Latvijas kugnieciba
JSC “Latvian Shipping Company” audited annual report 2014

DGAP-News: Latvijas kugnieciba

2015-03-19 / 15:03

---------------------------------------------------------------------

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 
111.16    97.58  
115.56  104.21   
91.29 
 style 
='font 
-famil 
y:Aria 
l, 
 Helve 
tica, 
 sans- 
serif; 
'> 
Turnov 
er 
 (mill 
ion 
 USD) 
  
-141.75   -48.27  
-34.60  -18.15  
-31.16 
 style 
='font 
-famil 
y:Aria 
l, 
 Helve 
tica, 
 sans- 
serif; 
'> 
Net 
 loss 
 (mill 
ion 
 USD) 
  
35.89    41.58   
52.22   54.32   
46.57 
 style 
='font 
-famil 
y:Aria 
l, 
 Helve 
tica, 
 sans- 
serif; 
'> 
Gross 
 profi 
t 
 befor 
e 
 depre 
ciatio 
n 
 (mill 
ion 
 USD) 
  
 32.28%   42.61%  
45.19%  52.13%  
51.01% 
style= 
'font- 
family 
:Arial 
     , 
Helvet 
  ica, 
sans-s 
erif;' 
>% 
    of 
turnov 
er 
14.15    26.84   
40.99   47.33   
39.59 
 style 
='font 
-famil 
y:Aria 
l, 
 Helve 
tica, 
 sans- 
serif; 
'> 
EBITDA 
 (mill 
ion 
 USD) 
  
 12.72%   27.51%  
35.47%  45.42%  
43.37% 
style= 
'font- 
family 
:Arial 
     , 
Helvet 
  ica, 
sans-s 
erif;' 
>% 
    of 
turnov 
er 
-14.4     0.53   
12.51   24.43   
20.85 
 style 
='font 
-famil 
y:Aria 
l, 
 Helve 
tica, 
 sans- 
serif; 
'> 
EBIT 
 (mill 
ion 
 USD) 
  
 -12.95%    0.54%  
10.83%  23.44%  
22.84% 
style= 
'font- 
family 
:Arial 
     , 
Helvet 
  ica, 
sans-s 
erif;' 
>% 
    of 
turnov 
er 
-42.11   -19.63   
-6.21    9.00   
12.68 
 style 
='font 
-famil 
y:Aria 
l, 
 Helve 
tica, 
 sans- 
serif; 
'> 
Profit 
 befor 
e tax 
 and 
 excep 
tional 
s 
 (mill 
ion 
 USD)< 
/span> 
 
 -37.87%  -20.12%  
-5.37%   8.64%  
13.89% 
style= 
'font- 
family 
:Arial 
     , 
Helvet 
  ica, 
sans-s 
erif;' 
>% 
    of 
turnov 
er 
-17.20%   -7.20%  
-5.70%  -3.22%  
-6.62% 
 style 
='font 
-famil 
y:Aria 
l, 
 Helve 
tica, 
 sans- 
serif; 
'> 
Return 
 on 
 Asset 
s (%) 
  
-36.90%  -16.60% 
-14.20%  -8.00% 
-16.33% 
 style 
='font 
-famil 
y:Aria 
l, 
 Helve 
tica, 
 sans- 
serif; 
'> 
Return 
 on 
 Equit 
y (%) 
  
-0.71    -0.24   
-0.18   -0.09   
-0.16 
 style 
='font 
-famil 
y:Aria 
l, 
 Helve 
tica, 
 sans- 
serif; 
'> 
EPS 
 (USD) 
  
1.7      2.2     
1.5     1.5     
1.3 
 style 
='font 
-famil 
y:Aria 
l, 
 Helve 
tica, 
 sans- 
serif; 
'> 
Liquid 
ity 
 ratio 
 (quic 
k) 
n/a      n/a     
n/a     n/a     
n/a 
 style 
='font 
-famil 
y:Aria 
l, 
 Helve 
tica, 
 sans- 
serif; 
'> 
P/E 
 ratio 
 

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
News Source: NASDAQ OMX



---------------------------------------------------------------------

2015-03-19 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------


Language:    English              
Company:     Latvijas kugnieciba  
 
 
             Latvia               
ISIN:        LV0000101103         
 
 
End of News    DGAP News-Service  
---------------------------------------------------------------------  
335171 2015-03-19