Riga, Latvia, 2015-03-04 11:32 CET (GLOBE NEWSWIRE) -- Corrections: Announcement amended with Interim report of twelve months for year 2014 in English (please find attached) as well as some minor textual changes made in the financial report in Latvian language, which do not effect financials.
In reporting period from January 1, 2014 to December 31, 2014 consolidated turnover of SIA VIA SMS Group and its subsidiaries was EUR 11.6 million. Profit before interest, tax, depreciation and amortization was EUR 3.5 million, net profit after tax was EUR 1.9 million and net credit portfolio at the end of reporting period was EUR 8.0 million.
In 2014 SIA VIA SMS Group has sold all owned shares in Spain subsidiary VIA SMS MINICREDIT, S.L. as a result interim twelve month report for year 2014 does not include data regarding mentioned subsidiary which in turn contains year 2013. It is a reason why consolidated turnover has decreased for 20% and net profit credit portfolio for 4%, but nevertheless profit before interest, tax, depreciation and amortization has increased for 17% and net profit after tax has increased for 175%. By excluding revenues from sale of Spain subsidiary, net profit has grown for more than 2 times by reaching 118% increase.
In December, 2014 SIA VIA SMS Group increased its share capital by EUR 800,156. At the end of reporting period share capital was EUR 803,000 and total equity was EUR 548,165
Profit and Loss Statement
| Year 2014 EUR | Year 2013 EUR | |
| Net turnover | 11 585 925 | 14 576 056 |
| Operating costs | (3 550 027) | (4 114 952) |
| Impairment allowances | (3 052 573) | (3 939 074) |
| Gross profit/ (loss) | 4 983 325 | 6 522 030 |
| Selling expenses (marketing) | (1 231 982) | (1 732 920) |
| Operating profit (loss) | 3 751 343 | 4 789 110 |
| Administrative expenses | (1 326 848) | (2 387 293) |
| Other operating expenses | (661 452) | (1 114 505) |
| Other operating income | 451 302 | 1 705 |
| Profit / (loss) before tax | 2 214 345 | 1 289 017 |
| Taxes | (279 971) | (586 521) |
| Net profit / (loss) for the period | 1 934 374 | 702 496 |
Balance sheet
| 31.12.2014. EUR | 31.12.2013. EUR | |
| Non-current assets | 597 270 | 217 479 |
| Property, plant and equipment | 53 951 | 88 275 |
| Intangible assets | 472 666 | 42 950 |
| Investments in leasehold improvements | 17 230 | - |
| Investments in subsidiaries and associates | - | - |
| Deferred tax | 53 423 | 86 254 |
| Current assets | 9 303 155 | 9 716 931 |
| Loans and trade receivables | 8 004 097 | 8 339 598 |
| Other receivables | 723 313 | 528 818 |
| Prepaid expenses | 37 317 | 65 931 |
| Cash and cash equivalents | 538 428 | 782 584 |
| Total assets | 9 900 425 | 9 934 410 |
| Equity | 548 165 | (2 664 293) |
| Share capital | 803 000 | 2 846 |
| Foreign currency translation reserve | 71 769 | 56 129 |
| Revaluation reserve | 454 261 | - |
| Retained earnings / (accumulated loss) | (780 865) | (2 531 694) |
| Total equity | 548 165 | (2 472 719) |
| Minority interest | - | (191 574) |
| Current liabilities | 3 153 260 | 3 427 986 |
| Borrowings | 2 060 980 | 2 157 190 |
| Trade payables | 376 406 | 278 002 |
| Other liabilities | 123 692 | 162 415 |
| CIT payable | 52 400 | 242 040 |
| Accrued liabilities | 248 080 | 303 830 |
| Deferred income | 291 702 | 273 546 |
| Bank credit facility | - | 10 963 |
| Non-current liabilities | 6 199 000 | 9 170 717 |
| Bonds | 4 000 000 | - |
| Borrowings | 2 199 000 | 9 170 717 |
| Total liabilities | 9 352 260 | 12 598 703 |
| Total equity and liabilities | 9 900 425 | 9 934 410 |
SIA VIA SMS Group
SIA VIA SMS group is the second largest online lender in Eastern Europe, providing loans without collateral to individuals since the year 2009. It operates under the brand names VIA SMS, VIA CREDIT and VIA CONTO, and offers loans for up to 12 months in Latvia, Lithuania, Czech Republic, Poland and Sweden. VIA SMS Group has more than 600 000 registered clients and total amount of annually issued loans has reached EUR 45 million.
Contact details: Ģirts Kurmis CFO SIA VIA SMS group Phone: +371 67212412 E-mail: girts.kurmis@viasmsgroup.com
