Good morning. Dear listeners, welcome to Klaipėdos Nafta Investor Conference. I'm Emilia from Nasdaq Vilnius, and I'll be moderating today's event. We will start with the presentation from the management, which will be followed by the Q&A session. Please be informed that this webinar is being recorded. As always, I encourage every one of you to ask questions during or after the presentation in the Q&A section. With that said, I'm pleased to introduce today's presenters, Chief Executive Officer Darius Šilenskis and Chief Financial Officer Mindaugas Kvekšas. Dear guests, please, the floor is yours, and good luck.
Good morning to everyone. Good morning, Nova. It's the first time for us doing presentation in Zoom platform. I think it's really good choice of Nasdaq because that extends opportunities for the wider list of participants to join and to listen for the main messages. Yeah, today, as usually, we will present the main highlights for the quarter one of 2022, and we will share with all of you financial results of the company for the same period. I will start from the main announcements from the last webinar, meaning using a timeline not only within the Q1.
On third of March, we probably were the first company in Lithuania which denied acceptance of Russian molecules of liquefied natural gas in our terminal by reacting to the war in Ukraine and by not supporting any Russian revenue generation, at least here in our infrastructure from LNG transshipment. Further on, what was happening and actually it was really quite an intense period for KN as operating the critically important infrastructure of natural gas supply. It was intense period and we on seventeenth of March had already booked all our FSRU terminal capacities for the current gas year, meaning till end of September 2022. Accordingly, [audio distortion]
The total amount of, let's say, regasification forecasted till this period within this period will reach almost 24 TWh. Another important thing to say that we have agreed with regulator and had collected all needed approvals on amending our annual capacity allocation procedure and principles applied for our LNG terminal capacity allocation for the last quarter of 2022. Later on, we have also agreed with the regulator on revised tariffication, so to say, of the regasification services. As of May 2022, the tariff for the variable tariff component is defined in the level of EUR 1.19 per MWh. Of course, sustainability, social responsibility report as usually has been released.
I'm recommending for our investors to get acknowledgement of the content of this document, because I think nowadays it's especially important to have not only, let's say, figures, but as well understanding on what the company does in the area of ESG and social responsibility. Another important message to say that on eighth of April our case regarding shares to our employees as a part of remuneration for previous periods, it has been dismissed by the Šiauliai Regional Court. The prosecutor provided actually appeal on a higher court instance in this civil case. We also must say that I think it's important event for entire company and investors.
We have a completely new board of directors, with Edvinas Katilius chairing this new board of directors. Let's say for the oncoming four years. I'm really glad, the competencies which we got. Really glad the diversity which we have in our new board, and I really believe we will have smooth, let's say, smooth cooperation and smooth work together in order to improve our returns to all our shareholders. Another important thing, regarding capacity allocation for our LNG terminal. We have approval from the regulator, applicable for 2023 reservations, of regasification capacities. Those are the main announcements which were released. A few other highlights to be mentioned.
We took the 33rd place in the top 500 ranking of Lithuanian business leaders, which is not so bad for the company size like ours. I think it's quite a good result. We have reached one and a half thousand trucks loaded in our small-scale LNG reloading station starting 2017. Meaning that this infrastructure works quite well, and our strategic partner utilizes our capacities for the supply, mainly of north and northeast region of Poland to the off-grid customers. We finalized the construction together with the port authorities of the additional jetty in our Klaipėda Oil Terminal. It's important and significant achievement because it gives more flexibility for our customers.
This jetty is really actively used for the discharge and loading of various tankers, including chemical ones from the very beginning of when it became available. Another important thing to mention is that the government of Lithuania approved that our FSRU Independence, which ownership will pass to KN starting 2025, will be registered at Lithuanian Ship's Flag Register. I think it is important since this FSRU is a symbol of our independence, energy independence, so quite a big achievement. Another significant event which took place recently is an opening of a GIPL gas interconnector between Lithuania and Poland.
Which, in the light of recent challenges and changes of the gas supply due to the Russian war in Ukraine, gives additional security not only to Poland, but as well to Lithuanian and even Baltic markets. Those are the main messages in this slide. Important things to address and to mention, but immediately from the first days of the newly selected board of directors came in. We started the process of KN strategy, a new strategy, actually, preparation for the long term. The idea is not only define the exact goals for our core businesses, which we are doing now, but also to define KN place in the future energy world and actually a pathway how we get to the net zero.
It is a top priority for all my team for the remaining 2022 year. As I mentioned, process has been already initiated and started. Talking about the war impact, I think it's important to share with investors how it has impacted us so far. No negative material impact is being visible and no indications on the impairment arising from revised business assumptions is appearing. Of course, we are spending a lot of our time and resources to strengthen our operational security, cybersecurity, and the continuity of our operations. This is under control. Management is working on newly appeared opportunities in terms of global LNG development.
Most of you know, Europe is actively looking on alternative supplies and to become less dependent, or at the end, completely independent from the Russian gas supplies. Our know-how and, let's say, our capabilities allows us to think that we might have some success in helping, one or other country to build infrastructure which we operate, which we are operating, and which we know how to build. This is one and another thing. It's not written in this slide, but we are quite actively working on, let's say, opportunities to supply, petroleum products by using our infrastructure to the Ukrainian market. Talking about our regional development of LNG. I briefly mentioned.
Nevertheless, let's say we have a quite active regasification activities, and actually operating on a maximum regime from beginning of April. This will not have a significant impact on our financial, so-called, normalized and adjusted, profit. Why? Because it is a regulated activity and, the differences or the surpluses are balanced later by the regulator. This is a key messages from myself, and I would like to pass stage to Mindaugas to go more into details talking about the figures.
Thank you, Darius. It's a great relief to see the huge efforts of our team finally paying off. We believe we have seen the beginning of a stronger positive trend of recovery in the financial results starting from the beginning of this year. While last year throughout the four quarters we have seen the financial performance that was relatively stable. Finally, this quarter we are seeing, as I said, a stronger trend and a visible improvement in all key financial indicators, which improved both in comparison to the last quarter of 2021 and also in comparison to the first quarter of previous year.
The non-adjusted net loss, which is reported according to the requirements of IFRS, was again impacted by further depreciation of the euro against the United States dollar, incurring an unrealized foreign exchange loss of EUR 4.2 million, less deferred taxes. Such losses arise from a lease liability for FSRU, Floating Storage Regasification Unit, that is denominated in the United States dollars. Since these lease payments are fully compensated by the regulated income, either of the current year or the future periods, therefore, our approach is not to hedge against this risk in 2022. Worth reminding that in 2020, we had the opposite situation, and the company recognized significant unrealized currency exchange gains due to the same reason.
We also measure, for the management purposes, the indicators that take into account so-called temporary regulatory differences. This is a common practice among other regulated enterprises operating in the energy sector in Lithuania. These temporary regulatory differences, we take into account. They are adjusting for amounts such as costs, which were incurred in excess of revenue in the regulated LNG terminal segment, that should be compensated in the future periods. It could also be the revenue in excess of costs incurred that are eligible for compensation. Such excess revenue should be paid back in the future periods. Accordingly, in the first quarter of this year, the EBITDA adjusted for such temporary regulatory differences would amount to EUR 8.1 million.
This would be a slight reduction of the normal non-adjusted EBITDA by EUR 0.3 million. Well, last year, our performance was significantly affected by recognition of huge impairment loss for Klaipėda Oil Terminal assets. Despite the recent terrible events in Ukraine and their long-reaching consequences, we have not identified, as Darius mentioned, any indications of additional impairment at the recent reporting date for neither of the segments where we operate. How the individual segments were performing in the first quarter of this year in comparison to the last quarter of 2021. Overall, revenue increased by EUR 2.4 million, as I said, in comparison to the last quarter of the previous year.
EUR 0.5 million comes from the oil terminal segment, mostly from further diversification of the client base and also the transshipped goods portfolio. EUR 2 million of additional revenue comes from LNGT as regulated revenues. In respect of EBITDA, the improvement was of EUR 2.7 million, and of that, EUR 1 million coming from the oil segment, mostly achieved by growth in revenue and the reductions in fixed costs despite great inflationary pressure. Variable costs of the energy and the railway were at the same level as in the Q4 of the last year.
one point seven million euro improvement coming from regulated segment, mostly due to higher revenue as costs remain at a similar level. Relatively low EBITDA in last quarter of twenty twenty-one was affected by the mentioned temporary regulatory differences. If we take these differences into account for both periods, then the growth in EBITDA for the regulated segment would amount to zero point four million euros. Last, the performance of commercial LNG segment remained at a relatively similar level. We expect improvements in the future. As also Darius mentioned, our team is actively involved in all the turmoil that is going on in the LNG market and global energy market at the moment. Last, the net profit loss.
In respect of the net profit loss, it's important to mention that finally in quarter one of 2022, none of the segments were loss making this year, after we will eliminate the mentioned unrealized foreign exchange losses of the regulated segment. Then going back to the overview of the business factors for separate segments. Darius?
Thank you, Mindaugas. Very shortly, about each segment, the key highlights and messages. Talking about the oil segment, since we're really dependent as well on the macroeconomic and fundamental factors in oil markets. What was going on in Q1, it was, let's say, record high refining margins period, which due to many reasons which actually listed in this slide, and of course caused partially as well due to war effect. Disruptions appeared as a consequence. Those factors had a positive impact for our transshipment in Klaipėda terminal.
Comparing with last quarter of 2021, we were seeing an increase of 5% approximately on our handled volumes or transshipment volumes amount. Of course, transshipment is not reflecting the full, let's say, full scope of our revenues and other revenues we are collecting as well from such services as a storage. In storage services, let's say the global demand remained quite low because there was no contango in none of oil product segments during entire Q1, and it was only continuing backwardation tendencies, which means that we were not accumulating some extra or additional revenues from the storage services.
Nevertheless, it's worth to say that our Subačius Oil Terminal, which, where we store, state reserves of, fuels as well having some commercial activity, it's fully utilized, 100% utilization. Yeah, we are performing quite well by utilizing this infrastructure. Another additional products which appeared in our terminal after the finalization of the investment program, both into tank farms and the jetties, as already mentioned, is giving a return. We can see almost in all so-called petrochemical, chemical, and other grades of oil products increase. It was about 5.5 times higher transshipment of ethanol in our Klaipėda infrastructure, comparing to the same period of last year.
We are doing really well with bitumen and our share among the Baltic terminals, including Russian actually ports. Let's say the share is quite significant. We have about 41% of this. Yeah, we have also increase of petrochemical activities. We already reached about 40%. Within one quarter, we reached about 48% of the total last year's volume, which was handled in our infrastructure. It's maybe good thing to say that we added into our let's say list of services which we provide Lithuanian crude oil. It's not a significant amounts of that crude oil coming, but still we are utilizing our idle capacities pretty well.
All possible products which we can find in our markets, we are trying to attract them and handle them. This is about oil. Some of the messages about regulated LNG activities has been already shared. What is worth to mention that our average utilization of Klaipėda LNG terminal here we can see 31%. It's worth to mention that before the war, due to the very high prices in the markets and due to very high levels of natural gas indexes, let's say year started with I would say very poor utilization. Nevertheless, after the war in Ukraine started, we are operating almost on technological maximum capacities, which exceeds even 90% of technological capacities level.
About the booking, we already told for the remaining gas year. Also about the ban to import LNG, Russian origin LNG, it's already mentioned. I think those are the main messages about the regulated activities, we can switch to the commercial. Commercial activities, it's worth to still underline what we include. We include our small-scale reloading station, we include our operation of the LNG terminal in our support, and it also includes another projects globally, including as well consultancy services. We can see here that the Q1 was on a neutral or very slight negative zone in terms of bottom line.
It's worth mentioning that, especially in our Brazilian operations, we are seasonal and this power plant, which is supplied by natural gas and we are part of it, usually is used for power generation during the summer season or in the southern hemisphere, it's winter season, when there is less rain and the Brazilian energy market is very dependent on hydropower. We expect improvement in the second half of the year. We expect still to have profitable activities overall in the commercial LNG segment. Mindaugas, that's all from me. I'm passing back the word to you.
Thank you, Darius. Now, as I already introduced the financial results of quarter one, in respect of the key performance indicators, finally, we are seeing the EBITDA margin coming closer to the average EBITDA margin for the last several years. We still have a gap of several percentage points to close. Hopefully, the trend that we saw in quarter one 2022 will continue and we'll manage to achieve that. While in the slide deck that we published this morning for this presentation, we include the definition of alternative performance measures, also the return on equity and return on assets.
As we are measuring those by taking the net result for the last twelve months, therefore, the profit of the first quarter of 2022 is. Well, it's not directly reflected in these ratios for the first quarter of 2022, because these are significantly impacted by the significant impairment loss that was recognized last year. In respect of our statement of financial position, we are not seeing much changes in quarter one, except for a small change in our capital structure as we took the loan to finance the security supplement reduction mechanism in the regulated segment, as we were doing for the last two years.
Other than that, our financial position remains quite stable. This ends our presentation. Emilia, back to you.
Thank you very much for the comprehensive presentation. Now we will proceed with the Q&A part. Please feel free to send in your questions in the Q&A box of your screen. Let's proceed. I see that we have questions coming. The first question would be, does Klaipėdos Nafta see itself in providing O&M or any other services for Finland, Estonia, LNG terminal? Which of the projected LNG terminals in Europe are the most attractive for Klaipėdos Nafta to propose its operations services? Thank you.
Yeah. Thank you, Emilia. Actually, we are looking into all opportunities which appears, especially when we talk about Europe. Europe is our home market, I would say. Actually, 2 out of 3 FSRUs, meaning floating LNG terminals, we were very closely involved, and one is, which we are going to become an owner soon. Really unique experience and really unique value proposition can be generated to any of the, let's say, upcoming floating LNG terminals across Europe. Because Europe meets our risk appetite. Europe meets our, let's say, all the criteria, which is a part of our global development, global LNG development strategy. By protecting the confidentiality commitments against our customers or potential customers, I will not go into the details in which of those we are focusing the most.
You know, the general comment is that we can be a part and by creating a value to any of those new occurring opportunities in Europe.
Thank you very much for your answer. We are waiting for more questions to come in. Let's take a minute.
This of Committee on Economics after their visit to Klaipėdos Nafta.
Well, yeah. I mean, the intention of a visit was not itself to do or take any decisions. It was probably more to get aware about the actual topics due to the dramatically changed situation actually in the markets and caused by war. I think we answered all the questions. I think what we heard, that we have support in all the areas and important topics regarding assurance of energy security of Lithuania by using our infrastructure.
Thank you very much for your answer. Dear participants, I would like to inform you that we are waiting for your questions in the Q&A box of your screen, where you can send in your questions anonymously, by clicking, anonymous box below the question. Thank you. As all the questions are answered, on behalf of Klaipėdos Nafta and Nasdaq Vilnius, thank you everyone for joining us today. It was our pleasure to present these results. The recording of the presentation will be available in the company's website and Nasdaq Baltic YouTube channel. Dear guests, thank you very much, and have a good day, everyone. Goodbye.
Thank you. Good night.