Adverse external microeconomic circumstances, such as decrease of the world crude oil and petroleum products prices in the 2nd half of 2008 as well as associated depreciation of crude oil and petroleum products inventories, had a material negative influence on AB Mazeikiu Nafta financial results of the year 2008.
Though under consolidated financial statements of PKN Orlen (based on the fair market value of assets acquired) the losses incurred by AB Mazeikiu Nafta in 2008 amounted to USD 258.8 million, nevertheless AB Mazeikiu Nafta Group consolidated net profit (taking into consideration the historical value of the assets) for the year 2008 reaches LTL 55 million (or USD 23 million), the company reports.
Despite of the complicated situation on the global markets, the Company managed to achieve the throughput being the highest from its privatization in 1999. During twelve months of the year 2008 AB Mazeikiu Nafta refined 9.595 million tons of feedstock, including 9.241 million tons of crude. The volume of feedstock refined during the same period of 2007 was 5.816 million tons, including 4.741 million tons of crude.
AB Mazeikiu Nafta Group operating profit (EBIT – earnings before interest and taxes) under International Financial Reporting Standards (taking into consideration the historical value of the assets) for twelve months of the year 2008 was positive despite of the negative market trends associated with depreciation of inventories. EBIT for the year 2008 reached LTL 93.9 million (USD 40 million) and was higher by 31 percent if compared to the year 2007.