In 2014 SIA VIA SMS Group as per audited financial results has operated with consolidated turnover EUR 11.5 million and has reached net profit amounting EUR 1.6 million

Riga, Latvia, 2015-04-30 15:14 CEST (GLOBE NEWSWIRE) -- In 2014 consolidated turnover of SIA VIA SMS Group and its subsidiaries was EUR 11.5 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) were EUR 3.1 million, net profit was EUR 1.6 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 Spanish subsidiary VIA SMS MINICREDIT, S.L. as a result financial statement for year 2014 does not include data regarding mentioned subsidiary which, in turn, is included in financial statement for the year 2013. This is the reason why consolidated turnover has decreased by 21% and net credit portfolio by 4%. Nevertheless, earnings before interest, taxes, depreciation and amortization (EBITDA) have increased by 5% and net profit has increased by 122%.

Comparable audited data for years 2014 and 2013, where Spanish subsidiary is also excluded from year 2013, are included in Note 4 of  SIA VIA SMS Group audited consolidated financial statements for year 2014.

According to comparable data, in 2014 consolidated turnover has decreased by 9% comparing to 2013 that can be explained by the decision to suspend economical activities in Lithuania. However, despite this, the net credit portfolio has grown by 10%, earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 25%, while net profit increased by 247%. By excluding Spanish subsidiary’s sales revenue of EUR 350,000, net profit has increased more than 2 times, reaching 170% increase.

Net profit in the audited consolidated financial statements for year 2014 decreased by EUR 0,346 million or 18% comparing to the net profit that was indicated in the unaudited interim financial statements for year 2014. Net profit has decreased due to increase of impairment allowances for bad debtors in the audited consolidated financial statements.

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 207,804.

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.

         Ģirts Kurmis
         CFO
         SIA VIA SMS group
         Phone: +371 67212412
         E-mail: girts.kurmis@viasmsgroup.com