Published: 2020-04-30 23:20:08 CEST
mogo
Annual Financial Report

AS “mogo” consolidated annual report for the year ended 31 December 2019

Total revenues of AS "mogo" and its subsidiaries ('The Latvian Group') including net interest on financial products and income from long term rent services have increased to 13.7 million (7% increase compared to 12.8 million in 2018). Net profit of the Latvian Group amounted to 4.9 million euro compared to 2.8 million in 2018, demonstrating growth of 74%. Total assets as of 31.12.2019 amounted to 62.9 million (19% increase from 31.12.2018).

“2019 was a successful year for the Latvian Group. Significant financial results improvement was achieved through successful update of customer underwriting policy, which helped to decrease impairment for doubtful debtors by close to 40% comparing to 2018. The Latvian Group continued to invest significant resources in the development of information system solutions in order to improve its operational activities by automating the current processes in the nearest future, at the same time increasing customer satisfaction with the provided service. Using the Latvian Group's resources and long lasting experience in leasing field, the Latvian Group's market positions will also further be strengthened through diversifying product offering to customers. As first sucess is long term rent product, having increasing popularity” says Krišjānis Znotiņš, Member of the Board of AS “mogo”.

Attachments

AS “mogo” consolidated annual report for 2019 together with Independent Auditors’ Report

AS “mogo” standalone annual report for 2019 together with Independent Auditors’ Report

Corporate Governance Report for 2019

 

About AS “mogo”

AS “mogo” offers classical finance lease, lends against vehicles already owned by clients (a type of service known as leaseback) long term rent and instalment loans, 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. AS “mogo” has more than 20 thousand active customers in Latvia. Mogo Finance S.A. group companies operate successfully not only in Latvia, but also in Estonia, Lithuania, Georgia, Armenia, Poland, Bulgaria, Romania, Moldova, Belarus, Albania, Uzbekistan, Kazakhstan, North Macedonia, Kenya, Uganda and Bosnia and Herzegovina with more plans to expand business in other countries. Read more: www.mogofinance.com

 

Darja Maslova-Dolotova

Regional CFO

Phone: +371 66900904

Email: darja.maslova@mogo-bc.com

 


AS mogo standalone FS 2019 ENG.pdf
AS mogo consolidated FS 2019 ENG.pdf
Corporate Governance Report 2019.pdf