AS “mogo” interim condensed financial information for the 6 month period ended 30 June 2019
Net profit of the AS “mogo” Group amounted to 3.1 million euro which is significant increase from the 410 thousand euro in first 6 months of 2018
Significant financial results improvement was reached because of successful update of customer evaluation policy, what helped to decrease impairment for doubtful debtors. The Group has also reviewed its structure and therefore eliminated Mogo group international business related costs from the Group`s results, as well as implemented cost optimization initiatives, including review of customer service centers network.
The management is of the opinion that first 6 months of 2019 results supports the Group`s chosen direction for better understanding of customers necessities, customer profile development and respective offer preparation. In addition cost optimization activities will allow to streamline business process and offer better service to customers.
About AS “mogo”
AS “mogo” offers classical finance lease, lends against vehicles already owned by clients (a type of service known as leaseback) and instalment loans, which is available by filling out an application on the company website, mobile website, over the phone, enquiring with one of more than 270 affiliated car dealerships, or at one of its client service centers in major cities throughout Latvia. AS “mogo” has more than 20 thousand active customers in Latvia. Mogo Finance S.A. group companies operate successfully not only in Latvia, but also in Estonia, Lithuania, Georgia, Armenia, Poland, Bulgaria, Romania, Moldova, Belarus, Ukraine, Albania, Uzbekistan, Kazakhstan and Macedonia with more plans to expand business in other countries.
For more information, please contact:
Simonas Jurgionis, Investor Relations Manager
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.