Due to succesful implementation of corporate governance and optimization of administrative expenses, JSC Ventspils nafta has managed to increase turnover in times when global trends have negative impact on most companies.

 

Ventspils nafta’s consolidated turnover for 2009 was 66 million LVL, that is 5% higher than 2008. During 2009 the group has significantly reduced its total costs, for example by reducing general and administrative costs by almost 25% compared to the previous year. Consolidated net profit for the Ventspils Nafta group attributable to parent company’s shareholders was negative 3,2million LVL and this was heavily influenced by the considerable net loss generated by the associated company JSC “Latvian Shipping Company”.

 

At the end of 2009 JSC “Ventspils nafta” distributed dividends of 50,15 million LVL to shareholders, thereby delivering dividends per share of 0,48 LVL.

 

2009 has been a succesful year for Ventspils Nafta Terminals ensuring stable transhipment level for 2009 with a total transhipment of 10.4 million tons. Traditionally the largest transhipment portion is gasoil received via pipeline and rail with a total volume in 2009 of 7,9 million tons while gasoline transhipment volume was 1,6 million tons. Furthermore, company has proceeded decreasing its ecological footprint, performing succesful soil remediation works and launching new waste water system.

Independent auditing of environmental management systems of Ventspils Nafta Terminal have resulted in the recertification of the company according to ISO 9001 and ISO 14001 standards for the following three years.

 

Due to continuous repairs on the pipeline in the territory of Belarus as well as highly complex geopolitical situation, total throughput of JSC Ventspils Nafta’s daughter company LatRosTrans was lower than in previous year.

Despite being able to ensure positive operational and net cash flow, JSC Ventspils nafta’s associated company, JSC Latvian Shipping Company has experienced a net loss in 2009, due to charter rates being at their lowest levels for the last 10 years.

 

By bringing in the international experience of seasoned professionals to the Supervisory Councils of the holding company and its holdings, JSC Ventspils nafta will continue to implement a strategy that will minimise all risks while providing an adequate return to its shareholders in the medium term.

JSC Ventspils nafta is the central holding company in a transit-oriented Group whose task is to manage the investments in subsidiaries by promoting the Group's overall value through growth in the value of each individual subsidiary.

JSC Ventspils nafta Group is working in the following areas: transhipment of crude oil and petroleum products; transport of crude oil and petroleum products by pipelines; a shipping business.
 

 

E-mail: zane.bojare@vnafta.lv
Phone.: 67821691; 29706733