GlobeNewswire

AB Klaipėdos nafta interim financial information regarding the six months of 2019

Share

AB Klaipėdos nafta (hereinafter – KN, the Company) announces the unaudited financial results for the six months ended 30 June 2019.

In the first half-year of 2019, compared to the first half-year of 2018:

  • loading of oil products decreased by 18.6% (total loading -2.9 million tons);
  • LNG regasification and reloading increased by 42.1% (total - 6.4 million MWh).

KN’s financial accounting indicators of the first half-year of 2019, compared to the first half-year of 2018, were negatively affected by IFRS 16 “Leases” amended as of 1 January 2019. This change has significantly affected KN’s statement of financial position, statement of comprehensive income, and financial indicators. In 2018, the costs of lease were registered in the statement of comprehensive income and had no impact on the statement of financial position. Upon coming into effect of the amendments to the standard, leases have been recorded as assets and liabilities (right of use the assets and financial lease liabilities). In the statement of comprehensive income the impact of changes in exchange rates additionally formed, because of lease payments denominated in US dollars, however in reality the Company is not affected by this.

Regarding of the reasons mentioned above, in order to represent the real result, the adjusted result without the influence of IFRS 16 is provided next to accounting result with the impact of IFRS 16.

In the first half-year of 2019, compared to the first half-year of 2018, the main KN’s financial indicators changed as follows:

Million EUR H1 2019

accounting result
Change

2019 vs 2018
H1 2019 adjusted result (exd. IFRS 16) H1 2018

accounting result
Change

H1 2019 Adjusted vs H1 2018
Sales revenues 51.2 million EUR -2.8 % 51.2 million EUR 52.7 million EUR -2.8 %
Net profit 2.5 million EUR -75.1 % 4.7 million EUR 10.2 million EUR -54.0 %
EBITDA 32.3 million EUR 87.2 % 11.4 million EUR 17.2 million EUR -34.1 %
EBITDA margin 62.9 % 30.2 p.p. 22.2 % 32.7 % -10.5 p.p.


Management comment :

The first half-year of 2019 presented a number of challenges to KN, which were often caused by circumstances beyond the company’s control. Despite these challenges, both KN Klaipėda Oil Terminal and the Liquefied Natural Gas (LNG) Terminal in Klaipėda demonstrated high performance indicators.

The new KN Oil Terminal infrastructure has been successfully employed

The development of infrastructure of Klaipėda Oil Terminal in the last 3.5 years (investments amounting to EUR 45 million) produced the first results in the first half-year of 2019 – the new KN tank farm, operating in trial mode, accepted several oil products in June 2019. Thanks to ongoing investments, Klaipėda Oil Terminal – being one of a few multimodal terminals in the Baltic countries – has been increasing its flexibility and competitiveness.

The contaminated oil incident in the Druzhba pipeline highly affected the first half-year loading results of KN and also those of many other companies of neighbouring countries. This event has also slowed down the operations of our main competitors. KN loading results have been also negatively affected by the decision of AB Orlen Lietuva to refer bigger quantities of production to neighbouring markets by rail. Nevertheless, the loading results of June 2019 show that clients have been returning to their planned operation volumes. It should be noted that despite the challenges and a particularly harsh competitive environment, this year Klaipėda Oil Terminal is most efficient among all Baltic oil terminals.

LNG Terminal in Klaipėda supplied gas not only in Lithuania

A favourable international gas market situation determined the most efficient operation in the history of the LNG Terminal in the last months of the first half-year of 2019. The capacities of the LNG Terminal have been fully booked until October, which marks the end of the current gas year. The volume of operation of the LNG Terminal hit the record heights in June: about 2.4 TWh of natural gas were regasified and supplied to the natural gas transmission system – approximately the same quantity as consumed in all three Baltic countries in the first summer month. Besides, in June the LNG Terminal regasified 1.5 times more gas than consumed in Lithuania, thus the Terminal supplied gas not only in Lithuania – users of the Terminal directed some gas to Inčukalns storage, as well as to Latvia’s and Estonia’s consumers. The successful first half-year of LNG Terminal operation in Klaipėda can be also witnessed by an agreement signed with the third user of Klaipėda LNG Terminal, i.e. UAB Imlitex. This signifies that business has noted KN’s focus on the provision of more flexible and more efficient LNG loading and regasification services.

After the Seimas passed a decision at the end of last year with regard to acquisition of the FSRU after 2024, KN plans to ensure long-term LNG import to Lithuania, with optimum distribution of the terminal costs throughout the period from 2019 until the end of 2044. Among other KN goals for 2019, there is a goal to contribute to reduction of LNG Terminal maintenance costs with respect to all gas consumers as of this year. The best alternative of performance efficiency improvement has been selected – clarification of the LNG Terminal operation by transferring operations regulated by the LNG Terminal to the subsidiary UAB SGD terminalas. Despite the adjusted plan, KN’s management expects to implement necessary decisions to achieve the said goal.

A responsible community member

While boosting motivation and engagement of KN’s team, the package of employee benefits includes an additional health insurance for all company’s employees for another year. In May, as many as 357 employees of the company became its shareholders having been paid out up to a half of the annual employee’s premium in shares. The company is glad to see that all implemented decisions contribute to its positive evaluation as the employer: KN has been included in the top 20 most desirable employers in Lithuania in the competition of the most desirable employer organized by Verslo žinios.

In the first half-year KN was actively engaged in various social initiatives. To celebrate the World Environment Day, KN prepared an overview of environmental protection of oil terminals and presented it to neighbouring communities and responsible institutions. KN also initiated and contributed to civil protection training to local communities which expressed the need for such training and invited the members of Melnragė community to become better acquainted with the operations of the oil terminal as well as environmental protection measures applied during the loading of oil products.

The results achieved in the first half-year of 2019 encourage KN to continue to strive for the defined strategic goals: to increase added value both in respect of the company and the main shareholder – the state of Lithuania – and to pursue an even more efficient growth by improving internal processes and implementing the investment projects provided in the company’s long-term strategy.

We are proud to have such professional and motivated KN employees who can jointly face and overcome the greatest challenges, and in order to maintain strong motivation we will continue focusing on the strengthening of organizational culture.

Enclosed:

  1. Interim condensed Financial Statements of AB Klaipėdos nafta for the six months period ended 30 June 2019 together with interim report for the first half of 2019 (unaudited).
  2. Presentation of the financial results for the 6 months period of 2019.


Jonas Lenkšas, Chief Financial Officer, +370 694 80594


Attachments

About GlobeNewswire

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

https://globenewswire.com

GlobeNewswire 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

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

Latest releases from GlobeNewswire

NAXS Delårsrapport januari – september 201918.10.2019 17:45:00 CESTPressemelding

Nio månader 2019 Resultat efter skatt uppgick till 26,4 (22,2) MSEK. Resultatet per aktie uppgick till 2,29 (1,70) SEK. Substansvärdet uppgick till 717 MSEK (SEK 64,16 per aktie) per den 30 september 2019, jämfört med 736 MSEK (SEK 61,81 per aktie) per den 31 december 2018. De omfattande aktieåterköpen under delårsperioden samt betalning av utdelningen för 2018 var de två viktigaste orsakerna till det minskade substansvärdet. Nettokassan uppgick till 194 MSEK (17,40 SEK per aktie) per den 30 september 2019, jämfört med 261 MSEK (21,94 SEK per aktie) per den 31 december 2018. Årsstämman 2019 beslutade att lämna en utdelning om 2,78 SEK per aktie. Tredje kvartalet 2019 Resultat efter skatt uppgick till 11,7 (10,6) MSEK. Resultatet efter skatt per aktie uppgick till 1,05 (0,86) SEK. VD-kommentar NAXS hade en fortsatt stabil utveckling under det tredje kvartalet med en tillväxt i substanse/aktie om 3% under kvartalet och 7,4% över en 12-månaders period, inklusive lämnad utdelning. NAXS har

Interim Report January-September 201918.10.2019 17:45:00 CESTPress release

Nine months 2019 Net profit/loss for the period amounted to MSEK 26.4 (22.2). Earnings per share amounted to SEK 2.29 (1.70). Net asset value amounted to MSEK 717 (SEK 64.16 per share) at September 30, 2019, compared to MSEK 736 (SEK 61.81 per share) at year-end 2018. The fact that the total net asset value decreased, while the net asset value per share increased is due to the shares repurchases made during the period. Net cash amounted to MSEK 194 (SEK 17.40 per share) at September 30, 2019, compared to MSEK 261 (SEK 21.94 per share) at year-end 2018. The 2019 Annual General Meeting resolved that a dividend of 2.78 SEK per share to the shareholders for FY 2018. Third quarter 2019 Net profit/loss for the quarter amounted to MSEK 11.7 (10.6). Earnings per share amounted to SEK 1.05 (0.86). Comments by the CEO NAXS delivered a steady performance during the third quarter of 2019, with the NAV/share growing by 3% during the quarter and by 7.4% over 12 months, including the dividend paid. N

DNO ASA: Mandatory Notification of Trade18.10.2019 16:47:00 CESTPress release

Oslo, 18 October 2019 - DNO ASA, the Norwegian oil and gas operator, has today purchased 1,200,000 own shares at an average price of NOK 12.4482 per share. Following this transaction, DNO holds 78,800,000 own shares. -- For further information, please contact: Media: media@dno.no Investors: investor.relations@dno.no -- DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the North Sea. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Netherlands, Ireland and Yemen. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

PCI Biotech: Mandatory notification regarding trade of shares18.10.2019 14:59:00 CESTPress release

Stocken Invest AS, a wholly owned company by Lars Viksmoen, has on 18 October 2019 transferred 12,966 shares in PCI Biotech Holding ASA (“PCI Biotech”) to Lars Viksmoen, board member of PCI Biotech, at an average price of NOK 26.80 per share. After the transaction, Lars Viksmoen holds 12,966 shares in PCI Biotech and Stocken Invest AS holds 0 shares in PCI Biotech. This information is subject to the disclosure requirements pursuant to section 4-2 of the Norwegian Securities Trading Act.

Announcement of the Management Board of joint stock company “Olainfarm”18.10.2019 14:23:00 CESTPress release

The joint stock company “Olainfarm” has received draft decisions prepared by the initiators of the November 1, 2019 Extraordinary General Meeting of Shareholders – limited liability company “OLMAFARM” and Andrejs Saveljevs who is authorized representative of Nika Saveljeva, which include, inter alia, a list of candidates for the Council and Auditing committee of joints stock company “Olainfarm”. The requirements laid down in the laws and regulations in force in Republic of Latvia and in related documents determines the specific requirements to be complied with by capital companies listed in regulated market regarding their management and disclosure of information. Legislation of the Republic of Latvia (including the Financial Instrument Market Law) sets requirements for capital companies, and the European Union and the OECD (Organization for Economic Co-operation and Development) set out recommendations for the corporate governance of the capital companies. Nasdaq Riga, AS has develope

Nordic American Tankers Limited (NYSE:NAT) Announces the date for its 2019 Annual General Meeting of Shareholders (AGM)18.10.2019 13:32:00 CESTPress release

Hamilton, Bermuda, October 18, 2019. Nordic American Tankers Limited today announced that its Board of Directors has scheduled the 2019 AGM, to be held on November 20, 2019 at 10:00 a.m., local time, at the LOM Building,27 Reid Street, Hamilton HM 11 Bermuda. The Board has set a record date of October 8, 2019 for the determination of the NAT shareholders entitled to receive notice of and to vote at the AGM or any adjournment thereof. The Notice of the Meeting and Proxy Statement will be furnished to the Securities and Exchange Commission (SEC) on October 18, 2019. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals,