LHV Institutional Baltic Insight, February 10th, 2020
* Klaipedos Nafta’s (KNF1L LH, ‘KNF’) preliminary revenues for January 2020 recorded a substantial setback, both in terms of the LNG terminals and oil terminals. Unfortunately, the company did not disclose the monthly oil transhipment and LNG regasification volumes, thus complicating the assessment of its revenue dynamics.* While the sharp drop in LNG terminals’ revenues was broadly in line with expectations, following the changes in the financing structure of the Floating Storage Regasification Unit (FSRU), effective from this year, revenues from the oil terminals came in somewhat disappointing, presenting the lowest monthly level since October 2016.
* 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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