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Deficient management leads INDITEX on the verge of fail
BUCHAREST,
ROMANIA - Zara wants to cover losses from theft with employees’
money.
The management, theft and losses give headaches to the Spanish
group INDITEX, the owner of the ZARA chain. Only 10 months before, on
July 25th, 2011, the publication Ziarul Financiar
announced the fact that “INDITEX takes the manager from the
Douglas perfumeries” pointing at Paul Cuza, who previously had
the function of General Manager for Parfumerie Douglas SRL.
Currently, the Romanian INDITEX group performs salary and structural
changes without precedent, which the management team from Bucharest doesn’t want to explain.
The problem of the clothes theft is a known phenomenon, especially
when it comes to expensive brands such as ZARA or Massimo Dutti. The
phenomenon was publicly recognized even by the management of the
INDITEX Group Romania, two years before. Probably worried by this
fact, Mihai Cioltea, the development manager of the INDITEX Group
from Romania, also named by the press as “the Zara man”,
stated in 2010 for the economic website InCont the following: “They
steal a lot. Only for the stores in Bucharest we have 10 cases of
stealing per day, which we discover and, depending on the severity,
we call the police”.[...]
Read the rest of the article...
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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
for the quarterly period ended: March 31, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 33-31639
Finca Consulting, Inc.
(Exact name of registrant as specified in its Charter)
Colorado 84-1121635
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
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Koenigsallee 106, 40215 Duesseldorf, Germany
(Address of principal executive offices) (Zip Code)
(011-49-211) 384860
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to filed such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes [X] No [ ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Not applicable.
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of March 31, 1994, 2,146,633 shares of Registrant's Common Stock,
$.01 par value, and 16,305 shares of Registrant's Convertible Preferred Stock,
$.00001 par value were issued and outstanding.
Finca Consulting, Inc.
Index
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations
Part II OTHER INFORMATION
Item 1. Legal Proceedings.
Item 2. Changes in Securities.
Item 3. Defaults Upon Senior Securities.
Item 4. Submission of Matters to a Vote
of Security Holders.
Item 5. Other Information.
Item 6. Exhibits and Reports on Form 8-K.
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PART I FINANCIAL INFORMATION
ITEM 1
Finca Consulting, Inc. and Subsidiaries
Index to the Consolidated Financial Statements
March 31, 1994
Financial Statements
Consolidated Balance Sheets................................................
Consolidated Statements of Operations......................................
Consolidated Statement of Changes in Stockholder's Equity..................
Consolidated Statements of Cash Flows......................................
Notes to the Consolidated Financial Statements.............................
Finca Consulting, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
March 31, December 31,
1994 1993
----------- -----------
Assets
Current Assets
Cash .......................................................................... $ 875,274 $ 351,701
Marketable securities ......................................................... 40,524 --
Other current assets .......................................................... 78,875 54,137
Receivable due from related parties ........................................... 232,889 293,931
----------- -----------
Total Current Assets ..................................................... 1,227,562 699,769
----------- -----------
Property and Equipment, at cost
Land .......................................................................... 115,563 134,949
Buildings ..................................................................... 462,254 545,238
Office furniture and equipment ................................................ 258,467 252,102
Motor vehicle ................................................................. 9,082 9,082
----------- -----------
845,366 941,371
Less: Accumulated depreciation ................................................ (180,930) (171,304)
----------- -----------
Net Property and Equipment ............................................... 664,436 770,067
----------- -----------
Other Assets
Deposits ...................................................................... 13,366 53,341
Capital cost - office premium, net of accumulated amortization of $11,903
and $11,151, respectively ..................................................... 14,674 15,426
Investment in Vintage Car ..................................................... 95,202 101,250
Goodwill, net of accumulated amortization of $804 ............................. -- 40,487
Other assets .................................................................. 123,596 136,542
----------- -----------
Total Other Assets ....................................................... 246,838 347,046
----------- -----------
Total Assets ............................................................. 2,138,836 1,816,882
=========== ===========
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable and accrued expenses ......................................... 236,713 196,522
Customer credit balances ...................................................... 1,489,888 926,712
Note payable .................................................................. -- 19,195
----------- -----------
Total Current Liabilities ..................................................... 1,726,601 1,142,429
----------- -----------
Minority interests in subsidiary .............................................. 45,632 45,632
----------- -----------
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Finca Consulting, Inc. and Subsidiaries
Consolidated Balance Sheets
(continued)
(Unaudited)
March 31, December 31,
1994 1993
----------- -----------
Stockholders' Equity
Common stock, $.01 par value, 20,000,000 shares authorized, 2,146,633 shares
issued and outstanding ........................................................ 21,466 21,466
Preferred stock; $.00001 par value, 20,000,000 shares authorized, 16,305 shares
issued and outstanding ........................................................ 1 1
Capital in excess of par value ................................................ 4,760,225 5,107,476
Accumulated deficit ........................................................... (4,368,922) (4,428,873)
Treasury stock, 108,879 common shares ......................................... (1,089) --
Cumulative translation adjustment ............................................. (45,078) (71,249)
----------- -----------
Total Stockholders' Equity .................................................. 366,603 628,821
----------- -----------
Total Liabilities and Stockholders' Equity .................................. $ 2,138,836 $ 1,816,882
=========== ===========
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See notes to the consolidated financial statements.
Finca Consulting, Inc. and Subsidiaries
Consolidated Statement of Operations
(Unaudited)
Three Months Ended
March 31,
--------------------------
1994 1993
---------- -----------
Revenues ........................................... $7,108,521 $3,566,694
Cost of shares and options ......................... 4,806,356 1,870,111
---------- ----------
Gross Profit ....................................... 2,302,165 1,696,583
Selling, general and administrative expenses ....... 2,242,214 1,488,853
---------- ----------
Net Income ......................................... 59,951 207,730
========== ==========
Net Income Per Share ............................... $ .023 $ .010
========== ==========
Weighted Average Number of Common Shares Outstanding $2,146,633 $2,012,582
========== ==========
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See notes to the consolidated financial statements.
Finca Consulting, Inc. and Subsidiaries
Consolidated Statement of Changes in Stockholders' Equity
From December 31, 1993 Through March 31, 1994
(Unaudited)
Preferred Stock Common Stock Treasury Stock
--------------------------- --------------------------- ----------------------------
Capital
in Excess
Par Par of Par
Shares Value Shares Value Value Shares
----------- ----------- ----------- ----------- ----------- -----------
Balance - December 31, 1993 .... 16,305 $ 1 2,146,633 $ 21,466 $ 5,107,476 --
Acquisition of Treasury Shares . -- -- -- -- (347,251) 108,879
Foreign currency transition gain -- -- -- -- -- --
Net Income for the three month
period ended March 31, 1994 .. -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
16,305 $ 1 2,146,633 $ 21,466 $ 4,760,225 108,879
Balance - March 31, 1994
=========== =========== =========== =========== =========== ===========
Cumulative
Par (Accumulated Translation
Value Deficit) Adjustment
----- -------- ----------
Balance - December 31, 1993 .... $ -- $(4,428,873) $ (71,249)
Acquisition of Treasury Shares . (1,089)
Foreign currency transition gain -- -- 26,171
Net Income for the three month
period ended March 31, 1994 .. -- 59,951 --
----------- ----------- -----------
$ (1,089) $(4,368,922) $ (45,078)
Balance - March 31, 1994
=========== =========== ===========
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See notes to the consolidated financial statements.
Finca Consulting, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
------------------------
1994 1993
--------- ---------
Cash Flows From Operating Activities
Net Income ............................................................. $ 59,951 $ 207,730
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used
in) Operating Activities
Depreciation and amortization ....................................... 60,292 12,301
(Increase) decrease in marketable securities ........................ (40,524) 816
(Increase) decrease in prepaid expenses ............................. (940)
(Increase) in sales tax refund receivable ........................... (2,190)
(Increase) in other current assets .................................. (24,738) (26,520)
Decrease in deposits ................................................ 39,975 384
Decrease (increase) in receivable due from related parties .......... 61,042 (209,502)
Decrease (increase) in other assets ................................. 12,946 (71,942)
Decrease in capitalized costs ....................................... 752 --
Increase in accounts payable and accrued expenses ................... 40,191 1,467
Increase in customer credit balances ................................ 563,176 392,406
--------- ---------
Net Cash Provided by Operating Activities ......................... 773,063 304,010
--------- ---------
Cash Flows From Investing Activities:
Disposition (purchase) of property and equipment ....................... 51,387 (9,319)
Disposition of goodwill ................................................ 40,487 --
Investment in real property - Spain .................................... -- (26,554)
--------- ---------
Net Cash Provided by (Used in) Investing Activities ............... 91,874 (35,873)
--------- ---------
Cash Flows From Financing Activities:
Acquisition of treasury shares ......................................... (348,340)
Payments on note payable ............................................... (19,195) --
--------- ---------
Net Cash Used in Financing Activities ............................. (367,535) --
--------- ---------
Effect on Exchange Rate Changes on Cash ................................... 26,171 28,889
--------- ---------
Net Increase in Cash ...................................................... 523,573 297,026
Cash at Beginning of the Period ........................................... 351,701 374,915
--------- ---------
Cash at the End of the Period ............................................. $ 875,274 $ 671,941
========= =========
SCHEDULE ON NON-CASH INVESTING AND FINANCING ACTIVITIES:
=========
Issuance of common stock ............................................... $ -- $ 574,227
========= =========
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See notes to the consolidated financial statements.
Finca Consulting, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements
(Unaudited)
BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management,
all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. Operating results for
the three month period ended March 31, 1994 are not necessarily indicative of
the results that may be expected for the year ended December 31, 1994. For
further information, refer to the consolidated financial statements and
footnotes thereto included in the Registrant Company and Subsidiaries' annual
report on Form 10-K for the year ended December 31, 1993.
The balance sheet at December 31, 1993 has been derived from the audited
financial statements of that date but does not include all of the information
and footnotes required by generally accepted accounting principles for
complete financial statements.
Finca Consulting, Inc. and Subsidiaries
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the Financial
Statements and Notes thereto included herein.
Results of Operations
All of the Company's income during the quarter ended March 31, 1994, was
generated by its subsidiary, Opti-Wert-Interest AG ("OWI-AG") through its retail
securities brokerage activities in Europe.
For the quarter ended March 31, 1994, the Company had revenues of $7,108,521,
a 99% increase over the first quarter in 1993, with a gross profit of 2,302,165.
Selling, general and administrative expenses, due to the overhead generated by
its subsidiary, OWI-AG, rose to $2,242,214 as compared to $1,488,853 for the
first quarter in 1993. The Company achieved net profits of $59,951 for the
period, compared to a profit of $207,730 for the comparable period a year ago.
The increase in revenues was due to significantly increased marketing efforts
undertaken by the Company, and a generally favorable investment climate in its
primary marketplace, Germany. The increase in operating expenses was
commensurate with this higher level of activities, and reflects higher marketing
and selling expenses.
Liquidity and Capital Resources
The Company had total assets as of March 31, 1994 of $2,138,836, of which
$1,227,562 were current assets. The current assets include a significantly
higher cash position of $875,274 than at the beginning of the year, primarily as
a consequence of a similar increase in customers' deposits.
Working capital at March 31, 1994, showed a deficit of $499,039. Management
is taking steps to streamline operations and reduce expenses, to improve the
liquidity of the Company.
PART II - OTHER INFORMATION
ITEM 1.Legal Proceedings.
There were no pending or threatened legal proceedings during this period.
ITEM 2.Changes In Securities.
Not Applicable.
ITEM 3.Defaults Upon Senior Securities.
Not Applicable.
ITEM 4.Submission of Matters to a Vote of Security Holders.
Not Applicable.
ITEM 5.Other Information
Not Applicable.
ITEM 6.Exhibits and Reports on Form 8-K
(a) (3)(i) Articles of Incorporation: incorporated by reference to the
Company's Form S-18 Registration Statement, filed with the Securities and
Exchange Commission on October 17, 1989, and declared effective on June 29,
1990.
(3)(i) Articles of Amendment to Articles of Incorporation: incorporated
by reference to the Exhibit to the Company's Form 10-K for the fiscal year ended
December 31, 1991 filed on June 4, 1992 with the Securities and Exchange
Commission.
(3)(ii) Bylaws:incorporated by reference to the Company's Form S-18
Registration Statement, filed with the Securities and Exchange Commission on
October 17, 1989, and declared effective on June 29, 1990.
(21) Subsidiaries of the Company:
(i) Finca Consulting Costa Brava, S.A. - is a corporation formed under
the laws of the Country of Spain and is the name under which it conducts
business.
(ii) Finca Consulting, GmbH - is a corporation formed under the laws of
the Country of Germany and is the name under which it conducts business.
(iii)Opti-Wert-Interest AG - is a corporation formed under the laws of
the Country of Switzerland and conducts its retail securities and options
business in Germany.
(27) Financial Data Schedule
(b)Reports on Form 8-K
The Company has not filed any reports on Form 8-K during the quarter for
which this report is filed.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
FINCA CONSULTING, INC.
(Registrant)
Date: December 20, 1997 By: /s/Volker Montag
----------------
Volker Montag, President
Principal Financial Officer
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ARTICLE 5
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS OF FINCA CONSULTING, INC. AND SUBSIDIARIES AT AND FOR THE THREE
MONTHS ENDED MARCH 31, 1994 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
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PERIOD TYPE
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3 MOS
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FISCAL YEAR END
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DEC 31 1994
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PERIOD END
|
MAR 31 1994
|
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CASH
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875,274
|
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SECURITIES
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40,524
|
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RECEIVABLES
|
0
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ALLOWANCES
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0
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INVENTORY
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0
|
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CURRENT ASSETS
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1,227,562
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PP&E
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845,366
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DEPRECIATION
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180,930
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TOTAL ASSETS
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2,138,836
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CURRENT LIABILITIES
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1,726,601
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BONDS
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0
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PREFERRED MANDATORY
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0
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PREFERRED
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1
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COMMON
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21,466
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OTHER SE
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345,136
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TOTAL LIABILITY AND EQUITY
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2,138,836
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SALES
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0
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TOTAL REVENUES
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7,108,521
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CGS
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0
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TOTAL COSTS
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4,806,356
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OTHER EXPENSES
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2,242,214
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LOSS PROVISION
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0
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INTEREST EXPENSE
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0
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INCOME PRETAX
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59,951
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INCOME TAX
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0
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INCOME CONTINUING
|
59,951
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DISCONTINUED
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0
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EXTRAORDINARY
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0
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CHANGES
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0
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NET INCOME
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59,951
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EPS PRIMARY
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0.023
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EPS DILUTED
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0.023
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