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The gross profit of JSC Ventspils nafta Group in first half-year reached LVL 15.35 million

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The gross profit of JSC Ventspils nafta Group in first half-year reached LVL 15.35 million

august 30, 2013 / Ventspils nafta

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.

Attachment

Unaudited condensed interim consolidated financial statements for the 6 months period in 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.