Klaipėdos Nafta occupies top position in Annual Report on State-Owned Enterprises 2015
AB Klaipėdos Nafta occupies the top position in the published Annual Report on State-Owned Enterprises 2015, the company says in a press release. The company can be proud of its significant contribution to the overall better performance of energy companies and compliance with the highest standards of transparency.
The Annual Report on State-Owned Enterprises 2015 has been drawn up by the Ministry of Economy and the State Enterprise Turto Bankas, which fulfils the function of a management and coordination centre. The analysis covered performance of 128 state-owned enterprises (SOEs), 19 of which are public limited companies. SOEs create about 3.1 per cent of the country’s gross domestic product (GDP).
Referring to the report, two SOEs achieved the indicators of Good Governance Index (GGI), and AB Klaipėdos Nafta stood out by its transparency standards. The company observes the full transparency principle when publishing its performance results and adopted investment-related and other decisions, maintaining close contacts with investors and society, and drawing up its social responsibility report. The annual report prepared by the company has been evaluated as one of the best reports among all SOEs. The Audit Committee set up in AB Klaipėdos Nafta is the only audit committee among all SOEs comprised of independent members.
The overall GGI is estimated on the basis of the following criteria: transparency, the quality of the management board and strategic planning, as well as implementation.
“The previous year was a special year for our company both in terms of performance and refined operational standards. These results reflect the entirety of consistent improvement of internal processes, strengthening of relations with investors, as well as increasing the return to the state and society. It is of utmost importance for us not only to maintain the high level achieved, but also to raise the bar higher,” says Mantas Bartuška, CEO of AB Klaipėdos Nafta.
Regarding the company’s operations and contribution to the energy sector, AB Klaipėdos Nafta reached the highest indicator of normalised return on equity, i.e. 11.9 per cent, which reflects the achievement of goals defined by the SOE. Last year,the company’s value of shares increased by 19.6 per cent. Revenues grew from EUR 39.8 million to EUR 109.7 million, the net profit increased by 2.4 times, and EUR 17.6 million were allocated for dividends.
The state owns 72.32 percent of AB Klaipėdos Nafta.