CORRECTION: AS “mogo” condensed financial information for the 12 month period ended 31 December 2017.AS “mogo” earns 3.5 million during 2017.
CORRECTION: changed EBITDA value and increase, compared to the same period in 2016. The rest of the information is unchanged.
Turnover amounted to EUR 13.7 million (30% increase, compared to the same period in 2016), EBITDA reached EUR 7.0 million (25% increase, compared to the same period in 2016), net profit was EUR 3.5 million (35% increase, compared to the same period in 2016).
As at 31 December 2017 value of the net lease portfolio reached 30.6 million euro (22% increase, compared to 31 December 2016).
“Mogo in Latvia posts another successful year with significant growth in profits, at the same time continuing to invest both in the development of services in Latvia, as well as in the growth of Mogo Group. Investments made in 2017 will bring significant returns to the company by gradually expanding into new segments of the lending market,” says Aleksandrs Čerņagins, Member of the Board of AS “mogo”.
Condensed Statement of Profit or Loss and Other Comprehensive Income
|
In EUR |
|
01.01.2017.-31.12.2017. |
|
01.01.2016.-31.12.2016. |
|
Interest and similar income |
|
13 672 258 |
|
10 517 645 |
|
Interest expense and similar expense |
|
(2 882 646) |
|
(2 151 704) |
|
Impairment |
|
(2 446 796) |
|
(886 854) |
|
Gross profit |
|
8 342 816 |
|
7 479 087 |
|
Selling expense |
|
(843 941) |
|
(747 348) |
|
Administrative expense |
|
(3 852 732) |
|
(3 726 806) |
|
Other operating income |
|
46 153 |
|
18 045 |
|
Other operating expense |
|
(25 303) |
|
(4 396) |
|
Other interest receivable and similar income |
|
485 123 |
|
23 788 |
|
Other interest payable and similar expense |
|
(925) |
|
- |
|
Profit before tax |
|
4 151 191 |
|
3 042 370 |
|
Corporate income tax |
|
(550 176) |
|
(102 378) |
|
Deferred corporate income tax |
|
(79 004) |
|
(330 524) |
|
Total comprehensive income for the period |
|
3 522 011 |
|
2 609 468 |
Condensed Statement of Financial Position
|
In EUR |
|
31.12.2017. |
|
31.12.2016. |
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
Intangible Assets |
|
1 172 991 |
|
1 020 061 |
|
|
Property, plant and equipment |
|
144 756 |
|
177 638 |
|
|
Investments in related companies |
|
26 |
|
20 |
|
|
Finance lease receivables |
|
22 812 081 |
|
18 131 400 |
|
|
Loans to related companies |
|
17 865 000 |
|
120 000 |
|
|
Loans and advances to customers |
|
680 495 |
|
- |
|
|
Deferred tax |
|
- |
|
79 004 |
|
|
TOTAL NON-CURRENT ASSETS |
|
42 675 349 |
|
19 528 123 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Finished goods and goods for resale |
|
339 491 |
|
17 948 |
|
|
Finance lease receivables |
|
7 762 635 |
|
6 923 122 |
|
|
Loans and advances to customers |
|
463 718 |
|
- |
|
|
Loans to non related parties |
|
16 065 |
|
2 056 |
|
|
Receivables from related parties |
|
200 751 |
|
1 718 |
|
|
Other assets held for sale |
|
367 683 |
|
301 075 |
|
|
Other receivables |
|
1 712 052 |
|
824 432 |
|
|
Prepaid expense |
|
361 280 |
|
120 239 |
|
|
Accrued revenue |
|
38 183 |
|
534 |
|
|
Cash and cash equivalents |
|
671 871 |
|
147 024 |
|
|
TOTAL CURRENT ASSETS |
|
11 933 729 |
|
8 338 148 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
54 609 078 |
|
27 866 271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
Share Capital |
|
5 000 000 |
|
5 000 000 |
|
Currency conversion reserve |
|
1 |
|
1 |
|
Retained earnings |
|
5 253 457 |
|
2 967 415 |
|
TOTAL EQUITY |
|
10 253 458 |
|
7 967 416 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Liabilities for issued bonds |
|
26 563 303 |
|
17 920 905 |
|
Loans from non related parties |
|
15 989 187 |
|
- |
|
TOTAL NON-CURRENT LIABILITIES |
|
42 552 490 |
|
17 920 905 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Prepayments received from customers |
|
298 826 |
|
222 875 |
|
Loans from credit institutions |
|
- |
|
703 707 |
|
Trade payables |
|
181 397 |
|
79 902 |
|
Payables to related companies |
|
3 872 |
|
- |
|
Loans from non-related parties |
|
165 909 |
|
- |
|
Taxes payable |
|
443 781 |
|
68 958 |
|
Other liabilities |
|
7 713 |
|
96 942 |
|
Contingent liabilities |
|
226 356 |
|
530 322 |
|
Accrued liabilities |
|
475 276 |
|
275 244 |
|
TOTAL CURRENT LIABILITIES |
|
1 803 130 |
|
1 977 950 |
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
54 609 078 |
|
27 866 271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment: AS “mogo” condensed financial information for the 12 month period ended 31 December 2017.
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 operate successfully not only in Latvia, but also in Estonia, Lithuania, Georgia, Poland, Bulgaria, Romania, Armenia, Moldova and Albania, 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
|