Published: 2019-10-30 08:14:40 CET
Klaipedos Nafta
Interim information

Correction: AB Klaipėdos nafta interim unaudited financial information regarding the nine months of 2019

Correction: The attachment format has been changed

AB Klaipėdos nafta (hereinafter – KN, the Company) announces the unaudited financial results for the nine months ended 30 September 2019.

KN’s financial accounting indicators of the 9 months of 2019, compared to the 9 months of 2018, were negatively affected by IFRS 16 “Leases” amended as of 1 January 2019. This change has significantly affected KN’s statement of financial position, statement of comprehensive income, and financial indicators. In 2018, the costs of lease were registered in the statement of comprehensive income and had no impact on the statement of financial position. Upon coming into effect of the amendments to the standard, leases have been recognised as assets and liabilities (right of use the assets and financial lease liabilities). The highest part of lease payments are denominated in US dollars, as a result changes in exchange rates occur in the statement of comprehensive income, however in reality the Company is not affected by this.

Regarding of the reasons mentioned above, in order to represent the real result, the adjusted result without the influence of IFRS 16 is provided next to accounting result with the impact of IFRS 16.     

  • AB Klaipėdos nafta revenues for the 9 months of 2019 comprised EUR 77.2 million, 1.8 per cent more compared to the same period of 2018 (EUR 75.8 million).
  • Adjusted net profit of the Company for the 9 months of 2019 amounted to EUR 7.4 million (EUR 11.4 million for the 9 months of 2018). Net profit margin (adjusted) for the 9 months of 2019 comprised 9.6 per cent (9 months of 2018 – 15.0 per cent).
  • Company’s EBITDA (adjusted) for the 9 months of 2019 amounted to EUR 17.8 million (EUR 22.4 million for the 9 months of 2018), EBITDA margin (adjusted) for the 9 months of 2019 was 23.0 per cent (9 months of 2018 – 29.6 per cent).

Company Management comment:

Sales revenue of Oil and LNG terminal operator AB „Klaipėdos nafta“ (KN) in 9 months of 2019 amount to EUR 77,2 million and are in EUR 1,4 million higher compared to the same period in 2018. The adjusted net profit of the Company for the period of January-September 2019 is EUR 7.4 million (EUR 11.4 million in respective time period of 2018).

During the 9 months of 2019 the Company’s oil terminals in total handled 4.38 million tons of oil products (5.03 million tons during 9 months of 2018). Company’s oil terminals sales revenue reached EUR 23.9 million (at the same period during the year 2018 revenue was EUR 27.0 million). If only 3rd quarter was taken into consideration, in 2019 Company’s oil terminals handled 1,5 million tons of oil products, with slightly higher oil handling volumes, if compared to the same period in 2018 and by 5 percent higher oil handling volumes compared to 2nd quarter of 2019.  Although 3rd quarter of 2019 was more favourable for the company than the previous, the overall results were impacted negatively by unfavourable results of the first half-year, when incidents at the oil refineries of Company’s main clients, as well as contaminated oil in Druzhba pipeline resulted in lower oil product flow.

Remaining part of the 2019 is considered by the company with reserved optimism: due to the extended cooperation agreement with BNK, allows Company to expect handling of larger volumes of oil products in Klaipėda. Furthermore, Company’s efforts for the diversification of service portfolio as well as increase of product variety are also providing positive results.

During the 9 months of 2019, 31 gas carriers have delivered cargo to LNG terminal and eight small scale operations of LNG reloading have been carried out. Total volume of re-gasified and reloaded LNG for the 9 months of 2019 comprise MWh 6.56 million and during the same period of 2018 - MWh 4.69 million. The favorable price situation in the international gas markets resulted in 40 per cent increased regasification and reloading volumes. LNG terminals revenue for 9 months of the year comprises of EUR 53.3 million and increased by 9.2 per cent, compared to the same period of the year 2018 (EUR 48.4 million). 

Enclosed:

  1. Interim condensed Financial Statements of AB Klaipėdos nafta for the nine months period ended 30 September, 2019.
  2. Presentation of the unaudited financial results for the 9 months period of 2019.


Jonas Lenkšas, Chief Financial Officer, +370 694 80594


Attachments


KN_activity results for_2019_Q3_EN.pdf
IFRS_2019_EN_Q3.pdf