Skip to main content

Correction: AB Klaipėdos nafta unaudited financial information regarding the three months of 2021

Written by Customer Service on . Posted in Public Companies.

Correction: the number of shares held and part of ownership corrected in the financial statements.

AB Klaipėdos nafta (hereinafter – KN, the Company) announces the unaudited consolidated (hereinafter – the Group) and separate financial results for the three months ended 31 March 2021.

  • Revenue for the 3 months of 2021 of the Group and the Company are EUR 15.7 million and EUR 15.0 million respectively and is lower by 21.5% and 24.2% compared to the same period of 2020 (EUR 20.0 million and EUR 19.8 million respectively).
  • Net profit (loss) of the Group and the Company for the 3 months of 2021 amounts to EUR (9.1) million and EUR (9.2) million respectively and is EUR 8.7 million and EUR 8.9 million higher compared to the 3 months of 2020 (EUR (0.4) million and EUR (0.3) million respectively).
  • Adjusted net profit (loss) of the Group and the Company for the 3 months of 2021 amounts to EUR 0.04 million and EUR (0.09) million respectively and is lower by EUR 3.9 million and EUR 4.1 million compared to the same period of 2020 (EUR 3.9 million and EUR 4.0 million respectively).
  • EBITDA for the 3 months of 2021 of the Group and the Company amounts to EUR 7.3 million and EUR 7.0 million respectively and is lower by 39.2% and 41.2% compared to the same period of 2020 (EUR 12.0 million and EUR 12.1 million respectively).

Main financial indicators of the Group comparing 3 months of 2021 and 2020:

 Financial results for 3 months of 2021Change, compared to 3 months of 2020Adjusted results for 3 months of 2021Change, compared to 3 months of 2020
Revenue15.7 million Eur– 21.5%15.7 million Eur– 21.5%
Net profit– 9.1 million Eur– 8.7 million Eur0.04 million Eur– 3.9 million Eur
EBITDA7.3 million Eur– 39.2%7.3 million Eur– 39.2%

Management comment:

During 3 months of 2021, the same as during 2020, the Group‘s and the Company‘s net profit was significantly affected by fluctuations of unrealized currency exchange rates. The unrealized impact of exchange rates arose from the 1st January of 2019 under the requirements of IFRS 16 “Lease”, which indicated the Company to capitalise finance lease obligations and the major part of them is denominated in US dollars. Whereas all US dollar denominated lease liabilities relate to LNG terminal, the effect of unrealized exchange rate is reflected in the regulated segment.

Regulated LNG activities revenue for 3 months of 2021 is EUR 8.9 million and is lower by EUR 2.5 million or 21.9% compared to the same period of 2020 (EUR 11.4 million). The main reasons for the lower revenue are due to lower regasification volumes, compared to the same period in 2020, and because of proportionate reduction of security supplement in 2021, based on the surplus of LNG return from the period 2014-2019, which was established for the regulated activities of the Company, and is equal to EUR 1.9 million.

Revenue from commercial LNG activities for the three months of 2021 is EUR 1.4 million and is higher by 40,0% compared to the same period in 2020 (EUR 1.0 million). Commercial LNG activities consist of business development projects including LNG terminal operator services provided at the Port of Açu terminal in Brazil and LNG reloading station in Klaipėda.

Revenue from oil terminals for the three months of 2021 is lower by EUR 2.1 million compared to the same period in 2020. Ongoing restrictions in European countries due to COVID-19 pandemic continued to affect volumes of oil product handled via KN oil terminal during Q1 of 2021. In December 2020, the client of the company BNK (UK) Limited has informed about the temporary suspension of oil products sales through Klaipėda. In the first quarter, BNK completed the handling of oil products, which were loaded through the KN oil terminal based on sales contracts before transshipment suspension through the port of Klaipėda. During three months of 2021, KN offered to market participants spare terminal capacities for handling other products and services, the Company rented part of the available capacities for gasoline and ethanol storage as well as extended cooperation for biofuel handling in 2021.

 Enclosed:

  1. Condensed Consolidated and Separate Financial Statements of AB Klaipėdos nafta for the 3 months period ended 31 March 2021.
  2. Presentation of the unaudited financial results of the Group for the 3 months period of 2021.

Jonas Lenkšas, Chief Financial Officer, +370 694 80594.

Attachments

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.