AB KN Energies unaudited financial information for the 3 months of 2024

KN Energias

AB KN Energies (hereinafter – KN, the Company) announces the unaudited (hereinafter – the Group) and separate consolidated financial results for the 3 months of 2024.

Main financial indicators:

Management comment:

Revenue from net energy terminals in the first quarter of 2024 amounts to 7.3 million euros and is 6.4% lower than the same period in 2023 (7.8 million euros). Revenue was mainly impacted by the 17.3% reduction in revenue from transshipment of liquid energy products. However, revenues from rental and storage services for liquid energy tanks were 14.7% higher.

Revenue from regulated LNG activities for the first quarter of 2024 reached 14.9 million euros and is higher by 2.2 million euros or 17.3% compared to the same period in 2023 (12.7 million euros ), despite 23.4% lower LNG regasification volumes due to the warm winter season and the high filling percentage of regional warehouses. The main reasons: (1) higher regasification revenues by 2.5 million euros due to the increase in the regasification tariff from 1.41 EUR/MWh to 1.83 EUR/MWh set by NERC; (2) higher revenues by 0.7 million euros due to the greater quantity of LNG refilled; (3) 3.9 million other regulatory revenues.

Revenues from LNG commercial activities for the first quarter of 2024 amount to 2.3 million euros and are 43.8% higher compared to the same period in 2023 (1.6 million euros). The biggest factor is the 2.9 times higher revenues from business development activities in Western Europe. LNG commercial activities consist of business development projects, including LNG terminal operator services provided at the Porto do Açu terminal in Brazil, commercial operator services of a state-owned LNG terminal in Germany and the LNG refueling station in Klaipeda.

During the first quarter of 2024, the same as during 2023, the Group’s and the Company’s net profit (loss) was significantly affected by unrealized foreign exchange results and the reduction of the LNG security supplement from 1 January 2020 onwards 26.8 million euros per year. The unrealized impact of exchange rates arose from January 1, 2019 under the requirements of IFRS 16 “Lease”, under which the Company recognizes finance lease obligations and the majority of them are denominated in US dollars. Americans. While all US dollar-denominated lease liabilities relate to the LNG terminal, the unrealized exchange rate effect is reflected in the regulated segment.

Attachment:

1. Condensed consolidated and separate financial statements of AB KN Energies for the 3-month period ended March 31, 2024.

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Tomas Tumėnas, Chief Financial Officer, +370 682 36616.

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