Today, on April 30, 2008, the regular shareholders' meeting of JSC Ventspils nafta has considered and adopted resolutions on all issues on the agenda of the shareholders' meeting previously announced according to law. JSC Ventspils nafta shareholders took knowledge of the consolidated report of JSC Ventspils nafta management on operative results of 2007, the report of the Supervisory Council of JSC Ventspils nafta and the auditor's opinions on operative results of 2007. The shareholders' meeting affirmed the annual report of JSC Ventspils nafta for 2007 that was prepared in accordance with the Law on Annual Reports of the Republic of Latvia and the consolidated annual report of JSC Ventspils nafta for 2007 that was prepared in accordance with the International Finance Reports Standards issued by the International Accountancy Standards Board. Shareholders decided to transfer the profit of JSC Ventspils nafta holding of 2007 to the remaining reserves, by diverting it for further development of the company. JSC Ventspils nafta has already informed that the Group's consolidated net profit reached 49.6 million lats in 2007, for its part net turnover was more than 82 million lats, which is 12 million lats more than in 2006. Even though several companies of JSC Ventspils nafta operated under influence of pressure of negative external circumstances in 2007, especially in relation to oil transshipment interruption via pipeline in the direction of Lithuania for already two years, increase in economic activities of the Group companies can be observed in 2007, which is shown by increase in the JSC Ventspils nafta consolidated gross profit by 48.5%, reaching 9.8 million lats. The shareholders' meeting of JSC Ventspils nafta adopted also a decision on electing the auditing firm Ernst&Young Baltic Ltd (commercial enterprise license No. 17) as the auditor of the annual report and the consolidated annual report of the company for 2008. Unfortunately, as it can be observed lately, a part of shareholders also at this time did not comply with the Regulations on the process of the shareholders' meeting affirmed by them, and tried to affect destructively the constructive work of the shareholders' meeting. As usually, the lawyer Mārtiņš Kvēps stood out by disturbing the work of the Chairperson of the Meeting and the other shareholders when he missed submission of the proposals in compliance with the established procedure, and therefore did not comply with the mentioned Regulations. It is worth to mention that in this shareholders' meeting, M.Kvēps represented not only JSC Latvijas naftas tranzīts but also the offshore company Avenue Emerging Markets, which has been claimed until now by him to have connection with other people familiar in Latvia. “In general, the shareholders' meeting of JSC Ventspils nafta was very constructive. Unfortunately, once again a theater of one person played by M.Kvēps could not be avoided despite the Regulations affirmed by the shareholders. The better the results of the JSC Ventspils nafta Group are, the more somebody tries to disturb our work,” the Chairperson of the Supervisory Council of JSC Ventspils nafta Vladimirs Solomatins admitted. JSC Ventspils nafta Further information - Gundega Vārpa, Public Relations and Advertising Manager tel. 7229793; e-mail: gundega.varpa@vnafta.lv
On resolutions of the regular shareholders' meeting of JSC Ventspils nafta
| Source: Ventspils nafta