|mogo AS (213800DOKX626GYVOI32)
|2.2. Iekšējā informācija
First tangible signs of success towards leaner and more profitable organization
OPERATIONAL AND STRATEGIC HIGHLIGHTS
FINANCIAL HIGHLIGHTS AND PROGRESS
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/.
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
Maris Kreics, Chief Financial Officer (CFO)
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.
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