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Emitents mogo AS (213800DOKX626GYVOI32)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Datums 2018-10-19 09:04:45
Versijas komentārs Pievienots pielikums

Loan portfolio up by 38.8% with strong performance in mature markets, further optimization of financing costs



  • Significant growth in core business with Group loans issued increasing by approx. 75.5% equalling around EUR 93 million (9M 2017: approx.: EUR 53 million), of which EUR 63 million issued in mature markets[1] (9M 2017: EUR 43 million).
  • Consolidated number of active customers up significantly by approx. 40.9% to over 62,000 (31 December 2017: approx. 44,000).
  • Launch of operations in Albania, Belarus and Ukraine, steady growth in countries launched in 2017 – Bulgaria, Romania, and Moldova – with loan demand for the most part exceeding expectations.
  • Operations in Armenia acquired with consolidation as of August 2018 already profitable on a monthly basis.
  • Successful internal regional restructuring completed to deliver future focus, business and cost efficiencies.
  • Improved management efficiencies by separating car sales management from financing activities.



  • Interest and similar income significantly above previous year’s period 54.4% to EUR 41.7 million (9M 2017: EUR 27.0 million).
  • Harmonized EBITDA improved by 9.2% to EUR 16.6million (9M 2017: EUR 15.2 million) with significant contribution from mature countries with harmonized EBITDA of EUR 20.1 million (9M 2017: EUR 15.1 million).
  • Optimization of financing costs to 11.2% in Q3 2018 (6M 2018: 12.3%).
  • Stable loan portfolio quality – NPL 14.5% (35+DPD) of gross portfolio with provision coverage ratio of 88.4%.
  • Slight increase in overall cost to income ratio to 32.4% (9M 2017: 28.1%) impacted by new country launches and completed internal restructuring, mitigated partially by improved economies of scale in mature countries with cost to income ratio decreasing to 22.4% (9M 2017: 28.4%).
  • Strong capitalization ratio improved to 12.2% (31 December 2017: 11.8%).


Edgars Egle, CEO of Mogo Finance, commented:

“These strong results with revenues up by 54.4%, improved capitalization ratio and decreased effective funding costs reflect the strong foundation of Mogo Finance Group. The results are mainly driven by our mature and profitable countries in Latvia, Lithuania, Estonia and Georgia, while we have made a good progress and base for future improvements in profitability for countries launched in 2017 and 2018.

Investments in our people, IT, risk management and new countries have delivered the foundation for future profitability. These investments were critical for building sustainable and well-diversified business. We look forward to deliver our goals and continue to deliver best in class service to our customers."

The full unaudited report for the nine months ending 30 September 2018 is available here.

Conference Call:

A conference call in English with the Group's management team to discuss these results is scheduled for 23 October 2018, at 17:00 CEST.

Please register here.

The presentation for the conference call will be available here as of 23 October 2018, at 9:00 CEST.


Mogo Finance (CFO), Email: maris.kreics@mogofinance.com
Maris Kreics +371 66 900 900

Aalto Capital, Email: sven.pauly@aaltocapital.com
Sven Pauly +49 89 8986777 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 12 countries issuing over EUR 320 million up to date and running a net loan portfolio over EUR 130 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 and operates in: Latvia, Estonia, Lithuania, Georgia, Poland, Romania, Bulgaria, Moldova, Albania, Belarus, Armenia and Ukraine.




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[1] Mature markets are Latvia, Lithuania, Estonia and Georgia

181018_Mogo Finance_9M report.pdf (261.92 kB)