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JSC “Ventspils nafta”: 2013 was a year of change and consolidation

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JSC “Ventspils nafta”: 2013 was a year of change and consolidation

february 28, 2014 / Ventspils nafta

2013 was a year of change and consolidation. The focus within the JSC Ventspils nafta and its subsidiaries (Group) has been on restructuring and streamlining the business in the face of adverse market developments, most notably increased competition from Russian Federation ports which are increasing their share of the country’s export flows with the intention of implementing the Russian Governments strategic goals of having the domestic port infrastructure capacity to handle all the country’s oil exports by 2030.

These changes resulted in a fall in revenues of 13.6% to 117.2 million LVL and a one-off impairment of 44.7 million LVL, which generated a net loss of 42.23 million LVL for 2013, show VN Group unaudited condensed consolidated financial statements for the year ended 31 December 2013.

On the other hand, gross profit increased 7.8% to 29.1 million LVL and a focus on costs caused administrative expenses to fall 13.5% to 7.7 million LVL. 

The VN Group remains committed to the continuous improvement of its investor relations and we are pleased and proud to receive further recognition from Nasdaq OMX. We shall continue to provide our investors and stakeholders with access to Group Management through meetings and webinars and we welcome their engagement.

The challenges for 2014 will be to identify and pursue further efficiencies, whilst seeking opportunities to leverage the expertise and infrastructure of the Group. 


Unaudited condensed consolidated financial statements 31 December 2013

 

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