Earnings Release • Aug 31, 2015
Earnings Release
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| Company name | SC Klaipedos nafta |
|---|---|
| Company code | 110648893 |
| Authorized share capital | EUR 110,231,170 |
| Registered address | Buriu street 19, P.O. Box 81, 91003 Klaipeda-C, Lithuania |
| Telephone | +370 46 391772 |
| Fax | +370 46 311399 |
| [email protected] | |
| Webside | www.oil.lt, www.sgd.lt |
| Legal – organisational form |
Stock company |
| Date and place of registration | 27 September 1994, State Enterprise Centre of Registers |
The mission of the Company is to be a reliable import and export terminal of oil products and LNG for Lithuania and neighbor regions, to enable the region's oil refineries to export on a continuous basis their production by tankers through the Company's terminal to the Western European and further markets also to ensure alternative gas supply for the users in Lithuania and other neighbor countries.
The vision of the Company is to be a financially sustainable terminal for transhipment of oil products and LNG, implement projects in time and invest in initiatives that will increase economic returns for the investors.
To increase the effectiveness of the Company, Improvement of the internal processes, Assurance of the safety requirements and environmental protection, To diversify activity of the Company, To become the main centre of oil and gas in
The authorized capital is divided into 380,606,184 ordinary shares with a nominal value of 0.29 EUR.
Main shareholder is The Republic of Lithuania, represented by the Ministry of Energy of the Republic of Lithuania, holding 72.31 % of shares (275,241,290 unit).
Results for the 6 months period of 2015 4
On 12th June, 2015, the Board of the Company adopted a decision and approved the launch of new type of activity – consulting services on LNGT project implementation issues. The Board of the Company, approving the decision, took into account the fact that the Company has successfully implemented Klaipėda LNG terminal project and has gained valuable experience, knowledge and skills that can be successfully used for the development of new other LNG terminal projects.
On 24th June, 2015, the Company informed investors, that the Company and BNK (UK) Limited which is an affiliate of the leading exporter of Belarusian oil products – ZAT "Belaruskaja neftenaja kampanija", has signed a long term contract on provision of oil products reloading services in KN terminal. The term of the Contract is until 31 October 2016 (with option to extend it for one more year). Not less than 1 million tons of heavy fuel oil shall be reloaded through the Company's terminal during the period up to 31 October 2016.
Two four-track railway trestles provide a possibility to discharge or load 124 tank-cars
450 cub. m thousand total volume (plus in Subacius FS 340 cub. m thousand )
Depth: 14 m Harbour entrance depth: 14.5 m Length: 270 each Tanker batch: up to 100,000 t with 12.5 m allowable
A service to import gasoline and diesel by tankers for the Lithuanian market needs
Results for the 6 months period of 2015 6
LNG terminal: the first LNG terminal in the Baltic states, which comprise of the LNG floating storage and regasification unit – FSRU (170,000 thousand m3 ), jetty (450 m length), pipeline (18 km) and gas metering station. LNG to the terminal are delivered by the vessels - LNG carriers.
Results for the 6 months period of 2015 7
294 m
45 m
Storage capacity 170,000 m3
Regas capacity 11 mln.m 3/d
Import and other transhipment
Transit (Belorussian and Russian refineries petroleum products)
Export (AB "Orlen Lietuva")
The petroleum products transhipment volume has increased by 37.8 % (from 2,415 thousand tons in the first half of 2014 to 3,329 thousand tons in 2015). The main reasons:
1) The Company's managers include: General Manager, Deputy Manager, Heads of Divisions and their deputies, Heads of Divisions.
| Pokytis | |||||
|---|---|---|---|---|---|
| H1 2015 |
H1 2014 | +/- | % | ||
| Sales revenue | thousand EUR | 53,871 | 16,726 | 37,145 | 222.1% |
| Gross profit | thousand EUR | 13,363 | 6,049 | 7,314 | 120.9% |
| EBITDA | thousand EUR | 17,822 | 7,709 | 10,113 | 131.2% |
| EBIT | thousand EUR | 11,467 | 4,088 | 7,379 | 180.5% |
| EBITDA margin | % | 33.1% | 46.1% | -13.0% | -28.2% |
| EBIT margin | % | 21.3% | 24.4% | -3.1% | -12.7% |
| Financial and investment activities result | thousand EUR | -579 | 195 | -774 | -396.9% |
| Profit before taxation | thousand EUR | 10,888 | 4,283 | 6,605 | 154.2% |
| Net profit | thousand EUR | 9,458 | 3,670 | 5,788 | 157.7% |
| Net profit margin | % | 17.6% | 21.9% | -4.3% | -19.6% |
| Transhipment of oil products by type: | thousand tons | 3,329 | 2,415 | 914 | 37.8% |
| - HFO - heavy oil products |
thousand tons | 1,580 | 1,428 | 152 | 10.6% |
| - LFO - light oil products |
thousand tons | 1,749 | 987 | 762 | 77.2% |
| Average number of employees in categories |
370 | 379 | -9 | -2.4% | |
| Managers 1) | 36 | 34 | 2 | 5.9% | |
| Specialists | 135 | 126 | 9 | 7.1% | |
| Workers | 199 | 219 | -20 | -9.1% | |
| Average monthly salary (gross) | EUR/month | 1,299 | 1,223 | 76 | 6.2% |
| Managers 1) | EUR/month | 3,399 | 3,434 | -35 | -1.0% |
| Specialists | EUR/month | 1,594 | 1,593 | 1 | 0.1% |
| Workers | EUR/month | 1,097 | 1,010 | 87 | 8.6% |
SC Klaipedos nafta sales revenues for the H1 of 2015 has risen 3.2 times comparing to the H1 of 2014 and comprised EUR 53.9 million.
The activity of the LNG terminal which commenced in the end the year 2014 is the main reason for the increase in Company's revenues. Total recognized revenues from the LNG terminal operations for the six months of 2015 comprise EUR 32.4 million.
The revenues of the oil terminal also has increased – by 27.1% or by EUR 4.3 million.
The net profit of the Company for the 6 months period of 2015 has increased 2.6 times to EUR 9.5 million (for H1 2014 – EUR 3.7 million). EBITDA for the 6 months comprise 17.8 EUR million and is higher almost 2.3 times comparing to the 6 months of 2014.
The profitability of the Company for the H1 2015 has significantly increased due to the two main reasons:
Assets turnover ratio - 0.23 (30-06-2014 – 0.08).
revenues (Eur 4.3 million) and received prepayments (Eur 7.6 million) related with the LNG terminal activity.
Total investments into the noncurrent assets during the first quarter of 2015 comprise EUR 2.6 million. The major part of investments were allocated to the finalizing works of the construction of the LNG terminal infrastructure.
The Company invests into construction of an on-shore small-scale LNG reloading station in the port of Klaipeda. That will offer LNG bunkering services, LNG loading into trucks services and possibly other in order to meet the increasing demand for LNG in the Baltic States and Poland. With this investment the Company aims to become a center of the LNG distribution in the Baltics region. The project shall be partially financed by the EU funds. The Company together with French company Sofregas in March 2015 have finished the LNG reloading station Front-end Engineering Design (FEED) preparation and environment impact assessment. On the 22 of July the tender for reloading station construction has been announced. Expanding the infrastructure of the LNG all legal, environmental and other regulatory requirements are followed step by step very responsibly and all the required procedures are made. At the same time the negotiations are in progress with the potential clients/users of the LNG reloading station. In the nearest future the first preliminary contracts for the LNG capacities usage are to be signed.
Bomin Linde LNG, Germany based LNG provider of LNG as marine fuel, intends to become the user of the Klaipeda LNG terminal and to book regulated LNG reloading capacities in order to use the facility as the regional break-bulking hub for the Baltic Sea.
In the extraordinary shareholders meeting held on 25th of August 2015 the decisions regarding
new investments approval were adopted:
Technological concept BOG management unit
LNG loading and
bunkering location
After evaluation it has been confirmed that from the point of safety and the optimal usage of the existing infrastructure the optimal location for the LNG reloading station is the territory of SC Klaipedos nafta (oil terminal) next to the Jetty no. 2. According to the study analysts this location is mostly appropriate as the safe distance requirements from neighbor companies and urban buildings are met and fire protection systems are in place.
During the Transport Week, one of the most important transport events in Central and Eastern Europe, took place on March 17-19th 2015 in Gdańsk, Poland, the Company was awarded the Baltic Trendsetters Club Certificate for developing the floating LNG terminal Independence and rearranging the Baltic's gas market through one ship call.
On the 22th of the January 2015 in the annual Baltic Market Awards (BMA), organized by the Nasdaq, Klaipėdos nafta became the winner in the category "The Most Visible Improvement over the Year" and was invited to ring the Opening Bell at Nasdaq Market Site in Times Square, New York by Bob Greifeld, CEO of Nasdaq.
On the 28th of January, 2015 At the 8th annual European Gas Conference 2015, in Vienna, Klaipedos nafta won the Project of the Year award for the implementation of the Liquefied Natural Gas (LNG) Terminal project. Company was one of four nominees among such wellknown companies like Shell and Total Gas & Power.
th of December, 2014 –
DYNAMICS OF THE SHARE PRICE AT NASDAQ OMX VILNIUS DURING JANURY-JUNE MONTHS OF 2015 Since 2003 the shares of the Company are listed on NASDAQ OMX Vilnius stock exchange: ISIN code – LT0000111650 Abbreviation – KNF1L Share emission (pcs.) – 380,606,184 Turnover in Vilnius stock exchange during January - June months of 2015 was EUR 1.1 million. As of 30 June 2015 the Company's market capitalization was EUR 144.2 million (on 31 th of December, 2014 – EUR 118.4 million). Highest share price Lowest share price Share price at the end of period Average share price Turnover, unit Turnover, EUR EUR 0.415 0.318 0.379 0.373 2,986,481 1,106,811
| Share price at the end Highest share price Lowest share price |
|
|---|---|
Turnover, EUR thousand KNF1L Share price, EUR NASDAQ OMX Vilnius index, EUR thousand
Results for the 6 months period of 2015
30 April 2015 the General Meeting of Shareholders of the Company appointed Audit firm –"Ernst & Young Baltic" UAB to audit financial statements of the years 2015-2016.
The Supervisory Board comprise of 3 (three) members.
The Audit Committee comprise of 2 (two) members (after 26 -01-2015).
The Board comprise of 4 (four) members.
The Supervisory Board by the decision taken on 26 th of January, 2015, approved the resignation of an independent member of the Audit Committee, as well as the Chairman of the Audit committee - Mr. Simonas Rimašauskas as from 31 rd of January, 2015, due to the other business position held.
Independent Member of the Board of the Company. Elected as the Board member by the Supervisory Board on 24 October 2011. The Supervisory renewed the mandate on 29 April 2014 for 4 years or until the time, when the new Board is elected ant starts acting.
Mindaugas Jusius Independent Member of the Board of the Company. Elected as the Board member by the Supervisory Board on 24 October 2011. The Supervisory renewed the mandate on 29 April 2014 for 4 years or until the time, when the new Board is elected ant starts acting.
Member of the Board of the Company. Elected as the Board member by the Supervisory Board on 25 August 2014 until the term of office of the acting Board of Company.
Member of the Board of the Company, General Manager. Elected as the Board member by the Supervisory Board on 25 September 2014 until the term of office of the acting Board of Company.
There is no permanent Chairman of the Board elected, therefore, the Chairman of the Board is elected from the Board members every meeting by ad hoc principle.
Mantas Bartuška General Manager
Gediminas Vitkauskas Director of Oil terminal department
Osvaldas Sabaliauskas Deputy General Manager of the Company
Tadas Matulionis Director of the LNG terminal department
Marius Pulkauninkas Director of Finance and Administration Department
Acting Director of Commerce department
From the 17th of February, 2015 Director of the LNGT department - Tadas Matulionis (previously deputy Director of the LNGT Department).
Stock company Klaipedos nafta
Company code 1106488893
VAT payer code LT06488917
Buriu street 19, P.O. Box 81, 91003 Klaipeda-C, Republic of Lithuania
Tel. +370 46 391772
Fax +370 46 311399
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