AS “mogo” audited financial statements for the 12 month period ended 31 December 2016.AS “mogo” earns 3.0 million during the first twelve months of 2016.
Turnover amounted to EUR 10.4 million (14% increase, compared to 2015), EBITDA reached EUR 6.0 million (71% increase, compared to 2015), net profit was EUR 3.0 million (196% increase, compared to 2015) and net profit margin was 28% (159% increase, compared to 2015).
As at 31 December 2016 gross value of the lease portfolio reached 27.0 million euro (1% decrease, compared to 31 December 2015).
Audited Statement of Profit or Loss and other Comprehensive Income*
|
In EUR |
|
01.01.2016.-31.12.2016 |
|
01.01.2015.-31.12.2015. |
|
Interest and similar income |
|
10 412 789 |
|
9 125 559 |
|
Interest expense and similar expense |
|
(2 151 704) |
|
(2 245 791) |
|
Impairment |
|
(886 854) |
|
(2 319 016) |
|
Gross profit |
|
7 374 231 |
|
4 560 752 |
|
Selling expense |
|
(501 656) |
|
(459 995) |
|
Administrative expense |
|
(3 442 176) |
|
(2 972 170) |
|
Other operating income |
|
18 045 |
|
29 983 |
|
Other operating expense |
|
(4 396) |
|
(19 258) |
|
Other interest receivable and similar income |
|
1 222 |
|
26 977 |
|
Profit before tax |
|
3 445 270 |
|
1 166 289 |
|
Corporate income tax |
|
(151 247) |
|
(405 337) |
|
Deferred corporate income tax |
|
(330 524) |
|
241 704 |
|
Total comprehensive income for the period |
|
2 963 499
|
|
1 002 656
|
Audited Statement of Financial Position*
|
In EUR |
|
31.12.2016. |
|
31.12.2015. |
|
NON-CURRENT ASSETS |
|
|
|
|
|
Intangible Assets |
|
1 020 061 |
|
685 069 |
|
Property, plant and equipment |
|
177 638 |
|
222 431 |
|
Investments in related companies |
|
20 |
|
- |
|
Finance lease receivables |
|
18 131 400 |
|
16 475 440 |
|
Loans to related companies |
|
120 000 |
|
- |
|
Deferred tax |
|
79 004 |
|
409 528 |
|
TOTAL NON-CURRENT ASSETS |
|
19 528 123 |
|
17 792 468 |
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Finished goods and goods for resale |
|
17 948 |
|
- |
|
Finance lease receivables |
|
6 795 700 |
|
7 293 284 |
|
Loans to non-related parties |
|
2 056 |
|
2 977 |
|
Receivables from related companies |
|
1 718 |
|
83 172 |
|
Other receivables |
|
775 563 |
|
434 700 |
|
Assets held for sale |
|
301 075 |
|
270 488 |
|
Prepaid expense |
|
120 239 |
|
74 038 |
|
Accrued revenue |
|
534 |
|
3 155 |
|
Cash and cash equivalents |
|
147 024 |
|
399 884 |
|
TOTAL CURRENT ASSETS |
|
8 161 857 |
|
8 561 698 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
27 689 980 |
|
26 354 166 |
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
Share Capital |
|
5 000 000 |
|
5 000 000 |
|
Currency conversion reserve |
|
1 |
|
1 |
|
Retained earnings |
|
3 321 446 |
|
882 947 |
|
TOTAL EQUITY |
|
8 321 447 |
|
5 882 948 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Liabilities for issued bonds |
|
17 920 905 |
|
15 182 824 |
|
Loans from non-related parties |
|
- |
|
500 000 |
|
TOTAL NON-CURRENT LIABILITIES |
|
17 920 905 |
|
15 682 824 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Prepayments received from customers |
|
222 875 |
|
198 369 |
|
Loans from credit institutions |
|
703 707 |
|
3 555 962 |
|
Trade payables |
|
79 902 |
|
103 787 |
|
Payables to related companies |
|
- |
|
369 744 |
|
Loans from non-related parties |
|
- |
|
187 864 |
|
Taxes payable |
|
68 958 |
|
73 243 |
|
Other liabilities |
|
96 942 |
|
106 351 |
|
Accrued liabilities |
|
275 244 |
|
193 074 |
|
TOTAL CURRENT LIABILITIES |
|
1 447 628 |
|
4 788 394 |
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
27 689 980 |
|
26 354 166 |
|
|
|
|
|
|
* audited financial statements prepared in compliance with the International Financial Reporting Standards approved in the European Union
Attachment: AS “mogo” audited financial statements for 2016 together with Independent Auditors’ Report.
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 320 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 in Estonia, Lithuania, Georgia, Poland and Romania, 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
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