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About the Unaudited Financial Statements of JSC „Ventspils nafta” for the nine month period

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About the Unaudited Financial Statements of JSC „Ventspils nafta” for the nine month period

november 21, 2014 / Ventspils nafta

 In the 9M/2014, JSC Ventspils nafta and its subsidiaries (the Group) have achieved profit of 7.72 million EUR. In the same period last year the Group suffered losses of 7.68 million EUR. In the reporting period, the consolidated income of the Group was 124.85 million EUR, but the gross profit was 33.47 million EUR.

Ventspils nafta (VN)

VN’s profit of 6.87 million EUR in 9M/2014 was largely resulting from the 6.37 million EUR dividend income derived from its investment in Ventspils nafta terminals Ltd.

Ventspils nafta terminals (VNT)

VNT’ income rose by 4.53 million EUR to 59.95 million EUR, driven by a minor growth in volumes to 8.5 million tonnes of petroleum products. Net profit was 10.29 million EUR. Volumes continue flowing through both the pipeline (55%) and rail or sea (45%).

LatRosTrans (LRT)

Volumes of transported petroleum products reached 4.68 million tonnes. In 9M/2014 revenues were 13.56 million EUR, increased by 5.5% compared to 9M/2013, and gross profit rose by 4.15 million EUR to 5.70 million EUR. Net result of LRT was 8.04 million EUR in the reporting period. 

Latvian Shipping Company (LSC)

In the 9 month period, revenue from the fleet was 69.71 million USD. The vessel operating profit after depreciation and dry-dock amortisation was 20.66 million USD.

The financial result for the LSC Group for the 9M/2014 resulted in a net loss in the amount of 14.17 million USD. The accumulated result for nine months of 2014 was positively affected by income from a partial settlement in respect of the Antonio Gramsi Corporation court case in the High Court in London in the amount of 20.05 million USD, sale of the real estate property located on Jēkaba street, Riga, and revaluation of the investment in the medical clinic SIA “Via Una”. However, vessel impairments in the amount of 32.25 million USD, losses from the sale of the vessel “Riga” in the amount of 0.32 million USD, as well as re-evaluation of the investment in AS “Latvijas Naftas tranzīts” in the amount of 8.34 million USD has negatively impacted the LSC Group’s results. LSC Group suffered a loss of 24.64 million USD in the same period last year.

VN unaudited condensed interim consolidated financial statements for Q3 2014


About JSC “Ventspils nafta”

JSC “Ventspils nafta” is one of the largest groups of companies in Latvia and it operates in the petroleum product transport, transhipment, storage and shipping sector. JSC “Ventspils nafta” is Group’s parent company, which manages investments in subsidiary companies by promoting Group’s joint values and growth in the value of each individual company.

JSC “Ventspils nafta” owns 51 % in “”Ventspils nafta” terminals” Ltd, which is the largest crude oil and petroleum product terminal in the Baltic States; 66 % in “LatRosTrans” Ltd, which is the largest Latvian-Russian joint venture in the Baltic States; 49.94% in JSC “Latvian Shipping Company”, which is among the largest vessel owners in the world in the segment of medium and handy size tankers.

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.

 

Additional information:

Elīna Dobulāne, Communication Consultant

JSC “Ventspils nafta”

Phone: +371-25959447

E-mail: elina.dobulane@vnafta.lv

 

www.vnafta.lv