KN - Knowledge driven

Financial data

	H1 2019	Adjusted H1 2019	H1 2018	H1 2017	H1 2016	H1 2015
Transhipment of oil products (thousand t)	2 926	2 926	3 594	3 262	4 425	3 329
LNG regasification, thousand MWh	6 419	6 419	4 519	4 869	9 207	264
Investments (acquisitions of non-current assets):	15 622	15 622	6 313	10 208	815	2 569
Financial figures
Sales revenue	51 244	51 244	52 739	52 341	57 348	53 871
Gross profit	8 683	7 977	12 687	11 065	15 313	13 363
EBITDA ¹⁾	32 251	11 361	17 229	15 207	19 478	17 537
EBIT ²⁾	2 402	4 353	10 321	8 311	12 897	11 127
Financial and investment activities result	-2 911	-51	-43	-59	-152	-579
Profit before taxation (EBT)	2 300	4 455	10 219	8 227	12 802	10 888
Net profit	2 542	4 697	1 021	7 389	11 722	9 458

Current assets	77 752	77 752	89 952	52 045	63 033	52 315
Non-current assets	470 291	212 206	203 564	189 957	182 499	185 818
Total assets	548 043	289 957	293 516	242 002	245 532	238 133
Shareholders’ equity	185 688	187 843	193 523	190 702	190 897	184 225
Profitability
Return on assets (ROA) ⁴⁾	0,9%	2,1%	7,4%	3,9%	10,0%	6,9%
Return on equity (ROE) ³⁾	2,1%	3,2%	10,3%	5,0%	13,0%	8,5%
Gross profit margin	16,9%	15,6%	24,1%	21,1%	26,7%	24,8%
EBITDA margin	62,9%	22,2%	32,7%	29,1%	34,0%	32,6%
EBIT margin	4,7%	8,5%	19,6%	15,9%	22,5%	20,7%
EBT margin	4,5%	8,5%	19,4%	15,7%	22,3%	20,2%
Net profit margin	5,0%	9,2%	19,4%	14,1%	20,4%	17,6%
Turnover
Accounts receivable, days	44	44	44	45	38	89
Accounts payable, days	49	48	41	37	33	34
Financial structure
Debt ratio ⁵⁾	1,95	0,54	0,52	0,27	0,29	0,29
Capital to assets ratio	0,34	0,65	0,66	0,79	0,78	0,77
Gross liquidity ratio (current ratio) 5⁾	1,13	3,04	3,97	3,28	2,90	2,30
Quick ratio 6⁾	1,10	2,98	3,90	3,20	2,84	2,23
Market value ratios
Price-Earnings Ratio (P/E)	40,1	25,9	9,9	18,4	8,1	9,6
Earnings per share (EPS)	0,007	0,0123	0.027	0.019	0.031	0.025

¹ EBITDA = earnings before interest, taxation, depreciation and amortization;
² EBIT= earnings before interest and taxation;
³ Return on equity (ROE) = net profit of the last twelve moths / (total average equity at the end of the period + total average equity at the beginning of the period) / 2;
⁴ Return on assets (ROA) = net profit of the last twelve moths / (total average assets at the end of the period + total average assets at the beginning of the period) / 2;
⁵ Gross liquidity ratio = total current assets at the end of the period / total current liabilities at the end of the period.
⁶ 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,
P/E = The indicator describing the company's share price and earnings per share ratio.

Financial data in Excel (XLSX) format

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Significant influence on accounting performance

KN’s financial accounting indicators of the first half-year of 2019, compared to the first half-year of 2018, were negatively affected by IFRS 16 “Leases” amended as of 1 January 2019. This change has significantly affected KN’s statement of financial position, statement of comprehensive income, and financial indicators. In 2018, the costs of lease were registered in the statement of comprehensive income and had no impact on the statement of financial position. Upon coming into effect of the amendments to the standard, leases have been recorded as assets and liabilities (right of use the assets and financial lease liabilities). In the statement of comprehensive income the impact of changes in exchange rates additionally formed, because of lease payments denominated in US dollars, however in reality the Company is not affected by this.

Regarding of the reasons mentioned above, in order to represent the real result, the adjusted result without the influence of IFRS 16 is provided next to accounting result with the impact of IFRS 16.