Emitents | Latvijas kuģniecība, AS (48510000VYR04HZGC213) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Veids | Finanšu pārskati | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Datums | 2017-02-24 09:31:23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Teksts |
Internal information. 24.02.2017.
The Latvian Shipping Company (“LSC”) and its subsidiaries (“LSC
Group” or “Group”) unaudited financial result for 2016 realised a
net loss of USD 25.18 million (2015: net loss USD 7.22 million).
The result was mainly attributable to the steady erosion in the
value of the LSC Group’s fleet throughout 2016 in the amount of USD
24.13 million. The balance of the net loss – USD 3.67 million – in
USD report was influenced by changes in USD/EURO exchange
rate.
Total revenue increased to USD 99.71 million (2015: USD
92.84 million) due to slightly higher earnings from existing
time charters negotiated during the stronger shipping cycle in mid
2015. As a consequence of more vessels trading on the spot market,
where revenue includes the purchase of bunkers, port
expenses and commissions, in overall the net operational
revenue increased by USD 2.7 million. The balance of the increase
in revenue related to the increase in technical
management services and rent from the Group’s real estate
portfolio.
The
key financial indicators for the last five financial years are as
follows (million USD):
In June 2016 the Group reached agreement with “Crédit Agricole
Corporate and Investment Bank” on the extension of
the Medium Range tankers Latgale and Zemgale loan facility
for a further period of two years in the amount
of 33.2 million USD.
In December 2016 the Group reached agreement with a syndicate of
three banks on main terms and conditions to re-finance the
remaining outstanding balance under the existing USD 360 million
loan facility which is due to mature in June 2017. The
refinancing remains subject to final documentary agreement,
however LSC expects to be able to repay the remaining USD 121
million by 30 June, 2022.
As at the 31st December 2016, LSC Group was in
compliance with all its financial covenants relating to all
existing loan agreements.
As at the 31st December 2016 the total value of the
Group’s assets was USD 355.49 million (31st December
2015 - USD 417.02 million), as already highlighted the decrease was
predominantly due to depreciation and the revaluation of the
fleet.
LSC’s fleet remains unchanged at sixteen vessels, with LSC Group
subsidiary, LSC Shipmanagement Ltd, appointed to technically manage
the LSC Group owned fleet as well as seven third party tankers thus
bringing the number of vessels under technical management to
twenty-three. In addition to generating additional revenue, this
illustrates the confidence third party owners have in the
competence and professionalism of LSC group employees. The
provision of ship management services to third parties will
continue be developed in 2017 and beyond.
The fleet’s operating profit for 2016 rose slightly to USD 53.73
million (2015: USD 52.40 million) due to higher time charter income
from contracts signed at attractive rates throughout 2015.
Additional information is available in the attached unaudited
shortened consolidated financial statement.
About JSC “Latvian Shipping Company”
JSC “Latvian Shipping Company” (Nasdaq Riga: LSC1R) is vessel owner
in the segment of medium and handy size tankers. The company owns
16 modern vessels employing more than 1300 professional and
high-skilled seamen from Latvia. Besides, LSC subsidiary “LSC Ship
management” Ltd is technically serving 7 more vessels, thus
managing a fleet of 23 vessels. The average age of the LASCO fleet
is 9 years. All of the vessels have received ISM (International
Safety Management) certificates.
Artis Ozolins, Communications Consultant
JSC “Latvian Shipping Company”
Telephone: +371-26179051
E-mail: Artis.Ozolins@mccannconsulting.lv
www.lk.lv
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