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	2021	2021 adj.*	2020	2020 adj.*	2019	2019 adj.*	2018	2017
Transhipment of oil products, thousand t	3,651	3,651	5,149	5,149	5,749	5,749	6,694	7,177
LNG regasification and reloading, GWh	16,569	16,569	21,987	21,987	20,237	20,237	9,213	12,646
Investments of non-current assets	9,080	9,080	7,163	7,163	22,051	22,051	13,156	32,858
FINANCIAL FIGURES
Sales	61,811	61,811	80,114	80,114	104,363	104,363	99,998	106,484
Gross profit	8,702	8,702	29,154	29,154	20,834	20,834	17,369	23,745
EBITDA (APM)	26,108	26,108	48,168	48,168	70,979	70,979	26,406	31,555
EBIT (APM)	-73,486	-53,342	46,275	19,456	8,304	14,386	12,065	17,711
Financial and investment activities	-22,602	-2,458	24,460	-2,359	-8,314	-2,232	-8	-94
Profit before income tax (EBT)	-75,767	-55,623	43,839	17,020	6,002	12,084	11,857	17,513
Net profit (loss)	-64,011	-47,178	33,958	11,454	7,561	12,731	11,577	17,031
Current assets	78,841	78,841	91,695	91,695	81,946	81,946	90,654	96,268
Non-current assets	493,240	493,240	559,999	559,999	581,351	581,351	202,473	204,977
Total assets	572,081	572,081	651,694	651,694	663,297	663,297	293,127	301,245
Equity	144,713	144,212	216,326	198,992	190,649	195,819	195,490	200,344
PROFITABILITY
Return on assets (ROA) (APM)	-10.5%	-7.7%	5.2%	1.7%	1.6%	2.7%	3.9%	6.3%
Return on equity (ROE) (APM)	-35.5%	-27.5%	16.7%	5.8%	3.9%	6.5%	5.9%	8.7%
Return on Capital Employed (ROCE) (APM)	0.17%	0.17%	6.9%	7.3%	5.1%	5.0%	4.2%	6.4%
Gross profit margin (APM)	14.1%	14.1%	36.4%	36.4%	20.0%	20.0%	17.4%	22.3%
EBITDA margin (APM)	42.2%	42.2%	60.1%	60.1%	68.0%	68.0%	26.4%	29.6%
EBIT margin (APM)	-118.9%	-86.3%	57.8%	24.3%	8.0%	13.8%	12.1%	16.6%
EBT margin (APM)	-122.6%	-90.0%	54.7%	21.2%	5.8%	11.6%	11.9%	16.4%
Net profit margin (APM)	-103.6%	-76.3%	42.4%	14.3%	7.2%	12.2%	11.6%	16.0%
FINANCIAL STRUCTURE
Debt ratio (D/E) (APM)	295%	296%	201%	219%	248%	241%	50%	50%
Debt ratio (D/E) – excluding IFRS 16 liabilities (APM)	97%	97%	60%	65%	50%	49%	50%	50%
Debt to EBITDA (APM)	16	16	9	9	7	7	4	3
Debt (excluding IFRS 16) to EBITDA (APM)	5	5	3	3	1	1	4	3
Debt service coverage ratio (DSCR) (APM)	4	4	8	8	12	12	9	67
Leverage ratio (D/A) (APM)	0.75	0.75	0.67	0.67	0.71	0.71	0.33	0.33
Leverage ratio (D/A) (excluding IFRS 16) (APM)	60%	60%	44%	44%	33%	33%	33%	33%
Interest coverage ratio (EBITDA/interest expense)	11	11	20	20	31	31	127	159
Effective tax rate	16%	15%	23%	33%	-26%	-5%	2%	3%
Capital to assets ratio (APM)	25%	25%	33%	31%	29%	30%	67%	67%
Gross liquidity ratio (current ratio) (APM)	1.28	1.28	1.47	1.47	1.27	1.27	4.87	4.78
Quick ratio (APM)	1.25	1.25	1.43	1.43	1.24	1.24	4.77	4.72
Quick ratio (excluding IFRS 16) (APM)	4.34	4.34	4.06	4.06	3.98	3.98	4.77	4.72
MARKET VALUE RATIOS
Price-Earnings Ratio (P/E)	-1.8	-2.5	3.6	10.7	18.3	10.9	13.4	11.4
Earnings per share (EPS)	-0.168	-0.124	0.089	0.030	0.020	0.033	0.030	0.045

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	2021	2021 adj.*	2020	2020 adj.*	2019	2019 adj.*	2018	2017
Transhipment of oil products, thousand t	3,651	3,651	5,149	5,149	5,749	5,749	6,694	7,177
LNG regasification and reloading, GWh	16,569	16,569	21,987	21,987	20,237	20,237	9,213	12,646
Investments of non-current assets	9,080	9,080	7,163	7,163	22,051	22,051	13,156	32,858
FINANCIAL FIGURES
Sales	58,633	58,633	77,474	77,474	104,138	104,138	99,998	106,484
Gross profit	6,489	6,489	27,283	27,283	21,241	21,241	17,369	23,745
EBITDA (APM)	24,582	24,582	47,291	47,291	71,396	71,396	26,406	31,555
EBIT (APM)	-74,852	-54,708	45,508	18,689	8,690	14,772	12,065	17,711
Financial and investment activities	-22,519	-2,375	24,571	-2,248	-8,345	-2,263	-8	-94
Profit before income tax (EBT)	-77,129	-56,985	43,103	16,284	6,388	12,470	11,857	17,513
Net profit (loss)	-64,917	-48,084	33,495	10,991	7,947	13,117	11,577	17,031
Current assets	73,463	73,463	87,329	87,329	77,917	77,917	90,654	96,268
Non-current assets	497,496	497,496	564,218	564,218	585,904	585,904	202,473	204,977
Total assets	570,959	570,959	651,547	651,547	663,821	663,821	293,127	301,245
Equity	143,950	143,449	216,459	199,125	191,173	196,343	195,490	200,344
PROFITABILITY
Return on assets (ROA) (APM)	-10.6%	-7.9%	5.1%	1.7%	1.7%	2.7%	3.9%	6.3%
Return on equity (ROE) (APM)	-36.0%	-28.1%	16.4%	5.6%	4.1%	6.7%	5.8%	8.7%
Return on Capital Employed (ROCE) (APM)	-0.4%	-0.4%	6.6%	7.0%	5.2%	5.1%	4.2%	6.4%
Gross profit margin (APM)	11.1%	11.1%	35.2%	35.2%	20.4%	20.4%	17.4%	22.3%
EBITDA margin (APM)	41.9%	41.9%	61.0%	61.0%	68.6%	68.6%	26.4%	29.6%
EBIT margin (APM)	-127.7%	-93.3%	58.7%	24.1%	8.3%	14.2%	12.1%	16.6%
EBT margin (APM)	-131.5%	-97.2%	55.6%	21.0%	6.1%	12.0%	11.9%	16.4%
Net profit margin (APM)	-110.7%	-82.0%	43.2%	14.2%	7.6%	12.6%	11.6%	16.0%
FINANCIAL STRUCTURE
Debt ratio (D/E) (APM)	297%	298%	201%	218%	247%	241%	50%	50%
Debt ratio (D/E) – excluding IFRS 16 liabilities (APM)	97%	98%	60%	65%	50%	49%	50%	50%
Debt to EBITDA (APM)	17	17	9	9	7	7	4	3
Debt (excluding IFRS 16) to EBITDA (APM)	6	6	3	3	1	1	4	3
Debt service coverage ratio (DSCR) (APM)	4	4	8	8	12	12	9	67
Leverage ratio (D/A) (APM)	0.75	0.75	0.67	0.67	0.71	0.71	0.33	0.33
Leverage ratio (D/A) (excluding IFRS 16) (APM)	60%	60%	44%	44%	33%	33%	33%	33%
Interest coverage ratio (EBITDA/interest expense)	11	11	20	20	31	31	127	159
Effective tax rate	16%	16%	22%	33%	-24%	-5%	2%	3%
Capital to assets ratio (APM)	25%	25%	33%	31%	29%	30%	67%	67%
Gross liquidity ratio (current ratio) (APM)	1.20	1.20	1.41	1.41	1.21	1.21	4.87	4.78
Quick ratio (APM)	1.17	1.17	1.37	1.37	1.17	1.17	4.77	4.72
Quick ratio (excluding IFRS 16) (APM)	4.12	4.12	3.91	3.91	3.77	3.77	4.77	4.72
MARKET VALUE RATIOS
Price-Earnings Ratio (P/E)	-1.8	-2.4	3.6	11.1	17.4	10.5	13.4	11.4
Earnings per share (EPS)	-0.171	-0.126	0.088	0.029	0.021	0.034	0.030	0.045

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 of 2021 and 2020 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. 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 22,073 thousand has been recognized in the statement of comprehensive income in 2021 (in 2020 - EUR 28,765 thousand positive impact). 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 2021 and 2020 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.