Teksts
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In times of unstable and inconsistent global economy and
economic crisis in Latvia, JSC Ventspils nafta (VN) as the parent
company has gained net profit of 1.145 million lats in 2009. Due to
JSC Latvijas Kuģniecība (LK) not providing their audited annual
reports, VN is forced to publish their stand alone financial report
for 2009 without LK data. Year 2010 has brought significant changes
in the Supervisory Council and Management Board and also further
developed business focused management.
In the course of 2010, the Management Board of JSC Ventspils nafta
has faced continuous avoidance of the Management Board and
Supervisory Council of the associated company JSC Latvijas
kuģniecība to fulfill their legal obligations and convene a
shareholders’ meeting, which is completely unacceptable for a
public joint stock company that is included in regulated market.
The actions of the Management Board and Supervisory Council of JSC
Latvijas kuģniecība have resulted in JSC Latvijas kuģniecība not
preparing the annual reports for 2009, thus hindering JSC Ventspils
nafta to prepare the consolidated annual report of JSC Ventspils
nafta for 2009 in due course. Also as a result of the
aforementioned actions of the Management Board and Supervisory
Council of JSC Latvijas kuģniecība, JSC Ventspils nafta cannot duly
assess its investment into JSC Latvijas kuģniecība. Considering
that JSC Ventspils nafta is concerned that the situation with the
annual reports of JSC Latvijas kuģniecība for 2009 might go on, JSC
Ventspils nafta has prepared this annual report for 2009 in
accordance with the Law on Annual Accounts of the Republic of
Latvia.
One of the unexpected circumstances for the management of JSC
Ventspils nafta in 2010 is the out-of-court legal protection
process initiated in October 2010 for LASCO Investment Ltd, which
is one of the largest debtors of JSC Ventspils nafta and is
entirely owed by JSC Latvijas kuģniecība. Taking into account real
estate properties and shares of companies holding the real estate
properties are pledged to secure repayment of the loan, JSC
Ventspils nafta cannot evaluate the possibility of retrieving the
debt at the moment because JSC Ventspils nafta has no information
on terms and conditions of out-of-court legal protections process
of LASCO Investment Ltd. The possibility of debt’s retrieving is
related also to value of the real estate properties and shares of
companies holding the real estate properties, which is affected by
equitable conditions not controlled by JSC Ventspils nafta, for
example, improvement of the macroeconomic situation in Latvia,
inflow of investments into the Latvian real estate market and
resumption of activities in the Latvian real estate market.
JSC Ventspils nafta continues working on ensuring high liquidity
and low debt load, by accordingly continuing to implement a
strategy that will minimise all risks while providing an adequate
return to shareholders in the medium term. The new management of
JSC Ventspils nafta has also worked on improvement of corporate
governance at JSC Ventspils nafta, so that the company’s management
would meet the common standards of international practice.
Ventspils nafta
Zane Bojāre
JSC „Ventspils nafta” PR Manager
E-mail: zane.bojare@vnafta.lv
Phone.: 67821691; 29706733
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