AB Klaipėdos nafta unaudited financial information for 2022

AB Klaipėdos nafta (hereinafter – KN, the Company) announces the unaudited consolidated (hereinafter – the Group) and separate financial results for 2022.

Key financial indicators:

EUR millions	Group		Company
	2022	2021	2022	2021
Revenue	77.8	61.8	74.7	58.6
EBITDA	35.5	26.1	34.2	24.6
Net profit (loss)	(5.5)	(64.0)	(6.3)	(64.9)
Adjusted net profit (loss)	9.3	(47.2)	8.5	(48.1)

Management comment:

Revenue from oil terminals for 2022 amounts to EUR 27.8 million and is higher by 29.9% compared to 2021 (EUR 21.4 million). The increase of revenue was due to 16.9% or 616 thousand tones higher transhipment of oil products. Transhipment quantities in the Company's oil terminals were affected by continuous initiatives to explore new transhipment routes which allowed KN to become a part of the logistics chain of fuel supply to new customers in southwest directions. Also, in 2022 KN oil terminal was in demand as oil products import hub, notably fuel oil, which – in response to all-time highs of gas prices - was used as alternative heating generation fuel source in Vilnius city heating infrastructure at the start of the winter season of 2022.  

Regulated LNG activities revenue for 2022 reached EUR 44.6 million and is higher by EUR 9.8 million or 28.2% compared to 2021 (EUR 34.8 million). The main reasons: (1) higher regasification revenue by EUR 26.7 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 from AB Amber Grid by EUR 0.5 million due to recalculated actual consumption capacities of previous period (2022 – EUR 1.1 million, 2021 – EUR 0.6 million); (4) lower revenue from the fixed part of LNG regasification service fee by EUR 18.5 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 2022 amounts to EUR 5.4 million and is lower by 3.5% compared to 2021 (EUR 5.6 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 2022, the same as during 2021, the Group‘s and the Company‘s net profit (loss) 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 2022.
2. Presentation of the unaudited financial results of the Group for 2022.

Mindaugas Kvekšas, Chief Financial Officer, +370 46 391772

Attachments

• AB Klaipėdos nafta IFRS 2022 Q4
• KN activity results for 2022 Q4

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