OREANDA-NEWS. On 05 May 2009 was announced, that shareholders in the joint stock company Latvijas kugnieciba (Latvian Shipping Company) held their annual meeting, reviewing all of the matters that were on the agenda.  Shareholders received reports from the company’s board, council and auditors, and also approved the 2008 annual report, which was prepared in accordance with Latvian laws.  They also reviewed the consolidated 2008 annual report for the Latvian Shipping Company and its subsidiaries. That report was prepared in accordance with international financial reporting standards.

The company decided to use the profits which the Latvian Shipping Company earned last year to cover losses from previous years.  Ernst & Young Baltic was chosen as the 2009 auditor for the firm.  The shareholders also elected an auditing committee for a three-year term in accordance with the amendments made to the Law on the Market of Financial Instruments. The new members of the audit committee are Andris Vilcmeiers, the Deputy Council Chairman of the Latvian Shipping Company, Ansis Sormulis, Council Member of the Latvian Shipping Company and Juris Rendinieks, Board Member of Unit Ltd. and an experienced accounting specialist.

The consolidated report for the Latvian Shipping Company concern, as audited for 2008, shows that the company had a successful strategy in terms of its operations, including the sale of ships from the fleet that were out of date.  This allowed the Latvian Shipping Company to end the year with a profit of USD 58.7 million despite the fact that international economic problems have had an effect on the shipping business, and the decline in transport rates all around the world has inevitably damaged the ability of shipping companies to earn profits.

Commenting on the decisions taken by the shareholders, the council chairman of the Latvian Shipping Company, Mвris Gailis, said that shareholders appreciate the development of the company and its achievements:  “The results for the Latvian Shipping Company show that the company’s developmental strategy was chosen correctly and implemented in a consistent way.  Renewal of the fleet was begun in a timely way and was conducted in a targeted manner.  That, along with the hard work done by employees

of the company, serves as a foundation for successful development in the future, too, even though the shipping business all around the world has been affected quite seriously by global economic complications.”