Latvijas kugnieciba
About unaudited results of JSC Latvian Shipping Company in 2014

DGAP-News: Latvijas kugnieciba

2015-02-26 / 07:21

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

Riga, 2015-02-26 07:21 CET (GLOBE NEWSWIRE) -- The unaudited financial result
of Latvian Shipping Company and its subsidiaries (LSC Group) for the twelve
months of 2014 amounted to a loss of 30.98 million USD predominantly as a
consequence of vessel impairments in the amount of 55.25 million USD. It is
important to emphasize that throughout 2014 the LSC Group was able to achieve a
positive result from its chartering and other activities achieving a net profit
before tax and exceptionals of 12.68 million USD which is 3.68 million USD more
than in the previous reporting period. 

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 located on Jēkaba street, Riga, and revaluation 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. 

During 2014 the LSC Group continued to improve its cash position significantly
and as at 31st December 2014 the Group had cash and deposits with maturity up
to twelve months in the amount of 45.58 million USD, which is 7.04 million USD
more than at the beginning of 2014. This was achieved due to positive cash flow
from shipping activities as well as from the sale of non-shipping assets. 

The managements commercial strategy throughout 2014 was to employ a large
percentage of the fleet in time charter contracts to ensure a steady and
transparent revenue stream. The average employment period for the portion of
the  fleet on time charter, plus bareboat charter, at the end of the reporting
period was approximately eight  months, excluding the bareboat charters
(fourteen vessels) - almost seven months. 

Additional information is available in the attached unaudited shortened
consolidated financial statement 



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



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

2015-02-26 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  
---------------------------------------------------------------------  
327027 2015-02-26