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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.

Financial results

P/L Statment

2017 2018 2019 2020
Revenue 106,484 99,998 104,363 80,114
Cost of goods sold 82,739 82,629 83,529 50,960
Gross profit (loss) 23,745 17,369 20,834 29,154
Gross profit margin 22% 17% 20% 36%
Operating expenses 6,217 5,780 7,064 9,811
Operating profit (loss) 17,528 11,589 13,770 19,343
Operating profit margin 16% 12% 13% 24%
EBITDA 31,239 26,781 71,818 45,868
EBITDA margin 29% 27% 69% 57%
Net profit (loss) 17,031 11,577 7,561 33,958
Net profit margin 16% 12% 7% 42%
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%

* Left axis

** Right axis

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

Balance sheet

2017 2018 2019 2020
Non-current assets 204,977 202,473 581,351 559,999
Intangible assets 490 726 534 496
Tangible assets 201,449 199,211 207,824 201,845
Financial assets 410 404 197 256
Other non-current assets 2,628 2,132 372,796 357,402
Current assets 96,268 90,654 81,946 91,695
Inventories and prepaid expenses 1,372 1,747 2,400 2,415
Accounts receivable in one year 12,765 13,998 14,327 11,957
Other current assets 65,384 1,671 23,354 26,247
Cash and cash equivalents 16,747 73,238 41,865 51,076
Total assets 301,245 293,127 663,297 651,694
Equity 200,344 195,490 190,649 216,326
Grants and subsidies 4,006 4,642 5,988 5,817
Liabilities 96,895 92,995 466,660 429,551
Financial liabilities 76,379 76,152 450,250 402,129
Long-term liabilities 76,733 74,368 402,366 367,280
Short-term liabilities 20,162 18,627 64,222 60,562
Equity and liabilities 301,245 293,127 663,297 651,694
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

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

Financial ratios

2017 2018 2019 2020
Capital return ratios
Return on assets (ROA) 6% 4% 2% 5%
Return on equity (ROE) 9% 6% 4% 17%
Return on capital employed (ROCE) 13% 9% 5% 7%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.38 0.39 2.36 1.86
Current Ratio 4.77 4.87 1.28 1.51
Quick ratio 4.71 4.77 1.24 1.47
Turnover ratios
Asset turnover 0.39 0.34 0.22 0.12
Fixed asset turnover 0.54 0.49 0.27 0.14
Equity turnover 0.54 0.51 0.54 0.39
Profitability ratios
EBITDA margin 29% 27% 69% 57%
Operating profit margin 16% 12% 13% 24%
Net profit margin 16% 12% 7% 42%
Other ratios
Dividends to the State 12,316.72 8,372.66 5,747.27 5,453.74
Dividends paid / net profit 0.72 0.72 0.76 0.16

* Left axis

** Right axis

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

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

Financial statments

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

Target return on equity

5.8%

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 State72.32%
https://www.kn.lt/
Return to the State

5.5 EUR milion

ROE

16.7%

Number of employees

411

Financial data provided as at end-December 2020

Management

  • Darius ŠilenskisDirector General

Information as of: 2022/05/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • -

MEMBERS OF THE BOARD OF DIRECTORS

  • Edvinas Katilius PMI (Philip Morris International) Global Duty Free; Independent member
  • Guy MasonWindward Limited; Independent member
  • Jūratė LingienėSEB; Independent member
  • Alfonso MorrielloAXEGAZ Trading & Technologies; Independent member

Information as of: 2022/05/01