AB Klaipėdos nafta unaudited financial information regarding the three months of 2022

AB Klaipėdos nafta (hereinafter – KN, the Company) announces the unaudited consolidated (hereinafter – the Group) and standalone financial results for three months ended 31 March 2022.

Main financial indicators of the Group comparing 3 months of 2022 and 2021:

	Financial results for 3 months of 2022	Change, compared to 3 months of 2021	Adjusted* results for 3 months of 2022	Change, compared to 3 months of 2021
Revenue	17.9 million EUR	+14.1%	17.9 million EUR	+14.1%
Net profit (loss)	-2.8 million EUR	+6.3 million EUR	1.4 million EUR	+1.4 million EUR
EBITDA	8.4 million EUR	+15.5%	8.4 million EUR	+15.5%

Main financial indicators of the Company comparing 3 months of 2022 and 2021:

	Financial results for 3 months of 2022	Change, compared to 3 months of 2021	Adjusted* results for 3 months of 2022	Change, compared to 3 months of 2021
Revenue	17.1 million EUR	+14.5%	17.1 million EUR	+14.5%
Net profit (loss)	-3.1 million EUR	+6.1 million EUR	1.1 million EUR	+1.0 million EUR
EBITDA	8.0 million EUR	+14.3%	8.0 million EUR	+14.3%

* Adjusted financial figures are recalculated and presented by eliminating from net profit (loss) the following amounts: (1) the impact of unrealised foreign currency exchange rates arising from IFRS 16 requirements, (2) respective impact of deferred income tax arising from unrealised foreign currency exchange rates gains/losses and (3) impact of financial derivatives.

Management comment:

During three months of 2022, the same as during 2021, the Group‘s and the Company‘s net profit (loss) was significantly affected by unrealized fluctuations of currency exchange rates. The unrealized impact of exchange rates arose from the 1 January 2019 under the requirements of IFRS 16 “Lease”, according to which the Company recognises 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 Q1 of 2022 is EUR 10.2 million and is higher by EUR 1.3 million or 14.3% compared to the same period of 2021 (EUR 8.9 million). The main reasons: (1) 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) and revenue related to the natural gas consumer’s liability for previous periods after the court decision in amount of EUR 1.1 million; 2) EUR 0.2 million lower regasification revenue for the Q1 of 2022 vs 2021; 3) EUR 0.1 million lower revenue from the fixed part of LNG regasification service fee has been collected during Q1 of 2022 compared to the same period of 2021.

Revenue from commercial LNG activities for Q1 of 2022 is EUR 1.3 million and is EUR 0.1 million lower compared to the same period in 2021 (EUR 1.4 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 Q1 of 2022 (EUR 6.4 million) is EUR 1.0 million higher compared to the same period in 2021 (EUR 5.4 million). The positive impact on the volumes of oil product cargo handling at Klaipėda Oil Terminal was due to the regional and global oil product tightness, soaring oil product prices, and increasing European refineries production demand. Demand for oil storage services remained low in the first quarter of 2022 due to continuing backwardation tendencies in markets, which was reinforced by the declining level of oil product inventories in the region, especially for diesel.   However, transshipment of ethanol, petrochemicals, and bitumen intensified. The diversification of petroleum product handling was enhanced by the handling of a new product, crude oil of Lithuanian origin. The first batch of this cargo was accumulated and loaded on board in the first quarter.

Enclosed:

1. Condensed Consolidated and Separate Financial Statements of AB Klaipėdos nafta for 3 months period ended 31 March 2022.
2. Presentation of the unaudited financial results of the Group for Q1 of 2022.

Mindaugas Kvekšas, Chief Financial Officer, +370 46 391772

Attachments

• AB Klaipėdos nafta IFRS Q1 2022
• KN_activity results for_2022_Q1

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.