AB Klaipėdos nafta unaudited financial information for the nine months of 2023
November 21 2023 - 12:55AM
AB Klaipėdos nafta unaudited financial information for the nine
months of 2023
AB Klaipėdos nafta (hereinafter – KN, the Company) announces the
unaudited consolidated (hereinafter – the Group) and separate
financial results for the nine months ended 30 September 2023.
Key financial indicators for the first 9 months of 2023:
EUR millions |
Group |
Company |
|
9 months of 2023 |
9 months of 2022 |
9 months of 2023 |
9 months of 2022 |
Revenue |
63.6 |
56.5 |
61.1 |
54.2 |
EBITDA |
28.0 |
27.2 |
27.0 |
26.2 |
Net profit (loss) |
5.5 |
(29.0) |
4.8 |
(29.6) |
Adjusted net profit (loss) |
6.2 |
6.3 |
5.5 |
5.7 |
Management comment:
Regulated LNG activities revenue for the 9 months of 2023
reached EUR 37.3 million and is higher by EUR 3.9 million or 11.5%
compared to the same period of 2022 (EUR 33.5 million). The main
reasons: (1) higher regasification revenue by EUR 12.9 million due
to increased demand and regasification tariff from 1.19 EUR/MWh
(till May 2022 – 0.41 EUR/MWh) in 2022 to 1.41 EUR/MWh in 2023; (2)
higher LNG reloading revenue by EUR 0.8 million; (3) other LNGT
revenue is higher by EUR 1.0 million mainly 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 nine months of
2023 amounts to EUR 5.2 million and is higher by 35.4% compared to
the same period in 2022 (EUR 3.8 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 nine months of 2023
amounts to EUR 21.1 million and is higher by 9.8% compared to the
same period in 2022 (EUR 19.2 million). 2023 1-9 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 9 months of 2023 Klaipėda liquid
energy terminal transshipment volumes remained nearly the same as
in the 9 months of 2022.
During 9 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 9 months period ended 30 September 2023.
- Presentation of the
unaudited financial results of the Group for the 9 months period of
2023.
Vaidotas Dirmeikis, Head of Finance department, acting CFO, +370
46 391772
- KN IFRS Q3 2023
- KN_activity results for_Q3 2023
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