OREANDA-NEWS. 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.