Turnover amounted to EUR 7.5 million (11% increase, compared to the same period in 2015), EBITDA reached EUR 4.6 million (115% increase, compared to the same period in 2015), net profit was EUR 2.3 million (553% increase, compared to the same period in 2015) and net profit margin was 31% (491% increase, compared to the same period in 2015).
At the end of September 2016 gross value of the lease portfolio reached 28.2 million euro (4% increase, compared to the end of December 2015).
Interim Condensed Statement of Profit or Loss and Other Comprehensive Income
| In EUR | 01.01.2016.-30.09.2016 | 01.01.2015.-30.09.2015. | ||
| Interest and similar income | 7 477 571 | 6 766 611 | ||
| Interest expense and similar expense | (1 630 720) | (1 619 014) | ||
| Impairment | (240 899) | (1 828 764) | ||
| Gross profit | 5 605 952 | 3 318 833 | ||
| Selling expense | (377 871) | (451 829) | ||
| Administrative expense | (2 602 644) | (2 395 444) | ||
| Other operating income | 24 570 | 22 748 | ||
| Other operating expense | (4 793) | (18 652) | ||
| Other interest receivable and similar income | 22 170 | 26 953 | ||
| Profit before tax | 2 667 384 | 502 609 | ||
| Corporate income tax | (346 037) | (281 034) | ||
| Deferred corporate income tax | (29 473) | 129 321 | ||
| Total comprehensive income for the period | 2 291 874 | 350 896 |
Interim Condensed Statement of Financial Position
| In EUR | 30.09.2016. | 31.12.2015. | ||
| NON-CURRENT ASSETS | ||||
| Intangible Assets | 984 506 | 685 069 | ||
| Property, plant and equipment | 195 819 | 222 431 | ||
| Investments in related companies | 20 | - | ||
| Finance lease receivables | 19 027 480 | 16 100 752 | ||
| Deferred tax | 380 055 | 409 528 | ||
| TOTAL NON-CURRENT ASSETS | 20 587 880 | 17 417 780 | ||
| CURRENT ASSETS | ||||
| Finished goods and goods for resale | 4 100 | - | ||
| Finance lease receivables | 5 955 092 | 7 678 734 | ||
| Loans to non-related parties | 21 671 | - | ||
| Receivables from related companies | 1 499 | 83 172 | ||
| Other receivables | 125 885 | 172 012 | ||
| Assets held for sale | 312 415 | 259 725 | ||
| Prepaid expense | 127 713 | 74 038 | ||
| Accrued revenue | 610 | 3 155 | ||
| Cash and cash equivalents | 205 483 | 399 884 | ||
| TOTAL CURRENT ASSETS | 6 754 468 | 8 670 720 | ||
| TOTAL ASSETS | 27 342 348 | 26 088 500 | ||
| EQUITY | ||||
| Share Capital | 5 000 000 | 5 000 000 | ||
| Currency conversion reserve | 1 | 1 | ||
| Retained earnings | 2 881 730 | 589 856 | ||
| TOTAL EQUITY | 7 881 731 | 5 589 857 | ||
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Liabilities for issued bonds | 17 597 046 | 15 200 026 | ||
| Loans from credit institutions | 1 300 000 | 3 539 913 | ||
| Loans from non-related parties | - | 500 000 | ||
| TOTAL NON-CURRENT LIABILITIES | 18 897 046 | 19 239 939 | ||
| Current liabilities | ||||
| Prepayments received from customers | 200 574 | 198 369 | ||
| Loans from credit institutions | 8 900 | 16 049 | ||
| Trade payables | 47 016 | 103 787 | ||
| Payables to related companies | - | 369 744 | ||
| Loans from non-related parties | - | 187 864 | ||
| Taxes payable | 71 684 | 83 466 | ||
| Other liabilities | 98 639 | 106 351 | ||
| Other provisions | 79 600 | 85 209 | ||
| Accrued liabilities | 57 158 | 107 865 | ||
| TOTAL CURRENT LIABILITIES | 563 571 | 1 258 704 | ||
| TOTAL EQUITY AND LIABILITIES | 27 342 348 | 26 088 500 |
Attachment: AS “mogo” interim condensed financial statements for the 9 month period ended 30 September 2016.
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
