in the statement of financial position. With the introduction of a change to the presentation of all derivative financial instruments in a single line item in the statement of financial position, these liabilities were reallocated.
The Petrol Group and Petrol d.d., Ljubljana Assets and liabilities arising from interest rate swaps are fully designated for hedging purposes, and their effects are recognised in other comprehensive income and shown in hedging reserves within equity.
Assets and liabilities arising from forward contracts for the purchase of US dollars represent the fair values of open forward contracts at the statement of financial position date. Among the assets and liabilities arising from forward contracts, a portion of the assets or liabilities is intended for hedging, with the effect of these forward contracts being recognized in other comprehensive income and shown among hedging reserves within equity.
Assets and liabilities from commodity swaps represent the fair values of open commodity swap contracts for the purchase of petroleum products and electricity at the statement of financial position date. Among commodity derivatives, a portion is intended for hedging, with the effect of these commodity derivatives being recognized in other comprehensive income and shown in hedging reserves within equity.
| The Petrol Group | Petrol d.d. |
|---|---|
| 31 December | 31 December |
| 31 December | 31 December |
| (in EUR thousand) | |
| 2024 | |
| 2023 | |
| Prepayments and collaterals |
| Accrued claims against Borzen | 51,960 | 70,919 | 18,781 | 29,423 |
|---|---|---|---|---|
| Excise duties receivables | 23,925 | 30,552 | 9,636 | 21,990 |
| Prepaid licenses, subscriptions, specialised literature, etc. | 20,794 | 17,850 | 9,758 | 9,283 |
| Prepaid insurance premiums | 3,135 | 2,558 | 2,548 | 2,168 |
| Other deferred expenses | 585 | 1,647 | 239 | 1,222 |
| Total prepayments and other assets | 109,220 | 130,114 | 47,765 | 68,415 |
The main part of prepayments and securities receivable are securities given to suppliers for the leasing of cross-border transport capacity abroad and for the purpose of trading (buying and selling) electricity or natural gas in certain markets.
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Cash in banks | 42,071 | 60,958 | 13,214 | 22,829 |
| Current deposits (up to 3 months) | 22,742 | 28,003 | 9,564 | - |
| Cash on the way | 12,048 | 16,976 | 7,777 | 10,191 |
| Total cash and cash equivalents | 76,861 | 105,937 | 30,555 | 33,020 |
Called-up capital
Capital surplus may be used under the conditions and for the purposes stipulated by law. As at 31 December 2024, the Group's capital surplus amounted to EUR 80,991 thousand and includes the general equity revaluation adjustment of EUR 80,080 thousand, which was included in the capital surplus upon the transition to IFRS, and EUR 911 thousand of capital surplus arising from the excess of the disposal value over the carrying amount of own shares paid as a bonus to the Company's Supervisory Board members. The Company's capital surplus as at 31 December 2024 did not differ from the Group's capital surplus. There were no changes in the capital surplus in 2024.
Legal and other profit reserves are amounts retained from profits of previous years for a specific purpose, mainly to cover potential future losses. The Company's Supervisory Board, on the proposal of the Company's Management Board, approved the set-up of other profit reserves from the net profit in accordance with Article 230 of the Companies Act in the amount of EUR 65,256 thousand when adopting the annual report for 2024.
If the parent company or its subsidiaries acquire an ownership interest in the parent company, the amount paid, including transaction costs, less tax, is deducted from total equity as own shares until such shares are cancelled, reissued, or sold. If own shares are later sold or reissued, any consideration received is included in equity net of transaction costs and related tax effects.
Petrol d.d., Ljubljana
In 2024, there were no changes in the number of own shares. As at 31 December 2024, the Company held 494,060 own shares (31 December 2023: 494,060). The market value of the repurchased own shares as at the same date was EUR 15,563 thousand (31 December 2023: EUR 11,512 thousand). The Company did not change its reserves for own shares in 2024.
As at 31 December 2024, Geoplin d.o.o. Ljubljana held 120,400 shares of Petrol d.d., Ljubljana (31 December 2023: 120,400), with a market value of EUR 3,793 thousand as at the same date (31 December 2023: EUR 2,805 thousand). The Group held 614,460 own shares as at 31 December 2024. The market value of own shares as at the same date was EUR 19,355 thousand (31 December 2023: EUR 14,317 thousand).
Other reserves of the Group/Company consist of the fair value reserve and the hedging reserve. Changes in these reserves in 2024 are detailed in disclosure 5.14. The nature of other reserves (especially drawing) must also consider local legislation, which may require a professional legal assessment.
The Company's fair value reserve as at 31 December 2024 amounted to EUR 43,424 thousand. The fair value reserve consists of reserves arising from the merger of Instalacija d.o.o. amounting to EUR 40,514 thousand and reserves from the valuation of financial assets at fair value through other comprehensive income amounting to EUR 1,589 thousand, increased by actuarial gains from the actuarial calculation of post-employment benefits on retirement amounting to EUR 1,670 thousand and decreased by deferred taxes of EUR 350 thousand.
The Group's hedging reserves as at 31 December 2024 amounted to EUR 14,218 thousand and relate to the positive valuation of interest rate swaps of EUR 11,674 thousand, the positive valuation of forward contracts of EUR 5,916 thousand, and the negative valuation of commodity derivative financial instruments of EUR 3,372 thousand.
The Company's hedging reserves as at 31 December 2024 amounted to EUR 11,391 thousand and relate to the positive valuation of interest rate swaps of EUR 11,029 thousand and the positive valuation of commodity derivative financial instruments of EUR 362 thousand.
| swaps | instruments | contracts | swaps | instruments | |
|---|---|---|---|---|---|
| As at 1 January 2023 | 28,082 | (5,382) | (4,873) | 24,538 | 2,102 |
| Changes in fair value - gross | (14,501) | 1,299 | (983) | (12,625) | (94) |
| Deferred taxes | 2,206 | 9 | 459 | 1,869 | (57) |
| Non-controlling interests share in changes in fair value - gross | - | (355) | 251 | - | - |
| Deferred taxes | - | (17) | (117) |
| 15,787 | (4,446) | (5,263) | 13,782 | 1,951 | |
|---|---|---|---|---|---|
| Changes in fair value - gross | (5,263) | 4,188 | 16,695 | (3,530) | (2,037) |
| Deferred taxes | 1,150 | (921) | (3,673) | 777 | 448 |
| Increase/(decrease) in non-controlling interest - gross | - | (1,755) | (18) | - | - |
| Deferred taxes | - | 385 | 4 | - | - |
| Non-controlling interests share in changes in fair value - gross | - | (1,054) | (2,345) | - | - |
| As at 31 December 2024 | 11,674 | (3,372) | 5,916 | 11,029 | 362 |
|---|---|---|---|---|---|
Interest rate swaps are designated as a hedging instrument against the variability of cash flows from bank borrowings.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Financial Report 404
Currency forward contracts and commodity derivative financial instruments are designated as hedging instruments against the variability of cash flows under a gas purchase agreement with a subsidiary, Geoplin d.o.o.
Because all the material characteristics of the hedged item and the hedging instrument are consistent (price, period, amount and quantity), we assess that the hedges are effective and that it is appropriate to record the effects of the hedges in other comprehensive income.
At the 38th General Meeting of the joint-stock company Petrol d.d., Ljubljana, held on 23 May 2024, the shareholders adopted the following decision on the allocation of accumulated profit:
As proposed by the Management Board and the Supervisory Board, the accumulated profit for the 2023 financial year of EUR 74,218 thousand was to be allocated in accordance with the provisions of Articles 230, 282, and 293 of the Companies Act (ZGD-1) as the disbursement of gross dividends of EUR 1.8 per share or the total amount of EUR 74,001 thousand (own shares excluded). The remaining accumulated profit of EUR 217 thousand and any amounts linked to own shares arising on the date the dividends are disbursed, as well as amounts resulting from rounding off dividend payments, were to be transferred to other profit reserves. The dividends were disbursed out of the net profit for 2023. In 2024, the Company paid out dividends for the year 2023 amounting to EUR 74,001 thousand.
| Petrol d.d. | (in EUR thousand) | 31 December 2024 | 31 December 2023 |
|---|---|---|---|
| Compulsory allocation of net profit | 130,512 | 92,806 | |
| Net profit or loss | 130,512 | 92,806 | |
| Net profit after compulsory allocation | 130,512 | 92,806 | |
| Creation of other profit reserves | 65,256 |
| Net profit | 65,256 |
|---|---|
| Retained earnings | 46,403 |
| Other profit reserves | 21,271 |
| Accumulated profit | 86,587 |
Based on the proposal of the Company’s Management Board for the approval of the annual report, the Company’s Supervisory Board in accordance with Article 230 of the Companies Act approved the use of the net profit to create other profit reserves of EUR 65,256 thousand, and a transfer of other profit reserves to accumulated profit in the amount of EUR 21,271 thousand. The accumulated profit amounts to EUR 86,587 thousand.
The final dividends for the year ended 31 December 2024 have not yet been proposed and confirmed by the owners at a General Meeting of Shareholders, which is why they have not been recorded as liabilities in these financial statements.
Provisions for employee post-employment and other non-current benefits comprise provisions for post-employment benefits on retirement and jubilee benefits. The provisions amount to the estimated future payments for post-employment benefits on retirement and jubilee benefits discounted to the end of the reporting period. The calculation is made separately for each employee by taking into account the costs of the post-employment benefits on retirement and the costs of all the expected jubilee benefits until retirement.
Management believes that the factors for assessing provisions for jubilee awards and severance payments have not significantly changed compared to the previous year. Therefore, it estimates that the value of provisions for jubilee awards and severance payments, calculated based on the actuarial model as of 31 December 2023, is an appropriate basis for recognizing provisions as of 31 December 2024. The calculation as of 31 December 2023 was adjusted only for the number of employees as of 31 December 2024.
| 31 December | 31 December | 31 December | 31 December |
|---|---|---|---|
| (in EUR thousand) | 2024 | 2023 | Post-employment benefits on retirement |
| 5,310 |
| Post-employment benefits | Jubilee benefits | Total | |
|---|---|---|---|
| in EUR thousand | |||
| As at 1 January 2023 | 5,004 | 2,833 | 7,837 |
| Current service cost | 522 | 351 | 873 |
| Costs of interest | 154 | 89 | 243 |
| Post-employment benefits paid | (176) | (241) | (417) |
| Actuarial surplus/deficit | (466) |
| 5,038 | 2,523 | 7,561 | |
|---|---|---|---|
| Current service cost | 693 | 469 | 1,162 |
| Post-employment benefits paid | (438) | (319) | (757) |
| Actuarial surplus/deficit | 17 | - | 17 |
| 5,310 | 2,673 | 7,983 |
|---|---|---|
The calculation of the provisions for employee post-employment and other non-current benefits is based on the actuarial calculation, which relied on the following assumptions:
For Group companies, it is assumed that the average salaries will increase by 2 percentage points and, in addition, that individual salaries will increase by 0.5 percentage points.
| Discount rate | Salary increase | Staff turnover | Change in Percentage points |
|---|---|---|---|
| Petrol d.d. | Post-employment | Total | ||
|---|---|---|---|---|
| benefits | Jubilee benefits | |||
| As at 1 January 2023 | 3,790 | 2,109 | 5,899 | |
| Current service cost | 390 | 284 | 674 | |
| Costs of interest | 115 | 64 | 179 | |
| Post-employment benefits paid | (140) | (212) | (352) | |
| Actuarial surplus/deficit | (208) | (257) | (465) | |
| As at 31 December 2023 | 3,947 | 1,988 | 5,935 | |
| Current service cost | 648 | 461 | 1,109 | |
| Post-employment benefits paid | (356) | (306) | (662) | |
| Actuarial surplus/deficit | 14 | - | 14 | |
| As at 31 December 2024 | 4,253 | 2,143 | 6,396 |
The calculation of the provisions for employee post-employment and other non-current benefits is based on the actuarial calculation, which relied on the following assumptions:
It is assumed that the average salaries will increase by 2 percentage points and, in addition, that individual salaries will increase by 0.5 percentage point.
| Discount rate | Salary increase | Staff turnover | Change in |
|---|---|---|---|
| Percentage points | Percentage points |
| Effect on the balance of provisions for employee post-employment and other non-current benefits (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Non-current other provisions | 39,669 | 30,037 | 35,922 | 26,724 |
| Provisions for partial non-compliance pertaining to renewables in transport | (482) | 568 | 570 | (493) |
| (514) | 599 |
| 1,984 | 2,436 |
|---|---|
| 1,984 | 2,436 |
| 2,795 | 2,254 | 2,083 | 1,523 |
|---|---|---|---|
| 170 | 153 | 170 | 153 |
| 44,618 | 34,880 | 40,159 | 30,836 |
|---|---|---|---|
| 4,543 | 12,111 | 3,742 | 3,397 |
|---|---|---|---|
| Other provisions | 690 | 690 | - |
| 5,233 | 12,801 | 3,742 | 3,397 |
| 49,851 | 47,681 | 43,901 | 34,233 |
|---|---|---|---|
| Transport | Other | |
|---|---|---|
| As at 1 January 2023 | 12,987 | 8,870 |
| Creation of provisions | 20,199 | 17,854 |
| Reversal | - | - |
| Transport | Other | |
|---|---|---|
| As at 1 January 2023 | 2,512 | 1,800 |
| Creation of provisions | 382 | 243 |
| Reversal | (56) | - |
| (3,150) | (584) | - | - | (520) | - | |
|---|---|---|---|---|---|---|
| Foreign exchange differences | 1 | - | - | - | - | |
| As at 31 December 2023 | 30,037 | 2,254 | 153 | 26,724 | 1,523 | 153 |
| Creation of provisions | 12,658 | 1,237 | 17 | 9,198 | 843 | 17 |
| Reversal | - | (269) | - | - | - | - |
| Utilisation | (3,026) |
As at 31 December 2024
| 39,669 | 2,795 | 170 | 35,922 | 2,083 | 170 |
|---|---|---|---|---|---|
Considering its position, technical limitations and the legislative framework, the Group took a number of measures to ensure compliance and will continue to strive for the best possible solutions for the environment, customers and its owners. The provisions were estimated considering all the relevant circumstances regarding conformity with the required standards and legal aspects, and represent the management’s best estimate of how likely the outflow of funds from the Group/Company is. Because the legislation is recent, it is not possible to foresee the timeframe for the settlement of liabilities, which is why the provisions have not been discounted.
In 2024, the Company and its subsidiaries were involved in civil, commercial, labour and administrative litigation. In order to protect the legal and financial position of the Group/Company, the Group/Company is not in a position to disclose the details of individual matters and their status. The amount of the provisions for lawsuits is determined based on the amount of a claim or estimated based on the expected possible amount if the actual amount is not yet known. Provisions are made in cooperation with law firms acting as our proxies, in accordance with applicable accounting standards, and reflect the disputed amount and the estimated success of pending litigation.
The Group’s management estimates that there is a possibility that some of these lawsuits will be lost. That is why the Group set aside non-current provisions for lawsuits and interest on overdue amounts arising from the claims. The provisions for lawsuits totalled EUR 2,307 thousand as at 31 December 2024 (EUR 1,990 thousand as at 31 December 2023) while the provisions for interest on overdue amounts arising from the claims stood at EUR 488 thousand (EUR 264 thousand as at 31 December 2023).
The Company’s non-current provisions for lawsuits totalled EUR 1,648 thousand as at 31 December 2024 (EUR 1,306 thousand as at 31 December 2023), with the provisions for interest on overdue amounts arising from the claims amounting to EUR 435 thousand (EUR 217 thousand as at 31 December 2023). The provisions were created based on the lawyers' assessment of the cases.
As at 31 December 2024, the Group/Company has concluded contracts with customers for the supply of electricity for 2025 and beyond. As part of the sold quantities of the Group/Company for 2025 are purchased at prices higher than the current market purchase prices for each customer profile and also higher than the contractual prices in the sales contracts, the costs of fulfilling contractual commitments will exceed the expected economic benefits from the contracts.
As a result, the Group set up new current provisions for onerous electricity supply contracts in the amount of EUR 4,453 thousand (the Company in the amount of EUR 3,742 thousand). The amount was calculated based on estimated economic benefits, sales prices agreed with customers, and costs arising from energy supply contracts. The calculation used forecast market prices for electricity for 2025. The Group’s provision for this in 2023 stood at EUR 6,150 thousand. The Group does not have a newly established provision for onerous natural gas supply contracts, while in 2023 it had provisions amounting to EUR 5,688 thousand.
| Post-employment | Benefits | ||
|---|---|---|---|
| Jubilee benefits | Total | ||
| As at 1 January 2023 | 1,415 | 1,162 | 2,577 |
| Current service cost | (64) | (105) | (169) |
| Post-employment benefits paid | 161 | 185 | 346 |
| Actuarial surplus/deficit | (144) | (174) | (318) |
| As at 31 December 2023 | 1,368 | 1,068 | 2,436 |
| Current service cost | (65) | (65) | (130) |
| Post-employment benefits paid | (194) | (133) | (327) |
| Actuarial surplus/deficit | 5 | - | 5 |
| As at 31 December 2024 | 1,114 | 870 | 1,984 |
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Financial Report 409
The calculation of the provisions for employee post-employment and other non-current benefits is based on the actuarial calculation, which relied on the following assumptions:
It is assumed that the average salaries will increase by 2 percentage points and, in addition, that individual salaries will increase by 0.5 percentage point.
| Discount rate | Salary increase | Staff turnover | Change in | Percentage points | Percentage points | Percentage points |
|---|---|---|---|---|---|---|
| Change by | 1.0 | -1.0 | 1.0 | -1.0 | 1.0 | -1.0 |
| Effect on the balance of provisions for employee post-employment and other non-current benefits (in EUR thousand) | (257) | 301 | 302 | (263) | (274) |
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Non-current deferred income | ||||
| Deferred income from grants | 25,386 | 27,929 | 24,836 | 26,473 |
| Funds received from European projects | 6,506 | 8,235 | 5,208 | 2,233 |
| Other deferred income | 7,026 | 3,642 | 2 | 815 |
| Total | 38,918 | 39,806 | 30,046 | 29,521 |
| Deferred income from grants | 3,000 | 2,877 | 2,848 | 2,837 |
|---|---|---|---|---|
| 8,847 | 386 | |||
|---|---|---|---|---|
| 8,847 | 386 | |||
| Other deferred income | 468 | 2,356 | 171 | 2,238 |
| 12,315 | 5,619 | 11,866 | 5,461 | |
| Total deferred income | 51,233 | 45,425 | 41,912 | 34,982 |
| Non-current deferred income | Funds received from European projects | Other deferred income | Total | |
|---|---|---|---|---|
| (in EUR thousand) | from grants | projects | ||
| As at 1 January 2023 | 29,273 | 7,014 | 3,644 | 39,931 |
| Increase | 3,661 | 2,067 | 503 | 6,231 |
| Decrease | (5,005) | (846) | (506) | (6,357) |
| Foreign exchange differences | - | - | 1 | 1 |
| As at 31 December 2023 | 27,929 | 8,235 | 3,642 | 39,806 |
| Increase | 1,008 | 14,108 | 4,812 | 19,928 |
| Decrease | (3,551) | (15,837) | (1,428) | (20,816) |
| As at 31 December 2024 | 25,386 | 6,506 | 7,026 | 38,918 |
Deferred income refers to funds received based on European projects and cohesion funding pertaining to energy solutions.
| Non-current deferred income | Funds received from European projects | Other deferred income | Total | |
|---|---|---|---|---|
| (in EUR thousand) | from grants | projects | ||
| As at 1 January 2023 | 27,700 | 1,193 | 688 | 29,581 |
| Increase | 3,662 | 1,743 | 451 | 5,856 |
| Decrease | (4,889) | (703) | (324) | (5,916) |
| As at 31 December 2023 | 26,473 | 2,233 | 815 | 29,521 |
| New acquisitions as a result of merger by absorption | 853 | - | - | 853 |
| Increase | 989 | 18,279 | 56 | 19,324 |
| Decrease | (3,479) | (15,304) | (869) | (19,652) |
| As at 31 December 2024 | 24,836 | 5,208 | 2 | 30,046 |
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Current borrowings and other fin. liabilities | ||||
| Bank loans | 99,181 | 70,012 | 46,324 | 33,611 |
| Bonds issued | 195 | 33,252 | 195 | 33,252 |
| Other loans | 120 | 428 | 229,853 | 155,188 |
| 99,496 | 103,692 | 276,372 | 222,051 | |
| Non-current borrowings and other fin. liabilities | ||||
| Bank loans | 243,029 | 335,662 | 228,948 | 268,686 |
| Bonds issued | 11,000 | 10,996 |
In 2024, the average interest rate on current and non-current sources of finance (including interest rate hedging) stood at 2.92 percent p.a. (2023: 2.24 percent p.a.).
The lending banks require that the financial covenants defined in the loan agreements are maintained at the Petrol Group level. Failure to meet the prescribed covenant values may result in early loan maturity. The Group is in compliance with all financial covenants at the end of year, which demonstrates a healthy liquidity position and confirms the banks’ confidence in the Group’s continuing operations.
Bond liabilities refer to the bonds issued by Petrol d.d., Ljubljana and listed on the Ljubljana Stock Exchange as PET4 and PET5 bonds for 2023 and PET4 bond for 2024.
On 22 February 2017, Petrol d.d., Ljubljana issued PET4 bonds at the total nominal amount of EUR 11,000 thousand and an interest rate of 1.5 percent + 6 M EURIBOR p.a. The bond maturity date is 22 February 2027.
On 21 June 2017, Petrol d.d., Ljubljana issued PET5 bonds at the total nominal amount of EUR 32,828 thousand. The interest rate is 1.2 percent p.a. The bonds matured on June 21, 2024. The company repaid the issued bonds in accordance with expectations and without delays.
In 2024, the average interest rate on current and non-current sources of finance (including interest rate hedging) stood at 3.07 percent p.a. (2023: 2.30 percent p.a.). The average interest rate calculation does not include interest rates on loans received by group companies.
The Company’s liabilities arising from bonds are explained in more detail in the note pertaining to the Group.
Other loans obtained by the Company relate mainly to loans from subsidiaries amounting to EUR 250,763 thousand (2023: EUR 176,097 thousand), as shown in the table below.
| Petrol d.d. | (in EUR thousand) | 31 December 2024 | 31 December 2023 |
|---|---|---|---|
| Petrol d.o.o. | 118,037 | 92,193 | |
| Geoplin d.o.o. Ljubljana |
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| As at 1 January | 450,729 | 489,432 |
| Company | 2024 | 2023 |
|---|---|---|
| IGES d.o.o. | 87,688 | 37,345 |
| Petrol BH Oil Company d.o.o. Sarajevo | 15,633 | 15,823 |
| Petrol Trade Handelsgesellschaft m.b.H. | 14,977 | 14,219 |
| Petrol Geo d.o.o. | 10,914 | 12,035 |
| E3 d.o.o. | 2,084 | 3,666 |
| Petrol Skladiščenje d.o.o. | 1,307 | - |
| Petrol Pay d.o.o. | 123 | 116 |
| - | 400 | |
| Geoenergo d.o.o. | - | 300 |
| Total | 250,763 | 176,097 |
| New acquisitions as a result of merger by absorption | 522,733 | 590,421 | ||
|---|---|---|---|---|
| Proceeds from borrowings | 334,542 | 1,552,485 | 2,911,419 | 2,777,681 |
| Repayment of borrowings | (398,014) | (1,592,469) | (2,843,443) | (2,849,458) |
| Payments for bonds issued | (32,828) | - | (32,828) | - |
| Non-cash reduction of borrowings | - | - | (22,251) | - |
| Interest expense | 21,732 | 22,327 | 22,935 | 22,587 |
| Interest paid | (22,289) | (21,067) | (21,359) | (18,498) |
| Foreign exchange differences | 4 | 21 |
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| Non-current lease liabilities | 130,942 | 99,759 | 29,461 | 27,579 |
| Current lease liabilities | 20,556 | 21,055 | 5,723 | 4,318 |
| Total lease liabilities | 151,498 | 120,814 | 35,184 | 31,897 |
The Group’s lease liabilities include liabilities arising from contracts for the leased assets, the value of which was determined in accordance with the IFRS 16.
Changes in lease liabilities
| 2024 | 2023 | |
|---|---|---|
| Total | 120,814 | 118,599 |
| Increase | 31,897 | 31,297 |
| Cancellation | (679) | (622) |
| Lease payments | (20,743) | (20,484) |
| Interest expense | 4,672 | 4,114 |
| Interest paid | (4,672) | (4,114) |
| Foreign exchange differences | 17 | 49 |
All non-current operating liabilities include the liabilities of Petrol d.d., Ljubljana.
| 31 December | 31 December | 31 December | 31 December | |
|---|---|---|---|---|
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
| Liabilities arising from assets received for administration | 442 | 507 | 442 | 507 |
| Liabilities arising from interests acquired | - | 24 | - | 24 |
| Total non-current operating liabilities | 442 | 531 | 442 | 531 |
The Petrol Group and Petrol d.d., Ljubljana
The Group’s/Company’s liabilities arising from assets received for administration relate largely to property, plant and equipment received for administration from municipalities under concession agreements. Liabilities are reduced in line with the depreciation of the assets received for administration.
31 December
31 December
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Current financial liabilities | 539,452 | 732,510 | 401,162 | 583,652 |
| Trade liabilities | 450 | 2,450 | 450 | 2,450 |
| Liabilities arising from interests acquired | 166 | 769 | 166 | 769 |
| Liabilities associated with the allocation of profit or loss | 3,033 | 1,632 | 392 | 1,666 |
| Total Current Financial Liabilities | 543,101 | 737,361 | 402,170 | 588,537 |
| Current non-financial liabilities | Excise duty liabilities | 78,025 | 68,475 | 55,323 | 51,713 |
|---|---|---|---|---|---|
| Value added tax liabilities | 45,648 | 50,480 |
| Liabilities for environmental charges and contributions | 21,771 |
|---|---|
| 19,610 | |
| Liabilities to employees | 20,609 |
| 10,970 | |
| 15,010 | |
| 8,436 | |
| Other liabilities to the state and other state institutions | 13,452 |
| 11,691 | |
| 8,880 | |
| 7,532 | |
| Social security contribution liabilities | 2,881 |
| 12,899 | |
| 169 | |
| 7,926 | |
| Import duty liabilities | 2,453 |
| 2,063 | |
| 1,297 | |
| 1,114 | |
| Total current operating and other liabilities | 164,897 |
| 158,259 | |
| 102,450 | |
| 96,330 |
In 2024, the liabilities associated with the allocation of profit or loss increased based on the General Meeting decision on the payment of dividends of EUR 74,001 thousand (2023: EUR 61,667 thousand) and decreased based on the payment of dividends to shareholders for 2023 in the same amount.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Financial Report 413
Public
In 2022, the subsidiary Geoplin d.o.o. recorded a negative operating result, resulting from the non-supply of natural gas under a non-current contract with the Russian company Gazprom. After conducting an analysis of the business damage incurred by the end of 2022, the Group notified Gazprom of the incurred realised damage and that it would offset the open liability for supplied natural gas with a proportional share of claims from the incurred damage. At the same time, due to the non-supply of natural gas and to prevent further damage, the contract with Gazprom was terminated. In 2023, the assessment of the realised damage continued by engaging specialised technical advisers for arbitration proceedings, and at the same time, arbitration was initiated before the court in Vienna. The first hearings are scheduled for 2025.
For financial reporting purposes, the Geoplin d.o.o. subsidiary commissioned an independent valuator on December 31, 2024 to assess the fair value of liabilities to Gazprom. Similar to previous years, the valuation was drawn up based on the scenario method of different present values of expected cash flows from this liability. The valuation took into account the offsetting of claims for incurred operating losses with liabilities to Gazprom, as the Group's claims for incurred losses exceed liabilities to Gazprom, the increase in liabilities for any accrued default interest, and also the potential costs of the arbitration proceedings. The valuation used required rates of return ranging between 20 and 30 percent (2023: between 15 and 25 percent; increase due to arbitration awards rendered so far) and an expected resolution of the arbitration proceedings within one to two years.
The calculated fair value of the liability has not changed significantly compared to previous years and accounts for 5.4 percent (2023: 4.9 percent) of the original value of the debt. In the event of an increase or decrease in the discount rate, the fair value would decrease by EUR 66 thousand or increase by EUR 76 thousand. The Group estimates that a change in the remaining calculation assumptions would not have a significant impact on the fair value of these liabilities.
Among the liabilities to suppliers is the obligation to Gazprom, measured at fair value of EUR 4,851 thousand.
| (in EUR thousand) | 2024 | 2023 |
|---|---|---|
| Current prepayments and securities given | 18,230 | 21,360 |
| Deferred prepaid card revenue | 3,852 | 3,338 |
| Other | 54 | 593 |
| Liabilities | Petrol Group 31 December 2024 | Petrol Group 31 December 2023 | Petrol d.d. 31 December 2024 | Petrol d.d. 31 December 2023 |
|---|---|---|---|---|
| Accrued costs of materials and goods | 31,949 | 6,799 | 29,091 | 2,215 |
| Accrued labour costs | 14,072 | 14,772 | 13,478 | 14,267 |
| Accrued other costs | 12,712 | 5,517 | 7,365 | 2,726 |
| Accrued annual leave expenses | 4,685 | 3,845 |
Total contract liabilities
22,136
25,291
16,227
16,977
| Accrued costs of services | 2,931 | 2,452 | ||
|---|---|---|---|---|
| Accrued expenses for tanker demurrage | 3,284 | 5,453 | 1,927 | 3,651 |
| Accrued costs of intellectual services | 2,238 | 1,447 | 2,238 | 1,349 |
| Accrued costs of services provided to energy solutions | 906 | 353 | 1,139 | 183 |
| Liabilities for network charges | 762 | 2,035 | - | - |
| Accrued concession fee costs | 544 | 5,005 | 544 | 4,132 |
| Accrued motorway site lease payments | 301 | 319 | 301 | 319 |
| Accrued charges for payment cards | 165 | 153 | 165 | 153 |
| 13 | 5 |
| 3,571 | 225 | 6,687 |
|---|---|---|
| 71,631 | 49,274 | 59,404 | 38,134 |
|---|---|---|---|
This chapter presents disclosures about financial instruments and risks, whereas risk management is explained in the Risk Management section of the business report.
In 2024, the Group/Company continued to actively monitor the balances of trade receivables and to apply strict terms based on which open account sales are approved, requiring an adequate range of high-quality collaterals and pursuing the active collection of receivables.
The Expected Credit Loss (ECL) is calculated as the product of:
The Group and the Company use a simplified lifetime expected credit loss model to value receivables in accordance with the IFRS 9.
The carrying amount of financial assets accounts for the maximum exposure to credit risks and was as follows as at 31 December 2024:
| The Petrol Group | Petrol d.d. | 31 December 2024 | 31 December 2023 |
|---|---|---|---|
| Financial assets at fair value through other comprehensive income | 27,850 |
| Non-current loans | 3,994 | 25,628 | 2,118 | |
|---|---|---|---|---|
| Non-current operating receivables | 1,154 | 2,362 | 22,334 | 29,072 |
| Contract assets | 7,626 | 8,468 | 7,621 | 8,452 |
| Current loans | 5,281 | 6,053 | 5 | 212 |
| Current trade receivables (excluding receivables from the state) | 1,081 | 775 | 46,828 | 38,642 |
| Derivative financial instruments | 673,684 | 794,205 | 417,550 | 539,650 |
| Cash and cash equivalents | 25,962 | 26,547 | 17,782 | 24,022 |
| Total assets | 76,861 | 105,937 | 30,555 | 33,020 |
819,499
948,341
568,303
675,188
The item most exposed to credit risk on the reporting date was the current operating receivables. As at 31 December 2024, compared to the end of 2023, they decreased by 15.18 percent in the Group and 22.63 percent in the Company in nominal terms.
| Up to 30 days | Including 30 to overdue | Including 60 to overdue | More than 90 days overdue | Total | ||
|---|---|---|---|---|---|---|
| Trade receivables | Expected loss rate | 2% | 2% | 2% | 88% | 73% |
| Gross value | 693,753 | 58,507 | 14,129 | 3,830 | 54,640 | 824,859 |
| Allowance | (11,481) | (1,084) | (245) | (3,379) | (39,956) | (56,144) |
| 682,272 |
| Interest receivables | Gross value | Allowance |
|---|---|---|
| 57,423 | 958 | (912) |
| 13,884 | - | - |
| 451 | - | - |
| 14,684 | - | - |
| 768,714 | 912 | (886) |
| 1,871 | 1,798 | 46 |
| - | - | - |
| - | 26 | 72 |
| Expected loss rate | Gross value |
|---|---|
| 6% | 23,464 |
| 6% | 2,976 |
| 6% | 2 |
| 90% | - |
| 49% | 993 |
| Allowance | 27,434 |
|---|---|
| (1,346) | (183) |
| - | - |
| (486) | (2,016) |
| Total as at 31 December 2023 | 22,117 |
| 2,793 | 1 |
| - | 507 |
| 25,418 | 704,435 |
| 60,216 | 13,885 |
| 451 | 15,217 |
| 794,204 |
| Not yet due | Up to 30 days overdue | Including 30 to 60 days overdue | Including 60 to 90 days overdue | More than 90 days overdue | Total |
|---|---|---|---|---|---|
| Trade receivables | |||||
| Expected loss rate | 2% | 1% |
| Category | Value |
|---|---|
| Gross value | 573,708 |
| Allowance | (9,994) |
| Net Value | 563,714 |
| Category | Gross Value | Allowance | Net Value |
|---|---|---|---|
| Interest receivables | 868 | (836) | 32 |
| - | - | ||
| - | - | ||
| 740 | (723) | ||
| 1,608 | (1,559) |
| Expected loss rate | 4% | 4% | 0% | 100% | 90% | |
|---|---|---|---|---|---|---|
| Gross value | 19,187 | 420 | 4 | 7 | 775 | 20,393 |
| Allowance | (808) | (18) | - | (7) | (695) | (1,528) |
| Total as at 31 December 2024 | 582,125 | 74,535 | 11,691 | 267 | 5,066 | 673,684 |
| Up to 30 days | Including 30 to 60 days overdue | Including 60 to 90 days overdue | More than 90 days overdue | Total | ||
|---|---|---|---|---|---|---|
| Trade receivables | Expected loss rate | 2% | 2% | 2% | 74% | 50% |
| Gross value | 482,971 | 24,571 | 6,898 | 2,622 | 39,353 | 556,416 |
| Allowance | (7,782) | (452) | (134) | (1,948) | (19,699) | (30,014) |
| Net value | 475,189 | 24,119 | 6,764 | 674 | 19,655 | 526,402 |
| Gross value | 765 | - | - | - | 1,998 | 2,764 |
|---|---|---|---|---|---|---|
| Allowance | (759) | - | - | - | (610) | (1,368) |
| Other receivables (excluding receivables from the state) | Expected loss rate | 5% | 5% | - | 85% | 31% |
| Gross value | 11,857 | 125 | - | - | 631 | 12,613 |
| Allowance | (557) | (6) | - | - | - | - |
| Total | 11,300 | 120 | - | - | 433 | 11,853 | |
|---|---|---|---|---|---|---|---|
| Total | 486,496 | 24,239 | 6,764 | 674 | 21,476 | 539,650 |
| Not yet due | Overdue | Including 30 to 60 days overdue | Including 60 to 90 days overdue | More than 90 days overdue | Total | |
|---|---|---|---|---|---|---|
| Trade receivables | Expected loss rate | 1% | 1% | 1% | 71% | 84% |
| Gross value | 379,702 | 26,193 | 4,679 | 1,439 |
| Allowance | Current Amount |
|---|---|
| Gross value | 24,358 |
| Interest receivables | 436,372 |
| Allowance | (5,247) |
| (370) | (68) |
| (1,015) | (20,518) |
| (27,219) | 374,455 |
| Other receivables (excluding receivables from the state) | 25,823 |
| Expected loss rate | 3% |
| Interest receivables | Gross value |
| 649 | - |
| - | 552 |
| 1,201 | Allowance |
| (649) | - |
| - | (552) |
| (1,201) | - |
| - | - |
| - | - |
| - | 0 |
| Allowance for current operating receivables | Allowance for current interest receivables | Total | ||
|---|---|---|---|---|
| (in EUR thousand) | ||||
| As at 1 January 2023 | (60,956) | (1,239) | (62,195) | |
| Creation/reversal of allowances affecting profit or loss | 1,031 | 17 | 1,049 | |
| Changes in allowances not affecting profit or loss | 13 | (678) | (665) | |
| Write-offs | 1,752 | 102 | 1,853 | |
| As at 31 December 2023 | (58,160) | (1,798) | (59,958) |
| (in EUR thousand) | current receivables | Total | |
|---|---|---|---|
| current operating receivables | current interest receivables | ||
| As at 1 January 2024 | (58,160) | (1,798) | (59,958) |
| Creation/reversal of allowances affecting profit or loss | (5,265) | (2) | (5,267) |
| Changes in allowances not affecting profit or loss | (3) | 76 | 73 |
| Write-offs | 1,880 | 165 | 2,045 |
| Foreign exchange differences | (2) | - | (2) |
| As at 31 December 2024 | (61,550) | (1,559) | (63,109) |
| (in EUR thousand) | current receivables | Total | ||
|---|---|---|---|---|
| current operating receivables | current interest receivables | |||
| As at 1 January 2023 | (31,059) | (844) | (31,903) | |
| Creation/reversal of allowances affecting profit or loss | (655) | - | (655) | |
| Changes in allowances not affecting profit or loss | - | (565) | (565) | |
| Write-offs | 938 | 41 | 979 | |
| As at 31 December 2023 | (30,775) | (1,368) | (32,143) |
| (in EUR thousand) | current receivables | Total | ||
|---|---|---|---|---|
| current operating receivables | current interest receivables | |||
| As at 1 January 2024 | (30,775) | (1,368) | (32,143) | |
| Creation/reversal of allowances affecting profit or loss | 1,672 | - | 1,672 | |
| Changes in allowances not affecting profit or loss | - | 109 | 109 | |
| Write-offs | 1,604 | 58 | 1,662 | |
| As at 31 December 2024 | (27,499) | (1,201) | (28,700) |
| (in EUR thousand) | 31 December 2024 | 31 December 2023 |
|---|---|---|
| Current trade receivables | 714,792 | 824,859 |
| Allowances | (60,022) | (56,144) |
| Current interest receivables | 436,372 | 556,416 |
| Allowances | (27,219) |
| Current trade receivables including allowances | 654,770 | 768,714 | 409,153 | 526,402 |
|---|---|---|---|---|
| Overdue current trade receivables (gross) | 141,084 | 131,106 | 56,669 | 73,445 |
| Share of overdue receivables and outstanding receivables | 20 % | 16 % | 13 % | 13 % |
| Credit insurance | 257,655 | 253,311 | 110,815 | 114,753 |
|---|---|---|---|---|
| Supplier (offsetting transaction) | 117,300 | 197,451 | 87,417 | 187,055 |
| Bank guarantee | 10,053 | 10,461 | 4,498 | 2,894 |
| Lien | 10,070 | 9,312 | 4,156 | 4,952 |
| High-quality guarantee |
| Received prepayments and collaterals | 12,449 | 6,968 | 7,902 | 6,568 |
|---|---|---|---|---|
| Total current operating receivables over EUR 100 thousand, secured with high-quality collaterals (coverage) | 4,412 | 5,590 | 2,848 | 5,064 |
| Collateral coverage (in %) | 73 % | 87 % | 72 % | 87 % |
The presented collaterals include only high-quality collaterals, such as bank or corporate guarantees, offsetting transactions (suppliers), credit insurance with insurance companies, securities and mortgages. Bills of exchange, enforcement drafts and promissory notes are excluded because they have a lower level of collectability.
The receivable from the Group’s largest single customer stood at EUR 47.746 thousand as at 31 December 2024 (the customer is a company), accounting for 6.68 percent of the Group’s trade receivables. The receivable from the Company’s largest single customer stood at EUR 47,746 thousand as at 31 December 2024 (the customer is a company), accounting for 10.94 percent of the Company’s trade receivables.
The receivables mainly relate to domestic and foreign trade receivables arising from the wholesale of goods and services and the sales of goods to holders (natural persons) of the Petrol Club card.
The structure of wholesale and retail customers is diversified, meaning there is no significant exposure to a single customer. The Group had 42,224 active customers (legal persons) as at 31 December 2024. The Group/Company has an IT-based system of grades, ratings and blocks in place, enabling it to constantly monitor its customers.
The Group/Company improves the system for the monitoring of credit risks on a steady basis. In 2024, the system of limits adopted at the Petrol Group level was applied consistently. The Group/Company measures the degree of receivables management in days’ sales outstanding.
| (in days) | 2024 | 2023 |
|---|---|---|
| Contract days | 41 | 40 | 37 | 36 |
|---|---|---|---|---|
| Overdue receivables in days | 5 | 5 | 4 | 3 |
| Total days sales outstanding | 46 | 45 | 41 | 39 |
Commodity loans granted to buyers in order to reschedule the settlement of receivables are largely collateralised (usually through mortgages). The loans granted by the Company refer mainly to loans to subsidiaries. The Company regularly assesses the possibility of the loans’ repayment, the possibility of realising the collateral or whether the value of the collateral is still adequate compared to the value of the investment. If the Company considers that a loan is not fully collectable, an allowance is made for the uncollectable amount. The Company systematically monitors the operations of Group companies, thus adequately limiting credit risk. In 2024, the Group recorded an allowance for loans of EUR 979 thousand.
The majority of the Petrol Group’s cash and cash equivalents are held in bank accounts with banks that are part of banking groups with a high external rating (“investment grade”) by Standard & Poor’s, Moody’s and Fitch. The credit risk from these exposures is consequently assessed as very low, with only 0.5 percent of cash and cash equivalents at unrated banks.
In 2024, the Petrol Group continued to pay close attention to developments in the EU and globally. In view of the ongoing war in Ukraine and additional tensions in the Middle East, the Petrol Group continues to be intensively active and to pay greater attention and caution to liquidity risk management, especially in connection with the potential increased volatility in the energy market.
Successful management of the Group’s/Company’s liquidity risk in line with Standard & Poor’s guidelines remains a key objective despite the challenging circumstances.
The Group/Company manages liquidity risks through:
internationally, which ensure that the Group can meet all its due liabilities at any given moment. The majority of financial liabilities arising from non-current and current loans are held by the parent company, which also generates the majority of the revenue.
| Contractual cash flows | Carrying amount of liabilities (in EUR thousand) | 0 to 6 months | 6 to 12 months | 1 to 5 years | More than 5 years | |
|---|---|---|---|---|---|---|
| Non-current borrowings and other financial liabilities | 347,037 | 378,331 | - | - | 372,295 | 6,036 |
| Non-current lease liabilities | 99,759 | 120,379 | - | - | 73,543 | 46,836 |
| Non-current operating liabilities (excluding other liabilities) | 24 | 24 | - | - | 24 | - |
| Current borrowings and other financial liabilities | 103,692 | 122,023 | 74,686 | - | - | - |
| Current lease liabilities | 21,055 | 23,616 | 12,245 | 11,371 | ||
|---|---|---|---|---|---|---|
| Liabilities arising from commodity forward contracts* | 733,409 | 319,920 | 283,495 | 129,994 | ||
| Current operating liabilities (excluding liabilities to the state, employees and arising from advance payments) | 737,361 | 737,361 | 736,894 | 467 | ||
| Derivative financial instruments | 22,734 | 22,734 | 22,734 | |||
| As at 31 December 2023 | 1,331,662 | 2,137,877 | 1,166,479 | 342,671 | 575,856 | 52,872 |
| Liability | Carrying amount of liabilities (in EUR thousand) | 0 to 6 months | 6 to 12 months | 1 to 5 years | More than 5 years | ||
|---|---|---|---|---|---|---|---|
| Non-current borrowings and other financial liabilities | 254,380 | 265,292 | - | - | 262,373 | 2,919 | |
| Non-current lease liabilities | 130,942 | 157,297 | - | - | 84,944 | 72,353 | |
| Current borrowings and other financial liabilities | 99,496 | 109,835 | 84,136 | 25,699 | - | - | |
| Current lease liabilities | 20,556 | 26,570 | 13,338 | - | - | - |
| Liabilities arising from commodity forward contracts* | 352,007 | 170,482 | 164,500 | 17,025 |
|---|---|---|---|---|
| Current operating liabilities (excluding liabilities to the state, employees and arising from advance payments) | 543,101 | 543,101 | 538,215 | 4,886 |
| Derivative financial instruments | 21,516 | 21,516 | 21,516 |
| The Company’s liabilities by maturity | Contractual cash flows | Carrying amount of | 6 to 12 | More than 5 | ||
|---|---|---|---|---|---|---|
| 1,069,991 | 1,475,618 | 827,687 | 208,317 | 364,342 | 75,272 |
| Liability | 0 to 6 months | 1 to 5 years |
|---|---|---|
| Non-current borrowings and other financial liabilities | 300,682 | 327,843 |
| Non-current lease liabilities | 27,579 | 36,579 |
| Non-current operating liabilities (excluding other liabilities) | 24 | 24 |
| Current borrowings and other financial liabilities | 222,051 | 239,050 |
| Current lease liabilities | 4,318 | 5,619 |
| Liabilities arising from commodity forward contracts* | 727,966 | 316,833 | 281,138 | 129,994 | |
|---|---|---|---|---|---|
| Current operating liabilities (excluding liabilities to the state, employees and arising from advance payments) | 588,537 | 588,537 | 588,200 | 337 | |
| Derivative financial instruments | 2,071 | 2,071 | 2,071 | ||
| Contingent liab. for guarantees issued** | 542,533 | 542,533 |
| 1,145,262 | 2,470,222 | 1,547,601 | 428,181 | 474,897 | 19,543 |
|---|---|---|---|---|---|
| Carrying amount of liabilities (in EUR thousand) | 0 to 6 months | 6 to 12 months | 1 to 5 years | More than 5 years | ||
|---|---|---|---|---|---|---|
| Non-current borrowings and other financial liabilities | 260,948 | 270,525 | - | - | 270,525 | |
| Non-current lease liabilities | 29,461 | 40,640 | - | - | 18,850 | 21,790 |
| Current borrowings and other financial liabilities | 276,372 | 289,914 | 111,442 | 178,472 | - | |
| Current lease liabilities | 5,723 | 8,506 | 4,282 | 4,224 | - |
| Liabilities arising from commodity forward contracts* | 349,239 | 169,110 | 163,104 | 17,025 | - | |
|---|---|---|---|---|---|---|
| Current operating liabilities (excluding liabilities to the state, employees and arising from advance payments) | 402,170 | 402,170 | 400,720 | 1,450 | - | |
| Derivative financial instruments | 16,240 | 16,240 | 16,240 | - | - | |
| Contingent liab. for guarantees issued** | - | 574,143 | 574,143 | - | - | |
| As at 31 December 2024 | 990,914 | 1,951,377 | 1,275,937 | 347,250 | 306,400 | 21,790 |
| EUR | USD | BAM | RSD | RON | Other | Total | |
|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 76,271 | 1,886 | 8,238 | 10,559 | 3,196 | 5,786 | 105,937 |
| Current operating receivables (excluding rec. from the state) | 725,036 | 1,128 | 35,610 | 31,136 | 442 | 853 | 794,205 |
| Non-current operating receivables | 8,466 | - | - | 2 | - | - | 8,468 |
| Current loans | 759 | - | - | - | - | - | 759 |
| Non-current loans | 2,360 | ||||||
|---|---|---|---|---|---|---|---|
| Assets from derivative financial instruments | 26,547 | ||||||
| Non-current operating liabilities (excluding other liabilities) | (24) | ||||||
| Current operating liabilities (excluding liabilities to the state, employees and arising from advance payments) | (548,516) | (181,173) | (2,707) | (1,422) | (884) | (2,660) | (737,361) |
| Non-current borrowings and other financial liabilities | (347,037) |
| Non-current lease liabilities | (347,037) |
|---|---|
| Current borrowings and other financial liabilities | (103,692) |
| Current lease liabilities | (19,900) |
| Liabilities from derivative financial instruments | (10,912) |
| Exposure of the statement of financial position | (283,518) |
| (92,875) | (3,407) | (3,477) | (99,759) | |||
|---|---|---|---|---|---|---|
| (486) | (669) | (21,055) | ||||
| (11,822) | (22,734) | |||||
| (189,982) | 37,249 | 36,129 | 2,757 |
| (in EUR thousand) | EUR | USD | BAM | RSD | RON | Other | Total |
|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 53,636 | 4,086 | 3,513 | 10,420 | 1,259 | 3,947 | 76,861 |
| Current operating receivables (excluding rec. from the state) | 607,037 | 1,287 | 28,351 | 36,463 | 442 | 104 | 673,684 |
| Non-current operating receivables | 7,624 | - | - | 2 | - | - | 7,626 |
| Current loans | 1,065 | - | - | - | - | 16 | 1,081 |
| Non-current loans | 1,154 | - | - | - | - | - | 1,154 |
| Assets from derivative financial instruments | 25,153 | 809 | - | - | - | - | 25,962 |
| Non-current operating liabilities (excluding other liabilities) | - | - | - | - | - | - | - |
| Current operating liabilities (excluding liabilities to the state, employees and arising from advance payments) | (371,310) | (166,892) | (2,403) | (1,769) | (7) | (720) | (543,101) |
| Non-current borrowings and other financial liabilities | (254,380) | - | - | - | - | - | (254,380) |
| Non-current lease liabilities | (123,502) | - | (3,014) | (4,426) | - | - | (130,942) |
| Current borrowings and other financial liabilities | (99,496) | - | - | - | - | - | (99,496) |
| Current lease liabilities | (18,936) | - | (531) | (1,089) | - | - | (20,556) |
| Liabilities from derivative financial instruments | (16,894) | (4,622) | - | - | - | - | (21,516) |
| Exposure of the statement of financial position | (188,849) | (165,332) | 25,916 | 39,601 | 1,694 | 3,347 | (283,623) |
| Nominal value of currency forward contracts | (286,635) | 286,635 | - | - | - | - | - |
| Net exposure of the statement of financial position | (475,484) | 121,303 | 25,916 | 39,601 | 1,694 | 3,347 | (283,623) |
| (in EUR thousand) | EUR | USD | BAM | RSD | RON | Other | Total |
|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 23,672 | 529 | - | 29 | 3,078 | 5,712 | 33,020 |
| Current operating receivables (excluding rec. from the state) | 538,876 | - | - | - | - | 774 | 539,650 |
| Non-current operating receivables | 8,452 | - | - | - | - | - | 8,452 |
| Current loans | 38,642 | - | - | - | - | - | 38,642 |
| Non-current loans | 29,072 | - | - | - | - | - | 29,072 |
| Assets from derivative financial instruments | 24,022 | - | - | - | - | - | 24,022 |
| (24) | - | - | - | - | (24) |
|---|---|---|---|---|---|
| (254,284) | (149,016) | - | - | (944) | (184,293) | (588,537) |
|---|---|---|---|---|---|---|
| (300,682) | - | - | - | - | - | (300,682) |
|---|---|---|---|---|---|---|
| (27,579) | - | - | - | - | - | (27,579) |
|---|---|---|---|---|---|---|
| (222,051) | - | - | - | - | - | (222,051) |
|---|---|---|---|---|---|---|
| (4,318) | - | - | - | - | - | (4,318) |
|---|---|---|---|---|---|---|
| (1,837) | (234) | - | - | - | - | (2,071) |
|---|---|---|---|---|---|---|
| (148,040) | (148,720) | - | 29 | 2,134 | (177,807) | (472,404) |
|---|---|---|---|---|---|---|
| (126,733) | 126,733 | - | - | - | - | - |
|---|---|---|---|---|---|---|
| (274,773) | (21,987) | - | 29 | 2,134 | (177,807) | (472,404) |
|---|---|---|---|---|---|---|
| (in EUR thousand) | EUR | USD | BAM | RSD | RON | Other | Total |
|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 28,110 | 600 | 1 | 29 | 1,251 | 564 | 30,555 |
| Current operating receivables (excluding rec. from the state) | 415,828 | 1,177 | - | - | 442 | 103 | 417,550 |
| Non-current operating receivables | 7,621 | - | - | - | - | - | 7,621 |
| Current loans | 46,828 | - | - | - | - | - | 46,828 |
| Non-current loans | 22,334 | - | - | - | - | - | 22,334 |
| Assets from derivative financial instruments | 16,495 | 1,287 | - | - | - | - | 17,782 |
| Current operating liabilities (excluding liabilities to the state, employees and arising from advance payments) | (256,632) | (144,904) | - | - | (18) | (616) | (402,170) |
| Non-current borrowings and other financial liabilities | (260,948) | - | - | - | - | - | (260,948) |
| Non-current lease liabilities | (29,461) | - | - | - | - | - | (29,461) |
| Current borrowings and other financial liabilities | (276,372) | - | - | - | - | - | (276,372) |
| Current lease liabilities | (5,723) | - | - | - | - | - | (5,723) |
| Liabilities from derivative financial instruments | (14,977) | (1,263) | - | - | - | - | (16,240) |
| Exposure of the statement of financial position | (306,897) | (143,103) | 1 | 29 | 1,675 | 51 | (448,244) |
| Nominal value of currency forward contracts | (138,186) | 138,186 | - | - | - | - | - |
| Net exposure of the statement of financial position | (445,083) | (4,917) | 1 | 29 | 1,675 | 51 | (448,244) |
| For 1 EUR | 31 December 2024 | 31 December 2023 |
|---|---|---|
| USD | 1.0444 | 1.1050 |
| BAM | 1.9558 | 1.9558 |
| RSD | 116.9600 | 117.4100 |
| CZK | 25.2260 | 24.7240 |
| RON | 4.9765 | 4.9756 |
| MKD | 61.5860 | 61.6110 |
| HUF | 411.5300 | 382.8000 |
| CHF | 0.9435 | 0.9260 |
| BGN | 1.9558 | 1.9558 |
| 2024 | 2023 |
|---|---|
| Unrealised loss | - | (10,423) | - | (1,348) |
|---|---|---|---|---|
| Unrealised gain | 9,210 | - | 1,590 | - |
| Realised loss | (7,333) | (3,374) | (6,046) | (8,223) |
| Realised gain | 14,604 | 9,235 | 21,221 | 8,888 |
| Total effect of currency forward contracts | 16,481 | (4,561) | 16,765 | (683) |
Given that the counterparties for entering into forward contracts for hedging foreign exchange risks are top-tier European banks, the Group/Company assesses that the risk of counterparty default is minimal. The Group is also exposed to foreign exchange risks in its dealings with subsidiaries in Southeast Europe. Considering the low volatility of local currency exchange rates in Southeast European markets and the relatively low exposure, the Group/Company believes it is not significantly exposed to risks in this area. To manage these risks, the Group/Company primarily relies on natural hedging.
Exposure to currencies in other markets where the Group/Company operates through its companies is either smaller or the exchange rates are significantly less volatile compared to the euro. We estimate that a change in the exchange rate would not materially impact the financial result.
The Group/Company regularly monitors its open currency position and sensitivity based on the VaR method for all currencies to which it is exposed.
An unfavorable change in any currency pair by 10 percent would decrease the net profit by a maximum of EUR 3,930 thousand (2023: EUR 3,600 thousand), with the EUR/BAM currency pair being treated as fixed.
The Group/Company is exposed to price and volume risks arising from energy commodity trading. These risks are primarily managed by aligning energy purchases and sales in terms of both quantities and purchase-sale conditions, thereby protecting the generated margin on energy commodities. Limits are set based on the business model of the energy commodity to restrict exposure to price and volume risks.
Annual Report of the Petrol Group and Petrol d.d., Ljubljana, 2024 – Financial Report 424
To hedge the sales margin in petroleum product operations, the Group/Company primarily uses derivative financial instruments, specifically commodity swaps. The volume of hedging transactions with derivative financial instruments is determined by a limit system that regulates permissible exposures for each product and business partner in commodity swaps, in line with the Group's risk appetite. The partners for such transactions are global financial institutions, banks, or commodity suppliers, most of which are investment-grade companies, so the Group/Company assesses that the risk of counterparty default is minimal.
As part of the management of volume and price risks in petroleum product operations, regular adjustments to retail and wholesale plans were made and appropriate financial hedging transactions were entered into in the event of volume deviations from the limit system. The Group/Company is also exposed to price and volume risks in its electricity and natural gas business through sales to its customers in the retail and wholesale markets.
The Group uses derivative financial instruments (currency forward contracts) to hedge the risk of price volatility. The volume of derivatives entered into to hedge the price and volumetric risk depends on the forecast sales volumes for future periods and the limit system, with the aim being to buy volumes in stages.
The Group/Company has electricity generation wind farms and solar parks in Croatia; in addition to using such generated electricity for own consumption, it also sells it on the market. The Group uses derivatives (currency forward contracts) to hedge the risk of electricity price volatility. The volume of derivative transactions entered into to hedge the price risk of electricity sales depends on the forecast generation volumes for future periods and the limit system, whose main purpose is to ensure the required profitability of the projects.
The price risks in electricity trading are managed by the Group with a limit system defined depending on the business partner and the portfolio value at risk, and with appropriate processes in place to monitor these risks.
The volatility of energy commodity prices in recent years has significantly increased price and volume risks, so the Petrol Group regularly monitors the adequacy of the applied limit systems and updates and supplements them as necessary.
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| Unrealised loss | (20,749) | (11,822) | (15,473) | (234) |
| Unrealised gain | 1,134 | 5,941 | 1,286 | 5,864 |
| Realised loss | (94,588) | (142,067) | (96,250) | (151,997) |
| Realised gain |
The Group/Company is exposed to interest rate risks because it takes out loans with a floating interest rate, which are mostly EURIBOR-based. In 2024, the Group/Company continued to monitor exposure to changes in net interest expenses in the case of interest rate changes.
The exposure to interest rate risks is hedged using the following instruments:
The Group/Company uses hedge accounting on interest rate swaps. Hedged items and hedging instruments represent an effective hedging relationship, which is why interest rate risk hedging outcomes are recognised directly in equity.
| 6-month EURIBOR | 3-month EURIBOR | 1-month EURIBOR | |
|---|---|---|---|
| Value as at 31/12/2023 (in percent) | 3.861 | 3.909 | 3.845 |
| Value as at 31/12/2024 (in percent) | 2.568 | 2.714 | 2.845 |
| Change in interest rate (in percentage points) | (1.293) | (1.195) | (1.000) |
| The lowest value in 2024 (in percent) | 2.562 | 2.678 | 2.762 |
| The highest value in 2024 (in percent) | 3.944 | 3.970 | 3.895 |
| Change between the lowest and the highest interest rate (in percentage points) | 1.382 | 1.292 | 1.133 |
| Average value in 2023 (in percent) | 3.694 | 3.433 | 3.245 |
| Average value in 2024 (in percent) | 3.484 | 3.574 | 3.561 |
| Change in average interest rate (in percentage points) | (0.210) | 0.141 | 0.316 |
The Petrol Group
Petrol d.d.
31 December
31 December
31 December
31 December
(in EUR thousand)
| 6 to 12 months | 81,429 | 23,429 | 31,429 | 23,429 |
|---|---|---|---|---|
| 1 to 5 years | 233,142 | 314,571 | 233,142 | 264,571 |
| Total interest rate swaps | 314,571 | 338,000 | 264,571 | 288,000 |
| Unrealised gain/(loss) on effective transactions | 962 | (14,501) | (3,530) | (12,625) |
|---|---|---|---|---|
| Total effect of interest rate swaps | 962 | (14,501) | (3,530) | (12,625) |
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| Loans | 963 | 963 | 67,198 | 61,772 |
| Borrowings and other financial liabilities | (25,091) | (67,828) | (261,811) | (221,264) |
| Net financial instruments with a fixed interest rate | (24,128) | (66,865) | (194,613) | (159,492) |
| Financial instruments with a variable interest rate |
| 2024 | 2023 | |
|---|---|---|
| Loans | 1,272 |
| (328,785) | (382,901) | (275,509) | (301,469) |
|---|---|---|---|
| (327,513) | (380,727) | (273,545) | (295,527) |
|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| Interest rate swaps (notional amount) | 314,571 | 338,000 | 264,571 | 288,000 |
| Total interest rate swaps | 314,571 | 338,000 | 264,571 | 288,000 |
A change in the interest rate of 100 or 200 basis points on the reporting date would have increased (decreased) the net profit or loss by the amounts indicated below. The cash flow sensitivity analysis in the case of instruments with a variable interest rate assumes that all variables, in particular foreign exchange rates, remain unchanged. When performing the calculation, the value of the receivables (liabilities) with variable interest rates is further decreased by the total amount of interest rate swaps. This analysis was prepared in the same manner for both years.
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| Cash flow variability (net)–100 bp | (129) | (427) | (90) | (75) |
| Cash flow variability (net)–200 bp | (259) | (855) |
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| Cash flow variability (net)–100 bp | 129 | 427 | 90 | 75 |
| Cash flow variability (net)–200 bp | 259 | 855 |
The main purpose of capital adequacy management is to ensure the best possible financial stability, long-term solvency and the maximum shareholder value. The Group/Company also achieves this through a stable dividend disbursement policy for Company owners.
The financial stability of the Group/Company is also demonstrated by the S&P rating awarded at the end of June 2014. S&P Global Ratings reaffirmed Petrol d.d., Ljubljana’s ‘BBB-' long-term rating, its 'A-3' short-term credit rating and its 'stable' credit rating outlook on 22 December 2023. The credit rating was reaffirmed again in February 2025.
In 2024, the Petrol Group continued to implement its strategic indebtedness focus and maintained the net debt/equity ratio at acceptable levels that provide the Group with a stable position for future operations.
| 31 December | 2024 | 2023 | ||
|---|---|---|---|---|
| Non-current borrowings and other financial liabilities | 260,948 | Non-current borrowings and other financial liabilities | 347,037 | |
| Non-current lease liabilities | 130,942 | Non-current lease liabilities | 99,759 | |
| Current borrowings and other financial liabilities | 99,496 | Current borrowings and other financial liabilities | 103,692 | |
| Current lease liabilities | 20,556 | Current lease liabilities | 21,055 |
| 5,723 | 4,318 | Total | 505,374 | |
|---|---|---|---|---|
| 571,543 | 572,504 | 554,630 | Total equity | |
| 976,543 | 923,043 | 670,795 | 618,551 | |
| Debt/Equity | 0.52 | 0.62 | 0.85 | 0.90 |
| Cash and cash equivalents | 76,861 | 105,937 | 30,555 | 33,020 |
| Net financial liabilities | 428,513 | 465,606 | 541,949 | 521,610 |
| Net debt/Equity | 0.44 | 0.50 | 0.81 | 0.84 |
| Total | through profit or loss | through hedging | Amortised cost | comprehensive income | carrying amount (in EUR thousand) |
|---|---|---|---|---|---|
| Financial assets at fair value through other comprehensive income | Equity instruments | - | - | - | 3,994 |
| Loans | - | - | 2,362 | - | 2,362 |
| Operating receivables | - | - | 8,468 | - | 8,468 |
| Contract assets | 10,831 | 3,994 | 14,825 | |
|---|---|---|---|---|
| Loans | 6,053 | 6,053 | ||
| Operating receivables (excluding receivables from the state) | 794,205 | 794,205 | ||
| Derivative financial instruments | Interest rate swaps | 20,606 | 20,606 | |
| Commodity derivative instruments | 3,960 | 1,981 | 5,941 | |
| Cash and cash equivalents |
| Total current financial assets | 105,937 |
|---|---|
| Total financial assets | 933,517 |
| Borrowings and other financial liabilities | (336,041) |
| Debt securities | (10,996) |
| Lease liabilities | (99,759) |
| Operating liabilities (excluding other liabilities) |
| Total non-current financial liabilities | (446,821) |
|---|---|
| Borrowings | (70,440) |
| Debt securities | (33,252) |
| Lease liabilities | (21,055) |
| Opera. liab. (excluding liab. to the state and employees) | (737,361) |
| Derivative | Interest rate swaps |
| Currency forward contracts | (1,348) | (9,075) | - | - | (10,423) |
|---|---|---|---|---|---|
| Commodity derivative instruments | (786) | (11,036) | - | - | (11,822) |
| Total current financial liabilities | (2,134) | (20,600) | (862,109) | - | (884,843) |
| Total financial liabilities | (2,134) | (20,600) | (1,308,930) | - | (1,331,664) |
| Type | Amortised cost | Derivatives used for hedging | Comprehensive income | Total carrying amount (in EUR thousand) |
|---|---|---|---|---|
| Equity instruments | - | - | - | 27,850 |
| Loans | - | - | 1,154 | - |
| Operating receivables | - | - | 7,626 | - |
| Total non-current financial assets | - | - | 8,780 | 36,630 |
| Contract assets | - | - | - | - |
5,281
1,081
15,618
| 1,590 | 7,620 | 9,210 | ||
|---|---|---|---|---|
| 810 | 324 | 1,134 | ||
|---|---|---|---|---|
| Total current financial assets | 76,861 |
|---|---|
| Total financial assets | 782,869 |
| Borrowings and other financial liabilities | 819,499 |
| Borrowings | (243,380) |
| Debt securities | (11,000) |
| Lease liabilities | (130,942) |
| Total non-current financial liabilities | (385,322) |
| Borrowings | (99,301) | |
|---|---|---|
| Debt securities | (195) | |
| Lease liabilities | (20,556) | |
| Opera. liab. (excluding liab. to the state and employees) | (543,101) | |
| Derivative financial instruments | Interest rate swaps | (767) |
| Commodity derivative | (15,832) | (4,917) |
| instruments | Total current financial liabilities | (15,832) | (5,684) | (663,153) | - | (684,669) |
|---|---|---|---|---|---|---|
| Total financial liabilities | (15,832) | (5,684) | (1,048,475) | - | (1,069,991) |
| Equity instruments | - | - | 2,118 | 2,118 | ||
|---|---|---|---|---|---|---|
| comprehensive income | - | - | 29,072 | - | 29,072 | |
| Operating receivables | - | - | 8,452 | - | 8,452 | |
| Total non-current financial assets | - | - | 37,524 | 2,118 | 39,642 | |
| Contract assets | - | - | 212 | - | 212 | |
| Loans | - | - | 38,642 | - | 38,642 | |
| Operating receivables (excluding receivables from | - | - | - | - | - |
| Derivative financial instruments | Interest rate swaps | 18,158 | |||
|---|---|---|---|---|---|
| Commodity derivative instruments | 3,883 | 1,981 | 5,864 | ||
| Cash and cash equivalents | 33,020 | 33,020 | |||
| Total current financial assets | 3,883 | 20,139 | 611,524 | 635,546 | |
| Total financial assets | 3,883 | 20,139 | 649,048 | 2,118 | 675,188 |
| Other financial liabilities | (289,686) |
|---|---|
| Debt securities | (10,996) |
| Lease liabilities | (27,579) |
| Operating liabilities (excluding other liabilities) | (24) |
| Total non-current financial liabilities | (328,286) |
| Borrowings and other financial liabilities | (188,799) |
| (33,252) | (33,252) | |||
|---|---|---|---|---|
| (4,318) | (4,318) | |||
|---|---|---|---|---|
| (588,537) | (588,537) | |||
|---|---|---|---|---|
| (489) | (489) | |||
|---|---|---|---|---|
| (1,348) | (1,348) | |||
|---|---|---|---|---|
| (234) | (234) | |||
|---|---|---|---|---|
| Total current financial liabilities | (1,582) | (489) | (814,906) | - | (816,977) |
|---|---|---|---|---|---|
| Total financial liabilities | (1,582) | (489) | (1,143,192) | - | (1,145,263) |
| Fair value | Fair value through | Fair value of | Amortised | comprehensive | Total carrying |
|---|---|---|---|---|---|
| (in EUR thousand) | loss | derivatives used for hedging | cost | income | amount |
| Financial assets at fair value | through other | Equity instruments | - | - | 25,628 |
| Loans | - | - | 22,334 | - | 22,334 |
|---|---|---|---|---|---|
| Operating receivables | - | - | 7,621 | - | 7,621 |
| Total non-current financial assets | - | - | 29,955 | 25,628 | 55,583 |
| Contract assets | - | - | 5 | - | 5 |
| Loans | - | - | 46,828 | - | 46,828 |
| Operating receivables (excluding receivables from the | - | - | 417,550 | - | 417,550 |
| state) | Interest rate swaps |
| Derivative financial instruments | Currency forward contracts | 1,590 | |||
|---|---|---|---|---|---|
| Commodity derivative instruments | Cash and cash equivalents | 30,555 | |||
| Total current financial assets | 2,552 | 15,230 | 494,938 | 512,720 | |
| Total financial assets | 2,552 | 15,230 | 524,893 | 25,628 | 568,303 |
| Borrowings and other |
| (249,948) | (249,948) | |||
|---|---|---|---|---|
| financial liabilities | Debt securities | (11,000) | ||
| Lease liabilities | (29,461) | |||
| Total non-current financial liabilities | (290,409) |
| Borrowings | (276,177) | ||
|---|---|---|---|
| Debt securities | (195) | ||
| Lease liabilities |
| Opera. liab. (excluding liab. to the state and employees) | (5,723) | (5,723) | |||
|---|---|---|---|---|---|
| Derivative financial instruments | Interest rate swaps | (767) | (767) | ||
| Commodity derivative instruments | (15,364) | (109) | (15,473) | ||
| Total current financial liabilities | (15,364) | (876) | (684,265) | (700,505) | |
| Total financial liabilities | (15,364) | (876) | (974,674) | (990,914) |
| (in EUR thousand) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|---|---|---|---|
| Financial assets at fair value through other comprehensive income | - | - | 27,850 | 27,850 | - | - | 3,994 | 3,994 |
| Derivative financial instruments | - | 25,962 | - | 25,962 | - | 26,547 | - | 26,547 |
| Total assets at fair value | - | 25,962 | 27,850 | 53,812 | - | - | - | - |
| Non-current loans | 26,547 | 3,994 | 30,541 | ||
|---|---|---|---|---|---|
| Non-current loans | - | - | 1,154 | 1,154 | |
| Current loans | - | - | 1,081 | 1,081 | |
| - | - | 775 | 775 | ||
| Non-current operating receivables | - | - | 7,626 | 7,626 | |
| Current operating receivables (excluding rec. from the state) | - | - | 673,684 | 673,684 | |
| - | - | 794,205 | 794,205 |
| 5,281 | 5,281 | |
|---|---|---|
| 6,052 | 6,052 |
| 76,861 | 76,861 | ||
|---|---|---|---|
| 105,937 | 105,937 |
| 76,861 | 688,826 | 765,687 | |
|---|---|---|---|
| 105,937 | 811,862 | 917,799 |
| 102,823 | 716,676 | 819,499 | |
|---|---|---|---|
| 132,484 | 815,856 | 948,340 |
The fair value of financial assets at fair value through other comprehensive income has been estimated:
A change (+g/-WACC) in the stated assumptions by 0.5 percentage points would result in an increase in the fair value by EUR 5,969 thousand (2023: EUR 601 thousand). A change (-g/+WACC) in the stated assumptions by 0.5 percentage points would result in a decrease in fair value by EUR 4,450 thousand (2023: EUR 447 thousand).
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| Level 1 | ||
| Level 2 | (21,516) | (22,734) |
| Level 3 | ||
| Total | (21,516) | (22,734) |
| Non-current lease liabilities | (130,942) |
|---|---|
| Current borrowings and other financial liabilities (excluding liabilities at fair value) | (99,496) |
| Current lease liabilities | (20,556) |
| Non-current operating liabilities (excluding other liabilities) |
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| Current operating liab. (excluding liab. to the state, employees and liabilities at fair value) | (543,101) | (737,361) |
| Total liabilities with fair value disclosure | (1,048,475) | (1,308,929) |
| Total liabilities | (1,069,991) | (1,331,663) |
| (in EUR thousand) | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Financial assets at fair value through other comprehensive income | - | - | 25,628 | 25,628 |
| - | - | 2,118 | 2,118 | |
| Derivative financial instruments | - | 17,782 | - | 17,782 |
| - | 24,022 | - | 24,022 | |
| Total assets at fair value | - | 17,782 | 25,628 | 43,410 |
| - | 24,022 | 2,118 | 26,140 |
| Current loans | 22,334 | 22,334 |
|---|---|---|
| Non-current operating receivables | 46,828 | 46,828 |
| Current operating receivables (excluding rec. from the state) | 7,621 | 7,621 |
| Contract assets | 417,550 | 417,550 |
| Cash and cash equivalents | 30,555 | 30,555 | |
|---|---|---|---|
| Total assets with fair value disclosure | 30,555 | 494,338 | 524,893 |
| Total assets | 48,337 | 519,966 | 568,303 |
The fair value of financial assets at fair value through other comprehensive income has been estimated:
percent);
− using the discounted cash flow method, assuming a required rate of return of 6.3 percent (2023: 7.45 percent) and a long-term growth rate of 2 percent (2023: 2 percent);
− using the summation method, assuming a required rate of return of 7.16 percent and a long-term growth rate of 2.1 percent.
A change (+g/-WACC) in the stated assumptions by 0.5 percentage points would result in an increase in the fair value by EUR 5,890 thousand (2023: EUR 393 thousand). A change (-g/+WACC) in the stated assumptions by 0.5 percentage points would result in a decrease in fair value by EUR 3,988 thousand (2023: EUR 288 thousand).
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| Level 1 | ||
| Level 2 | (16,240) | (2,071) |
| Level 3 | ||
| Total | (16,240) | (2,071) |
Non-current borrowings and other financial liabilities
-
-
| Non-current lease liabilities | (29,461) | (29,461) | |
|---|---|---|---|
| (27,579) | (27,579) | ||
| Current borrowings and other financial liabilities (excluding liabilities at fair value) | (276,372) | (276,372) | |
| (222,051) | (222,051) | ||
| Current lease liabilities | (5,723) | (5,723) | |
| (4,318) | (4,318) | ||
| Non-current operating liabilities (excluding other liabilities) |
| Current operating liab. | (excluding liab. to the state, employees and liabilities at fair value) | |||
|---|---|---|---|---|
| (402,170) | (402,170) | |||
| (588,537) | (588,537) | |||
| Total liabilities with fair value disclosure | (974,674) | (974,674) | ||
| (1,143,191) | (1,143,191) | |||
| Total liabilities | (16,240) | (974,674) | (990,914) | |
| (2,071) | (1,143,191) | (1,145,262) |
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| As at 1 January | 3,994 | 4,446 | 2,118 | 2,118 |
| Transfer from investments in associates | 24,541 | - | 11,252 | - |
| Valuation of the remaining interest at fair value | (1,399) | - | 11,544 | - |
| Disposals | - | (452) | - | - |
| Decrease | (24) | - | (24) | - |
| Revaluation | 846 | - | 846 | - |
| Elimination of impairment | 83 | - | 83 | - |
Environmental and climate risks form part of the comprehensive risk management system in the Petrol Group, which ensures that the key risks to which the Company or Group is exposed are appropriately identified, assessed and effectively managed.
Environmental risk assessment covers the following areas: pollution, water and marine resources, biodiversity and ecosystems, and the circular economy. Climate risks include a comprehensive overview of current and future risks related to the physical and transient impacts of climate change that may affect the Group's operations, supply chains and infrastructure.
From the perspective of financial consequences, an environmental and climate risk is significant if it causes or can reasonably be expected to cause material financial effects on the Petrol Group. This applies when environmental and climate issues create or may create risks that materially affect or are reasonably expected to materially affect the development of the Petrol Group, its financial position, financial performance, cash flows, access to financing or cost of capital in the short, medium or long term.
The assessment of environmental and climate risks was carried out in 2024 as part of the dual relevance assessment (sustainability statement, IRO). The financial consequences of all environmental and climate issues where the Group's activities have certain impacts on the environment and climate, which could have financial consequences for the Petrol Group, were assessed:
The assessments have shown that the impacts in all environmental and climate areas are managed to the extent that none of them have or will potentially have material financial consequences for the Petrol Group (the specified threshold is 25 million euros).
The Petrol Group's resilience to all types of physical climate risks was assessed. This resilience is high, as the Group adequately manages the moderate risks to which it is exposed through planned actions and implements adjustments. Proper collateral and financial preparedness allow it to reduce long-term financial consequences. Material changes to the business model to adapt to physical climate risks are not required in any time frame (short, medium and long term).
The transition to a less carbon-intensive economy brings a series of political, legal, technological, market and other risks. The Petrol Group has no so-called high or critical risks pertaining to transient climate risks. Most risks are assessed as moderate (for further details, refer to the sustainability statement, sector E1). The Petrol Group actively manages all identified risks. The Petrol Group's environmental and climate resilience is not assessed as low in any area.
All of the Group/Company-related party transactions were carried out based on the market conditions applicable to transactions with unrelated parties.
| Company | 2024 (in EUR thousand) | 2023 (in EUR thousand) | 2024 (in EUR thousand) | 2023 (in EUR thousand) | |
|---|---|---|---|---|---|
| Revenues from contracts with customers: | Subsidiaries | - | - | 888,087 | 920,023 |
| Jointly controlled entities | 333 | 1,077 | 24 | 18 | |
| Associates | 17 | 58 | 17 | 58 | |
| Cost of goods sold: | Subsidiaries | - | - | 111,768 | 175,512 |
| Jointly controlled entities | 123 | 71 | - | - | |
| Costs of materials: | Subsidiaries | - | - | - | - |
| Costs of services: | Subsidiaries | 1,893 | 2,167 | ||
|---|---|---|---|---|---|
| Jointly controlled entities | 5 | ||||
| Other costs: | Subsidiaries | 177 | |||
| Impairment of investments/goodwill: | Subsidiaries | 1,733 | 3,639 | ||
| Reversal of impairment on financial and contract assets: | Subsidiaries | 656 | |||
| Gain on derivatives: | Subsidiaries |
| 5,993 | 8,459 | ||||
|---|---|---|---|---|---|
| Loss on derivatives: | Subsidiaries | - | - | 3,860 | 7,938 |
| Fin. inc./expenses from interests in Group companies: | Subsidiaries | - | - | 42,360 | 1,589 |
| Jointly controlled entities | 36 | 44 | 44 | 931 | |
| Associates | 1,543 | 3,680 | 1,775 | 1,247 | |
| Finance income from interest: | Subsidiaries | - | - | 1,557 | 1,767 |
| Jointly controlled entities | - | 10 | - | 10 | |
| Other financial income: | Subsidiaries | - | - | 226 |
| Subsidiaries | - | - | 5,022 | 3,558 |
|---|---|---|---|---|
| (in EUR thousand) | 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|---|
| Investments in Group companies: | Subsidiaries | - | - | 595,955 | 555,292 |
| Jointly controlled entities | 342 | 350 | 233 | 233 | |
| Associates | 1,864 | 59,317 | 337 | 26,610 | |
| Non-current loans: | Subsidiaries | - | - |
| Subsidiaries | - | - | 47,841 | 43,764 |
|---|---|---|---|---|
| Jointly controlled entities | 528 | 1 | 10 | 1 |
| Associates | - | 1 | - | 1 |
| Assets from derivative financial instruments | Subsidiaries | - | - | 153 |
| Subsidiaries | - | - | 45,899 | 37,948 |
|---|---|---|---|---|
| Jointly controlled entities | 916 | 451 | 916 | 451 |
| Subsidiaries | - | - | 213 |
|---|---|---|---|
| Subsidiaries | - | - | 21,000 | 21,000 |
|---|---|---|---|---|
| Subsidiaries | - | - | 2,396 | 1,978 |
|---|---|---|---|---|
| Subsidiaries | - | - | 229,763 | 154,797 |
|---|---|---|---|---|
| Jointly controlled entities | - | 300 | - | 300 |
| Subsidiaries | - | - | 1,237 | 883 |
|---|---|---|---|---|
| Subsidiaries | - | - | 18,245 | 29,051 |
|---|---|---|---|---|
| Jointly controlled entities | - | 1 | - |
| 113 | |
|---|---|
| 2 | 2 | |
|---|---|---|
| 61 | |
|---|---|
| 1,166 | 3,830 | |
|---|---|---|
| SB and Committee | (in EUR) | Basic payment | attendance fees | (3) | Remuneration | SB | Travel |
|---|---|---|---|---|---|---|---|
| Name and surname | Function | SB tasks | Committees | Sum total |
|---|---|---|---|---|
| Janez Žlak | President of the Supervisory Board | 22,500 | 11,250 | 43,857 |
| Borut Vrviščar | Deputy President of the Supervisory Board | 16,500 | 8,250 | 35,325 |
| Aleksander Zupančič | Member of the Supervisory Board | 15,000 | 7,500 |
| Alenka Urnaut | Member of the Supervisory Board | 15,000 | 7,500 | 5,625 | 3,685 | 1,881 | - | 33,691 |
|---|---|---|---|---|---|---|---|---|
| Mario Selecky | Member of the Supervisory Board | 15,000 | 7,500 | 3,750 | 3,410 | 1,540 | - | 31,200 |
| Mladen Kaliterna | Member of the Supervisory Board | 15,000 | 7,500 | 3,750 | 3,685 | 1,881 | - | 31,816 |
| Alen Mihelčič | Member of the Supervisory Board | 15,000 | 7,500 |
| Robert Ravnikar | Member of the Supervisory Board | 15,000 | 7,500 | 3,750 | 3,685 | 1,540 | - | 31,475 |
|---|---|---|---|---|---|---|---|---|
| Marko Šavli | Member of the Supervisory Board | 15,000 | 7,500 | 3,750 | 3,685 | 1,881 | - | 31,816 |
| Sabina Merhar | External member of the Audit Committee | - | - | 4,500 | - | 1,606 | - | 6,106 |
| 144,000 | 72,000 | 42,000 |
|---|---|---|
| First and last name, function | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|---|---|---|---|---|---|---|---|---|
| Variable remuneration | 32,615 | 16,830 | 2,430 | 309,876 | - | * | Travel expenses are not remuneration by nature, but are intended to reimburse incurred costs in the performance of duties, which is claimed by members of supervisory boards for income tax purposes. | Total Fixed Based on monetary remuneration |
| Special remuneration | Based on quantitative criteria | |||||||
| Maluses (return from any Group pay) | Based on qualitative criteria | |||||||
| Severance remuneration |
| Company | Sašo Berger, President of the Management Board | Marko Ninčević, Member of the Management Board | Jože Smolič, Member of the Management Board | Nada Drobne Popović, President of the Management |
|---|---|---|---|---|
| Amount | 54,654 | 64,186 | 228,423 | |
| - | - | - | 87,663 | |
| - | - | - | 70,118 | |
| - | 56 | 77 | - | |
| 1,306 | 1,516 | 29,913 | 11,380 | |
| - | - | - | - | |
| 56,016 | 65,779 | 427,497 | ||
| 34,031 |
| 269,021 | 103,133 | 82,492 | - | 37,500 | 9,590 | - | - | 501,736 | - | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Board | Jože Bajuk, Member of the Management Board | 145,248 | 146,696 | 117,335 | - | 16,153 | 10,339 | - | - | 435,771 | 25,432 |
| Matija Bitenc, Member of the Management Board | 228,518 | 87,663 | 70,118 | - | 30,995 | 10,388 | - | - | 427,682 | 43,200 | |
| Zoran Gračner, Worker Director | 136,682 | 28,463 | 22,767 | - | 5,585 | 4,706 |
| Total | |
|---|---|
| Fixed remuneration: base salary | 1,126,732 |
| Variable remuneration | 453,618 |
| Special monetary remuneration | 362,830 |
| Maluses (return payment) | 120,279 |
| Severance remuneration | 49,225 |
| 2,112,684 | |
| 102,663 |
** Special monetary remuneration: pay for annual leave, jubilee awards, reimbursement of expenses (meals, transportation, travel orders), bonus for business performance, part of the salary for work performance
| (2) | (5) | (8) |
|---|---|---|
| (1) | Based on quantitative | Based on qualitative |
| First and last name, function | pay | Benefits | Clawback | remuneration |
|---|---|---|---|---|
| Sašo Berger, President of the Management Board | 300,000 | - | - | - |
| 25,149 | 13,985 | - | - | |
| 339,134 | - | - | - | |
| Marko Ninčević, Member of the Management Board | 255,000 | - | - | - |
| 22,134 | 15,380 | - | - | |
| 292,514 | - | - | - | |
| Jože Smolič, Member of the Management Board | 255,073 | - | - | - |
| Metod Podkrižnik, Member of the Management Board | 28,889 | 12,552 | - | - | 296,514 | 37,125 |
|---|---|---|---|---|---|---|
| Drago Kavšek, Member of the Management Board | 233,750 | - | - | - | 32,552 | 12,501 |
| Nada Drobne Popović, President of the Management Board till 22 November 2023 | 278,803 | - | - | - | 29,348 | - |
| - | 150,000 | 7,491 | - | - | - | - |
| - | 27,065 | 5,110 | - | - | 223,425 | - |
| Matija Bitenc, Member of the Management Board till 7 December 2023 | 186,839 | - |
|---|---|---|
| 24,946 | - | |
| 5,274 | 432 | |
| - | 30,652 | |
| Zoran Gračner, Worker Director | 167,166 | - |
| - | 5,018 | |
| 32,113 | - | |
| 204,297 | - | |
| Total | 1,456,533 | - |
| 150,000 | 153,572 | |
| 92,073 | - | |
| 1,852,178 | 37,125 |
** Special monetary remuneration: pay for annual leave, jubilee awards, reimbursement of expenses (meals, transportation, travel orders), bonus for business performance, part of the salary for work performance
considered and therefore has not been paid in 2024. The same applies to the variable part for the year 2024.
The total amount of remuneration paid to the members of the works council in 2024 in the Company amounts to 14 thousand EUR. As of December 31, 2024, the Company and the Group have no receivables or liabilities towards the members of the supervisory board. As of December 31, 2024, the Company and the Group have no receivables or liabilities towards the members of the management board, except for the liabilities for December salaries, which were paid in January 2025.
The maximum contingent liabilities of Petrol d.d., Ljubljana for guarantees issued stood at EUR 413,807 thousand as at 31 December 2024 (31 December 2023: EUR 425,145 thousand) and were as follows:
| Petrol d.d. | 31 December 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 |
|---|---|---|---|---|
| Guarantee issued to: | Value of guarantee issued | Guarantee amount used | ||
| Petrol d.o.o. | 213,239 | 196,539 | 74,841 | 124,951 |
| Geoplin d.o.o. Ljubljana | 126,755 | 166,227 | 5,234 | 51,339 |
| Vjetroelektrane Glunča d.o.o. | 20,000 | 20,000 | 17,143 | 20,000 |
| E 3, d.o.o. |
| Petrol d.o.o. Beograd | 15,000 | 15,000 | 3,079 | 8,184 |
|---|---|---|---|---|
| Petrol BH Oil Company d.o.o. Sarajevo | 9,652 | 4,332 | 1,852 | 678 |
| Petrol Trade Handelsgesellschaft m.b.H. | 6,793 | 6,844 | 1,319 | 1,153 |
| Petrol Crna Gora MNE d.o.o. | 4,000 | 3,000 | 4,000 | 3,000 |
| Petrol LPG HIB d.o.o | 1,200 | 1,050 | 214 | 221 |
| Petrol Pay d.o.o. | 1,012 | 1,012 | 128 | - |
| Petrol LPG d.o.o. | 694 | - | - | - |
| Total | 4,700 | - | - | - |
There were no events after the reporting date that would significantly affect the presented financial statements for 2024.
The energy part comprises an overview of the financial statements that the Company is obliged to disclose in accordance with the Electricity Supply Act (Official Gazette of the RS No. 172/2021), the Gas Supply Act (Official Gazette of the RS Nos. 204/2021 and 121/2022) and the Heat Supply from Distribution Systems Act (Official Gazette of the RS No. 44/2022), which stipulate that undertakings performing energy activities pertaining to electricity or natural gas or heat supply have to compile, audit and publish annual financial statements in the manner prescribed by law for companies, irrespective of their legal form and ownership.
Supply from Distribution Systems Act, the annual report shall also include the rules and criteria based on which assets, liabilities, revenue and expenses are allocated to individual energy activities.
In separating the financial statements, the principles of prudence and accuracy were taken into account. The Company maintains separate accounting records for each activity, thus enabling the close monitoring of all forms of revenue and expenses. At the same time, the Company discloses in its books fixed assets separately for individual activities.
The Company compiles separate financial statements in the electricity segment for the following activities:
The Company compiles separate financial statements in the natural gas segment for the following activities:
The Company compiles separate financial statements in the heat segment for the following activities:
The Company also compiles separate financial statements in the municipal and wastewater treatment segment. Among other activities, the Company discloses all other marketing activities.
Within the Company, two areas are organised in the energy segment – the area of Energy and Environmental Systems and the area of Energy Commodity and Electricity Management, where the listed energy activities are carried out. The areas are organised separately, each area having its own executive director and its own specifics of organisation.
The Company carries revenues and expenses in orders, cost centres and profit centres. Assets and liabilities are carried under profit centres. Intangible non-current assets, property, plant and equipment and investment property that have already been activated are carried under tasks or cost centres.
Within an individual energy activity, the Company has open profit centres up to the level of an individual local community or individual energy system, allowing the recognition of revenues and expenses directly for individual activities to the greatest possible extent. Each activity has a profit centre – general, where the total income and expenses for each individual activity are recorded. The sum of all the income at the profit centres represents the direct revenues of an individual activity, and the sum of all costs represents the direct costs of an individual activity.
Direct costs by activity, together with the direct costs at the profit centre – general, are the basis for the division of indirect income and indirect costs and expenses.
The Energy and Environmental Systems organisational unit supports Energy and Environmental Systems, where the general costs belonging to the entire area are carried. Within this area, energy activities are performed by the Company: the electricity generation, the distribution of electricity – closed distribution system, the natural gas distribution (as an open and closed distribution system), heat generation and distribution. In addition to these activities, the activity of municipal and wastewater treatment is performed. Other energy marketing activities are also performed, which are presented by the Company in separate financial statements among other activities.
Direct costs by individual activity, together with the direct costs at the profit centre – general, represent the sum of individual activities performed in Energy and Environmental Systems and are the basis for the division of indirect costs and expenses carried under support for Energy and Environmental Systems – 1st coverage for Energy and Environmental Systems.
The Energy Product and Electricity Management organisational unit supports Energy Commodity and Electricity Management – general, where the general costs belonging to the entire area are recorded. Within this area, energy activities are performed: the supply of electricity and of natural gas. Other energy marketing activities are also performed, which are presented by the Company in separate financial statements among other activities.
Direct costs by individual activity, together with the direct costs at the profit centre – general, represent the sum of individual activities performed in the field of Energy Product and Electricity Management and are the basis for the division of indirect costs and expenses carried under support for Energy Commodity and Electricity Management – 1st coverage for Energy Commodity and Electricity Management.
The Company has organised support functions, which it defines as support functions for energy activities in the areas of Energy and Environmental Systems and Energy Commodity and Electricity Management:
− “Back office”,
− “IT” and “Business intelligence”. They are recorded by individual cost centres and are first allocated to the Energy and Environmental Systems and Energy Commodity and Electricity Management organisational units (and further by individual activity) according to the applied criteria 4 and 5.
Support functions, which the Company defines as support functions for Energy and Environmental Systems and related costs – 2nd coverage for Energy and Environmental Systems are in total:
The sum of costs – 2nd coverage for Energy and Environmental Systems represent indirect costs from the 2nd coverage.
Direct costs by individual activity, together with the direct costs at the profit centre – general, represent the sum of individual activities performed in Energy and Environmental Systems and are the basis for the division of the indirect costs and expenses carried under the support functions of Energy and Environmental Systems – 2nd coverage for Energy and Environmental Systems.
Support functions, which the Company defines as support functions for Energy Product and Electricity Management and related costs – 2nd coverage for Energy Commodity and Electricity Management are in total:
The sum of costs – 2nd coverage for Energy Commodity and Electricity Management represent indirect costs from the 2nd coverage.
Direct costs by individual activity, together with the direct costs at the profit centre – general, represent the sum of individual activities performed in the field of Energy Product and Electricity Management and are the basis for the division of indirect costs and expenses carried under the support functions of Energy Commodity and Electricity Management – 2nd coverage for Energy Product and Electricity Management.
All costs that belong to other support functions in the Company as a whole or in shares that are organised in the Company are shown among other activities of the Company.
Financial expenses for interest on loans are calculated and attributed to individual activities. The basis for calculating interest is 50 percent of the average value of the non-current assets of an individual activity at the beginning and at the end of the year. The interest rate is calculated as the average annual interest rate applicable to the Company for non-current and current loans.
The statement of profit or loss was divided into the following steps:
The statement of financial position was divided into the following steps:
Current and non-current financial liabilities from loans are calculated and attributed to an individual activity. The basis for calculating the balance of loans is 50 percent of the average value of the non-current assets of an individual activity at the beginning and at the end of the year. Of this calculated value of loans, 80 percent of the value is carried among non-current financial liabilities and 20 percent of the value among current financial liabilities.
The sum of all items of “Non-current (long-term) assets” and “Current assets” represents “Total assets”.
| Activity | Revenue from contracts with customers | Cost of goods sold | Costs of materials | Costs of services | Labour costs |
|---|---|---|---|---|---|
| Natural gas distribution system operator | 10,122 | - | (2,394) | (1,362) | (1,555) |
| Natural gas supply | 38,180 | (36,658) | (1) | (275) | |
| Closed natural gas distribution system | 545 | - | (346) | (99) | |
| Heat generation | 6,441 | - | (4,854) | (875) | |
| Heat distribution | 2,507 | - | (615) | (459) | |
| Electricity Production | 4,841 | - | (2,693) | (384) | |
| Electricity supply | 549,881 | (541,281) | (10) | (1,285) | |
| Closed electricity distribution system | 4,746 | - | (2,256) | (220) | |
| Municipal wastewater and run-off rainwater treatment | 3,478 | (3) | (762) | (700) | |
| Other activities | 3,780,841 | (3,396,849) | (30,039) | (137,104) | |
| Total | 4,401,582 | (3,974,791) | (43,970) | (142,763) |
| Depreciation and amortisation | (2,876) | (12) | (31) | (666) | (673) | (479) | (44) | (736) | (577) | (42,027) | (48,121) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Other costs | (661) | (88) | (1) | (382) | (43) | (528) | (4,288) | (77) | (10) | (10,495) | (16,573) |
| Gain on derivatives | - | - | - | - | - | - | 8,011 | - | 135,597 | 143,608 | |
| Loss on derivatives | - | - | - | - | - | - | (8,511) | - | (109,258) | (117,769) | |
| Other income | 79 | 2 | - | 51 | 28 | 15 | 402 | 2 | 5 | 33,977 | 34,561 |
| Other expenses | - | - | - | - | - | - | - | - | (55) | (55) | |
| Operating profit or loss | 1,353 | 679 |
| (13) | (1,875) | (520) | 384 | 1,523 | 386 | 543 | 116,423 | 118,883 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income from dividends paid by subsidiaries, associates and jointly controlled entities | - | - | - | - | - | - | - | 44,179 | 44,179 | ||
| Finance income | - | - | - | - | - | - | - | 64,086 | 64,086 | ||
| Finance expenses | (521) | - | (4) | (70) | (116) | (41) | (1) | (162) | (49) | (72,738) | (73,702) |
| Net finance expenses | (521) | - | (4) | (70) | (116) | (41) | (1) | (162) | (49) | (8,652) | (9,616) |
| Profit/(loss) before tax | 832 | 679 | (17) | (1,945) | (636) | 343 | 1,522 | 224 | 494 | 151,950 | 153,446 |
| Income tax expense | (183) | (149) | 4 | 428 | 140 | (76) | (335) | (49) | (109) | (22,605) | (22,934) |
| Net profit/(loss) for the year | 649 |
| Activity | ASSETS | |
|---|---|---|
| Non-current assets | Current assets | |
| Natural gas distribution system operator | 33,945 | 2 |
| Natural gas supply | - | 1,659 |
| Closed natural gas distribution system | 4,863 | 499 |
| Heat generation | 51 | 2 |
| Heat distribution | 3,169 | 140,365 |
| Electricity Production | 184,555 | - |
| Electricity supply | 467 | 50 |
| Closed electricity distribution system | 260 | 3,867 |
| Municipal wastewater and run-off rainwater treatment | 3,735 | 1,967 |
| Other activities | 43 | 10,775 |
| Total | 166 | 343,738 |
| Investments in jointly controlled entities | 595,955 |
|---|---|
| Investments in associates | 233 |
| Financial assets at fair value through other comprehensive income | 337 |
| Loans | 25,628 |
| Operating receivables | 22,334 |
| Deferred tax assets | 7,621 |
| 11,062 | |
| 34,412 | |
| 52 | |
| 260 | |
| 5,526 | |
| 8,598 |
| Inventories | - | - | - | - | - | - | - | - | 148,122 | 148,122 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Contract assets | - | - | - | - | - | - | - | - | 5 | 5 | |
| Loans | - | - | - | - | - | - | - | - | 46,828 | 46,828 | |
| Operating receivables | 33,695 | 13,011 | 244 | 4,952 | 1,820 | 179 | 88,732 | 19,162 | 309 | 255,463 | |
| 417,567 | |||||||||||
| Corporate income tax assets | - | - | - | - | - | - | - | - | - | - | |
| Derivative financial instruments | - | - | - | - | - | - | - | - | 17,782 | 17,782 | |
| Prepayments and other assets | - | - | - | - | - | - | - | - | - | - |
| Cash and cash equivalents | 47,765 | 47,765 |
|---|---|---|
| Total assets | 1,706,549 | 1,934,173 |
| Natural gas distribution system operator | 30,555 |
|---|---|
| Natural gas supply | 33,695 |
| Closed natural gas distribution system | 13,011 |
| Heat generation | 244 |
| Heat distribution | 4,952 |
| Electricity Production | 1,820 |
| Electricity supply | 179 |
| Closed electricity distribution system | 88,732 |
| Municipal wastewater and run-off rainwater treatment | 19,162 |
| Other activities | 309 |
| Total | 546,520 |
| Equity attributable to owners of the controlling company | 68,107 |
|---|---|
| Called-up capital | 16,544 |
| Other | 2,569 |
| Adjustment | (2) |
| Other | 4,079 |
| Other | 1,396 |
| Adjustment | (2,659) |
| Other | 5,795 |
| Other | 4,509 |
| Other | - |
| Total | 20,010 |
| Capital surplus | 52,241 |
|---|---|
| Legal reserves | 16,544 |
| Reserves for own shares | 4,708 |
| Own shares | (2,605) |
| Other profit reserves | 353,699 |
| Fair value reserve | 43,424 |
| Hedging reserve | 11,391 |
| 649 | 530 | (13) | (1,517) | (496) | 267 | 1,187 | 175 | 385 | 64,029 | 65,196 |
|---|---|---|---|---|---|---|---|---|---|---|
| 33,737 | 5,668 | (17) | 6,641 | 2,296 | (5,051) | 12,777 | 9,193 | 385 | 605,166 | 670,795 |
|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | - | - | - | - | - | 6,396 | 6,396 |
|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | - | 170 | - | - | - | 39,989 | 40,159 |
|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | 443 | 421 | - | - | - | - | 29,182 | 30,046 |
|---|---|---|---|---|---|---|---|---|---|---|
| 14,267 | 11 | 109 | 2,070 | 3,337 | 1,116 | 29 | 4,436 | 1,334 | 234,239 | 260,948 |
|---|---|---|---|---|---|---|---|---|---|---|
| 67 | - | - | 10 | - | - | 26 | - | 29 | 29,329 |
|---|---|---|---|---|---|---|---|---|---|
| Operating liabilities | 29,461 |
|---|---|
| Other provisions | 3,742 |
| Deferred income | 11,866 |
| Borrowings and other financial liabilities | 276,372 |
| Lease liabilities | 5,723 |
| Total Current Liabilities | 504,620 |
| 16,240 | 16,240 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Corporate income tax liabilities | 1,732 | 1,732 | |||||||||
| Contract liabilities | 24 | 42 | 30 | 16,131 | 16,227 | ||||||
| Other liabilities | 511 | 459 | 6,544 | 4 | 51,886 | 59,404 | |||||
| 19,594 | 7,383 | 412 | 1,314 | 4,364 | 6,410 | 75,994 | 16,310 | 1,897 | 762,248 | ||
| 895,926 | Total liabilities | ||||||||||
| 34,370 | 7,394 | 521 | 3,837 | 8,122 | 7,696 | 76,049 | 20,746 | 3,260 | 1,101,383 | 1,263,378 | |
| Total equity and liabilities | 68,107 | 13,063 | 504 | 10,478 | 10,418 | 2,645 | 88,826 | 29,939 | 3,644 | 1,706,549 | 1,934,173 |
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