The fact that the Hungarian state bought itself into the port of Trieste is not news today at all. In June 2019, Minister of Foreign Affairs and Trade Péter Szijjártó first reported on the government’s plans to create a port and logistics base. The minister also revealed that an area of 32 hectares is planned.
The project has been progressing since then, and the last time new information was received about it was last December, when the Minister of Foreign Affairs and Trade reported that the agreement had been reached during a meeting with Italian Deputy Prime Minister Matteo Salvini, and the development concept. It was submitted to be implemented, after which an annual A port capable of handling 2.5 million tons and receiving road and rail transport will be established.
The minister then promised that even Hungarian companies would be able to use the Hungarian-owned part of the Port of Trieste from 2026.
How is the company performing?
While the project has received mainly good news, the company’s results are currently very poor. But before going into details, it is important to note that Adria Port published its report in euros, and the data in the article was calculated using the euro exchange rate of 400.25 Hungarian forints.
The state company’s net sales revenue from sales amounted to 14.2 thousand euros (5.68 million forints), the majority of which was generated by the Port of Adria, amounting to about 5.649 million forints, from export sales. The exact nature of this can be seen in the additional appendix attached to the report, and these details come from an Italian property lease.
But all this did not mean much regarding the development of profit after tax as a whole, since after 2021 the company closed with a significant loss in 2022 also totaling minus 1.06 million euros (424.39 million forints). , which in the previous year collected 961 million, a much worse performance even compared to the loss of the euro (384.67 million HUF). According to the founder’s decision, the 2022 loss has been placed in the profit reserve, which is therefore already in the red by EUR 2.06 million (HUF 825.33 million).
The loss in itself is not surprising, since the company was founded, as can be seen in our chart:
How did you manage to put together such a presentation?
First of all, it is important to note that although Adria Port is making losses year after year, there is absolutely no doubt that the company’s business is in danger, given that its shares are worth more than 43 million euros (17.46 billion HUF) despite This has already been reduced by the accumulated loss in 2022.
Among the most prominent expenses of the port company among the material expenses are the services used, with a total value of 819,518 euros (328 million forints), detailed as follows:
Accruals, liabilities and a fat bank account
In 2022, the company had only short-term liabilities, the vast majority of which, around 141.4 thousand euros (56.6 million forints), were owed to local suppliers.
On the other hand, the company has more receivables than liabilities, as it has a claim of more than 3.85 million euros (1.54 billion forints) against the Italian state and the budget.
On the bank account of the Port of Adria At the end of the period mentioned in the report, it amounted to 11.97 million euros (4.79 billion forints).This is almost the same as what was recorded in the previous year.
What does the company do?
Due to the nature of the port of Adria, it has a very large fleet of equipment, and this was also taken into account in his report. The largest share of invested assets, 23.48 million euros (9.39 billion forints), is represented by real estate, of which 17.6 million euros (7.04 billion forints) is the cost of land, which is certainly the 32 hectares also mentioned by Peter Szijjarto. The company already has an unspecified investment in the pipeline, worth 1.94 million euros (778.7 million forints), according to the supplementary appendix, which is double the amount of 872 thousand euros in the previous year – meaning that the investments were made last year as well.
What about salaries?
The company published detailed data on its employees’ expenses, so that we can know how well the employees of the State Ports Company are performing. In the current year, a total of 9 people worked at the company, and they were paid EUR 325,000 (130.2 million forints) – based on the additional appendix, EUR 61.7 thousand (24.7 million forints) of this total was the salary paid to employees. Senior executives. And it means that too
Peter Garay, listed on the company’s registry as CEO and sole executive officer, led the company, which was still largely unprofitable, for a monthly salary of just over $2 million.
The other eight employees earned an average of 32.9 thousand euros (13.19 million forints) last year, which equates to a total of 2,746 euros (1.1 million forints) per month.
Port Adria – and her daughter
Finally, we found something else interesting in the appendix to the Adria Port report, and it is none other than Aquila Srl., which first appeared in the 2021 report as a subsidiary of Adria Port. According to available data, the main activity of the Italian subsidiary is providing maritime and water transport services. In 2022 The subsidiary incurred a loss of 137.7 thousand euros (55.14 million forints) in addition to capital of 438.9 thousand euros. produced, which is a larger minus than in 2021, when the acquired subsidiary closed with a loss of 127.6 thousand euros.
