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

AB Klaipėdos nafta (hereinafter – KN, the Company) announces the unaudited consolidated (hereinafter – the Group) and separate financial results for the three months ended 31 March 2021.

• Revenue for the 3 months of 2021 of the Group and the Company are EUR 15.7 million and EUR 15.0 million respectively and is lower by 21.5% and 24.2% compared to the same period of 2020 (EUR 20.0 million and EUR 19.8 million respectively).
• Net profit (loss) of the Group and the Company for the 3 months of 2021 amounts to EUR (9.1) million and EUR (9.2) million respectively and is EUR 8.7 million and EUR 8.9 million higher compared to the 3 months of 2020 (EUR (0.4) million and EUR (0.3) million respectively).
• Adjusted net profit (loss) of the Group and the Company for the 3 months of 2021 amounts to EUR 0.04 million and EUR (0.09) million respectively and is lower by EUR 3.9 million and EUR 4.1 million compared to the same period of 2020 (EUR 3.9 million and EUR 4.0 million respectively).
• EBITDA for the 3 months of 2021 of the Group and the Company amounts to EUR 7.3 million and EUR 7.0 million respectively and is lower by 39.2% and 41.2% compared to the same period of 2020 (EUR 12.0 million and EUR 12.1 million respectively).

Main financial indicators of the Group comparing 3 months of 2021 and 2020:

	Financial results for 3 months of 2021	Change, compared to 3 months of 2020	Adjusted results for 3 months of 2021	Change, compared to 3 months of 2020
Revenue	15.7 million Eur	- 21.5%	15.7 million Eur	- 21.5%
Net profit	- 9.1 million Eur	- 8.7 million Eur	0.04 million Eur	- 3.9 million Eur
EBITDA	7.3 million Eur	- 39.2%	7.3 million Eur	- 39.2%

Management comment:

During 3 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 3 months of 2021 is EUR 8.9 million and is lower by EUR 2.5 million or 21.9% compared to the same period of 2020 (EUR 11.4 million). The main reasons for the lower revenue are due to lower regasification volumes, compared to the same period in 2020, and because of proportionate reduction of security supplement in 2021, based on the surplus of LNG return from the period 2014-2019, which was established for the regulated activities of the Company, and is equal to EUR 1.9 million.

Revenue from commercial LNG activities for the three months of 2021 is EUR 1.4 million and is higher by 40,0% compared to the same period in 2020 (EUR 1.0 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 three months of 2021 is lower by EUR 2.1 million compared to the same period in 2020. Ongoing restrictions in European countries due to COVID-19 pandemic continued to affect volumes of oil product handled via KN oil terminal during Q1 of 2021. In December 2020, the client of the company BNK (UK) Limited has informed about the temporary suspension of oil products sales through Klaipėda. In the first quarter, BNK completed the handling of oil products, which were loaded through the KN oil terminal based on sales contracts before transshipment suspension through the port of Klaipėda. During three months of 2021, KN offered to market participants spare terminal capacities for handling other products and services, the Company rented part of the available capacities for gasoline and ethanol storage as well as extended cooperation for biofuel handling in 2021.

Enclosed:

1. Condensed Consolidated and Separate Financial Statements of AB Klaipėdos nafta for the 3 months period ended 31 March 2021.
2. Presentation of the unaudited financial results of the Group for the 3 months period of 2021.

Jonas Lenkšas, Chief Financial Officer, +370 694 80594.

Attachments

• IFRS_2021_EN_Q1
• KN_activity results for_2021_Q1

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