Emitents | Latvijas kuģniecība, AS (48510000VYR04HZGC213) |
Veids | Finanšu pārskati |
Valoda | EN |
Statuss | Publicēts |
Versija | |
Datums | 2010-12-07 09:00:23 |
Versijas komentārs | condesed financial report in EUR attached |
Teksts |
Gross profit of the JSC „Latvijas kuģniecība” Group’s holding company in 2009 – LVL 4.5 million Gross profit of the JSC „Latvijas kuģniecība” (LK) Group’s
holding company in 2009 reached LVL 4.5 million, the net turnover
amounted to LVL 7.4 million; it is stated by the LK audited annual
report 2009 that is planned to be confirmed in the LK extraordinary
shareholders meeting on 17 December 2010.
In the same time net losses of the LK Group’s holding company
in 2009 reached LVL 17.6 million, and the only reason of these
losses is the impairment of the holding company given in the
balance sheet in amount of LVL 20.3 million that were made for
investments in segments unrelated to core operation, in particular
– the real estate field. The purposeful efforts of the LK
management to ensure stable financial situation of the company in
the difficult global shipping market conditions and financial
crisis is proved by the fact that the LK administrative costs in
2009 if comparing with 2008 were reduced by 38%.
Unfortunately we have to point out that the necessity to make
impairment for investments in the real estate field is directly
related with the LK largest shareholder’s JSC “Ventspils nafta”
(VN) unwillingness to find a solution to the situation caused by
itself, when it at the end of 2008 initiated conclusion of a real
estate object purchase deal with the LK subsidiary company “LASCO
Investment” (LI) at prices that protractedly did not comply with
the actual situation in the real estate market. Upon receipt of the
largest part of the payment from the LK subsidiary company LI, VN
paid dividends to its shareholders in amount of LVL 50 million, the
largest part of which was transferred to a Cyprus company “Euromin
Holdings (Cyprus) Limited”, who publicly is called the company of
the “Vitol” Group. In fact, by withdrawing money from the LK
subsidiary company, VN shareholders received dividends thus
disregarding possibilities of other LK shareholders to gain profit
from their investment in LK.
LK has already repeatedly informed its investors and
supervisors of the securities market about endeavours to reduce the
potential losses, trying to commence constructive and business-like
negotiations with VN about restructuring of the real estate deal,
with the aim to ensure solvency and operation in the long-term of
the LK subsidiary company, as well as considering interests of all
LK and VN shareholders. The LK and LI written proposals to VN
included an appeal to refuse from claiming of the remaining payment
sum in amount of almost EUR 40 million taking into account the
difficult situation in the real estate market and the actual
prices, as well as a request to find other ways to participate in
stabilisation of the situation, for example, asking the VN or its
largest shareholder “Euromin”, that publicly calls itself a company
of the “Vitol” Group, to become the investors of LK by financial
contributions. Against any principles of good practice LK still has
not received any response to its written proposals regarding the
above mentioned. The irresponsible avoidance of VN to find a
solution to the situation that partly has been caused by it is the
reason why drawing up of the audited financial statements for 2009
was delayed.
Due to deliberate inactivity of VN, ignoring the fact that
only the money received from LI allowed payment of dividends to VN
shareholders, LI was forced to apply to court for out-of-court
legal protection process that was approved on 7 October 2010 on the
term of 2 years.
Considering the above-mentioned and the information headlined
in mass media about the VN plans to pump out oil from a pipeline
that belongs to other VN Group’s company, LK has ascertained about
the actual aims of VN that obviously are related to acquisition of
maximum of financial resources from the Group’s companies
disregarding their operation in the long-term, as well as the
necessity to stabilise the financial situation.
LK would like to repeatedly emphasize that it has done
everything possible to optimise the LK Group’s operation and
improve its financial performance. VN has actually kept from its
shareholders the fact that by payment of dividends on the LK
account and refusing to restructure the real estate deal it will
later have to record substantial losses. At the moment LK actively
works to finalise the consolidated audited annual report
2009.
At the end of 2009, Latvian Shipping Company had a fleet of 28
tankers (2 of them chartered from other ship owners). Older ships
were sold off in order to increase the fleet’s competitiveness in
the international market for shipping. Two gas tankers were among
the ships to be sold during the reporting period.
All Latvian Shipping Company shares are traded publicly on the
Official list of the NASDAQ OMX Riga exchange. Negative
macroeconomic trends in Baltic securities markets led to a drop in
the price of Latvian Shipping Company shares from LVL 0.66 at the
beginning of 2009 to LVL 0.40 at the end of the year, even though
in mid-year, when the mood of the market improved a bit, the price
rose to LVL 0.69. Latvian Shipping Company shares were the focus of
much attention, with 2,591 transactions at the exchange during the
year involving 3.96 million shares worth LVL 1.91 million. These
liquidity indicators, however, do not show the real value of shares
in Latvian Shipping Company, given that the number of transactions
was really quite low, and fewer than 100 transactions involved more
than two-thirds of the total number and value of shares that were
traded. On December 31, 2009, the capitalisation of Latvian
Shipping Company shares at the NASDAQ OMX Riga exchange was LVL 80
million in comparison to the equity capital value LVL 222
million.
Additional information:
Ģirts Apsītis
Adviser of the Chairman of the Management Board
Latvian Shipping Company
Phone: +371 67020126
E-mail :
ir@lscgroup.lv
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