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 millions	Group		Company
	2023 Q1	2022 Q1	2023 Q1	2022 Q1
Revenue	22.2	17.9	21.4	17.1
EBITDA	9.8	8.4	9.5	8.0
Net profit (loss)	6.6	(2.8)	6.4	(3.1)
Adjusted net profit (loss)	2.6	1.4	2.4	1.1

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.

Enclosed:

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

Attachments

• AB Klaipėdos nafta IFRS Q1 2023
• KN_activity results for_2023_Q1

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