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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

KN has grown from the role of the operator of Lithuanian oil and LNG terminals and is becoming a player in the international LNG market. The company provides the market with accumulated knowledge of terminal operation and development and connects energy markets, enabling customers around the world to source and trade energy resources. KN sets itself the ambitious goal of transforming the company that has ensured Lithuania’s energy independence into a leading oil and LNG service center operator in the region and fostering a safety culture, as well as an internationally valued LNG project partner.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022–2024

  • Average annual adjusted EBITDA:
    • 2022–2024 ≥ 33,9 million EUR.

  • Annual ratio of financial debt to equity:
    • 2022–2024 the limit is 1,7–3,2 times


          2020 GOOD CORPORATE GOVERNANCE INDEX          

Sk – Transparency dimension
KO – Board dimension
SP – Strategic planning and target achievement dimension
GI – Good governance ratio

Financial results

P/L Statment

2018 2019 2020 2021
Revenue 99,998 104,363 80,114 61,811
Cost of goods sold 82,629 83,529 50,960 53,109
Gross profit (loss) 17,369 20,834 29,154 8,702
Gross profit margin 17% 20% 36% 14%
Operating expenses 5,780 7,064 10,164 61,991
Operating profit (loss) 11,589 13,770 18,990 -53,289
Operating profit margin 12% 13% 24% -86%
EBITDA 26,781 71,818 45,515 -27,582
EBITDA margin 27% 69% 57% -45%
Net profit (loss) 11,577 7,561 33,586 -64,075
Net profit margin 12% 7% 42% -104%
2018-06 2019-06 2020-06 2021-06
Revenue 52,739 51,244 40,737 31,629
Cost of goods sold 40,052 42,561 25,094 26,887
Gross profit (loss) 12,687 8,683 15,643 4,742
Gross profit margin % % 17% 15%
Operating expenses 2,684 3,471 4,714 3,539
Operating profit (loss) 10,003 5,212 10,929 1,203
Operating profit margin % % 10% 4%
EBITDA 33,969 14,599
EBITDA margin % % 66% 46%
Net profit (loss) 10,210 2,542 9,412 -6,764
Net profit margin % % 5% -21%

Balance sheet

2018 2019 2020 2021
Non-current assets 202,473 581,351 559,999 493,240
Intangible assets 726 534 496 456
Tangible assets 199,211 207,824 201,845 150,686
Financial assets 404 197 256 226
Other non-current assets 2,132 372,796 357,402 341,872
Current assets 90,654 81,946 91,695 78,841
Inventories and prepaid expenses 1,747 2,400 2,415 1,798
Accounts receivable in one year 13,998 14,327 11,957 12,255
Other current assets 1,671 23,354 26,247 3,271
Cash and cash equivalents 73,238 41,865 51,076 61,517
Total assets 293,127 663,297 651,694 572,081
Equity 195,490 190,649 216,326 144,713
Grants and subsidies 4,642 5,988 5,817 5,771
Liabilities 92,995 466,660 429,551 421,597
Financial liabilities 76,152 450,250 402,129 407,028
Long-term liabilities 74,368 402,366 367,280 360,181
Short-term liabilities 18,627 64,222 60,562 57,820
Equity and liabilities 293,127 663,297 651,694 572,081
2019-06 2020-06 2021-06
Non-current assets 470,291 569,797 549,204
Intangible assets 634 429 434
Tangible assets 466,776 568,253 198,631
Financial assets 1,068 972 203
Other non-current assets 1,813 143 349,936
Current assets 77,752 89,373 77,124
Inventories and prepaid expenses 2,083 2,636 1,880
Accounts receivable in one year 12,989 13,743 13,865
Other current assets 2,213 18,544 1,646
Cash and cash equivalents 60,467 54,450 59,733
Total assets 548,043 659,170 626,328
Equity 185,688 192,070 202,091
Grants and subsidies 4,464 5,712 5,718
Liabilities 357,891 461,388 418,519
Financial liabilities 71,789 395,461 350,546
Long-term liabilities 289,159 395,740 358,495
Short-term liabilities 3,168 53,471 45,378
Equity and liabilities 548,043 659,170 626,328

Financial ratios

2018 2019 2020 2021
Capital return ratios
Return on assets (ROA) 4% 2% 5% -10%
Return on equity (ROE) 6% 4% 17% -35%
Return on capital employed (ROCE) 9% 5% 6% -21%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.39 2.36 1.86 2.81
Current Ratio 4.87 1.28 1.51 1.36
Quick ratio 4.77 1.24 1.47 1.33
Turnover ratios
Asset turnover 0.34 0.22 0.12 0.10
Fixed asset turnover 0.49 0.27 0.14 0.12
Equity turnover 0.51 0.54 0.39 0.34
Profitability ratios
EBITDA margin 27% 69% 57% -45%
Operating profit margin 12% 13% 24% -86%
Net profit margin 12% 7% 42% -104%
Other ratios
Dividends to the State 8,372.66 5,747.27 5,453.74
Dividends paid / net profit 0.72 0.76 0.16
2018-06 2019-06 2020-06 2021-06
Capital return ratios
Return on assets (ROA) 6% % % 3%
Return on equity (ROE) 9% % % 9%
Return on capital employed (ROCE) 13% -11% 7% 0%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.38 2.34 1.96
Current Ratio 4.77 24.54 1.67 1.70
Quick ratio 4.71 23.89 1.62 1.66
Turnover ratios
Asset turnover 0.39 0.19 0.07 0.05
Fixed asset turnover 0.54 0.22 0.08 0.06
Equity turnover 0.54 0.55 0.22 0.16
Profitability ratios
EBITDA margin 29% % 66% 46%
Operating profit margin 16% % 10% 4%
Net profit margin 16% % 5% -21%
Other ratios
Dividends to the State 12,316.72
Dividends paid / net profit 0.72

Expectations of the state

Target return on equity undefined

About the company

  • Official nameAB „Klaipėdos nafta“
  • Legal formPublic limited liability company (AB)
  • Company code110648893
  • SectorEnergy
  • Line of businessExport and import of oil and oil products
  • Institution representing the StateMinistry of Energy
  • Share belonging to the State72.32%
https://www.kn.lt/
ROE

-35.5%

Number of employees

375

Financial data provided as at end-December 2021

Management

  • Darius ŠilenskisDirector General

Information as of: 2022/09/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Edvinas Katilius PMI (Philip Morris International) Global Duty Free; Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Guy MasonWindward Limited; Independent member
  • Jūratė LingienėSEB; Independent member
  • Alfonso MorrielloAXEGAZ Trading & Technologies; Independent member
  • Karolis ŠvaikauskasMinistry of Energy

Information as of: 2022/09/01