Ventspils nafta termināls
 
 

VNT plans to end the year with the EBITDA amounting to 12.6 million lats

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VNT plans to end the year with the EBITDA amounting to 12.6 million lats

november 28, 2012 / News

Ventspils nafta termināls (VNT) EBITDA* reached 10.3 million lats in the first 9 months, which is 6 % greater than in the same period of 2011. The company plans to end the year with EBITDA amounting to 12.8 million lats.

In the first 9 months of this year the turnover derived from transhipment increased by 5% amounting to 20.2 million lats. The company forecasts that this year’s final result will improve over last year, and expects a turnover of around 26.8 million lats derived from transhipment of petroleum products.

"This year our profits are positively affected due to the growth of product transhipment volumes. In April this year our transhipment volumes reached a 10 year record-high − within this one month we safely transhipped 1.4 million tonnes of petroleum products, a fantastic accomplishment made only possible by a coordinated effort of all employees," explains VNT Managing Director Lars Pantzlaff in the presentation on the company's Business Update.

In 10 months of this year, VNT transhipped 10.50 million tonnes of petroleum products, thus exceeding the volume of the same period 2011 by 9%, when the company transhipped 9.64 million tonnes. Almost equal product amounts have been received by pipeline and railways, while only a small volume has been received by sea.

"In order for the company to continue its successful development and to sustain its position of being the leading oil terminal in the Baltic States, we have made considerable investments in the fixed assets of the company, investing 16 million lats in 3 years. As part of a larger modernisation project we have commissioned new pump stations, which will provide us with greater operational flexibility, while also reducing energy consumption, and providing full automation of the product flow," continues Pantzlaff.

When outlining future prospects of VNT, Pantzlaff emphasizes that is "important to pay close attention to the cooperation with other companies operating in the Ventspils Freeport and to look for ways to share common services to increase efficiency which would not only benefit VNT but all companies involved, as well as ultimately the position of the Ventspils Freeport as a host of successful transhipment companies."

*EBITDA – profit before interest, taxes, depreciation and amortization

Attachment

Presentation on the company's performance and development prospects

About VNT

VNT provides transit services − the receipt of crude oil and petroleum products via pipelines, rail tank cars and tankers, as well as their storage and transhipment. VNT is technologically the most advanced and largest crude oil and petroleum product transhipment company in the Baltics with the total tank storage capacity of 1.2 million cubic meters.

51% of VNT is owned by JSC Ventspils nafta (NASDAQ OMX RIGA: VNF1R), which is one of the largest groups of companies in Latvia, and operates in the sector of transit business.  JSC Ventspils nafta is the Group's parent company, which manages investments into the companies within the Group, thus facilitating the growth in the overall value of the Group and its individual companies.