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Klaipedos Nafta (0J1K)

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Friday 31 January, 2020

Klaipedos Nafta

AB Klaipedos nafta interim unaudited financial information regarding the twelve months of 2019

AB Klaipedos nafta interim unaudited financial information regarding the twelve months of 2019

AB Klaipedos nafta (hereinafter – KN, the Company) announces the unaudited financial results for the twelve months ended 31 December 2019.

KN’s financial accounting indicators of the 12 months of 2019, compared to the 12 months of 2018, have been 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 have been recognised 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 financial result with the impact of IFRS 16.

  • AB Klaipedos nafta revenues for the 12 months of 2019 comprise EUR 104.1 million, 4.1 per cent more compared to the same period of 2018 (EUR 100.0 million).
  • Adjusted net profit of the Company for the 12 months of 2019 amounts to EUR 13.2 million (EUR 11.6 million for the 12 months of 2018).
  • Company’s EBITDA (adjusted) for the 12 months of 2019 amounts to EUR 26.2 million (EUR 26.9 million for the 12 months of 2018).

Company Management comment:

Sales revenue of Oil and LNG terminal operator AB „Klaipedos nafta“ in 2019 amount to EUR 104,1 million and are in EUR 4,1 million higher compared to the same period in 2018. The adjusted profit of the Company for the period of January-December 2019 is EUR 13.2 million (EUR 11.6 million in respective time period of 2018).

During 12 months of 2019 Company’s oil terminals in total handled 5.75 million tons of oil products (6.69 million tons during 12 months of 2018). Company’s oil terminals sales revenues have reached EUR 32.1 million in 2019 (EUR 35.2 million in 2018). If only 4th quarter has been taken into consideration, in 2019 Company’s oil terminals have handled 1.37 million tons of oil products (1.66 million tons in 2018). The overall results of 2019 are 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.

During the 12 months of 2019, 51 gas carriers have delivered cargo to LNG terminal and 11 small scale operations of LNG reloading have been carried out. Total volume of re-gasified and reloaded LNG for the 12 months of 2019 comprise MWh 20.24 million and during the same period of 2018 - MWh 9.21 million. The favorable price situation in the international gas markets resulted in 119.7 per cent increased regasification and reloading volumes. LNG terminals revenues for 12 months of 2019 comprise of EUR 71.1 million and has increased by 10.2 per cent, compared to the same period of the year 2018 (EUR 64.5 million).


Enclosed:

  1. Interim unaudited condensed Financial Statements of AB Klaipedos nafta for the twelve months period ended 31 December 2019.
  2. Presentation of the unaudited financial results for 2019.


Jonas Lenkšas, Chief Financial Officer, +370 694 80594

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