28th April 2017
AB KLAIPĖDOS NAFTA UNAUDITED FINANCIAL RESULTS FOR THE 1 st QUARTER 2017
AB KLAIPĖDOS NAFTA (KN) WEBINAR – PRESENTATION OF THE UNAUDITED FINANCIAL RESULTS FOR THE Q1 OF 2017
Mindaugas Jusius General Manager
Marius Pulkauninkas Director of finance and administrative department
CONTENT
- About the Company
- Highlights
- Financial results
- Other information
ABOUT THE COMPANY
HIGHLIGHTS
DECISIONS OF ORDINARY GENERAL MEETING OF SHAREHOLDERS
The decisions of the Annual General Meeting of shareholders of the Company held on the 21st April 2017 :
- Approved the audited Financial Statements and Annual report of AB Klaipedos nafta for the year 2016
- Approved the Company's profit available for appropriation (total EUR 13.8 million):
- For dividends 70% of net profit or EUR 9.7 million (EUR 0.025 per share)
- For legal and other reserves EUR 4.1 million.
- Assigned the audit company UAB Ernst & Young Baltic to perform the audit of the Financial Statements of the Company the years 2017 and 2018; the total fee – EUR 48 thousand.
- Approved the decision of the Company's board to sign loan agreement with Nordic Investment Bank:
- The maximum amount of the loan EUR 20.7 million.
- Interest: floating interest rate of 1,20% margin adding 6 month Euribor.
HIGHLIGHTS OF Q1 2017
- The Board of the Company – international. The Supervisory Council of AB Klaipėdos Nafta adopted elected Bjarke Palsson for the Board Member of the Company from 24th January 2017.
- Change in Company's management. After resignation of Company's General Manager Mantas Bartuška in the end of 2016, from 11th April 2017 Mindaugas Jusius was approved by the Board of the Company as new General Manager. Marius Pulkauninkas was an acting General Manager during interim period.
- Allocated Liquefied Natural Gas Terminal Capacities to AB Achema - 5,839.9 thousand MWh, usage period: from the 1st of April 2017 until the 30th of September 2017. The capacities at the Terminal are also allocated for UAB Lietuvos dujų tiekimas and UAB LITGAS.
- The allocation of capacities of the Liquefied Natural Gas Terminal. On 25th of April 2017 the Company invited the potential users of the LNG Terminal to submit their requests for allocation of LNG terminal capacities for the upcoming Gas Year (lasting from the 1st of October, 2017 to the 30th of September, 2018).
- Corporate Social Responsibility report. In 7th April 2017 announced AB Klaipedos nafta Social responsibility report for the year 2016.
FINANCIAL RESULTS
STRUCTURE OF SALES REVENUE AND EBITDA BASED ON OPERATING SEGMENTS (UNAUDITED)
Revenue of 1 st quarter 2016, MEUR Revenue of 1 st quarter 2017, MEUR
BUSINESS FACTORS:
During 1st quarter 2017 Oil terminal reloaded 33.6 per cent less oil products compared to same period in 2016. The reduce in transshipment volume is explained by:
- the reduce in transit cargos from Belorussia refineries in connection with reduction of crude oil supply into these refineries.
- At this moment the oil supply to the refineries is renewed.
- an earlier than last year executed turnaround of AB ORLEN Lietuva refinery and respectively temporary reduction of transhipment of this company.
| MEUR |
Q1 2016 |
Q1
2017 |
|
| Revenue |
11.8 |
8.1 |
|
| Net profit |
4.7 |
2.6 |
|
| EBITDA |
6.8 |
4.6 |
|
Transshipment, thousand tons
BUSINESS FACTORS:
Oil product storage quantities has reduced in 2017 that accordingly affected sales revenues.
Transshipment in Subačius oil terminal amounted to 29.4 thousand tons in 1st quarter 2017 (1st quarter 2016 – 26 thousand tons).
| MEUR |
Q1 2016 |
Q1 2017 |
|
| Revenue |
0.7 |
0.6 |
|
Net
profit |
0.2 |
0.1 |
|
| EBITDA |
0.5 |
0.3 |
|
BUSINESS FACTORS:
During 1 st quarter 2017 3 LNG carriers have been accepted, which have delivered 147.1 thousand tons of LNG;
In the 1st quarter LNG reloading service from FSRU was held for the first time. 2 LNG small carriers have been accepted, which reloaded 11 thousand tons of LNG.
*Based on the profit calculation methodic of the regulated activity the normalized profit for the total year 2017 in preliminary calculations would be EUR 3.2 million.
| MEUR |
Q1 2016 |
Q1
2017* |
| Revenue |
18.1 |
18.5 |
Net
profit |
2.1 |
2.5 |
| EBITDA |
3.8 |
4.2 |
Re-gasification, thousand MWh
FINANCIAL FIGURES (UNAUDITED)
| MEUR |
Q1 2016 |
Q1 2017 |
Change, % |
| Sales Revenue |
30.6 |
27.3 |
-10.8% |
| Gross profit |
8.9 |
6.5 |
-27.0% |
| EBITDA |
11.0 |
8.7 |
-20.9% |
|
|
|
|
| Profit before taxation (EBIT) |
7.6 |
5.2 |
-31.6% |
| Net profit |
6.9 |
4.8 |
-30.4% |
|
|
|
|
| Gross profit margin |
29.1% |
23.8% |
|
| EBITDA margin |
35.6% |
31.9% |
|
| Net profit margin |
22.5% |
17.6% |
|
|
|
|
|
Return
on equity (ROE)* |
12.8% |
5.9% |
|
| Return on assets (ROA)* |
9.8% |
4.7% |
|
| Profit per share (EPS), EUR/share |
0.018 |
0.013 |
-27.8% |
| Average number of shares |
380,606,184 |
380,606,184 |
- |
* Ratios are calculated for the last 12 month period.
BALANCE SHEET (UNAUDITED)
Assets, MEUR
Equity and liabilities, MEUR
QUESTIONS & ANSWERS
THANK YOU
AB Klaipėdos nafta
Registered address - Burių str. 19, LT-91003; Klaipėda Lithuania
Tel. +370 46 391772
Fax +370 46 311399
www.kn.lt