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) | 1 090 170 | 1 505 794 | ||||
Finance income | (1) | 1 427 726 | 1 466 999 | ||||
Cost of sales | (2) | (845 066) | (1 251 476) | ||||
Finance costs | (3) | (413 513) | (383 710) | ||||
Gross profit | 1 259 317 | 1 337 607 | |||||
Distribution expenses | (4) | (919 361) | (903 736) | ||||
Administrative expenses | (5) | (369 704) | (362 355) | ||||
Other income | (6) | 24 329 | 29 124 | ||||
Other expenses | (7) | (79 227) | (70 963) | ||||
Profit or loss before tax | (84 646) | 29 677 | |||||
Corporate income tax | (9) | 16 328 | (5 741) | ||||
Net profit or loss | (68 318) | 23 936 | |||||
Other comprehensive income / (loss) | - | - | |||||
Total comprehensive income | (68 318) | 23 936 |
STATEMENT OF FINANCIAL POSITION
31.12.2014. | 31.12.2013. | ||||
Notes | EUR | EUR | |||
ASSETS | |||||
Non-current assets | |||||
Intangible assets | (10) | 18 275 | 43 827 | ||
Property, plant and equipment | (10) | 740 343 | 736 042 | ||
Other non-current assets | 142 | 142 | |||
Total non-current assets: | 758 760 | 780 011 | |||
Current assets | |||||
Inventories | (11) | 1 005 349 | 810 331 | ||
Loans and receivables | (12) | 2 609 326 | 2 667 389 | ||
Other current assets | (13) | 42 719 | 34 034 | ||
Corporate income tax | (9) | 6 436 | 7 445 | ||
Cash and cash equivalents | (14) | 75 422 | 312 423 | ||
Total current assets: | 3 739 252 | 3 831 622 | |||
Total assets | 4 498 012 | 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) | (66 805) | 1 513 | |||
Total equity: | 493 345 | 630 213 | |||
Liabilities: | |||||
Non-current liabilities: | |||||
Borrowings | (17) | 52 862 | 3 324 365 | ||
Deferred income tax liabilities | (9) | 37 741 | 54 069 | ||
Total non-current liabilities: | 90 603 | 3 378 434 | |||
Current liabilities: | |||||
Borrowings | (17) | 3 797 652 | 514 344 | ||
Trade and other payables | (18) | 116 412 | 157 192 | ||
Total current liabilities: | 3 914 064 | 671 536 | |||
Total liabilities: | 4 004 667 | 4 049 970 | |||
Total equity and liabilities: | 4 498 012 | 4 611 633 |
Guntars Zvinis
Member of the Board
JSC Moda Kapitals
phone:+37167344508
guntars@draudzigsaizdevums.lv