January 20 (SeeNews) - Slovenian energy company Petrol [LJE:PETG] estimates that it swung to a net loss of 12.1 million euro ($13.1 million) last year, compared to a net profit of 158.3 million euro recorded in 2021, it said on Thursday, citing preliminary results.
The company prepared the business results estimate because of the expected deviations from the Petrol's business plan for 2022 as a result of the exacerbated business conditions brought about by the continuation of the energy crisis and measures taken by governments to mitigate the consequences thereof, Petrol said in a statement.
Petrol planned its sales revenue to amount to 5.9 billion euro in 2022, whereas the estimated total sales revenue reached a record-high volume of 9.4 billion euro, up by 59% above plan, the company noted.
"Due to the high cost of all energy commodities and the effect of the regulation of motor fuels and other energy commodities, the aforementioned increase in sales revenue is not reflected in the adjusted gross profit, which was planned to amount to 643.9 million euro, but stands at 372.5 million euro, or 58% of plan," Petrol said.
According to the estimate, Petrol's earnings before interest, tax, depreciation and amortisation (EBITDA) totalled 95.9 million euro, or 32% of plan, on account of the regulation of motor fuels in all markets in the amount of 180.1 million euro.
Petrol's EBITDA is also importantly affected by Geoplin's operating loss, which is a result of the stopped natural gas supplies under the Russian contract, and regulations of other energy commodities in Slovenia and Croatia, the company noted.
The supervisory board estimates that in the difficult situation marked by the energy crisis, the energy transition, and regulatory measures taken by governments, the management board of Petrol ran the company successfully and professionally, Petrol said.
($ = 0.92247 euro)
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