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Turnover of Ventspils nafta Group in half-year – 73.8 million lats

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Turnover of Ventspils nafta Group in half-year – 73.8 million lats

august 31, 2012 / Ventspils nafta

Consolidated net turnover of JSC Ventspils nafta (VN) Group in the first half-year of 2012 has reached 73.8 million lats, which is 26.5% more than in the first six months of 2011 (58.3 million lats). It is formed by income from the shipping business, which has increased by 29.9% and is 30.57 million lats, as well as income from the business of transhipment, storage and transport of petroleum products, which has increased by 24.3% and is 43.23 million lats.

In the first half-year, the VN Group’s gross profit is 11.36 million lats, or 20% more than in the first half-year of 2011. In turn the consolidated net profit is negative (-9.52 million lats) because of recognized impairment (LVL 13.37 million) of the fleet of of JSC Latvian Shipping Company (LSC). Without this impairment, the VN Group’s profit in the first half-year of 2012 would have been (3.85 million lats) significantly higher than in the same period in 2011 (1.06 million lats). Consolidated net losses attributable to shareholders of the parent company are 4.47 million lats in the first half-year of 2012.

Irrespective of the VN Group’s losses in the reporting period, improvements in its economic activity can be observed, which is showed by an increase in cash flow from economic activity from 6.78 million lats in the first half-year of 2011 to 27.90 million lats in a corresponding period in 2012. Administrative costs of the VN Group have been reduced by 5% during this time as well.

Net profit of the VN Group’s parent company in the first half-year of 2012 is 229 thousand lats. The parent company has issued two loans to the LSC Group (LSC and its subsidiaries) in the amount of 5 million euro and 19.557 million US dollars on the same terms as the banking syndicate financing the LSC Group’s fleet. The VN Group used its own financial resources to issue these loans.

Attachment:

Screen Shot 2012-10-01 at 4.45.08 PM.png Financial Statements H1, 2012

 

About JSC Ventspils nafta

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.

Joint stock company 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 Latvian Shipping Company, which is among the leading ship owners in the world in the medium-sized and handy tankers category.

Shares of JSC Ventspils nafta (VNF1R) are quoted in the Baltic Official List of the stock exchange NASDAQ OMX Riga since October 20, 1998.