|Emitents||mogo AS (213800DOKX626GYVOI32)|
|Veids||2.2. Iekšējā informācija|
Eleving Group continues to demonstrate strong results
Operational and Strategic Highlights
Financial Highlights and Progress
Modestas Sudnius, CEO of Eleving Group, commented:
It has been another excellent quarter for Eleving Group since the business continues to grow steadily as evidenced by all the fundamental figures. We have experienced a successful three-month run, and given the outstanding financial performance in 2022, the Group enjoys the strongest financial position to date.
At this point, we do not see any significant signals of an economic slowdown at the Group level. However, we are ready to adopt the right measures if challenges arise in the future. From quarter to quarter, we have proven that we have the right business structure in place and are ready to exploit its full potential. This has been one of the key factors consistently producing stable profit, turnover, EBITDA results, and increasing the company’s portfolio figures.
Being aware of the new global and economic reality, we continue to take a more conservative approach to the company’s development. Our primary focus for this year is on streamlining the existing products in our mature markets which continue to perform at the usual level in the mobility and consumer finance segments. We have tightened our underwriting policies and reviewed the cost structure to be better prepared for upcoming turbulences. However, the demand for the company’s products remains strong, and we have achieved a q-o-q portfolio increase of almost 5%. It is lower than in the previous quarters this year, yet it has been our choice to maintain controlled and healthy growth during times of uncertainty. By holding the best financial position in the company’s history, having an efficient business structure in place, and running flexible operations, not only are we ready to embrace potential challenges but we are also ready to strengthen our market share in the existing markets.
Maris Kreics, CFO of Eleving Group, commented:
The last quarter contributed to our company’s strongest-ever nine-month performance, driven by satisfactory portfolio quality and smart cost control. It is confirmation that the adopted strategy consistently produces high-quality financial performance.
We may now conclude that the strategic decisions regarding the diversification of the funding have been justified and yield tangible results. We find ourselves in a fairly comfortable position since we have various funding sources, such as bonds, bank loans, and borrowings from third parties that were acquired or issued when the conditions for fundraising were more favorable. This quarter, we successfully raised an additional EUR 4 mln worth of funds in Kenya through a private bond placement aimed at local investors. The successful results of the previous quarters have contributed to the further growth of our business (portfolio), which was primarily financed by the company’s equity.
In the following months, we will be more actively streamlining the company's administrative processes. We have prepared ourselves for the turbulent times ahead, and we believe these times can be striven through with a strong balance sheet and lean operations. That is where our focus lies.
Full unaudited consolidated report on 9M period ended on 30 September: https://eleving.com/investors/
A conference call in English with the Group's management team to discuss the results is scheduled for 9 November 2022 at 15:00 CET.
Link to register for a conference call: https://bit.ly/3FbdIv4
Toms Vecvagars, Investor Relations Manager
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 on three continents, providing financial inclusion and disruptively changing financial services industries in its countries of operation. Founded in 2012 in Latvia, the Group has revolutionized how people purchase cars. Having expanded across the Baltics within its first year in business, the Group continued expanding in the following years, servicing 13 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 since 2020, the Group has appeared on the Financial Times list of Europe’s 1000 fastest-growing companies.
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