JSC “Latvian Shipping Company” holding company closed the year 2015 with a profit of 1 million EUR.
In 2015 JSC “Latvian Shipping Company” (LSC) operated with a profit of 1 million EUR comparing to profits of 1.6 million EUR in 2014. The profit was higher in 2014 due to the sale of non-core asset owned directly by LSC.
JSC “Latvian Shipping Company” Group performance results
The financial result of LSC Group for 2015 amounted to a loss of 7.22 million USD due to a loss arising from the reconsolidation of “LASCO Investment” Ltd. group with negative financial effect in the amount of USD 22.74 million. In 2014 LSC Group suffered a loss in the amount of 31.16 million USD.
2015 was an important year for the Company as a series of settlement agreements were signed with a number of individuals, including Former Management Board and Supervisory Council members thus terminating unwanted disputes and allowing the Group to concentrate on its core business.
Financial results of LSC Group in the audited report do not differ significantly from the unaudited report and are following:
| 2011 | 2012 | 2013 | 2014 | 2015 | |
| Turnover (million USD) | 97.58 | 115.56 | 104.21 | 91.29 | 92.84 |
| Net loss (million USD) | -48.27 | -34.60 | -18.15 | -31.16 | -7.22 |
| Gross profit before depreciation (million USD) | 41.58 | 52.22 | 54.32 | 46.57 | 53.81 |
| % of turnover | 42.61% | 45.19% | 52.13% | 51.01% | 57.96% |
| EBITDA (million USD) | 26.84 | 40.99 | 47.33 | 39.59 | 46.62 |
| % of turnover | 27.51% | 35.47% | 45.42% | 43.37% | 50.22% |
| EBIT (million USD) | 0.53 | 12.51 | 24.43 | 20.85 | 26.68 |
| % of turnover | 0.54% | 10.83% | 23.44% | 22.84% | 28.74% |
| Profit before tax and exceptionals * (million USD) | -19.63 | -6.21 | 9.00 | 12.68 | 18.85 |
| % of turnover | -20.12% | -5.37% | 8.64% | 13.89% | 20.30% |
| Return on Assets (%) | -7.20% | -5.70% | -3.22% | -6.62% | -1.69% |
| Return on Equity (%) | -16.60% | -14.20% | -8.00% | -16.33% | -4.53% |
| EPS (USD) | -0.24 | -0.18 | -0.09 | -0.16 | -0.04 |
| Liquidity ratio (quick) | 2.2 | 1.5 | 1.5 | 1.3 | 0.8 |
| P/E ratio | n/a | n/a | n/a | n/a | n/a |
Attached: the LSC Group audited annual report 2015, the LSC parent company audited annual report 2015 and the corporate governance report.
About JSC “Latvian Shipping Company”
JSC “Latvian Shipping Company” (NASDAQ 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 1300 professional and high-skilled seamen from Latvia. Besides, it is technically serving five more vessels, thus managing a fleet of 21 vessels. The average age of the LASCO fleet is 8 years. All of the vessels have received ISM (International Safety Management) certificates.
Elīna Dobulane, Communications Consultant
JSC “Latvian Shipping Company”
Telephone: +371-25959447
E-mail: elina.dobulane@vnafta.lv
