AB Klaipėdos nafta unaudited financial information regarding the six months of 2021

AB Klaipėdos nafta (hereinafter – KN, the Company) announces the unaudited consolidated (hereinafter – the Group) and separate financial results for the six months ended 30 June 2021.

Main financial indicators of the Group comparing 6 months of 2021 and 2020:

	Financial results for 6 months of 2021	Change, compared to 6 months of 2020	Adjusted results for 6 months of 2021	Change, compared to 6 months of 2020
Revenue	31.6 million EUR	- 22.4%	31.6 million EUR	- 22.4%
Net profit (loss)	- 6.8 million EUR	- 16.2 million EUR	- 0.2 million EUR	- 7.5 million EUR
EBITDA	14.6 million EUR	- 39.7%	14.6 million EUR	- 39.7%

Main financial indicators of the Company comparing 6 months of 2021 and 2020:

	Financial results for 6 months of 2021	Change, compared to 6 months of 2020	Adjusted results for 6 months of 2021	Change, compared to 6 months of 2020
Revenue	30.1 million EUR	- 24.2%	30.1 million EUR	- 24.2%
Net profit (loss)	- 7.2 million EUR	- 16.5 million EUR	-0.7 million EUR	- 7.9 million EUR
EBITDA	14.0 million EUR	- 41.7%	14.0 million EUR	- 41.7%

Management comment:

During 6 months of 2021, the same as during 2020, the Group‘s and the Company‘s net profit was significantly affected by fluctuations of unrealized currency exchange rates. The unrealized impact of exchange rates arose from the 1^st January of 2019 under the requirements of IFRS 16 “Lease”, which indicated the Company to capitalise 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.

Regulated LNG activities revenue for 6 months of 2021 is EUR 17.9 million and is lower by EUR 4.2 million or 19.0% compared to the same period of 2020 (EUR 22.1 million). The main reasons: (1) LNG security supplement in 2021 has been reduced with the surplus of LNG return from the period 2014-2019 in total amount of EUR 1.9 million, with the effect of EUR 1 million lower revenue of HY1 2021 vs 2020; (2) LNG security supplement level set by NERC for HY period is lower in EUR 1 million compared HY1 2021 vs 2020; (3) lower revenue from variable part from LNG security supplement in EUR 1 million during HY1 2021 vs 2020; (4) significant surplus amount in EUR 1 million has been collected during HY1 2020 due to higher than planned consumption capacities in 2020 which gives additional EUR 1 million deviation comparing HY 2021 vs 2020.

Revenue from commercial LNG activities for the six months of 2021 is EUR 2.9 million and is higher by 17.0% compared to the same period in 2020 (EUR 2.5 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.

Revenue from oil terminals for the six months of 2021 is EUR 5.3 million lower compared to the same period in 2020. Ongoing restrictions in European countries due to COVID-19 pandemic as well as the scheduled repair and maintenance works at the plant of one of the main customers affected transshipment quantities in KN oil terminals during first 6 months of 2021. During H1 of 2021 part of the vacant capacities at Klaipeda Oil Terminal was rented for gasoline storage until the end of Q2 as well as part of capacities was rented for the storage of ethanol until the end of Q3. KN has extended cooperation agreements for biofuel handling for the rest of 2021 as well as signed contracts and started importing FAME (fatty acid methyl ester) and MEG (monoetilenglicol) in May. The handling of bitumen is scheduled to start in August.  

Enclosed:

1. Condensed Consolidated and Separate Financial Statements of AB Klaipėdos nafta for the 6 months period ended 30 June 2021.
2. Presentation of the unaudited financial results of the Group for the 6 months period of 2021.

Indrė Kisielienė, Acting Chief Financial Officer, +370 686 16276

Attachments

• IFRS_2021_EN_Q2
• KN_activity results for_2021_Q2

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