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 GROUP	HY1 2022	HY1 2022 adj. *	HY1 2021	HY1 2021 adj. *	HY1 2020	HY1 2020 adj. *	HY1 2019	HY1 2019 adj. *	HY1 2018
Transshipment of oil products, thousand t	1,967	1,967	1,612	1,612	2,592	2,592	2,926	2,926	3,594
LNG regasification and reloading, GWh	13,171	13,171	9,511	9,511	11,046	11,046	6,419	6,419	4,519
Investments of non-current assets	2,521	2,521	3,056	3,056	2,513	2,513	15,622	15,622	6,313
FINANCIAL FIGURES
Sales	35,976	35,976	31,629	31,629	40,737	40,737	51,244	51,244	52,739
Gross profit	9,018	9,018	4,742	4,742	15,643	15,643	8,683	8,683	12,687
EBITDA (APM)	16,899	16,899	14,209	14,209	25,075	25,075	34,233	34,233	16,948
EBIT (APM)	5,573	5,573	1,224	1,224	10,944	10,944	5,212	5,212	10,262
Financial and investment activities	-21,047	-1,106	-9,132	-1,139	1,215	-1,327	-2,912	-1,144	-43
Profit before income tax (EBT)	-15,474	4,467	-7,908	85	12,159	9,617	2,3	4,068	10,219
Net profit (loss)	-13,848	3,112	-6,764	-227	9,412	7,251	2,542	4,045	10,21
Current assets	83,534	83,534	77,124	77,124	89,373	89,373	77,752	77,752	89,952
Non-current assets	490,01	490,01	549,204	549,204	569,797	569,797	470,291	470,291	203,564
Total assets	573,544	573,544	626,328	626,328	659,17	659,17	548,043	548,043	293,516
Equity	131,15	147,609	202,091	191,373	192,07	195,079	185,688	187,191	193,523
PROFITABILITY
Return on assets (ROA) (APM)	(11.9)%	(7.3)%	2.8%	0.6%	2.4%	2.6%	0.9%	1.3%	7.4%
Return on equity (ROE) (APM)	(42.7)%	(25.9)%	9.0%	2.1%	7.6%	8.3%	2.1%	2.8%	10.3%
Return on Capital Employed (ROCE) (APM)	2.1%	2.0%	0.3%	0.3%	4.2%	4.1%	2.1%	2.1%	3.7%
Gross profit margin (APM)	25.1%	25.1%	15.0%	15.0%	38.4%	38.4%	16.9%	16.9%	24.1%
EBITDA margin (APM)	47.0%	47.0%	44.9%	44.9%	61.6%	61.6%	66.8%	66.8%	32.1%
EBIT margin (APM)	15.5%	15.5%	3.9%	3.9%	26.9%	26.9%	10.2%	10.2%	19.5%
EBT margin (APM)	(43.0)%	12.4%	(25.0)%	0.3%	29.8%	23.6%	4.5%	7.9%	19.4%
Net profit margin (APM)	(38.5)%	8.7%	(21.4)%	(0.7)%	23.1%	17.8%	5.0%	7.9%	19.4%
FINANCIAL STRUCTURE
Debt ratio (D/E) (APM)	337%	300%	210%	222%	243%	239%	195%	194%	52%
Debt ratio (D/E) – excluding IFRS 16 liabilities (APM)	117%	104%	64%	68%	60%	59%	55%	55%	52%
Debt to EBITDA (APM)	26	26	30	30	19	19	11	11	6
Debt (excluding IFRS 16) to EBITDA (APM)	9	9	9	9	5	5	3	3	6
Debt service coverage ratio (DSCR) (APM)	3	3	3	3	4	4	8	8	11
Leverage ratio (D/A) (APM)	0.77	0.77	0.68	0.68	0.71	0.71	0.66	0.66	0.34
Leverage ratio (D/A) (excluding IFRS 16) (APM)	65%	65%	47%	47%	39%	39%	35%	35%	34%
Interest coverage ratio (EBITDA/interest expense)	14	14	13	13	20	20	29	29	165
Effective tax rate	11%	30%	14%	274%	23%	25%	-11%	1%	0%
Capital to assets ratio (APM)	23%	26%	32%	31%	29%	30%	34%	34%	66%
Gross liquidity ratio (current ratio) (APM)	1.22	1.22	1.28	1.28	1.40	1.40	1.13	1.13	4.62
Quick ratio (APM)	1.19	1.19	1.25	1.25	1.36	1.36	1.10	1.10	4.56
Quick ratio (excluding IFRS 16) (APM)	3.88	3.88	4.08	4.08	4.29	4.29	2.97	2.97	4.56
MARKET VALUE RATIOS
Price-Earnings Ratio (P/E)	(1.4)	(2.3)	7.2	32.4	9.7	8.8	36.4	26.3	9.9
Earnings per share (EPS)	(0.036)	0.008	(0.018)	(0.001)	0.025	0.019	0.007	0.011	0.027

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 2022	HY1 2022 adj. *	HY1 2021	HY1 2021 adj. *	HY1 2020	HY1 2020 adj. *	HY1 2019	HY1 2019 adj. *	HY1 2018
Transshipment of oil products, thousand t	1,967	1,967	1,612	1,612	2,592	2,592	2,926	2,926	3,594
LNG regasification and reloading, GWh	13,171	13,171	9,511	9,511	11,046	11,046	6,419	6,419	4,519
Investments of non-current assets	2,521	2,521	3,056	3,056	2,513	2,513	15,622	15,622	6,313
FINANCIAL FIGURES
Sales	34,458	34,458	30,09	30,09	39,654	39,654	51,244	51,244	52,739
Gross profit	8,004	8,004	3,704	3,704	14,851	14,851	8,683	8,683	12,687
EBITDA (APM)	16,234	16,234	13,587	13,587	24,927	24,927	34,233	34,233	16,948
EBIT (APM)	4,955	4,955	638	638	10,799	10,799	5,212	5,212	10,262
Financial and investment activities	-21,136	-1,195	-9,149	-1,156	1,267	-1,275	-2,912	-1,144	-43
Profit before income tax (EBT)	-16,181	3,76	-8,511	-518	12,066	9,524	2,3	4,068	10,219
Net profit (loss)	-14,308	2,652	-7,239	-703	9,32	7,159	2,542	4,045	10,21
Current assets	77,284	77,284	72,068	72,068	85,299	85,299	77,752	77,752	89,952
Non-current assets	494,255	494,255	553,432	553,432	574,142	574,142	470,291	470,291	203,564
Total assets	571,539	571,539	625,5	625,5	659,441	659,441	548,043	548,043	293,516
Equity	129,663	146,122	201,682	190,964	192,546	195,555	185,688	187,191	193,523
PROFITABILITY
Return on assets (ROA) (APM)	(12.0)%	(7.5)%	2.6%	0.5%	2.4%	2.7%	0.9%	1.3%	7.4%
Return on equity (ROE) (APM)	(43.5)%	(26.6)%	8.6%	1.6%	7.8%	8.5%	2.1%	2.8%	10.3%
Return on Capital Employed (ROCE) (APM)	1.9%	1.8%	0.1%	0.1%	4.1%	4.1%	2.1%	2.1%	3.7%
Gross profit margin (APM)	23.2%	23.2%	12.3%	12.3%	37.5%	37.5%	16.9%	16.9%	24.1%
EBITDA margin (APM)	47.1%	47.1%	45.2%	45.2%	62.9%	62.9%	66.8%	66.8%	32.1%
EBIT margin (APM)	14.4%	14.4%	2.1%	2.1%	27.2%	27.2%	10.2%	10.2%	19.5%
EBT margin (APM)	(47.0)%	10.9%	(28.3)%	(1.7)%	30.4%	24.0%	4.5%	7.9%	19.4%
Net profit margin (APM)	(41.5)%	7.7%	(24.1)%	(2.3)%	23.5%	18.1%	5.0%	7.9%	19.4%
FINANCIAL STRUCTURE
Debt ratio (D/E) (APM)	341%	302%	210%	222%	242%	239%	195%	194%	52%
Debt ratio (D/E) – excluding IFRS 16 liabilities (APM)	118%	105%	64%	68%	60%	59%	55%	55%	52%
Debt to EBITDA (APM)	27	27	31	31	19	19	11	11	6
Debt (excluding IFRS 16) to EBITDA (APM)	9	9	10	10	5	5	3	3	6
Debt service coverage ratio (DSCR) (APM)	3	3	3	3	4	4	8	8	11
Leverage ratio (D/A) (APM)	0.77	0.77	0.68	0.68	0.71	0.71	0.66	0.66	0.34
Leverage ratio (D/A) (excluding IFRS 16) (APM)	65%	65%	47%	47%	39%	39%	35%	35%	34%
Interest coverage ratio (EBITDA/interest expense)	13	13	12	12	20	20	29	29	165
Effective tax rate	12%	29%	15%	-20%	23%	25%	-11%	1%	0%
Capital to assets ratio (APM)	23%	26%	32%	31%	29%	30%	34%	34%	66%
Gross liquidity ratio (current ratio) (APM)	1.14	1.14	1.21	1.21	1.34	1.34	1.13	1.13	4.62
Quick ratio (APM)	1.11	1.11	1.18	1.18	1.30	1.30	1.10	1.10	4.56
Quick ratio (excluding IFRS 16) (APM)	3.67	3.67	3.90	3.90	4.13	4.13	2.97	2.97	4.56
MARKET VALUE RATIOS
Price-Earnings Ratio (P/E)	(6.9)	37.3	7.2	38.9	9.5	8.7	36.4	26.3	9.9
Earnings per share (EPS)	(0.038)	0.007	(0.019)	(0.002)	0.024	0.019	0.007	0.011	0.027

Explanations of performance measures

MEASURE	CALCULATION
Capital to assets ratio	total capital at the end of the period / total assets at the end of the period
Adjusted capital to asset ratio	total adjusted capital at the end of the period / total assets at the end of the period
Debt (excluding IFRS 16) to EBITDA	(total current and non-current liabilities at the end of the period – current and non-current IFRS lease liabilities) / EBITDA
Debt ratio (D/E)	total current and non-current liabilities at the end of the period / total equity at the end of the period
Adjusted debt ratio (D/E)	(total current and non-current liabilities) / total adjusted 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
Adjusted 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 adjusted equity at the end of the period
Debt service coverage ratio (DSCR)	EBITDA / (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
EBIT	earnings before interest and taxes
Adjusted EBIT	earnings before interest and taxes – unrealised foreign exchange rates impact – impact of financial derivatives
EBIT margin	EBIT / revenue
Adjusted EBIT margin	adjusted EBIT / revenue
EBITDA	earnings before taxes – financial activity income + financial activity expenses + depreciation and amortization expenses + impairment expenses and reversals
EBITDA margin	EBITDA / revenue
EBT margin	(earnings before taxes) / revenue
Adjusted EBT margin	(earnings before taxes– unrealised foreign exchange rates impact – impact of financial derivatives) / revenue
Gross liquidity ratio (current ratio)	total current assets at the end of the period / total current liabilities at the end of the period.
Gross profit margin	(revenue – COGS) / revenue * 100
Leverage ratio (D/A)	total current and non-current liabilities at the end of the period / total assets at the end of the period
Leverage ratio (D/A) (excluding IFRS 16)	(total current and non-current liabilities at the end of the period – current and non-current IFRS lease liabilities) / (total assets at the end of the period – right of use assets)
Net profit margin	net profit (loss) for the period / revenue
Adjusted net profit margin	adjusted net profit (loss) for the period / revenue
Quick ratio (excluding IFRS 16)	(total current assets at the end of the period – inventories at the end of the period) / (total current liabilities at the end of the period – total current IFRS 16 lease liabilities)
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
Adjusted return on assets	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)	(EBITDA – depreciation and amortization expenses) / (total 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
Adjusted return on equity	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
Quick ratio	(total current assets at the end of the period – inventories at the end of the period) / total current liabilities at the end of the period

Financial data in Excel (XLSX) format

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Significant influence on accounting performance

KN’s financial results for the 6 months of 2022 and 2021 have mainly 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 (EUR 13.4 million for the 6 months of 2022). 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 19,869 thousand has been recognized in the statement of comprehensive income for the 6 months of 2022 (for the 6 months of 2021 – negative impact of EUR 9,182 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 by EUR 13.4 million for the 6 months of 2022 and 2021 . The LNG security supplement reduction is financed by NIB loans; therefore, the cash flows of the Group and the Company are not affected