Luka Koper

Management Reports • Nov 29, 2021

2021

NON-AUDITED REPORT ON PERFORMANCE OF LUKA KOPER GROUP AND LUKA KOPER, D. D., IN JANUARY – SEPTEMBER 2021

Luka Koper Group and Luka Koper, d. d.

	INTRODUCTION 3
1	Performance highlights of the Luka Koper Group in January - September 20213
2	Introductory note 11
3	Presentation of Luka Koper Gropu12
4	Corporate Management Board and Governance14
	BUSINESS REPORT 16
5	Significant events, news and achievements in January - September 202116
6	Relevant post-balance events18
7	Performance analysis19
8	Marketing and sales25
9	Non-financial investments30
10	Risk management31
11	European projects 32
12	Trading in LKPG33
	SUSTAINABLE DEVELOPMENT 36
13	Care for employees 36
14	Natural environment39
15	Commitment to the comunity 44
	ACCOUNTING REPORT 45
16	Financial statements of Luka Koper, d. d., and Luka Koper Group 45
17	Notes to the separate financial statements 51
18	Additional notes Income Statement 53
19	Additional notes to the Statement of Financial position58
20	Statement of Management Board responsibility 76

INTRODUCTION

1 Performance highlights of the Luka Koper Group in January - September 2021

In the first nine months of 2021, there was a gradual recovery of the global and strenghtening of the economic activity the international context, which contributed to the achievement of good business results of the Luka Koper Group. Financial indicators, the Luka Koper Group achieved in the first nine months of 2021, were better resp. at the same level as planned and achieved indicators in the equivalent period in 2020. The achieved maritime throughput, in January – September 2021, exceeded planned quantities as well as the achieved throughput in the same period in the previous year, higher throughput in both strategic product groups containers and cars should be emphasized, and higher throughput of dry bulk cargoes in comparison with 2020 and also compared to the plan. In March, despite the aggravated situation due to the COVID-19 pandemics, Luka Koper, d.d. set a new monthly record in the container throughput, when 97,101 TEU, container units, were transhipped. In comparison with the previous year and the plan, the throughput of liquid cargoes decreased, mostly due to the suspension of the passenger air traffic and lower volume of the throughput of petroleum products due to the COVID-19 pandemics impact. Besides that, the throughput of the thermal coal, of which consumption has been reducing in complaince with the European legislation which in coming years provides for complete decarbonisation also decreased. .

In the last quarter of 2021, further global economic recovery is expected but due to new spread of the COVID-19 the pandemic, the growth is expected to moderate, uncertainty has been increasing.

container throughput

cars throughput

168.2 mio. EUR

Net revenue from sale

+6 % 2021/2020 +3 % 2021/PLAN ²⁰²¹ +11 % 2021/2020 +6 % 2021/PLAN 2021

+4 % 2021/PLAN 2021

+9 % 2021/2020

23.4 mio. EUR

earnings before interest and taxes (EBIT)

+8 % 2021/2020 +37 % 2021/PLAN ²⁰²¹

45.6 mio. EUR

earnings before interest and taxes, depreciation and amortisation (EBITDA)

+7 % 2021/2020 +20 % 2021/PLAN ²⁰²¹

27.1 %

EBITDA margin

22.5 mio. EUR

net profit or loss

-1 % 2021/2020 +15 % 2021/PLAN ²⁰²¹

+3 % 2021/2020 +34 % 2021/PLAN ²⁰²¹

41.1 mio. EUR investments

-18 % 2021/2020 -16 % 2021/PLAN ²⁰²¹

6.7 % return on equity (ROE)

0.5 net financial debt/EBITDA

-3 % 2021/2020 +30 % 2021/PLAN ²⁰²¹

+0,2 2021/2020 -0,5 2021/PLAN ²⁰²¹

Alternative performance measures

The Luka Koper Group also used alternative measures (APMs¹ Guidelines), defined by ESMA² .

Alternative measure	Calculation	Explanation of the selection
Earnings before interest and taxes(EBIT)	Earnings before interest and taxes(EBIT) = difference between operating income and costs.	It shows the performance (profitability) of the company's operaions from the core business.
Earnings before interest and taxes, depreciation and amortisation (EBITDA)	Earnings before interest and taxes, depreciation and amortisation (EBITDA) = Earnings before interest and taxes(EBIT) + amortisation.	A measure of the company's financial performance and an approximation of the cash flow from operations. Shows the ability to cover write-downs and other non-operating expenses.
Added value	Added value = net revenue from sale + capitalised own products and own services + other revenue – costs of goods, material, services – other operating expenses excluding revaluation operating expenses .	Shows the newly created value of the company within one year. It is a measure of economic activity and success.
Return on sales (ROS)	Return on sales (ROS) = Earnings before interest and taxes(EBIT) / net revenue from sale.	Shows the operational efficiency of the company.
Return on equity (ROE)	Return on equity (ROE) = net income/ shareholder equity.	Shows the management success in increasing the value of the company for the owners or shjareholders.
Return on assets (ROA)	Return on assets (ROA) = net income / average total assets.	Shows how a company manages its assets.
EBITDA margin	EBITDA margin = Earnings before interest, taxes, depreciation and amortisation (EBITDA) / net revenue from sale.	Shows the business performance and profitability of market activity in percent. It is used to compare the company performance with other companies.
EBITDA margin from market activity	EBITDA margin from market activity = Earnings before interest and taxes, depreciation and amortisation (EBITDA) / net revenue from sale from market activity.	Shows the business performance and profitability of market activity un percent.
Net financial debt/EBITDA	Net financial debt/EBITDA = (Financial liabilities – cash and cash equivalents) / EBITDA.	Shows indebtedness and profitability of a company in order to assess the company's ability to settle its financial debts in the future if the company maintains the same volume of buisness and profit.

¹ APMs – Alternative Performance Measures

² ESMA - European Securities and Markets Authority – European Securities and Markets Authority

1.1 Key performance indicators

Table 1: the key performance indicators of Luka Koper, d. d., and the Luka Koper Group in January - September 2021, compared to 2020

		Luka Koper, d. d.		Luka Koper Group
Income statement (in EUR)	1 – 9 2021	1 – 9 2020	Index 2021/ 2020	1 – 9 2021	1 – 9 2020	Index 2021/ 2020
Net revenue from sale	165,528,780	151,980,632	109	168,197,042	154,858,140	109
Earnings before interest and taxes (EBIT)3	23,083,004	21,206,351	109	23,434,891	21,654,596	108
Earnings before interest, taxes, depreciation and amortisation (EBITDA)4	44,692,518	41,573,116	108	45,593,805	42,609,380	107
Profit or loss from financing activity	3,671,479	2,672,749	137	2,239,528	1,641,851	136
Profit before tax	26,754,483	23,879,100	112	26,430,532	24,369,613	108
Net profit or loss	22,858,123	21,334,711	107	22,479,561	21,782,946	103
Added value 5	104,349,238	96,709,277	108	110,246,547	102,781,817	107

Statement of financial position (in EUR)	30.09.2021	31.12.2020	Index 2021/ 2020	30.09.2021	31.12.2020	Index 2021/ 2020
Assets	592,769,821	571,650,069	104	628,193,484	607,399,743	103
Non-current assets	522,090,247	491,155,634	106	533,263,138	502,426,648	106
Current assets	70,679,574	80,494,435	88	94,930,346	104,973,095	90
Equity	423,407,275	408,951,207	104	455,848,121	441,660,686	103
Non-current liabilities with provisions and long-term accruals and deferred revenue	108,637,695	113,014,150	96	110,679,171	115,100,788	96
Current liabilities	60,724,851	49,684,712	122	61,666,192	50,638,269	122
Financial liabilities	75,308,922	82,324,438	91	75,386,088	82,378,629	92

Investments (in EUR )	1 – 9 2021	1 – 9 2020	Index 2021/ 2020	1 – 9 2021	1 – 9 2020	Index 2021/ 2020
Investments Investments in property, plant and equipment, investments in property and intangible assets6	40,832,281	49,661,213	82	41,056,608	49,878,663	82

³ Earnings before interest and taxes (EBIT) = difference between operating income and costs..

⁴ Earnings before interest, taxes, depreciation and amortisation (EBITDA) = earnings before interest and taxes (EBIT) + amortisation.

⁵ Added value = net sales + capitalised own products and own services + other revenue – costs of goods, material, services – other operating expenses excluding revaluation operating expenses.

⁶ Without taking into account advances paid for the equipment.

		Luka Koper, d. d.		Luka Koper Group
Indicators (in %)	1 – 9 2021	1 – 9 2020	Index 2021/ 2020	1 – 9 2021	1 – 9 2020	Index 2021/ 2020
Return on sales (ROS)7	13.9%	14.0%	99	13.9%	14.0%	99
Return on equity (ROE)8	7.3%	7.3%	100	6.7%	6.9%	97
Return on assets (ROA)9	5.2%	4.9%	106	4.9%	4.8%	102
EBITDA margin10	27.0%	27.4%	99	27.1%	27.5%	99
EBITDA margin margin from market activity11	27.8%	28.3%	98	27.9%	28.5%	98
Finančne obveznosti/equity	17.8%	25.5%	70	16.5%	19.9%	83
Net financial debt/EBITDA12	0.9	0.7	129	0.5	0.3	167

Maritime throughput (in tons)	1 – 9 2021	1 – 9 2020	Index 2021/ 2020	1 – 9 2021	1 – 9 2020	Index 2021/ 2020
Maritime throughput	15,732,652	14,850,283	106	15,732,652	14,850,283	106

Number of employees	1 – 9 2021	1 – 9 2020	Index 2021/ 2020	1 – 9 2021	1 – 9 2020	Index 2021/ 2020
Number of employees	1,525	1,540	99	1,687	1,705	99

⁷ Return on sales (ROS) = earnings before interest and taxes (EBIT) / net sales.

⁸ Return on equity (ROE) = net income / shareholder equity.

Indicator is calculated on the basis of annualised data.

⁹ Return on assets (ROA) = net income / average total assets.

Indicator is calculated on the basis of annualised data.

¹⁰ EBITDA margin = = earnings before interest, taxes, depreciation and amortisation (EBITDA) / net revenue from sale.

¹¹ EBITDA margin from market activity = earnings before interest, taxes, depreciation and amortisation (EBITDA) / net sales from market activity.

¹² Net financial debt /EBITDA = (financial liabilities – cash and cash equivalents) / EBITDA. Indicator is calculated on the basis of annualised data.

Table 2: Maritime throughput in tons cargo groups in January - September 2021 in 2020

Cargo groups (in tons)	1–9 2021	1–9 2020	Index 2021/2020
General cargoes	771,153	662,111	116
Containers	7,405,222	6,962,170	106
Cars	786,608	688,934	114
Liquid cargoes	2,376,860	2,558,219	93
Dry and bulk cargoes	4,392,810	3,978,850	110
Total	15,732,652	14,850,283	106

Table 3: Throughput of containers (number containers in TEU) and cars (in units) in January – September 2021 and 2020

Cargo groups	1–9 2021	1–9 2020	Index 2021/2020
Containers – number	437,234	408,421	107
Containers – TEU	755,980	710,165	106
Cars – units	474,022	426,107	111

Table 4: The key performance indicators of Luka Koper, d. d., and the Luka Koper Group compared to January – September 2021 compared to the plan for 2021

		Luka Koper, d. d.		Luka Koper Group
Income statement (in EUR)	1 – 9 2021	1 – 9 2021	Index 2021/ plan 2021	1 – 9 2021	1 – 9 2021	Index 2021/ plan 2021
Net revenue from sale	165,528,780	158,898,496	104	168,197,042	161,670,560	104
Earnings before interest and taxes (EBIT)13	23,083,004	17,104,451	135	23,434,891	17,072,447	137
Earnings before interest, taxes, depreciation and amortisation (EBITDA)14	44,692,518	37,577,062	119	45,593,805	38,138,273	120
Profit or loss from financing activity	3,671,479	2,576,953	142	2,239,528	1,650,152	136
Profit before tax	26,754,483	19,681,404	136	26,430,532	19,367,224	136
Net profit or loss	22,858,123	17,103,140	134	22,479,561	16,775,057	134
Added value 15	104,349,238	96,467,872	108	110,246,547	102,147,136	108

Statement of financial position (in EUR)	30.09.2021	Plan 30.09.2021	Index 2021/ plan 2021	30.09.2021	Plan 30.09.2021	Index 2021/ plan 2021
Assets	592,769,821	582,137,309	102	628,193,484	600,482,430	105
Non-current assets	522,090,247	517,216,922	101	533,263,138	527,062,378	101
Current assets	70,679,574	64,920,387	109	94,930,346	73,420,052	129
Equity	423,407,275	404,239,247	105	455,848,121	436,655,268	104
Non-current liabilities with provisions and long-term accruals and deferred revenue	108,637,695	120,205,390	90	110,679,171	106,069,246	104
Current liabilities	60,724,851	57,692,672	105	61,666,192	57,757,917	107
Financial liabilities	75,308,922	90,555,114	83	75,386,088	74,386,004	101

Investments (in EUR)	1 – 9 2021	Plan 1 – 9 2021	Index 2021/ plan 2021	1 – 9 2021	Plan 1 – 9 2021	Index 2021/ plan 2021
Investments in property, plant and equipment, investment in property and intangible assets 16	40,832,281	48,496,013	84	41,056,608	48,761,013	84

¹³ Earnings before interest and taxes (EBIT) = difference between operating income and costs..

¹⁴ Earnings before interest, taxes, depreciation and amortisation (EBITDA) = earnings before interest and taxes (EBIT) + amortisation.

¹⁵ Added value = net sales + capitalised own products and own services + other revenue – costs of goods, material, services – other operating expenses excluding revaluation operating expenses.

¹⁶ Without taking into account advances paid for the equipment..

	Luka Koper, d. d.			Luka Koper Group
Ratios (in %)	1 – 9 2021	Plan 1 – 9 2021	Index 2021/ Plan 2021	1 – 9 2021	Plan 1 – 9 2021	Index 2021/ plan 2021
Return on sale (ROS)17	13.9%	10.8%	129	13.9%	10.6%	131
Return on equity (ROE)18	7.3%	5.7%	128	6.7%	5.1%	131
Return on assets (ROA)19	5.2%	3.9%	133	4.9%	3.7%	132
EBITDA margin20	27.0%	23.6%	114	27.1%	23.6%	115
EBITDA margin from market activityi21	27.8%	24.9%	112	27.9%	24.8%	113
Financial liabilities/equity	17.8%	22.4%	79	16.5%	17.0%	97
Net financial debt/EBITDA22	0.9	1.5	60	0.5	1.0	50

Maritime throughput (in tons)	1 – 9 2021	Plan 1 – 9 2021	Index 2021/ Plan 2021	1 – 9 2021	Plan 1 – 9 2021	Index 2021/ Plan 2021
Maritime throughput	15,732,652	15,243,490	103	15,732,652	15,243,490	103

Number of employees	1 – 9 2021	Plan 1 – 9 2021	Index 2021/ Plan 2021	1 – 9 2021	Plan 1 – 9 2021	Index 2021/ Plan 2021
Number of employees	1,525	1,635	93	1,687	1,799	94

¹⁸ Return on equity (ROE) = net income / shareholder equity.

Indicator is calculated on the basis of annualised data

Indicator is calculated on the basis of annualised data.

²¹ EBITDA margin from market activity = earnings before interest, taxes, depreciation and amortisation (EBITDA) / net sales from market activity..

²² Net financial debt /EBITDA = (financial liabilities – cash and cash equivalents) / EBITDA.

Indicator is calculated on the basis of annualised data.

¹⁷ Return on sales (ROS) = earnings before interest and taxes (EBIT) / net sales

¹⁹ Return on assets (ROA) = net income / average total assets.

²⁰ EBITDA margin = earnings before interest, taxes, depreciation and amortisation (EBITDA) / net revenue from sale.

.

2 Introductory note

Compliant with the Market and Financial Instrument Act, Ljubljana Stock Exchange Rules as well as Guidelines and Disclosure for Listed Companies, Luka Koper, d. d., Vojkovo nabrežje 38, 6501 Koper discloses this Non-Audited Report on the performance of Luka Koper Group and Luka Koper, d. d., January – September 2021.

Non-Audited Report on the performance of Luka Koper Group and Luka Koper, d. d., in January – September 2021 can be examined at Luka Koper, d. d., Vojkovo nabrežje 38, 6501 Koper and shall be accessible via the company's website www.luka-kp.si, from November 26, 2021 onwards.

The company promptly publishes any pertinent changes to information contained in the prospectus for stock exchange listing on SEOnet, the electronic information system.

This Non-Audited Report on the performance of Luka Koper Group and Luka Koper, d. d., in January – September 2021 was addressed by the company's Supervisory Board at its regular session on November 26, 2021.

3 Presentation of Luka Koper Gropu

3.1 Profile of the company Luka Koper, d. d., as of November 26, 2021

	Company name LUKA KOPER, pristaniški in logistični sistem, delniška družba
	Short company name LUKA KOPER, d. d., Vojkovo nabrežje 38, 6000 Koper – Capodistria
Registered office Koper
	Business address Koper, Vojkovo nabrežje 38, 6000 Koper/Capodistria
	Company's legal form Public limited company
	Phone: 05 66 56 100
	Fax: 05 63 95 020
	Email: portkoper@luka-kp.si
	Website: www.luka-kp.si
	Sustainable development: http://www.zivetispristaniscem.si
	Company's reistration District Court of Koper, application No 066/10032200
Company's registration number 5144353000
	Tax number SI 89190033
Issued share capital EUR 58.420.964,78
	Number of shares 14.000.000 of ordinary no par value share navadnih units
	Share listing Ljubljana Stock Exchange, Prime Mark
Share-ticker symbol LKPG
Member of the Management Board	Robert Rožac
Member of the Management Board – Labour Director Vojko Rotar
President of the Supervisory	Board Franci Matoz
	Luka Koper, d.d. core activity Seaport and logistic system and service provider
	Luka Koper Group activities Various support and ancillary services in relation to core activity

3.2 Luka Koper Group structure

Luka Koper Group provide various services which acomplish comprehensive operation of the Port of Koper. The Luka Koper Group includes seven companies, namely the parent company and six subsidiaries:

Luka Koper Group as at 30 September 2021

• Luka Koper, d. d.
• Subsidiary companies
  • o Luka Koper INPO, d. o. o., 100 %
  • o Adria Terminali, d. o. o., 100 %
  • o Luka Koper Pristan, d. o. o., in liquidation, 100 %²³
  • o Logis-Nova, d. o. o., 100 %
  • o Adria Investicije, d. o. o., 100 %
  • o TOC, d. o. o., 68,13 %

Associated companies

• Adria Transport, d. o. o., 50 %
• Adria-Tow, d. o. o., 50 %
• Adriafin, d. o. o., 50 %
• Avtoservis, d. o. o., 49 %

²³ Luka Koper, d. d., transferred the investment in the subsidiary company Luka Koper Pristan, d. o. o., among the assets for sale, since in May 2021 the Company adopted the decision the initate regular liquidation proceedings the subsidiary company. Regular liquidaition initiated on 15 September 2021.

4 Corporate Management Board and Governance

4.1 dan 30. September 2021 Luka Koper, d. d., Management Board

As at 30 September 2021, Management Board comprised the following members:

• Dimitrij Zadel, President of the Management Board, commenced a five-year term on 29 December 2017,
• Metod Podkrižnik, M.Sc., Member of the Management Board, commenced a five-year term on 29 December 2017,
• Irma Gubanec, M.Sc., Member of the Management Board, commenced a five-year term on 29 December 2017,
• Vojko Rotar, Labour Director, commenced a five-year term on 16 February 2018.

Changes in the composition of the Management Board

On 22 October 2021, the Supervisory Board of Luka Koper, d. d., concluded an agreement on the early termination of office as members of the Managament board with three members of the Management Board, Dimitrij Zadel, Metod Podkrižnik, M.Sc and and Irma Gubanec, M.Sc. They performed their function until 15 November 2021.

The Management Board of Luka Koper, d. d., were composed on 16 November 2021:

• Robert Rožac, Member of the Management Board, commenced a five-year term on 16 November 2021,
• Vojko Rotar, Member of the Management Board Labour Director, commenced a five-year term on 16 February 2018.

A presentation of Luka Koper, d. d., Management Board is available on the Comany's website https://lukakp.si/slo/vodtvo-druzbe-193 .

4.2 Luka Koper, d. d., Supervisory Board

The Luka Koper, d. d., Supervisory Board is composed of nine members, six of whom are elected by the General Shareholders' Meeting and three by the Workers' Council. They are elected for a four-year term..

As at 30 September 2021, the Luka Koper, d.d. Supervisory Board comprised:

Representatives of the Shareholders: Franci Matoz, President of the Supervisory Board Commencement of a four-year term: 2 July 2021 (34 Shareholders' Meeting)

Nevenka Črešnar Pergar, Deputy President of the Supervisory Board Commencement of a four-year term: 2. julij 2021 (34 Shareholders' Meeting)

Andrej Koprivec, Member of the Supervisory Board Commenecement of a four-year term: 2 July 2021 (34 Shareholders' Meeting)

Božidar Godnjavec, Member of the Supervisory Board Commencement of a four-year term: 2 July 2021 (34 Shareholders' Meeting)

Dr. Rado Antolovič, MBA, Member of the Supervisory Board Commencement of a four-year term: 2 July 2021 (34 Shareholders' Meeting)

Tamara Kozlovič, .Sc., Member of the Supervisory Board

Commencement of a four year term: 22 August 2019 (32 Shareholders' Meeting)

Representatives of the Employees:

Rok Parovel, Member of the Supervisory Board Commencement of a four year term: 13 September 2020 (34 Shareholders' Meeting – informing of shareholders)

Mladen Jovičić, Member of the Supervisory Board Commencement of a four year term:: 8 April 2021 (34 Shareholders Meeting – informing of shareholders)

Mehrudin Vukovič, Member of the Supervisory Board Commencement of a four year term: 19 January 2020 (33 Shareholders Meeting – informing of shareholders)

External Member of the Audit Committeee of the Supervisory Board: Simon Kolenc, external Member of the Supervisory Board Appointed for the period from 12 July 2021 until revoked.

BUSINESS REPORT

5 Significant events, news and achievements in January - September 2021

JANUARY

• The Management Board of Luka Koper, d. d., adopted the Social Responsibility and Sustainable Development Strategy.
• The shipping company Neptune Lines extended the regular ro-ro maritime connection between Koper and Turkish ports, with calls in Egypt and Israel.

FEBRUARY

• At the end of February, the Government of the Republic of Slovenia adopted the 2021 2025 Port Development Programme for International Transport, thus giving the company the green light to carry out the investment covered by the programme. The Programme has been prepared as the conceptual design of the planned spatial and infrastructural development of the port, and includes investments in the existing and new port's investments in infrastructure, both insided and outside the concession area.
• The shipping company Neptune Lines honoured a long-term excellent cooperation wth Luka Koper, d.d. and conferred to one of its vessels the name of the Slovenian port, Koper.
• On 24 February 2021 the Management Board of Luka Koper, d. d., and the Luka Koper Crane Operators Union concluded an agreement to ensure two-year social stability of the Company.

MARCH

• Despite the aggravated situation due to the Covid-19 pandemic, Luka Koper, d.d., set a new monthly record in container throughput in March, when 97.101 container units TEUs were transhipped. Previous monthly record had been achieved in March 2018, when 92.300 container units TEUs had been transhipped. The throughput was above average also at most other terminals.
• On 31 March, the Government of the Republic of Slovenia amended the Decree on the administration of the freight port of Koper, port operations and on granting concession for t he administration, management, development and regular maintenance of its infrastructure, which entered into force in 2008. The change relates to the extension of the port's extension area by 36 hectares and includes, inter alia, the expansion in the hinterland of Pier II, where the construction of new storage areas for cars is envisaged on the plot 5a.
• The container vessel ran aground in Suez channel and jammed the traffic for almost a week on the most important maritime connection between Far East and Europe. The accident also affected vessels arrivals schedules in the Port of Koper.
• The Austrian rail operator Salzburger EisenbahnTransportLogistik (SETG) improved the connections between Koper and Austria, including in its offer a new weekly connection with Münich.
• The SIQ, Slovenian Institute of Quality and Metrology verified the environmental management system and established that it meets the requirements of the Regulation (EC) No. 1221/2009 (EMAS).

APRIL

• Luka Koper conluded a contract for the purchase of two super post-panamax cranes for the transhipment of containers, which will be installed on the new extended quayside
• Work on two major investements was completed: new entrance for trucks (Bertoki entrance) and a new parking garage.
• The Supervisory Board and the Management Board of Luka Koper, d. d., proposed to the General Meeting of Shareholders to endorse the use of the distributable profit, which as at 31 December 2020 amounted to EUR 30,637,829.48, and namely a portion of the profit in the amount of EUR 14,000,000.00 shall be used for dividend pay-out in the gross value of EUR 1.00 per ordinary share, the residual amount in the amount of EUR 16,637,829.48, shall remain unappropriated.
• Due to the pandemic, Luka Koper, d.d. replaced the traditional meeting with Egyptian exporters of fruit and vegetables by video conference. Besides the exporters, also Slovenian and Egyptian forwarding agents attended the event,connecting Egypt with Koper.

MAY

• The company 2TDK signed the contract for the construction of the section of the second railway track between Črni Kal and Divača, and thus the main construction works on the new railway track were undertaken.
• The French Transport Minister Jean-Baptiste Djebbari paid visit to Luka Koper, d.d., since the port has been cooperating with relevant French logistic companies for decades, primarily with the French shipowner CMA CGM, using the Port of Koper for supplying the Central European markets for more than 20 years.
• Pawel Jabłoński, Deputy Minister and Undersecretary of the State at the Ministry of Foreign Affaires of the Republic of Poland paid an official visit to Slovenia and in the light of the cooperation in the field of transport, visited also the Port of Koper. The connection between Slovenia and Poland with the Baltic-Adriatic Rail-Freight corridor opens up new prospects for expanding economic cooperation, and above all for larger freight flows through the Port of Koper.
• Luka Koper, d. d., received the award for the safest Slovenian company. The award was given by the Institute for corporative security studies in cooperation with Slovenian Corporate Security Association.
• Virtual Port's Day, traditional port open doors day was organised.

JUNE

• The container quayside was extended by 100 metres.
• Shareholders of Luka Koper, d.d. gathered on the 34th General meeting. At the meeting, shareholders decided that:
  • o the distributable profit totalling EUR 30,637,829.48, as at 31 December 2020 is to be used fort he following purposes:
    • a portion of the accumulated profit in the amount of EUR 15,960,000.00 s to be allocated for dividend pay-out in the gross amount of EUR 1.14 per ordinary share,
    • the residual amount of accumulated profit totalling EUR 14,677,829.48 is to remain unappropriated.
  • o appoint new representatives in the Company's Suprvisory Board,
  • o grant discharge to the management board and supervisory board for the financial year 2020,
  • o adopt changes and amendments to the Company's Artcles of association,
  • o approve the remuneration policy for the members of the management and supervisory board of Luka Koper, d. d.,
  • o agree to a settlement with the former members of the supervisory board of Luka Koper, d. d.,
• Civil Aviation Agency Slovenia declared Luka Koper prohibited geographical area for unmanned aircrafts over the port's zone.
• Works council was elected for the period 2021 2025.

JULY

• Redisigned corporate website www.luka-kp.si was released.
• French shipping group CMA CGM launched a new container service TMX3 (Turkey Med Express 3), connecting three Turkish ports with Koper.
• Thanks to the Maritime Spatial Plan MPS (number 00719-28/2021, adopted on 15 July 2021) the disposal of the sludge was enabled in the Slovenian sea under certain terms and on certain areas.
• Luka Koper published the publication Port knots, in which yet four years in a row presents the activities, achievements and challenges in the field of the sustainable development. It is destined to the inhabitants living in the close vicinity of the Port and are mostly affected by its impacts, both in the Municipality of Koper and in Ankaran.
• The Bertoki truck entrance mostly destined to the container trucks, became officially operational

AUGUST

• After two-years break, a cruise ship Sea Dream was berthed at the Cruise terminal.

SEPTEMBER

• In September, the contractors working on the Divača–Koper railway line started the excavating on the first on of first two tunnels on the Črni Kal–Koper section. Luka Koper, d.d. acquired a part of the excavated material and thus insured the construction material for future investments, mostly in Ankaran bonifica area.

6 Relevant post-balance events

OCTOBER

• On 22 October 2021 On 22 October 2021, the Supervisory Board of Luka Koper, d. d., concluded an agreement on the early termination of office as members of the Managament board with three members of the Management Board, Dimitrij Zadel, Metod Podkrižnik, M.Sc and and Irma Gubanec, M.Sc. They performed their function until 15 November 2021.
• On 22 October 20 the Supervisory Board of Luka Koper, d. d., concluded an agreement on the early termination of office as members of the Managament board with three members of the Management Board, Dimitrij Zadel, Metod Podkrižnik, M.Sc and and Irma Gubanec, M.Sc. They performed their function until 15 November 2021.
• Ministry of Infrastructure, Municipality of Ankaran and Luka Koper, d.d. concluded a three-lateral agreement, which is the basis for further port's development in its northern and nort-eastern part. The agreement is important since it enables the implementation of the arrangemnt of the port's peripheral area , which is the prerequisite for the start of investments in the enlargement of the warehousing areas, in accordance with national spatial plan.
• Liquid cargoes terminal celebrated 50th anniversary.

NOVEMBER

• On 4 November 2021, the last cruise ship of the year, Spirit of Adventure, of a British cruise line, arrived at the Cruise terminal.
• Supervisory Board of Luka Koper, d. d., on 12 November 2021 appointed Robert Rožac as a member of the Management Board of Luka Koper, d. d., for a five-year term of office, starting on 16 November 2021. The Supervisory Board has not yet decided on the appointment of the other two members of the Management Board.

7 Performance analysis

7.1 Performance of Luka Koper Group

Financial indicators of the Luka Koper Group achieved in the first nine months, are better than planned resp. the achieved ones in the equivalent period in 2020.

7.1.1 Net revenue from sale of Luka Koper Group

In January –September 2021, net revenue from sale amounted to EUR 168.2 million, which was 9 percent resp. EUR 13.3 million increase in comparison with the same period in 2020.

Figure 1: Net revenue from sale of Luka Koper Group

Net revenue from sale from market activity in the amount of EUR 163.4 in January – September 2021 were 9 percent resp. EUR 13.6 million higher in comparison with the comparable period last year, whilst the revenue from the performance of the public utility service of regular maintenance of the port's infrastructure intended for the public transport in the amount of EUR 4.8 million were by 6 percent resp. by EUR 0.3 million lower than revenue generated in the previous year.

7.1.2 Capitalized own products and services

In January – September 2021, capitalized own products amounted to EUR 0.07 million, which was 40 percent resp. EUR 48.7 thousand decline in comparison with January - September 2020 period. Luka Koper Group accounts capitalized labour costs for employees who worked on high-value investment projects and which have been constructed over a longer period of time among capitalized own products and services.

7.1.3 Other reveue

.

Other revenue of the Luka in the first nine months of 2021 amonted to EUR 2.1 million, and decreased by 58 percent resp. by EUR 2.9 million in comparison with the equivalent period in 2020. Within other revenues in January - September 2020, the revenue from written-off liabilities for the payment of pension and disability insurance contributions in compliance with the provisions of the Act Determining the Intervention Measures to Contain the COVID-19, in the amount of EUR 2.3 million, was recognised .

7.1.4 Operating expenses

In January - September 2021, the operating expenses of the Luka Koper Group amounted to EUR 146.9 million, which was 6 percent resp. EUR 8.6 million ahead on January – September 2020. The cost of material decreased, whilst the costs of services , labour costs, costs of amortisation and other operating costs increased.

In the first nine months of 2021, the cost of material of the Luka Koper Group amounted to EUR 11.5 million, which was 6 percent resp. EUR 0.7 million dewcline compared to the same period in 2020. Cost of energy costs increased, whilst the cost of auxilliary material and spare parts decreased.

In January - September 2021, the cost of services of the Luka Koper Group amounted to EUR 42.6 million, which was 10 percent resp. EUR 3.7 million ahead on the comparable period in the previous year. The cost of port services, including the rental of agency workers and costs of rental of external contractual partners, increased in the amount of EUR 2.1 million, due to the higher thropughput of cars, containers and general cargoes compared to 2020. Consequently, due to a higher maritime throughput and revenues, the costs of transhipment fee and concession fee went up.

In January - September 2021, labour costs amounted to EUR 63.6 million and were by 6 percent resp. by EUR 3.7 million higher than labour costs in the same period in 2020, mostly due to the higher payments for job performance and due to 0.3 percent adjusting of salaries for inflation in August 2020 as well as 2 percent adjusting in August 2021.As at 30 September 2021, Luka Koper Group had 1,687 employees, whilst as at 30 September 2020 1,705, which means fewer 18 employees.

In January – September 2021, the costs of amortisation of the Luka Koper Group amounted to EUR 22.2 million, which was 6 percent resp. EUR 1.2 million ahead on the equivalent period in 2020. The costs rose due to new purchases of assets.

Other operating costs in January – September 2021 amounted to EUR 7.1 million, which was 10 percent resp. EUR 0.6 million ahead on the the comparable period in the previous year. The revaluating operating expense of operating assets increased.

The share of operating expenses in net revenue from sale in January – September 2021 amounted to 87.4 percent, which was 2 percentage point decline in comparison with the comparable period in 2020. In comparison with 2020, the share of cost of material, cost of amortisation and labour costs within net revenue from sale and labour cots within net revenue from sale by one percentage point, the share of costs of services and other operating costs stood at the same level.

Figure 2: Share of single operating expenses within net revenue from sale of Luka Koper Group

7.1.5 Earnings before interest and taxes (EBIT)

In January - September 2021, earnings before interest and taxes (EBIT) of Luka Koper Group in January - September 2021 amounted to EUR 23.4 million, which was 8 percent resp. EUR 1.8 million ahead on January – September 2020. Higher earnings before interest and taxes (EBIT) in 2021 in comparison with 2020 were attributable to higher net revenue from sale by EUR 13.3 million resp. by 9 percent, mostly due to the higher throughput of containers. Operating expenses increased less than net revenue from sale, and namely in 2021 they were higher by EUR 8.6 million resp. by 6 percent. Earnings before interest and taxes (EBIT in 2021 were negatively affected by other revenue which were by EUR 2.9 million resp. by 58 percent lower compared to the equivalent period in 2020, due to 2020 recognised revenue from the written-off liabilities for the payment of pension and disability insurance contributions, in accordance with the Act determining the intervention measures to contain the covid -19 epidemic, in the amount EUR 2.3 million.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) of the Luka Koper Group in January – September 2021 amounted to EUR 45.6 million, which 7 percent resp. EUR 3 million ahead on the previous year.

EBITDA margin of the Luka Koper Group in January – September 2021 amounted to 27.1 percent, which was 1 percent resp. 0.4 percentage point decline in comparison with the same period in 2020.

7.1.6 Profit before tax and profit for the period

Net profit or loss of the Luka Koper Group in January - September 2021 amounted to EUR 2.2 million, in the previous year to EUR 1.6 million. Finance income from shares in Group in the first nine months of 2021increased the profit before tax of the Luka Koper Group by EUR 0.8 million, and decreased by 30 percent resp. EUR 0.3 million in comparison with 2020.

7.1.7 Net profit or loss for the period

Net profit or loss of the Luka Koper Group in January – September 2021 amounted to EUR 22.5 million, which was 3 percent resp. EUR 0.7 million ahead on the comparable period of the previous year. Net profit or loss in January - September 2021 in comparison with the same period in 2020 was attributable to impacts as explained above, which contributed to higher operating profit (EBIT) and higher profit or loss from financing activity and higher recognised results of associated companies and higher profit or loss from financing activity. Higher income tax rate in 2021 in comparison with 2020 negatively affected je the achieved net profit or loss.

7.1.8 Financial position and financial management

As at 30 September 2021, the balance sheet of the Luka Koper amounted to EUR 628.2 million, which was 3 percent resp. by EUR 20.8 million ahead on 31 December 2020.

As at 30 September 2021, 84.9 percent of the balance sheet of the Luka Koper Group accounted for non-current assets, which increased by 6 percent resp. EUR 30.8 million in comparison with the balance as at 31 December 2020. Due to the investments, the value of the property, plant and equipment, which exceeded the depreciation of of these assets, increased by 5 percent resp. by EUR 19.6 million. The value of shares and interests increased by 15 percent resp. by EUR 9.1 million, and namely due to the increase of the market value of non-current finance investments and interests carried at fair value. The advances for the acqusition of property, plant and equipment, shown among other non-current assets, increased by EUR 3.7 million, deferred tax fassets decreased by EUR 1.7 million.

As at 30 September 2021, current assets of Luka Koper Group amounted to EUR 94.9 million and decreased by 10 percent resp. by EUR 10 million in comparison with the balance as at 31 December 2020. Trade receivables, following the increase of revenue, increased by EUR 3.9 million, whilst short-term deferred costst rose by EUR 3.6 million. Cash and cash equivalents decreased by EUR 16.6 million, which is due to the fact that positive cash flow from operating activities was insufficient to cover the negative cash flow from financing and negative cash flow from investing.

As at 30 September 2021, the equity of the Luka Koper Group amounted to EUR 455.8 million and in comparison to the year-end 2020, increased by 3 percent resp. by EUR 14.2 million. The increase is the net effect of equity decrease due to the net profit for the period partly brought forward in the amount of EUR 16 million for dividends payout by the parent company, entry of the net profit or loss for the period in the amount of EUR in the amount of EUR 22.5 million and positive changes in surplus from revaluation of financial investments in the amount of EUR 7.7 million. As at 30 September 2021, the equity accounted for 72.6 percent of the balance sheet.

As at 30 September 2021, non-current liabilities including long-term provisions and long-term accrued costs of the Luka Koper Group were by 4 percent resp. by EUR 4.4 million lower than as at 31 December 2020. Non-current loans from domestic banks from regular repayment of principal amounts from contractually agreed amortisation schedules decreased by EUR 7.9 million.

As at 30 September 2021, current liabilities of the Luka Koper Group were higher by 22 percent resp. by EUR 11 million compared to the balance as at 31 December 2020. Liabilities related to the distribution of the profit or loss increased by EUR 2.8 million, whilst the liabilites from advances and securities increased by EUR 3.9 million. Operating liabilities from accrued costs and other operating liabilities increased by EUR 4.5 million.

Figure 3: Structure of the Luka Koper Group liabilities

As at 30 September 2021, financial liabilities of the Luka Koper Group amounted to EUR 75.4 million, and decreased by 8 percent resp. by EUR 7 million when compared to the balance as at 31 December 2020. The volume of bank loans decreased by EUR 7.9 million in accordance with valid amortisation schedules, non-current liabilities from leased assets went up by EUR 0.8 million.

Figure 4: Structure of the Luka Koper Group liabilities by maturity

Non-current financial liabilities to banks of the Luka Koper Group as at 30 September 2021 accounted for 84 percent of total financial liabilities. Their share decreased by 2.4 percentage point in comparison to the balance as at 31 December 2020.

As at 30 September 2021, the Luka Koper Group had 46.4 percent of loans non exposed to interest risk, the remaining 53.6 percent were variable interest loans.

The share of financial liabilities in the equity as at 30 September 2021, amounted to 16.5 percent, which was 3.3 percentage point decline compared to 31 December 2020.

Figure 5: Financial liabilities of the Luka koper Group as at 30 September 2021

7.1.9 Comparison of the results achieved by the Luka Koper Group in January – September 2021, in relation to the plan

In January – September 2021, the Luka Koper Group achieved planned values according to almost all indicators. Net revenue from sale of the Luka Koper Group in January - September 2021 achieved EUR 168.2 million and were by 4 percent resp. byy EUR 6.5 million higher than planned. Net revenue from sale from market activity amounted to EUR 163.4 million, which was by 6 percent resp. by EUR 9.5 million ahead on the planned, the revenue from the performance of the public utility service in the amount of EUR 4.8 million lagged behind the plan by 38 percent resp. by EUR 2.9 million.

In January – September 2021, earnings before interest and taxes (EBIT) of the Luka Koper Group in January – September 2021 amounting to EUR 23.4 millionwere by 37 percent resp. by EUR 6.4 million aheaed on the planned. Higher earnings before interest and taxes (EBIT) than planned resulted from EUR 6.5 million higher net revenue from sale. The Luka Koper Group successfully managed all categories of operating costs, those changing in accordance with changes in throughput and revenue, as well other types of cost. In the first nine months of 2021, operating costs of the Luka Koper Group in comparison with planned stood at the l planned costs level.

In January – September 2021, earnings before interest and taxes, depreciation and amortisation (EBITDA) of the Luka Koper Group amounted to EUR 45.6 million and were by 20 percent resp. by EUR 7.5 million higher than planned. The EBITDA margin of the Luka Koper Group in the first nine months of 2021 amounted to 27.1 percent and was by 15 percent resp. by 3.5 percentage point ahead on the planned.

Net profit or loss of the Luka Koper Group in January - September 2021 amounted to EUR 22.5 million and was by 34 percent resp. by EUR 5.7 million ahead on the planned.

Return on equity (ROE) in January – September 2021 amounted to 6.7 percent and was by 30 percent resp.by 1.5 percentage point higher than planned.

7.2 Summary of the performance of Luka Koper, d. d.

7.2.1 Comparison of the achieved results of Luka Koper, d. d., in January – September 2021 in 2020

In January - September 2021, net revenue from sale of Luka Koper, d. d., amounted to EUR 165.5 million, which was a year-on increase of 9 percent resp. EUR 13.5 million. Net revenue from sale from market activity amounted to EUR 160.7 million and were by 9 percent resp. by EUR 13.8 million higher than the revenue achieved in the previous year, whilst the revenue from the performance of the public utility services in the amount of EUR 4.8 million declined by 6 percent resp.by EUR 0.3 million in comparison with the revenue generated in the equivalent period of the previous year.

In January – September 2021, earnings before interest and taxes (EBIT) of Luka Koper, d. d. amounted to EUR 23.1 million, which is 9% or EUR 1.9 million more than in the period January - September 2020. Higher earnings before interest and taxes (EBIT) in in comparison with 2020 were attributable to higher net revenue from sale by EUR 13.5 million resp. by 9 percent, mainly due to the higher throughput of containers. Other revenue in January – September 2021 in comparison with the comparable period in the previous year decreased by 74 percent resp. by EUR 2.7 million, due to the recognised revenue from written-off liabilities for the payment of pension and disability insurance contributions in compliance with the provisions of the Act Determining the Intervention Measures to Contain the COVID-19 in the amount of EUR 2.1 million in the first half of 2020.

In January - September 2021, operating expenses of Luka Koper, d. d., amounted to EUR 143.5 million, which was 7 percent resp. EUR 8.9 million ahead on January - September 2020. The cost of material decreased, whilst the costs of services, cost of amortisation, labour costs and other operating costs increased. Within the costs of services , cost of port services, transport services, insurances, intellectual services, concession fee and transhipment fee increased in comparison with the previous year. Labour costs in in January – September leta 2021 amounting to EUR 58.6 million increased by 7 percent resp. by EUR 3.8 million due in comparison with 2020. Labour costs increased due to higher payment for job performance and due to 0.3 percent adjustment of salaries for inflation from August 2020 onwards and 2 percent adjustment in August 2021. As at 30 September 2021, Luka Koper, d.d. had 1,525 employees, whereas as at 30 September 2020 1,540, which means 15 fewer employees. The cost of amortisation increased due to larger purchases of assets.

Net profit or loss of Luka Koper, d. d., in January – September 2021 amounted to EUR 22.9 million, which was 7 percent resp. EUR 1.5 milliona ahead on the previous year. Net profit or loss 2021 compared to 2020 was affected by already explained impacts which contributed to higher earnings before interest and taxes (EBIT) and higher operating profit from financing activity, whilst the higher income tax rate in 2021 with respect to 2020 had a negative impact on the achieved net profit or loss.

7.2.2 Comparison of results achieved by Luka Koper, d. d., in January – September 2021, in relation to the plan

In January – September 2021, Luka Koper, d. d., achieved the planned values by almost all indicators.. In January – September 2021, net revenue from sale of Luka Koper, d. d., amounted to EUR 165.5 million and were by 4 percent resp. by EUR 6.6 million ahead on the planned net revenue from sale. Net revenue from sale from market activity amounting to EUR 160.7 million exceeded the planned revenue from sale by 6 percent resp. by EUR 9.6 million, whilst the revenue from the performance of the public utility in the amount of EUR 4.8 million lagged behind the plan by 38 percent resp. by EUR 2.9 million.

In January – September 2021, earnings before interest and taxes (EBIT) amounted to EUR 23.1 million and were by 35 percent resp. by EUR 6 million ahead o the planned Higher earnings before interest and taxes (EBIT) resulted from EUR 6.6 million higher net revenue from sale. Luka Koper, d. d., successfully managed all categories of operating costs, both those changing in accordance with the change in throughput and revenue, as other types of costs. In the first nine months of 2021, operating expense was at planned cost level.

8 Marketing and sales

8.1 Maritime throughput

Maritime throughput of the Luka Koper Group in January – September 2021 achieved EUR 15.7 million tonnes and was 3 percent ahead on the planned quantities in comparison with the throughput of the comparable period last year it increased by 6 percent. In January – September 2021, the Luka Koper Group loaded on the vessels 5-percent fewer and unloded from the vessels 11 percent more tons of goods in comparison with the previous year.

Figure 6: Maritime throughput

8.2 Cargo structure by cargo types

In the whole structure of the maritime throughput prevailed containers, of which share remained unchanged in comparison to 2020. The share of liquid cargoes devcreased by 2 percentage point. The share of cargo group general cargoes and dry and bulk cargoes increased by 1 percentage point in comparison with 2020. The share of the cargo group cars remained unchanged.

Cargo groups (in tons)	1–9 2021	1–9 2020	Index 2021/2020
General cargoes	771,153	662,111	116
Containers	7,405,222	6,962,170	106
Cars	786,608	688,934	114
Liquid cargoes	2,376,860	2,558,219	93
Dry and bulk cargoes	4,392,810	3,978,850	110
Total	15,732,652	14,850,283	106

Figure 7: Maritime throughput per cargo types – in tons

Table 6: throughput of containers (number containers in TEU) and cars (in units) in January - September 2021 and 2020

Cargo groups (in tons)	1–9 2021	1–9 2020	Index 2021/2020
Containers – number	437,234	408,421	107
Containers – TEU	755,980	710,165	106
Cars – units	474,022	426,107	111

Figure 8: Throughput of containers and cars

Figure 9: Structure of maritime throughput by cargo types

8.2.1 General cargoes

Within the general cargoes, the Luka Koper Group in January – September 2021 achieved 16 percent higher throughput in comparison with the comparable period last year. The maritime throughput within general cargoes was by 71 percent higher in the segment of project cargoes, steel products and other goods. In the segment of timber 37 percent lower timber export was recorded in the throughput of timber.

8.2.2 Containers

In January – September 2021, the maritime throughput of containers in TEU was by 6 percent higher in comparison with the comparable period in 2020, and achieved 755,990 TEU In March 2021, the Luka Koper Group achieved an absolute record of monthly container throughput in the amount of 97,101 TEUs.

Despite the worsening of the business environment and the pandemic Covid-19, in the first half of 2021, the Luka Koper Group recorded the increase of containers throughpiut. The growth in the containers throughput resulted from the increase in consumption, mainly in electronics and other household goods, and partially due to the new growth of the production in the car industry.

After the completion of works in the extension of the container quayside with berthing place 7D in June 2021, the construction of almost 27,500 m² of surface continued, and at its completion it will additional storage areas for full containers will be obtained.

Figure 10: Maritime throughput containers

8.2.3 Cars

In January – September 2021, 474,022 cars were transhipped, which was 11 percent increase over the equivalent period in 2020. The achieved growth in the cars transhipment resulted from the increased sale of cars in the markets, and also larger share of transhipped electric vehicles in the Port of Koper. In the first nine months of 2021, the sale of new passenger cars in the European Union increased by 6.6 percent and achieved 7.5 million registered units, mostly due to the better sale in the beginning of the year. Besides the impact of COVID-19, in 2021 the automotive industry is unstable due to the auto-semiconductors shortage and other parts, which still causes production stoppages of most car manufacturers.

285.5 thousand cars were loaded and 188.5 thousand cars were unloaded.

Figure 11: Maritime throughput of cars

8.2.4 Liquid cargoes

Despite still significantly affected aviation sector, in nine months of 2021, the liquid cargoes terminal achieved one percent growth in comparison with the same period in 2020. The modest growth was recorded in the throughput of gas oil and chemicals, whilst commercial flights and the throughput of jet fuel relating thereto, still remains on of the most severly affected cargo types due to the covid-19 pandemic.

The throughput of petroleum products Luka Koper Group recorded 9-percent decline in comparison with January – September 2020.

8.2.5 Dry and bulk cargoes

In January – September 2021, the maritime throughput of cargo group dry and bulk cargoes increased by 10 percent, in comparison with the equivalent period in 2020. The maritime throughput in the segment of dry bulk cargoes was 10 percent higher than the achieved in the equivalent period last year, mainly due to the throughput of soya, fertilizers, alloyds and salt. The increased of the throughput at the dry bulk terminal was attributable to the additional quantities of iron ore, which were redirected to the Port of Koper.

9 Non-financial investments

In January – September 2021, the Luka Koper Group allocated EUR 41.1 million in the property, plant and equipment, property investments and intangible assets ²⁴ , which was 18 percent decline in comparison with the comparable period in 2020. In January – September 2021, Koper, d. d., allocated EUR 40.8 million, which was 99.5 percent of Luka Koper Group investments.

Figure 12: Non-financial investments

Largest implemented investments were the following:

• Completed construction of the parking garage for cars,
• Completed construction of the additional entrance to the Port (Bertoki access route),
• Purchase of a new shunting locomotive for the needs of the internal rail transport,
• Continued extension of the Pier I completed construction of the berhing place 7D, continuation of the construction of the sorage areas,
• Construction o a new petrol station for the needs of the port,
• the renovation of the business premises and n garderob in the administrative building of the container terminal is in the final stage,
• the integration of berthing places D2 and Jet at Liquid cargoes terminal is in the final stage,
• Purchase of the wheels loader for the needs of the Bulk and Dry bulk cargoes terminal
• new transport and handling equipment was purchased for the needs of general cargoes,
• the construction of a new warehouse for the needs of general cargoes is in the final stage.

²⁴ Without taking into account the advances fort he equipment.

10 Risk management

10.1 Explanatory note to the Coronavirus SARS-CoV-2 (COVID-19) outbreak

COVID-19 outbreak affected the global economy and logistic flows, and in Slovenia on 12 March, the Government of the Republic of Slovenia declared the epidemic of COVID-19 which lasted till 1 June, on 18 October 2020, the Government of Slovenia, declared the new pandemic. On June 15, 2021, Slovenia declared the end of the pandemics, the Luka Koper Group appointed a working group, which from the beginning of the pandemic proposed the adoption of sevral measures for the protection of people and minimisation of the pandemic consequences. Thanks to the adopted measures, the risk is managed up to an acceptable level, nevertheless due to unpredictable situations, is closely monitored. The infections resulted in a short-term absence of the employees, which did not have major negative impacts on the company's business performance. In the second quarter of 2021, a significant decline of covid infections of the employees at Luka Koper, d.d. was noted, whereas in the third quarter the resumed growth. By a decree on a temporary working, teleworking from home began again for posts where the phyisical presence is not required.

10.2 Other risks

The prospects for the global economic growth have been improving despite the ongoing uncertainty in relation to the pandemics, which present the highest risk for the detrioration of the economic conditions. In their last forecasts, the international institutions presume continued growth of the economic activity of our trade partners in future periods. The risk of high inflation increases which is driven in particular by rising energy prices. Due to rising global prices of raw materials (steel and iron) owth and bottlenecks in supply chains, non-energy industrial goods prices are getting higher. As far as company is concerned, the inflation developments and expectations are reflected in particular two areas - material cost increases (fuel, electric energy) and rising value of planned investments, either for the equipment or for the infrastructure.

With increasing vaccination coverage and consequent easing of restrictive measures, the global economic activity has been strenghtening intensively, but unevenly, since the economic recovery of developing economis will be longer lasting than in developed countries. Current frecasts of institutions are compliant with the actual growth of the revenue from sale from the market activity, since the revenue from sale in 1-9 2021 increased by 9% compared to the same period last year, with growth being particularly evident at the Container terminal and Car terminal, moreover, the throughput at the dry bulk terminal went up. Commercial risks based on the improved economic situation in 2021 have been decreasing with respect to the situation in 2020. Nothwitstanding, the situation in the car market in 2021 is unstable, mostly due to the shortage of the car semiconductor chips and other partswhich still causes production stoppages of most car manufactures. The Company estimates that in 2021 planned revenue from sale will be achieved.

The Group has been facing commercial risk, originating from highly competitive environment and the entry of shipping companies and logistics companies in the ownership of the neighbouring ports, which may affect the direction of a part of the throughput. Besides that, the neighbouring ports have been paying a lot of attention to the enhacing of competitiveness in rail connections. In recent years, specific storage capacities were developed in the vicinity of the Port of Koper, where mostly the forwarding agencies have been providing CFS services. The latter can represent a stroong competition, primarily in the segment of stuffing and unstuffing of containers. On 7 January 2021, the Hafen und Logistik AG (HHLA) completed the acquisition of 50.01 share of the company Piattaforma Logistica Trieste in the port of Trieste by the Hafen und Logistik AG (HHLA). The transhipment in the segment of general cargoes, RORO in containers will be carried out by the company HHLA PLT Italy. At the end of 2020, the Board of directors of the Port Authority of Rijeka decided that APM Terminals/Enna Logic, owned by the shipping company A.P. Moller – Maersk will be concessionaire of the container terminal for the next 50 yeas.

The main strategic risks originating from the exernal environment, remain the uncertainty about the completion of the construction of the second rail track and the obsolete, insufficient capacity of the existing rail track, which may endanger further throughput growth until the construction of the second rail track. In May 2021, major construction works on the second rail track were undertaken. In 2021, the working group, which started to implement actions towards the improvement of the IT support, implementation of the infrastructure operations and in organisational changes in the rail segment, continues its work. These risks are managed by increasing the capacities, supporting the construction of the second railway track and envisaged improvements of processes through various projects.. Financial risks are defined more in detail in the chapter 'Additional notes to the Statement of the Financial position'.

11 European projects

In January – September 2021 implemented several activities in the field of research and development aiming to support the port's development and started to implement. Strategic business plan for 2020 - 2025.

The emphasis was on faster implementation of priority infrastructure projects, also in connection with the possibility of obtaining grants to this end. There are challenges in the field of new technologies where Luka Koper, d.d. is partner in several testing new technologies, energy, IT and security issues.

Luka Koper, d. d., was involved in co-funded initiatives, and in January in January - September 2021 the following applications for new projects for new projects within different programmes, were implemented:

• o Within the open public tender of the programme CEF, Luka Koper, d.d. as a partner joined the application in the project: ACCESS2NAPA,
• o Within the public tenders of the programme Horizon 2020, Luka Koper, d.d. joined as a partner the project: GREEN IMPACTS,
• o Within the public tender of the Norvegian and EEA Finacial Mechanism, Luka Koper, d.d., in the role of leading partner will implement the application of the project SOPOREM,
• o Within the public tender of the programme Europe Horizon, Luka Koper, d.d. as the leading partner joined the application of projects LIZARD and the project, which will be the continuation in terms of content and upgrading of the project INFRASTRESS,
• o Within the public tender of the programme Europe Horizon, Luka Koper, d.d., as the leading partner joined the application of projects: TERMINAL2.0 in NEPHELE,
• o Within the closed tender Interreg ADRION Luka Koper, d.d. was invited to continue the cooperation in the project ADRIPASS, which was successfully completed in 2020.

Throughout January – June 2021 the activities of approved projects and optimal absorbtion of funds were carried out:

• ➢ With regard to European projects, the following activities of Luka Koper, d. d., as partner or leading partner on two projects from the programme CEF:
  • o NAPA4CORE investments in the port's infrastructure,
  • o EALING investments in the port's infrastructure for the connection of ships to the electricity grid during the mooring,
  • o ACCESS2NAPA investment in the core port infrastructure (preparation of design documentation) – new acquired project, 3.3 million grants were approved.
• ➢ As partner, Luka Koper, d.d. implemented the activities on the fllowing projects:
  • o On the programme Horizon 2020 the activities continued on the projects InfraStress and 5G-LOGINNOV,
  • o On the programmes of the European teritorial cooperation the activities continued on the projects: IntraGreen-Nodes, REIF, COMODALCE and CLEAN BERTH.

The projects of the European territorial cooperation programmes are relevant as they place the Port of Koper in the European institutional environment, especially from the aspect of planning of Trans-European transport corridors, environmental protection, as well as cultural heritage, port's security, sustainable energy supply, digitalization and similar.

The project Development of the sustainable model of the growth of 'Green Port', in which the Slovenian Reserach Agency acts as main funder of research activities, and Luka Koper, d.d., as funder and industrial partner, continued.

12 Trading in LKPG

The share of Luka Koper identified as LKPG is listed in the first quotation of Ljubljana Stock Exchange. As at September 2021, the share ended its trading with 30 percent higher value than in the comparable period last year. On the last trading day of the of the third quarter 2021, the LKPG amounted to EUR 24.00 per share.

In the first nine months of 2021, the ownership structure družbe Luka Koper, d. d., slightly changed. As at 30 September 2021, 9,091 were registered in the register, which was 130 less than in 2020. The Republic of Slovenia is the company's major shareholder.

Shareholder	Number shares 30.09.2021	Percentage stake 30.09.2021	Number shares na dan 30.09.2020	Percentage stake 30.09.2020
Republic of Slovenia	7,140,000	51.00	7,140,000	51.00
Slovenski državni holding, d. d.	1,557,857	11.13	1,557,857	11.13
Kapitalska družba, d. d.	696,579	4.98	696,579	4.98
Municipality of Koper	439,431	3.14	439,159	3.14
Citibank N.A. – fiduciary account	386,511	2.76	384,421	2.75
Raiffeisen Bank International AG (RBI)	157,986	1.13	132,207	0.94
Hrvatska poštanska banka, d. d. – fiduciary account	150,232	1.07	141,462	1.01
Zagrebačka banka d.d. – fiduciary account	114,464	0.82	101,311	0.72
Zavarovalnica Triglav, d. d.	113,568	0.81	113,568	0.81
NLB skladi – Slovenija mešani	111,584	0.80	114,523	0.82
Total	10,868,252	77.63	10,821,087	77.29

Table 7: Ten largest shareholders in Luka Koper, d. d., as at 30 September

12.1 Trading in LKPG

In the first nine months of 2021, the average daily price of Luka Koper, d.d. stood at EUR 22.58, whilst its overall value fluctuated between EUR 18.50 and EUR 26.60. The highest daily price was EUR 26.80, the lowest EUR18.40. As at 30 September 2021, the market capitalisation of Luka Koper, d.d. amounted to EUR 336,000,000.

There were 2,087 transactions and block trades with aggregate value of of EUR 11,407,758, whereby 534,547 shares. changed ownership. In this perod, the SBITOP Index achieved 29.6 percent growth. Closing LKPG share price on the last trading date of the third quarter 2021 amounted to EUR 24.00 per share, which was 28 percent ahead on the last trading date in the third quarter of 2020.

Figure 13: Changes in the daily LKPG share price and daily turnover in January – September 2021

Table 8: relevant data on LKPG

	1 – 9 2021	1 –9 2020
Number shares as at 30.09.	14,000,000	14,000,000
Number of ordinary shares no par value shares	14,000,000	14,000,000
Closing price as at 30. 09. (in EUR)	24.00	18.80
25 Book value of shares as at 30. 09. (in EUR)	30.24	28.28
Ratio between average weighed price in avce (P/B)26	0.79	0.66
27 Average market price (in EUR)	21.34	19.82
28 Average book value of share (in EUR)	29.96	28.37
Ratio between average weighed market price and average book value of share	0.71	0.70
29 Net earning per share (EPS) (in EUR)	2.18	2.03
Ratio between market price and earnings per share (P/E)30	11.02	9.25
31 Market capitalisation as at 30.09. (in mio EUR)	336.00	263.20
Turnover – all transactions in in January - September (in mio EUR)	11.41	7.10

²⁵ Book value of share = equity / number shares.

²⁶ Ratio between market price and book value of share (P/B) = closing share price / book value of share.

²⁷ Weighted average market price is calculated as a ratio between total value of LKPG stock exchange transaction and the aggregate number of LKPG shares traded across the period..

²⁸ Average book value of the LKPG is calculated on the basis of average monthly ratio between equity and number of ordinary shares.

²⁹ Earnings per share (EPS) = net profit or loss / number shares.

³⁰ Ratio between the market price and earnings per share (P/E) = closing share per price / earnings per share (EPS).

³¹ Market capitalisation = closing share price * number shares.

12.2 Number of LKPG shares by the Supervisory Board and Management Board Members

	Shareholder	Ownership 30. 09. 2021
Supervisory Board	Nevenka Črešnar Pergar, Member of the Supervisory Board	570
	Tamara Kozlovič, Member of the Supervisory Board	94
	Rok Parovel, Member of the Supervisory Board	8

As at 30 September 2021, other members of the Supervisory Board and Members of the Management Board of Luka Koper, d. d., did not own company's shares.

12.3 Treasury shares, authorised capital, conditinal capital increase equitya

As at 30 September 2021, Luka Koper, d. d., na dan 30. September 2021 held no treasury shares. The applicable Articles of association do not provide for categories of authorised capital up to which the Management Board could increase the share capital. The company had no basis for the conditional increase in the share capital.

12.4 Rules on restrictions and disclosure on trading with comoany's shares and shares of related parties

In compliance with Ljubljana Stock Exchange recommendations, Luka Koper, d. d., adopted the Rules on trading with issuer's shares. These Rules represent an additional assurance on equal information to all interested public on relevant business events in the company and are important in strenghtening the trust of investors and the corporate reputation. The purpose of the Rules is to enable the persons to trade in shares of Luka Koper and to prevent any possible trading based on insider information. At the same time, the Rules enable mandatory reporting in accordance with the law on the sale and purchase of company's shares to the Securities Market Agency.

SUSTAINABLE DEVELOPMENT

Luka Koper, d. d., is a diligent insitutional stakeholder of the sustainable development, since in compliance with its sustainable strategic directions and activities has been fullfiling current and future needs of the port and its stakeholders, and at the same time has been protecting and preserving human and natural resources.

13 Care for employees

Skilled and motivated employees are a strategic asset and the condition for the implementation of development plans of Luka Koper. Cooperation, responsibility, respect, committment and creativity on the part of each individual are the values implemented by the Group in its practice.

The employees of Luka Koper with their knowledge, energy and fervor show their committment to the work environment and from partnership create the company's future.

13.1 Recruitment, turnover rate and employment structure

AS at 30 September 2021, Luka Koper Group had 1,687 employees, which was fewer 18 employees as at 30 September 2020.

In the first nine months of 2021, 17 recruitments were realised in the Luka Koper Group, whereof 11 in Luka Koper, d. d., which was lower number than in the comparable period in 2020.

In 2021, the measures adopted to prevent the extension of the coronavirus SARS -CoV-2 (COVID-19) affected the implementation of the business processes, although in compliance with the status of a special social and defense relavance of Luka Koper, d. d., the smooth operation of the port was guaranteed. Preventive measures for the protection of the employees with respect to the hygiene, provision of mask and hand sanitizers, maintenance of safe distance, meeting limits, customers' visits and business trips continued Digital forms of communication were intensified among the employees and customers, work from home continued on the posts where feasible. A temporary layoff was applied only in Luka Koper Pristan, d. o .o. (catering industry).

Number of employees in the Luka Koper Group

	30.9.2021	30.9.2020	Index 2021/2020
Luka Koper, d. d.	1,525	1,540	99
Luka Koper INPO, d. o. o.	131	132	99
Luka Koper Pristan, d. o. o.	2	4	50
Adria Terminali, d. o. o.	24	24	100
TOC, d. o. o.	5	5	100
Luka Koper Group*	1,687	1,705	99

* Subsidiaries of Luka Koper Group, Logis-Nova, d. o. o., and Adria Investicije, d. o. o., are not shown in table, since they do not have any employees.

As at 30 September 2021, Luka Koper, d. d., held 377 agency workers, as at 30 September 2020, 314 agency workers, which means 63 workers more.

	Number of new recruitments		Number of departures		Turnover rate (in %)*
	1 – 9 2021	1 – 9 2020	1 – 9 2021	1 – 9 2020	1 – 9 2021	1 – 9 2020
Luka Koper, d. d.	11	21	21	22	1.4	1.4
Luka Koper Group	17	26	26	25	1.5	1.4

Comparison between recruitment, termination and turnover rate

* Fluctuation calculation method = number of departures/(previous number of employees + new recruitments) x100

At approximatey same number of departures and slightly lower recruitment, the consequnet turnover rate at Luka Koper Group level was slightly higher in comparison with the previous year. The reasons for the termination of the employment relationship was the retirement age, four cases of employees death, one case consensual departure, whilst in one case on own request.

Intensive recruitment for the basis transhipment and storage process two years ago importantly affected the educational structure of Luka Koper, d. d., and Luka Koper Group, shifting towards larger number of employees at a lower level of education.

13.2 Occupational health and safety

Luka Koper, d.d. conducts the policy of safe and healthy working environment so that the modes of operation, work processes and cooperation processes with external stakeholders are compliant with the health and safety managament standard ISO 45001.

By a variety of measures , such as education, additional training, informing of employees and other stakeholders in the Port, the company takes preventive actions. Each serious injury is adequately examined and measures to prevent the recurrence of such incidents in the future, are taken.

Injuries at work

	1 – 9 2021	1 – 9 2020
Luka Koper, d. d.	26	25
Recruitment agencies - RA	19	12
Outsourcing companies *	8	11
Subsidiaries - Luka Koper INPO, d. o. o.	6	1

*External stakeholders are drivers of exterernal freight vehicles and contractors of various works and services.

The target of maximum 14 injuries per million hours worked was not achieved since in January – September 202, the company recorded 18.3 injuries per million worked hours. Minor injuries prevailed. Lack of vigilance during handling operations, overloading of a particular part of the body and lack of coordination among the workers during the implementation of handling operations.

The target 0 serious injuries in January – September 2021 was achieved.

In the reporting period, 18.7 collisions were recorded in internal transport, therefore therefore the target for 2021 of max 25 collisions in internal transport per million hours worked was achieved. .

The activities to prevent the spread of infections with virus SARS-CoV-2 (COVID-19) are still ongoing in Luka Koper.

13.3 Education, training and development of employees

Throughout 2021, there were still the effects of actions to prevent the spread of coronavirus SARS-CoV-2 (COVID-19) on the training programmes. At the Luka Koper Group level, on average 11.1 hours of training per employee resp. 14.7 hours. Induction programmes resp. mentorship to operate machinery, and the exchange of workers among the terminals as well as periodical tests from safety at work wwere carried out. There were fewer there were fewer of other types of training resp. webinars were run. E-learning platform was establshed at Luka Koper, d. d., 88 percent of trainings were in-house trainings.

Significantly fewer employees were involved in trainings than in 2020, namely 53 percent of employees in the Luka Koper Group resp.56 percent fewer emp,loyees in Luka Koper, d. d.

Luka Koper Group co-financed the acquisition of a higher level of education to 1.8 percent of employees through an education contract. Tenders for company aff scholaraships for secondary school students and students were published. Luka Koper, d. d., and Adria Terminali, d. o. o., are involved in the project Competence center for HR development in logistics Logins, which will disburse grants from 50 – percent co-funding of the education and training of employees until 2022.

The internal mobility of employees in January - September 2021 was essentially higher than in 2020, mostly due to a higher share of classifications in a higher level of qualification and flexibility at work.

The project of comprehensive renovation of key HR and successors development with the objective to introduce a more long-term and transparent HR system is underway at Luka Koper, d. d.

The dialogue with social partners has been taking place continuously, in particular with crane operator's union trade union, among other also with respect to single articles of the company agreement.

14 Natural environment

Luka Koper has always been concerned for improving the quality of life in the entire area in which the port is embedded. In the development issues it takes into consideration the principles of the sustainable and responsible environment management

The most important goals in the area of natural environment in 2021 are:

• Successfully carry out the audit in compliance with EMAS, standard ISO 50001 and ISO 14001
• Reduce emissions of dust at all ten port's locations to 200 mg/m2day and max 5 deviations from 120/th measurements in the course of the year,
• Keep the value of PM10 particles (the size up to 10 μm) emissions below 30 μg/m3 in the entire Port's area (in direction towards Ankaran, Koper and Bertoki),
• Keep the percentage of separately collected waste at 91 percent,
• Decrease night-time noise to 48 dBA in the direction of Koper
• Keep the day-time noise in front of nearest buildings outside the port zone at 58 dB and nighttime noise at 53 dB,
• Despite the purchase of the additional mechanisation and enlarged storage capacities, keep specific consumption of energy at the last year levell and namely for motor fuel 0,1249 l/t, for electric energy 0,7658 kWh/t and potable water 4,9 l/t,
• Without taking actions (inspection and internal) in environmental interventions,
• Without pollution outside the Port's aquatorium,
• In case of fire interventions and injury accidents, ensure that the intervention time of the professional fire brigade is less than 8 minutes (from receiving the notification until arrival at the scene),
• Prevent any major industrial accidents altogether
• Implement all inspection in the field of fire safety,
• Preserve the range of area of underwater meadows (Cymodocea nodosa, Zostera nolti) glede na compared to the 2018 reference period.

14.1 EMAS certificate

In March 2021, Luka Koper, d. d., successfully passed the re-certification realted to the requirements under EMAS regulation. In the beginning of 2021, the company carried out the first certification acccording to ISO 50001 requirements and has already obtained the certificate.

14.2 Atmosphere

.

Striving for a constant reduction in emissions that are produced by the performance of port activities involves many activities. The most important measures for the reduction in dusting are the introduced technology of applying paper mill sludge to the coal and iron ore disposal area. Paper mill sludge builds a solid layer that prevents drifting of dust.

14.2.1 Total dust in the port

Luka Koper, d.d. has been controlling measurements of the total volume of dust carried by Luka Koper, d. d., yet from 2002 on ten measurement points in the Port. We have set the annual goal not to exceede 200 mg/m²day and the average of measurement values for the reporting period was 118 mg/m²day. In January – September 2021, 5 deviations were recorded. The law does not prescribe limit values resp. permitted deviations for such measurements.

Table 9: Comparison of mean values

	1 – 9 2021	1 – 9 2020	Index 2021/2020
Povprečna vrednost prašnih usedlin (mg/m2dan)	122	111	110

14.2.2 Quantity of health hazardous dust particles (PM10)

Statutory prescribed measurings of fine dust particles (PM10), have been carried out in the Port of Koper and are continuously measured on three points within the Port. The measurement devices are placed inside the port zone, but in the immediate proximity of the residential area Rožnik in Ankaran, towards Bertoki and at the Cruise terminal, in the close proximity of Koper old town centre. The measurements taken in the second quarter of 2021, were below the target value 30 μg/m³ .

The results from two measurement devices are shown automatically every hour on the Port's web page online Living with the Port www.zivetispristaniscem.si.

Table 10: Comparison of mean values PM¹⁰

	1 – 9 2021	1 – 9 2020	Index 2021/2020
Ankaran – Rožnik	14 μg/m3	19 μg/m3	74
Bertoki	17 μg/m3	21 μg/m3	81
Koper –Cruise terminal	14 μg/m3	21 μg/m3	67

14.2.3 Emission of dust particles on key sources

Since the permitted values of dust particles emissions of key sources are stipulated by law, we perform measurements in the direct vicinity of dust-generating sources e.g. at loading/unloading of wagons, trucks and ships. The threshold of permitted value of emissions is 20 mg/m³ . the company has not yet performed the statutory measurements for 2021.

14.3 Waste management

V types of waste are generated in the Port of Koper. In terms of the committment for the environment, Luka Koper,d. d., regularly provides for waste separation, recycling and waste processing. The waste separation is carried out at all terminals, by the users of the economic zone and on ships. Separately collected waste materials are delivered to external waste-processing contractors and agents.

In the first nine months of 2021, the share of sorted separately collected waste was 93.4 percent, and and thereby the set objective of 91 sorted separately collected waste was achieved. Such a high percentage was achieved due to a larger removal of railway sleepers in May 2021.

14.4 Noise

Noise levels are continuously monitored by devices at three peripheral points around the port, and the results are published online via the Living with the Port www.zivetispristaniscem.si. The results for the second quarter are in compliance with the requirements of the environmental permit and a newly adopted Decree. Notwithstanding a new Decree, the Company keeps set determined objectives, which were in force under the previous Decree.

	1 – 9 2021			1 – 9 2020		Threhold values for 2021
Eastern periphery (Bertoki)	Northern pristanišča (Ankaran)	Southern periphery (Koper)	Eastern periphery (Bertoki)	Northern periphery (Ankaran)	Southern periphery (Koper)
LD =39	LD =42	LD =52	LD =39	LD =43	LD =52	LD = 65
LV =37	LV =40	LV =51	LV =37	LV =41	LV =51	LV = 60
LN =34	LN =40	LN =50	LN =36	LN =39	LN =51	LN = 55
LDVN =42	LDVN =47	LDVN =57	LDVN =43	LDVN =47	LDVN =57	LDVN = 65

Legend: LD – daily noise level, LV – evening noise level, LN – night noise level, LDVN – noise level day – evening night

Data in table show the noise without ships and in the front of the first buildings outside the Port's zone.

14.5 Energy

Luka Koper, d. d., obtained the certificate to ISO 50001:2018 standard - Energy management system for the work carried out so far in the field of energy management. The implementation of this standard jointly with systematic energy management will result in additional reduction of greenhouse emissions and other related environmental impacts and energy costs. The value of standard as efficient tool for energy management is even bigger because its compliance can be proved by the certification of an independent organisation.

14.5.1 Electricity and water consumption

Specific fuel consumption in the first nine months of 2021, in comparison with 2020 was lower by 4. The advantage of the use of electric powered cranes lays in essentially bigger efficiency of engines, lower noise level and practically zero emissions of local exhaust gases. A higher specific water consumption in comparison with the same period in the previous year, resulted from the higher throughput of reefer containers. Specific consupmtion of potable water in the first six months of 2021 was by 56 percent lower than in the comparable period last year.

			Table 12: Specific consumption of energy and water per handled ton of the total throughput32

	1 – 9 2021	1 – 9 2020	Index 2021/2020
Consumption of electric energy (kWh/t)	0.789	0.752	105
Motor fuel consumption (l/t)	0.117	0.122	96
Water consumption (l/t)	2.288	5.234	44

14.5.2 Electricity consumption

In the first nine months of 2021, the major consumer of the electric power in port was the Container terminal, followed by the Reefer terminal and the bulk cargo terminalAmong major consumers in the port are primarily quay cranes, food stuff cold storage rooms at the Reefer teminal, conveyor belts for the transhipment of the bulk cargo, lighting and power supply to the reefer containers. In the first nine months of 2021, the company did not achieve the target value of specific energy consumption due to the increased consumption of the electric energy for the needs of supplying reefer containers, on which Luka Koper, d.d.has no direct impact because of requested temperatures in reefer containers.

14.5.3 Motor fuel consumption

In January – September, the container terminal consumed 64.4 percent of motor fuel of the whole port, followed by the general cargoes terminal with 10.7 percent. The major consumers of fuel in the Port of Koper in the first nine months of 2021 were terminal tractors (33.4 percent), followed by warehouse cranes (19.8 percent) and reach

³² Total throughput comprises maritime throughput, stuffing/unstuffing of containers and land throughput.

stackers and forklifts (13.3 percent). In January - September 2021, the company did not achieve the target value of specific energy consumption.

14.6 Water consumption

The company pays a great attention to the water as a vital good and for this reason numerous safety and treatment actions are implemented. Since the water is used mainly for sanitary purposes and for supply of vessels, the concern for an adequate purity of water is important. The water consumption is not directly reliant on the throughput and it is to acertain extent attributable to water leakages, and therefore it is difficult to manage. The repairs are constantly carried out in order to reduce water leakages. In the first nine months of 2021, the company achieved the target value of specific water consumption..

14.6.1 Waste waters

In April 2021, potable water quality measuerements were carried for the first time. The results were adequate.

14.6.2 Waste waters

In the port, mostly urban waste waters are generated and to a lower extent, industrial waste waters. Generated industrial waste waters are prior to the discharge adequately treated in own waste water treatment plants, urban waste waters are mainly treated in the Koper central waste treatment plant.

In the first nine months of 2021, the authorised operator has carried out the sampling of waste waters at the containers washing facility five times and the results were adequate. Other samplings at outflows from treatment plants will be carried out by the end of the year.

14.7 Effects of lighting

The lighting in the port'area is in line with regulations and in a way that a light is not directed upwards. The lighting plan is published on Luka Koper, d. d., website.

14.8 Marine protection

Pursuant to the provisions of the Concession Agreement for the performance of port activity, management, development and regular maintenance of port's infrastructure in the Koper's cargo port area, Luka Koper, d.d. regularly takes care to prevent and remove the consequences of the sea pollution. To carry out such activities Luka Koper, d.d., disposes a special equipment , watercrafts and as well as suitably qualified staff.

In exceptional events at sea, Luka Koper, d. d., takes measures in compliance with the valid Protection and rescuing plan of Luka Koper, d. d., in case of industrial accidents

In the third quarter of 2021, 10 incidents were recorded in the port's aquatorium. In all cases of pollution at sea measures were taken in accordance to the activation scheme of forces and ressources for minor accidents, and the consequences of pollution were successfully dealt with within the concession area. The polluters who were tracked down reimbursed the costs.

Number of recorded events in the concession area is attributable to the consistent implementation of workshops on the environmental protection, where the employees are informed about the significance of all recorded events and consequently an efficient intervention

Table 13: Statistical data on intervention at sea

	1 – 9 2021	1 – 9 2020	Index 2021/2020
Number of accidents at sea	35	37	95
Number of interventions in the Port's aquatorium	33	34	97
Number of incidents not requiring intervention	2	3	67
Number of pollution incidents outside the Port's aquatorium	0	0	-

The results of measurings from the modern measuring station REBEKA for monitoring of the sea quality, which is installed at the entrance into the Port Basin III are published on the website http://www.zivetispristaniscem.si/.

15 Commitment to the comunity

The vicinity of urban settlements and protected areas requires concern from the joint stock company Luka Koper, d.d., to which the State granted the concession for the performance and the development of activities in the port, for the quality of living of inhabitans, living and working in this environment and good neighbouoorhood relationships, which are the prerquisite for its operation and further development. Luka Koper, d.d. has already incorporated the principles of sustainable development in its performance and strategic directions, and set measurable targets in the Social Responsibility and Sustainable Development Strategy, adopted in the beginning of 2021, which wil pursuit also in the future in cooperation with the local and institutional stakeholders, by taking into account best international practices.

The implementation of the social responsibility towards the local environment, on which the port activity has most impact, was reflected over the years in the support of organised groupes and individuals implementing projects or activities relevant for the quality of life of inhabitants in local environment. In view of the restrictions due to Covid-19 pandemic, the company has not published yet the call for the distribution of sponsorships and donations in 2021 from the Living with the Port fund, which is in particular dedicated to local projects. Regardless the consequences of the pandemic, which significantly affected also the Company's performance in 2020, Luka Koper, d. d., respects the agreed contractual obligations regarding sponsorships and donations adapting them to given circumstances. In January – September 2021, EUR 767.7 thousand were paid out for sponsorships and donations. Some long-term partnerships, motsly in the field of humanitarian activity, culture and top-level sport were renewed.

Due to the restrictions resulting from COVID-19 pandemic, also this year it was not posible to organise the traditional Port's Day, when the doors of the sole Slovenian freight port are wide open and visits are poort sightseeing is organised for visitors. A virtual tour and other accompanying events with purpose to be informed about the Port of Koper and its activities were organised.

Upon the successful tendering of the Municipality of Koper (MOK) on the awarding of grants for the implementation of mitigating measures for the reduction of emissions arising from the Port's activity, in May 2021, MOK published a new call and announced the following one in the beginning of the next year. . At the end of 2019, Luka Koper, d.d. and MOK namely signed an agreement defining the terms for the establishment of a fund in which Luka Koper, d.d. every year allocates EUR 200 thousand.

Luka Koper, d.d. is aware that good neighbourhood relations can be established only by correct and transparent communication with the surroundings, where communication tools are constantly adapted to modern trends, however it remains to informing general public and other stakeholders through media and websites (www.lukakp.si, www.zivetispristaniscem.si, www.seonet.si) and social media. This year the Company prepared again the sustainable magazine Port's knots, which was distributed to 15.300 households in the Municipality of Koper and the Municipality of Ankaran.

ACCOUNTING REPORT

16 Financial statements of Luka Koper, d. d., and Luka Koper Group

16.1 Income statement

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1-9 2021	1-9 2020	1-9 2021	1-9 2020
Revenue	165,528,780	151,980,632	168,197,042	154,858,140
Capitalised own products and services	72,097	120,811	72,097	120,818
Other income	974,022	3,691,063	2,108,472	4,992,522
Cost of material	-11,193,224	-11,897,706	-11,458,096	-12,158,880
Cost of services	-44,950,547	-41,034,407	-42,594,342	-38,864,940
Employee benefits expense	-58,638,508	-54,868,228	-63,626,253	-59,895,741
Amortisation and depreciation expense	-21,609,514	-20,366,765	-22,158,914	-20,954,784
Other operating expenses	-7,100,102	-6,419,049	-7,105,115	-6,442,539
Operating profit	23,083,004	21,206,351	23,434,891	21,654,596
Finance income	3,888,252	3,155,177	2,456,570	2,026,395
Finance expenses	-216,773	-482,428	-217,042	-384,544
Profit or loss from financing activity	3,671,479	2,672,749	2,239,528	1,641,851
Profit or loss of associates	0	0	756,113	1,073,166
Profit before tax	26,754,483	23,879,100	26,430,532	24,369,613
Income tax expense	-4,011,120	-2,498,503	-4,046,205	-2,540,781
Deferred taxes	114,760	-45,886	95,233	-45,886
Net profit for the period	22,858,123	21,334,711	22,479,561	21,782,946
Net profit attributable to owners of the company	0	0	22,464,243	21,784,789
Net profit attributable to non-controlling interests	0	0	15,318	-1,842
Net earnings per share	1.63	1.52	1.60	1.56

Notes to the financial statements are their integral part and shall be read in their conjunction.

16.2 Statement of other comprehensive income

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1-9 2021	1-9 2020	1-9 2021	1-9 2020
Profit for the period	22,858,123	21,334,711	22,479,561	21,782,946
Items not to be reclassified into profit/loss in future periods	9,330,798	3,326,651	9,472,416	3,215,820
Change in revaluation surplus of available-for-sale financial assets	-1,772,851	-632,064	-1,799,760	-611,006
Deferred tax on revaluation of available-for-sale financial assets	7,557,947	2,694,587	7,672,656	2,604,814
Total comprehensive income for the period	30,416,069	24,029,298	30,152,218	24,387,760
Total comprehensive income for the period owners of the company	30,416,069	24,029,298	30,136,900	24,389,602
Total comprehensive income for the period non controlling interests	0	0	15,318	-1,842

16.3 Statement of financial position

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
ASSETS
Property, plant and equipment	423,330,453	403,335,743	436,698,948	417,136,694
Investment property	24,248,978	23,721,641	15,579,100	14,844,630
Intangible assets	1,426,820	1,881,584	1,562,481	2,058,861
Other assets	4,771,069	1,089,144	4,771,069	1,089,144
Shares and interests in Group companies	4,048,063	4,533,063	0	0
Shares and interests in associates	6,737,709	6,737,709	13,747,622	14,168,687
Other non-current investments	53,553,947	44,223,149	56,895,587	47,423,171
Loans given and deposits	2,131	3,336	7,667	8,866
Non-current operating receivables	39,991	41,088	39,991	31,397
Deferred tax assets	3,931,086	5,589,177	3,960,673	5,665,198
Non-current assets	522,090,247	491,155,634	533,263,138	502,426,648
Assets held for sale	485,000	0	379,678	0
Inventories	1,449,917	1,362,769	1,449,917	1,362,769
Deposits and loans given	1,595	1,824	1,595	72,909
Trade and other receivables	48,251,820	41,192,593	48,692,298	41,632,400
Income tax receivables	0	885,779	0	883,596
Cash and cash equivalents	20,491,242	37,051,470	44,406,858	61,021,421
Current assets	70,679,574	80,494,435	94,930,346	104,973,095
TOTAL ASSETS	592,769,821	571,650,069	628,193,484	607,399,743
EQIUTY AND LIABILITIES
Share capital	58,420,965	58,420,965	58,420,965	58,420,965
Capital surplus (share premium)	89,562,703	89,562,703	89,562,703	89,562,703
Revenue reserves	209,947,534	209,947,534	209,947,534	209,947,534
Reserves arising from valuation at fair value	27,940,121	20,382,176	28,179,841	20,507,185
Retained earnings	37,535,952	30,637,829	69,487,019	62,982,777
Equity of owners of the parent	423,407,275	408,951,207	455,598,062	441,421,164
Non-controlling interests	0	0	250,059	239,522
Equity	423,407,275	408,951,207	455,848,121	441,660,686
Provisions	18,821,805	17,273,054	19,481,115	17,943,022
Deferred income	25,349,235	24,153,306	26,695,494	25,537,164
Loans and borrowings	63,318,816	71,209,697	63,318,816	71,209,697
Other non-current financial liabilities	1,041,814	262,898	1,041,960	264,966
Non-current operating liabilities	106,025	115,195	141,786	145,939
Non-current liabilities	108,637,695	113,014,150	110,679,171	115,100,788
Liabilities held for sale	0	0	73,920	0
Loans and borrowings	10,521,175	10,521,175	10,521,175	10,521,175
Other current financial liabilities	427,117	330,668	504,137	382,791
Income tax liabilities	2,813,381	0	2,789,773	0
Trade and other payables	46,963,178	38,832,869	47,777,187	39,734,303
Current liabilities	60,724,851	49,684,712	61,666,192	50,638,269
TOTAL EQUITY AND LIABILITIES	592,769,821	571,650,069	628,193,484	607,399,743

16.4 Statement of cash flows

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1-9 2021	1-9 2020	1-9 2021	1-9 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period	22,858,123	21,334,711	22,479,561	21,782,946
Adjustments for:
Amortisation/Depreciation	21,609,514	20,366,765	22,158,914	20,954,784
Reversal and impairment losses on property, plant and equipment, and intangible assets	261,166	6,882	261,362	7,100
Gain on sale of property, plant and equipment, intangible assets and investment property	-179,168	-8,101	-179,430	-8,536
Allowances for receivables	757,046	261,051	765,127	269,596
Collected written-off receivables and liabilities	-153,046	-502,556	-155,334	-504,917
Reversal of provisions	0	0	0	0
Finance income	-3,888,252	-3,155,177	-2,456,570	-2,026,395
Finance expenses	216,773	482,428	217,042	384,544
Recognised results of subsidiaries under equity method	0	0	-756,113	-1,073,166
Income tax expense and income (expenses) from deferred taxes	3,896,360	2,544,389	3,950,972	2,586,667
Profit before change in net current operating assets and taxes	45,378,516	41,330,392	46,285,531	42,372,623
Change in other assets	-3,681,925	16,843,370	-3,681,925	16,943,439
Change in operating receivables	-7,518,235	-1,841,259	-7,561,292	-1,844,057
Change in inventories	-87,149	83,923	-87,148	83,923
Change in assets (disposal group) held for sale	-485,000	0	-379,678	0
Change in liabilities held for sale	0	0	73,920	0
Change in shares and interests in Group companies	485,000	0	0	0
Change in operating liabilities	16,279,771	4,120,444	16,267,844	4,436,357
Change in provision	1,548,751	-1,133,879	1,538,093	-1,133,879
Change in non-current deferred income	1,195,929	-1,014,594	1,158,330	-1,169,279
Cash generated in operating activities	53,115,658	58,388,397	53,613,674	59,689,127
Interest expenses	-224,401	-490,614	-224,670	-392,481
Tax expenses	-311,960	681,949	-372,836	572,404
Net cash flow from operating activities	52,579,297	58,579,732	53,016,168	59,869,050
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received	201,943	135,468	206,574	140,154
Dividends received and profit sharing - subsidiaries	308,723	422,442	0	0
Dividends received and profit sharing - associates	1,177,179	731,823	1,177,179	731,823
Dividends received and share of profits – other companies	2,200,407	1,865,444	2,249,996	1,865,444
Proceeds from sale of property, plant and equipment, and intangible assets	87,493	8,683	95,260	8,900
Proceeds from sale of investment property	0	0	9,664	0
Proceeds from sale, less investments and loans given	1,434	6,745	71,392	6,745
Acquisition of property, plant and equipment, and intangible assets	-48,990,913	-43,015,553	-49,285,720	-43,186,268
Net cash flow used in investing activities	-45,013,734	-39,844,948	-45,475,655	-40,433,202
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of current borrowings	-7,890,881	-7,890,880	-7,890,881	-7,890,880
Payment of the leased asset	-274,910	-271,242	-304,196	-313,815
Dividends paid	-15,960,000	-14,980,000	-15,960,000	-14,980,000
Net cash flow used in financing activities	-24,125,791	-23,142,122	-24,155,077	-23,184,695
Net increase in cash and cash equivalents	-16,560,228	-4,407,338	-16,614,563	-3,748,847
Opening balance of cash and cash equivalents	37,051,470	65,846,592	61,021,421	73,030,320
Closing balance of cash and cash equivalents	20,491,242	61,439,254	44,406,858	69,281,473

						Reserves arising on valuation at fair value
(in EUR)	Share capital	Capital surplus	Legal reserves	Other revenue reserves	Retained earnings	Investments	Actuarial gains/losses	Total equity
Balance at 31 December 2019	58,420,965	89,562,703	18,765,115	175,546,044	30,013,664	16,010,857	-1,429,389	386,889,959
Changes of equity – transactions with owners
Dividends paid	0	0	0	0	-14,980,000	0	0	-14,980,000
	0	0	0	0	-14,980,000	0	0	-14,980,000
Total comprehensive income for the period
Profit for the period	0	0	0	0	21,334,711	0	0	21,334,711
Change in revaluation surplus of financial assets, less tax	0	0	0	0	0	2,694,587	0	2,694,587
	0	0	0	0	21,334,711	2,694,587	0	24,029,298
Balance at 30 September 2020	58,420,965	89,562,703	18,765,115	175,546,044	36,368,375	18,705,444	-1,429,389	395,939,257
Balance at 31 December 2020	58,420,965	89,562,703	18,765,115	191,182,419	30,637,829	22,023,006	-1,640,830	408,951,207
Changes of equity – transactions with owners
Dividends paid	0	0	0	0	-15,960,000	0	0	-15,960,000
	0	0	0	0	-15,960,000	0	0	-15,960,000
Total comprehensive income for the period
Profit for the period	0	0	0	0	22,858,123	0	0	22,858,123
Change in revaluation surplus of financial assets, less tax	0	0	0	0	0	7,557,946	0	7,557,946
	0	0	0	0	22,858,123	7,557,946	0	30,416,069
Balance at 30 September 2021	58,420,965	89,562,703	18,765,115	191,182,419	37,535,952	29,580,953	-1,640,830	423,407,277

16.5 Statement of changes in equity of Luka Koper, d. d.

16.6 Consolidated statement of changes in equity of the Luka Koper Group

	Reserves arising on
							valuation at fair value	Total equity
(in EUR)	Share capital	Capital surplus	Legal reserves	Other revenue reserves	Retained earnings	Investments	Actuarial gains/losses	of owners of the parent company	Non controlling interests	Total equity
Balance at 31 December 2019	58,420,965	89,562,703	18,765,115	175,546,044	61,607,313	16,504,609	-1,556,294	418,850,456	238,899	419,089,355
Equity changes - transactions with owners
Dividends paid	0	0	0	0	-14,980,000	0	0	-14,980,000	-3,187	-14,983,187
	0	0	0	0	-14,980,000	0	0	-14,980,000	-3,187	-14,983,187
Total comprehensive income for the period
Profit for the period	0	0	0	0	21,784,789	0	0	21,784,789	-1,842	21,782,947
Change in revaluation surplus of financial assets, less tax	0	0	0	0	0	2,604,814	0	2,604,814	0	2,604,814
	0	0	0	0	21,784,789	2,604,814	0	24,389,603	-1,842	24,387,761
Balance at 30 September 20120	58,420,965	89,562,703	18,765,115	175,546,044	68,412,102	19,109,423	-1,556,294	428,260,059	233,870	428,493,929
Balance at 31 December 2019	58,420,965	89,562,703	18,765,115	191,182,419	62,982,776	22,382,100	-1,874,915	441,421,164	239,522	441,660,686
Equity changes - transactions with owners
Dividends paid	0	0	0	0	-15,960,000	0	0	-15,960,000	-4,780	-15,964,780
	0	0	0	0	-15,960,000	0	0	-15,960,000	-4,780	-15,964,780
Total comprehensive income for the period
Profit for the period	0	0	0	0	22,464,243	0	0	22,464,243	15,318	22,479,561
Change in revaluation surplus of financial assets, less tax	0	0	0	0	0	7,672,657	0	7,672,657	0	7,672,657
	0	0	0	0	22,464,243	7,672,657	0	30,136,900	15,318	30,152,218
Balance at 30 September 2021	58,420,965	89,562,703	18,765,115	191,182,419	69,487,019	30,054,758	-1,874,916	455,598,063	250,061	455,848,124

17 Notes to the separate financial statements

Luka Koper, d. d., port operator and logistic provider (hereinafter: Company), with registered office at Vojkovo nabrežje 38, Koper, Slovenia, is the controlling company of the Luka Koper Group (hereinafter: Group). Non-audited separate financial statements of Luka Koper, d. d. and non-audited consolidated financial statements of Luka Koper Group, for January – September 2021 resp. as at 30 September 2021. Consolidated financial statements refer to the financial statements of the controlling company, its subsidiaries and and corresponding results of associates.

Subsidiaries included in the consolidated financial statements:

• Luka Koper INPO, d. o. o., 100 %
• Adria Terminali, d. o. o., 100 %
• Luka Koper Pristan, d. o. o. in liquidation, 100 %
• TOC, d. o. o., 68,13 %

Associates included in the consolidated financial statements:

• Adria Transport, d. o. o., 50 %
• Adria Transport Croatia, d. o. o., 50 %, 100 % owned by Adria Transport, d. o. o.
• Adria-Tow, d. o. o., 50 %
• Adriafin, d. o. o., 50 %
• Avtoservis, d. o. o., 49 %

Companies excluded from the consolidated financial statements as at 30 September 2021:

• Logis-Nova, d. o. o., 100 %
• Adria Investicije, d. o. o., 100 %

The companies Adria Investicije, d. o. o., and Logis-Nova, d. o. o., were not included in the consolidated financial statements as they are not considered significant for a fair presentation on the Group's financial position. They operate in a limited scope and without employees. If operations of the companies should change considerably, they would be included in the Group's consolidated statements.

Statement of compliance

interim Report has been compiled in accordance with the International Accounting standards 34 – Interim Financial Reporting. The company's financial statements have been compiled in accordance with International Reporting Standards as adopted by the International Accounting Standards (IASB) and European Union and in compliance with Companies Act RS.

Basis for the compilation of financial statements

The financial statements are compiled in euros (EUR), rounded to the nearest unit. Financial statements provide useful information on the performance in January – September 2021, compared with the comparable data for the previous year and the Company's financial situation as at 30 September 2021 in comparison with the balance as at 31 December 2020.

Financial statements of Luka Koper, d. d. and consolidated financial statements of Luka Koper Group, for the reporting period January – September 2021 and as at 30 September 2021 are not audited, whilst they were audited for the comparable period as at 31 December 2020.

In light of the uncertainties regarding further developments of COVID-19 outbreak, the Management Board closely examines the current situation by establishing that Luka Koper, d. d./the Luka Koper Group will dispose with enough liquidity assets to ensure the continuity of business performance.

Use of estimates and judgements

Preparation of financial statements in conformity with International Financial Reporting Standards (IFRS) requires the management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates are formed based on past experience and expectations in the accounting period. Formation of estimates and the related assumptions and uncertainties are disclosed in the notes to individual items.

Estimates, judgements and assumptions are reviewed on a regular basis. Actual results may differ from these situations, hence estimates and underlying assumptions are reviewed on a regular basis. Changes in accounting estimates are recognised in the period for which the estimates are modified, or in the coming periods that are impacted by respective changes.

18 Additional notes Income Statement

Net revenue from sale

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1-9 2021	1-9 2020	1-9 2021	1-9 2020
Revenue from sales with domestic customers based on contract with customer	47,300,272	44,143,768	49,687,849	46,531,097
- services	47,295,277	44,141,262	49,682,854	46,528,591
- goods and material	4,995	2,506	4,995	2,506
Revenue from sales with foreign customers based on contract with customer	112,623,315	101,895,871	113,149,351	102,489,390
- services	112,623,315	101,895,871	113,149,351	102,489,390
Revenue to customers	159,923,587	146,039,639	162,837,200	149,020,487
Revenue from collected port dues	4,312,886	4,569,557	4,312,886	4,569,557
Revenue from sales with domestic customers from rentals	1,292,307	1,371,436	1,046,956	1,268,096
Total	165,528,780	151,980,632	168,197,042	154,858,140

Other revenue

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1-9 2021	1-9 2020	1-9 2021	1-9 2020
Other operating income	332,214	510,657	1,446,895	1,714,348
Subsidies, grants and similar income	0	0	1,112,131	1,200,895
Revaluation operating income	332,214	510,657	334,764	513,453
Income on sale of property, plant and equipment and investment property	179,168	8,101	179,430	8,536
Collected written-off receivables and written-off liabilities	153,046	502,556	155,334	504,917
Other income	641,808	3,180,406	661,577	3,278,174
Compensations and damages	281,937	552,323	285,968	552,657
Subsidies and other income not related to services	330,254	435,959	330,254	435,959
Other income	29,617	2,192,124	45,355	2,289,558
Total	974,022	3,691,063	2,108,472	4,992,522

Subsidies, grants and similar revenue in Luka Koper Group mostly account for retained contributions on salaries of employees in the amount of earmarked in the subsidiary Luka Koper INPO, d. o. o.

Revaluation operating income comprises revenue from sale of property, plant and equipment and investment property and from reversal of impairment of receivables. The increase of revenue in the sale of property, plant and equipment and investment property refers to the sale of fixed assets of the controlling company that has not been in use for the performance of its activity. The decrease of collected written-off receivables and written-off liabilities account mainly for reversal of impairment of receivables of one customer in controlling company, who settled its liabilities in the beginning of the business year 2020.

Cost of material

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1-9 2021	1-9 2020	1-9 2021	1-9 2020
Cost of material	0	0	696	544
Cost of auxiliary material	1,433,926	1,901,906	1,512,359	1,989,009
Cost of spare parts	4,235,711	4,835,512	4,229,424	4,829,908
Cost of energy	5,169,335	4,648,544	5,327,677	4,795,358
Cost of office stationary	121,351	144,543	131,688	155,336
Other cost of material	232,901	367,201	256,252	388,725
Total	11,193,224	11,897,706	11,458,096	12,158,880

Cost of services

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1-9 2021	1-9 2020	1-9 2021	1-9 2020
Port services	20,795,007	18,794,325	19,318,215	17,264,244
Cost of transportation	356,562	112,775	118,816	132,411
Cost of maintenance	5,527,771	5,371,168	5,369,310	5,109,200
Rentals	114,367	77,018	145,466	120,458
Reimbursement of labour-related costs	126,560	146,910	133,424	155,440
Costs of payment processing, bank charges and insurance premiums	1,049,644	824,170	1,186,470	887,076
Cost of intellectual and personal services	991,446	724,414	1,019,519	751,565
Advertising, trade fairs and hospitality	657,954	884,278	660,974	887,499
Costs of services provided by individuals not performing business activities	196,291	194,166	208,674	197,008
Sewage and disposal services	1,059,373	1,073,915	551,395	576,081
Information support	2,513,309	2,266,071	2,632,447	2,379,192
Concession-related costs	5,658,035	5,176,897	5,658,035	5,176,897
Transhipment fee	3,870,611	3,482,293	3,870,611	3,482,293
Costs of other services	2,033,617	1,906,007	1,720,986	1,745,576
Total	44,950,547	41,034,407	42,594,342	38,864,940

Within the cost of services, a major share represented cost of port services of the controlling company, which increased mainly due to the increased business volume in the first nine months of 2021.

Cost of labour

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1-9 2021	1-9 2020	1-9 2021	1-9 2020
Wages and salaries	38,071,562	35,552,372	41,142,488	38,771,119
Wage compensations	5,533,174	5,437,652	6,052,128	5,925,100
Costs of additional pension insurance	1,755,393	1,538,634	1,925,961	1,697,827
Employer's contributions on employee benefits	7,286,569	6,759,585	7,872,282	7,345,003
Annual holiday pay, reimbursements and other costs	5,991,810	5,579,985	6,633,394	6,156,692
Total	58,638,508	54,868,228	63,626,253	59,895,741

In the first nine months of 2021, labour costs increased in comparison with the same period in the preceding year, primarily due to the successful performance and related payments for job performance.

Amortisation and depreciation expense

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1-9 2021	1-9 2020	1-9 2021	1-9 2020
Depreciation of buildings	9,615,764	9,759,616	9,973,776	10,122,306
Depreciation of equipment and spare parts	10,689,775	9,311,290	11,052,952	9,695,513
Depreciation of small tools	16,042	14,363	16,346	14,655
Depreciation of investment property	449,353	429,034	201,911	181,690
Amortisation of intangible assets	557,752	576,075	599,367	617,758
Depreciation of investment into foreign-owned assets	8,727	8,735	13,271	13,157
Depreciation of right-of-use	272,101	267,652	301,291	309,705
Total	21,609,514	20,366,765	22,158,914	20,954,784

Other expenses

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1-9 2021	1-9 2020	1-9 2021	1-9 2020
Provisions	0	6,215	0	6,215
Impairment costs, write-offs and losses on
property, plant and equipment, and investment	261,166	6,882	261,362	7,100
property
Expenses for allowances for receivables	757,046	261,051	765,127	269,596
Levies that are not contingent upon employee benefits expense and other types of cost	5,157,702	5,051,256	5,150,647	5,075,106
Donations	271,874	290,528	272,324	290,878
Environmental levies	110,629	118,183	98,796	105,036
Awards and scholarship to students inclusive of tax	2,017	8,006	2,017	8,006
Awards and scholarship to students	0	1,400	0	1,400
Other costs and expenses	539,668	675,528	554,842	679,202
Total	7,100,102	6,419,049	7,105,115	6,442,539

Impairment costs, write-offs and losses on property, plant and equipment, and investment property increased mostly due to the replacement of worn-out parts of assets, the Company uses in the operations.

Expenses incurred in receivables value adjustment rose in comparison with the previous year mostly due to the receivables value adjustment of one of the controlling company customers.

Levies that are not contingent upon labour costs and other types of costs the Company/Group mostly related for the use of the construction land.

Other costs and expenses mainly consist of compensations for damage to assets owned by third persons. Damages occurred during cargo handling operations in the port.

Finance income and expenses

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1-9 2021	1-9 2020	1-9 2021	1-9 2020
Finance income from shares and interests	3,686,309	3,019,710	2,249,996	1,886,241
Finance income from shares and interests in Group companies	308,723	422,442	0	20,797
Finance income from shares and interests in associated companies	1,177,179	731,823	0	0
Finance income from shares and interests in other companies	2,200,407	1,865,445	2,249,996	1,865,444
Finance income - interest	193	377	278	493
Interest income - other	193	377	278	493
Finance income from operating receivables	201,750	135,090	206,296	139,661
Finance income from operating receivables due from others	129,762	135,090	131,970	139,661
Exchange differences	71,988	0	74,326	0
Total finance income	3,888,252	3,155,177	2,456,570	2,026,395
Finance expenses – interest	-212,624	-406,734	-212,720	-306,689
Interest expenses – Group companies	0	-100,565	0	0
Interest expenses – banks	-209,815	-302,579	-209,815	-302,579
Financial expenses arising from lease liabilities to others	-2,604	-3,371	-2,905	-4,110
Financial expenses arising from lease liabilities to Group companies	-205	-219	0	0
Finance expenses for financial liabilities	-4,149	-75,694	-4,322	-77,855
Finance expenses for trade payables	-460	-87	-633	-140
Finance expenses for other operating liabilities	-3,689	-7,070	-3,689	-7,082
Exchange differences	0	-68,537	0	-70,633
Total finance expenses	-216,773	-482,428	-217,042	-384,544
Net financial result	3,671,479	2,672,749	2,239,528	1,641,851

Finance income from shares refers to profits of Group companies, and which were realised in the current year.

In January – September 2021, finance expenses arising on interests decreased due to a lower volume of borrowings. In November 2020, the Company repaid the revolving loan received from the subsidiary Luka Koper INPO, d. o.o.

Profit

Luka Koper, d. d.

In January – September 2021, Luka Koper, d. d. generated the operating profit in the amount of EUR 23,083,004 in the equivalent period of the previous year EUR 21,206,351. The financial result was positive and amounted to EUR 3,671,479, in the same period last year it was also positive and amounted to EUR 2,672,749. The profit before tax amounted to EUR 26,754,483, whilst in the same period last year to EUR 23,879,100. The corporate income tax in the amount of EUR 4,011,120 and deferred taxes were calculated. In the first nine months of 2021, Luka Koper, d. d. generated the net profit in the amount of EUR 22,858,123, whilst the net profit in the comparable period last year amounted to EUR 21,334,711.

Luka Koper Group

In January – September 2021, the Luka Koper Group generated the operating profit in the amount of EUR 23,434,891, in the equivalent period last year EUR 21,654,596. The financial result was positive and amounted to EUR 2,239,528,in the same period last year it was also positive and amounted to EUR 1,641,851. The attributed result of associated companies amounted to EUR 756,113, whilst in the same period last year to EUR 1,073,166. The profit before tax amounted to EUR 26,430,532, in the comparable period last year to EUR 24,369,613. In the first nine months of 2021, net profit of Luka Koper Group amounted to EUR 22,479,561 (in the same period of the previous year to EUR 21,782,946), whereof EUR 22,464,243 (in the comparable period of the previous year to EUR 21,784,789)

to the controlling company, and EUR 15,318 (the same period of the previous year EUR-1,842) to owners of noncontrolling interests . The non-controlling interest pertains to the co-owner of the subsidiary TOC, d. o. o.

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	30 Sep 2020	30 Sep 2021	30 Sep 2020
Net profit for the period	22,858,123	21,334,708	22,464,243	21,784,789
Total number of shares	14,000,000	14,000,000	14,000,000	14,000,000
Basic and diluted earnings per share	1.63	1.52	1.60	1.56

19 Additional notes to the Statement of Financial position

Property, plant and equipment

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Land	20,187,007	20,187,007	23,464,791	23,437,231
Buildings	244,146,612	232,419,381	251,987,582	240,591,362
Plant and machinery	100,004,595	102,189,382	102,149,777	104,496,850
Property, plant and equipment being acquired and advances given	57,628,501	48,050,979	57,647,101	48,065,429
Right-of-use	1,363,738	488,994	1,449,697	545,822
Total	423,330,453	403,335,743	436,698,948	417,136,694

In January - September 2021, Luka Koper, d. d. invested in property, plant and equipment in the amount of EUR 40,814,792, whilst the Luka Koper Group EUR 41,039,117.

The largest investments were the following:

• Completion of construction of the parking garage for cars,
• Purchase of a new shunting locomotive for the needs of internal rail transport,
• Continuation of the extension of the Pier I the construction of the berthing place 7D was completed, construction of storage areas,
• Completion of construction of the addditional entrance to the Port (Bertoki entrance),
• Construction of a new petrol station for the needs of the Port,
• Continuation of the business premises and changing rooms in the building at the Container terminal
• Continuation of the integration of berths D2 in Jet at the liquid cargoes terminal,
• Purchase of a wheel loader for the needs of the Bulk cargoes and Liquid cargoes terminal.

Right-of-use assets

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Land	1,292,018	426,907	1,292,018	426,949
Buildings	63,930	39,728	55,911	57,487
Plant and machinery	7,790	22,359	101,768	61,386
	1,363,738	488,994	1,449,697	545,822

Investment property

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Investment property - land	14,534,271	14,506,711	11,256,486	11,256,486
Investment property - buildings	9,714,707	9,214,930	4,322,614	3,588,144
Total	24,248,978	23,721,641	15,579,100	14,844,630

Among investment property are land and buildings under lease, and property which increases the value of noncurrent investment. Investment property is valued using the cost model.

Intangible assets

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Non-current property rights (concessions, patents, licences, trademarks and similar rights)	1,426,820	1,881,584	1,562,481	2,058,861
Total	1,426,820	1,881,584	1,562,481	2,058,861

Other assets

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
31 Dec	1,089,144	17,752,840	1,089,144	17,853,040
Increase	5,509,395	1,231,764	5,509,395	1,232,380
Transfer between property, plant and equipment	-1,827,470	-17,895,460	-1,827,470	-17,896,076
Return	0	0	0	-100,200
Reporting date	4,771,069	1,089,144	4,771,069	1,089,144

Among other assets, Luka Koper, d. d./Group accounts for advances given for the purchase resp. for the construction property, plant, equipment, investment property and intangible assets, whereby these assets are still not in its possession.

Shares and interests in Group companies

As at 30 September 2021, shares and interests in Group companies amounted to EUR 4,048,063. The Company transferred the investment in the subsidiary Luka Koper Pristan, d. o. o. among assets held for sale, since in May 2021, the decision to initiate regular liquidation proceedings of the subsidiary was taken. Regular liquidation was initiated on 15 September 2021.

Shares in subsidiaries, are eliminated in the consolidation procedure in Gro's financial statements.

Shares and interests in the associates

Luka Koper, d. d.

As at 30 September 2021, shares and interests in associated companies amounted to EUR 6,737,709. In comparison with the situation as at 31 December 2020, their value stood at the same level.

Luka Koper Group

(in EUR)	30 Sep 2021	31 Dec 2020
Balance at 1Jan	14,168,687	13,800,193
Attributed profits	756,113	1,224,318
- Adria Transport, d. o. o.	216,990	258,668
- Adria Transport Croatia, d. o. o.	-15,292	-62,523
- Adria-tow, d. o. o.	100,128	315,236
- Adriafin, d. o. o.	180,824	174,475
- Avtoservis, d. o. o.	273,464	538,461
Profit distribution	-1,177,179	-855,823
- Adria Transport, d. o. o.	-129,250	0
- Adria-tow, d. o. o.	-336,000	-336,000
- Adriafin, d. o. o.	-175,000	-174,000
- Avtoservis, d. o. o.	-536,929	-345,823
Reporting date	13,747,622	14,168,687

Other non-current investments

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Other investments measured at fair value through profit or loss	911,985	911,985	3,397,760	3,397,760
Other investments measured at fair value through comprehensive income	52,641,962	43,311,164	53,497,827	44,025,411
Total	53,553,947	44,223,149	56,895,587	47,423,171

Deferred tax

(in EUR)	Luka Koper, d. d.				Luka Koper Group
	Deffered tax assets		Deffered tax liabilities Deffered tax assets			Deffered tax liabilities
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Deferred tax assets and liabilities relating to:
-impairment of investments in subsidiaries	509,689	509,689	0	0	509,689	509,689	0	0
-impairment of other investments and deductible temporary differences arising on securities	9,156,152	9,156,152	6,938,741	5,165,890	9,177,320	9,177,320	7,049,880	5,250,122
-allowances for trade receivables	268,421	153,661	0	0	324,333	229,100	0	0
-provisions for retirement benefits	405,177	405,177	0	0	463,234	463,234	0	0
-provisions for jubilee premiums	76,405	76,405	0	0	81,994	81,994	0	0
-long-term accrued costs and -deferred income from public commercial services	453,983	453,983	0	0	453,983	453,983	0	0
Total	10,869,827	10,755,067	6,938,741	5,165,890	11,010,553	10,915,320	7,049,880	5,250,122
Off-set with deffered tax liabilities relating to impairment of other investments and deductible temporary differences arising on securities	-6,938,741	-5,165,890	-6,938,741	-5,165,890	-7,049,880	-5,250,122	-7,049,880	-5,250,122
Total	3,931,086	5,589,177	0	0	3,960,673	5,665,198	0	0

Trade and other receivables

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Current trade receivables:
domestic costumers	19,686,657	14,143,825	20,318,350	14,565,352
foreign costumers	17,866,317	19,758,604	18,009,190	19,891,807
Current operating receivables due from Group companies	647,387	288,962	0	0
Current operating receivables due from associates	121,756	89,557	121,756	89,557
Current trade receivables	38,322,117	34,280,948	38,449,296	34,546,716
Advances and collaterals given	36,741	36,868	37,356	36,855
Receivables due from the state	1,564,362	1,928,337	1,718,801	2,038,205
Other current receivables	285,141	379,394	320,642	438,682
Total trade receivables	40,208,361	36,625,547	40,526,095	37,060,458
Short-term deferred costs and expenses	6,796,869	3,932,685	6,919,614	3,937,582
Accrued income	368,960	634,361	368,959	634,360
Right-of-use	877,630	0	877,630	0
Other receivables	8,043,459	4,567,046	8,166,203	4,571,942
Total	48,251,820	41,192,593	48,692,298	41,632,400

Increase of current trade receivables towards domestic and foreign customers mostly relate to the higher turnover volume in the first nine months of 2021, and higher excise for energy products, the parent company reinvoices at the export of energy products from the warehouses.

The increase of short-term costs mostly relate to the deferred costs for the use of the construction land, costs for annual holiday payand insurance costs, which will be allocated among costs during the financial year.

Increase of revenue from contracts with customers related to the revenue the Company recognised in compliance with IFRS 15.

Movement of trade receivables of Luka Koper, d. d.

		30 Sep 2021		31 Dec 2020
(in EUR)	Gross amount	Allowances	Net amount	Gross amount	Allowances	Net amount
Outstanding and undue trade receivables	33,000,646	-121,003	32,879,643	29,265,207	-122,075	29,143,132
Past due receivables:
up to 30 days	2,781,376	-27,814	2,753,562	4,169,812	-41,698	4,128,114
31 to 60 days overdue	1,496,033	-149,603	1,346,430	615,812	-61,553	554,259
61 to 90 days overdue	354,942	-63,969	290,973	216,618	-43,324	173,294
91 to 180 days overdue	1,538,750	-487,241	1,051,509	358,901	-76,752	282,149
more than 180 days overdue	394,645	-394,645	0	294,873	-294,873	0
Total	39,566,392	-1,244,275	38,322,117	34,921,223	-640,275	34,280,948

Note: the amount comprises trade receivables due from subsidiaries and associates.

		30 Sep 2021			31 Dec 2020
(in EUR)	Gross amount	Allowances	Net amount	Gross amount	Allowances	Net amount
Outstanding and undue trade receivables	32,912,552	-123,390	32,789,162	29,354,836	-124,512	29,230,324
Past due receivables:
up to 30 days	2,988,749	-29,283	2,959,466	4,292,357	-42,924	4,249,433
31 to 60 days overdue	1,547,113	-154,711	1,392,402	658,544	-63,879	594,665
61 to 90 days overdue	322,086	-64,417	257,669	223,977	-41,255	182,722
91 to 180 days overdue	1,543,128	-497,520	1,045,608	370,721	-85,265	285,456
more than 181 days overdue	678,914	-673,925	4,989	683,609	-679,493	4,116
Total	39,992,542	-1,543,246	38,449,296	35,584,044	-1,037,328	34,546,716

Movement of trade receivables of Luka Koper Group

Note: the amount comprises trade receivables due from associates.

Cash and cash equivalents

(in EUR)		Luka Koper, d. d.	Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Cash in hand	5,694	577	23,123	10,303
Bank balances	7,485,548	17,050,893	29,403,735	39,031,118
Current deposits	13,000,000	20,000,000	14,980,000	21,980,000
Total	20,491,242	37,051,470	44,406,858	61,021,421

Equity

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30.09.2021	31.12.2020	30.09.2021	31.12.2020
Share capital	58,420,965	58,420,965	58,420,965	58,420,965
Capital surplus (share premium)	89,562,703	89,562,703	89,562,703	89,562,703
Revenue reserves	209,947,534	209,947,534	209,947,534	209,947,534
Legal reserves	18,765,115	18,765,115	18,765,115	18,765,115
Other revenue reserves	191,182,419	191,182,419	191,182,419	191,182,419
Reserves arising from valuation at fair value	27,940,121	20,382,176	28,179,841	20,507,185
Retained earnings	14,677,829	15,001,454	47,022,776	46,593,396
Net profit for the period	22,858,123	15,636,375	22,464,243	16,389,381
Equity of owners of the parent	423,407,275	408,951,207	455,598,062	441,421,164
Non-controlling interests	0	0	250,059	239,522
Equity	423,407,275	408,951,207	455,848,121	441,660,686

Provisions

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Provisions for retirement benefits and similar obligations	7,170,466	6,671,094	7,829,776	7,341,062
Provisions for legal disputes	11,651,339	10,601,960	11,651,339	10,601,960
Total	18,821,805	17,273,054	19,481,115	17,943,022

Movement of provisions of Luka Koper, d. d.

(in EUR)	1. Termination benefits	2. Jubilee premiums	3. Defined contribition retirement benefit plan	Total post employment benefits (1. 2. and 3.)	Claims and damages	Total
Balance at 31 Dec 2019	3,665,975	671,656	960,746	5,298,377	15,913,397	21,211,774
Movement:
Formation	731,144	163,499	1,014,035	1,908,678	66,217	1,974,895
Transfer	0	0	-17,720	-17,720	0	-17,720
Use	-99,980	-27,800	-355,250	-483,030	-1,521,284	-2,004,314
Reversal	-32,119	-3,092	0	-35,211	-3,856,370	-3,891,581
Balance at 31 Dec 2020	4,265,020	804,263	1,601,811	6,671,094	10,601,960	17,273,054
Movement:
Formation	0	0	756,580	756,580	0	756,580
Return	0	0	0	0	1,049,379	1,049,379
Transfer	0	0	-710	-710	0	-710
Use	0	0	-256,498	-256,498	0	-256,498
Balance at 30 Sep 2021	4,265,020	804,263	2,101,183	7,170,466	11,651,339	18,821,805

Movement of provisions of Luka Koper Group

(in EUR)	1. Termination benefits	2. Jubilee premiums	3. Defined contribition retirement benefit plan	Total post employment benefits (1. 2. and 3.)	Claims and damages	Total
Balance at 31 Dec 2018	4,131,054	723,345	960,746	5,815,145	15,913,397	21,728,542
Movement:
Formation	924,969	173,390	1,014,035	2,112,394	66,217	2,178,611
Use	-126,665	-28,949	-372,970	-528,584	-1,521,284	-2,049,868
Reversal	-53,208	-4,685	0	-57,893	-3,856,370	-3,914,263
Balance at 31 Dec 2019	4,876,150	863,101	1,601,811	7,341,062	10,601,960	17,943,022
Movement:
Formation	0	0	756,580	756,580	0	756,580
Return	0	0	0	0	1,049,379	1,049,379
Transfer to liabilities held for sale	-9,391	-1,267	0	-10,658	0	-10,658
Use	0	0	-257,208	-257,208	0	-257,208
Balance at 30 September 2021	4,866,759	861,834	2,101,183	7,829,776	11,651,339	19,481,115

The defined contribution plan relate to the liabilities from the post-employment benefits (one-off payment on retirement).

In accordance with Article 92 of IAS 37 – Provisions, Contingent Liabilities and Contingent assets, the Company/Group does not disclose information on its legal obligations as such disclosure would result in a judgement on the position of the Company/Group in disputes with other parties.

Deferred income

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Long-term deferred income for regular maintenance	21,300,743	19,973,192	21,300,743	19,973,192
Non-refundable grants received	4,048,492	4,180,114	4,231,815	4,319,834
Other non-current deffered income	0	0	1,162,936	1,244,138
Total	25,349,235	24,153,306	26,695,494	25,537,164

Pursuant to the Concession Agreement, Luka Koper, d. d. records deferred income on regular maintenance as noncurrent deferred income since it has the right and obligation to collect port dues, which serve as income intended to cover the costs of performing public utility service of regular maintenance of the port infrastructure intended for public transport. With respect to any annual surplus of revenue over costs, the Company forms non-current deferred income for covering the costs of public utility service relating to regular maintenance of of the port infrastructure in the coming years. In the event that costs exceeded the revenue, the Company would be utilising non-current deferred income.

The grants received comprise non-refundable grants and advance payments received with respect to norefunadable funds for investments into EU development projects which are recorded by the controlling company and are utilised in accordance with their useful life. Under non-refundable funds received, the Group also records retained contributions on salaries of employees of the Luka Koper INPO, d. o. o., sheltered workshop, and namely contributions to insurance schemes for retirement pension, disability, sickness, and maternity. The funds were desimbursed in compliance with the Vocational rehabilitation and employment of persons with diasabilities Act for covering 75 percent of salaries for disabled persons and labour costs for the staff who assist the disabled persons.

The Group's other non-current deferred income comprises non-current deferred income earmarked to cover the costs of depreciation of fixed assets.

Non-current borrowings

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Non-current borrowings from domestic banks	42,663,078	48,832,648	42,663,078	48,832,648
Non-current borrowings from foreign banks	20,655,738	22,377,049	20,655,738	22,377,049
Total	63,318,816	71,209,697	63,318,816	71,209,697

Other non-current financial liabilities

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Other non-current financial liabilities	1,041,814	262,898	1,041,960	264,966
Total	1,041,814	262,898	1,041,960	264,966

Other non-current financial liabilities increased in comparison with the prevous year mostly due to the right-ofuse of the land, the controlling company rents for the performance of handling operations in compliance with IFRS 16 – Leases.

Current borrowings

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Current borrowings from domestic banks	8,226,093	8,226,093	8,226,093	8,226,093
Current borrowings from foreign banks	2,295,082	2,295,082	2,295,082	2,295,082
Total	10,521,175	10,521,175	10,521,175	10,521,175

Trade and other payables

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Current liabilities to domestic suppliers	23,296,746	25,082,260	23,728,125	25,531,535
Current liabilities to foreign suppliers	862,548	1,989,153	868,305	2,001,599
Current liabilities to Group companies	731,260	458,275	0	0
Current liabilities to associates	70,926	80,001	70,926	80,001
Current liabilities from advances	5,990,930	2,107,839	6,175,877	2,275,607
Current liabilities to employees	5,247,729	5,386,484	5,598,402	5,787,314
Current liabilities to state and other institutions	808	1,175	44,384	14,223
Total operating liabilities	36,200,947	35,105,187	36,486,019	35,690,279
Other operating liabilities	10,762,231	3,727,681	11,291,168	4,044,024
Total	46,963,178	38,832,868	47,777,187	39,734,303

Current liabilities increased mostly due to higher liablities related to the current performance.

Other operating liabilities relate mostly to the accrued costs for the collective job performance, interests for loans and borrowings, costs of performance bonuses for employees under individual contracts, costs of unused holidays and accrued costs for invoices to be received. During the year the accrued costs are higher, since some types of accrued costs, which are accrued during the year, are drawn up at the year-end.

Contingent liabilities

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Guarantees given Securities given	3,110,000 1,967,929	3,110,000 2,385,931	3,386,323 1,967,929	3,436,709 2,385,931
Contingent liabilities under legal disputes	23,948,132	21,859,545	23,948,132	21,859,545
	29,026,060	27,355,476	29,302,383	27,682,185

In accordance with Article 92 of IAS 37 – Provisions, Contingent Liabilities and Contingent assets, the Company/Group does not disclose information on its legal obligations as such disclosure would result in a judgement on the position of the Company/Group in disputes with other parties.

Related parties transactions

Transactions with the Government of the Republic of Slovenia

Transactions between Luka Koper, d. d. and the Government of the Republic of Slovenia

(in EUR)	Luka Koper, d. d.
	Costs/			Costs/
	Payments	expenses in	Payments in	expenses in
	in period	period	period	period
	1-9 2021	1-9 2021	1-9 2020	1-9 2020
Concessions and water fee	5,166,079	5,658,035	5,975,810	5,176,897
Transhipment tax	3,854,329	3,870,611	3,455,803	3,482,293
Dividende	8,139,600	0	7,639,800	0
Corporate income tax (taxes and advance payments)	311,960	4,011,120	681,949	2,498,503
Other taxes and contributions	6,879,936	7,286,569	6,396,174	6,759,585
Total	24,351,903	20,826,335	24,149,536	17,917,278

The Company did not have other transactions with the Government of the Republic of Slovenia.

Transactions between the Luka Koper Group and the Government of the Republic of Slovenia

(in EUR)	Luka Koper Group
	Payments in period 1-9 2021	Costs/ expenses in period 1-9 2021	Payments in period 1-9 2020	Costs/ expenses in period 1-9 2020
Concessions and water fee	5,166,079	5,658,035	5,975,810	5,176,897
Transhipment tax	3,854,329	3,870,611	3,455,803	3,482,293
Dividende	8,139,600	0	7,639,800	0
Corporate income tax (taxes and advance payments)	372,836	4,046,205	572,404	2,540,781
Other taxes and contributions	7,046,034	7,872,282	6,545,183	7,345,003
Total	24,578,877	21,447,133	24,189,000	18,544,974

The Luka Koper Group did not have other transactions with the Government of the Republic of Slovenia.

Transactions with companies in which the Republic of Slovenia has direct controlling influence

The share-holder related companies are those in which the Republic of Slovenia and SDH together directly holds at least 20 percent stake. The list of these companies is published on the Slovenian Sovereign Holding website (https://www.sdh.si/sl-si/upravljanje-nalozb/seznam-nalozb).

Luka Koper, d. d.

In the first nine months of 2021, sales transactions conducted between Luka Koper, d. d., and entities in which the state has directly dominant influence were recorded at EUR 8,477,242 and purchasing transactions amounted to EUR 46,546,826. Most of sales referred to services in connection with the port activity , major purchases represent also cost of railway transport, purchase of energy and insurance costs. A at 30 September 2021, Luka Koper, d. d., recorded receivables in the amount of EUR 1,643,890 and liabilities in the amount of EUR 17,508,957. The largest part of liabilities includes the loan given by SID – Slovenska izvozna in razvojna banka, d. d., which was raised under market terms.

Luka Koper Group

In the first nine months of 2021, Luka Koper Group conducted transactions in the amount of EUR 8,510,174 referring to the sales to companies where the State has direct dominant influence, and transactions in the amount of EUR 6,624,646. Most of sales referred to services in connection with the port activity , major purchases represent also cost of railway transport, purchase of energy and insurance costs. As at 30 September 2021, the Luka Koper Group recorded receivables in the amount of EUR 1,686,711 and liabilities in the amount of EUR 17,517,907. The largest part of liabilities includes the loan given by SID – Slovenska izvozna in razvojna banka, d. d., which was raised under market terms.

Transactions with natural persons

In January - September 2021, no other transactions between the Company/Group and Members of the Management Board resp. Members of the Supervisory Board were recorded

Financial instruments and financial risk management

Financial risks to which the Company/Group is exposed to include:

• 1. Risk of change in fair value,
• 1. Interest rate risk
• 1. Liquidity risk,
• 1. Currency risk,
• 1. Credit risk, and
• 1. Risk of adequate capital structure.

In the Company/Group, management of financial risks has been organised within the finance and accounting department, since the accounting for subsidiaries is carried out within Luka Koper d. d. The existing economic environment makes forecasting future financial categories more demanding, introducing into the planned categories a higher degree of unpredictability and, consequently a higher degree of risk. The company /Group has consequently tightened the control over individual financial categories.

1. Risk management and change in fair value

Luka Koper, d. d.

As at 30 September 2021, 9 percent of the Company's assets were financial investments measured at fair value (at the end of the previous year 7.7 percent). The fair value risk associated with investments in securities is demonstrated through changes in stock market prices that affect the value of these assets and, consequently the potential gain on their disposal, whereas with investments in shares of other companies there is a risk for the sales value not to equal the value of the market transaction. This type of risk has been recognised with regard to investments in market securities of Slovenian companies and to investments in shares and interests.

As at 30 September 2021, the value of non-current investments at fair value amounted to EUR 53,553,947.

The sensitivity analysis of investments at fair value the Company does not disclose in the books the financial investments at fair value classified in level 3, due to their irrelevance.

Fair value hierarchy

Carrying amount at 30 Sep 2021	Fair value at 30 Sep 2021	Direct stock market quotation (Level 1)	Value defined on the basis of comparable market inputs (Level 2)	No observable market inputs (Level 3)
53,553,947	53,553,947	52,641,962	0	911,985
2,131	2,131	0	0	2,131
39,991	39,991	0	0	39,991
1,595	1,595	0	0	1,595
63,318,816	63,318,816	0	0	63,318,816
106,025	106,025	0	0	106,025
10,521,175	10,521,175	0	0	10,521,175
53,735	53,735	0	0	53,735

* measured at fair value ** presented at fair value

(in EUR)	Carrying amount at 31 Dec 2020	Fair value at 31 Dec 2020	Direct stock market quotation (Level 1)	Value defined on the basis of comparable market inputs (Level 2)	No observable market inputs (Level 3)
Non-current financial assets
Other non-current investments*	44,223,149	44,223,149	43,311,164	0	911,985
Non-current loans given**	3,336	3,336	0	0	3,336
Non-current operating receivables**	41,088	41,088	0	0	41,088
Current financial asstes
Current loans given**	1,824	1,824	0	0	1,824
Non-current financial liabilities
Non-current loans and borrowings**	71,209,697	71,209,697	0	0	71,209,697
Non-current operating liabilities**	115,195	115,195	0	0	115,195
Current financial liabilities
Current loans and borrowings**	10,521,175	10,521,175	0	0	10,521,175
Other current financial liabilities**	61,363	61,363	0	0	61,363

* measured at fair value ** presented at fair value

The book value of receivables and current liabilities represent a good approximation of the fair value, therefore the Company does not disclose them in the table above.

Shares and interests measured at fair value were valued at publicly applicable exchange rates at the Ljubljana Stock Exchange and the list of mutual funds quotations.

To calculate Level 3 value, the Company uses the information available to compare the value of the investment that the Company discloses in the books of account with relative value in the equity of the investment company at the balance sheet day.

Luka Koper Group

As at 30 September 2021, 9.1 percent of the Group's assets were financial investments measured at fair value (as 31 December 2020, 7.8 percent). The fair value risk associated with these investments is demonstrated through changes in stock market that affect the value of these assets and, consequently the potential gain on their disposal, whereas with investments in shares of other companies there is a risk for the sales value not to equal the value of the market transaction. This type of risk has been recognised with regard to investments in market securities of Slovenian companies and to investments in shares and interests.

As at 30 September 2021, the value of non-current investments at fair value amounted to EUR 56,895,587.

The sensitivity analysis of investments at fair value the Group does not disclose in the books the financial investments at fair value classified in level 3, due to their irrelevance.

Fair value hierarchy

(in EUR)	Carrying amount at 30 Sep 2021	Fair value at 30 Sep 2021	Direct stock market quotation (Level 1)	Value defined on the basis of comparable market inputs (Level 2)	No observable market inputs (Level 3)
Non-current financial assets
Other non-current investments*	56,895,587	56,895,587	53,497,827	0	3,397,760
Non-current loans given**	7,667	7,667	0	0	7,667
Non-current operating receivables**	39,991	39,991	0	0	39,991
Current financial asstes
Current loans given**	1,595	1,595	0	0	1,595
Non-current financial liabilities
Non-current loans and borrowings**	63,318,816	63,318,816	0	0	63,318,816
Non-current operating liabilities**	141,786	141,786	0	0	141,786
Current financial liabilities
Current loans and borrowings**	10,521,175	10,521,175	0	0	10,521,175
Other current financial liabilities**	53,735	53,735	0	0	53,735

* measured at fair value ** presented at fair value

(in EUR)	Carrying amount at 31 Dec 2020	Fair value at 31 Dec 2020	Direct stock market quotation (Level 1)	Value defined on the basis of comparable market inputs (Level 2)	No observable market inputs (Level 3)
Non-current financial assets
Other non-current investments*	47,423,171	47,423,171	44,025,411	0	3,397,760
Non-current loans given**	8,866	8,866	0	0	8,866
Non-current operating receivables**	31,397	31,397	0	0	31,397
Current financial asstes
Current loans given**	1,824	1,824	0	0	1,824
Non-current financial liabilities
Non-current loans and borrowings**	71,209,697	142,419,394	0	71,209,697	71,209,697
Non-current operating liabilities**	145,939	291,878	0	145,939	145,939
Current financial liabilities
Current loans and borrowings**	10,521,175	21,042,350	0	10,521,175	10,521,175
Other current financial liabilities**	61,363	61,363	0	0	61,363

* measured at fair value ** presented at fair value

The book value of receivables and current liabilities represent a good approximation of the fair value, therefore the Group does not disclose them in the table above.

Shares and interests measured at fair value were valued at publicly applicable exchange rates at the Ljubljana Stock Exchange and the list of mutual funds quotations.

To calculate Level 3 value, the Group uses the information available to compare the value of the investment that the Company/Group discloses in the books of account with relative value in the equity of the investment company at the balance sheet day.

2. Management of interest rate risk

With respect to its liabilities structure, the Group also faces interest rate risk as an unexpected growth in variable interest rates can have an adverse effect on the planned results.

Luka Koper, d. d.

As at 30 September 2021, the share of financial liabilities (excluding other financial liabilities) decreased in the overall structure of the Company's liabilities from the initial 14.3 percentat the end of 2020 to 12.5 percent as at September 2021. The effect of variable interest rate changes on future profit or loss after taxes is shown in the table below.

Possible interest rate fluctuations would consequently have an impact on 53.6 percent (as at 31 December 2020, 53.7 percent); of Company's total borrowings. The remaining 46.4 percent of borrrowings were concluded with a fixed interest rate.

Overview of exposure

(in EUR)	30 Sep 2021	Exposure 30 Sep 2021	31 Dec 2020	Exposure 31 Dec 2020
Borrowings received at variable interest rate (without interest rate hedge)	39,575,820	53.6%	43,922,131	53.7%
Borrowings received at nominal interest rate	34,264,171	46.4%	37,808,741	46.3%
Total	73,839,991	100.0%	81,730,872	100.0%

Sensitivity analysis of borrowings from banks in view of the variable interest rate fluctuations:

(in EUR)	Borrowings from banks under the variable interest rate	Increase by 15 bp	Increase by 25 bp	Increase by 50 bp
Balance at 30 Sep 2021
3M EURIBOR	39,575,820	34,426	57,377	114,754
Total effect on interests expenses	39,575,820	34,426	57,377	114,754
Balance at 31 Dec 2020 3M EURIBOR	43,922,131	38,008	61,680	123,361
Total effect on interests expenses	43,922,131	38,008	61,680	123,361

The analysis of financial liabilities' sensitivity to changes in variable interest rates was based on the assumption of potential growth of interest rates of 15, 25 and base 50 points. As at 30 September 2021, the Company's borrowings not hedged against interest rate were subject to the movement of 3M Euribor.

Luka Koper Group

As at 30 September 2021, the share of financial liabilities (excluding other financial liabilities) in the overall structure of Group's liabilities decreased from the initial 13.5 percent at the end of 2020 to 11.8 percent. The effect of variable interest rates changes on future profit and losss after taxes is shown in the table below.

Possible interest rate fluctuations would consequently have an impact on 53.6 percent of all borrowings (as at 31 December 2020, 53.7 percent). The remaining 46.4 percent of borrowings were concluded with a fixed interest rate.

Overview of exposure

(in EUR)	30 Sep 2021	Exposure 30 Sep 2021	31 Dec 2020	Exposure 31 Dec 2020
Borrowings received at variable interest rate (without interest rate hedge)	39,575,820	53.6%	43,922,131	53.7%
Borrowings received at nominal interest rate	34,264,171	46.4%	37,808,741	46.3%
Total	73,839,991	100.0%	81,730,872	100.0%

Sensitivity analysis of borrowings from banks in view of the variable interest rate fluctuations:

(in EUR)	Borrowings from banks under the variable interest rate	Increase by 15 bp	Increase by 25 bp	Increase by 50 bp
Balance at 30 Sep 2021
3M EURIBOR	39,575,820	34,426	57,377	114,754
Total effect on interests expenses	39,575,820	34,426	57,377	114,754
Balance at 31 Dec 2020 3M EURIBOR	43,922,131	37,008	61,680	123,361
Total effect on interests expenses	43,922,131	37,008	61,680	123,361

The analysis of financial liabilities' sensitivity to changes in variable interest rates was based on the assumption of potential growth of interest rates of 15, 25 and base 50 points. As at 30 September 2021, the Group's borrowings not hedged against interest rate risk were subject to the movement of the 3M Euribor..

3. Management of liquidity risk

The liquidity risk is the risk that the Company/Group will fail to settle its liabilities at maturity. The Company/Group manages liquidity risk by regular planning of cash flows with diverse maturity. Additional measures for preventing from delays in receivable collection include regular monitoring of payments and immediate response to any delay and charging penalty interest in accordance with the uniform policy of receivable management.

	Luka Koper, d. d.
(in EUR)	Up to 3 months	3 to 12 months	1 to 2 years	3 to 5 years	Over 5 years	Total
30 Sep 2021
Loans and borrowings	2,630,294	7,890,881	9,930,413	31,279,285	22,109,118	73,839,991
Accrued interest maturing in the next calendar year	110,918	303,309	346,929	639,196	161,756	1,562,109
Liabilities from lease	100,343	232,572	292,169	749,644	0	1,374,728
Other financial liabilities	94,203	0	0	0	0	94,203
Payables to suppliers	30,210,017	0	0	0	0	30,210,017
Other operating liabilities	10,762,231	0	0	0	0	10,762,231
Total	43,908,006	8,426,762	10,569,512	32,668,125	22,270,874	117,843,278
31 Dec 2020
Loans and borrowings	2,630,294	7,890,881	10,521,175	31,563,524	29,124,999	81,730,872
Accrued interest maturing in the next calendar year	123,602	345,224	399,489	795,343	268,843	1,932,501
Liabilities from lease	76,240	152,598	80,048	182,849	0	491,735
Other financial liabilities	101,831	0	0	0	0	101,831
Current operating liabilities	32,997,348	0	0	0	0	32,997,348
Other operating liabilities	3,727,681	0	0	0	0	3,727,681
Total	39,656,995	8,388,703	11,000,712	32,541,716	29,393,842	120,981,968

	Luka Koper Group
(in EUR)	Up to 3 months	3 to 12 months	1 to 2 years	3 to 5 years	Over 5 years	Total
30 Sep 2021
Loans and borrowings	2,630,294	7,890,881	9,930,413	31,279,285	22,109,118	73,839,991
Accrued interest maturing in the next calendar year	110,918	303,309	346,929	639,195	161,756	1,562,108
Liabilities from lease	110,091	299,844	292,316	749,644	0	1,451,894
Other financial liabilities	94,203	0	0	0	0	94,203
Current operating liabilities	30,310,142	0	0	0	0	30,310,142
Other operating liabilities	11,291,168	0	0	0	0	11,291,168
Total	44,546,816	8,494,033	10,569,658	32,668,124	22,270,874	118,549,505
31 Dec 2020
Loans and borrowings	2,630,294	7,890,881	10,521,175	31,563,524	29,124,999	81,730,872
Accrued interest maturing in the next calendar year	123,602	345,224	399,489	795,343	268,843	1,932,501
Liabilities from lease	93,763	187,198	82,116	182,849	0	545,926
Other financial liabilities	101,831	0	0	0	0	101,831
Current operating liabilities	33,414,672	0	0	0	0	33,414,672
Other operating liabilities	4,044,024	0	0	0	0	4,044,024
Total	40,408,185	8,423,303	11,002,779	32,541,716	29,393,842	121,769,825

4. Management of currency risk

The risk of changes in foreign exchange rates arises from trade receivables denominated in US dollars (USD). In recent years, the Company/Group has succeeded in achieving significantly lower accrued income in US dollars to the extent that US dollars denominated receivables are negligible, based on which the Company/Group has opted not to hedge this item.

5. Management of credit risk

Management of the risk of default on the side of the counterparty or the credit risk has gained in importance in recent years. Customer deafults are being passed on to economic entities, much like a chain reaction, which significantly reduces the assessed probability of timely inflows and increases additional costs of financing the operation. Accordingly, the Company/ the Group has accelerated collection-related activities in the past years and more consistently monitored trade receivables past due.In case of customers, regarding whom the Company/Group detects late payments and inconsistency in observing adopted business agreements, and advance payment system is set up for all ordered services with the aim of avoiding the late payments. This area is positvely impacted by the specific structure of the Company's/Group's customers, who are predominantly major companies, freight forwarders and forwarding agents that have been the Company's/Group's business partners for a number of years.

Certain Company's/Group's receivables have been secured with collaterals, which are returned to the customers once all obligations have been settled or cooperation has been terminated. Investments include loans, which are secured with blank bills of exchange and other movable and immovable property

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	30 Sep 2021	31 Dec 2020	30 Sep 2021	31 Dec 2020
Non-current loans	2,131	3,336	7,667	8,866
Non-current operating liabilities	39,991	41,088	39,991	31,397
Kratkoročni depoziti	0	0	0	71,085
Current loans	1,595	1,824	1,595	1,824
Current trade receivables	38,322,117	34,280,948	38,449,296	34,546,716
Other current receivables	1,886,244	2,344,599	2,076,799	2,513,742
Cash and cash equivalents	20,491,242	37,051,470	44,406,858	61,021,421
Total	61,228,320	73,723,265	85,361,884	98,195,051

6. Management of risk relating to adequate capital structure

Having identified the optimal capital structure, the Company/Group has set a non-current strategic goal of maintaining the debtors' share within the liabilities side below 50 percent. As at 30 September 2021, the percentage in the Company was 28.6 percent, which was an increase of 0. percent percent compared to 31 December 2020, whereas in the Group 27.4 percent, which was an increase of 0.1 percent in comparison with 31 December 2020.

	Luka Koper, d. d.				Luka Koper Group
(in EUR)	30 Sep 2021		31 Dec 2020		30 Sep 2021		31 Dec 2020
	in EUR	share (in %)	in EUR	share (in %)	in EUR	share (in %)	in EUR	share (in %)
Equity	423,407,275	71.4%	408,951,207	71.5%	455,848,121	72.6%	441,660,686	72.7%
Non-current liabilities	108,637,695	18.3%	113,014,150	19.8%	110,679,171	17.6%	115,100,788	18.9%
Current liabilities	60,724,851	10.3%	49,684,711	8.7%	61,666,192	9.8%	50,638,269	8.3%
Total
accumulated profit	592,769,821	100.0%	571,650,068	100.0%	628,193,484	100.0%	607,399,743	100.0%

20 Statement of Management Board responsibility

The Management Board of Luka Koper, d. d., herein declares that the non-audited condensed financial statements of Luka Koper, d. d., and non-audited condensed consolidated statements of Luka Koper Group for the period ending 30 September 2021, have been compiled in order that they shall provide true and fair disclousure of Luka Koper, d. d., and Luka Koper Group. The condensed financial statements for January – September 2021 have been compiled in acccordance with the same accounting policies and principles applicable in Luka Koper, d. d., and Luka Koper Group annual reports 2020.

These condensed interim statements for the period ending 30 September 2021, were compiled in accordance to the International accounting Standards 34 – Interim Financial Statement, and should be considered in relation to the annual financial statement for fiscal year ending 31 December 2020. Financial statements for 2020 are audited.

The Management Board shall be held responsible for the implementation of measures guaranteeing the preservation and growth of assets of Luka Koper, d. d., and Luka Koper Group assets and detection of fraud and other irregularities and their elimination.

The Management Board declares that the associated companies of Luka Koper Group made mutual transactions on the basis of concluded agreements in which market prices for products and services were applied, namely, no business was conducted under unusual terms and conditions.

Members of the Management Board:

Robert Rožac Member of the Management Board

Vojko Rotar Member of the Management Board – Labour Director

Koper, 26 November 2021