Cash flow Jadranski naftovod d.d.

Equities

JNAF

HRJNAFRA0000

Oil & Gas Transportation Services

End-of-day quote Zagreb S.E. Other stock markets 04/03/2026			5-day change	1st Jan Change
810.00 ^EUR	+5.19%		0.00%	+3.85%

03-12	Serbia's NIS seeks new US sanctions waiver to allow crude oil imports	RE
03-10	Med crude-Urals diffs soften on rising freight costs to Asia	RE

ac76af69cc46b.zOKvpep7nmxWHUcFgC1w5aS71BN4hQOQMrCXDYxs3QQ.gq3g9q4oqDYJXyF1zG8E1MHZvlAt9kr5fcGiQc5Zh2WWteuXhjnkGWdQNA

Published financial data: JADRANSKI NAFTOVOD D.D.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022 (EUR)	2023 (EUR)	2024 (EUR)
Revenues	766M	767M	116M	147M	126M
Other Revenues, Total	-	3.82M	-	-	-
Total Revenues	766M	771M	116M	147M	126M
Cost of Goods Sold, Total	113M	99.86M	14.15M	19.67M	17.85M
Gross Profit	652M	671M	102M	127M	108M
Selling General & Admin Expenses, Total	92.41M	98.57M	14.33M	17.28M	19.07M
Provision for Bad Debts	-	19K	-	2.86M	2.47M
Depreciation & Amortization - (IS)	178M	216M	30.98M	29.75M	28.81M
Other Operating Expenses	23.61M	36.08M	5.55M	5.41M	7.01M
Other Operating Expenses, Total	294M	351M	50.86M	55.3M	57.36M
Operating Income	359M	320M	51.05M	71.95M	51.13M
Interest Expense, Total	-225K	-255K	-26K	-25K	-159K
Interest And Investment Income	672K	125K	211K	4.56M	7.62M
Net Interest Expenses	447K	-130K	185K	4.54M	7.46M
Currency Exchange Gains (Loss)	-6.24M	7.88M	797K	253K	496K
Other Non Operating Income (Expenses)	582K	984K	41K	5K	29K
EBT, Excl. Unusual Items	353M	329M	52.07M	76.75M	59.12M
Gain (Loss) On Sale Of Investments	-	-	-	-1.64M	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-1.6M	-3.64M	-1.1M	-11.61M	-73K
Insurance Settlements	-	-	-	-	-
Legal Settlements	-154K	-63K	-1.18M	-98K	-
Other Unusual Items	-	-	255K	-	-
EBT, Incl. Unusual Items	352M	325M	50.05M	63.41M	59.04M
Income Tax Expense	63.46M	59.42M	9.32M	11.44M	10.66M
Earnings From Continuing Operations	288M	266M	40.73M	51.97M	48.38M
Net Income to Company	288M	266M	40.73M	51.97M	48.38M
Net Income - (IS)	288M	266M	40.73M	51.97M	48.38M
Net Income to Common Incl Extra Items	288M	266M	40.73M	51.97M	48.38M
Net Income to Common Excl. Extra Items	288M	266M	40.73M	51.97M	48.38M
Per Share Items
Net EPS - Basic	285.91	263.97	40.42	51.58	48.01
Basic EPS - Continuing Operations	285.91	263.97	40.42	51.58	48.01
Basic Weighted Average Shares Outstanding	1.01M	1.01M	1.01M	1.01M	1.01M
Net EPS - Diluted	285.91	263.97	40.42	51.58	48.01
Diluted EPS - Continuing Operations	285.91	263.97	40.42	51.58	48.01
Diluted Weighted Average Shares Outstanding	1.01M	1.01M	1.01M	1.01M	1.01M
Normalized Basic EPS	219.14	204.13	32.3	47.6	36.67
Normalized Diluted EPS	219.14	204.13	32.3	47.6	36.67
Dividend Per Share	81.49	75.36	-	30.95	28.81
Payout Ratio	25.91	30.87	24.74	22.33	64.46
Supplemental Items
EBITDA	534M	534M	81.76M	101M	79.64M
EBITA	379M	348M	55M	75.58M	54.14M
EBIT	359M	320M	51.05M	71.95M	51.13M
EBITDAR	536M	536M	82M	102M	79.96M
Total Revenues (As Reported)	779M	778M	117M	147M	128M
Effective Tax Rate - (Ratio)	18.05	18.26	18.61	18.03	18.06
Total Current Taxes	64.1M	59.95M	9.28M	14.44M	11.16M
Total Deferred Taxes	-648K	-537K	40K	-3.01M	-498K
Normalized Net Income	221M	206M	32.54M	47.97M	36.95M
Interest on Long-Term Debt	213K	249K	25K	21K	39K
Non-Cash Pension Expense	-	-	-	-	-
Supplemental Operating Expense Items
Marketing Expenses	6.88M	8.98M	1.54M	1.77M	2.15M
Selling and Marketing Expenses	6.88M	8.98M	1.54M	1.77M	2.15M
Net Rental Expense, Total	2M	1.76M	242K	278K	319K
Imputed Operating Lease Interest Expense	41.17K	40.77K	4.1K	4.49K	29.78K
Imputed Operating Lease Depreciation	1.96M	1.71M	238K	274K	289K
Maintenance & Repair Expenses, Total	-	-	-	-	-

Fiscal Period: December	2020	2021	2022 (EUR)	2023 (EUR)	2024 (EUR)
Assets
Cash And Equivalents	326M	563M	87.39M	124M	88.54M
Short Term Investments	36.84M	39.86M	27.97M	30M	63.8M
Total Cash And Short Term Investments	363M	603M	115M	154M	152M
Accounts Receivable, Total	86.05M	79.43M	20.91M	24.72M	26.07M
Other Receivables	1.44M	1.52M	443K	1.66M	4.94M
Total Receivables	87.49M	80.95M	21.35M	26.38M	31M
Inventory	22.91M	21.2M	2.95M	3.28M	6.79M
Prepaid Expenses	-	-	260K	320K	400K
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	473M	705M	140M	184M	191M
Gross Property Plant And Equipment	9.94B	9.98B	1.33B	1.34B	1.37B
Accumulated Depreciation	-5.83B	-6.02B	-825M	-846M	-870M
Net Property Plant And Equipment	4.11B	3.96B	509M	494M	496M
Long-term Investments	50M	50M	16.64M	35M	38.24M
Goodwill	-	-	-	-	4.1M
Other Intangibles, Total	153M	179M	20.41M	15.34M	13.12M
Deferred Tax Assets Long-Term	4.26M	4.79M	596K	3.6M	4.1M
Other Long-Term Assets, Total	12.35M	3.15M	1.74M	1.05M	1.04M
Total Assets	4.8B	4.91B	689M	733M	747M
Liabilities
Accounts Payable, Total	115M	27.6M	7M	6.26M	5.34M
Accrued Expenses, Total	5.07M	4.97M	791K	2.61M	3.01M
Current Portion of Long-Term Debt	-	-	-	-	372K
Current Portion of Leases	1.78M	1.97M	262K	242K	252K
Current Income Taxes Payable	5.58M	7.32M	2.62M	7.25M	1.95M
Unearned Revenue Current, Total	-	-	-	14K	-
Other Current Liabilities	3.15M	3.58M	1.83M	107K	234K
Total Current Liabilities	131M	45.45M	12.5M	16.48M	11.16M
Long-Term Debt	78.43M	84.87M	11.98M	11.56M	13.88M
Long-Term Leases	4.69M	3.83M	296K	428K	520K
Pension & Other Post Retirement Benefits	14.26M	17.06M	625K	600K	711K
Other Non Current Liabilities	3.18M	3.16M	1.84M	1.9M	1.43M
Total Liabilities	231M	154M	27.24M	30.98M	27.7M
Common Stock, Total	2.95B	2.95B	392M	392M	392M
Additional Paid In Capital	54K	54K	7K	7K	7K
Retained Earnings	971M	1.02B	149M	170M	187M
Comprehensive Income and Other	644M	781M	120M	140M	140M
Total Common Equity	4.57B	4.75B	662M	702M	719M
Total Equity	4.57B	4.75B	662M	702M	719M
Total Liabilities And Equity	4.8B	4.91B	689M	733M	747M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.01M	1.01M	1.01M	1.01M	1.01M
ECS Total Common Shares Outstanding	1.01M	1.01M	1.01M	1.01M	1.01M
Book Value / Share	4.53K	4.71K	656.52	696.58	713.64
Tangible Book Value	4.41B	4.57B	641M	687M	702M
Tangible Book Value Per Share	4.38K	4.54K	636.26	681.35	696.56
Total Debt	84.9M	90.68M	12.54M	12.23M	15.02M
Net Debt	-278M	-512M	-103M	-142M	-137M
Debt Equivalent Oper. Leases	16.01M	14.04M	1.94M	2.22M	2.55M
Account Code - Inventory Valuation	6	6	-	6	6
Land - (BS)	377M	378M	50.16M	50.16M	50.64M
Buildings, Total	6.63B	7.01B	935M	939M	942M
Machinery, Total	1.9B	2.21B	294M	291M	299M
Full Time Employees	391	417	-	435	441
Accumulated Allowance for Doubtful Accounts (Supple)	30.24M	30.24M	-	2.86M	5.32M

Fiscal Period: December	2020	2021	2022 (EUR)	2023 (EUR)	2024 (EUR)
Net Income	288M	266M	40.73M	51.97M	48.38M
Depreciation & Amortization - CF	157M	188M	27.02M	26.12M	25.8M
Amortization of Goodwill and Intangible Assets - (CF)	20.96M	27.74M	3.95M	3.63M	3.01M
Depreciation & Amortization, Total	178M	216M	30.98M	29.75M	28.81M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-	1.64M	-
Asset Writedown & Restructuring Costs	-7.88M	3.64M	973K	11.58M	-797K
Provision and Write-off of Bad Debts	-	-	-	2.86M	2.47M
Other Operating Activities, Total	-2.44M	9.91M	3.84M	-1.48M	-8.21M
Change In Accounts Receivable	33.2M	6.54M	-10.61M	-7.88M	-4.63M
Change In Inventories	-3.53M	1.71M	-132K	-329K	-3.52M
Change in Other Net Operating Assets	-42.14M	-70.08M	2.89M	-1.4M	-9.3M
Cash from Operations	443M	434M	68.67M	86.7M	53.2M
Capital Expenditure	-418M	-105M	-12M	-18.07M	-27.07M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Sale (Purchase) of Intangible assets	-50M	-4.02M	-678K	-1.26M	-510K
Investment in Marketable and Equity Securities, Total	-	-	-32.68M	-22.03M	-36.63M
Other Investing Activities, Total	11.29M	-2.89M	57K	3.45M	6.74M
Cash from Investing	-456M	-112M	-45.3M	-37.91M	-57.47M
Long-Term Debt Repaid, Total	-2.23M	-2.78M	-268K	-276K	-297K
Total Debt Repaid	-2.23M	-2.78M	-268K	-276K	-297K
Common Dividends Paid	-74.65M	-82.11M	-10.08M	-11.61M	-31.19M
Common & Preferred Stock Dividends Paid	-74.65M	-82.11M	-10.08M	-11.61M	-31.19M
Cash from Financing	-76.87M	-84.9M	-10.35M	-11.88M	-31.48M
Net Change in Cash	-90.39M	237M	13.02M	36.9M	-35.75M
Supplemental Items
Cash Income Tax Paid (Refund)	62.19M	62.4M	8.09M	8.94M	13.16M
Levered Free Cash Flow	-73.5M	230M	45.65M	53.96M	19.17M
Unlevered Free Cash Flow	-73.35M	230M	45.67M	53.97M	19.27M
Change In Net Working Capital	7.3M	77.35M	4.54M	1.41M	13.93M
Net Debt Issued / Repaid	-2.23M	-2.78M	-268K	-276K	-297K

Fiscal Period: December	2020	2021	2022 (EUR)	2023 (EUR)	2024 (EUR)
Profitability
Return on Assets	4.76	4.13	4.76	6.33	4.32
Return on Total Capital	4.93	4.22	4.85	6.48	4.41
Return On Equity %	6.46	5.71	6.31	7.62	6.81
Return on Common Equity	6.46	5.71	6.31	7.62	6.81
Margin Analysis
Gross Profit Margin %	85.18	87.05	87.81	86.61	85.87
SG&A Margin	12.07	12.79	12.35	11.76	15.09
EBITDA Margin %	69.73	69.31	70.45	69.04	63.04
EBITA Margin %	49.56	45.16	47.39	51.44	42.86
EBIT Margin %	46.83	41.56	43.99	48.97	40.47
Income From Continuing Operations Margin %	37.63	34.5	35.1	35.38	38.29
Net Income Margin %	37.63	34.5	35.1	35.38	38.29
Net Avail. For Common Margin %	37.63	34.5	35.1	35.38	38.29
Normalized Net Income Margin	28.84	26.68	28.04	32.65	29.24
Levered Free Cash Flow Margin	-9.6	29.78	39.34	36.72	15.17
Unlevered Free Cash Flow Margin	-9.58	29.8	39.35	36.74	15.25
Asset Turnover
Asset Turnover	0.16	0.16	0.17	0.21	0.17
Fixed Assets Turnover	0.19	0.19	0.22	0.29	0.26
Receivables Turnover (Average Receivables)	8.57	9.27	7.38	6.44	4.98
Inventory Turnover (Average Inventory)	5.37	4.53	4.92	6.32	3.55
Short Term Liquidity
Current Ratio	3.62	15.51	11.19	11.18	17.07
Quick Ratio	3.44	15.04	10.94	10.96	16.42
Operating Cash Flow to Current Liabilities	3.38	9.54	5.49	5.26	4.77
Days Sales Outstanding (Average Receivables)	42.69	39.37	49.45	56.68	73.56
Days Outstanding Inventory (Average Inventory)	68.21	80.62	74.26	57.73	103.24
Average Days Payable Outstanding	415.3	265.66	136.22	121.05	99.41
Cash Conversion Cycle (Average Days)	-304.4	-145.67	-12.51	-6.65	77.39
Long Term Solvency
Total Debt/Equity	1.86	1.91	1.89	1.74	2.09
Total Debt / Total Capital	1.82	1.87	1.86	1.71	2.05
LT Debt/Equity	1.82	1.87	1.86	1.71	2
Long-Term Debt / Total Capital	1.79	1.83	1.82	1.68	1.96
Total Liabilities / Total Assets	4.82	3.15	3.96	4.23	3.71
EBIT / Interest Expense	1.59K	1.26K	1.96K	2.88K	321.59
EBITDA / Interest Expense	2.38K	2.1K	3.15K	4.07K	502.79
(EBITDA - Capex) / Interest Expense	526.19	1.69K	2.69K	3.35K	332.55
Total Debt / EBITDA	0.16	0.17	0.15	0.12	0.19
Net Debt / EBITDA	-0.52	-0.95	-1.25	-1.4	-1.72
Total Debt / (EBITDA - Capex)	0.72	0.21	0.18	0.15	0.28
Net Debt / (EBITDA - Capex)	-2.35	-1.19	-1.47	-1.7	-2.6
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	14.5	0.56	13.49	26.59	-14.01
Gross Profit, 1 Yr. Growth %	17.25	2.74	14.48	24.87	-14.74
EBITDA, 1 Yr. Growth %	18.45	-0.01	15.34	24.06	-21.41
EBITA, 1 Yr. Growth %	17.47	-8.39	19.1	37.41	-28.27
EBIT, 1 Yr. Growth %	17.25	-10.77	20.12	40.94	-28.84
Earnings From Cont. Operations, 1 Yr. Growth %	9.98	-7.67	15.44	27.59	-6.91
Net Income, 1 Yr. Growth %	9.98	-7.67	15.44	27.59	-6.91
Normalized Net Income, 1 Yr. Growth %	10.03	-6.85	19.27	47.39	-22.88
Diluted EPS Before Extra, 1 Yr. Growth %	9.98	-7.67	15.44	27.59	-6.91
Accounts Receivable, 1 Yr. Growth %	-7.03	-7.69	98.45	18.21	5.46
Inventory, 1 Yr. Growth %	18.2	-7.46	4.74	11.17	107.45
Net Property, Plant and Equip., 1 Yr. Growth %	7.81	-3.46	-3.09	-3.11	0.41
Total Assets, 1 Yr. Growth %	3.76	2.23	5.85	6.4	1.9
Tangible Book Value, 1 Yr. Growth %	4.36	3.58	5.72	7.09	2.23
Common Equity, 1 Yr. Growth %	4.9	4.03	4.97	6.1	2.45
Cash From Operations, 1 Yr. Growth %	23.26	-2.28	19.35	26.26	-38.63
Capital Expenditures, 1 Yr. Growth %	2.14	-74.84	-13.94	50.62	49.77
Levered Free Cash Flow, 1 Yr. Growth %	-45.45	-413.83	49.89	18.19	-64.44
Unlevered Free Cash Flow, 1 Yr. Growth %	-45.5	-414.65	49.84	18.18	-64.26
Dividend Per Share, 1 Yr. Growth %	10	-7.52	-	-	-6.91
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.13	7.37	6.83	21.9	4.34
Gross Profit, 2 Yr. CAGR %	3.32	9.84	8.45	21.59	3.18
EBITDA, 2 Yr. CAGR %	4.78	8.88	7.39	21.66	-1.3
EBITA, 2 Yr. CAGR %	1.68	3.81	4.45	30.1	-0.78
EBIT, 2 Yr. CAGR %	0.98	2.36	3.53	32.33	0.08
Earnings From Cont. Operations, 2 Yr. CAGR %	-2.67	0.77	3.24	23.43	8.98
Net Income, 2 Yr. CAGR %	-2.67	0.77	3.24	23.43	8.98
Normalized Net Income, 2 Yr. CAGR %	-3.8	1.24	5.41	34.84	6.55
Diluted EPS Before Extra, 2 Yr. CAGR %	-2.67	0.77	3.24	23.43	8.98
Accounts Receivable, 2 Yr. CAGR %	25.58	-7.36	35.35	55.77	11.65
Inventory, 2 Yr. CAGR %	3.35	4.59	-1.55	9.74	51.86
Net Property, Plant and Equip., 2 Yr. CAGR %	7.75	2.02	-3.27	-1.45	-1.37
Total Assets, 2 Yr. CAGR %	4.17	2.99	4.02	7.93	4.13
Tangible Book Value, 2 Yr. CAGR %	4.29	3.97	4.64	8.21	4.63
Common Equity, 2 Yr. CAGR %	4.55	4.46	4.5	7.33	4.26
Cash From Operations, 2 Yr. CAGR %	0.96	9.86	7.99	24.84	-11.98
Capital Expenditures, 2 Yr. CAGR %	-3.34	-49.31	-53.47	15.79	50.2
Levered Free Cash Flow, 2 Yr. CAGR %	-0.91	30.54	116.89	35.36	-35.21
Unlevered Free Cash Flow, 2 Yr. CAGR %	-1	30.66	117.14	35.33	-35.05
Dividend Per Share, 2 Yr. CAGR %	-2.61	0.86	-	78.94	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	2.97	2.31	9.37	14.32	6.17
Gross Profit, 3 Yr. CAGR %	2.51	3.18	11.36	14.95	5.69
EBITDA, 3 Yr. CAGR %	3.43	3.19	11	13.96	2.86
EBITA, 3 Yr. CAGR %	5.14	-1.75	8.68	15.75	4.34
EBIT, 3 Yr. CAGR %	4.58	-3.05	7.96	16.04	5.24
Earnings From Cont. Operations, 3 Yr. CAGR %	-0.36	-4.37	5.44	12.04	9.92
Net Income, 3 Yr. CAGR %	-0.36	-4.37	5.44	12.04	9.92
Normalized Net Income, 3 Yr. CAGR %	-0.18	-4.83	6.93	19.2	9.47
Diluted EPS Before Extra, 3 Yr. CAGR %	-0.36	-4.37	5.44	12.04	9.92
Accounts Receivable, 3 Yr. CAGR %	12.11	13.33	19.42	30.84	33.83
Inventory, 3 Yr. CAGR %	8.76	-0.39	4.64	3.68	32.76
Net Property, Plant and Equip., 3 Yr. CAGR %	8.55	3.87	0.29	-2.13	-2.98
Total Assets, 3 Yr. CAGR %	5.32	3.52	3.94	5.99	3.6
Tangible Book Value, 3 Yr. CAGR %	5.6	4.05	4.55	6.64	3.89
Common Equity, 3 Yr. CAGR %	5.64	4.37	4.63	6.22	3.4
Cash From Operations, 3 Yr. CAGR %	1.85	-0.07	12.94	15.05	-3.6
Capital Expenditures, 3 Yr. CAGR %	-1.56	-38.28	-39.53	-30.39	23.44
Levered Free Cash Flow, 3 Yr. CAGR %	6.46	45.29	36.7	79.15	-15.21
Unlevered Free Cash Flow, 3 Yr. CAGR %	6.4	45.33	36.76	79.29	-15.08
Dividend Per Share, 3 Yr. CAGR %	-	-4.27	-	43.6	40.81
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	3.11	1.67	4.53	9.74	6.65
Gross Profit, 5 Yr. CAGR %	2.47	1.42	4.88	10.19	7.33
EBITDA, 5 Yr. CAGR %	3.18	0.05	5.02	10.22	5.23
EBITA, 5 Yr. CAGR %	7.18	0.27	4.89	9.93	4.13
EBIT, 5 Yr. CAGR %	6.67	-0.78	4.19	9.79	4.08
Earnings From Cont. Operations, 5 Yr. CAGR %	4.24	-1.78	1.06	5.91	6.17
Net Income, 5 Yr. CAGR %	4.24	-1.78	1.06	5.91	6.17
Normalized Net Income, 5 Yr. CAGR %	3.94	-0.53	2.02	9.4	6.1
Diluted EPS Before Extra, 5 Yr. CAGR %	4.24	-1.78	1.06	5.91	6.17
Accounts Receivable, 5 Yr. CAGR %	8.34	-2.88	20.88	28.71	15.52
Inventory, 5 Yr. CAGR %	8.14	4.15	4.52	3.55	20.68
Net Property, Plant and Equip., 5 Yr. CAGR %	8.3	6.42	3.66	1.71	-1.01
Total Assets, 5 Yr. CAGR %	4.36	3.91	4.8	5.26	3.35
Tangible Book Value, 5 Yr. CAGR %	4.81	4.72	5.22	5.7	3.92
Common Equity, 5 Yr. CAGR %	4.92	4.85	5.18	5.55	3.82
Cash From Operations, 5 Yr. CAGR %	-2.39	-1.25	4.3	9.24	1.57
Capital Expenditures, 5 Yr. CAGR %	17.19	-20.76	-27.05	-20.62	-13.53
Levered Free Cash Flow, 5 Yr. CAGR %	-19.56	56.25	41.39	41.24	0.77
Unlevered Free Cash Flow, 5 Yr. CAGR %	-19.89	51.46	41.4	41.25	0.89
Dividend Per Share, 5 Yr. CAGR %	-9.22	-14.51	-	22.94	23.22