Losses of Synergy Group Tripled

One of the oligarchic business structures of the country announced a loss for 2014 amounting to 66.5 million manats, which is more than three times more than in the previous year (20 million manats).

As noted in the audited consolidated financial report of the holding, revenues of the group from the production, trading activities and services amounted to 16.7 million manats, which is 7.7% more than in the previous year. This direct spending on them amounted to 26.8 million manats, increasing by 2 times.

Payment of administrative and other operating expenses was 55.8 million manats, which is 22.7 million AZN more than in 2014.

It is noteworthy that while at the end of 2013 the capital of the holding, which includes 22 companies, was 132.5 million manats, as of 1 January this year the capital had a negative figure of 24.2 million manats.

In 2014, the holding company took a long-term debt in the amount of 137 million manats. Total assets of Synergy Group for 2014 fell from 136 million to 120 million manats.

Shareholders took 142.4 million mantas from the turnover. At the same time they put 29.8 million AZN in the share capital and invested 22.2 million manats.

The report notes that 99% of the shares of the group belong to Ashraf Kamilov. ----08