GlobeNewswire by notified

AB Klaipėdos nafta unaudited financial information for the 3 months of 2023


AB Klaipėdos nafta (hereinafter – KN, the Company) announces the unaudited consolidated (hereinafter – the Group) and separate financial results for the 3 months of 2023.

Key financial indicators:

EUR millionsGroupCompany
2023 Q12022 Q12023 Q12022 Q1
Net profit (loss)6.6(2.8)6.4(3.1)
Adjusted net profit (loss)

Management comment:

Revenue from oil terminals for Q1 of 2023 amounts to EUR 7.8 million and is higher by 21.9% compared to the same period in 2022 (EUR 6.4 million). Revenue was highly impacted by 98.0% higher revenue from rent of storage tanks. While biofuels transshipment volumes remained stable in comparison with Q1 2022, the demand for biofuels storage services led to nearly 2 times bigger revenue from biofuels segment, where ethanol was the main driver. Moreover, during 2023 Q1 KN continued to participate in the logistics chain of fuel oil supply to “Vilnius šilumos tinklai” contributing to the lower municipality heating prices and energy security during the cold season.

Regulated LNG activities revenue for Q1 of 2023 reached EUR 12.7 million and is higher by EUR 2.5 million or 24.5% compared to the same period in 2022 (EUR 10.2 million). The main reasons: (1) higher regasification revenue by EUR 11.2 million due to increased demand and regasification tariff from 0.41 EUR/MWh to 1.41 EUR/MWh; (2) higher revenue by EUR 0.1 million due to the higher amount of reloaded LNG; (3) lower revenue from the fixed part of LNG regasification service fee by EUR 7.7 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; (4) received revenue related to the natural gas consumer’s liability for previous periods after the court decision in amount of EUR 1.1 million in 2022.

Revenue from commercial LNG activities for Q1 of 2023 amounts to EUR 1.6 million and is higher by 23.1% compared to the same period in 2022 (EUR 1,3 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 Q1 of 2023, the same as during 2022, the Group‘s and the Company‘s net profit (loss) was significantly affected by unrealized currency exchange result 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.


  1. Condensed Consolidated and Separate Financial Statements of AB Klaipėdos nafta for 3 months period ended 31 March 2023.
  2. Presentation of the unaudited financial results of the Group for Q1 of 2023.

Mindaugas Kvekšas, Chief Financial Officer, +370 46 391772


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

International Petroleum Corporation Announces Appointment of New Director28.11.2023 10:00:00 CET | Press release

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce the appointment of Deborah Starkman to the Corporation's Board of Directors. The appointment is effective November 27, 2023 and increases the Board to seven directors. As previously announced, William Lundin will also be appointed to the Board as of January 1, 2024, increasing the Board to eight directors. Ms. Starkman is currently the Chief Financial Officer of Dream Unlimited Corp. (Dream), a TSX-listed real estate developer and asset management business in Canada and the United States. Ms. Starkman is responsible for overseeing the financial management of Dream. She currently oversees the shared services platform including Information and Technology, People and Culture, Office Services, Legal, Treasury and development accounting. Ms. Starkman was previously the Chief Financial Officer and Corporate Secretary of GMP Capital Inc. (GMP), a Canadian independent financial ser