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2009-02-26 18:06:58 CET 2009-02-26 18:08:03 CET REGULATED INFORMATION Limarko Laivininkystes Kompanija AB - Notification on material eventUnaudited operational results for the year 2008 and forecast for the year 2009The unaudited results for the year 2008 of Limarko laivininkystės kompanija AB (LLK) were prepared in accordance with International Financial Reporting Standards. Sales revenue of LLK for the year 2008 totaled LTL 151.4 million (EUR 43.8 million) and increased by 11% when compared to the sales revenue of LTL 136.7 million (EUR 39.6 million) for the year 2007. Company's investment into fleet renewal and modernization during 2008 totaled 106.0 million (EUR 30.7 million). In 2008, LLK achieved the EBITDA of LTL 27.3 million (EUR 7.9 million) and the EBITDA margin was 18%. In 2007, the EBITDA was LTL 31.4 (EUR 9.1 million) and EBITDA margin was 22.9%. The loss of LLK in 2008 was LTL 12.7 million (EUR 3.7 million). The profit of LLK in 2007 was LTL 21.0 million (EUR 6.1 million). The results of 2008 were mainly affected by: - a steep rise in the US Dollar which resulted in the currency exchange rate change loss of LTL 8.0 million (EUR 2.3 million). - record high marine bunker prices during the year 2008. - the decreased demand for transportation of cargo by sea as a result of global economic slowdown. Forecast for the year 2009: - earning before financial expenses, taxes, depreciation and amortization (EBITDA) - LTL 41.8 million (EUR 12.1 million). The forecast is based on the assumptions that there will be no more material changes in the demand of international transportation of cargoes; the price of marine diesel oil shall stay at the level of 580-600 USD/mt and the price of fuel oil at the level of 205-300 USD/mt; EUR/USD exchange rate shall fluctuate at about 1.3 ratio. Encl.: Interim Financial Statements for the year 2008 of Limarko laivininkystes kompanija AB. Vytautas Lygnugaris President and CEO Tel. +370 46 340001-713 |
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