Teksts
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Unaudited consolidated net turnover of the JSC Ventspils nafta
Group in 2010 reached LVL 53 million. JSC Ventspils nafta as a
parent company’s unaudited net profit was LVL 6.56 million which
was LVL 5.4 million more than the net profit in 2009. In 2010 JSC
Ventspils nafta implemented a strict cost cutting policy with the
most substantial savings achieved in administrative expenses, which
decreased from LVL 2.45 million in 2009 to LVL 1.25 million in
2010, a reduction of almost 50%.
In the accounting year, the management of JSC Ventspils nafta
changed. On January 20, 2010, and July 7, 2010 the Supervisory
Council of JSC Ventspils nafta was re-elected. Since the beginning
of the year members of JSC Ventspils nafta management board have
also changed.
In 2010 one of the largest JSC Ventspils nafta shareholders,
Euromin Holdings (Cyprus) Limited, increased its shareholdings in
JSC Ventspils nafta by more than 1.5%, thus owning 49.5% of shares
in JSC Ventspils nafta and becoming the largest shareholder of JSC
Ventspils nafta.
In the accounting year, the price of JSC Ventspils nafta shares on
NASDAQ OMX has ranged from LVL 0.91 to LVL 1.89, with the average
price per share reaching LVL 1.34. Market capitalization of JSC
Ventspils nafta shares at the end of 2010 was LVL 146.27 million in
comparison with LVL 98.21 million at the end of 2009.
Turnover of the JSC Ventspils nafta subsidiary Ventspils nafta
termināls Ltd reached LVL 43.4 million in 2010, which was 27% less
than in 2009. In turn the unaudited net profit in 2010 reached LVL
9.67 million, or 46% more than in 2009 when the net profit of
Ventspils nafta termināls Ltd was LVL 6.6 million. Ventspils nafta
termināls Ltd is the largest terminal company in the region, and
its crude oil and petroleum products shore-tank farm has capacity
of 1.2 million cubic metres .
Income from the activity of JSC Ventspils nafta subsidiary
LatRosTrans Ltd, owner and operator of crude oil and petroleum
products pipeline in the territory of Latvia, was LVL 9.9 million
in 2010, 52% more than in 2009. Petroleum products transportation
volumes of LatRosTrans Ltd in the accounting period reached 5.6
million tons, which is 13% more than plan, and 49% more than the
previous accounting year when petroleum products transportation
volumes reached 3.8 million tons. Increase in transportation
volumes in comparison with the previous accounting years was the
main reason that improved the economic results of LatRosTrans
Ltd.
There was a substantial dispute with the associated company JSC
Latvian Shipping Company in 2010. Already in January of 2010 JSC
Ventspils nafta requested the Management Board and Supervisory
Council of JSC Latvian Shipping Company to convene an extraordinary
shareholders’ meeting in order to decide on changes in the
Supervisory Council. The JSC Latvian Shipping Company Management
Board and Supervisory Council avoided convening and holding an
extraordinary shareholders’ meeting throughout 2010, thus denying
JSC Ventspils nafta and other shareholders their legal rights to
participate in the management of the company. Moreover, the
management of JSC Latvian Shipping Company has concluded several
valueless economic transactions in 2010, and as a result the JSC
Latvian Shipping Company Group ended 2010 with huge losses. The
unaudited losses of the JSC Ventspils nafta associate JSC Latvian
Shipping Company in 2010 were 123.9 million US dollars.
The extraordinary shareholders’ meeting of JSC Latvian Shipping
Company finally took place on December 17, 2010, and a new
Supervisory Council and Management Board of JSC Latvian Shipping
Company was elected.
VN management emphasizes that the combination of the difficult and
uncertain global financial position, combined with challenging
local trading conditions in Latvia mean that all parts of the JSC
Ventspils nafta Group will have to focus on all aspects of their
business activity in order to guarantee stable operations and
deliver excellent financial performance in the future.
Zane Bojāre
JSC „Ventspils nafta” PR Manager
E-mail: zane.bojare@vnafta.lv
Phone.: 67821691; 29706733
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