MOGO: AS „mogo” unaudited financial statements for the 12 month period ended 31 December 2015
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.
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