Published: 2016-08-31 17:54:52 CEST
mogo
Half Year financial report

AS “mogo” interim condensed financial statements for the 6 month period ended 30 June 2016. Independent auditors’ report is attached to the financial statements.

AS “mogo” earns 1.4 million during the first six months of 2016.

 

The first six months of 2016 was a period when Company significantly improved the quality of issued loans portfolio as well as its operational efficiency. Turnover amounted to EUR 4.8 million (9% increase, compared to the same period in 2015), EBITDA reached EUR 2.8 million (91% increase, compared to the same period in 2015) and net profit was EUR 1.4 million (356% increase, compared to the same period in 2015).

At the end of June 2016 gross value of the lease portfolio reached 28 million euro (3% increase, compared to the end of December 2015).

Interim Condensed Statement of Profit or Loss and Other Comprehensive Income *

In EUR    
01.01.2016.-30.06.2016
   
01.01.2015.-30.06.2015.
Interest and similar income   4 817 048   4 439 403
Interest expense and similar expense   (955 078)   (1 052 781)
Impairment   (146 712)   (1 213 557)
Gross profit   3 715 258   2 173 065
Selling expense   (249 640)   (286 928)
Administrative expense   (1 592 351)   (1 411 175)
Amortization and depreciation   (182 678)   (74 733)
Other operating income   6 411   20 970
Other operating expense   (3 403)   (12 125)
Other interest receivable and similar income   297   26 771
Profit before tax   1 693 894   435 845
Corporate income tax   (235 434)   (184 541)
Deferred corporate income tax   (21 463)   63 584
Total comprehensive income for the period   1 436 997   314 888

 

Interim Condensed Statement of Financial Position*

In EUR   30.06.2016.   31.12.2015.
NON-CURRENT ASSETS        
Intangible Assets   953 922   685 069
Property, plant and equipment   217 685   222 431
Investments in related companies   20   -
Finance lease receivables   16 765 139   16 100 752
Loans to related companies   1 600 000   -
Deferred tax   388 065   409 528
TOTAL NON-CURRENT ASSETS   19 924 831   17 417 780
         
CURRENT ASSETS        
Finance lease receivables   7 676 936   7 678 734
Loans to non-related parties   11 256   -
Receivables from related companies   80 819   83 172
Other receivables   78 837   172 012
Other assets held for sale   240 488   259 725
Prepaid expense   107 388   74 038
Accrued revenue   572   3 155
Cash and cash equivalents   180 018   399 884
TOTAL CURRENT ASSETS   8 406 314   8 670 720
         
TOTAL ASSETS   28 331 146   26 088 500

 

EQUITY        
Share Capital   5 000 000   5 000 000
Retained earnings   2 187 426   750 429
TOTAL EQUITY   7 187 426   5 750 429
         
LIABILITIES        
Non-current liabilities        
Liabilities for issued bonds   14 263 598   15 039 453
Loans from credit institutions   5 700 000   3 539 913
Loans from non-related parties   500 000   500 000
TOTAL NON-CURRENT LIABILITIES   20 463 598   19 079 366
         
Current liabilities        
Prepayments received from customers   175 540   198 369
Loans from credit institutions   18 222   16 049
Trade payables   64 174   103 787
Payables to related companies   -   369 744
Loans from non-related parties   -   187 864
Taxes payable   100 599   82 912
Other liabilities   157 580   106 906
Other provisions   126 016   85 209
Accrued liabilities   37 991   107 865
TOTAL CURRENT LIABILITIES   680 122   1 258 705
         
TOTAL EQUITY AND LIABILITIES   28 331 146   26 088 500

* interim condensed financial statements prepared in accordance with International Accounting Standard No. 34 approved in the European Union

Attachment: AS “mogo” interim condensed financial statements for the 6 month period ended 30 June 2016. Independent auditors’ report is attached to the financial statements.

About AS “mogo”

AS “mogo” offers classical finance lease and lends against vehicles already owned by clients (a type of service known as leaseback), which is available by filling out an application on the company website, mobile website, over the phone, enquiring with one of more than 270 affiliated car dealerships, or at one of its client service centers in major cities throughout Latvia. Company has more than 10 thousand active customers. Mogo group companies also operate successfully in Estonia, Lithuania, Georgia and Poland, with more plans to expand business in other countries. Read more: www.mogofinance.com

         Maris Kreics
         Group CFO
         Phone: +371 66900904
         Email: maris.kreics@mogofinance.com


AS mogo interim condensed financial statements for the 6 month period ended 30 June 2016.pdf