OREANDA-NEWS. April 08, 2016. 2015 continued to be a period of a very rapid growth for the Company. Turnover reached 9.1 million euro (58% increase compared to the same period in 2014), EBITDA 3.19 million euro (41% increase compared to the same period in 2014), and net profit of the Company reached 0.87 million euro (116% 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 (22% increase compared to the same period in 2014).

Audited Statement of Profit or Loss and other Comprehensive Income *

In EUR    
2015		    
2014
Interest and similar income   9 106 510   5 758 062
Interest expense   (2 083 371)   (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 tax   1 014 735   663 691
Corporate Income Tax   (386 299)   (403 633)
Deferred Income Tax   241 704   142 574
Total comprehensive profit for the period   870 140   402 632

 

Audited Statement of Financial Position*

In EUR   31.12.2015.   31.12.2014.
NON-CURRENT ASSETS        
Intangible Assets   685 069   210 266
Property, plant and equipment   222 431   147 831
Non-current Net Finance Lease Receivables   16 215 603   16 023 925
Loans to related companies   -   530 000
Deferred tax   409 528   167 824
TOTAL NON-CURRENT ASSETS   17 532 631   17 079 846
         
CURRENT ASSETS        
Finished goods and goods for resale   -   60 255
Current Net Finance Lease Receivables   7 870 609   5 134 053
Receivables from related companies   83 172   115 912
Other receivables   84 560   67 578
Overpaid corporate income tax   87 452   -
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   13 491 870   10 677 045
         
TOTAL ASSETS   31 024 501   27 756 891

 

EQUITY        
Issued Share Capital   5 000 000   5 000 000
Retained earnings/(accumulated loss)   797 430   (72 710)
TOTAL EQUITY   5 797 430   4 927 290
         
LIABILITIES        
Non-current liabilities        
Liabilities for issued bonds   19 928 453   19 062 000
Loans from credit institutions   3 539 913   -
Loans from non-related parties   500 000   500 000
TOTAL NON-CURRENT LIABILITIES   23 968 366   19 562 000
         
Current liabilities        
Prepayments received from customers   199 940   206 464
Loans from credit institutions   16 049   2 210 049
Trade payables   103 787   82 945
Payables to related companies   369 744   2 303
Loans from non-related parties   187 864   171 752
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   1 258 705   3 267 601
         
TOTAL EQUITY AND LIABILITIES   31 024 501   27 756 891

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

Attachment: AS “mogo” audited financial statements for 2015 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 230 affiliated car dealerships, or at one of its client service centers in major cities throughout Latvia. Company already has more than 12 thousands registered customers. “mogo” group companies also operate successfully in Estonia, Lithuania, and Georgia, with more plans to expand business in other countries. Read more: www.mogofinance.com