Financial data
FINANCIAL RESULTS OF THE GROUP’S AND THE COMPANY’S ACTIVITY
THE KEY FINANCIAL RATIOS OF THE GROUP (IN EUR THOUSAND, IF NOT INDICATED OTHERWISE)
* Adj. – adjusted financial indicators/data are recalculated and presented by eliminating from net profit (loss) the following amounts: (1) the impact of unrealised foreign currency exchange rates (forex) arising from IFRS 16 requirements, (2) respective impact of deferred income tax arising from forex and (3) impact of financial derivatives.
THE KEY FINANCIAL RATIOS OF THE COMPANY (IN EUR THOUSAND, IF NOT INDICATED OTHERWISE)
* Adj. – adjusted financial indicators/data are recalculated and presented by eliminating from net profit (loss) the following amounts: (1) the impact of unrealised foreign currency exchange rates (forex) arising from IFRS 16 requirements, (2) respective impact of deferred income tax arising from forex and (3) impact of financial derivatives.
* Adj. – adjusted financial indicators/data are recalculated and presented by eliminating from net profit (loss) the following amounts: (1) the impact of unrealised foreign currency exchange rates (forex) arising from IFRS 16 requirements, (2) respective impact of deferred income tax arising from forex and (3) impact of financial derivatives.
| THE GROUP | HY1 2024 | HY1 2023 | HY1 2022 | HY1 2021 | HY1 2020 |
|---|---|---|---|---|---|
| Transshipment of liquid energy products, thousand t | 1,898 | 1,955 | 1,967 | 1,612 | 2,592 |
| LNG regasification and reloading, GWh | 11,068 | 17,391 | 13,171 | 9,511 | 11,046 |
| Investments of non-current assets | 10,388 | 892 | 2,521 | 3,056 | 2,513 |
| FINANCIAL FIGURES | |||||
| Sales | 42,614 | 42,398 | 35,976 | 31,629 | 40,737 |
| EBITDA (APM) | 21,721 | 16,746 | 16,899 | 14,209 | 25,075 |
| EBITDA (for the last twelve months) (APM) | 40,613 | 34,834 | 28,798 | 37,302 | 61,821 |
| EBIT (APM) | 10,054 | 5,345 | 5,588 | 832 | 11,853 |
| Net profit (loss) | 1,459 | 8,1 | -13,848 | -6,764 | 9,412 |
| Adj. Net profit (loss) | 6,346 | 3,284 | 3,04 | -227 | 7,251 |
| PROFITABILITY | |||||
| Return on assets (ROA) (APM) | 1.2% | 2.8% | (11.9%) | 2.8% | 2.4% |
| Adj. Return on assets (ROA) (APM) | 1.8% | 1.6% | (7.3%) | 0.6% | 2.6% |
| Return on equity (ROE) (APM) | 4.5% | 11.5% | (42.7%) | 9.0% | 7.6% |
| Adj. Return on equity (ROE) (APM) | 6.3% | 6.0% | (25.9%) | 2.1% | 8.3% |
| Return on Capital Employed (ROCE) (APM) | 3.1% | 1.8% | 2.1% | 0.3% | 4.2% |
| Adj. Return on Capital Employed (ROCE) (APM) | 3.0% | 1.7% | 2.0% | 0.3% | 4.1% |
| EBITDA margin (APM) | 51.0% | 39.5% | 47.0% | 44.9% | 61.6% |
| EBIT margin (APM) | 23.6% | 12.6% | 15.5% | 2.6% | 29.1% |
| Net profit margin (APM) | 3.4% | 19.1% | (38.5%) | (21.4%) | 23.1% |
| Adj. Net profit margin (APM) | 14.9% | 7.7% | 8.5% | (0.7%) | 17.8% |
| FINANCIAL STRUCTURE | |||||
| Debt ratio (D/E) (APM) | 265% | 281% | 337% | 210% | 243% |
| Adj. Debt ratio (D/E) (APM) | 243% | 264% | 300% | 222% | 239% |
| Debt ratio (D/E) - excluding IFRS 16 liabilities (APM) | 133% | 120% | 117% | 64% | 60% |
| Adj. Debt ratio (D/E) - excluding IFRS 16 liabilities (APM) | 122% | 113% | 104% | 68% | 59% |
| Debt to EBITDA (APM) | 18 | 25 | 26 | 30 | 19 |
| Debt (excluding IFRS 16) to EBITDA (APM) | 9 | 11 | 9 | 9 | 5 |
| Net Debt/EBITDA (APM) | 17 | 23 | 22 | 26 | 16 |
| Net Debt/EBITDA (for the last twelve months) (APM) | 9 | 11 | 13 | 10 | 7 |
| Net Debt (excluding IFRS 16) to EBITDA (APM) | 8 | 9 | 5 | 5 | 2 |
| Net Debt (excluding IFRS 16) to EBITDA (for the last twelve months) (APM) | 4 | 4 | 3 | 2 | 1 |
| Debt service coverage ratio (DSCR) (APM) | 3 | 4 | 4 | 8 | 12 |
| Debt service coverage ratio (for the last twelve months) (DSCR) (APM) | 5 | 4 | 5 | 8 | 10 |
| Gross liquidity ratio (APM) | 0.43 | 1.27 | 1.22 | 1.28 | 1.40 |
| MARKET VALUE RATIOS | |||||
| Price-Earnings Ratio (P/E) | 13.1 | 5.3 | (1.4) | 7.2 | 9.7 |
| Adj. Price-Earnings Ratio (P/E) | 8.6 | 9.3 | (2.3) | 32.4 | 8.8 |
| Earnings per share (EPS) | 0.004 | 0.021 | (0.036) | (0.018) | 0.025 |
| Adj. Earnings per share (EPS) | 0.017 | 0.009 | 0.008 | (0.001) | 0.019 |
THE KEY FINANCIAL RATIOS OF THE COMPANY (IN EUR THOUSAND, IF NOT INDICATED OTHERWISE)
* Adj. – adjusted financial indicators/data are recalculated and presented by eliminating from net profit (loss) the following amounts: (1) the impact of unrealised foreign currency exchange rates (forex) arising from IFRS 16 requirements, (2) respective impact of deferred income tax arising from forex and (3) impact of financial derivatives.
| THE COMPANY | HY1 2024 | HY1 2023 | HY1 2022 | HY1 2021 | HY1 2020 |
|---|---|---|---|---|---|
| Transshipment of liquid energy products, thousand t | 1,898 | 1,955 | 1,967 | 1,612 | 2,592 |
| LNG regasification and reloading, GWh | 11,068 | 17,391 | 13,171 | 9,511 | 11,046 |
| Investments of non-current assets | 10,388 | 892 | 2,521 | 3,056 | 2,513 |
| FINANCIAL FIGURES | |||||
| Sales | 40,766 | 40,946 | 34,458 | 30,09 | 39,654 |
| EBITDA (APM) | 20,761 | 16,237 | 16,234 | 13,587 | 24,927 |
| EBITDA (for the last twelve months) (APM) | 38,87 | 33,699 | 27,229 | 35,951 | 62,09 |
| EBIT (APM) | 9,144 | 4,887 | 4,97 | 246 | 11,708 |
| Net profit (loss) | 800 | 7,695 | -14,308 | -7,239 | 9,32 |
| Adj. Net profit (loss) | 5,687 | 2,879 | 2,581 | -702 | 7,159 |
| PROFITABILITY | |||||
| Return on assets (ROA) (APM) | 1.0% | 2.7% | (12.0%) | 2.6% | 2.4% |
| Adj. Return on assets (ROA) (APM) | 1.6% | 1.5% | (7.5%) | 0.5% | 2.7% |
| Return on equity (ROE) (APM) | 3.8% | 11.1% | (43.5%) | 8.6% | 7.8% |
| Adj. Return on equity (ROE) (APM) | 5.7% | 5.6% | (26.6%) | 1.6% | 8.5% |
| Return on Capital Employed (ROCE) (APM) | 2.9% | 1.6% | 1.9% | 0.1% | 4.1% |
| Adj. Return on Capital Employed (ROCE) (APM) | 2.7% | 1.6% | 1.8% | 0.1% | 4.1% |
| EBITDA margin (APM) | 50.9% | 39.7% | 47.1% | 45.2% | 62.9% |
| EBIT margin (APM) | 22.4% | 11.9% | 14.4% | 0.8% | 29.5% |
| Net profit margin (APM) | 2.0% | 18.8% | (41.5%) | (24.1%) | 23.5% |
| Adj. Net profit margin (APM) | 14.0% | 7.0% | 7.5% | (2.3%) | 18.1% |
| FINANCIAL STRUCTURE | |||||
| Debt ratio (D/E) (APM) | 270% | 285% | 341% | 210% | 242% |
| Adj. Debt ratio (D/E) (APM) | 248% | 268% | 303% | 222% | 239% |
| Debt ratio (D/E) - excluding IFRS 16 liabilities (APM) | 135% | 122% | 118% | 64% | 60% |
| Adj. Debt ratio (D/E) - excluding IFRS 16 liabilities (APM) | 124% | 114% | 105% | 68% | 59% |
| Debt to EBITDA (APM) | 19 | 25 | 27 | 31 | 19 |
| Debt (excluding IFRS 16) to EBITDA (APM) | 9 | 11 | 9 | 10 | 5 |
| Net Debt/EBITDA (APM) | 18 | 24 | 24 | 27 | 17 |
| Net Debt/EBITDA (for the last twelve months) (APM) | 10 | 12 | 14 | 10 | 7 |
| Net Debt (excluding IFRS 16) to EBITDA (APM) | 9 | 9 | 6 | 5 | 3 |
| Net Debt (excluding IFRS 16) to EBITDA (for the last twelve months) (APM) | 5 | 4 | 3 | 2 | 1 |
| Debt service coverage ratio (DSCR) (APM) | 3 | 4 | 4 | 8 | 12 |
| Debt service coverage ratio (for the last twelve months) (DSCR) (APM) | 4 | 4 | 4 | 7 | 10 |
| Gross liquidity ratio (APM) | 0.39 | 1.18 | 1.14 | 1.21 | 1.34 |
| MARKET VALUE RATIOS | |||||
| Price-Earnings Ratio (P/E) (APM) | 107.5 | 11.0 | (6.9) | 7.2 | 9.5 |
| Adj. Price-Earnings Ratio (P/E) | 15.1 | 29.3 | 38.3 | 38.9 | 8.7 |
| Earnings per share (EPS) (APM) | 0.002 | 0.020 | (0.038) | (0.019) | 0.024 |
| Adj. Earnings per share (EPS) | 0.015 | 0.008 | 0.007 | (0.002) | 0.019 |
Explanations of performance measures
| MEASURE | CALCULATION |
|---|---|
| Debt ratio (D/E) | total current and non-current liabilities at the end of the period / total equity at the end of the period |
| Debt ratio (D/E) – excluding IFRS 16 liabilities | (total current and non-current liabilities at the end of the period – total current and non-current IFRS 16 lease liabilities) / total equity at the end of the period |
| Debt ratio (D/E) – excluding IFRS 16 liabilities (adjusted) | (total current and non-current liabilities at the end of the period – total current and non-current IFRS 16 lease liabilities) / total adjusted equity at the end of the period |
| Debt ratio (D/E) (ajusted) | (total current and non-current liabilities) / total adjusted equity at the end of the period |
| Debt service coverage ratio (DSCR) | EBITDA of the period / (total current loan obligations at the end of the period + interest expenses of the period) |
| Debt service coverage ratio (for the last twelve months) (DSCR) | EBITDA of the last twelve months / (total current loan obligations at the end of the period + interest expenses of the period) |
| Debt to EBITDA | total current and non-current liabilities at the end of the period / EBITDA of the period |
| Debt to EBITDA – excluding IFRS 16 | (total current and non-current liabilities at the end of the period – current and non-current IFRS lease liabilities) / EBITDA of the period |
| Earnings per share (EPS) | net profit (loss) for the period/ total number of shares at the end of the period |
| EBIT | earnings before taxes – financial activity income + financial activity expenses |
| EBIT margin | EBIT / revenue |
| EBITDA | earnings before taxes – financial activity income + financial activity expenses + depreciation and amortization expenses + impairment expenses and reversals |
| EBITDA (for the last twelve months) | earnings before taxes – financial activity income + financial activity expenses + depreciation and amortization expenses + impairment expenses and reversals (calculated using result for the last twelve months) |
| EBITDA margin | EBITDA / revenue |
| Gross liquidity ratio (current ratio) | total current assets at the end of the period / total current liabilities at the end of the period. |
| Net Debt/ EBITDA – excluding IFRS 16 | (total current and non-current liabilities at the end of the period - cash and cash equivalents – current and non-current IFRS lease liabilities) / EBITDA for the period |
| Net Debt/EBITDA | total current and non-current liabilities at the end of the period - cash and cash equivalents/ EBITDA for the period |
| Net Debt/EBITDA (for the last twelve months) | total current and non-current liabilities at the end of the period - cash and cash equivalents/ EBITDA of the last twelve months |
| Net Debt/EBITDA (for the last twelve months) – excluding IFRS 16 | (total current and non-current liabilities at the end of the period - cash and cash equivalents – current and non-current IFRS lease liabilities) / EBITDA of the last twelve months |
| Net profit margin | net profit (loss) for the period / revenue |
| Net profit margin (adjusted) | adjusted net profit (loss) for the period / revenue |
| Price-Earnings Ratio (P/E) | average share price for the period / (net profit (loss) of the last twelve months/ total number of shares at the end of the period) |
| Return on assets (ROA) | net profit (loss) of the last twelve months / (assets at the end of the period + assets at the beginning of the period) / 2 |
| Return on assets (ROA) (adjusted) | adjusted net profit (loss) of the last twelve months / (assets at the end of the period + assets at the beginning of the period) / 2 |
| Return on Capital Employed (ROCE) | EBIT / (total equity + total long-term loans and deferred government grants at the end of the period) |
| Return on Capital Employed (ROCE) (adjusted) | EBIT / (total adjusted equity + total long-term loans and deferred government grants at the end of the period) |
| Return on equity (ROE) | net profit (loss) of the last twelve months / (equity at the end of the period + equity at the beginning of the period) / 2 |
| Return on equity (ROE) (adjusted) | adjusted net profit (loss) of the last twelve months / (adjusted equity at the end of the period + adjusted equity at the beginning of the period) / 2 |
Financial data in Excel (XLSX) format
Financial results
KN uses alternative performance measures (APM) to provide better understanding of the Group and the Company business operations. Currently, net profit (loss) of the Group and the Company is affected by material non-cash items. Therefore, the adjusted financial indicators are recalculated and presented by eliminating from net profit (loss) the following amounts: (1) the impact of unrealised foreign currency exchange rates (forex) arising from IFRS 16 requirements, (2) respective impact of deferred income tax arising from forex and (3) impact of financial derivatives.
Since 2019, KN’s financial results have been affected by IFRS 16 “Leases” – a new standard which came into effect on 1 January 2019 and by the reduction of LNG security supplement from 1 January 2020 by EUR 26.8 million per annum. These changes have significantly affected KN’s statement of financial position, statement of comprehensive income, and financial indicators. When the standard has become effective, the lease obligations are recognized in the statement of financial position as an asset and a liability (right-of-use assets and a lease liability). As most lease payments are denominated in USD, the negative impact of unrealized USD/EUR exchange rate in amount of EUR 5,749 thousand has been recognized in the statement of comprehensive income in the first half of 2024 (in first half of 2023 – a positive impact of EUR 5.666 thousand). However, it is a non-cash item, which has no impact to the Group’s and the Company’s actual earnings. The reduction of the LNG security supplement reduced revenue of the Group and the Company for 2020-2024 in amount of EUR 26.8 million per annum. The LNG security supplement reduction is financed by NIB loans; therefore, the cash flows of the Group and the Company are not affected. The reduced revenue will be returned to the Company over the period of operation of the LNG terminal.
Since 2019, KN’s financial results have been affected by IFRS 16 “Leases” – a new standard which came into effect on 1 January 2019 and by the reduction of LNG security supplement from 1 January 2020 by EUR 26.8 million per annum. These changes have significantly affected KN’s statement of financial position, statement of comprehensive income, and financial indicators. When the standard has become effective, the lease obligations are recognized in the statement of financial position as an asset and a liability (right-of-use assets and a lease liability). As most lease payments are denominated in USD, the negative impact of unrealized USD/EUR exchange rate in amount of EUR 5,749 thousand has been recognized in the statement of comprehensive income in the first half of 2024 (in first half of 2023 – a positive impact of EUR 5.666 thousand). However, it is a non-cash item, which has no impact to the Group’s and the Company’s actual earnings. The reduction of the LNG security supplement reduced revenue of the Group and the Company for 2020-2024 in amount of EUR 26.8 million per annum. The LNG security supplement reduction is financed by NIB loans; therefore, the cash flows of the Group and the Company are not affected. The reduced revenue will be returned to the Company over the period of operation of the LNG terminal.