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The consecutive positive results achieved by vessels in Lumar Group reflect
both prudent financial planning and careful management.
The accounting policies are carefully prepared to reflect the
circumstances of our company, consistently applied and adequately disclosed.
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Up-to-date software applications allow the financial reporting system
to be tailored to a client's needs. This is especially important where a
client's corporate status or local legal requirements require a customized
format of reporting. The following reports are standard.
A monthly operation report covers all aspects of the vessel's management.
It includes vessels' movements, chartering information, off-hires
(if any) and all significant events of the month.
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Running cost schedule, in comparison to the budget, allows comparison of the
cumulative operating costs of the vessel with the agreed budget.
Variances with the budget are explained
A monthly cash position statement is prepared and cash-flow forecast
analysis is attached to this.
A Profit and Loss Statement is supplied as well as
a balance sheet depending on the part of the operation of
the vessel(s)
Yearly financial statements are also produced.
We normally arrange to have these statements audited by Internationally
recognized professional accountants.
Audit
In the current maritime environment, nothing can be left to chance when it comes to on
board safety and environmental protection. Every ship under Lumar's management is
independently audited each year to check and report on equipment, safety and
operational procedure.
This procedure is overlaid by programme of continuous internal audit to ensure
that the Lumar commitment to Quality is a reality, not just a perception
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