Financial data
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 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.
| 2020 m. HY1 | 2021 m. HY1 adj.* | 2020 | 2020 adj.* | 2019 | 2019 adj.* | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|
| Transhipment of oil products, thousand t | 1 612 | 1 612 | 5 149 | 5 149 | 5 749 | 5 749 | 6 694 | 7 177 |
| LNG regasification and reloading, thous. MWh | 9,511 | 9,511 | 21 987 | 21 987 | 20 237 | 20 237 | 9 213 | 12 646 |
| Investments of non-current assets | 3 056 | 3 056 | 7 163 | 7 163 | 22 051 | 22 051 | 13 156 | 32 858 |
| FINANCIAL FIGURES | ||||||||
| Sales | 30 090 | 30 090 | 77 474 | 77 474 | 104 138 | 104 138 | 99 998 | 106 484 |
| Gross profit | 3 704 | 3 704 | 27 283 | 27 283 | 21 241 | 21 241 | 17 369 | 23 745 |
| EBITDA (APM) | 13 979 | 13 979 | 45 058 | 45 058 | 72 235 | 72 235 | 26 749 | 31 235 |
| EBIT (APM) | -7 394 | 520 | 45 508 | 18 689 | 8 690 | 14 772 | 12 065 | 17 711 |
| Financial and investment activities | -9 149 | -1 235 | 24 571 | -2 248 | -8 345 | -2 263 | -8 | -94 |
| Profit before income tax (EBT) | -8 511 | -8 511 | 43 103 | 16 284 | 6 388 | 12 470 | 11 857 | 17 513 |
| Net profit | -7 239 | -703 | 33 495 | 10 991 | 7 947 | 13 117 | 11 577 | 17 031 |
| Current assets | 72 068 | 72 068 | 87 329 | 87 329 | 77 917 | 77 917 | 90 654 | 96 268 |
| Non-current assets | 553 432 | 553 432 | 564 218 | 564 218 | 585 904 | 585 904 | 202 473 | 204 977 |
| Total assets | 625 500 | 625 500 | 651 547 | 651 547 | 663 821 | 663 821 | 293 127 | 301 245 |
| Equity | 201 682 | 206 058 | 216 459 | 199 125 | 191 173 | 196 343 | 195 490 | 200 344 |
| PROFITABILITY | ||||||||
| Return on assets (ROA) (APM) | 2,6% | 0,5% | 5,1% | 1,7% | 1,7% | 2,7% | 3,9% | 6,3% |
| Return on equity (ROE) (APM) | 8,6% | 1,6% | 16,4% | 5,6% | 4,1% | 6,7% | 5,8% | 8,7% |
| Return on Capital Employed (ROCE) (APM) | 0,2% | 0,2% | 5,9% | 6,2% | 5,5% | 5,4% | 4,3% | 6,3% |
| Gross profit margin (APM) | 12,3% | 12,3% | 35,2% | 35,2% | 20,4% | 20,4% | 17,4% | 22,3% |
| EBITDA margin (APM) | 46,5% | 46,5% | 58,2% | 58,2% | 69,4% | 69,4% | 26,7% | 29,3% |
| EBIT margin (APM) | -24,6% | 1,7% | 58,7% | 24,1% | 8,3% | 14,2% | 12,1% | 16,6% |
| EBT margin (APM) | -28,3% | -28,3% | 55,6% | 21,0% | 6,1% | 12,0% | 11,9% | 16,4% |
| Net profit margin (APM) | -24,1% | -2,3% | 43,2% | 14,2% | 7,6% | 12,6% | 11,6% | 16,0% |
| FINANCIAL STRUCTURE | ||||||||
| Debt ratio (D/E) (APM) | 210% | 206% | 201% | 218% | 247% | 241% | 50% | 50% |
| Debt ratio (D/E) – excluding IFRS 16 liabilities (APM) | 64% | 63% | 60% | 65% | 50% | 49% | 50% | 50% |
| Debt to EBITDA (APM) | 30 | 30 | 10 | 10 | 7 | 7 | 4 | 3 |
| Debt (excluding IFRS 16) to EBITDA (APM) | 9 | 9 | 3 | 3 | 1 | 1 | 4 | 3 |
| Debt service coverage ratio (DSCR) (APM) | 3 | 3 | 7 | 7 | 12 | 12 | 9 | 66 |
| Leverage ratio (D/A) (APM) | 0,68 | 0,68 | 0,67 | 0,67 | 0,71 | 0,71 | 0,33 | 0,33 |
| Leverage ratio (D/A) (excluding IFRS 16) (APM) | 47% | 47% | 44% | 44% | 33% | 33% | 33% | 33% |
| Interest coverage ratio (EBITDA/interest expense) | 13 | 13 | 19 | 19 | 31 | 31 | 129 | 158 |
| Effective tax rate | 15% | -18% | 22% | 33% | -24% | -5% | 2% | 3% |
| Capital to assets ratio (APM) | 32% | 33% | 33% | 31% | 29% | 30% | 67% | 67% |
| Gross liquidity ratio (current ratio) (APM) | 1,21 | 1,21 | 1,41 | 1,41 | 1,21 | 1,21 | 4,87 | 4,78 |
| Quick ratio (APM) | 1,18 | 1,18 | 1,37 | 1,37 | 1,17 | 1,17 | 4,77 | 4,72 |
| Quick ratio (excluding IFRS 16) (APM) | 3,9 | 3,9 | 3,91 | 3,91 | 3,77 | 3,77 | 4,77 | 4,72 |
| MARKET VALUE RATIOS | ||||||||
| Price-Earnings Ratio (P/E) | 15,7 | 40,1 | 3,6 | 11,1 | 17,4 | 10,5 | 13,4 | 11,4 |
| Earnings per share (EPS) | -0,019 | -0,002 | 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 | ||||||
| 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 | ||||||
| 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 service coverage ratio (DSCR) | EBITDA / total current debt obligations | ||||||
| Debt to EBITDA | total current and non-current liabilities at the end of the period / EBITDA | ||||||
| EBIT | earnings before interest and taxes | ||||||
| EBIT margin | EBIT / revenue | ||||||
| EBITDA | earnings before taxes – financial activity income + financial activity expenses + depreciation and amortization expenses | ||||||
| EBITDA margin | EBITDA / revenue | ||||||
| EBT margin | (earnings before taxes) / 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 | ||||||
| Net profit margin | net profit / revenue | ||||||
| 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 | ||||||
| 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 of the last twelve moths / (total average assets at the end of the period + total average assets at the beginning of the period) / 2 | ||||||
| Return on Capital Employed (ROCE) | (EBITDA - depreciation and amortization expenses) / (shareholder’s equity + total long-term liabilities at the end of the period) | ||||||
| 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 | ||||||
Financial data in Excel (XLSX) format
Significant influence on accounting performance
KN’s financial results for HY1 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 9,182 thousand has been recognized in the statement of comprehensive income in 1-6 months of 2021. 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 from 1 January 2020 reduced revenue of the Group and the Company for 1-6 months of 2020 and 2021 in amount of EUR 13.4 million each half year. The LNG security supplement reduction is financed by NIB loans; therefore, the cash flows of the Group and the Company are not affected.