Riga, 2015-03-19 15:03 CET (GLOBE NEWSWIRE) -- JSC “Latvian Shipping Company” holding company closed the year 2014 with a 1.6 million euro profit
In 2014 JSC “Latvian Shipping Company” (LSC) operated with a profit of 1.6 million EUR comparing to profits of 0.4 million EUR in 2013. These positive results were achieved due to the sale of real estate located on Jēkaba street, Riga, and the disposal of an investment in SIA “Via Una” medical clinic.
JSC “Latvijas kuģniecība” Group performance results
The financial result of LSC Group for 2014 amounted to a loss of 31.16 million USD predominantly as a consequence of vessel impairments in the amount of 55.25 million USD. The accumulated result for the twelve months of 2014 was positively affected by income from a partial settlement in respect of the Antonio Gramsi Corporation court case in the High Court in London in the amount of 20.05 million USD, sale of real estate property and disposal of the investment in the medical clinic SIA “Via Una”. The other negative factors were losses from the sale of the vessel “Riga” in the amount of 0.34 million USD as well as a re-evaluation of the investment in AS “Latvijas Naftas tranzīts” in the amount of 8.34 million USD.
Financial results of LSC Group in the audited report do not differ significantly from the unaudited report and are following:
| 2010 | 2011 | 2012 | 2013 | 2014 | |
| Turnover (million USD) | 111.16 | 97.58 | 115.56 | 104.21 | 91.29 |
| Net loss (million USD) | -141.75 | -48.27 | -34.60 | -18.15 | -31.16 |
| Gross profit before depreciation (million USD) | 35.89 | 41.58 | 52.22 | 54.32 | 46.57 |
| % of turnover | 32.28% | 42.61% | 45.19% | 52.13% | 51.01% |
| EBITDA (million USD) | 14.15 | 26.84 | 40.99 | 47.33 | 39.59 |
| % of turnover | 12.72% | 27.51% | 35.47% | 45.42% | 43.37% |
| EBIT (million USD) | -14.4 | 0.53 | 12.51 | 24.43 | 20.85 |
| % of turnover | -12.95% | 0.54% | 10.83% | 23.44% | 22.84% |
| Profit before tax and exceptionals (million USD) | -42.11 | -19.63 | -6.21 | 9.00 | 12.68 |
| % of turnover | -37.87% | -20.12% | -5.37% | 8.64% | 13.89% |
| Return on Assets (%) | -17.20% | -7.20% | -5.70% | -3.22% | -6.62% |
| Return on Equity (%) | -36.90% | -16.60% | -14.20% | -8.00% | -16.33% |
| EPS (USD) | -0.71 | -0.24 | -0.18 | -0.09 | -0.16 |
| Liquidity ratio (quick) | 1.7 | 2.2 | 1.5 | 1.5 | 1.3 |
| P/E ratio | n/a | n/a | n/a | n/a | n/a |
Attached: the LSC Group audited annual report 2014, the LSC parent company audited annual report 2014 and the corporate governance report.
About JSC “Latvian Shipping Company”
JSC “Latvian Shipping Company” (NASDAQ OMX RIGA: LSC1R) is among the biggest vessel owners in the segment of medium and handy size tankers and takes leading positions in terms of the transported amount of petroleum products among similar companies in Northern Europe. The company owns 16 modern vessels employing more than 500 professional and high-skilled seamen from Latvia. The average age of the LK fleet is 7 years. All of the vessels have received ISM (International Safety Management) certificates.
Additional information:
Elīna Dobulāne, Communication Consultant
JSC “Latvian Shipping Company”
Phone: +371 25959447
E-mail: elina.dobulane@vnafta.lv
www.lk.lv
