|Emitents||mogo AS (213800DOKX626GYVOI32)|
|Veids||2.2. Iekšējā informācija|
All-time best quarterly performance
Operational and Strategic Highlights
Financial Highlights and Progress
Modestas Sudnius, CEO of Eleving Group, commented: “In the first quarter of 2022, Eleving Group has been successful both operationally and financially. We managed to achieve the planned growth and profitability targets, which testifies to the quality of our portfolio and the effectiveness of the company’s operations and chosen strategy. During the first quarter of 2022, we continued to demonstrate strong results across our markets and business lines. It was an exceptional quarter for our most developed markets—the Baltic States and the Caucasus, and consumer finance businesses in Albania and North Macedonia. In addition, rapid growth was still observed in Kenya and Uganda, where Eleving Group has become an indispensable partner for unbanked customers seeking mobility solutions to increase their income. Despite the challenges, Eleving Group continued to implement new projects, though on a smaller scale. Primero, a premium car lease product, has been successfully launched in Armenia. A fleet of new cars is gradually growing in Latvia to support the development of Renti Plus, a car subscription service. A lending license has been received in Finland, with plans to launch vehicle finance operations in the second quarter of 2022.”
Maris Kreics, CFO of Eleving Group: “The first quarter of 2022 shows stable financial performance despite the strong headwinds caused by the geopolitical situation in Eastern Europe. We have managed to achieve one of the highest quarterly EBITDA results in the company's history and maintain stable net profitability. We have further improved our balance sheet during the first quarter by collecting payments from previously sold businesses and fully settling outstanding receivables for Longo business and Mogo Kazakhstan. The received funds were further redeployed into the company's portfolio, thus ensuring further growth. Meanwhile, Eleving Group has successfully listed its subordinated bonds on Nasdaq First North, and part of the Group’s shareholder loans have already been replaced with subordinated bonds. Eleving Group is paying close attention to the situation in Ukraine and Belarus while taking deliberate actions to reduce the exposure of the company’s portfolio in the respective markets. Despite the complex situation and halted loan issuances in both markets, inbound cash flow and portfolio performance in Belarus remains excellent, with profitable monthly operations. Additionally, Ukraine shows strong signs of improvement, with April cash flows already on a better trajectory than in March. Considering global inflationary pressure on goods and services, we can still observe a very high demand for our mobility and consumer products. We have a strong track record proving that Eleving Group's business model can quickly adapt to market changes, and the chosen strategy helps the company to overcome any short-term turbulences. Furthermore, currently we are not observing fundamental changes in our customers’ credit discipline, and the portfolio quality remains intact.”
The full unaudited report for the three months ended 31 March 2022 is available under: https://eleving.com/investors/
A conference call in English with the Group's management team to discuss the results is scheduled for 17 May 2022 at 15:00 CET.
Please register: http://emea.directeventreg.com/registration/5748666
Maris Kreics, Chief Financial Officer (CFO)
About Eleving Group
Eleving Group comprises a number of financial technology companies with a global presence. The Group operates in the vehicle and consumer finance segments in 3 continents, providing financial inclusion and disruptively changing financial service industries in its countries of operation. Founded in 2012 in Latvia, the Group has revolutionized the way people purchase cars. Having expanded across the Baltics within its first year in business, the Group continued expansion in the following years, servicing a total of 14 active markets. With its headquarters in Latvia, the Group operates in the Baltics, Central, Eastern, and South-Eastern Europe, Caucasus, Central Asia, and Eastern Africa. For two consecutive years (2020, 2021), the Group has appeared on the Financial Times list of Europe’s 1000 fastest growing companies.
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