The Board of KN (AB “Klaipėda nafta”), the operator of oil products and liquefied natural gas (LNG) terminals, has offered to pay to the shareholders the dividends amounting to EUR 11.6 million, i.e. the total profit of 2018 or a bit more than EUR 0.03 per one share. This decision the Board of the company adopted with regard to the operation results KN achieved in 2018.
The dividend policy of the company specifies that the company’s Board establishes the yearly amount of the dividends with regard to the amount of the net profit, financial indicators, the company’s financial liabilities and the strategy implementation. According to the audited financial statements, in 2018, the revenues of KN amounted to EUR 100 million. In the reporting period, the company’s EBITDA amounted to EUR 26.9 million.
“The year of 2018 was full of challenges. However, despite the tension between the neighbouring states in the sector of oil and oil products logistics, we were successful in preserving stable cargo flows. We also launched the works of the second stage of Klaipėda oil terminal development, preserved stable sales volumes in foreign markets and exceeded the planned profit level. Having regard to the financial results of the Company and seeking higher operational efficiency, the Board of KN offers to distribute the profit earned throughout 2018 by paying dividends and thus ensuring the highest return to the shareholders,” says Mindaugas Jusius, KN Chief Executive.
Last year, KN allocated EUR 13.2 million for investments. This year, the company is planning to further invest into the enhancement of the competitiveness of Klaipėda oil terminal. The company will also start its preparation for the implementation of the decision regarding the assurance of the long-term LNG import delegated to it by the state and for additional financial liabilities. The company has sufficient reserves for the planned investments and the implementation of the financial liabilities.
With regard to the amount the company allocated for the dividends, it will supply the state budget with EUR 8.4 million. Last year, KN also paid to its shareholders 100% of the profit earned in 2017 in dividends. It is estimated that the total amount KN paid to the state in dividends within the last four years will amount to EUR 29 million. In 2018, KN was also among the five major national tax payers, who supplied the state budget with more than EUR 175 million in various taxes.
The offer of the Board of KN must be approved by the shareholders of the Company at the general shareholders’ meeting, which will take place on 26 April 2019.
Currently, the following persons are the members of the Board: Mantas Bartuška, Dainius Bražiūnas and independent board members Giedrius Dusevičius, Bjarke Pallson and Ian Bradshaw.
72% of the company’s shares belong to the state.
