AS mogo unaudited financial results for the ten month period ended 31 October 2014Riga, Latvia, 2014-12-01 17:31 CET --
AS mogo (the Company) continues to see rapid growth of business in Latvia. The Company’s interest and similar income for the ten-month period ending on 31 October 2014 totaled EUR 4,602,750, increasing by 154% compared to the same period last year. The Company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached EUR 2,201,301 and net profit for the period was EUR 605,497.
AS mogo net lease portfolio reached EUR 20,096,836, increasing by 180% in comparison to 2013 year-end results. Customer receivables which were overdue more than 30 days constituted 8% of the net lease portfolio.
The Company’s issued share capital was increased to EUR 5,000,000 in September 2014.
Statement of Profit or Loss and other Comprehensive Income
|
In EUR |
|
For the ten months ended 31.10.2014 |
|
For the ten months ended 31.10.2013 |
|
Interest and similar income |
|
4 602 750 |
|
1 812 613 |
|
Interest expense |
|
(1 256 947) |
|
(551 566) |
|
Impairment |
|
(394 295) |
|
(173 496) |
|
Selling expense |
|
(656 661) |
|
(579 977) |
|
Administrative expense |
|
(1 467 190) |
|
(776 877) |
|
Other operating income |
|
83 411 |
|
83 814 |
|
Other operating expense |
|
(143 157) |
|
(77 397) |
|
Other interest receivable and similar income |
|
104 781 |
|
11 011 |
|
Interest payable and similar expense |
|
(20) |
|
(24 065) |
|
Profit/(loss) before Income Tax |
|
872 672 |
|
(275 940) |
|
Corporate Income Tax |
|
(317 701) |
|
(22712) |
|
Deferred Income Tax |
|
50 528 |
|
4 164 |
|
Net profit/(loss) for the period |
|
605 497 |
|
(294 488) |
|
Other comprehensive income |
|
- |
|
- |
|
Total comprehensive profit/(loss) for the period |
|
605 497 |
|
(294 488) |
Statement of Financial Position
ASSETS
|
In EUR |
|
31.10.2014 |
|
31.12.2013 |
|
NON-CURRENT ASSETS |
|
|
|
|
|
Intangible Assets |
|
179 553 |
|
107 808 |
|
Equipment |
|
149 943 |
|
74 364 |
|
Deferred Tax Assets |
|
75 778 |
|
25 251 |
|
Other non-current Financial Assets |
|
6 652 000 |
|
- |
|
Non-current Net Finance Lease Receivables |
|
14 483 915 |
|
4 844 515 |
|
TOTAL NON-CURRENT ASSETS |
|
21 541 189 |
|
5 051 938 |
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Inventory |
|
45 920 |
|
- |
|
Current Net Finance Lease Receivables |
|
5 612 921 |
|
2 342 855 |
|
Other Receivables |
|
127 923 |
|
23 598 |
|
Deferred Expense |
|
54 227 |
|
19 923 |
|
Cash and Cash Equivalents |
|
512 010 |
|
306 097 |
|
TOTAL CURRENT ASSETS |
|
6 353 001 |
|
2 692 473 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
27 894 190 |
|
7 744 411 |
EQUITY AND LIABILITIES
|
EQUITY |
|
|
|
|
|
Issued Share Capital |
|
5 000 000 |
|
426 862 |
|
Retained earnings/(accumulated loss) |
|
130 158 |
|
(475 342) |
|
TOTAL EQUITY |
|
5 130 158 |
|
(48 480) |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Borrowings |
|
19 062 000 |
|
5 657 390 |
|
TOTAL NON-CURRENT LIABILITIES |
|
19 062 000 |
|
5 657 390 |
|
Current liabilities |
|
|
|
|
|
Borrowings |
|
2 976 936 |
|
1 854 427 |
|
Trade Payables |
|
80 601 |
|
62 235 |
|
Current Tax Liabilities |
|
323 255 |
|
85 300 |
|
Deferred Tax Liabilities |
|
165 322 |
|
48 846 |
|
Other Liabilities |
|
155 918 |
|
84 693 |
|
TOTAL CURRENT LIABILITIES |
|
3 702 032 |
|
2 135 501 |
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
27 894 190 |
|
7 744 411 |
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
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