DGAP-News: Mogo Finance SA / Keyword (s): Half-year results / Half-year results
06.08.2021 / 13:50
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Record profitability thanks to historically highest loan issuance and consistent financial performance

OPERATIONAL AND STRATEGIC HIGHLIGHTS

HIGHLIGHTS AND FINANCIAL PROGRESS

Modestas Sudnius, CEO of Eleving Group, said: “Eleving Group has produced robust performance in the first half of 2021, driven by strategic focus on its existing markets and leaner organizational structure. The strong the Group’s performance was driven by a record volume of consolidated loan issues, in particular, by a record number of disbursed auto loans in Romania, Uganda and Kenya and consumer credit in North Macedonia.
The used car market has become increasingly active during the pandemic, and our industry know-how allowed us to react quickly to growth demand for safer and more economical personal services mobility. The growing demand from individuals vehicle in all of the Group’s markets increased both the average size of a Mogo loan (up 4% qoq) and the number of applications for auto loans (up nearly 13% quarter on quarter).
In the first six months of 2021, we also have focused on our corporate identity and took measures to boost the Group’s new brand international awareness business community – we launched our new website and strengthened our ESG approach. To pursue our ESG objectives, we published the first group-wide non-financial statements and spear sall social initiatives, for example, an electronic signature solution in Romania and a women’s motorcycle school in Kenya.
To encourage strong employee engagement in strengthen business resilience and innovation culture, we launched a vaccination motivation program and hybrid work model in Group headquarters, including flexible work style and culture of engagement.
As we head towards the best fiscal year of the Group’s history, Eleving Group will continue gradual growth over the next few quarters, maintain a strong focus on sustainable development Business development. “

Maris Kreics, CFO of Mogo Finance: “Record profitability achieved in the first semester 2021 provides conclusive evidence that the the revised strategy has been widely implemented as expected and is paying off. The core profitability attested by the highest Quarterly EBITDA of more than 50% year-over-year increase and record portfolio of 211.5 million euros, contribution to which was carried out by our two businesses – financing of vehicles and consumption.
The consistency of the Group’s financial performance is reflected in the strongest equity position in Group history – total equity in the top six months of 2021 increased by 39.1%, reaching the total equity of 48 million euros at the end of the first half of 2021.
In addition, our financing position remained solid, with steadily falling investment costs over the Mintos peer-to-peer market (weighted average financing rate for the entire portfolio funded by Mintos is less than 10%) and our Eurobond and Latvian bond secondary market prices are trading comfortably above par.
The Group’s bonds will mature in the second half of the year 2022, and we plan to assess a range of refinancing options during the second half of the year 2021. “

The full unaudited report for the six-month period ended June 30, 2021 is available under: https://eleving.com/investisseurs/

Conference call:

A conference call in English with the Group’s management team to discuss the results is scheduled for August 10, 2021 at 3:00 p.m. CET.
Please register: http://emea.directeventreg.com/registration/2934356

Contact:

Elevation group
Maris Kreics, Chief Financial Officer (CFO)
E-mail: [email protected]

About the elevation group
Eleving Group comprises a number of FinTech companies with a global presence. The Group operates in the auto credit and consumer credit segments on 3 continents, providing financial inclusion and disruptive changing financial services industries in its countries of operation. Founded in 2012 as Mogo in Latvia, the Group has revolutionized the way people buy cars. After expanding into all the Baltic countries in its first year of activity, the Group continued to expand in the following years, serving a total of 14 active markets.
With its head office in Latvia, the Group operates in the Baltic States, Central, Eastern and South-Eastern Europe, the Caucasus, Central Asia and East Africa.
Since 2020, for two consecutive years, the Group has been on the Financial Times list of the 1000 fastest growing European companies.

Read more: www.eleving.com

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PROFESSIONAL INVESTORS ONLY – The target market for manufacturers (governance of MIFID II products) includes only eligible counterparties and professional clients (all distribution channels). No PRIIP key information document (KID) has been prepared because the bonds do not constitute packaged products and will be offered only to eligible counterparties and professional clients.

Latvia, Lithuania, Estonia, Georgia, Armenia, Moldova, Romania, Belarus, Uzbekistan, Kenya, Uganda.

A Premium auto finance solution created through a strategic partnership with a local bank, which combines banking-level product pricing with FinTech speed, exceptional customer service, automation and flexibility. Primero Finance bridges the gap between conventional banking / leasing and consumer subprime financing.

North Macedonia, Albania, Moldova, Ukraine.

Adjusted for the amortization of the fair value gain of 1.8 million euros and the write-off from Albania of 1.1 million euros.

08.06.2021 Distribution of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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