Riga, Latvia, 2015-03-03 17:44 CET (GLOBE NEWSWIRE) -- Management responsibility statement amended to the attached report.
2014 was a period of very rapid growth for the Company. Total assets of the Company grew up to 28 million euro, turnover reached 5.8 million euro, EBITDA 2.4 million euro, and net profit of the Company reached 0.54 million euro.
In September 2014 the Company increased its share capital up to 5 million euro to strengthen financial and long-term value of the Company. At the end of December 2014 gross value of the lease portfolio reached 22.5 million euro (204% growth in comparison with year 2013).
On 17 March 2014 the Company registered emission of bonds for a total amount of 20 million euro at Latvian Central Depository for the attraction of investments, and on 11 November 2014 the Company included these bonds in Nasdaq Baltic Stock Exchange Debt Security listing, where they are available for public trade. By 27 February 2015 the Company has emitted the maximum number or securities 20 000 at nominal value EUR 1 000 for the total amount of emission EUR 20 000 000.
Interim Condensed Unaudited Statement of Profit or Loss and other Comprehensive Income *
| In EUR | 2014 | 2013 | ||
| Interest and similar income | 5 765 419 | 2 369 884 | ||
| Interest expense | (1 516 912) | (739 063) | ||
| Impairment | (1 044 495) | (167 290) | ||
| Cost of goods sold | - | (5 265) | ||
| Selling expense | (585 251) | (702 978) | ||
| Administrative expense | (1 838 919) | (976 345) | ||
| Other operating income | 97 324 | 82 161 | ||
| Other operating expense | (170 185) | (89 987) | ||
| Other interest receivable and similar income | 93 071 | 15 946 | ||
| Interest payable and similar expense | (20) | (26 263) | ||
| Profit/(loss) before Income Tax | 800 032 | (239 200) | ||
| Corporate Income Tax | (404 382) | (44 153) | ||
| Deferred Income Tax | 142 545 | (6 055) | ||
| Net profit/(loss) for the period | 538 195 | (289 408) | ||
| Other comprehensive income | - | - | ||
| Total comprehensive profit/(loss) for the period | 538 195 | (289 408) |
Interim Condensed Unaudited Statement of Financial Position *
| In EUR | 31.12.2014 | 31.12.2013 | ||
| NON-CURRENT ASSETS | ||||
| Intangible Assets | 210 266 | 107 808 | ||
| Equipment | 147 831 | 74 364 | ||
| Deferred Tax Assets | 167 795 | 25 251 | ||
| Other non-current Financial Assets | 5 013 000 | - | ||
| Non-current Net Finance Lease Receivables | 15 232 089 | 4 844 515 | ||
| TOTAL NON-CURRENT ASSETS | 20 770 981 | 5 051 938 | ||
| CURRENT ASSETS | ||||
| Inventory | 60 255 | - | ||
| Current Net Finance Lease Receivables | 6 004 007 | 2 342 855 | ||
| Other Receivables | 184 092 | 23 598 | ||
| Deferred Expense | 248 870 | 19 923 | ||
| Cash and Cash Equivalents | 768 619 | 306 097 | ||
| TOTAL CURRENT ASSETS | 7 265 843 | 2 692 473 | ||
| TOTAL ASSETS | 28 036 824 | 7 744 411 |
| EQUITY | ||||
| Issued Share Capital | 5 000 000 | 426 862 | ||
| Retained earnings/(accumulated loss) | 62 853 | (475 342) | ||
| TOTAL EQUITY | 5 062 853 | (48 480) | ||
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Borrowings | 19 562 000 | 5 657 390 | ||
| TOTAL NON-CURRENT LIABILITIES | 19 562 000 | 5 657 390 | ||
| Current liabilities | ||||
| Borrowings | 2 381 801 | 1 854 427 | ||
| Trade Payables | 82 945 | 62 235 | ||
| Current Tax Liabilities | 405 459 | 85 300 | ||
| Deferred Revenue | 348 733 | 48 846 | ||
| Other Liabilities | 193 033 | 84 693 | ||
| TOTAL CURRENT LIABILITIES | 3 411 971 | 2 135 501 | ||
| TOTAL EQUITY AND LIABILITIES | 28 036 824 | 7 744 411 |
* interim condensed unaudited financial statements prepared in compliance with the International Financial Reporting Standards approved in the European Union
Attachment: AS “mogo” interim condensed unaudited financial statements for the 12 month period ended 31 December 2014.
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 200 affiliated car dealerships, or at one of its client service centers in major cities throughout Latvia. Today, “mogo” group companies also operate in Estonia, Lithuania, and Georgia, with plans to expand business to other countries. Read more: www.mogofinance.com
Contacts:
Kaspars Leimanis
CFO
Phone: +371 66900904
Fax: +371 66047063
Email: kaspars.leimanis@mogo.lv
