The unaudited results for the nine months of 2012 of Limarko laivininkystes kompanija AB (LLK) were prepared in accordance with the International Financial Reporting Standards.
The revenue of LLK for the nine months of 2012 amounted to LTL 39.7 million (EUR 11.5 million) and decreased by 44% when compared to the revenue of LTL 71.2 million (EUR 20.6 million) during the nine months of 2011.
During the nine months of 2012 LLK achieved the EBITDA of LTL 11.2 million (EUR 3.2 million) and the EBITDA margin was 28%. The EBITDA for the nine months of 2011 was LTL 9.9 million (EUR 2.9 million) and the EBITDA margin was 14%.
The loss of LLK for the nine months of 2012 was LTL 30.4 million (EUR 8.8 million). The loss of LLK for January-September of 2011 was LTL 0.8 million (EUR 0.2 million).
The main reasons negatively affecting the results of 9 months of 2012 were:
- result of sale of four vessels;
- the increase of the exchange rate of the US Dollar, which resulted in the currency exchange rate change loss;
- high bunker prices.
Although the fleet was reduced from 11 to 7 vessels (when compared to 30 September 2011), sales of oldest vessels allowed the company to improve effectiveness of main activity (EBITDA margin increased from 14 percent to 28 percent).
Mindaugas Petrauskas
Executive Director
Tel. +370 (46) 340001 ext. 713