Global Auto-Trade Group PLC
Global Auto-Trade Group PLC today delivers 2013 audited statements as expected
EquityStory.RS, LLC-News: Global Auto-Trade Group PLC / Key word(s): Final Results 17.06.2014 / 15:06 --------------------------------------------------------------------- "GATG" or "the Company" June 16, 2014 Global Auto-Trade Group Plc. today announced the publishing of its 2013 audited financial statements. Management today published Global Auto-Trade Group PLC's audited financials for the period ended Dec 31, 2013. The Company recorded Revenue of EUR 2,580,763, an EBITDA of EUR -115,157 and Net Assets of EUR 1,854,990. The report includes consolidated financial statements of the Company, comprising of consolidated statement of financial position, consolidated statement of income, changes in equity and cash flow statement. Baker Tilly, the Company's auditors, qualified their Opinion in that a) third party valuation on property, plant & equipment as well as on investment was performed in a desk valuation method, which does not include collection of market-based evidence; b) the auditors where not physical witness to the inventory count that took place at the end of the accounting period; c) that Company did not yet maintain sufficient records to enable management to identify related party transactions or segmental information to be able to report on individual segments of their operations separately. In detail, the report presents the following results: Consolidate Income Statement for the year ended Dec 31, 2013 in EUR 2013 2012 Revenue 2,580,763 4,277,953 Gross Profit 586,748 1,272,305 EBITDA (115,157) 1,911,749 Operating (loss) / profit (207,041) 1,819,930 (Loss) / profit before tax (745,376) 1,098,538 Net (loss) / profit for the year ended (730,807) 946,138 Consolidated Statement of Financial Position as at Dec 31, 2013 in EUR 2013 2012 Assets Non-current 6,107,230 6,811,922 Current 900,802 1,113,771 Total 7,008,032 7,925,693 Equity & Liabilities Equity 1,854,990 2,754,120 Liabilities Non-current 4,404,545 4,567,379 Current 748,497 604,194 Total 5,153,042 5,171,53 Total Equity & Liabilities 7,008,032 7,925,693 Consolidated Statement of Cash Flows for the year ended Dec 31, 2013 in EUR 2013 2012 Operating Activities (Loss) / profit before tax (745,376) 1,098,538 Cash flows from operations before working capital 288,465 434,835 changes Net cash flows from Operating Activities 566,810 925,445 Investing Activities (44,635) (130,397) Financing Activities (555,480) (768,837) Net (decrease) / increase in cash & cash equivalents (33,305) 26,211 At beginning of period 55,181 28,970 At end of period 21,876 55,181 "2013 was a difficult year for our Company, because the implementation of our growth strategy in part depended on being able to leverage our strong market position in winning highly attractive government tenders. As these tenders had been suspended broadly last year, we missed our revenue targets." said Mr. Popa, the Company's CEO, "However, with capital raising activities having picked up in 2014 the company has been able to begin freeing interest payments for the benefit of its internal growth strategy. With further fresh capital influx the realization of several high margin business aspects is now within reach and management expects 2014 to again be a very profitable year." About Global Auto-Trade Group Plc Global Auto Group PLC is a holding company comprised of two companies with a trade and servicing centre and a retail network of 9 stores across Moldova and is the only Moldovan company to provide end-to-end services from supplying, testing and servicing specialised construction, agricultural, passenger and heavy goods vehicles, auto components and accessories through to modification and CKD assembly of specialised machinery. With approx. 25% market share in 2012 Global Auto - Trade Group PLC is one of the market leaders in the Moldovan automotive sector. FURTHER ENQUIRIES: Global Auto-trade Group PLC ir@globalautotg.com moscow@nbbadvisors.com Antonina Dubogray www.globalautotg.com The Directors of the Company accept responsibility for this announcement. End of Corporate News --------------------------------------------------------------------- 17.06.2014 Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. EquityStory.RS, LLC's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Global Auto-Trade Group PLC 1 Sokoleni St MD-2020 Chisinau Moldova Phone: +380 44 22 99 338 E-mail: ir@globalautotg.com Internet: www.globalautotg.com ISIN: IM00B6R6T382 Listed: Foreign Exchange(s) GXG End of News EquityStory.RS, LLC News-Service --------------------------------------------------------------------- 274051 17.06.2014
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