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AB Klaipėdos nafta interim financial information regarding the first three months of 2018

Friday, 27 April 2018 | 20:00

AB Klaipėdos nafta (hereinafter – KN, the Company) announces the unaudited financial results for the first three months period ended 31 March 2018.

AB Klaipėdos nafta revenues for the first three months of 2018 comprise EUR 27.8 million, 2.0% more compared to the same period of 2017 (EUR 27.3 million);
Net profit of the Company comprise EUR 6.8 million, 40.4% more compared to the same period of 2017 (EUR 4.8 million), net profit margin – 24.3 % (in the same period of 2017 – 17.6 %).
Company's EBITDA for the first three months of 2018 exceeds EUR 10.4 million, 18,9% more compared to the same period of the year 2017 (EUR 8.7 thousand), EBITDA margin – 37.2 per cent (in the same period of 2017 – 32.0 per cent).

Image: AB “Klaipėdos nafta”

Management comment:

The positive macroeconomic development and other related factors helped the Company to deliver positive operating and financial results for the first quarter of 2018. Such results represents stable and sustainable operations of the Company.

During the first quarter of 2018 AB Klaipėdos Nafta reloaded 31.2 percent more petroleum products into its storage tanks of Klaipėda and Subačius oil terminals compared to the same period in 2017 and reached total quantity of 2.0 million tons. Positive factor in reloading quantities was stabilized by geopolitical situation which lead to an increase in transit cargos from Belorussian refineries. Steady operation of AB Orlen Lietuva refinery and slight increase in transshipment volume of other clients were also important factors.

Significant increase in transshipment quantities had a positive effect on income: the preliminary sales revenue for the first quarter of the year 2018 of Klaipėda and Subačius oil terminals comprise EUR 11.0 million and increased by 26.4 percent compared to the same period of 2017 (EUR 8.7 million). It is worth to mention that EUR 1.2 million of last year's income comprise of one-off sales of oil product residue collected in the terminal.

In the KN operated Liquefied Natural Gas (LNG) terminal 1.1 million MWh of LNG was re-gasified and supplied to the natural gas transmission system during January-March 2018, while in first quarter of 2017 – 1.5 million MWh. As usual, the LNG terminal activity level decreased in relation to the influence of seasonality – terminal users usually order lower regasification capacities during the cold season. It is notable that income of regulated LNG activity does not rely on quantity of LNG re-gasified and supplied to the natural gas transmission system.

The sales revenue of the Company's LNG Terminal for the first quarter of 2018 comprise EUR 16.6 million which is 10.7 per cent less compared to the same period in 2017 (EUR 18.6 million). These revenues comprise from the part of security supplement dedicated for compensation of LNG terminal exploitation expenses, as well as regasification and LNG reloading tariffs. Thus, during the first quarter of 2018 KN received additional EUR 0.9 million of security supplement, related to recalculation of year 2017 factual gas consumption capacities, meanwhile, the same amount during the year 2017 reached EUR 2.2 million.

Net profit of the Company for the first three months of 2018 amounted to EUR 6.7 million and increased by 40.4 per cent compared to the same period of 2017. The main effect on the change in net profit was due to increase in oil product transshipment and augmentation of mentioned business profit. Decrease in profit tax has also positively affected net profit by EUR 0.3 million.

For the rest of the year the Company points out infrastructure project implementation, operation of LNG small-scale reloading station and decision regarding the assurance of long-term LNG supply as most important aims. As usual a lot of attention is dedicated to maintain reliable operation of terminals and assurance of profitability.

Full Report

Source: Klaipedos Nafta

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