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About unaudited results of JSC Ventspils nafta in 2014

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About unaudited results of JSC Ventspils nafta in 2014

february 26, 2015 / Ventspils nafta

Ventspils nafta and its subsidiaries (“the Group”) today announce the unaudited financial results for 2014.

  • Net loss of 13.83 million EUR (2013: loss of 61.21 million EUR).
  • Consolidated income fell 3 per cent to 161.87 million EUR (2013: 166.73 million EUR)
  • Gross profit increased 2.7 per cent to 42.56 million EUR (2013: 41.45 million EUR).

Results were affected by a number of one off items, including:

For JSC Latvian Shipping Company (LSC Group)

  • The previously reported partial settlement of the Antonio Gramsi Corporation court case in the High Court of London which positively impacted financial results by 20.05 million USD.
  • Further impairments to the fleet, amounting to 55.25 million USD.
  •  A downwards re-evaluation of the investment in AS Latvijas Naftas tranzīts of 8.34 million USD.

For LatRosTrans

  • The Group recognized an impairment of the crude oil infrastructure to the amount of 25.21 million EUR, following the displacement of the remaining technological crude oil from idle pipelines. The crude oil infrastructure now is fully impaired.
  • The sale of the displaced crude oil generated one off gains in 2014.

 

JSC Ventspils nafta (VN), the holding company, made a loss of 5.29 million EUR in 2014 (2013: loss of 28.15 million EUR), largely as a result of a 9.67 million EUR impairment (2013: 47.32 million EUR) recognised in respect of VN’s investment in LatRosTrans Ltd and the reassessment of the recoverable amount following a write-down. Net result for the reporting year was also affected by the 2.38 million EUR impairment of debt following changes in market value of real estate upon which this debt is secured. 

Dividend income from VN’s investment in SIA Ventspils nafta termināls amounted to 6.37 million EUR.  Net interest income was 1.33 million EUR (2013: 1.19 million EUR). Administrative costs, which fell by 200 thousand EUR to 950 thousand EUR (2013: 1.15 million EUR), are fully covered by management services provided to the Group and interest income from the issued loans and placed deposits. 

 VN_unaudited consolidated financial statements for the year ended 31 December 2014

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” terminals” 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.

 

Further information:

Elīna Dobulāne, Communications Consultant

JSC “Ventspils nafta”

Phone: +371-25959447

 

Email: elina.dobulane@vnafta.lv