Ventspils nafta                                               11.11.2004.



Profit of Ventspils Nafta for the Nine Months of 2004 – 1,3 million Lats







Today, on November 11th, the Council of Ventspils Nafta has considered and 

accepted the financial results for the nine months of 2004. In accordance 

with the non-audited Financial Statement of Ventspils Nafta the net turnover 

of the Holding from January to September 2004 reached 40.3 million Lats, 

providing thus net profit in the amount of 1.3 Lats. 





In accordance with the budget as approved by the General Meeting of Shareholders 

of Ventspils Nafta the net turnover pre-planned for 2004 has been estimated in 

the amount of 55.5 million Lats, including net profit of 176 thousand Lats. 

The nine-months turnover of Ventspils Nafta has already reached 72% of the 

total estimated turnover of 2004, however net profit for the reported period 

has been seven times higher than it was estimated earlier.





„The results of „Ventspils Nafta” for the nine months have contributed to our 

belief that all companies of the Holding show their stable operating activities 

and positive prospects for long-term development”, says Olga Pētersone, the 

Chairperson of the Board of Ventspils Nafta. 





In 2004 the Ventspils Nafta Holding is continuing to be involved in its main 

spheres of business i.e. the transit of crude oil and petroleum products 

(Ventspils Nafta Tremināls and LatRosTrans), printing (Preses Nams), as well as 

the economic management of real property, and publishing business.





Within the nine months of 2004 Ventspils Nafta Termināls continued to receive 

railroad deliveries of crude oil and petroleum products (crude oil, gasoil of 

various sulpher content, motor gasoline of various grades) and tranship them. 

Keeping up with modern technologies, considering the developed infrastructure of 

the terminal facilities as well as any wishes of their clients, Ventspils Nafta 

Termināls during the reported period started also to receive small volumes of 

crude oil from the sea. For the nine months of 2004 Ventspils Nafta Termināls 

handled in total 7 million tonnes of crude oil and petroleum products.





Within the reported period LatRosTrans provided the uninterrupted operation of 

the main crude oil and products pipelines and has been planning, according to 

the existing estimates, to deliver 5.6 million tonnes of gasoil to Ventspils 

before the end of the year. In October 2004, right away after the reported period, 

the Civil Chamber of the District Court of Rīga partly revoked the decision of 

the Internal Revenue Office with respect to their assessment of LatRosTrans’ 

taxes for 2001, proving thus true the assurance of the management of both Ventspils 

Nafta and LatRosTrans that the judgment of the court would be given in favour of 

the company.





In order to be able to carry out more precise control over the flow of petroleum 

products delivered by pipeline, LatRosTrans has launched on the territory of 

Ventspils Nafta Termināls a new gas oil metering and proving unit. Meanwhile, 

the unit is operating in the test mode for as soon as all preliminary works will 

be completed, it could be considered as one of the elements of the system to 

metering and control the transit of petroleum products. The total investments made 

by LatRosTrans has reached almost 5 million US$.





Within the reported period the printing company Preses Nams, JSC has continued to 

be active in rendering printing services, strengthening its leader’s positions in 

the Baltic states by producing news-papers, books, magazines and packing materials 

for their clients both in Latvia and abroad. The net turnover of Preses Nams for 

the nine months of 2004 made up of 13.9 million Lats – it is by 0.5 milion Lats 

more than for the same period of 2003.





Within the reported period and as from the August 6, 2004 Uldis Ronis, who worked 

before as Director for Business Development of Hanzas Maiznīcas, JSC, was confirmed 

in office of the Chairman of the Board of Preses Nams, JSC. The changes in the 

management of Preses Nams are connected with some structural changes in the company 

that are orientated towards the achievment of new strategical targets – to strengthen 

the existing positions, provide a long-term development and improve financial results.



Consolidated, non-audited financial report of JSC " Ventspils nafta" for 9 months of

2004, available here: <a href='http://market.rfb.lv/upload/reports/vnf/2004_q3_en_lvl.pdf' target='_blank'>http://market.rfb.lv/upload/reports/vnf/2004_q3_en_lvl.pdf</a>