AB Klaipėdos nafta (hereinafter – KN, the Company) announces the unaudited financial results for the first three month period ended 31 March 2017.
- AB Klaipėdos nafta revenues for the first three months of 2017 comprise EUR 27,280 thousand, 10.8% less compared to the same period of 2016 (EUR 30,596 thousand);
- Net profit of the Company comprise EUR 4,812 thousand, 29.8% less compared to the same period of 2016 (EUR 6,857 thousand), net profit margin – 17.6 per cent (in the same period of 2016 – 22,4 per cent).
- Company’s EBITDA for the first three months of 2017 comprise EUR 8,716 thousand, 20,0% less compared to the same period of the year 2016 (EUR 10,888 thousand), EBITDA margin – 32.0 per cent (in the same period of 2016 – 35.6 per cent).
Management comment:
In the first half of 2016 achieved activities record high results in 2017 have changed as a result of the negative external economical and geopolitical factors. The year 2017 for AB Klaipedos nafta has started with the challenges which negatively reflected Company’s financial results but which are gradually overcome.
Total transhipment in KN’s oil terminals of Klaipeda and Subacius in the first quarter of 2017 comprised 1.55 million tons of petroleum products or by 33% less comparing to the same period of 2016 when 2.3 million tons were transhipped. The main reason of the transhipment volume decrease is related with geopolitical factors in the region. From the second half of 2016 the crude oil supply to Belarussian refineries has been significantly reduced that resulted in decrease of oil refinery and accordingly oil products export through the Company’s terminal. In April the crude oil supply started recovering and it is expected for the transhipment volumes increase in the nearly future.
The petroleum products transhipment of AB ORLEN Lietuva remained stable except temporary reduction in March when its refinery was stopped for a planned turnaround. On the other side after the Company modernized its auto carriers loading unit the transhipment volumes loaded through this infrastructure has significantly increased and partially compensated overall decrease in transhipment volumes.
LNG terminal regasification volume in Q1 of 2017 was 1.5 million MWh or less by 70% comparing to the same period of 2016 when 5.1 million MWh have been regasified. The higher regasification volume is expected in the remaining periods of 2017 because AB Achema has reserved additional capacities of the terminal and global LNG prices are tended to reduce in summer.
KN Oil terminals’ revenues in 2017 reduced proportionally with the transhipment volumes decrease and for the Q1 comprised EUR 8.7 million, i.e. reduced by 30% comparing to the same period of 2016. The revenues of the KN LNG terminal for the reporting period comprised EUR 18.5 million when in the same period of 2016 – EUR 18.1 million.
Despite the fact that activity volumes and revenues has decreased in a light of record 2016 Q1 KN activity in 2017 Q1 ensures stable, effective activity results. The unaudited net profit for reporting period comprises EUR 4.8 million, net profit margin – 17.6%. EBITDA comprise EUR 8.7 million, EBITDA margin – 31.9%. These results properly reflect the expectations of the KN management and allow expect a stable performance in the future.
Enclosed:
- Unaudited interim condensed Financial Statements of AB Klaipėdos nafta for the three months period ended 31 March 2017.
- Presentation of the financial result for the 3 month period of 2017.
Marius Pulkauninkas, Director of Finance and Administration Department, tel. 8 46 391763
