JSC "Moda kapitāls" shall hereby inform of significant differences of financial indicators between the previously submitted unaudited 12 months’ balance sheet for 2014 and the audited annual account for 2014 providing the following additional comments:
Upon detailed assessment of the debtors of the company the general shareholders’ meeting of the JSC (AS) "Moda kapitāls" decided to accrue additional savings for the granted loans, increasing the savings by 59.069,00 EUR, thus the total amount of savings accrued in 2014 accounts for 101.199,00 EUR.
JSC "Moda kapitals" unaudited finansial results of year 2014: * Neto loses 130.992,00 EUR (2013: Neto profit 23.936,00 EUR) * Neto revenue 1.090.211,00 (2013: Neto revenue 1.505.794,00 EUR )
The principal activity of AS Moda Kapitals (further - Company) is issuance of short-term loans against a pledge of movable property, real estate and issuance of consumer loans, as well as trading of precious metals and little-used wide range of home appliances and electronics.
A process that changed the Company's loan portfolio structure already started in 2nd half of 2013 and continued in 2014. There was a decrease in the share of micro loan portfolio, i.e. loans against movable collateral, which has led to a negative impact of the company's financial results and income. The company predicts that a similar situation could persist in the future; therefore, consumer lending is being developed more actively. Consumer lending had its impact on the company's financial performance already in 2nd half of 2014 and we expect that it will provide results in 2015 as well.
Results of 1st half of 2014 led to reorganization of the Company's personnel structure by optimizing the number of employees, while also making improvements to the Company's economic activity. Reorganization and results of improvement is reflected also in Company’s significant financial ratios comparing 1st and 2nd half of 2014.
STATEMENT OF COMPREHENSIVE INCOME
| Notes | 2014 | 2013 | |||||
| EUR | EUR | ||||||
| Revenue | (1) | 1 090 211 | 1 505 794 | ||||
| Finance income | (1) | 1 427 100 | 1 466 999 | ||||
| Cost of sales | (2) | (890 017) | (1 251 476) | ||||
| Finance costs | (3) | (416 513) | (383 710) | ||||
| Gross profit | 1 210 781 | 1 337 607 | |||||
| Selling expenses | (4) | (919 464) | (903 736) | ||||
| Administrative expenses | (5) | (369 704) | (362 355) | ||||
| Other income | (6) | 24 563 | 29 124 | ||||
| Other expenses | (7) | (108 065) | (70 963) | ||||
| Profit or loss before tax | (161 889) | 29 677 | |||||
| Corporate income tax | (9) | 30 897 | (5 741) | ||||
| Net profit or loss | (130 992) | 23 936 | |||||
| Other comprehensive income / (loss) | - | - | |||||
| Total comprehensive income | (130 992) | 23 936 | |||||
STATEMENT OF FINANCIAL POSITION
| 31.12.2014. | 31.12.2013. | ||||
| Notes | EUR | EUR | |||
| ASSETS | |||||
| Non-current assets | |||||
| Intangible assets | (10) | 22 675 | 43 827 | ||
| Property, plant and equipment | (10) | 740 343 | 736 042 | ||
| Other non-current assets | 142 | 142 | |||
| Total non-current assets: | 763 160 | 780 011 | |||
| Current assets | |||||
| Inventories | (11) | 1 003 405 | 810 331 | ||
| Loans and receivables | (12) | 2 536 875 | 2 667 389 | ||
| Other current assets | (13) | 42 720 | 34 034 | ||
| Corporate income tax | (9) | 6 436 | 7 445 | ||
| Cash and cash equivalents | (14) | 75 422 | 312 423 | ||
| Total current assets: | 3 664 858 | 3 831 622 | |||
| Total assets | 4 428 018 | 4 611 633 | |||
| EQUITY AND LIABILITIES | 31.12.2014. | 31.12.2013. | |||
| EUR | EUR | ||||
| Equity | |||||
| Share capital | (16) | 426 862 | 426 862 | ||
| Revaluation reserves of non-current assets | (10) | 133 288 | 133 288 | ||
| Retained earnings/ (accumulated deficit) | (129 479) | 1 513 | |||
| Total equity: | 430 671 | 630 213 | |||
| Liabilities: | |||||
| Non-current liabilities: | |||||
| Borrowings | (17) | 52 862 | 3 324 365 | ||
| Deferred income tax liabilities | (9) | 23 172 | 54 069 | ||
| Total non-current liabilities: | 76 034 | 3 378 434 | |||
| Current liabilities: | |||||
| Borrowings | (17) | 3 797 652 | 514 344 | ||
| Trade and other payables | (18) | 123 661 | 157 192 | ||
| Total current liabilities: | 3 921 313 | 671 536 | |||
| Total liabilities: | 3 997 347 | 4 049 970 | |||
| Total equity and liabilities: | 4 428 018 | 4 611 633 | |||
Guntars Zvinis
Member of the Board
JSC Moda Kapitals
phone:+37167344508
e-mail: guntars@draudzigsaizdevums.lv
