LHV Institutional Baltic Insight, August 11th, 2020
* Klaipedos Nafta (‘KNF’ or the ‘Company’) posted relatively weak preliminary revenues from its oil terminals in July 2020, compared to the same month a year ago as well as compared to the levels achieved in March-May 2020. However, the Company managed to improve oil terminals’ revenues compared to June 2020, up c.a. 14% m-o-m.* KNF maintained steady performance and revenues at its LNG terminal in comparison with the earlier months of this year, but the respective sales are sharply down from last year’s levels, due to the reduced fixed component of LNG tariffs. From Q2 2020, KNF changed the breakdown of its revenues for reporting purposes, showing revenues based on three operating segments: oil terminals’ activities, including Klaipeda and Subacius terminals; regulated LNG activities at the Floating Storage and Regasification Unit (‘FSRU’); and commercial LNG activities, including the small-scale LNG reloading station in Klaipeda, the project in Brazil, and other development projects.
* Starting from this year, the Company does not disclose the monthly oil transhipment and LNG regasification volumes. In total, KNF’s preliminary revenues amounted to EUR 6.2m in July 2020, down 29.6% y-o-y, while rising 5.1% m-o-m. The y-o-y drop in total sales is primarily driven by sharply lower revenues from the regulated LNG activities, mostly caused by the changed financing setup of the FSRU effective from this year. The regulated LNG revenues plunged 39.0% y-o-y to EUR 3.6m in July 2020. At the same time, revenues from the oil terminals declined 17.2% y-o-y to EUR 2.4m. Preliminary revenues generated from commercial LNG activities stood at EUR 0.2m, with insignificant income recorded in July last year. Please also refer to the tables in the attachment.
Klaipedos Nafta AB. Klaipedos Nafta AB is a Lithuania-based company involved in the export and import of oil products and crude oil. The Company's activities include transhipment of crude oil and oil products, unloads crude oil and oil products from tankers into railway cars, temporary storage of crude oil and oil products, determination of quality parameters of oil product, injects chemical additives into oil products, accepts oily water from ships, supply of fuel and water to ships and provides moors tankers. As of December 31, 2011, the Company's major shareholder was Lithuanian Ministry of Energy with a stake of 70.63%. On December 17, 2012, the Company registered its new subsidiary, LitGas, which specializes in the distribution of gas.
LHV Bank is an independent pan-Baltic bank, based on Estonian capital. The company was founded in 1999 by two founders of Hansapank (today’s Swedbank in the Baltics) and has been offering a full range of investment services for 15 years. In May 2009, LHV received a credit institution licence allowing it to provide all banking services.
The head office is situated in Tallinn, Estonia. Cross-border services are offered in Vilnius, Lithuania and in Riga, Latvia. LHV provides brokerage (institutional and retail), asset management, banking and capital markets services. Compared to other banks, we are more innovative and have more solid experience in investment and entrepreneurship.
The Bank, together with the Group asset management company employs over 320 people. LHV Group shares are listed on Nasdaq Tallinn.
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