• Home
  • News
  • KN to pay EUR 7.9 million, the total net profit for 2019, in dividends
  • 2020 May 7 10:33

    KN to pay EUR 7.9 million, the total net profit for 2019, in dividends

    This is the third year in a row that the company has paid 100 percent of net profit in dividends

    KN, the operator of the oil and liquefied natural gas (LNG) terminal, says it will pay the amount of 7.9 million Euros (EUR 0.02 per share) – the total net profit for 2019 – in dividends to their shareholders. This is the third year in a row that the company has paid 100 percent of net profit in dividends, and the decision to continue the practice was made by the shareholders of KN at today’s general meeting of shareholders.  
    KN's dividend policy stipulates that the company’s board must determine the proposed amount of dividends based on the company’s net profit, financial indicators and the implementation of the strategy. KN’s income in 2019 amounted to 104 million Euros. During the reporting period, the company's EBITDA was 65.8 million Euros.
    Prior to the shareholders' decision on the payment of dividends and the share of profits to be paid in dividends, the KN management performed a sensitivity analysis of the financial condition for the period up to 2030. This analysis provided an assessment of how the Company’s income and profits wold be affected by a decrease in cash flows due to adverse circumstances, both as a result of the current payment of dividends and the retention of funds within the Company. 
    “KN has a sufficient financial reserve to implement the planned investments and financial commitments,” says KN CEO Darius Šilenskis. “The financial sensitivity analysis shows that, CN would be able to pursue its strategy by continuing its investment projects at the CN oil terminal, regardless of whether dividends will be paid, even in adverse circumstances. These investment projects include achieving ambitious goals through the development of the international LNG business line, as well as implementing a long-term LNG supply to the Lithuania project.“
    According to D. Šilenskis, paying dividends and financing infrastructure projects with borrowed funds creates higher value for shareholders,  taking into account the rates of return on KN capital and the price of borrowed capital on the international financial markets.
    “Currently, the price of borrowed capital in the markets is still extremely attractive and competitive. Therefore, by paying dividends, we aim to increase our operational efficiency while simultaneously creating the greatest benefit for the company’s shareholders. We understand that in the context of quarantine, all additional income may be especially needed,” says D. Šilenskis.
    Based on the amount allocated to KN dividends, KN will pay 5.5 million Euros to the state, and approximately 780 thousand Euros to the second shareholder KN – UAB concern “Achemos grupė” . It is estimated that KN has paid 34.5 million Euros in dividends to the state over the last five years. In 2019, the KN was also among the largest taxpayers in the country, paying over 168 million Euros of various taxes to the budget.
    Currently, 72.32 per cent of the shares belong to the state, 10.41 per cent of the shares are owned by UAB concern “Achemos grupė”, and the other shares belong to small investors. Since 1996, the company has been listed on the Nasdaq Vilnius Stock Exchange.

2021 October 19

15:41 The decarbonization strategy likely is now the best business strategy for shipowners - ABS
15:13 Bollinger celebrates commissioning of 45th Fast Response Cutter USCGC Emlen Tunnel
14:51 RF Government and Rosatom instructed to organize regular transportation of transit cargo by NSR
14:30 Port of Rotterdam throughput rises substantially again in Q3 2021
14:03 Valenciaport throughput up 8.33% to 63.46 mln tonnes in Jan-Sept 2021
14:02 Ice restrictions in Port of Sabetta basin to be effective as of Oct 25
13:39 TGE Marine announces the successful gas trail of LNG bunker vessel ´Dmitry Mendeleev´
13:08 Port of Antwerp throughput up by 4.8% to 179.1% mln tonnes in Jan-Sept 2021
12:54 Cargo traffic via Khabarovsk Territory ports rose by 3% in 9M’21
12:33 Vitol’s V-Bunkers receives green ship awards from Maritime Port Authority of Singapore
12:15 The Methanol Institute welcomes the European Union’s package of proposals Fit for 55
11:36 Volga Shipping announces completion of three tankers conversion project
10:46 MABUX: Bunker prices may demonstrate multidirectional changes on Oct 19
10:11 Russian Gas Society supports 5th LNG Fleet, LNG Bunkering and Alternatives conference
10:09 Berenberg expands debt fund portfolio with two new multi-investor funds
09:46 Baltic Dry Index as of October 18
09:25 Crude oil prices rise on crisis anticipation
09:13 Roxtec selects Sustainable Marine Fuels

2021 October 18

18:07 OneOcean Group brings voyage optimisation solutions to Marlink Partner Programme
17:53 NOVATEK held its first Arctic LNG Projects Shipowners Conference
17:49 MOL tabletop drill prepares for serious marine accident
17:29 Over 40 ships and boats of RF Navy's Black Sea Fleet took part in large-scale exercise at Opuk training ground in Crimea
16:52 Icebreaker Kapitan Khlebnikov to help deliver new components for the Vostok Station in the Antarctic
16:16 Throughput of Russian seaports in 9M’2021 climbed by 1.7% (detalization)
15:48 Four industry focused educational institutions to take part in 5th LNG Fleet, LNG Bunkering and Alternatives conference
15:25 Baltiysky Zavod shipyard casts forth one-piece propeller for Project MR-50 product tanker
15:03 Nemport orders fleet of Konecranes Noell RTGs
14:13 Average spot market price for Russian M100 product rose to RUB 29,186 pmt
13:51 MOL, MAN ES and MES-M sign MoU aiming to order ammonia fueled main engine for ships
13:42 National Chamber of Engineers supports 5th LNG Fleet, LNG Bunkering and Alternatives conference as its Media Partner
13:00 Port of Ventspils throughput in January-September 2021 fell by 14% YoY
12:40 The Port of València will install a hydrogen supply station in January
12:36 Port of Helsinki throughput in January-September 2021 rose by 7.9% YoY
12:14 Port of HaminaKotka cargo turnover in 9M’2021 fell by 2.1%
11:29 Container throughput of Hong Kong port (China) in January-September 2021 rose by 0.1%
10:57 APM Terminals appoints new Head of Decarbonisation
10:48 Port of Liepaja throughput in 9M’2021 climbed by 8% Y-o-Y
10:25 Global Ports’ Consolidated Marine Container Throughput increased by 4.0% y-o-y in 9m 2021
09:53 MABUX: Bunker prices may rise on Oct 18
09:46 Northern Sea Route cargo traffic rose by 4.5%
09:29 Crude oil prices rise driven by roaring demand
09:13 Baltic Dry Index as of October 15

2021 October 17

16:28 Revenue Cutter Bear located, ending decades-long mystery
15:19 Port Everglades new Heron Garage touts solar power, moving walkway
14:38 JAXPORT welcomes passenger vessel Ocean Explorer for port-of-call visit
13:27 Canadian fishing company chooses Skipsteknisk design
12:11 Mayflower Wind signs agreement with Gladding-Hearn for design/build of hybrid electric offshore wind crew transfer vessel
11:03 USCG commissions fast response cutter Emlen Tunnell

2021 October 16

12:38 MYCRANE signs MoU with Swiss-based EPCM, PESCO Switzerland AG
10:19 Star Pride delivered at the Fincantieri shipyard in Palermo
09:37 Three zero-emission harbour tugs mark Corvus Energy’s 500th project order
08:16 Rolls-Royce launches mtu hydrogen solutions for power generation

2021 October 15

18:27 Sea Machines uses biofuel to power tug Nellie Bly on long-haul autonomous journey
18:07 Dublin Port Company to open €48m Dublin Inland Port
17:53 Danfoss Editron powering the first fast crew supply vessel able to compete with helicopter transfers
17:33 Tsawwassen First Nation and the Vancouver Fraser Port Authority sign renewed Relationship Agreement
17:09 Sevmash completed manufacturing of sections for offshore ice-resistant fixed platform LSP "A"
16:40 Global Ports Holding positions Kalundborg as an alternative to Copenhagen
16:33 Duisburg Rail Terminal welcomed the one millionth unit since it started the operations in 2013
15:13 Klaveness Combination Carriers signs a Letter of Intent with Shipshave AS to implement its semi-autonomous hull cleaning solution across its fleet