KN releases latest unaudited financial results

KN’s financial accounting indicators for the 12 months of 2019, compared to the 12 months of 2018, have been 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 have been recognised in the statement of comprehensive income and had no impact on the statement of financial position. Upon coming into effect of the amendments to the standard, leases have been recognised as assets and liabilities (right of use the assets and financial lease liabilities). The highest part of lease payments are denominated in US dollars, as a result changes in exchange rates occur in the statement of comprehensive income, however in reality the company is not affected by this.

Regarding of the reasons mentioned above, in order to represent the real result, the adjusted result without the influence of IFRS 16 is provided next to financial result with the impact of IFRS 16.

• AB Klaipedos nafta revenues for the 12 months of 2019 comprise €104.1 million, 4.1% more compared to the same period of 2018 (€100.0 million).
• Adjusted net profit of the company for the 12 months of 2019 amounts to €13.2 million (€11.6 million for the 12 months of 2018).
• Company’s EBITDA (adjusted) for the 12 months of 2019 amounts to €26.2 million (€26.9 million for the 12 months of 2018).

Company management comment summary:

Sales revenue of oil and LNG terminal operator AB Klaipedos nafta amounted to €104.1 million in 2019 – €4.1 million higher compared to the same period in 2018. The adjusted profit of the company for the period of January to December 2019 is €13.2 million (€11.6 million in respective time period of 2018).

During the 12 months of 2019, 51 gas carriers have delivered cargo to the LNG terminal and 11 small scale operations of LNG reloading have been carried out. Total volume of regasified and reloaded LNG for the 12 months of 2019 comprised 20.24 million MWh. This marks a significant increase compared to the same period of 2018 (9.21 million MWh). Indeed, the favourable price situation in the international gas markets resulted in 119.7% increased regasification and reloading volumes. LNG terminal revenues for the 12 months of 2019 comprise of €71.1 million and has increased by 10.2%, compared to the same period of the year 2018 (€64.5 million).

Read the article online at: https://www.lngindustry.com/regasification/31012020/kn-releases-latest-unaudited-financial-results/