Turnover amounted to EUR 9.8 million (31% increase, compared to the same period in 2016), EBITDA reached EUR 5.2 million (12% increase, compared to the same period in 2016), net profit was EUR 2.9 million (21% increase, compared to the same period in 2016).
As at 30 September 2017 gross value of the lease portfolio reached 31.6 million euro (19% increase, compared to 31 December 2016).
“Mogo earns historically highest profits within first 9 months of any calendar year since inception. This was achieved despite expenses incurred when selling debts to third party to boost efficiency of debt collection department. Mogo team’s efforts have resulted in almost 20% increase in gross portfolio compared to the beginning of the year operating in a very saturated market,” says Aleksandrs Čerņagins, Member of the Board of AS “mogo”.
Interim Condensed Statement of Profit or Loss and Other Comprehensive Income
| In EUR |
01.01.2017.-30.09.2017. |
01.01.2016.-30.09.2016. |
||
| Interest and similar income | 9 796 800 | 7 505 689 | ||
| Interest expense and similar expense | (1 822 294) | (1 612 899) | ||
| Impairment | (1 723 890) | (240 899) | ||
| Gross profit | 6 250 616 | 5 651 891 | ||
| Selling expense | (471 097) | (351 107) | ||
| Administrative expense | (2 678 080) | (2 548 470) | ||
| Other operating income | 21 005 | 8 901 | ||
| Other operating expense | (37 461) | (1 838) | ||
| Other interest receivable and similar income | 205 919 | 715 | ||
| Profit before tax | 3 290 902 | 2 760 092 | ||
| Corporate income tax | (510 746) | (346 037) | ||
| Deferred corporate income tax | 103 850 | (29 473) | ||
| Total comprehensive income for the period | 2 884 006 | 2 384 582 |
Interim Condensed Statement of Financial Position
| In EUR | 30.09.2017. | 31.12.2016. | ||
| NON-CURRENT ASSETS | ||||
| Intangible Assets | 968 995 | 1 020 061 | ||
| Property, plant and equipment | 129 100 | 177 638 | ||
| Investments in related companies | 20 | 20 | ||
| Finance lease receivables | 23 153 975 | 19 082 765 | ||
| Deferred tax | 182 854 | 79 004 | ||
| TOTAL NON-CURRENT ASSETS | 24 434 944 | 20 359 488 | ||
| CURRENT ASSETS | ||||
| Finished goods and goods for resale | 66 399 | 17 948 | ||
| Finance lease receivables | 6 446 489 | 6 152 513 | ||
| Loans to related parties | 4 350 000 | 120 000 | ||
| Receivables from related companies | 378 | 1 718 | ||
| Other receivables |
458 135 |
777 769 | ||
| Prepaid expense | 163 956 | 98 946 | ||
| Accrued revenue | 44 879 | 534 | ||
| Cash and cash equivalents | 776 649 | 147 024 | ||
| TOTAL CURRENT ASSETS | 12 306 885 | 7 316 452 | ||
| TOTAL ASSETS | 36 741 829 | 27 675 940 | ||
| EQUITY | ||||
| Share Capital | 5 000 000 | 5 000 000 | ||
| Currency conversion reserve | 1 | 1 | ||
| Retained earnings | 5 615 453 | 3 318 381 | ||
| TOTAL EQUITY | 10 615 454 | 8 318 382 | ||
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Liabilities for issued bonds | 19 679 667 | 17 920 905 | ||
| TOTAL NON-CURRENT LIABILITIES | 19 679 667 | 17 920 905 | ||
| Current liabilities | ||||
| Prepayments received from customers | 244 490 | 216 215 | ||
| Loans from credit institutions | - | 682 414 | ||
| Trade payables | 110 433 | 81 328 | ||
| Payables to related companies | 6 466 | - | ||
| Loans from non-related parties | 5 842 691 | - | ||
| Taxes payable | 56 520 | 68 958 | ||
| Other liabilities | 18 263 | 112 494 | ||
| Other provisions | 114 191 | 96 350 | ||
| Accrued liabilities | 53 654 | 178 894 | ||
| TOTAL CURRENT LIABILITIES | 6 446 708 | 1 436 653 | ||
| TOTAL EQUITY AND LIABILITIES | 36 741 829 | 27 675 940 | ||
Attachment: AS “mogo” interim condensed financial information for the 9 month period ended 30 September 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 and Moldova, 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
