Net profit of the AS "mogo" Group (covering AS “mogo” and AS “Renti” as at the report date)  amounted to 3.0 million euro, being on the same level as in the first 6 months of 2019, which, considering COVID-19 impacts on the Group’s operations and global economies, demonstrates the Group's strong financial resilience, well developed underwriting principles and ability to adapt in a fast manner to changing market conditions.

In the turbulent COVID-19 outbreak times, the Group focused on finding solutions for the customers facing financial difficulties and introduced extensive amount of additional tools to cure them which resulted as well in a robust cash accumulation, being a testimony to the solid debt collection strategy. Applied cost scrutiny measures, restructured operational units, and other actions made the organisation more compact and ready for the strong performance going forward.

Attachments

AS "mogo"  consolidated interim unaudited condensed finacial statement for six month period ended 30 June 2020                   

(Mogo_AS_consolidated_FS_2020_Q2_ENG)

About AS “mogo”

AS “mogo” offers classical finance lease, lends against vehicles already owned by clients (a type of service known as leaseback) and long term rent, 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 10 thousand active customers in Latvia. Mogo Finance S.A. group companies operate not only in Latvia, but also in Estonia, Lithuania, Georgia, Armenia, Poland, Bulgaria, Romania, Moldova, Belarus, Albania, Uzbekistan, Kazakhstan, North Macedonia, Kenya, Uganda and Bosnia and Herzegovina. Read more: www.mogofinance.com.

Neringa Plauskiene

Regional Chief Financial Officer

Phone: +371 66900904

Email: neringa.plauskiene@mogo-easterneurope.com