Published: 2017-03-20 22:02:58 CET
Latvijas kugnieciba
Annual Financial Report

JSC “Latvian Shipping Company” audited annual report 2016

The consolidated financial result of LSC Group for 2016 attributable to the equity holders of the parent company is a loss of 25 million USD. The result was mainly attributable to the steady erosion in the value of the LSC Group’s fleet throughout 2016 in the amount of USD 24.1 million.

Total revenue of the LSC Group increased to USD 100 million due to slightly higher earnings from existing time charters negotiated during the stronger shipping cycle in mid 2015 and as a consequence of more vessels trading on the spot market. The balance of the increase in revenue related to the increase in technical management activities and rent from the Groups real estate portfolio. The Group’s cash position at the end of 2016 was USD 47.7 million.

The Group achieved its key objective in 2016 of being in a position to renew the USD 360 million loan facility expiring in June 2017.

Financial results of LSC Group in the audited report do not differ significantly from the unaudited report.

  2012 2013 2014 2015 2016
Turnover (million USD) 115.56 104.21 91.29 92.84 100.03
Net loss (million USD) -34.60 -18.15 -31.16 -7.22 -25.00
% of turnover -29,94% -17.42% -34.13% -7.78% -24.99%
Gross profit before depreciation (million USD) 52.22 54.32 46.57 53.81 56.73
% of turnover 45.19% 52.13% 51.01% 57.96% 56.72%
EBITDA (million USD) 40.99 47.33 39.59 46.62 49.77
% of turnover 35.47% 45.42% 43.37% 50.22% 49.75%
EBIT (million  USD) 12.51 24.43 20.85 26.68 9.13
% of turnover 10.83% 23.44% 22.84% 28.74% 9.13%
Profit (loss) before tax and exceptionals (million USD) -6.21 9.00 12.68 18.85 -2.44
% of turnover -5.37% 8.64% 13.89% 20.30% -2.44%
Return on Assets (%) -5.70% -3.22% -6.62% -1.69% -6.47%
Return on Equity (%) -14.20% -8.00% -16.33% -4.53% -16.36%
EPS (USD) -0.18 -0.09 -0.16 -0.04 -0.13
Liquidity ratio (quick) 1.5 1.5 1.3 0.8 1.5
P/E ratio n/a n/a n/a n/a n/a

 

About JSC “Latvian Shipping Company”

JSC “Latvian Shipping Company” (Nasdaq Riga: LSC1R) is vessel owner in the segment of medium and handy size tankers. The company owns 16 modern vessels employing more than 1300 professional and high-skilled seamen from Latvia. Besides, LSC subsidiary “LSC Ship management” Ltd is technically serving 7 more vessels, thus managing a fleet of 23 vessels. The average age of the LASCO fleet is 9 years. All of the vessels have received ISM (International Safety Management) certificates.

         Artis Ozolins, Communications Consultant
         JSC “Latvian Shipping Company”
         Telephone: +371-26179051
         E-mail: Artis.Ozolins@mccannconsulting.lv
         www.lk.lv


Consolidated_financial_statement_2016_ENG.pdf
Corporate_Governance_Report_for_year_2016_ENG.pdf
Separate_Financial_Statements_2016_ENG.pdf