Mogo Finance S.A.

  • ISIN: XS1831877755
  • Land: Luxemburg

Nachricht vom 15.05.2019 | 20:31

Mogo Finance reports Unaudited results for the three months ended 31 March 2019

DGAP-News: Mogo Finance S.A. / Key word(s): Quarterly / Interim Statement

15.05.2019 / 20:31
The issuer is solely responsible for the content of this announcement.

Mogo Finance reports Unaudited results for the three months ended 31 March 2019

Increase in profitability with continued strong performance


- Group loans issued increased by 17.0% equaling EUR 37.8 million (3M 2018: EUR 32.2 million), of which EUR 24.3 million in mature markets (3M 2018: EUR 24.1 million)

- Consolidated number of active customers up significantly by approx. 30.8% to over 85,000 (31 December 2018: approx. 65,000)

- To further strengthen the grip on cost of risk, several initiatives were launched, namely GPS project and security officer functions rolled out both as a Group and country priorities

- Near-prime car loan product has been successfully tested in Latvia and will be implemented in other mature and mid-tier markets where it has the biggest potential to succeed


- Interest and similar income up significantly by 34.7% to EUR 16.7 million (3M 2018: EUR 12.4 million)

- Rapid growth in net interest income of 37.5% to EUR 12.1 million (3M 2018: EUR 8.8 million)

- Quarterly increase in EBITDA by 43.2% to EUR 6.3 million (3M 2018: EUR 4.4 million)

- Net profit for the period adjusted for FX effects improved notably by 57.1% to EUR 1.1 million (3M 2018: EUR 0.7 million)

Modestas Sudnius, CEO of Mogo Finance, commented:
"First free months of 2019 have shown steady growth in loan issuances and significant increase in core financial indicators. Increased profitability is a result of continued Mogo Group's development and investments initiated in the previous reporting periods. Together with solid capitalization ratio and healthy financing structure, Mogo Group has strong grounds for further financial performance improvement in the mid and long term.

Effective, market-leading processes have always been a backbone of Mogo Group's operations and recent developments in process optimizations will allow us to strengthen our core competences even more. This together with our established regional teams will ensure sustainable growth in mature countries and will help to boost the operational excellence and quality portfolio growth in both start-up and mid-tier countries while better controlling the cost of risk."

The full unaudited report for the three months ended 31 March 2018 is available here.

Conference Call:
A conference call in English with the Group's management team to discuss these results is scheduled for 17 May 2019, at 15:00 CEST.

Please register here

The presentation for the conference call will be available here as of 17 May 2019, at 09:00 CEST.

Mogo Finance
Maris Kreics, Chief Financial Officer (CFO)
Phone: +371 66 900 900

Simonas Jurgionis, Investor Relations Manager
Phone: +371 27 073 993

Aalto Capital
Sven Pauly, Consultant
Phone: +49 89 898 67 77 0​

About Mogo Finance:
Mogo Finance is one of the largest and fastest growing secured used car financing companies in Europe. Recognizing the niche in used car financing underserved by traditional lenders, Mogo Finance has expanded its operations to 15 countries issuing over EUR 358 million up to date and running a net loan portfolio over EUR 140 million. Mogo offers secured loans up to EUR 15,000 with maximum tenor of 84 months making used car financing process convenient, both for its customers and partners. Wide geographical presence makes Mogo unique over its rivals and diversifies revenue streams.

Mogo Finance operates through its own branch network, more than 1,500 partner locations and strong online presence. Physical footprint makes Mogo Finance top of mind brand in used car financing. Established in 2012, headquartered in Riga, Latvia Mogo Finance operates in: Latvia, Estonia, Lithuania, Georgia, Poland, Romania, Bulgaria, Moldova, Albania, Belarus, Armenia, Ukraine, Uzbekistan, Kazakhstan and North Macedonia.

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or any other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. Persons into whose possession this announcement may come are required to inform themselves of and observe all such restrictions.

This announcement does not constitute an offer of securities for sale in the United States. The bonds have not been and will not be registered under the Securities Act or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

This announcement does not constitute a prospectus for the purposes of Directive 2003/71/EC, as amended (the "Prospectus Directive") and does not constitute a public offer of securities in any member state of the European Economic Area (the "EEA").

This announcement does not constitute an offer of bonds to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the bonds. Accordingly, this announcement is not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of this announcement as a financial promotion may only be distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as "Relevant Persons"). Any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this announcement or any of its contents.

PROFESSIONAL INVESTORS ONLY - Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as the bonds do not constitute packaged products and will be offered to eligible counterparties and professional clients only.

15.05.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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