AB KN Energies (hereinafter - KN, the Company) announces the unaudited consolidated (hereinafter - the Group) and separate financial results for the 3 months of 2024.
Key financial indicators:
| EUR millions | Group | Company | ||
| 2024 Q1 | 2023 Q1 | 2024 Q1 | 2023 Q1 | |
| Revenue | 24,4 | 22,2 | 23,6 | 21,4 |
| EBITDA | 14,1 | 9,8 | 13,7 | 9,5 |
| Net profit (loss) | 2,6 | 6,6 | 2,2 | 6,4 |
| Adjusted net profit (loss) | 6,0 | 2,6 | 5,7 | 2,4 |
Management comment:
Revenue from liquid energy terminals for Q1 of 2024 amounts to EUR 7.3 million and is lower by 6,4% compared to the same period in 2023 (EUR 7.8 million). Revenue was mainly impacted by 17.3% lower revenue from liquid energy products transshiment. However, revenues from liquid energy tank rent and storage services were 14.7% higher.
Regulated LNG activities revenue for Q1 of 2024 reached EUR 14.9 million and is higher by EUR 2.2 million or 17.3% compared to the same period in 2023 (EUR 12.7 million) despite 23.4% lower LNG regasification volumes due to warm winter season and the high percentage of regional storages filling. The main reasons: (1) higher regasification revenue by EUR 2.5 million due to increased regasification tariff from 1.41 EUR/MWh to 1.83 EUR/MWh set by the NERC; (2) higher revenue by EUR 0.7 million due to the higher amount of reloaded LNG; (3) 3.9 million other regulatory revenues.
Revenue from commercial LNG activities for Q1 of 2024 amounts to EUR 2.3 million and is higher by 43.8% compared to the same period in 2023 (EUR 1,6 million). The biggest factor is 2.9 times higher revenues from business development activities in Western Europe. Commercial LNG activities consist of business development projects including LNG terminal operator services provided at the Port of Açu terminal in Brazil, commercial operator services of a state-owned LNG terminal in Germany and the LNG reloading station in Klaipeda.
During Q1 of 2024, the same as during 2023, the Group's and the Company's net profit (loss) was significantly affected by unrealized currency exchange results and by the reduction of LNG security supplement from 1 January 2020 by EUR 26.8 million per annum. The unrealized impact of exchange rates arose from 1 January 2019 under the requirements of IFRS 16 "Lease", according to which the Company recognizes finance lease obligations and the major part of them is denominated in US dollars. Whereas all US dollar-denominated lease liabilities relate to the LNG terminal, the effect of the unrealized exchange rate is reflected in the regulated segment.
Enclosed:
- Condensed Consolidated and Separate Financial Statements of AB KN Energies for 3 months period ended 31 March 2024.
Tomas Tumenas, Chief Financial Officer, +370 682 36616.
