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Valdymo koordinavimo centras

State Owned Enterprises

AB Klaipėdos Nafta was established in 1994. The company’s main activities are export and import of crude oil and petroleum products. Crude oil and its products are reloaded in the company’s tanks. The company’s main competitors are the terminals of oil product handling in Baltic Sea ports. Klaipėdos Nafta shares are traded on the NASDAQ OMX Vilnius Stock Exchange.

Financial results

P/L Statment

2015 2016 2017 2018
Revenue 109,702 103,839 106,484 99,998
Cost of goods sold 80,579 83,042 82,739 82,682
Gross profit (loss) 29,123 20,797 23,745 17,316
Gross profit margin 27% 20% 22% 17%
Operating expenses 4,823 5,905 6,217 5,727
Operating profit (loss) 24,300 14,892 17,528 11,589
Operating profit margin 22% 14% 16% 12%
EBITDA 37,359 28,060 31,239 26,780
EBITDA margin 34% 27% 29% 27%
Net profit (loss) 22,036 13,794 17,031 11,577
Net profit margin 20% 13% 16% 12%
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Revenue 46,491 52,341 54,143 52,739
Cost of goods sold 41,007 41,276 41,463 40,052
Gross profit 5,484 11,065 12,680 12,687
Gross profit margin 12% 21% 23% 24%
Operating expenses 3,522 2,814 3,403 2,684
Operating profit 1,962 8,251 9,277 10,003
Operating profit margin 4% 16% 17% 19%
EBITDA 8,525 15,188 16,205 17,170
EBITDA margin 18% 29% 30% 33%
Net profit 2,072 7,389 9,642 10,210
Net profit margin 4% 14% 18% 19%

Balance sheet

2015 2016 2017 2018
Non-current assets 180,074 186,895 204,977 203,025
Intangible assets 508 399 490 726
Tangible assets 176,821 182,925 201,449 199,211
Financial assets 344 411 410 404
Other non-current assets 2,401 3,160 2,628 2,684
Biological assets
Current assets 58,713 55,536 96,268 90,102
Inventories and prepaid expenses 2,142 2,117 1,372 2,281
Accounts receivable in one year 28,743 11,207 12,765 12,912
Other current assets 4,040 156 65,384 1,671
Cash and cash equivalents 23,788 42,056 16,747 73,238
Total assets 238,787 242,431 301,245 293,127
Equity 196,804 192,969 200,344 195,490
Minority share of capital
Grants and subsidies 209 2,781 4,006 4,642
Liabilities 41,983 49,462 100,901 97,637
Financial liabilities 29,737 29,724 76,379 76,152
Long-term liabilities 31,222 31,290 76,759 74,368
Short-term liabilities 10,552 15,391 20,136 18,627
Equity and liabilities 238,787 242,431 301,245 293,127
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Non-current assets 186,895 189,957 204,977 203,564
Intangible assets 399 407 490 631
Tangible assets 182,925 186,245 201,449 200,217
Financial assets 411 411 410 357
Other non-current assets 3,160 2,894 2,628 2,359
Biological assets 0 0 0 0
Current assets 55,536 52,045 96,268 89,952
Inventories and prepaid expenses 2,117 1,921 1,372 1,607
Accounts receivable in one year 11,207 13,281 12,765 13,845
Other non-current assets 156 619 384 599
Cash and cash equivalents 42,056 36,224 81,747 73,901
Total assets 242,431 242,002 301,245 293,516
Equity 192,969 190,702 200,344 193,523
Minority share of capital 0 0 0 0
Grants and subsidies 2,781 4,006 4,006 4,897
Liabilities 46,681 47,294 96,895 95,096
Financial liabilities 29,724 29,664 76,379 76,388
Long-term liabilities 31,290 31,442 76,759 75,620
Short-term liabilities 15,391 15,852 20,136 19,476
Equity and liabilities 242,431 242,002 301,245 293,516

Financial ratios

2015 2016 2017 2018
Capital return ratios
Return on assets (ROA) 6% 6% 6% 4%
Return on equity (ROE) 8% 7% 9% 6%
Return on capital employed (ROCE) 8% 13% 13% 9%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.00 0.15 0.38 0.39
Current Ratio 2.51 3.61 4.78 4.84
Quick ratio 2.46 3.47 4.71 4.71
Turnover ratios
Asset turnover 0.27 0.43 0.39 0.34
Fixed asset turnover 0.33 0.57 0.54 0.49
Equity turnover 0.37 0.53 0.54 0.51
Profitability ratios
EBITDA margin 43% 27% 29% 27%
Operating profit margin 27% 14% 16% 12%
Net profit margin 23% 13% 16% 12%
Other ratios
Dividends to the State 0.00 6,983.22 12,316.82 8,372.49
Dividends paid / net profit 0.00 0.51 0.72 0.72
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Capital return ratios
Return on assets (ROA) 6% 4% 6% 7%
Return on equity (ROE) 7% 5% 9% 10%
Return on capital employed (ROCE) 7% 5% 7% 8%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.12 0.12 0.25 0.26
Current Ratio 3.61 3.28 4.78 4.62
Quick ratio 3.47 3.16 4.71 4.54
Turnover ratios
Asset turnover 0.43 0.41 0.39 0.40
Fixed asset turnover 0.57 0.53 0.54 0.54
Equity turnover 0.53 0.52 0.54 0.56
Profitability ratios
EBITDA margin 18% 29% 30% 33%
Operating profit margin 4% 16% 17% 19%
Net profit margin 4% 14% 18% 19%
Other ratios
Dividends to the State 5,049.78 8,906.68
Dividends paid / net profit 0.51 0.72

Expectations of the state

Target return on equity

5,8%

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

8.4 EUR milion

ROE

5.8%

Number of employees

388

Financial data provided as at end-December 2018

Management

  • Darius ŠilenskisDirector General

Information as of: 2019/11/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Giedrius DusevičiusACC Distribution; Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Bjarke PålssonMark & Wedell A/S, M&W JAWO A/S; Independent member
  • Mantas BartuškaAB Lietuvos geležinkeliai, Lithuanian Confederation of Industrialists
  • Dainius BražiūnasMinistry of Energy
  • Ian Jonathan BradshawContiguous Consulting Ltd.; Independent member

Information as of: 2019/11/01

Supervisory board

CHAIRMAN OF THE SUPERVISORY BOARD

  • Eimantas KiudulasUAB iValue, UAB Klaipėdos laisvosios ekonominės zonos valdymo bendrovė, UAB Flex Start One, Eimanto Kiudulo company; Independent member

SUPERVISORY BOARD MEMBERS

  • Andrius VaranavičiusTakeda Pharmaceuticals International, Takeda Pharma AG, Takeda UK Limited, Individual activity based on business license; Independent member

Information as of: 2019/11/01