Teksts
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The parent company JSC Ventspils nafta’s unaudited net profit
was LVL 3.64 million, this is LVL 2.5 million more than in 2009. In
2010 JSC Ventspils nafta as a parent company implemented a cost
cutting programme resulting in a reduction of administrative
expenses from LVL 2.45 million in 2009 to LVL 1.47 million in 2010.
The management of JSC Ventspils nafta will continue working on the
reduction of administrative expenses in 2011.
In 2010 JSC Ventspils nafta and its subsidiaries continued work on
the improving operational efficiency of group companies, optimizing
expenses and improving corporate governance. In 2010 the largest
shareholder of JSC Ventspils nafta took a significant role in
bringing the international experience of seasoned professionals to
the Supervisory Councils of the parent company and its
holdings.
The unaudited consolidated turnover of the JSC Ventspils nafta
Group in 2010 was LVL 53 million and unaudited net loss was LVL
25.27 million.
The Group in 2010 faced an increase of 13% in reloading revenue, a
52% increase in pipeline revenues and a reduction of 56% in railway
revenues. This favourable change in mix, combined with the
continuing restructuring programme lead to a 133% increase in gross
profits.
The audited turnover of Ventspils nafta termināls Ltd was LVL 43.4
million in 2010, which is 27% less than in 2009; the audited net
profit in 2010 was LVL 9.67 million, an increase of 46% over 2009.
During 2010 Ventspils nafta termināls Ltd continued the
implementation of various modernisation programmes, optimisation of
operating processes and procedures, increasing labour efficiency
and the introduction of improved environmental protection
standards. In the last year Ventspils nafta termināls Ltd
implemented an investment project worth LVL 1 million, allowing the
company to produce a new and competitive product – butanized
gasoline.
The audited turnover of LatRosTrans Ltd increased by 52% to LVL 9.9
million compared to LVL 6.5 million in 2009. Transportation volumes
increased by 49% to 5.635 million tonnes. The audited net losses of
LatRosTrans Ltd were LVL 1.619 million, this is a 74% improvement
over 2009 when losses were LVL 6.132 million.
In January 2010, due to dissatisfaction with the performance of the
management of JSC Latvian Shipping Company, JSC Ventspils nafta
requested that the Management Board and Supervisory Council of JSC
Latvian Shipping Company convene an extraordinary shareholders’
meeting in order to changes the Supervisory Council. The JSC
Latvian Shipping Company Management Board and Supervisory Council
failed to convene any shareholders’ meetings until December 17. At
the December 17 meeting a new Supervisory Council was elected, the
Council then appointed a new Management Board. Moreover, the
previous management of JSC Latvian Shipping Company has concluded
several transactions which the current management is investigating,
endeavouring to mitigate and reverse.
JSC Ventspils nafta together with audited consolidated financial
statements for 2010, is publishing Ventspils nafta Group audited
financial statement for 2009. Such delay was caused due to the fact
that the audited consolidated financial statements of Ventspils
nafta associated company JSC Latvian Shipping Company for 2009 were
approved by an extraordinary shareholders’ meeting of the JSC
Latvian Shipping Company only on January 28, 2011. The audited
consolidated net losses of JSC Latvian Shipping Company for 2009
were USD 90.3 million or LVL 45.6. Taking these losses into account
the audited consolidated losses of the JSC Ventspils nafta Group
for 2009 were LVL 17.54 million, while the audited net assets of
the JSC Ventspils nafta Group were LVL 361 million.
Ventspils nafta
Zane Bojāre
JSC „Ventspils nafta” PR Manager
E-mail: zane.bojare@vnafta.lv
Phone.: 67821691; 29706733
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