OREANDA-NEWS. April 09, 2015.  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 to 5 million euro to strengthen its financial and long-term value. 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 a bond emission for a total amount of 20 million euro at Latvian Central Depository in order to raise additional capital, 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 8 April 2015 the Company has issued the maximum number of securities 20 000 at the nominal value EUR 1 000 for the total amount of EUR 20 000 000. Financial results of AS “mogo” in the audited report do not differ significantly from the unaudited report and are following:

Audited 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 year   538 195   (289 408)
Other comprehensive income   -   -
Total comprehensive profit/(loss) for the year   538 195   (289 408)

 

Audited 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
Other non-current Financial Assets   530 000   -
Deferred Tax Asset   167 795   25 251
Non-current Net Finance Lease Receivables   15 986 420   5 020 354
TOTAL NON-CURRENT ASSETS   17 042 312   5 227 777
         
CURRENT ASSETS        
Current Net Finance Lease Receivables   5 249 676   2 167 016
Inventory   60 255   -
Other Receivables   184 092   23 598
Deferred Expense   248 870   19 923
Other current assets   4 483 000   -
Cash and Cash Equivalents   768 619   306 097
TOTAL CURRENT ASSETS   10 994 512   2 516 634
         
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

* audited financial statements prepared in accordance with International Financial Reporting Standards as adopted in EU

Attachment: AS “mogo” audited financial statements for 2014 together with Independent Auditors’ Report.

About AS “mogo”

AS “mogo” offers classical finance lease and issues loans against vehicles already owned by clients (a type of service known as leaseback) at one of its client service centers in major cities throughout Latvia and at more than 200 affiliated car dealerships. Today “mogo” group companies also operate in Estonia, Lithuania, and Georgia, with plans to expand business to other countries. Read more: www.mogofinance.com