Earnings Release • Jul 31, 2017
Earnings Release
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AB KLAIPĖDOS NAFTA UNAUDITED FINANCIAL RESULTS FOR THE 6 MONTHS OF 2017
31st July 2017
Marius Pulkauninkas Chief Financial Officer (CFO)
The Company has concluded the Credit Agreement with the Nordic Investment Bank (NIB) regarding granting the credit of up to EUR 20,400 thousand euros to finance liquefied natural gas reloading station's and the 1st stage of Klaipėda oil terminal expansion projects.
The Board has approved the decision to sign the agreements with contractors, who will carry out the development works of Klaipėda Oil Terminal Light oil storage tanks Park and build new tanks for oil products.
28.04.2017 08.06.2017 13.06.2017 27.06.2017
AB Klaipėdos Nafta has signed agreements with three LNG terminal users, i.e. UAB LITGAS, UAB Lietuvos dujų tiekimas and AB Achema, who have been allocated the part of terminal capacities from the 1 st of October, 2017 until the 30th of September, 2018.
Additional Capacities.
The additional 960,000 MWh LNG terminal capacities will be allocated to UAB Lietuvos dujų tiekimas during the period from the 1st of July, 2017 until the 30th of September, 2017.
•In the conference of transport sector "Business Management 2017", which was organized by "Verslo žinios", AB Klaipėdos nafta was awarded as the Leader of Transport Sector.
•The Blue Baltics project, which is coordinated by AB Klaipėdos nafta, builds on the LNG value chain in the Baltic Sea and encourages the use of clean fuel. The project, which unites 4 countries (Lithuania, Sweden, Estonia ir Germany), has been evaluated for its positive environmental impact. The Blue Baltics project in the Baltic Sea Forum Awards (Berlin) became a leader in the category of "Infrastructure".
REVENUE, EBITDA, NET PROFIT (UNAUDITED) 53.9 55.8 57.3 52.3 50.0 60.0
11
1 st half of 2016, MEUR
Total 2 nd half of 2016, MEUR
1 st half of 2017, MEUR
3.9
EBITDA for the 2
4.7
Total 9.0
Export (Orlen Lietuva, AB)
Transit (Russia, Byelorussia oil products)
Others
| MEUR | H1 2016 |
H2 2016 |
H1 2017 |
|---|---|---|---|
| Revenue | 21.8 | 12.2 | 16.2 |
| Net profit | 8.7 | 1.3 | 5.0 |
| EBITDA | 12.8 | 4.7 | 9.1 |
During the 1 st half of 2017 it was reloaded 12.0 per cent more oil products compared to the 2 nd half of 2016.
Comparing the 1 st half of 2016 and the same period of 2017 the transhipment reduced by 26.3 per cent. It depends on:
the reduce in transit cargos from Belorussia refineries in connection with reduction of crude oil supply into these refineries.
During the 1 st half of 2017 the transhipment into road tankers increased even in 52 per cent. The increase was caused by the modernization of the Company's oil terminal light oil product tanks park.
Average storage volume, thousand tons
| MEUR | H1 2016 |
H2 2016 |
H1 2017 |
|---|---|---|---|
| Revenue | 1.4 | 1.4 | 1.1 |
| Net profit | 0.6 | 0.2 | 0.2 |
| EBITDA | 1.1 | 0.7 | 0.7 |
The storage quantities of oil products has reduced in the 1 st half of 2017 that accordingly has affected sales revenues.
Transhipment in Subačius oil terminal amounted to 41 thousand tons in the 1 st half of 2017 (1 st half of 2016 – 56 thousand tons).
*In preliminary calculations the LNG profit is estimated to EUR 3.2 million. The additionally received amount of revenue (or lack of income) will be dedicated for compensation of the LNG terminal necessarily expenses for the coming financial periods.
| MEUR | H1 2016 |
H2 2016 |
H1 2017 |
|---|---|---|---|
| Revenue | 34.1 | 32.9 | 35.0 |
| Net profit* | 2.6 | 0.8 | 3.0 |
| EBITDA | 5.8 | 3.9 | 6.3 |
During the 1 st half of 2017 six LNG carriers have been accepted, which have delivered 269.8 thousand tons of LNG.
In 2017 LNG reloading service from FSRU was held for the first time. Two LNG small carriers have been accepted, which reloaded 11 thousand tons of LNG.
The activity of LNG terminal is regulated and has the set price cap. The revenue and profit of LNG activity does not depend on re-gasification, therefore, there are differences between financial and regulated profit and revenue.
* LFO – Light Oil Products
| MEUR | H1 2016 |
H2 2016 |
H1 2017 |
Change, %, H1 of 2017 to H1 of 2016 |
Change, %, H1 of 2017 to H2 of 2016 |
|---|---|---|---|---|---|
| Sales Revenue | 57.3 | 46.5 | 52.3 | -8.7% | 12.6% |
| Gross profit | 15.3 | 5.5 | 11.1 | -27.7% | 101.8% |
| EBITDA | 19.5 | 9.0 | 15.2 | -21.9% | 69.6% |
| Profit before taxation (EBIT) | 12.8 | 2.3 | 8.3 | -35.6% | 250.2% |
| Net profit | 11.7 | 2.1 | 7.4 | -37.0% | 256.7% |
| Gross profit margin | 26.7% | 11.8% | 21.1% | ||
| EBITDA margin | 34.0% | 19.3% | 29.1% | ||
| Net profit margin | 20.4% | 4.5% | 14.1% | ||
| Return on equity (ROE)* |
12.5% | 7.2% | 5.0% | ||
| Return on assets (ROA)* | 10.0% | 5.7% | 3.9% | ||
| Profit per share (EPS), EUR/share | 0.031 | 0.005 | 0.019 | ||
| Average number of shares | 380,606,184 | 380,606,184 | 380,606,184 | - | - |
* The return on equity (ROE) and return on assets (ROA) were calculated by dividing the net profit (losses) of the last twelve months by the average of equity or asset values at the beginning and the end of the reference year.
Total equity Financial liabilities Other non-current and current liabilities
Registered address - Burių str. 19, LT-91003; Klaipėda Lithuania
Tel. +370 46 391772
Fax +370 46 311399
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