LHV Institutional Baltic Insight, March 10th, 2020
* Klaipedos Nafta’s (KNF1L LH, ‘KNF’) preliminary revenues for February 2020 were considerably lower than in the same period last year, both in terms of the LNG terminals and oil terminals. The decline in the LNG terminals’ revenues relates to the changes in the financing structure of the Floating Storage Regasification Unit (FSRU), effective from this year. The revenues from the oil terminals are negatively impacted by the ongoing disputes between Russia and Belarus, leading to significantly reduced production and export volumes of Belarusian refineries.* Starting from this year, the company does not disclose the monthly oil transhipment and LNG regasification volumes. According to KNF, the range of the services provided to its customers is expanding. The company earns a growing portion of its revenues from services other than transhipment, such as storage and blending of biofuels and petroleum products, the abstraction of water from oil products, and other activities. As KNF’s major competitors are not providing detailed information, the management sees that non-disclosure of operating volumes serves better interests of the company.
* In total, KNF generated revenues of EUR 6.0m in February 2020, down 25.9% y-o-y. Revenues from the LNG operations dropped 28.6% y-o-y to EUR 4.0m, while revenues from the oil terminals declined 20.0% y-o-y to EUR 2.0m. 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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