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CORRECTION: Mogo Finance reports Unaudited results for the nine months ended 30 September 2020
Emitents mogo AS (213800DOKX626GYVOI32)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Datums 2021-01-20 16:07:17
Versijas komentārs JSC Mogo cash flow statement added in report

CORRECTION: updated capitalization ratio in report

First tangible signs of success towards leaner and more profitable organization 


  • Performance in mogo markets recovered from initial pandemic shock; progress in focus on most profitable markets
  • Issuances and debt collection back to pre-Covid-19 level – portfolio quality recovering
  • Admin expenses unchanged y-o-y; adjusted for expansion of business - decreasing
  • Integration of acquired consumer lending businesses well on track and contributing to successful results
  • Launch of car portal in 13 markets supporting cross-selling potential of re-possessed car sales and car financing
  • Increasing share of productive lending through business-linked loans to self-employed customers



  • Interest and similar income up rapidly 16.3% to EUR 64.9 million (9M 2019: EUR 55.8 million)
  • EBITDA sharply up 8.3% to highest level ever at EUR 24.7 million (9M 2019: EUR 22.8 million) reflecting leaner structure and cost base as well as focus on most profitable markets; Q3 biggest contributor to 9M EBITDA
  • EBITDA adjusted for mezzanine EUR 1.3 million warrant repayment up 14.0% to EUR 26.0 million
  • Net profit before FX decreased to EUR 2.5 million (9M 2019: EUR 4.5 million) due to net impairment losses on loans and receivables; adjusted for mezzanine warrant repayment - decreased to EUR 3.8 million
  • Decrease in total equity by 5.9% to EUR 27.1 million (31 December 2019: EUR 28.8 million) attributable to net loss for the period caused by unrealized FX
  • Eurobond covenants with good headroom – sufficient profitability despite Covid-19 related impairments



Modestas Sudnius, CEO of Mogo Finance, commented:

“Mogo Finance has successfully mastered the challenge of the Covid-pandemic during the nine-month period, as underlined by the results in Q3. We have made a smooth transition into the “new normal” by building a more effective, productive, and lean organizational structure and thus showing strong results. Historically highest EBITDA, Q3 contribution to which was the most significant, proves that our multi-channel fintech approach is winning and sustainable in long term. We have adapted Mogo Group's corporate strategy, including the optimized regional HUB structures and a reassessment of the cost base in all markets. By consistently focusing on the most profitable and highest-ROI developed markets, Mogo has also optimized its portfolio and left some markets in early stages of development. Cash surplus generated in months of low issuances has been selectively allocated to the business expansion – bold acquisition of developed consumer loan companies, thus contributing to and strengthening revenues of Mogo Finance. The consumer credit activities also contributed to the consolidation of operations and cost optimization of existing car loan financing. Our focus on Mogo Finance's portfolio and investments will continue to be on secured car financing as a technology-oriented, data-driven and innovative lender in disruptive development of both business areas.”


The full unaudited report for the nine months ended 30 September 2020 is available under https://mogo.finance/investment/results-and-reports/.

Conference Call:

A conference call in English with the Group's management team to discuss these results is scheduled for 12 November 2020 at 15:00 CET.

Please register http://emea.directeventreg.com/registration/6588847


Mogo Finance

Maris Kreics, Chief Financial Officer (CFO)

Email: maris.kreics@mogofinance.com

About Mogo Finance:

Mogo Finance is one of the leading and fastest-growing used car secured financing companies on a global scale. In selective markets, the Company also utilizes consumer lending as a strategic capital allocation vehicle to leverage its performance and customer base. Recognizing the niche underserved by traditional lenders, Mogo Finance provides financial inclusion and disruptively changes the used car and consumer financing industry across 14 countries. Up to date the Company has issued over EUR 585 million secured loans and running a net loan and used car rent portfolio of over EUR 192 million. Mogo offers secured loans up to EUR 15,000 with a maximum tenor of 84 months making used car financing process convenient, both for its customers and partners. Wide geographical presence and diversified revenue streams grant Mogo with unique scale and pace unmatched by its rivals. Mogo Finance operates a multi-channel fintech approach through its own branch network, more than 2,000 partner locations and a strong online presence. Physical footprint enriched with excellent customer journey makes Mogo Finance top of mind brand in its industry. A state-of-the-art car portal supports cross-selling potential from re-possessed cars to leasing and vice versa. Established in 2012, with headquarters in Riga, Latvia, Mogo Finance operates in Baltics and Europe with a strong focus on GDP-dynamic countries in Central, Eastern and South-Eastern Europe. Operating regions also include the Near East, the Caucasus and Central Asia as well as Eastern Africa.



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.

Mogo Finance_9M 2020 Report_ENG.pdf (520.83 kB)
201109_Mogo Finance_9M 2020 Report_FINAL 10.11.2020_with_LV_CF.pdf (542.70 kB)