OREANDA-NEWS. AS „mogo” unaudited financial statements for the 12 month period ended 31 December 2015.

AS “mogo” earns 0.87 million during the first twelve months of 2015.

2015 continued to be a period of a very rapid growth for the Company. Turnover reached 9.1 million euro (37% increase compared to the same period in 2014), EBITDA 3.19 million euro (29% increase compared to the same period in 2014), and net profit of the Company reached 0.87 million euro (54% increase compared to the same period in 2014).

At the end of December 2015 gross value of the lease portfolio reached 27.3 million euro (18% increase compared to the same period in 2014).

Unaudited Statement of Profit or Loss and other Comprehensive Income *

In EUR   01.01.2015.-31.12.2015.   01.01.2014.-31.12.2014.
Interest and similar income   9 106 510   5 758 062
Interest expense and similar expenses   (2 080 842)   (1 518 338)
Impairment   (2 319 016)   (1 173 479)
Selling expense   (600 706)   (585 251)
Administrative expense   (2 967 735)   (1 838 919)
Other operating income   29 983   8 287
Other operating expense   (177 910)   (79 722)
Other interest receivable and similar income   26 980   93 071
Interest payable and similar expense   -   (20)
Profit before Income Tax   1 017 264   663 691
Corporate income tax   (386 603)   (403 633)
Deferred corporate income tax   241 704   142 574
Net profit for the year   872 365   402 632

 Unaudited Statement of Financial Position*

In EUR   31.12.2015.   31.12.2014.
NON-CURRENT ASSETS        
Intangible Assets   685 069   210 266
Fixed Assets   222 431   147 831
Loans to related companies   -   530 000
Deferred Tax   409 528   167 824
Non-current Net Finance Lease Receivables   15 006 556   16 023 925
TOTAL NON-CURRENT ASSETS   16 323 584   17 079 846
         
CURRENT ASSETS        
Current Net Finance Lease Receivables   9 079 656   5 134 053
Inventory   -   60 255
Related Party Receivables   83 172   115 912
Other Receivables   171 708   67 578
Prepaid expense   74 038   47 026
Accrued revenue   3 155   602
Other investments in securities   4 889 000   4 483 000
Cash and Cash Equivalents   399 884   768 619
TOTAL CURRENT ASSETS   14 700 613   10 677 045
         
TOTAL ASSETS   31 024 197   27 756 891
 
EQUITY		        
Share Capital   5 000 000   5 000 000
Accumulated Loss   (72 710)   (475 342)
Profit for the Period   872 365   402 632
TOTAL EQUITY   5 799 655   4 927 290
         
LIABILITIES        
Non-current liabilities        
Borrowings   23 968 366   19 562 000
TOTAL NON-CURRENT LIABILITIES   23 968 366   19 562 000
Current liabilities        
Prepayments received from customers   199 940   206 464
Borrowings   201 384   2 381 801
Trade payables   103 787   82 945
Payables to related companies   369 744   2 303
Taxes payable   82 912   404 710
Other liabilities   105 334   67 434
Other provisions   85 209   64 756
Accrued liabilities   107 866   57 188
TOTAL CURRENT LIABILITIES   1 256 176   3 267 601
         
TOTAL EQUITY AND LIABILITIES   31 024 197   27 756 891
                 

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

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 230 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.