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KN Energies AB
Remuneration Information • Mar 25, 2022
2252_def-14a_2022-03-25_e1dff234-6c92-46ea-af01-cbf224633edd.pdf
Remuneration Information
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2021 AB KLAIPĖDOS NAFTA REPORT ON REMUNERATION
2021 YEAR AB KLAIPĖDOS NAFTA REPORT ON REMUNERATION
www.kn.lt | 1
REPORT ON REMUNERATION
Remuneration principles of the Company's governing and supervisory bodies are determined by the Remuneration policy approved in General shareholders meeting in April 2020. Full remuneration policy can be found on Company's website.
Remuneration for activities in the collegial bodies of the Company may be paid to the members of the collegial body of the Company who are independent or not, but who are not public servants or employees of a state representative institution.
The personal data of the members of the Company's governing and supervisory bodies is included in the report on remuneration for the following purposes:
- to increase the transparency of the Company;
- to improve the accountability of the members of the governing bodies;
- to supervise the remuneration of the governing bodies.
REMUNERATION OF THE SUPERVISORY COUNCIL IN 2021
Members of collegial governing and supervisory bodies of the Company are only eligible for receiving fixed monthly compensation.
The remuneration to be paid must:
- promote the creation of long-term and sustainable value of the Company, to be fair and understandable.
- comply with the workload of the individual organs of the Company and their members.
- be competitive with the salary levels in the labour market of the respective field.
- ensure the indemnification of the liability assumed by the individual members of the Company bodies.
- promote the attraction of high-level professionals in their field to the management of the Company.
| TITLE | MONTHLY SALARY FOR 2021, EUR |
TOTAL FOR 2021, EUR | MONTHLY SALARY FOR 2020, EUR |
TOTAL FOR 2020, EUR |
|---|---|---|---|---|
| Member 1 | 1,140.59 | 13,687.08 | 1,140.59 | 13,687.08 |
| Member 2 | 856.92 | 10,283.04 | 856.92 | 1,156.87 |
| Member 3 | 0.00 | 0.00 | 0.00 | 0.00 |
| TOTAL | 1,997.51 | 23,970.12 | 1,997.51 | 14,843.95 |
In 2021 the total remuneration for the members of the Supervisory Council amounted to EUR 24,0 thousand (2020 – EUR 20.8 thousand). Members of the Supervisory Council were not granted with any loans, guarantees, assets, premiums, tantiemes, shares or salary for service at any other company of the Group for the year 2021. They are not eligible for any variable part of remuneration or for recovery of it.
REMUNERATION OF THE BOARD OF THE COMPANY IN 2021
| TITLE | MONTHLY SALARY FOR 2021, EUR |
TOTAL FOR 2021, EUR | MONTHLY SALARY FOR 2020, EUR |
TOTAL FOR 2020, EUR |
|---|---|---|---|---|
| Member 1 | 2,400.00 | 28,800.00 | 2,400.00 | 28,800.00 |
| Member 2 | 2,095.00 | 25,140.00 | 2,095.00 | 25,140.00 |
| Member 3 | 2,095.00 | 25,140.00 | 2,095.00 | 25,140.00 |
| Member 4 | 2,095.00 | 18,855.00 | 2,095.00 | 25,140.00 |
| Member 5 | 2,095.00 | 2,095.00 | 0.00 | 0.00 |
| Member 6 | 0.00 | 0.00 | 0.00 | 0.00 |
| TOTAL | 10,780.00 | 100,030.00 | 8,685.00 | 104,220.00 |
In 2021 the total remuneration for the members of the Board amounted to EUR 100.0 thousand (2020 - EUR 104.2 thousand). In 2021 members of the Board were not granted any shares, did not receive any loans, guarantees, assets, premiums, tantiemes or any other benefits for work as members of the Bord or salary for service at any other company of the Group. They are not eligible for any variable part of remuneration or for recovery of it.
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REMUNERATION OF THE AUDIT COMMITTEE IN 2021
| TITLE | MONTHLY SALARY FOR 2021, EUR |
TOTAL FOR 2021, EUR | MONTHLY SALARY FOR 2020, EUR |
TOTAL FOR 2020, EUR |
|---|---|---|---|---|
| Member 1 | 1,140.59 | 13,587.79 | 856.92 | 530.53 |
| Member 2 | 856.92 | 10,382.33 | 968.36 | 11,620.31 |
| Member 3 | 856.92 | 10,283.04 | 856.92 | 10,283.04 |
| TOTAL | 2,854.43 | 34,253.16 | 2,682.20 | 22,433.88 |
In 2021 the total remuneration for the independent members of the Audit Committee amounted to EUR 34.3 thousand (in 2020 – EUR 30.4 thousand). Members of the Audit Committee have not received any loans, guarantees or assets, unpaid bonuses, tantiemes and other benefits or salary for service at any other company of the Group, were not granted any shares of the Company. They are not eligible for any variable part of remuneration or for recovery of it.
REMUNERATION OF THE CEO OF THE COMPANY IN 2021
The CEO of the Company is rewarded according to provisions set in the Remuneration policy approved by the Board of the Company and the Company's Procedure for rewarding bonuses to AB Klaipėdos nafta top management employees.
The monthly salary of the CEO of the Company was set to EUR 9,200 in November of 2019 and has not been changed since then. Following the Remuneration policy, the CEO is also eligible for receiving annual bonus depending on the results of the Company and achievement of the annual goals. The maximum bonus in case all goals are achieved consists of 4 monthly salaries. In 2021 variable pay for the CEO, was EUR 1,227 (monthly equivalent of yearly bonus) (2020 - EUR 2,101 (monthly equivalent of yearly bonus).
CHANGES IN THE COMPANY RESULTS AND AVERAGE MONTHLY SALARY OF ALL EMPLOYEES
| 2021 | 2021 adj.** |
2020 | 2020 adj.** |
2019 | 2019 adj.** |
2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 58,633 | 58,633 | 77,474 | 77,474 | 104,138 | 104,138 | 99,998 | 106,484 |
| Net profit (loss) | -64,917 | -48,084 | 33,495 | 10,991 | 7,947 | 13,117 | 11,577 | 17,031 |
| Average monthly salary (gross), EUR |
2,570 | - | 2,574 | - | 2,282 | - | 2,313 | 2,297 |
* Remuneration of Members of governing and supervisory bodies are not included.
** adj. - adjusted financial indicators/data are recalculated and presented by eliminating from net profit (loss) the following amounts: (1) the impact of unrealised foreign currency exchange rates (forex) arising from IFRS 16 requirements, (2) respective impact of deferred income tax arising from forex, and (3) impact of financial derivatives.
The Company's 2021 average monthly salary of all employees did not change compared to 2020 (2021 – 2,570 EUR/month, 2020 – 2,574 EUR/month).
Average monthly salary of all employees of the Company has been gradually growing for the last few years. Average monthly salaries per employee category for 2020-2021 are provided below.
AVERAGE MONTHLY SALARIES OF THE EMPLOYEES OF THE GROUP AND THE COMPANY
| AVERAGE MONTHLY SALARY (GROSS), EUR | ||||||
|---|---|---|---|---|---|---|
| EMPLOYEE CATEGORY | GROUP | GROUP | CHANGE, | COMPANY | COMPANY | CHANGE, |
| 2021 | 2020 | % | 2021 | 2020 | % | |
| Managers 1) | 5,061 | 5,507 | -8.1 | 5,459 | 5,719 | -4.5 |
| Specialists | 2,445 | 2,511 | -2.6 | 2,553 | 2,552 | 0.0 |
| Workers | 1,614 | 1,741 | -7.3 | 1,614 | 1,741 | -7.3 |
| Total | 2,506 | 2,543 | -1.5 | 2,570 | 2,574 | -0.2 |
1) The Company's managers include: Chief Executive Officer (CEO), Directors and Heads of Divisions. The following sums were calculated for the remuneration to the Group's managers in 2021: EUR 3,684 thousand, in that amount taxes paid by the employer included EUR 177 thousand (when in 2020 were EUR 3,137 thousand from which EUR 103 thousand of taxes paid by the employer). The average annual salary of manager of the Group amounted to EUR 63.5 thousand in 2021 (in 2020 - EUR 65.3 thousand).
2) The average monthly salary is calculated according to the average monthly wage calculation procedure as stated in the State companies' employees' average monthly salary calculation procedure approved by the Government of Lithuania on 23 August 2002, resolution No. 1341 and its subsequent changes.
