VNF: On reflection of financial information in annual reports of Ventspils nafta as a parent company for 2009
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2010-12-03
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Ventspils nafta,
VNF
VNF: On reflection of financial information in annual reports of Ventspils nafta as a parent company for 2009
Ventspils nafta Company Announcement 03.12.2010
On reflection of financial information in annual reports of Ventspils nafta as a
parent company for 2009
JSC “Latvijas kuģniecība” (LK) publicly stated on November 12, 2010 that VN is
hiding relevant financial information from both market regulators and the
company's shareholders in the 2009 audited financial statements of JSC
“Ventspils nafta” (VN) as a parent company that were approved at the VN
shareholders' meeting of November 11, 2010. However, VN informs that these
financial statements are prepared in compliance with requirements of the Annual
Accounts Law of the Republic of Latvia.
While including information about its subsidiaries in the audited annual report
of VN as the parent company for 2009, VN observed the provisions of the Annual
Accounts Law of the Republic of Latvia, and has included such information in
the appendix to the report as prescribed by the Annual Accounts Law of the
Republic of Latvia.
VN additionally informs that a technical error is made in the audited
consolidated reports of VN for 2008 and 2007 accordingly in appendices No.19
and No.18 as a result of translation in describing conditions of the long-term
debt.
VN informs that pursuant to conditions of the long-term debt, Euromin Holdings
(Cyprus) Limited (subsidiary of Vitol) shall repay the principal amount by
October 15, 2016 at the latest or when Euromin Holdings (Cyprus) Limited
receives payment for the date of its interest in the VN share capital
(whichever is the earlier). Previously it was incorrectly stated in the audited
consolidated annual reports of VN for 2008 and 2007 that one of the cases of
repayment time is when Euromin Holdings (Cyprus) Limited receives payment for
the sale of its interest in VNT instead of VN. This is correctly stated in the
annual report for 2009, which is the last and the latest audited annual report
of VN. In addition, VN would like to draw attention to the fact that the
long-term debt agreement has not been amended since the moment of concluding
it, and there have been no delays in interest payments.
Ventspils nafta
Zane Bojāre
JSC „Ventspils nafta” PR Manager
E-mail: [email protected]
Phone.: 67821691; 29706733