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 | 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
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.