AS “mogo” audited financial statements for the 12 month

Turnover amounted to EUR 13.9 million (34% increase, compared to the same period in 2016), EBITDA reached EUR 7.4 million (32% increase, compared to the same period in 2016), net profit was EUR 3.6 million (36% increase, compared to the same period in 2016).

As at 31 December 2017 value of the net lease portfolio reached 31.2 million euro (25% increase, compared to 31 December 2016).

“Mogo in Latvia posts another successful year with significant growth in profits, at the same time continuing to invest both in the development of services in Latvia, as well as in the growth of Mogo Group. Investments made in 2017 will bring significant returns to the company by gradually expanding into new segments of the lending market,” says Aleksandrs Čerņagins, Member of the Board of AS “mogo”.

Audited Statement of Profit or Loss and Other Comprehensive Income *

In EUR	01.01.2017.-31.12.2017.	01.01.2016.-31.12.2016.
Interest and similar income	13 855 304	10 314 919
Interest expense and similar expense	(2 936 374)	(2 182 661)
Net interest income	10 918 930	8 132 258
Impairment	(246 785)	2 001 845
Loss arising from cession of financial lease receivables	(2 136 575)	(2 880 795)
Selling expense	(506 089)	(510 262)
Administrative expense	(3 749 613)	(3 660 498)
Other operating income	56 446	36 765
Other operating expense	(117 330)	(70 260)
Other interest receivable and similar income	510	1 222
Other interest payable and similar expense	(925)	-
Profit before tax	4 218 569	3 050 275
Corporate income tax	(577 857)	(109 976)
Deferred corporate income tax	(88 668)	(331 710)
Total comprehensive income for the period	3 552 044	2 608 589

Audited Statement of Financial Position*

In EUR	31.12.2017.		31.12.2016.
NON-CURRENT ASSETS
Intangible Assets	1 172 991		1 020 061
Property, plant and equipment	144 756		177 638
Investments in associates	26		20
Finance lease receivables	22 811 494		18 109 477
Loans and advances to customers	639 988		-
Loans to related companies	17 865 000		120 000
Deferred tax	-		88 668
TOTAL NON-CURRENT ASSETS	42 634 255		19 515 864

CURRENT ASSETS
Finished goods and goods for resale	339 491		17 948
Finance lease receivables	7 870 273		6 880 619
Loans and advances to customers	503 235		-
Loans to non related parties	16 065		2 056
Receivables from related companies	200 751		1 718
Non-current assets held for sale	387 623		301 075
Prepaid expense	361 280		120 239
Other receivables	1 311 895		408 318
Accrued revenue	38 183		534
Cash and cash equivalents	671 871		147 024
TOTAL CURRENT ASSETS	11 700 667		7 879 531

TOTAL ASSETS	54 334 922		27 395 395


EQUITY
Share Capital		5 000 000		5 000 000
Currency conversion reserve		1		1
Retained earnings		4 867 099		2 905 055
TOTAL EQUITY		9 867 100		7 905 056

PROVISIONS FOR LIABILITIES AND CHARGES
Other provisions		357 169		121 806
TOTAL PROVISIONS FOR LIABILITIES AND CHARGES		357 169		121 806

LIABILITIES
Non-current liabilities
Liabilities for issued debt securities		26 563 303		17 920 905
Funding attracted through peer-to-peer platforms		12 724 915		-
TOTAL NON-CURRENT LIABILITIES		39 288 218		17 920 905

CURRENT LIABILITIES
Loans from credit institutions and other parties		-		703 707
Trade payables		181 397		79 902
Funding attracted through peer-to-peer platforms		3 430 181		-
Prepayments received from customers		293 806		222 875
Payables to related companies		3 872		-
Corporate income tax payable		365 786		-
Taxes payable		64 404		68 958
Other liabilities		7 713		96 942
Accrued liabilities		475 276		275 244
TOTAL CURRENT LIABILITIES		4 822 435		1 447 628

TOTAL EQUITY AND LIABILITIES		54 334 922		27 395 395

* audited financial statements prepared in compliance with the International Financial Reporting Standards approved in the European Union

Attachment: AS “mogo” audited financial statements for 2017 together with Independent Auditors’ Report.

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, Moldova, Albania and Belarus, 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

AS “mogo” audited financial statements for the 12 month period ended 31 December 2017.

AS “mogo” earns 3.6 million during 2017.

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