LHV Institutional Baltic Insight, June 8th, 2020
* Klaipedos Nafta (‘KNF’ or the ‘Company’) continued to generate decent revenues from its oil terminals last month while maintaining steady performance at its LNG terminals. In total, KNF’s preliminary revenues amounted to EUR 7.0m in May 2020, down 13.6% y-o-y.* Similar to earlier months of this year, the drop in total sales was driven by sharply lower revenues from the regulated LNG activities, based on the Floating Storage and Regasification Unit (‘FSRU’) technology, primarily related to the changed financing structure of the FSRU effective from this year. The regulated LNG revenues plunged 36.2% y-o-y to EUR 3.7m in May 2020.
* At the same time, revenues from the oil terminals expanded 34.8% y-o-y to EUR 3.1m, remaining steady compared to the previous month. The latest oil terminal figures also mark a good level in comparison to the monthly average of EUR 2.7m generated during 2019. Starting from this year, the Company does not disclose the monthly oil transhipment and LNG regasification volumes.
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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