Lietuvos Juru Laivininkyste AB - Notification on material event

AB" Lietuvos juru laivininkyste" unaudited activity results for twelve months of 2010

Klaipeda, Lithuania, 2011-02-25 13:53 CET (GLOBE NEWSWIRE) -- The revenue of AB
Lietuvos juru laivininkyste for twelve months of 2010 amounted to LTL
62.186.408 ( EUR 18.010.429 ) and increased by 5,0 per cent compared to the
revenue of LTL 59.213.800 ( EUR 17.149.502 ) during 2009 year. 

The losses of the company for twelve months of 2010 amounted to LTL 39.134.177 
  (EUR 11.334.041 ). 

The main reason affecting the company losses was decreased hire rates due to
global financial crisis at the beginning of the reported year. As from July the
company has fixed 20 - 30 per cent increased hire rates. As a result the cash
flow increased and EBITDA for twelve  months of 2010 year is LTL 3.490.604 (
EUR 1.010.949 ), EBITDA for 2009 year was negative minus LTL 4.020.660 (  EUR
-1.164.464 ). 

The losses were increased by the rise of the exchange rate minus LTL 6.171.002 
   (EUR - 1.787.246 ).Further the remaining value of LTL 18.123.018   ( EUR
5.248.789 ) for the sold vessels was included in the company expenses. At the
end of the reported year the company did not have outstanding payments and in
IV quarter the company renewed repayment of bank loans. 


         Arvydas Stropus, Chief accountant ph. (+370 46) 393126