Published: 2018-03-01 15:55:00 CET
mogo
Financial Statement Release

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


AS mogo condensed financial information for the 12 month period ended 31 December 2017.pdf