Dokumenti

JSC “Ventspils nafta” audited consolidated annual report 2014

Emitents

Ventspils nafta, AS

Veids

Finanšu pārskati

Valoda

Statuss

Atcelts

Versija

Aktuālā (2) 1

Datums

2015-03-24 18:04:19

Versijas komentārs

Teksts

JSC “Ventspils nafta” the holding company (VN) reduced loss in 2014

JSC “Ventspils nafta” the holding company, made a loss of 5.28 million EUR in 2014 (2013: loss of 28.15 million EUR), largely as a result of a 9.67 million EUR impairment (2013: 47.32 million EUR) recognised in respect of VN’s investment in LatRosTrans Ltd. Net result for the reporting year was also affected by the 2.38 million EUR impairment of debt following changes in market value of real estate upon which this debt is secured. Dividend income from VN’s investment in Ventspils nafta terminals Ltd amounted to 6.37 million EUR.

Net interest income was 1.33 million EUR (2013: 1.19 million EUR). Administrative costs, which fell by approximately 200 thousand EUR to 952 thousand EUR (2013: 1.15 million EUR), are fully covered by management services provided to the Group and interest income from the issued loans and placed deposits.

JSC “Ventspils nafta” and its subsidiaries (Group) performance results

In 2014 the consolidated income of the Group fell by 3%, reaching 161.97 million EUR compared with the previous year, when it was 166.73 million. Net loss decreased from 61.21 million EUR in 2013 to 13.98 million EUR in 2014 meanwhile gross profit reached 42.56 million EUR that is 2.7% more than in 2013 when profit was 41.45 million EUR.

2014 was a challenging year for the Group. In addition to the longer term issues facing the Group as Russia looks to rebalance the export of its petroleum products to domestic ports, geopolitical tensions added further uncertainty to the near-term outlook.

Results were impacted by the previously reported partial settlement of the Antonio Gramsi Corporation court case in the High Court of London which positively impacted financial results by 20.05 million USD as well as further impairments to the fleet, amounting to 55.25 million USD and a downwards re-evaluation of the investment in JSC Latvijas Naftas tranzīts of 8.34 million USD. The Group recognized an impairment of the crude oil infrastructure to the amount of 25.21 million EUR, following the displacement of the remaining technological crude oil from idle pipelines. The crude oil infrastructure now is fully impaired. The sale of the displaced crude oil generated one off gains in 2014 in the amount of 13.7 million EUR.

Financial results of VN Group in the audited report do not differ significantly from the unaudited report and are following:

Consolidated statement of income

	2014	2013
	EUR'000	EUR'000

Revenue	161 869	166 729
Cost of sales	(119 309)	(125 277)
Gross profit	42 560	41 452
General and administrative expense	(10 974)	(10 960)
Other operating income	38 091	1 689
Other operating expense	(11 052)	(6 683)
Impairment of other non-financial assets	(71 189)	(80 932)
Finance income	9 911	1 631
Finance costs	(7 524)	(12 437)
Loss before tax	(10 177)	(66 240)
Corporate income tax	(3 801)	5 026
Loss for the year	(13 978)	(61 214)

Attributable to:
Parent company's shareholders	(7 611)	(39 874)
Non-controlling interest	(6 367)	(21 340)
	(13 978)	(61 214)
Loss per share (EUR per share) attributable to the Parent company's shareholders:	(0.07)	(0.38)
Loss per share (EUR per share)	(0.13)	(0.59)

Key figures – financial indicators and ratios

	2010	2011	2012	2013	2014
Turnover (million EUR)	159.39	168.24	193.04	166.73	161.87
Net profit / (loss) (million EUR)	(93.3)	(17.34)	5.51	(61.21)	(13.98)
Gross profit before depreciation (million EUR)	56.27	57.71	72.08	69.91	63.85
% of turnover	35.3%	34.3%	37.3%	41.9%	39.4%
EBITDA (million EUR)	34.22	33.21	57.37	51.89	59.41
% of turnover	21.5%	19.7%	29.7%	31.1%	37.0%
EBIT (million EUR)	(0.54)	1.57	23.65	23.45	38.62
% of turnover	(0.3%)	0.9%	12.3%	14.1%	23.9%
Return on Assets (%)	(10.4%)	(1.9%)	0.6%	(8.6%)	(2.0%)
Return on Equity (%)	(14.56%)	(2.90%)	0.94%	(11.16%)	(2.84%)
EPS (EUR)	(0.41)	(0.10)	0.06	(0.38)	(0.07)
Liquidity ratio	Pielikumi	Ventspils_nafta_Group_ENG_2014.pdf (1953.09 kB) Ventspils_nafta_parent_ENG_2014.pdf (1382.87 kB) Ventspils_nafta_CG_report_ENG_2014.pdf (775.64 kB)