The revenue of JSC Ventspils nafta and its subsidiaries (JSC
Ventspils nafta Group) in the first half-year of 2013 was LVL 63.58
million. The gross profit of JSC Ventspils nafta Group has reached
LVL 15.35 million – 28% higher than in the first half-year of 2012.
In turn, the general and administrative expense of the JSC
Ventspils nafta Group was LVL 3.8 million, which is 20.5% less than
in the same reporting period in 2012. Consolidated turnover of the
JSC Ventspils nafta Group is formed by income from the shipping
business – LVL 28.06 million and from petroleum product
transhipment, storage and transport business – LVL 35.51
million.
However, in the first half-year of 2013 the net result of the JSC
Ventspils nafta Group has been negative mainly due to the
recognized impairment of fleet in the amount of LVL 12.96 million,
reaching the consolidated net loss LVL 7.29 million. Without these
recognized impairments of non-financial assets, the net profit of
the JSC Ventspils nafta Group in the first half-year of 2013 would
have been LVL 5.68 million.
JSC Ventspils nafta
JSC Ventspils nafta’s (Group’s parent company) net profit reached
LVL 13.44 million in the first half-year of 2013 of which LVL 13.33
million were dividends from the JSC Ventspils nafta subsidiaries
Ventspils nafta termināls Ltd and LatRosTans Ltd. Administrative
costs of Group’s parent company were LVL 335 thousand, which is LVL
70 thousand or 17.3% less than in the respective period in
2012.
Ventspils nafta terminals Ltd.
The revenue of the JSC Ventspils nafta subsidiary Ventspils nafta
termināls Ltd reached LVL 28.44 million in the first half-year of
2013. The gross profit of the JSC Ventspils nafta terminals was LVL
6.21 million or 7.8% more than in the same reporting period in
2012. Ventspils nafta termināls Ltd financial result for first half
2013 is a net profit of LVL 5.02 million.
Ventspils nafta terminals Ltd has transshiped 6.25 million tonnes
of petroleum products in the first half-year of 2013 – 40.5% of the
transhipped amount came by rail or sea, 59.5% through a
pipeline.
LatRosTrans Ltd.
The JSC Ventspils nafta subsidiary, owner and operator of crude oil
and petroleum products pipeline in the territory of Latvia,
LatRosTrans Ltd had revenue of LVL 7.07 million in the firt
half-year 2013, which is 28.1% more than in the same reporting
period 2012. The result of the LatRosTrans Ltd economic activity in
the first half of 2013 was a profit in the amount of LVL 2.02
million, which is LVL 1.35 million more than in the first half-year
of 2012. The gross profit of the LatRosTrans Ltd was LVL 1.67
million.
Petroleum product transportation volumes of LatRosTrans Ltd in the
reporting period amounted to 3.6 million tons, which is 0.73
million tons (25.4%) more than in the first half-year of 2012.
JSC Latvian Shipping Company Group
The revenue of the LSC Group has reached USD 52.41 million in the
first half-year of 2013. The gross profit of the LSC Group was USD
14.17 million or 32.9% more than in the same reporting period in
2012.
Compared with the first half-year of 2012 the total finance costs
of the LSC Group decreased by USD 1.12 million or 12.6%.
LSC Group financial result for first half 2013 is a net loss of USD
26.6 million. The largest portion of the net loss – USD 24.02
million relates to the impairment of the fleet. The net loss for
the same reporting period in 2012 was USD 29.2 million.
At the end of June 2013 the fleet under the commercial management
of LSC consisted of 19 tankers, 18 of which are owned by the LSC
Group, with 1 vessel chartered pursuant to a sale and leaseback
deal.
About JSC Ventspils nafta
JSC Ventspils nafta is one of the largest groups of companies in
Latvia and works in the petroleum product transport, transhipment
and storage, as well as shipping sector. JSC Ventspils nafta is the
Group’s parent company, which manages investments in subsidiary
companies, by promoting the Group’s joint values and growth in
value of each individual company.
JSC Ventspils nafta owns 51% in Ventspils nafta termināls Ltd,
which is the largest crude oil and petroleum product terminal in
the Baltics; 66% in LatRosTrans Ltd, which is the largest
Latvian-Russian joint venture in the Baltics; 49.94% in JSC
Latvijas kuģniecība, which is among the leading ship owners in the
world in the medium-sized and handy tankers category
Shares of JSC Ventspils nafta (NASDAQ OMX RIGA: VNF1R) are quoted
in the Baltic Official List of the stock exchange NASDAQ OMX Riga
since October 20, 1998.
Elīna Dobulāne,
Communications Consultant
JSC Ventspils nafta
Phone: +371-25959447
Email: elina.dobulane@vnafta.lv
www.vnafta.lv
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