Quarterly Report • Aug 6, 2009
Quarterly Report
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| 1. Confirmation of responsible persons……… 3 | |
|---|---|
| 2. Interim Report of SC Klaipėdos Nafta for the first six months of 2009 4 |
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| 3. A set of Interim Financial statements of SC Klaipėdos Nafta for the first six months of 2009: |
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| 3.1. Balance Sheet 13 |
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| 3.2. Profit (loss) Statement 15 |
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| 3.3. Cash Flow Statement16 | |
| 3.4. Statement of Changes in Equity 17 |
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| 3.5. Notes to the Financial Statements 19 |
August 2009
Following Article 22 of the Law on Securities of the Republic of Lithuania and the Rules on Preparation and Submission of Periodic and Additional Information of the Lithuanian Securities Commission, we, Jurgis Aušra, Director General of SC Klaipėdos Nafta, and Johana Bučienė, Chief Financier of SC Klaipėdos Nafta, hereby confirm that to the best of our knowledge:
the attached Interim Report of SC Klaipėdos Nafta for the first six months of 2009 includes a fair review of the Company's business development and activities;
the attached Interim Unaudited Financial Statements of SC Klaipėdos Nafta of the first six months of 2009, prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted to be used in the European Union, give a true and fair view of the assets, liabilities, financial position and profit (loss) of SC Klaipėdos Nafta.
Director General
Jurgis Aušra
Chief Financier
Johana Bučienė
The Report is prepared for the period January – June 2009. In this Report SC Klaipėdos Nafta may also be referred to as the Company, Enterprise, Terminal or Issuer.
| Name of the Issuer: | SC Klaipėdos Nafta |
|---|---|
| Legal status: | Stock company |
| Authorised capital: | LTL 342,000,000 |
| Date and place of registration: | 27 September 1994, State Enterprise Register Centre |
| Company code: | 1106 48893 |
| Address: | Burių street 19, 91003 Klaipėda |
| Issuer's register: | State Enterprise Register Centre |
| Telephone numbers: | +370 46 391772 |
| Fax numbers: | +370 46 311399 |
| E-mail addresses: | [email protected] |
| Internet site: | www.oil.lt |
SC Klaipėdos Nafta is an oil products transshipment company. It imports, accumulates, stores and exports different oil products via Klaipėda oil Terminal.
The Company has signed an agreement with AB SEB Bankas (code:112021238, address: Gedimino av. 12, LT-01103 Vilnius) for servicing securities public turnover.
The Company's authorized capital registered with the Ministry of Economy of the Republic of Lithuania amounted to LTL 342 000 000 as on 30 June 2009.
The structure of SC Klaipėdos Nafta's authorized capital according to the type of shares:
| Type of shares | Number of skares (ps.) |
Par value in LTL |
Total par value in LTL |
(%) in the authorized capital |
|---|---|---|---|---|
| Ordinary shares | 342 000 000 | 1 | 342 000 000 | 100 |
| In total: | 342 000 000 | - | 342 000 000 | 100 |
All the shares of SC Klaipėdos Nafta have been fully paid and no restrictions on the transfer of securities are applied to them.
The following securities of SC Klaipėdos Nafta (abr. – KNF1L) are listed in the additional trading list in the Stock Exchange of NASDAQ OMX Vilnius Baltic:
| Type of shares | Number of shares | Total par value | ISIN code | |
|---|---|---|---|---|
| (ps.) | LTL | in LTL | ||
| Ordinary shares | 342 000 000 | 1 | 342 000 000 | LT0000111650 |
All the shares issued by the Company are ordinary registered shares granting its owners (shareholders) equal rights.
An ordinary registered share of the Company shall grant the following property rights to its owner (shareholder):
to receive a part of the Company's profit (dividend);
to receive funds of the Company in the event the Authorized Capital of the Company is being reduced in order to pay funds of the Company to the shareholders;
to receive a part of the assets of the Company in liquidation;
to receive shares free of charge if the Authorized Capital is increased out of the funds of the Company (except in the cases specified by the imperative norms of the valid laws);
to have the preferential right in acquiring shares or convertible debentures issued by the Company except in cases when the General Shareholders' Meeting by a qualified majority of votes that shall not be less than 3/4 of the participating and voting shares for solution of this matter, resolves to withdraw the preferential right in acquiring the Company's newly issued shares or convertible debentures for all the shareholders;
to lend to the Company in the manner prescribed by law, however, when borrowing from its shareholders the Company has no right to pledge its assets to the shareholders. When the Company borrows from its shareholder, the interest may not be higher than the average interest rate offered by commercial banks of the locality where the Lender has his place of residence or business, which was in effect on the day of conclusion the Loan Agreement. In such a case the Company and its shareholders shall be prohibited from negotiating a higher interest rate;
other property rights established by the laws.
An ordinary registered share of the Company shall grant the following non-property rights to its owner (shareholder):
to attend the General Shareholders' Meetings and to vote according to voting rights carried by their shares (unless otherwise provided for by the laws);
to receive information on the Company to the extent allowed by the imperative norms of the valid laws;
to file a claim with the court for reparation of damage resulting from nonfeasance or malfeasance by the Manager of the Company and Board members of their obligations prescribed by the laws and the Articles of Association of the Company as well as in other cases laid down by laws.
the right to vote at General Shareholders' Meetings may be withdrawn or restricted in cases established by laws, also in case share ownership is contested;
other non-property rights established by the laws and the Articles of Association of the Company.
On 30 June 2009 the total number of the shareholders of SC Klaipedos Nafta was 1 366. The shareholders who have owned more than 5 % of the authorized capital of the Company as on 30 June 2009:
| Shareholder's name (Company's name, address, Company Register Code) |
Number of shares (ps.) owned by proprietary right |
Part (%) of authorized capital |
|---|---|---|
| State of LR, represented by Ministry of Economy | ||
| (Gedimino pr.38/2, Vilnius, 188621919) | 241 544 426 | 70, 63 |
| AB ACHEMA, 156667399, Jonalaukio km., Ruklos | ||
| sen., Jonava district | 31 265 259 | 9,14 |
The remainder - 69 190 315 shares (20,23 % of the authorized capital) belong to 1364 minority shareholders.
| Price per 1 share on 2 January 2009 | LTL 0,87 |
|---|---|
| Highest price per 1 share during the first six months of 2009 | LTL 1,02 |
| Lowest price per 1 share during the first six months of 2009 | LTL 0,78 |
| Price per 1 share on 30 June 2009 | LTL 1,02 |
The General Shareholders' Meeting, held on 23 April 2009, approved the financial statements and profit appropriation for the year 2008. Dividends in the amount of LTL 13.53 million were allotted to the shareholders for the year 2008.
The Company's core activity is reloading of oil products and other related services.
The Company tranships oil products (fuel oil, vacuum gasoil, diesel, gasoline, jet fuel, etc.) from railway tanks into tankers as well as from tankers into railway tanks and road tankers, provides a temporary storage (accumulation) of oil products, accepts water polluted with oil products from ships, supplies ships with water, moors incoming tankers.
The Company has customs- and excise warehouses allowing the clients to perform sales/purchase procedures of oil products.
During the first six months of 2009 the Company transshipped 3 744 thousand tons of oil products, it is by 15 % or by 687 thousand tons less, if compared to the transshipment of the same period of 2008 (4 431 thousand tons).
The main reasons which determined the decline in the transshipment - the decreased fuel oil flow from Byelorussian and Russian Oil Refineries during winter period due to the Byelorussian Government' aim to accumulate fuel oil reserves for domestic market as well as the decreased demand for oil products on the global market in 2009.
During the first six months of 2009 transshipment of oil products, supplied by the Company's major client AB Mažeikių Nafta, has increased by 6 % from 2 258 thousand tons up to 2399 thousand tons, if compared to the same period of 2008.
0 1 000 2 000 3 000 4 000 5 000 6 000 2005 I half 2 514 706 3 220 2006 I half 2 590 628 60 3 278 2007 I half 1 127 1 818 2 945 2008 I half 2 258 2 173 4 431 2009 I half 2 399 1 345 3 744 From AB Mažeikių nafta (export) From Russian and Byelorussian refineries (transit) Orimulsion (import) In total Years
Transshipment of oil products (thous. tons) during the first six months of 2005-2009
8.3. Operating results, key financial figures
If compared to the first six months of 2008, sales income of the Company during the first six months of 2009 decreased by 15 % from LTL 65,35 million down to LTL 55,67 million and the Company earned net unaudited profit by 21 % less (net unaudited profit of the first six of 2009 – LTL 16,51 million, if compared to the same period of 2008 – LTL 20,84 million). Income and profit of the Company is directly influenced by the volume of oil products transshipped via the Terminal. The Company earns up to 97 % of sales income from reloading of oil products. Due to the decreased reloading of oil products by 15 % during the first six months of 2009, operating income and profit has decreased proportionally.
| Measure unit | First half of 2009 |
First half of 2008 |
|
|---|---|---|---|
| Sales income | LTL mln. | 55,67 | 65,35 |
| Profit before interest, depreciation and | |||
| amortization (EBITDA) | LTL mln. | 30,07 | 34,91 |
| Profit before taxation | LTL mln. | 20,58 | 24,38 |
| Net profit | LTL mln. | 16,51 | 20,84 |
| Non-current assets at the end of the period | LTL mln. | 404,81 | 419,07 |
| Current assets | LTL mln. | 40,04 | 36,08 |
| Total assets | LTL mln. | 444,85 | 455,15 |
| Authorised capital | LTL mln. | 342,00 | 342,00 |
| Profitability ratios | |||
| EBITDA margin (EBITDA x 100 / sales income) | % | 54 | 53 |
| Net profit ratio (net profit x 100/sales income) | % | 30 | 32 |
| Average asset margin (net profit x 100/non | % | ||
| current assets) | 4 | 5 | |
| Financial structure ratios | |||
| Debt and equity coefficient (total liabilities / | |||
| authorised capital) | - | 0,06 | 0,12 |
| Debt coefficient (total liabilities / assets) | - | 0,05 | 0,09 |
Key financial figures
8.4. Risk factors related to the Issuer's activities
Competitive environment factors. The main competitors of the Company are the terminals of the other Baltic Sea ports, reloading crude oil and oil products exported from Russia. The most significant factors influencing the competitiveness of the Company in the market are as follows: loading and storing capacity of the terminal, financial position and possibility to apply a flexible prices policy, technical parameters of the logistics chain starting with railway lines and ending with depth and number of quays, long-term supply contracts as well as good relationships with suppliers.
Economic, market factors. Workload as well as earnings and profitability of Klaipėda oil terminal greatly depend on the situation in the oil market.
The Terminal is a part of the logistic chain that starts in the oil-fields and oil refineries of the former Soviet Union (mostly Russia) and ends in the Western countries. Export flow of oil products from the former Soviet Union is closely related with the prices of oil products on the global market. Usually product flow via the Baltic ports increases when high world market prices and increasing demand prevail, however if the prices go down, the export flow can decline.
Political factors. Historically the Russian Government firmly regulated export of crude oil and oil products by establishing strict export quota. Decisions regarding quota issue and exportation via specific state ports are often taken based on political motives.
Commercial factors. After signing a contract with AB Mažeikių Nafta, the future perspectives of the Terminal depend on the production output of Mažeikiai Refinery. Stable functioning of the Refinery guarantees constant product flow to the Terminal.
At present invoices for the transshipment services rendered are paid within 15 days, it is a very short time period in the sector of transshipment services.
Tariffs. Tariff fluctuation risk decreases with growing part of the products supplied by AB Mažeikių Nafta which the Terminal has to reload according to the predetermined and currently profitable tariffs. Fluctuations of the tariffs applied to other customers in future will be mostly related to the competitive situation on the market.
Technological factors. Technological characteristics of the Terminal are of major importance for quick and effective satisfaction of potential customers' needs and at the same time for generation of additional income. At present the deepened bottom at the jetties and the increased storage volume allow to service vessels of much greater tonnage.
Social factors. The Company and the functioning Trade union committee have concluded a Collective Agreement valid for all the employees up to 23 September 2010.
Ecological factors. Automated management systems for fire detection and extinguishing as well as a computerised management system of the loading process, technologies against pollution of air, earth and underground waters conforming to the European Standards were established in the Terminal. Management of emergency situations, fire protection and security systems meet the requirements of Firefighting, Labour Safety, Civil Safety, Environment Protection, Port Authority institutions of the Republic of Lithuania. The Terminal's safety has been positively evaluated according HSSE analysis and assessment carried out by British Petroleum and Shell.
During the first six months of 2009 the Company did not incur any accidents or malfunctioning. The Company performs constant environmental monitoring of underground water, discharged treated waste water, impact on ambient air, stationary sources of air pollution.
Biological treatment facilities of the Company guarantee less pollution of open water basins than has been determined in the Integrated Permit of Pollution Prevention and Control.
During the first six months of 2009 running intramural expenditures for environment protection totalled to LTL 1,3 million. Additionally LTL 45 thousand were allotted for different environmental analyses (analysis of pollutant materials, etc.), LTL 30 thousand of pollution tax were paid.
SC Klaipėdos Nafta constantly instructs and trains all its employees methods of safe labour. Employees who perform hazardous works and work with potentially hazardous equipment undergo training at specialist licenced centres, re-testing takes place every 5 years. Training drills and exercises are periodically arranged to train practical skills of personnel for emergency response.
During the first six months of 2009 one trivial accident occurred on the way to work.
On 30 June 2009 the total number of employees was 298. The average number of personnel (300 employees) of the first six months of 2009 increased by 0,3 % if compared to the average listed number of the same period of 2008 (299 employees).
Classification of the employees by age and education as declared in the Annual Report for 2008 during the accounting period remained without changes.
The average salary of the Company's personnel during the first six months of 2009 amounted to LTL 3 973 and it decreased by 3 % or LTL 97, if compared to the average salary of the same period of 2008 (LTL 4 102).
The Company's Management consists of Director General, Production Director, Technical Director, Director of Commerce and Chief Financier. The Board of the Company approves the remuneration procedure of the Directors at the beginning of each year and establishes coefficients of the official salary as well as extra pay procedure to the officers in the mentioned positions. During the first six months of 2009 remuneration to the Management amounted to LTL 548 thousand (LTL 712 thousand – during the first half of 2008) of payroll.
| Personnel group | Average listed number of personnel | Average salary per month in LTL | ||||
|---|---|---|---|---|---|---|
| First half of 2009 | First half of 2008 | First half of 2009 | First half of 2008 | |||
| Managers | 5 | 5 | 19 632 | 20 090 | ||
| Specialists | 86 | 86 | 5 097 | 5 335 | ||
| Workers | 209 | 208 | 3 513 | 3 586 | ||
| In total: | 300 | 299 | 3 973 | 4 102 |
The Company and the functioning Trade union committee have concluded a Collective Agreement valid for all the employees up to 23 September 2010. It was agreed regarding work, work payment, working and rest time, qualification improvement, safety and health protection, other social and economic conditions valid for all the employees of the Company.
In the year 2009 SC Klaipėdos Nafta essentially continues to follow its compliance with the Governance Code of recommendatory character, approved in August 2006 by Vilnius Stock Exchange for the companies listed on the regulated market.
The structure of management bodies of SC Klaipėdos Nafta is as follows:
DOMINIKAS PEČIULIS – Chairman of the Supervisory Board. Deputy Manager of State Property Privatization and Management Division of Company Economy and Management Department of the Ministry of Economy. He owns no shares of the Company. He does not participate in the management and capital of any other enterprise.
VYTAUTAS ARŠAUSKAS – a member of the Supervisory Board. Chief specialist of Petroleum Division of Energy Resources Department of the Ministry of Economy. He is also Chairman of the Supervisory Board of AB Suskystintos dujos and a member of the Supervisory Board of AB Mažeikių nafta. He owns no shares of the Company. He does not participate in the capital of any other enterprise.
VANDA KRENIENĖ - a member of the Supervisory Board. Senior specialist of Analysis and Forecast Division of Economy Strategy Department of the Ministry of Economy. She owns no shares of the Company. She does not participate in the management and capital of any other enterprise.
The members of the Supervisory Board were elected on 19 April 2007 for a four year term of office.
During the first six months of 2009 the members of the Company's Supervisory Board did not receive any loans, guarantees, no any other payments or property transfers were made or accrued.
VLADAS GAGILAS – Chairman of the Board. Director of Energy Resources Department of the Ministry of Economy. A member of the Board of AB Lietuvos dujos. He does not own any shares of the Company. He was elected the Chairman of the Board for a four year term of office (the years 2007 – 2010) on 19 April 2007.
GEDIMINAS VAIČIŪNAS – a member of the Board. Adviser on the matters related to energy of the Division of Transport and Economic Affairs of the Department of Finance and Economic Affairs of the Lithuanian Government. He does not own any shares of the Company. He was elected a member of the Board on 6 June 2008.
ROBERTAS TAMOŠIŪNAS – a member of the Board. Head of Petroleum Division of Energy Resources Department of the Ministry of Economy. He does not own any shares of the Company. He does not participate in the management and capital of any other enterprise. He was elected a member of the Board for a four year term of office (the years 2007–2010) on 19 April 2007.
GRAŽINA JAGELAVIČIENĖ – a member of the Board. Chief specialist of Analysis and Forecast Division of Economy Strategy Department of the Ministry of Economy. She does not own any shares of the Company. She does not participate in the management and capital of any other enterprise. She was elected a member of the Board on 4 April 2008.
LAURENTINA GARBAUSKIENĖ - a member of the Board. Chief specialist of State Property Privatization Division of Company Law and Privatization Department of the Ministry of Economy. She does not own any shares of the Company. She does not participate in the management of any other enterprise. She was elected a member of the Board for a four year term of office (the years 2007 – 2010) on 19 April 2007.
During the accounting period the members of the Board did not receive any loans, guarantees, no any other payments or property transfers were made or accrued.
The Company is managed by Director General. Director General is not a member of the Board.
JURGIS AUŠRA – Director General, appointed on 11 February 2002. Higher education. He graduated from Kaunas Politechnical Institute and acquired speciality of power engineer. On 30 June 2009 he owned 111 100 shares of the Company. He does not participate in the management of any other enterprise. He owns shares of AB Klaipėdos mediena, comprising less than 1 % of the authorized capital of the said companies.
JOHANA BUČIENĖ - Chief Financier. Higher education. She graduated from Lithuanian Academy of Agriculture. She has been working as Chief Financier of SC Klaipedos Nafta since 1994. On 30 June 2009 she owned 20 000 shares of the Company. She also owns ordinary registered shares of AB Dilikas, comprising less than 1 % of the authorized capital of the said company.
All the financial data presented in this Interim Report have not been audited and have been accounted for in accordance with International Financial Reporting Standards.
In 2009 the Company has planned to reload 7,1 million tons of oil products $-$ actually during the first six months it has handled 53 % (3,744 million tons) of the anticipated annual transshipment of oil products. It was planned to generate LTL 99,64 million of sales income during the year 2009. In the course of the first six months 56 % (LTL 55,67 million) of the targeted annual income amount was received. The Company has earned LTL 20,58 million of profit before tax and exceeded the forecasted LTL 11,9 million profit before tax rate for the year 2009. A flexible tariff policy applied to the transshipment of oil products, allowing to optimize product flows by retaining the main customers as well as a constant strict control of operating expenses have determined the effective performance of the Company.
The activity of the Company is based on the Articles of Association, Civil Code and other laws and sub legislative acts of the Republic of Lithuania. The General Shareholders' Meeting can amend the Articles of Association.
The Company did not have any transactions or agreements with the members of its Supervisory Board and the Board. Information regarding transactions with related Parties is detailed in the Notes to the Company's financial statements for the first six months of 2009.
Pursuant to the Lithuanian legislation, all material events related to the Company's performance and information on time and place of the General Shareholders' Meetings are announced on the Company's internet site www.oil.lt., the daily "Respublika", are submitted to the news agency BNS, the Stock Exchange of Vilnius and Securities Commission of the Republic of Lithuania.
During the first six months of 2009 the Company made 14 official announcements on material events and presented other information on the internet site of AB Stock Exchange of Vilnius - www.nasdaqomx.com.
Villagy Jurgis Aušra
Director General
12
Burių g. 19, 91003 Klaipėda
Company code 1106 48893, VAT Payer's code LT106488917
2009-06-30
Nr.2009/2
(Compilation date of financial statements)
(accountabily period)
| ASSETS | Note No. (invoice No.) |
Financial year 2009 06 30 |
Previuos financial year 2008 12 31 |
|
|---|---|---|---|---|
| A. | NON-CURRENT ASSETS | 404 810 968 | 413 812 142 | |
| I. | INTANGIBLE ASSETS | 3.1. Note | 80 461 | 64 569 |
| I.1. | Software | 11400,11490 | 80 461 | 64 569 |
| II. | TANGIBLE ASSETS | 3.2. Note | 404 655 514 | 413 672 580 |
| II.1. | Buildings and plant | 12010,12018,12100,12108,12 120,12128 |
266 564 890 | 271 870 595 |
| II.2. | Machinery and equipment | 12110,12118 | 28 759 423 | 29 116 708 |
| II.3. | Vehicles | 12200,12208 | 707 125 | 658 707 |
| II.4. | Other fixtures, fittings, tools and equipment | 123, 125,126;129 | 103 595 135 | 105 162 067 |
| II.5. | Construction in progress | 15* | 3 077 721 | 4 760 117 |
| II.6. | Other tangible assets | 14* | 1 951 220 | 2 104 386 |
| III. | FINANCIAL ASSETS | 3.3. Note | 74 993 | 74 993 |
| III.1. | Shares of other companies | 16000 | 74 993 | 74 993 |
| B. | CURRENT ASSETS | 40 039 751 | 41 700 072 | |
| I. | INVENTORIES, PREPAYMENTS and CONTRACTS IN PROGRESS |
7 836 817 | 3 946 662 | |
| I.1. | Inventories | 3.4. Note | 6 966 348 | 3 540 723 |
| I.1.1. | Tangibles in warehouse and with pecuniary responsible persons | 20002,201,202 | 4 669 864 | 1 484 863 |
| I.1.2. | Cost price of fuel purchased | 20400,20502,20503 | 2 296 484 | 2 055 860 |
| I.2. | Contracts in progress | 24800, 20900 | 870 469 | 405 939 |
| II. | AMOUNTS RECEIVABLE WITHIN ONE YEAR | 3.5. Note | 11 692 166 | 9 312 096 |
| II.1. | Trade debtors | 24* | 11 345 842 | 5 026 005 |
| II.2. | Other amounts receivable | 25* | 346 324 | 4 286 091 |
| III. | OTHER CURRENT ASSETS | 3.6. Note | 15 501 719 | 19 847 040 |
| III.1. | Term deposits | 15 501 719 | 19 847 040 | |
| IV. | CASH AND CASH EQUIVALENTS | 27*, 3.7. Note | 5 009 049 | 8 594 274 |
in LTL
| EQUITY AND LIABILITIES | Note No. (invoice |
Financial year | Previuos financial | |
|---|---|---|---|---|
| No.) | 2009 06 30 | year 2008 12 31 | ||
| C. | EQUITY | 3.8. Note | 424 354 377 | 421 372 725 |
| I. | CAPITAL | 342 000 000 | 342 000 000 | |
| I.1. | Subscribed capital | $10*$ | 342 000 000 | 342 000 000 |
| Π. | REVALUATION RESERVE (RESULTS) | |||
| III. | RESERVES | 65 840 725 | 50 774 377 | |
| III.1. | Legal reserve | 330* | 15 670 000 | 14 240 000 |
| III.2. | Other reserves | $33*$ | 50 170 725 | 36 534 377 |
| IV. | PROFIT (LOSS) BROUGHT FORWARD | 16 513 652 | 28 598 348 | |
| IV.1. | Profit (loss) of the current year | $391*$ | 16 513 652 | 28 598 348 |
| D. | GRANTS AND SUBSIDIES | |||
| Ε. | AMOUNTS PAYABLE AND LIABILITIES | 3.9. Note | 20 496 342 | 34 139 489 |
| $I_{\cdot}$ | AMOUNTS PAYABLE AFTER ONE YEAR AND | |||
| NON-CURRENT LIABILITIES | 14 828 116 | 14 828 116 | ||
| I.1. | Deferred Taxes liability | 14 828 116 | 14 828 116 | |
| П. | AMOUNTS PAYABLE WITHIN ONE YEAR AND | |||
| CURRENT LIABILITIES | 5 668 226 | 19 311 373 | ||
| II.1. | Current portion of long-term debts | 4320.4330 | 15 605 274 | |
| II.3. | Debts to suppliers, contractors | 45* | 2 763 822 | 2 164 234 |
| II.3.1. | Payments to related Parties | 3.12 Note | 199 135 | 68 214 |
| II.4. | Prepayments received | 46* | 53 336 | |
| II.5. | Payroll related liabilities | 2 5 2 5 4 3 3 | 1 3 2 5 3 5 7 | |
| II.5.1. | Remuneration | 471*.4711.47101 | 1914437 | 1 2 5 4 1 4 0 |
| II.5.2. | Social security payable | $472*$ | 610 996 | 71 217 |
| II.6. | Taxes payable | 470* | 293 778 | 14 132 |
| II.7. | Other amounts payable and current liabilities | 48* | 85 193 | 149 040 |
| TOTAL EQUITY AND LIABILITIES | 444 850 719 | 455 512 214 |
Director General
Jurgis Aušra
$\frac{2009 - 06 - 30}{(Complation date of financial statements)}$
Nr.2009/2
in LTL.
The first half of 2009 (accountabily period)
| Financial year | Previous financial year | ||||||
|---|---|---|---|---|---|---|---|
| Seq. No. |
Items | Note No. | 2009 06 30 | 2 nd Quarter (April-June) |
2008 06 30 | 2 nd Quarter (April-June) |
|
| Ι. | SALES | 50 | 55 671 346 | 26 445 742 | 65 354 189 | 32 625 654 | |
| П. | COST OF SALES | 60 | 31 078 606 | 14 112 977 | 34 862 460 | 16 770 722 | |
| III. | GROSS PROFIT (LOSS) | 50-60 | 24 592 740 | 12 332 765 | 30 491 729 | 15 854 932 | |
| IV. | OPERATING EXPENSES | 4 733 162 | 1 748 454 | 5 641 344 | 1733882 | ||
| V. | PROFIT (LOSS) FROM TYPICAL ACTIVITIES | 50-60.61 | 19 859 578 | 10 584 311 | 24 850 385 | 14 121 050 | |
| VI. | OTHER OPERATIONS | 52-62 | 4 3 5 7 | 2 0 7 5 | 4 6 6 4 | 2 3 8 6 | |
| VI.1 | Other operating income | 52 | 4 3 9 5 | 2094 | 4719 | 2411 | |
| VI.2. | Other operating expenses | 62 | 38 | 19 | 55 | 25 | |
| VII. | FINANCIAL AND INVESTMENT ACTIVITIES | 53-63 | 713 144 | 427 127 | $-474665$ | $-170682$ | |
| VII.1. Income from financial and investment activities | 53 | 795 826 | 428 423 | 216 349 | 156 073 | ||
| VII.2. | Expenses from financial and investment activities | 63 | 82 682 | 1 2 9 6 | 691 014 | 326 755 | |
| VIII. | PROFIT (LOSS) FROM ORDINARY ACTIVITIES | 50:53-60:63 | 20 577 079 | 11 013 513 | 24 380 384 | 13 952 754 | |
| IX. | EXTRAORDINARY GAIN | $\mathbf x$ | |||||
| X. | EXTRAORDINARY LOSSES | $\mathbf x$ | |||||
| XI. | PROFIT (LOSS) BEFORE TAXES | 50:53-60:63 | 20 577 079 | 11 013 513 | 24 380 384 | 13 952 754 | |
| XII. | INCOME TAX | 65 | 4 063 427 | 1914838 | 3 544 391 | 2 176 168 | |
| XIII. NET PROFIT (LOSS) | $(XI - XII)$ | 16 513 652 | 9 098 675 | 20 835 993 | 11 776 586 | ||
| Profit part per share (in LTL): | 0,05 | 0,03 | 0,06 | 0.03 |
Director General
Jurgis Aušra
S,
| Seq. No. |
Items | 2009.06.30 | 2008.06.30 |
|---|---|---|---|
| I. | Cash flow from (to) operating activities | ||
| I.1. | Cash income of the current period (inc. VAT) | 57 954 434 | 64 931 775 |
| 1.1.1. | Cash income from clients | 52 824 125 | 64 724 429 |
| 1.1.2. | Other income | 5 130 309 | 207 346 |
| I.2. | Cash disbursements of the current period | -29 119 907 | -45 224 603 |
| I.2.1. | Cash paid to the suppliers of raw materials, goods and service providers | -17 690 529 | -18 908 693 |
| I.2.2. | Cash disbursements associated with labour relations | -7 791 522 | -8 731 709 |
| 1.2.3. | Taxes paid to the budget | $-2283450$ | -3 844 386 |
| 1.2.4. | Other disbursements | -1 354 406 | $-13739815$ |
| Net cash flows from operating activities | 28 834 527 | 19 707 172 | |
| II. | Cash flows from (to) investing activities | ||
| II.1. | Acquisition of non-current assets (except investments) | -3 203 231 | $-1125440$ |
| II.2. | Transfer of non-current assets (except investments) | ||
| II.3. | Acquisition of long-term investments | ||
| II.4. | Transfer of long-term investments | ||
| II.5. | Loan granting | ||
| II.6. | Loan repayment | ||
| II.7. | Dividends received, interests | ||
| II.8. | Other increase in cash flows from (to) investing activities | ||
| II.9. | Other decrease in cash flows from (to) investing activities | ||
| Net cash flows from (to) investing activities | -3 203 231 | $-1$ 125 440 | |
| Ш. | Cash flows from (to) financing activities | ||
| III.1. | Cash flows associated with the owners of the Company | $-13532000$ | -6 974 297 |
| III.1.1. Share issue (acquisition) | |||
| III.1.2. Owners' contributions to cover losses | |||
| III.1.3. Purchase of own shares | |||
| III.1.4. Dividends paid | -13 532 000 | -6 974 297 | |
| III.2. | Cash flows associated with other financing sources | $-15683882$ | |
| III.2.1. Increase of financial debts | $-8694432$ | ||
| $\overline{0}$ | |||
| III.2.1. Loan receiving III.2.1. Bond issue |
|||
| III.2.2. Decrease of financial debts | |||
| $-15683882$ | $-8694432$ | ||
| III.2.2. Loan repayment | $-15605274$ | -7802630 | |
| III.2.2. Repurchase of bonds | |||
| III.2.2. Interests paid | $-78608$ | $-684987$ | |
| III.2.2. Financial lease payments | $-206815$ | ||
| III.2.3. Increase of other liabilities of the Company | |||
| III.2.4. Decrease of other liabilities of the Company | |||
| III.3. | Other increase in cash flows from (to) financing activities | ||
| III.4. | Other decrease in cash flows from (to) financing activities | ||
| Net cash flows from (to) financing activities | -29 215 882 | $-15668729$ | |
| IV. | Cash flows of extraordinary items | 0 | O |
| IV.1. | Increase in cash flows of extraordinary items | ||
| IV.2. | Decrease in cash flows of extraordinary items | ||
| V. | Change in currency exchange rate effect on the balance of cash and cash | $-639$ | $-1101$ |
| equivalents | |||
| VI. | Net increase (decrease) in cash flows | -3 585 225 | 2911902 |
| VII. | Cash and cash equivalents at the beginning of the period | 8 594 274 | 2 450 916 |
| VIII. | Cash and cash equivalents at the end of the period | 5 009 049 | 5 362 818 |
Director General
Signature
Jurgis Aušra
$\mathbf{v}_i$
in LTL
| 3 0 Ju ne |
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| T he f irs ha l t |
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in | L T L |
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| (ac nta cou |
bili erio d) ty p |
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| Sh are |
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Le l re ga |
ser ves |
Ot her re |
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fit los Pro ( s) |
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| Au tho ris ed ita l p aid cap |
mi pre u m |
Ow har n s es (- ) |
No ent n-c urr ibl tan g e ets ass |
Fin ial anc ets ass |
Re ire d qu |
Ow har n s e uis itio acq n |
Oth er |
bro ht ug for rd wa |
In al tot |
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| 1. B ala t th nd f t he fin ial be for e la st nc e a e e o an c ye ar |
342 00 00 00 |
13 79 00 00 |
35 22 148 9 |
8 7 3 6 8 8 8 |
399 74 837 7 |
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| 2. R lt o f th han of tin oli esu e c ge acc oun g p cy |
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| 3. R lt o f e nti al m ista ke tio esu sse cor rec n |
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| 4. Re cal lat ed ba lan 3 0 J f th e la fin ial at st cu ce as un e o an c ye ar ( 20 0 8- 0 6- 3 0 ) |
342 00 00 00 |
14 24 00 00 |
36 534 377 |
2 0 8 3 5 9 9 3 |
41 36 103 70 |
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| 5.V alu e in (re du cti ) o f n ibl nt tan ts cre ase on on -cu rre g e a sse |
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| 6. V alu e in (re du cti ) o f fi cia l a ts cre ase on nan sse |
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| 7. Ac isit ion (s ell ing ) o f o sh qu wn are s |
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| 8. U nis ed fit ( los s) in the Pr ofi t ( Lo ss) St ate nt nre cog pro me |
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| 9. N rof it ( los s) o f th tin eri od et p e a cco un g p |
77 62 35 5 |
77 62 35 5 |
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| 10. Di vid end s |
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| 11. Ot her di sbu nts rse me |
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| 12. Re fo ed ser ves rm |
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| 13. Re ed ser ves us |
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| 14. In / r edu cti of the tho ris ed ita l cre ase on au cap |
| Revaluation reserve (results) |
Legal reserves | Other reserves | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Authorised capital paid |
Share premiu m |
Own shares $(\cdot)$ |
Non-current tangible assets |
$\sim$ Financial assets |
Required | Own share acquisition |
Other | Profit (loss) brought forward |
In total | ||
| 15. Balance as at 31 December of 2008 financial year | 342000000 | $\bf{0}$ | $\bf{0}$ | $\bf{0}$ | $\bf{0}$ | 14240000 | $\bf{0}$ | 36534377 | $\bf{0}$ | 28598348 | 421372725 |
| 16. Value increase (reduction) of non-current tangible assets | |||||||||||
| 17. Value increase (reduction) of financial assets | |||||||||||
| 18. Acquisition of own shares | |||||||||||
| 19. Unrecognised profit (loss) in the Profit (Loss) Statement | |||||||||||
| 20. Net profit (loss) of the accounting period | 16513652 | 16513652 | |||||||||
| 21. Dividends | 13532000 | 13532000 | |||||||||
| 22. Other disbursements | |||||||||||
| 23. Reserves formed | 1430000 | 18866363 | 20296363 | ||||||||
| 24. Reserves used | 5230015 | 5230015 | |||||||||
| 25. Increase / reduction of the authorised capital | |||||||||||
| 26. Balance as at 30 June 2009 | 342000000 | $\bf{0}$ | 0 | $\bf{0}$ | $\bf{0}$ | 15670000 | 0 | 50170725 | 16513652 | 424354377 |
Director General
$\mathcal{S}$
(signature)
Jurgis Aušra
18
Burių g. 19, 91003 Klaipėda Company code 1106 48893, VAT Payer's code LT106488917
SC Klaipėdos Nafta was registered on 27 September 1994, registration No. BĮ 94–479, register No. 110648893. The Company is a strategic Lithuanian enterprise which role is not only to transship exported oil products but also to provide Lithuania with oil products imported from the West. More than once the Terminal has already handled orimulsion, diesel oil delivered to Klaipėda port by tankers.
The Company's financial year starts on 1 January and ends on 31 December.
The Company has no branches and representative offices as well as no subsidiaries or associated companies.
The core activity of the Company are reloading of oil products and other related services. During the first six months of 2009 the Company transshipped 3 744 thousand tons of oil products, i.e. 15 % or by 687 thousand tons less than were transshipped during the first six months of 2008 (4 431 thousand tons). The main reasons which determined the decline in the transshipment - the decreased fuel oil flow from Byelorussian and Russian Oil Refineries during winter period due to the Byelorussian Government' aim to accumulate fuel oil reserves for domestic market as well as the decreased demand for oil products on the global market in 2009.
During the first six months of 2009 SC Mažeikių Nafta delivered for reloading 2 399 thousand tons or 64 % of the total transshipped volume of oil products, if compared to the same period of 2008 – 2 258 thousand tons or 51 % .
186 tankers were loaded during the first six months of 2009. AEGEAN POWER was the largest serviced tanker – 80,8 thousand tons of fuel oil were loaded into it.
The Company's Waste Water Treatment facilities treated 186 924 m3 of polluted water.
The average number of employees of the first six months of 2009 – 300 employees if compared to the same period of 2008 (299) – increased by 0,3 %.
The Company has customs- and excise warehouses for the convenience of its clients.
Violations of administrative law regarding breach of environment protection regulations in the Company were not established; neither fines nor sanctions were imposed on the Company.
| 30 June 2009 | 31 December 2008 | |||
|---|---|---|---|---|
| Shareholders | Number of | Number of | ||
| shares owned | Part of | shares owned | Part of | |
| (thousands) | ownership | (thousands) | ownership | |
| Government of LR, represented by | ||||
| Ministry of Economy | 241 544 | 70,63 % | 241 544 | 70,63 % |
| AB Achema | 31 265 | 9,14 % | 26 022 | 7,61 % |
| Swedbank funds | 7 458 | 2,18 % | 7 131 | 2,09 % |
| Skandinavska Enskilda Banken funds | 9 457 | 2,77 % | 11 386 | 3,33 % |
| Others (each less than 5 %) | 52 276 | 15,28 % | 55 917 | 16,34 % |
| In total: | 342 000 | 100,00 % | 342 000 | 100,00 % |
Shareholders of the Company as on 30 June 2009 and 31 December 2008:
The interim financial statements (a set of statements) of the Company are prepared in accordance with the requirements of the IAS 34 "Interim financial accountability".
The amounts shown in these financial statements are presented in the national currency – Litas that is the functional currency of the Company. The Company manages its accounting in accordance with the following legal acts regulating financial accountability: Law on Accounting of the Republic of Lithuania; Law on Financial Accountability of Enterprises of the Republic of Lithuania, International Financial Reporting Standards.
The accounting policies were not changed; the Company followed the accounting policy, described in a more detailed way in the Note for the business financial year of 2008.
During the first six months of 2009 the Company has acquired non-current intangible assets in the amount of LTL 42 265. It is a software for perimeter electronic protection system. The estimated amortisation of the non-current intangible assets during the first six months of 2009 – LTL 26 374 – was accounted for under cost of sales caption in the Profit (Loss) Statement.
During the first six months of 2009 the Company has acquired non-current tangible assets in the amount of LTL 0,264 million; invested: LTL 1,07 million – in the reconstruction of low sulfur fuel oil loading line, LTL 0,95 million – in installation of the territory perimeter protection system, LTL 0,724 – in modernization of ESD system.
Depreciation in the amount of LTL 10,2 million was accounted for the non-current tangible assets used in the performance of the Company. About 99,4 % of the depreciation amount is accounted for under cost of sale caption and 0,6 % – under operating expenses caption.
| During the first six months of 2009 the | |||
|---|---|---|---|
| Asset group title | estimated amount of depreciation in LTL | ||
| Buildings | 1 309 126 | ||
| Plant | 3 965 467 | ||
| Machinery and equipment | 1 748 709 | ||
| Vehicles | 103 687 | ||
| Other fixtures, fittings, tools and equipment | 3 049 396 | ||
| In total: | 10 176 385 |
On 19 December 2007 the Company has acquired one (1) per cent shares of the international pipeline company SARMATIA. The Company has purchased 180 shares with nominal value of PLZ 500 each. The investment was accounted for by the acquisition cost equivalent to LTL 74 993 on 30 June 2009.
Under the inventories the Company has accounted for by acquisition cost:
the inventories necessary for the development of Company's activities – LTL 4,67 million;
heavy oil products collected from ballast waters in the Waste Water Treatment Facilities – LTL 2,3 million.
Prepayments for the inventories – LTL 629 585 and future expenses – LTL 240 884 have been accounted for under contracts in progress caption.
Under trade debtors caption the clients' debts in the amount of LTL 11,3 million for oil transshipment services have been accounted for, because the Contracts provide for the payment term of 10 – 30 days after tanker loading.
Under the caption other amounts receivable the amounts of LTL 346,3 thousand paid to other companies for the services rendered to the Company have been accounted for.
At the end of the first six months the Company temporary deposited free means in the amount of LTL 15,5 million in the banks according to fix term deposit agreements.
The Company's cash are accounted for in the bank accounts – LTL 4 946 728 and in the cash account – LTL 62 321, in total – LTL 5 009 049.
On 30 June 2009 the Company's authorised capital – LTL 342 000 000 (three hundred forty two million) is fully paid. It is divided into 342 000 000 ordinary shares with a par value of LTL 1. On 30 June 2009 all the shares have been held by 1 366 shareholders, the State owns 70,63 % of the shares (241 544 426 shares). The Company has not acquired any own shares and during the first six months of 2009 did not carry out any transactions in relation to acquisition or disposal of own shares.
The Ordinary General Shareholders' Meeting of SC Klaipėdos Nafta held on 23 April 2009 approved a set of Annual Financial Statements (Balance Sheet, Profit (Loss) Statement, Statement of Changes in Equity, Cash Flow Statement, Notes) of the Company for the year 2008, approved profit appropriation of 2008 by allotting LTL 15 066 thousand to replenish reserves and LTL 13 532 thousand were allotted for dividend payment.
The profit of the first six months of 2009 – LTL 16 513 652 has been incorporated in the balance sheet of 30 June 2009.
On 30 January 2009 the Company repaid the last portion - LTL 15,6 million - of the longterm loan, granted by Lithuanian banks - SEB, Swedbank and DnB Nord and guaranteed by the State. At present the Company has no liabilities to banks.
The state of Company's liabilities (in LTL):
| Types of debts payable | Payable debts or their parts | |||
|---|---|---|---|---|
| Within one financial year |
After one year but not later than within five years |
|||
| 1. | Other amounts payable | 5 668 226 | 14 828 116 | |
| In total: | 5 668 226 | 14 828 116 |
The Company's debt to its suppliers and contractors in the amount of LTL 2,8 million for the services rendered (the contracts provide for payment until the 15th day of the next month), the debt to its employees for remuneration for their work - LTL 1,91 million (the debt paid off on 9 July 2009), the amount of LTL 0,61 million for payment of social insurance for the current month and other payable taxes in the amount of LTL 0,35 million are recorded in other amounts payable within one financial year.
The deferred income tax amount is incorporated in the amounts payable after one year.
According to the oil product transshipment Agreements the Company is responsible for the oil products received from clients for storage. The Company has insured its property, oil products under storage, against production (business) interruption risk at the insurance company AB Lietuvos draudimas. General civil liability is insured with UAB Draudimo kompanija "PZU Lietuva".
At the end of the first six months the following products were stored in the storage tanks:
| Seq. No. |
Types of oil products | Quantity of oil products in kg |
|---|---|---|
| 1. | Heavy fuel oil M-100 | 68 820 935 |
| 2. | Diesel oil | 10 326 114 |
| 3. | Gasoline | 16 826 751 |
| 4. | Jet fuel | 3 677 497 |
| 5. | Vacuum gasoil | 4 823 179 |
| In total: | 104 474 476 |
| Indices | Financial year | Previous financial year | |||
|---|---|---|---|---|---|
| I half year | II quarter | I half year | II quarter | ||
| a) | INCOME FROM FINANCIAL AND INVESTMENT ACTIVITIES |
795 826 | 428 423 | 216 349 | 156 073 |
| Specification of significant amounts: Fines and defaults received |
13 867 | - | |||
| Interest income | 780 383 | 428 423 | 205 546 | 145 270 | |
| Positive impact of currency exchange rate | 1 576 | - | 2 | 2 | |
| Other | 10 801 | 10 801 | |||
| b) | Expenses from FINANCIAL AND INVESTMENT ACTIVITIES |
82 682 | 1 296 | 691 014 | 326 755 |
| Specification of significant amounts: Reikšmingų sumų detalizavimas: |
|||||
| Loan interests | 78 608 | - | 684 988 | 321 830 | |
| Negative impact of currency exchange rate | 4 074 | 1 296 | 1 144 | 43 | |
| Other | 4 882 | 4 882 | |||
| c) | RESULT OF FINANCIAL AND INVESTMENT ACTIVITIES (a-b) |
713 144 | 427 127 | - 474 665 | - 170 682 |
Neither in the year 2008 nor as at 30 June 2009 the Company had any payables or receivables from the Government of the Republic of Lithuania and the Board's members. During the six-month periods ended 30 June 2009 and 30 June 2008 the Company did not calculate or pay any amounts to the Board's members.
During May the Company settled with its shareholders – paid dividends approved for the year 2008 by the General Shareholders' Meeting: transferred dividends in the amount of LTL 9 557 249 due to the State, LTL 24 268 were transferred to the shareholders foreign natural persons, LTL 1638103 were transferred to the shareholders Lithuanian natural persons, LTL 1 275 866 were transferred to the shareholders Lithuanian legal persons, LTL 905 429 were transferred to the shareholders foreign persons. The total amount of the dividends paid for the year 2008 – LTL 13400915 (the approved amount of the dividends LTL 13 532 000). The rest amount of unpaid dividends for the year 2008 – LTL 131 085 together with the remainder of unpaid dividends from the previous years: LTL 9 353 from the year 1999, LTL 772 from the year 2000, LTL 18 024 from the year 2002, LTL 23 152 from the year 2003, LTL 7 462 from the year 2006, LTL 9 287 from the year 2007, in total the amount of LTL 199 135 of unpaid dividends to the shareholders – is recorded under caption "Payments to the related parties" of the Balance Sheet.
The remuneration, calculated to the Company's Management during the first six months of 2009, amounted to LTL 548 thousand (during the same period of 2008 - LTL 712 thousand). During the first six months of 2009 the Company's Management did not receive any loans, guarantees, no any other payments or property transfers were made or accrued.
According to Resolution No. 722 dated 8 July 2009 of the Government of the Republic of Lithuania, the shares (241 544 426 shares) of the company (SC Klaipėdos Nafta) in the ownership of the State were transmitted to the Ministry of Energy to own them, use and dispose by the trust right.
Director General
efferif Jurgis Aušra
Prepared by
Johana Bučienė Chief Financier
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