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KN releases its 1H19 financial results

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LNG Industry,

AB Klaipedos nafta (KN) has announced its unaudited financial results for the six month period ended 30 June 2019.

In 1H19, compared to 1H18:

  • loading of oil products decreased by 18.6% (-2.9 million t).
  • LNG regasification and reloading increased by 42.1% (6.4 million MWh).

KN’s financial accounting indicators of 1H19, compared to 1H18, were negatively affected by IFRS 16 ‘leases’ amended as of 1 January 2019. This change has significantly affected KN’s statement of financial position, statement of comprehensive income, and financial indicators. In 2018, the costs of lease were registered in the statement of comprehensive income and had no impact on the statement of financial position. Upon the amendments to the standard coming into effect, leases have been recorded as assets and liabilities (right of use the assets and financial lease liabilities). In the statement of comprehensive income, the impact of changes in exchange rates was added to by lease payments being denominated in US dollars, however in reality the company is not affected by this.

Management comment:

“The first half-year of 2019 presented a number of challenges to KN, which were often caused by circumstances beyond the company’s control. Despite these challenges, both KN Klaipeda Oil Terminal and the LNG Terminal in Klaipeda demonstrated high performance indicators.”

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LNG project news LNG import news Current LNG projects