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Correction: AB Klaipėdos nafta preliminary revenue for the August 2020

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Correction: Announcing preliminary revenue for August 2020 the mistake was made in the text referring to preliminary sales revenue of oil terminals for the first eight months of 2020, as well as incorrectly indicated reporting month in Lithuanian language announcement in the management comment section. Updated information presented in bold below:

AB Klaipėdos nafta (further the Company) reviewed operating segments since the beginning of the second quarter of 2020 and presents revenue disclosures accordingly. The following operating segments of the Company are:

  • Oil terminals activity, that includes Klaipėda oil terminal and Subačius oil terminal,
  • Regulated LNG activity in Klaipėda and
  • Commercial LNG activity, that includes small-scale LNG reloading station in Klaipėda and Business development projects.

The preliminary sales revenue of the Company’s oil terminals for the August 2020 comprised EUR 2.6 million and is lower by EUR 0.4 million or by 13.3 % compared to August of 2019.  The preliminary sales revenue is lower due to decrease of transhipment quantities of oil products, compared to the same period of 2019. The preliminary sales revenue of the Company’s oil terminals for the first eight months of 2020 comprised EUR 21.1 million and is in the same level as compared to the same period of 2019.

The preliminary sales revenue of the Company LNG terminal for August 2020 comprised EUR 3.4 million (during the same month of 2019 – EUR 5.8 million). LNG terminal revenue consists of the regasification tariff fixed part (for booked annual capacities), variable part for amount of re-gasified LNG and reloading revenue from regulated activities. The level of Klaipėda LNG terminal revenue (for booked annual capacities) does not depend on regasification volume. Revenue is confirmed by the National Energy Regulatory Council (NERC) based on the approved methodology of State regulated prices in the natural gas sector and is calculated for the whole upcoming year. The preliminary sales revenue of LNG terminal for the first eight months of 2020 decreased by 38.5 % due to the reduction of security supplement of Klaipėda LNG terminal from the 1st January of 2020.

The preliminary sales revenue of the Company’s Commercial LNG activity for the August 2020 comprised EUR 0.2 million.  If compared to the respective period last year, the preliminary sales revenue is higher due to Business development projects consultation revenue and increase of small-scale LNG station revenue. The preliminary sales revenue of the Company’s Commercial LNG activity for the first eight months of 2020 comprised EUR 1.8 million.

Total preliminary sales revenue of the Company for the January-August 2020 amount to EUR 52.0 million and is lower by 24.5 % compared to the same period of 2019 - EUR 68.9 million.

Preliminary revenue of the Company, EUR million:

AugustJanuary - August
20202019Change20202019Change
Oil terminals activity2.63.0-13.3%21.121.5-1.9%
LNG terminal activity3.45.8-41.4%29.147.3-38.5%
Commercial LNG activity0.20.0100.0%1.80.117 times
Total6.28.8-29.5%52.068.9-24.5%

Comment by the Company management

In August there still has been a lot of uncertainty, which has been influenced by COVID-19 impact on the economies, which also affects results of KN. Our clients seek to preserve their profitability, wherefore the demand for the oil products storage has increased, however, it negatively influenced transhipment quantities of oil products. Despite the unfavourable circumstances, KN managed to secure same preliminary sales revenue of the Company’s oil terminals for the eight months of 2020 compared to the same period of 2019. Furthermore, we expect that our long-term partners in Belarus will meet their annual commitments to tranship agreed quantities of petroleum products and political activity will not be affect the dialogue on cooperation for the next contractual period.

The main factor, which influenced the total Company‘s revenue result in January-August, 2020, was lower revenue of Klaipėda LNG terminal, following from the KN decisions, adopted in 2019, to optimize Klaipėda LNG terminal costs and reduce the cost of LNG terminal infrastructure for consumers, starting from 2020.

Jonas Lenkšas, Chief Financial Officer, +370 694 80594

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