The first six months of 2016 was a period when Company significantly improved the quality of issued loans portfolio as well as its operational efficiency. Turnover amounted to EUR 4.8 million (9% increase, compared to the same period in 2015), EBITDA reached EUR 2.8 million (91% increase, compared to the same period in 2015) and net profit was EUR 1.4 million (356% increase, compared to the same period in 2015).
At the end of June 2016 gross value of the lease portfolio reached 28 million euro (3% increase, compared to the end of December 2015).
Interim Condensed Statement of Profit or Loss and Other Comprehensive Income *
| In EUR | 01.01.2016.-30.06.2016 | 01.01.2015.-30.06.2015. | ||
| Interest and similar income | 4 817 048 | 4 439 403 | ||
| Interest expense and similar expense | (955 078) | (1 052 781) | ||
| Impairment | (146 712) | (1 213 557) | ||
| Gross profit | 3 715 258 | 2 173 065 | ||
| Selling expense | (249 640) | (286 928) | ||
| Administrative expense | (1 592 351) | (1 411 175) | ||
| Amortization and depreciation | (182 678) | (74 733) | ||
| Other operating income | 6 411 | 20 970 | ||
| Other operating expense | (3 403) | (12 125) | ||
| Other interest receivable and similar income | 297 | 26 771 | ||
| Profit before tax | 1 693 894 | 435 845 | ||
| Corporate income tax | (235 434) | (184 541) | ||
| Deferred corporate income tax | (21 463) | 63 584 | ||
| Total comprehensive income for the period | 1 436 997 | 314 888 |
Interim Condensed Statement of Financial Position *
| In EUR | 30.06.2016. | 31.12.2015. | ||
| NON-CURRENT ASSETS | ||||
| Intangible Assets | 953 922 | 685 069 | ||
| Property, plant and equipment | 217 685 | 222 431 | ||
| Investments in related companies | 20 | - | ||
| Finance lease receivables | 16 765 139 | 16 100 752 | ||
| Loans to related companies | 1 600 000 | - | ||
| Deferred tax | 388 065 | 409 528 | ||
| TOTAL NON-CURRENT ASSETS | 19 924 831 | 17 417 780 | ||
| CURRENT ASSETS | ||||
| Finance lease receivables | 7 676 936 | 7 678 734 | ||
| Loans to non-related parties | 11 256 | - | ||
| Receivables from related companies | 80 819 | 83 172 | ||
| Other receivables | 78 837 | 172 012 | ||
| Other assets held for sale | 240 488 | 259 725 | ||
| Prepaid expense | 107 388 | 74 038 | ||
| Accrued revenue | 572 | 3 155 | ||
| Cash and cash equivalents | 180 018 | 399 884 | ||
| TOTAL CURRENT ASSETS | 8 406 314 | 8 670 720 | ||
| TOTAL ASSETS | 28 331 146 | 26 088 500 |
| EQUITY | ||||
| Share Capital | 5 000 000 | 5 000 000 | ||
| Retained earnings | 2 187 426 | 750 429 | ||
| TOTAL EQUITY | 7 187 426 | 5 750 429 | ||
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Liabilities for issued bonds | 14 263 598 | 15 039 453 | ||
| Loans from credit institutions | 5 700 000 | 3 539 913 | ||
| Loans from non-related parties | 500 000 | 500 000 | ||
| TOTAL NON-CURRENT LIABILITIES | 20 463 598 | 19 079 366 | ||
| Current liabilities | ||||
| Prepayments received from customers | 175 540 | 198 369 | ||
| Loans from credit institutions | 18 222 | 16 049 | ||
| Trade payables | 64 174 | 103 787 | ||
| Payables to related companies | - | 369 744 | ||
| Loans from non-related parties | - | 187 864 | ||
| Taxes payable | 100 599 | 82 912 | ||
| Other liabilities | 157 580 | 106 906 | ||
| Other provisions | 126 016 | 85 209 | ||
| Accrued liabilities | 37 991 | 107 865 | ||
| TOTAL CURRENT LIABILITIES | 680 122 | 1 258 705 | ||
| TOTAL EQUITY AND LIABILITIES | 28 331 146 | 26 088 500 |
* interim condensed financial statements prepared in accordance with International Accounting Standard No. 34 approved in the European Union
Attachment: AS “mogo” interim condensed financial statements for the 6 month period ended 30 June 2016. Independent auditors’ report is attached to the financial statements.
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 also operate successfully in Estonia, Lithuania, Georgia and Poland, 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
