Published: 2018-06-18 15:37:46 CEST
mogo
Interim report (Q1 and Q3)

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