AB Klaipėdos nafta unaudited financial information for the six months of 2023
August 18 2023 - 1:00AM
AB Klaipėdos nafta unaudited financial information for the six
months of 2023
AB Klaipėdos nafta (hereinafter – KN, the Company) announces the
unaudited consolidated (hereinafter – the Group) and separate
financial results for the six months ended 30 June 2023.
Key financial indicators for the first half year of 2023:
EUR millions |
Group |
Company |
|
H1 2023 |
H1 2022 |
H1 2023 |
H1 2022 |
Revenue |
42.4 |
36.0 |
40.9 |
34.5 |
EBITDA |
16.7 |
16.9 |
16.2 |
16.2 |
Net profit (loss) |
8.1 |
(13.8) |
7.7 |
(14.3) |
Adjusted net profit (loss) |
3.3 |
3.0 |
2.9 |
2.6 |
Management comment:
Regulated LNG activities revenue for the 6 months of 2023
reached EUR 24.8 million and is higher by EUR 3.0 million or 13.8%
compared to the same period of 2022 (EUR 21.8 million). The main
reasons: (1) higher regasification revenue by EUR 12.3 million due
to increased demand and regasification tariff from 0.41 EUR/MWh
(from May 2022 – 1.19 EUR/MWh) in 2022 to 1.41 EUR/MWh in 2023; (2)
higher LNG reloading revenue by EUR 0.5 million; (3) other LNGT
revenue is higher by EUR 0.9 million due to payments from the
clients for the unused allocated capacity; (4) lower revenue from
the fixed part of LNG regasification service fee by EUR 10.8
million due to implemented LNG terminal long-term capacity
allocation and tariffication model in 2022, KN share in security
supplement from May 2022 could be reduced to 0 EUR/(MWh/day/year),
given the current volume of activities of the LNG terminal.
Revenue from commercial LNG activities for the six months of
2023 amounts to EUR 3.4 million and is higher by 35% compared to
the same period in 2022 (EUR 2.5 million). Commercial LNG
activities consist of business development projects including LNG
terminal operator services provided at the Port of Açu in Brazil
and LNG reloading station in Klaipėda.
Revenue from liquid energy terminals for the six months of 2023
amounts to EUR 14.2 million and is higher by 22.4% compared to the
same period in 2022 (EUR 11.6 million). 2023 1-6 months revenue
growth in comparison with the same period of 2022 was primarily
influenced by increased liquid energy product tank capacity
allocation for handling gasoline, diesel (esp. dedicated to
Ukraine) and biofuels. For the 6 months of 2023 Klaipėda liquid
energy terminal transshipment volumes remained nearly the same as
in the 6 months of 2022, while other Baltic states’ liquid energy
terminals experienced significant decrease. As a result, Klaipėda
terminal’s share in Baltic states region liquid energy
transshipment market increased from 25 to 39%.
During 6 months of 2023, the same as during 2022, the Group‘s
and the Company‘s net profit was significantly affected by
unrealized currency exchange losses and by the reduction of LNG
security supplement from 1 January 2020 by EUR 26.8 million per
annum. The unrealized impact of exchange rates arose from the
1 January 2019 under the requirements of IFRS 16 “Lease”,
according to which the Company recognizes 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.
Enclosed:
- Condensed
Consolidated and Separate Financial Statements of AB Klaipėdos
nafta for 6 months period ended 30 June 2023.
- Presentation of the
unaudited financial results of the Group for the 6 months period of
2023.
Mindaugas Kvekšas, Chief Financial Officer, +370 46 391772
- KN IFRS EN H1
- KN_activity results for_2023_Q2
Klaipedos Nafta Ab (LSE:0J1K)
Historical Stock Chart
From Apr 2024 to May 2024
Klaipedos Nafta Ab (LSE:0J1K)
Historical Stock Chart
From May 2023 to May 2024