AS “mogo” interim condensed financial information for the 3 month period ended 31 March 2018 and Mogo Group’s expected EBITDA and net portfolio for 2018.AS “mogo” earns 0.8 million during the first 3 months of 2018.
Turnover amounted to EUR 4.1 million, EBITDA reached EUR 1.8 million, net profit was EUR 0.8 million.
As at 31 March 2018 net value of the lease portfolio and loans and advances to customers reached 34.8 million euro (9% increase, compared to 31 December 2017).
“Mogo continues to deliver profitable growth of the business. Capitalising on successful track record of the Mogo Group, we have decided – subject to market conditions - to issue senior secured bonds with a subsequent listing in Frankfurt Stock Exchange,” says Edgars Egle, Chairman of the Board of AS “mogo”.
Interim Condensed Statement of Profit or Loss and Other Comprehensive Income
|
In EUR |
|
|
|
|
|
|
|
|
|
|
01.01.2018.-31.03.2018. |
|
01.01.2017.-31.03.2017. |
|
Interest and similar income |
|
4 100 840 |
|
2 910 959 |
|
Interest expense and similar expense |
|
(865 405) |
|
(507 358) |
|
Gross profit |
|
3 235 435 |
|
2 403 601 |
|
Impairment expense |
|
(583 679) |
|
(152 933) |
|
Loss arising from cession of financial lease receivables |
|
(300 259) |
|
(221 766) |
|
Selling expense |
|
(182 174) |
|
(69 987) |
|
Administrative expense |
|
(1 341 201) |
|
(816 004) |
|
Other operating income |
|
33 429 |
|
11 681 |
|
Other operating expense |
|
(67 441) |
|
(477) |
|
Other interest receivable and similar income |
|
436 |
|
8 |
|
Other interest expense and similar expense |
|
(654) |
|
- |
|
Profit before tax |
|
793 892 |
|
1 154 123 |
|
Corporate income tax |
|
(1 934) |
|
(183 633) |
|
Deferred corporate income tax |
|
- |
|
28 985 |
|
Total comprehensive income for the period |
|
791 958 |
|
999 475 |
Interim Condensed Statement of Financial Position
|
In EUR |
|
31.03.2018 |
|
31.12.2017. |
|
NON-CURRENT ASSETS |
|
|
|
|
|
Intangible Assets |
|
1 225 104 |
|
1 172 991 |
|
Tangible Assets |
|
190 352 |
|
144 756 |
|
Investments in related companies |
|
26 |
|
26 |
|
Finance lease receivables |
|
24 021 439 |
|
22 811 494 |
|
Loans and advances to customers |
|
857 136 |
|
639 989 |
|
Loans to related companies |
|
23 215 000 |
|
17 865 000 |
|
TOTAL NON-CURRENT ASSETS |
|
49 509 057 |
|
42 634 255 |
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Finished goods and goods for resale |
|
396 285 |
|
339 491 |
|
Finance lease receivables |
|
9 167 919 |
|
7 870 273 |
|
Loans and advances to customers |
|
798 580 |
|
503 234 |
|
Loans to non-related parties |
|
21 001 |
|
16 065 |
|
Receivables from related companies |
|
228 230 |
|
200 751 |
|
Non-current assets held for sale |
|
508 581 |
|
387 623 |
|
Other receivables |
|
991 168 |
|
1 311 895 |
|
Prepaid expense |
|
587 078 |
|
361 280 |
|
Accrued revenue |
|
39 672 |
|
38 183 |
|
Cash and cash equivalents |
|
577 006 |
|
671 871 |
|
TOTAL CURRENT ASSETS |
|
13 315 520 |
|
11 700 667 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
62 824 577 |
|
54 334 922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
Share Capital |
|
5 000 000 |
|
5 000 000 |
|
Currency conversion reserve |
|
1 |
|
1 |
|
Retained earnings |
|
5 659 057 |
|
4 867 099 |
|
TOTAL EQUITY |
|
10 659 058 |
|
9 867 100 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Provisions for liabilities and charges |
|
|
|
|
|
Other provisions |
|
357 169 |
|
357 169 |
|
TOTAL PROVISIONS FOR LIABILITIES AND CHARGES |
|
357 169 |
|
357 169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Borrowings |
|
40 583 037 |
|
39 288 218 |
|
TOTAL NON-CURRENT LIABILITIES |
|
40 583 037 |
|
39 288 218 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Borrowings |
|
9 805 203 |
|
3 430 181 |
|
Prepayments received from customers |
|
332 154 |
|
293 806 |
|
Trade payables |
|
287 759 |
|
181 397 |
|
Payables to related companies |
|
3 872 |
|
3 872 |
|
Corporate income tax payable |
|
320 456 |
|
365 786 |
|
Taxes payable |
|
89 271 |
|
64 404 |
|
Other liabilities |
|
8 095 |
|
7 713 |
|
Accrued liabilities |
|
314 929 |
|
475 276 |
|
Other current financial liabilities |
|
63 574 |
|
0 |
|
TOTAL CURRENT LIABILITIES |
|
11 225 313 |
|
4 822 435 |
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
62 824 577 |
|
54 334 922 |
In relation with the contemplated issue of senior secured bonds, below are some key financial indicators of the Mogo Group:
|
|
|
|
|
In EUR |
01.01.2018.-30.04.2018. |
01.01.2017.-30.04.2017. |
|
Interest income and similar income |
16 583 021 |
11 033 115 |
|
EBITDA |
6 036 745 |
6 356 858 |
|
Net lease portfolio and loans and advances to customers |
115 913 388 |
73 079 721 |
|
|
|
|
|
|
|
|
|
Financing received from P2P investors as of 31.05.2018 |
71 396 740 |
|
|
Net debt as of 31.05.2018 |
119 278 740 |
|
Expected EBITDA and net portfolio for the financial year 2018
The expected EBITDA for the financial year ending on 31 December 2018 will be approximately in the range of EUR 24 - 26 million. The expected net lease portfolio and loans and advances to customers for the financial year ending on 31 December 2018 will be approximately in the range of EUR 145 – 150 million.
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, Moldova, Albania and Belarus with more plans to expand business in other countries. Read more: www.mogofinance.com
Forward-looking statements and projections
Certain statements in this press release are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place any undue reliance on forward-looking statements which speak only as of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that AS “mogo”, Mogo Finance, or persons acting on their behalf, may issue. Maris Kreics
Group CFO
Phone: +371 66900904
Email: maris.kreics@mogofinance.com
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