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Mogo Finance reports unaudited results for the twelve months ended 31 December 2020

·7-min read

DGAP-News: Mogo Finance S.A. / Key word(s): Preliminary Results/Annual Results
15.02.2021 / 11:30
The issuer is solely responsible for the content of this announcement.

Mogo Finance reports unaudited results for the twelve months ended 31 December 2020

EUR 46 million record EBITDA - Resilient to turbulences and strong foundation for 2021

OPERATIONAL AND STRATEGIC HIGHLIGHTS

 

FINANCIAL HIGHLIGHTS AND PROGRESS


Modestas Sudnius, CEO of Mogo Finance, commented:
"Despite the challenges posed by Covid-19, Mogo Finance ended its fiscal 2020 on a strong note, recording record revenues, record EBITDA two quarters in a row, and excellent portfolio quality. Results were driven by effective capital allocation, with a profound focus on mature markets yielding highest returns, markets and products with the best unit economics, as well as overall cost optimization. The company made strategic acquisitions that helped to strengthen the Group's performance. Also, the pandemic required us to further strengthen our debt collection strategies and introduce more flexible schedules. On top of that, we refined our underwriting policy that has performed exceptionally well. And we had our investors by our side. While Eurobond holders voted for greater flexibility in further development, creditors of the two Latvian bonds signaled strong support for refinancing. We have strengthened Mogo Finance's resilience to turbulences and built a strong foundation for 2021."

The full unaudited report for the twelve months ended 31 December 2020 is available under https://mogo.finance/investment/results-and-reports/.

Conference Call:
A conference call in English with the Group's management team to discuss these results is scheduled for 17 February 2021 at 15:00 CET.

Please register http://emea.directeventreg.com/registration/7928336

Contact:
Mogo Finance
Maris Kreics, Chief Financial Officer (CFO)
Email: maris.kreics@mogofinance.com

About Mogo Finance:
Mogo Finance Group, keeping car lending business as predominant, also utilizes consumer lending in selective markets 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 650 million secured loans and is running a net loan and used car rent portfolio of over EUR 202 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 Caucasus and Central Asia as well as Eastern Africa.

www.mogofinance.com

IMPORTANT INFORMATION

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or any other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. Persons into whose possession this announcement may come are required to inform themselves of and observe all such restrictions.

This announcement does not constitute an offer of securities for sale in the United States. The bonds have not been and will not be registered under the Securities Act or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

This announcement does not constitute a prospectus for the purposes of Directive 2003/71/EC, as amended (the "Prospectus Directive") and does not constitute a public offer of securities in any member state of the European Economic Area (the "EEA").

This announcement does not constitute an offer of bonds to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the bonds. Accordingly, this announcement is not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of this announcement as a financial promotion may only be distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as "Relevant Persons"). Any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this announcement or any of its contents.

PROFESSIONAL INVESTORS ONLY - Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as the bonds do not constitute packaged products and will be offered to eligible counterparties and professional clients only.


15.02.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Mogo Finance S.A.

8-10 avenue de la Gare

1610 Luxembourg

Luxemburg

Internet:

www.mogofinance.com

ISIN:

XS1831877755, LV0000801363

Listed:

Regulated Market in Frankfurt (General Standard)

EQS News ID:

1168237


 

End of News

DGAP News Service

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