The unaudited results for the year 2012 of Limarko laivininkystės kompanija AB (LLK) were prepared in accordance with International Financial Reporting Standards.
The revenue of LLK for the year 2012 amounted to LTL 49.7 million (EUR 14.4 million) and decreased by 43% when compared to the revenue of LTL 86.7 million (EUR 25.1 million) for the year 2011. Main reasons for the decreased revenue are smaller fleet and type of vessel employment – during 2012 most vessels were earning ‘net income’ (i.e. excluding bunkers and port expenses).
During the twelve months of 2012 LLK achieved the EBITDA of LTL 14.1 million (EUR 4.1 million) and the EBITDA margin was 28%. In 2011, the EBITDA (before impairment of vessels) was LTL 7.4 million (EUR 2.1 million) and the EBITDA margin was 9%.
The losses of LLK in 2012 amounted to LTL 28.0 million (EUR 8.1 million). The losses of LLK (after impairment of vessels) for January - December of 2011 were LTL 44.4 million (EUR 12.8 million).
The main reasons negatively affecting the results of the year 2012 were:
- result of sale of four vessels;
- high bunker prices;
- low freight rates for reefer vessels during the first half of 2012.
Although the fleet was reduced from 11 to 7 vessels (when compared to 31 December 2011), sale of less efficient vessels and increase in freight rates for reefer vessels during the second half of 2012 allowed to improve efficiency of Company’s main activities.
Mindaugas Petrauskas
Executive Director
Tel.: +370 46 340001 ext. 713
