AB Klaipėdos nafta unaudited financial information for the three months of 2022


Klaipedos Nafta

AB Klaipėdos nafta (hereafter – KN, the Company) announces the unaudited consolidated financial results (hereafter – the Group) and individual financial results for the three months ended March 31, 2022.

Main Group financial indicators comparing 3 months of 2022 and 2021:

Financial results for the 3 months of 2022

Change, compared to the 3 months of 2021

Adjusted results* for the 3 months of 2022

Change, compared to the 3 months of 2021

Revenue

€17.9 million

+14.1%

€17.9 million

+14.1%

Net profit (loss)

-2.8 million euros

+€6.3 million

1.4 million euros

+€1.4 million

EBITDA

8.4 million euros

+15.5%

8.4 million euros

+15.5%

Main financial indicators of the Company comparing 3 months of 2022 and 2021:

Financial results for the 3 months of 2022

Change, compared to the 3 months of 2021

Adjusted results* for the 3 months of 2022

Change, compared to the 3 months of 2021

Revenue

€17.1 million

+14.5%

€17.1 million

+14.5%

Net profit (loss)

-€3.1 million

+€6.1 million

1.1 million euros

+€1.0 million

EBITDA

€8.0 million

+14.3%

€8.0 million

+14.3%

* Adjusted financial figures are recalculated and presented by eliminating from net income the following amounts: (1) the impact of unrealized exchange rates resulting from the requirements of IFRS 16, (2) the respective impact of tax deferred gains from unrealized exchange rate gains/losses and (3) the impact of financial derivatives.

Management Comment:

During the three months of 2022, as in 2021, the net income of the Group and the Company was significantly affected by unrealized fluctuations in exchange rates. The unrealized impact of exchange rates arises from January 1, 2019 under the requirements of IFRS 16 “Leases”, according to which the Company accounts for finance lease obligations and the majority of them are denominated in US dollars. While all lease debts denominated in US dollars relate to the LNG terminal, the effect of the unrealized exchange rate is reflected in the regulated segment.

Revenue from regulated LNG activities for the first quarter of 2022 amounted to €10.2 million and was up by €1.3 million or 14.3% compared to the same period of 2021 ( €8.9 million). The main reasons: (1) an increase in AB Amber Grid revenues of 0.5 million euros due to recalculated actual consumption capacities from the previous period (2022 – 1.1 million euros, 2021 – 0 .6 million euros) and income related to the liability of the natural gas consumer for the periods after the court decision for an amount of 1.1 million EUR; 2) €0.2 million lower regasification revenues for the first quarter of 2022 compared to 2021; 3) Lower revenues of €0.1 million from the fixed part of the LNG regasification service fee were received during the first quarter of 2022 compared to the same period of 2021.

Revenue from LNG commercial activities for the first quarter of 2022 amounted to €1.3 million and was €0.1 million lower compared to the same period in 2021 (€1.4 million ). LNG business activities consist of business development projects, including LNG terminal operator services provided at the Port of Açu terminal in Brazil and at the LNG reloading station in Klaipėda.

Revenues from oil terminals for the first quarter of 2022 (6.4 million EUR) are higher by 1.0 million EUR compared to the same period in 2021 (5.4 million EUR). The positive impact on the volumes of cargo handling of petroleum products at the Klaipėda Oil Terminal was due to the regional and global tightness of petroleum products, soaring prices of petroleum products and increased demand for production European refineries. Demand for petroleum storage services remained weak in the first quarter of 2022 due to persistent trends in the markets, which were reinforced by the lower level of inventories of petroleum products in the region, in particular for diesel. However, transhipments of ethanol, petrochemicals and bitumen have intensified. The diversification of the handling of petroleum products was reinforced by the handling of a new product, crude oil of Lithuanian origin. The first batch of this cargo was accumulated and loaded on board during the first quarter.

Shut in:

  1. Condensed consolidated and separate financial statements of AB Klaipėdos nafta for the 3-month period ended March 31, 2022.

  2. Presentation of the Group’s unaudited financial results for the 1st quarter of 2022.

Mindaugas Kvekšas, CFO, +370 46 391772

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