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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

          2022/23 GOOD CORPORATE GOVERNANCE INDEX

            

          2021/22 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

2019 2020 2021 2022
Revenue 104,363 80,114 61,811 77,818
Cost of goods sold 83,529 50,960 53,109 57,703
Gross profit (loss) 20,834 29,154 8,702 20,115
Gross profit margin 20% 36% 14% 26%
Operating expenses 0 0 0
Operating profit (loss) 13,770 19,343 -53,226 11,683
Operating profit margin 13% 24% -86% 15%
EBITDA 71,818 45,868 -27,519 34,857
EBITDA margin 69% 57% -45% 45%
Net profit (loss) 7,561 33,958 -64,011 -5,904
Net profit margin 7% 42% -104% -8%
2020-06 2021-06 2022-06 2023-06
Revenue 40,737 31,629 35,976 42,398
Cost of goods sold 25,094 26,887 26,958 31,824
Gross profit (loss) 15,643 4,742 9,018 10,574
Gross profit margin 38% 15% 25% 25%
Operating expenses -15 0 0 0
Operating profit (loss) 10,944 1,203 5,206 5,222
Operating profit margin 27% 4% 14% 12%
EBITDA 24,166 14,599 16,885 16,781
EBITDA margin 59% 46% 47% 40%
Net profit (loss) 9,412 -6,764 -13,848 8,100
Net profit margin 23% -21% -38% 19%

* Left axis

** Right axis

*** All data in Profit and Loss Statement table and corresponding chart is in EUR thousand, unless otherwise noted

Balance sheet

2019 2020 2021 2022
Non-current assets 581,351 559,999 493,240 481,050
Intangible assets 534 496 456 793
Tangible assets 207,824 201,845 150,686 145,800
Financial assets 197 256 226 261
Other non-current assets 372,796 357,402 341,872 334,196
Current assets 81,946 91,695 78,841 92,883
Inventories and prepaid expenses 2,400 2,415 1,798 2,120
Accounts receivable in one year 14,327 11,957 12,255 15,069
Other current assets 23,354 26,247 3,271 3,271
Cash and cash equivalents 41,865 51,076 61,517 72,423
Total assets 663,297 651,694 572,081 573,933
Equity 190,649 216,326 144,713 139,100
Grants and subsidies 5,988 5,817 5,771 5,468
Liabilities 466,588 427,842 418,001 423,702
Financial liabilities 450,250 402,129 407,028 410,084
Long-term liabilities 402,366 367,280 360,181 358,142
Short-term liabilities 64,222 60,562 57,820 65,560
Equity and liabilities 663,297 651,694 572,081 573,933
2020-06 2021-06 2022-06 2023-06
Non-current assets 569,797 549,204 490,010 469,676
Intangible assets 429 434 859 700
Tangible assets 568,253 198,631 148,233 142,383
Financial assets 972 203 234 111
Other non-current assets 143 349,936 340,684 326,482
Current assets 89,373 77,124 83,534 91,752
Inventories and prepaid expenses 2,636 1,880 2,197 1,999
Accounts receivable in one year 13,743 13,865 14,598 58,959
Other current assets 18,544 1,646 3,271 3,321
Cash and cash equivalents 54,450 59,733 63,468 27,473
Total assets 659,170 626,328 573,544 561,428
Equity 192,070 202,091 131,150 147,231
Grants and subsidies 5,712 5,718 5,564 5,285
Liabilities 459,592 416,730 433,894 402,991
Financial liabilities 448,932 395,924 420,086 391,628
Long-term liabilities 395,740 358,495 368,632 336,405
Short-term liabilities 63,852 58,235 65,262 66,586
Equity and liabilities 659,170 626,328 573,544 561,428

* All data in Balance Sheet table and corresponding chart is in EUR thousand, unless otherwise noted

Financial ratios

2019 2020 2021 2022
Capital return ratios
Return on assets (ROA) 2% 5% -10% -1%
Return on equity (ROE) 4% 17% -35% -4%
Return on capital employed (ROCE) 2% 3% -11% 2%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.68 0.62 0.71 0.71
Current Ratio 1.28 1.51 1.36 1.42
Quick ratio 1.24 1.47 1.33 1.38
Turnover ratios
Asset turnover 0.16 0.12 0.11 0.14
Fixed asset turnover 0.18 0.14 0.13 0.16
Equity turnover 0.55 0.37 0.43 0.56
Profitability ratios
EBITDA margin 69% 57% -45% 45%
Operating profit margin 13% 24% -86% 15%
Net profit margin 7% 42% -104% -8%
Other ratios
Dividends to the State 5,747.27 5,453.74 0.00 0.00
Dividends paid / net profit 0.76 0.16 0.00 0.00

* Left axis

** Right axis

*** Dividends to the state in Financial Ratios table is in EUR thousand

2020-06 2021-06 2022-06 2023-06
Capital return ratios
Return on assets (ROA) 2% 3% -12% 3%
Return on equity (ROE) 8% 9% -43% 12%
Return on capital employed (ROCE) 2% 0% 1% 1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.68 0.63 0.73 0.70
Current Ratio 1.40 1.32 1.28 1.38
Quick ratio 1.36 1.29 1.25 1.35
Turnover ratios
Asset turnover 0.06 0.05 0.06 0.08
Fixed asset turnover 0.07 0.06 0.07 0.09
Equity turnover 0.21 0.16 0.27 0.29
Profitability ratios
EBITDA margin 59% 46% 47% 40%
Operating profit margin 27% 4% 14% 12%
Net profit margin 23% -21% -38% 19%
Other ratios
Dividends to the State
Dividends paid / net profit

Financial statments

2022 m. 6 mėn. tarpinės ataskaitos 2022 m. metinės ataskaitos
2021 m. 6 mėn. tarpinės ataskaitos 2021 m. metinės ataskaitos
2020 m. 6 mėn. tarpinės ataskaitos 2020 m. metinės ataskaitos
2019 m. metinės ataskaitos 2019 m. 6 mėn. tarpinės ataskaitos
2018 m. metinės ataskaitos 2018 m. 6 mėn. tarpinės ataskaitos
2017 m. 6 mėn. tarpinės ataskaitos 2017 m. metinės ataskaitos
2016 m. metinės ataskaitos 2016 m. 6 mėn. tarpinės ataskaitos 2016 m. 3 mėn. tarpinės ataskaitos
2015 m. 12 mėn. tarpinės ataskaitos 2015 m. 9 mėn. tarpinės ataskaitos 2015 m. 6 mėn. tarpinės ataskaitos 2015 m. 3 mėn. tarpinės ataskaitos
2014 m. metinės ataskaitos 2014 m. 12 mėn. tarpinės ataskaitos 2014 m. 3 mėn. tarpinės ataskaitos 2014 m. 9 mėn. tarpinės ataskaitos 2014 m. 6 mėn. tarpinės ataskaitos
2012 m. metinės ataskaitos
2013 m. 3 mėn. tarpinės ataskaitos 2013 m. 6 mėn. tarpinės ataskaitos 2013 m. metinės ataskaitos 2013 m. 12 mėn. tarpinės ataskaitos 2013 m. 9 mėn. tarpinės ataskaitos
2011 m. metinės ataskaitos
2010 m. metinės ataskaitos

Expectations of the state

Letter of Expectations

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 State72.47%
https://www.kn.lt/
ROE

-4.2%

Number of employees

358

Financial data provided as at end-December 2022

Management

  • Darius ŠilenskisChief Executive Officer

Information as of: 2023/11/03

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: 2023/11/03

Supervisory board

CHAIRMAN OF THE SUPERVISORY BOARD

  • Robertas VyšniauskasIndependent member; UAB EPSO-G

SUPERVISORY BOARD MEMBERS

  • Mantas ŠukevičiusIndependent member; UAB Victory Funds; MB Buteo Invest; JSCB Qishloq Qurilish Bank; AB „Detonas“; AB „Oro navigacija“
  • Dovilė KavaliauskienėMinistry of Energy

Information as of: 2023/11/03