Emitents | Latvijas kuģniecība, AS (48510000VYR04HZGC213) |
Veids | Finanšu pārskati |
Valoda | EN |
Statuss | Publicēts |
Versija | |
Datums | 2014-02-28 08:30:44 |
Versijas komentārs | |
Teksts |
According to unaudited financial results of JSC “Latvian Shipping Company”, the company and its subsidiaries (LSC Group) closed 2013 with losses in amount of 18.12 million USD; however they have decreased by almost a half in comparison with previous year, when losses of the company were 34.6 million USD. The net result was negative mainly as a consequence of vessel impairments in the amount of 22.92 million USD.
But
in the fourth quarter of last year unaudited financial results of
LSC show net profit in amount of 6.50 million USD. This
positive result was mainly due recalculation of
depreciation attributable to 2013, a slight
improvement in earnings, decrease in administrative costs and the
successful sales of m/t “Kuldīga” and m/t “Kolka” in Q4 which
generated a 1.31 million USD profit. This is the second consecutive
quarter where the Group has been profitable.
Throughout
2013 EBITDA continued to increase and reached 47.33 million USD
which was an improvement of 6.35 million USD when compared with the
previous year. During 2013 the LSC Group improved its cash position
significantly and as at 31st December 2013 the Group had cash and
short-term deposits in the amount of 37.17 million USD, which is
11.04 million USD more than at the beginning of
2013.
Forecasting
company’s performance results this year, LSC management indicates
that throughout 2013 the LSC fleet generated earnings in line with
expectations and current market indicators suggest that the
petroleum product tanker sector will continue to perform
satisfactorily. However, the future profitability of the product
tanker segment will depend on worldwide
economic growth, which still remains finely balanced. Economic
growth drives demand for refined oil and hence impacts on demand
for product tankers.
The
total income of the fleet for 2013 was 103.54 million USD. The LSC
Group fleet’s net voyage result for 2013 was 88.93 million USD
which was a slight improvement when compared with the previous year
(twelve months of 2012: 88.33 million USD) despite the fact that
the number of vessels within the fleet has declined. The net voyage
result is a more comparable indicator of fleet performance, rather
than total income, as it is calculated by deducting voyage costs
from voyage income and shows the Group’s result, irrespective of
whether the fleet is employed in the spot or time charter market.
Throughout
2013 the majority of the LSC Group fleet was employed in time
charter contracts with fixed guaranteed daily charter rates
predominantly for periods of up to twelve months. Improving time
charter and spot charter rates throughout the year have positively
affected the Group’s financial position. Additionally new time
charter agreements have been negotiated throughout the year for
twelve month periods stretching into 2014 at improved TCE levels.
The current strategy of the management is to continue to employ a
large percentage of the fleet in time charter contracts to ensure a
steady revenue stream however there will continue to be some
exposure to the spot market.
During
2013 the price of LSC shares quoted on the NASDAQ OMX Riga
experienced growth of 55.95%. The OMX Baltic Benchmark GI index in
2013 increased by 12.16%. There were 1 862 trades of Latvian
Shipping Company’s shares during 2013 involving 4 575 982 shares
worth 1 509 756 LVL which is 61% of total share turnover and 11% of
trading volume in value terms of all the Latvian companies listed
on the Baltic Main List. On 31 December 2013 the capitalization of
Latvian Shipping Company shares at NASDAQ OMX Riga was 78.60
million LVL. About JSC “Latvijas kuģniecība” (Latvian Shipping Company) |
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