Earnings Release • May 29, 2015
Earnings Release
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| Company name | SC Klaipedos nafta |
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|---|---|---|---|---|
| Company code | 110648893 | |||
| Authorized share capital | EUR 110,231,170 | |||
| Registered address | Buriu street 19, P.O. Box 81, 91003 Klaipeda-C, Lithuania |
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| 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).
On 30th of April, 2015 the General Meeting of Shareholders of the Company was held during which:
• the set of the audited financial statements of 2014 was approved and adduced Annual Report of the Company for the year 2014 to the shareholders.;
• The Company's distributable profit was distributed, part of which was allocated for dividends – EUR 93 thousand or 0.0002432210 per share;
• Audit firm JSC Ernst & Young Baltic was appointed to audit financial statements of the year 2015-2016.
On 21th of May, 2015 the Company announced the invitation for the interested investors to acquire shares controlled by the Company of JSC LITGAS (total 1/3 of shares). The sales of shares is executed in order to implement unbundling of the activities in the natural gas sector according to the recommendations of European Commission.
Two four-track railway trestles provide a possibility to discharge or load 124 tank-cars
Storage tank farm
450 cub. m thousand total volume (plus in Subacius FS 340 cub. m thousand )
Biological Waste Water Treatment Facilities
Waste water collected and treated annually up to 400 cub. m thousand (160 m3/h)
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 3 month period of 2015 7
294 m
45 m
Storage capacity 170,000 m3
Regas capacity 11 mln.m 3/d
Import and other
Transit (Belorussian and Russian refineries petroleum products)
In 2015 the transhipment volume has increased by 31%. The main reasons:
1) The Company's managers include: General Manager, Deputy Manager, Heads of Divisions and their deputies, Heads of Divisions.
| 2015 m. | 2014 m. | Pokytis | |||
|---|---|---|---|---|---|
| 3 mėn. |
3 mėn. |
+/- | % | ||
| Sales revenue | thousand EUR | 26,614 | 8,944 | 17,670 | 197.6% |
| Gross profit | thousand EUR | 6,565 | 3,348 | 3,217 | 96.1% |
| EBITDA | thousand EUR | 9,061 | 4,173 | 4,888 | 117.1% |
| EBIT | thousand EUR | 5,874 | 2,343 | 3,531 | 150.7% |
| EBITDA margin | % | 34.0% | 46.7% | -12.7% | -27.2% |
| EBIT margin | % | 22.1% | 26.2% | -4.1% | -15.6% |
| Financial and investment activities result | thousand EUR | -724 | 16 | -740 | -4625.0% |
| Profit before taxation | thousand EUR | 5,150 | 2,359 | 2,791 | 118.3% |
| Net profit | thousand EUR | 4,473 | 1,997 | 2,476 | 124.0% |
| Net profit margin | % | 16.8% | 22.3% | -5.5% | -24.7% |
| Transhipment of oil products by type: | thousand tons | 1,490 | 1,137 | 353 | 31.0% |
| - HFO - heavy oil products |
thousand tons | 773 | 710 | 63 | 8.9% |
| - LFO - light oil products |
thousand tons | 717 | 427 | 290 | 67.9% |
| Average number of employees in categories |
369 | 384 | -15 | -3.9% | |
| Managers 1) | 37 | 34 | 3 | 8.8% | |
| Specialists | 133 | 126 | 7 | 5.6% | |
| Workers | 199 | 224 | -25 | -11.2% | |
| Average monthly salary (gross) | EUR/month | 1,276 | 1,210 | 66 | 5.5% |
| Managers 1) | EUR/month | 3,339 | 3,324 | 15 | 0.5% |
| Specialists | EUR/month | 1,578 | 1,580 | -2 | -0.1% |
| Workers | EUR/month | 1,071 | 1,002 | 69 | 6.9% |
SC Klaipedos nafta sales revenues for the Q1 of 2015 has almost doubled comparing to the Q1 of 2014 and comprised EUR 26.6 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 for the first quarter of 2015 comprise EUR 16.2 million. The revenues of the oil terminal also has increased – by 16.4% or by EUR 1.4 million.
The net profit of the Company for the 3 month period of 2015 has increased more than double to EUR 4.5 million (for 3 month of 2014 – EUR 2.0 million). EBITDA for the 3 month comprise 9.1 EUR million and is higher almost 2.2 times comparing to the 3 month of 2014. Net profit to sales ratio has reduced to 19%.
The profitability of the Company for the Q1 2015 has significantly increased due to the two main reasons:
Total equity amounted to 74.9 % of the total assets (31-03-2015). Non-current liabilities amounted EUR 31.2 million, including European Investment Bank loan comprising EUR 29.8 million. Debt to assets ratio– 0.25 (0.20 – 31-12-2014) Gross liquidity ratio – 1.78.
Total investments into the noncurrent assets during the first quarter of 2015 comprise EUR 1.8 million. The major part of investments were allocated to the finalizing works of the construction of the LNG terminal infrastructure.
As of 1st January 2015, Klaipedos Nafta has successfully started commercial operations of its floating storage and regasification unit (FSRU) named Independence, providing LNG regasification and reloading services on a third-party-access basis.
The Company intends to construct an on-shore small-scale LNG reloading station in the port of Klaipeda. With this station the Company will be able to offer small scale LNG services, e.g. loading services for trucks, serving the increasing demand for LNG in the Baltic States and Poland.
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. The companies also agreed to jointly explore the possibilities to develop a bunkering vessel.
The Company and French company Sofregas in March 2015 have started the LNG reloading station Front-end Engineering Design (FEED) preparation and environment impact assessment. This is a second step in order to start the construction of the reloading station. At the first stage of analysis the technological study and concepts were made, i.e. made deep analysis of the LNG reloading station location and technological concept (see the following two pages for more).
After preparation of the FEED the construction are free to commence. As it was during the construction of the first LNG terminal in the Baltics, the same is followed now, 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.
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.
Results for the 3 month period of 2015 18On 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.
DYNAMICS OF THE SHARE PRICE AT NASDAQ OMX VILNIUS DURING JANURY-MARCH MONTHS OF 2015
Since 2003 the shares of the Company are listed on NASDAQ OMX Vilnius stock exchange:
Turnover in Vilnius stock exchange during January - March months of 2015 was EUR 0.7 million.
As of 31 March 2015 the Company's market capitalization was EUR 143.5 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 | 0.377 | 0.363 | 1,251,533 | 744,351 |
Turnover, EUR thousand KNF1L Share price, EUR NASDAQ OMX Vilnius index, EUR thousand
Results for the 3 month 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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