AB Klaipedos nafta (hereinafter - KN, the Company) announces the unaudited financial results for the three months ended 31 March 2019.
- AB Klaipedos nafta revenues for the 3 months of 2019 comprised EUR 31.2 million, 12.2 per cent more compared to the same period of 2018 (EUR 27.8 million).
- Net profit of the Company for the 3 months of 2019 amounted to EUR 2.8 million, 58.8 per cent less compared to the first 3 months of 2018 (EUR 6.8 million). Net profit margin for the first three months of 2019 comprised 8.9 per cent (3 months of 2018 - 24.3 per cent).
- Company's EBITDA for the three months of 2019 amounted to EUR 17.7 million, i.e. 70.2 per cent more compared to the same period of 2018 (EUR 10.4 million), EBITDA margin for the first 3 months of 2019 was 56.7 per cent (first 3 months of 2018 - 37.2 per cent).
Management comment:
During first quarter of 2019 Company's oil terminals in total handled 1.54 million tons of oil products (2.04 million t during first quarter of 2018). Company's oil terminals sales revenue reached EUR 8.2 million which has decreased by 25.5 percent compared to the same period during the year 2018 (EUR 11.0 million).
In KN operating oil terminals total oil product transshipment volume diminution during first quarter of the year was influenced by several unfavorable factors which emerged at the same time. The first quarter of 2019 majority of clients have reloaded less oil products than were planned. Negative impact for ORLEN LIETUVA reloading results are related to planned repair works at refinery and incident in refinery, also a part of diesel fuel was directed by rail into Polish market. Transshipment results were also negatively affected by the slightly lower than planned Belarusian oil products flow.
During the second quarter of the year it is planned to finish the investment of 2nd stage of light fuel oil storage tanks park expansion in Klaipeda oil terminal, which will ensure higher competitiveness of KN and provides an opportunity to adapt to constant market changes. After implementation of investment project KN will be able to reload higher volume and different kinds of oil products and its components in Klaipeda oil terminal.
During the first quarter of 2019, one gas carrier delivered cargo to LNG terminal and six small scale operations of LNG reloading were carried out. Total volume of re-gasified and reloaded LNG for the three months of 2019 comprise MWh 0.74 million and during the same period of 2018 - MWh 1.10 million. LNG terminal operation decreased due to the planned maintenance of LNG terminal which continued for a month. During that time LNG regasification has been temporary stopped. LNG terminals revenue for first quarter of the year comprises of EUR 22.98 million and increased by 36.9 per cent, compared to the same period of the year 2018 (EUR 16.79 million). The increase in revenue was influenced by additional accounted revenue for the impact of currency exchange rate, for the higher security supplement, which has been approved by the National Commission for Energy Control and Prices, also for the higher reloading volumes.
It should be noted that the positive impact for EBITDA ratio has a change of IFRS 16 accounting standard. According to the standard since the year 2019 lease liabilities are accounted as assets and liabilities and has been started to depreciate accordingly.
Enclosed:
- Interim condensed Financial Statements of AB Klaipedos nafta for the three months period ended 31 March, 2019.
- Presentation of the unaudited financial results for the 3 months period of 2019.
Jonas Lenkšas, Chief Financial Officer, +370 694 80594
Attachments
- IFRS_2019_EN_Q1_Final (https://ml-eu.globenewswire.com/Resource/Download/76e10c69-07c0-4ebb-a265-007e7ae6fb7d)
- KN_activity results for_2019_Q1 (https://ml-eu.globenewswire.com/Resource/Download/b1767057-6ee1-419c-b907-5f5b11d1409e)
