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

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 2022.

Key financial indicators for the nine months of 2022:

EUR millions	Group		Company
	1-9 of 2022	1-9 of 2021	1-9 of 2022	1-9 of 2021
Revenue	56.5	46.3	54.2	44.0
EBITDA	27.2	20.3	26.2	19.3
Net profit (loss)	(29.0)	(57.5)	(29.7)	(58.2)
Adjusted net profit (loss)	6.3	(46.9)	5.6	(47.6)

Management comment:

Revenue from oil terminals for the nine months of 2022 amounts to EUR 19.2 million and is higher by 23.9% compared to the same period in 2021 (EUR 15.5 million). Company's oil terminals revenue for the 9 months of 2022 was affected by the growing consumption of fuel in the world, which for 9 months of this year exceeded the volumes for the same period in 2021 and was close to 2019 indicators. After the pandemic, reduced refining capacities and the changing geopolitical situation led to a tight supply and demand balance in the market and increased the demand for both the production of European oil refineries and demand for KN oil terminal services.

Regulated LNG activities revenue for 9 months of 2022 reached EUR 33.5 million and is higher by EUR 6.9 million or 25.9% compared to the same period of 2021 (EUR 26.6 million). The main reasons: (1) higher regasification revenue by EUR 16.8 million due to increased demand and regasification tariff from 0.41 EUR/MWh to 1.19 EUR/MWh; (2) received revenue related to the natural gas consumer’s liability for previous periods after the court decision in amount of EUR 1.1 million; (3) higher revenue by EUR 0.5 million due to recalculated actual consumption capacities of previous period; (4) lower revenue from the fixed part of LNG regasification service fee by EUR 11.5 million due to implemented LNG terminal capacity allocation and tariffication model when KN part in security supplement from May 2022 was decreased to 0 EUR/(MWh/day/year).

Revenue from commercial LNG activities for the nine months of 2022 amounts to EUR 3.8 million and is lower by 10.5% compared to the same period in 2021 (EUR 4.2 million). Commercial LNG activities consist of business development projects including LNG terminal operator services provided at the Port of Açu terminal in Brazil and LNG reloading station in Klaipėda.

During 9 months of 2022, the same as during 2021, 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:

1. Condensed Consolidated and Separate Financial Statements of AB Klaipėdos nafta for 9 months period ended 30 September 2022.
2. Presentation of the unaudited financial results of the Group for the 9 months period of 2022.

Mindaugas Kvekšas, Chief Financial Officer, +370 46 391772

Attachments

• AB Klaipėdos nafta IFRS Q3 2022
• KN activity results for 2022 Q3

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