Due to succesful implementation of corporate governance and optimization
of
administrative expenses, JSC Ventspils nafta has managed to increase
turnover
in times when global trends have negative impact on most companies.

 
Ventspils nafta's consolidated turnover for 2009 was 66 million LVL, that
is 5%
higher than 2008. During 2009 the group has significantly reduced its
total
costs, for example by reducing general and administrative costs by
almost 25%
compared to the previous year. Consolidated net profit for the
Ventspils Nafta
group attributable to parent company's shareholders was
negative 3,2million LVL
and this was heavily influenced by the considerable
net loss generated by the
associated company JSC “Latvian Shipping Company”.

 
At the end of 2009 JSC “Ventspils nafta” distributed dividends of 50,15
million
LVL to shareholders, thereby delivering dividends per share of 0,48
LVL. 
 
2009 has been a succesful year for Ventspils Nafta Terminals ensuring
stable
transhipment level for 2009 with a total transhipment of 10.4 million
tons.
Traditionally the largest transhipment portion is gasoil received via
pipeline
and rail with a total volume in 2009 of 7,9 million tons while
gasoline
transhipment volume was 1,6 million tons. Furthermore, company has
proceeded
decreasing its ecological footprint, performing succesful soil
remediation
works and launching new waste water system. 
Independent auditing
of environmental management systems of Ventspils Nafta
Terminal have resulted
in the recertification of the company according to ISO
9001 and ISO 14001
standards for the following three years. 
 
Due to continuous repairs on the
pipeline in the territory of Belarus as well
as highly complex geopolitical
situation, total throughput of JSC Ventspils
Nafta's daughter company
LatRosTrans was lower than in previous year. 
Despite being able to ensure
positive operational and net cash flow, JSC
Ventspils nafta's associated
company, JSC Latvian Shipping Company has
experienced a net loss in 2009, due
to charter rates being at their lowest
levels for the last 10 years. 
 
By
bringing in the international experience of seasoned professionals to
the
Supervisory Councils of the holding company and its holdings, JSC
Ventspils
nafta will continue to implement a strategy that will minimise all
risks while
providing an adequate return to its shareholders in the medium
term. 

JSC Ventspils nafta is the central holding company in a
transit-oriented Group
whose task is to manage the investments in subsidiaries
by promoting the
Group's overall value through growth in the value of each
individual
subsidiary. 

JSC Ventspils nafta Group is working in the
following areas: transhipment of
crude oil and petroleum products; transport
of crude oil and petroleum products
by pipelines; a shipping business. 

JSC
Ventspils nafta
For more information:
Zane Bojāre
JSC Ventspils nafta PR
Manager
E-mail: zane.bojare@vnafta.lv
Phone.: 67821691;
29706733

http://www.vnafta.lv
http://www.vnt.lv
http://www.latrostrans.lv