Mogo Finance: Publication of audited FY2018 annual accounts until mid of May 2019
Riga, Latvia, 26 April 2019. Mogo Finance and its group companies (the “Group”), specialized in used car financing, expects a delay in the publication of the audited FY 2018 results until mid of May 2019 instead of as planned at the end of April 2019 due to additional technical and organizational efforts related to the audit process of the annual financial statements which result from the first-time application of IFRS 9
(“Financial Instruments”) and IFRS 16 (“Leases”).
In accordance with the terms and conditions, Mogo Finance has informed the bondholder agent of its 9.50% corporate bond 2018/2022, in order to fulfill its obligations with the publication of audited FY 2018 results until 15 May 2019.
It is particularly noteworthy, that Mogo Finance voluntarily adopted IFRS 16 before its mandatory application for business years starting 2019 in order to provide sound and transparent financial information.
Mogo Finance plans to publish unaudited figures for the first quarter of 2019 for 15 May 2019 and an earnings call to be held subsequently.
Mogo Finance (CFO), Email: email@example.com
Maris Kreics +371 66 900 900
Aalto Capital, Email: firstname.lastname@example.org
Sven Pauly +49 89 8986777 0
About Mogo Finance:
Mogo Finance is one of the largest and fastest growing secured used car financing companies in Europe. Recognizing the niche in used car financing underserved by traditional lenders, Mogo Finance has expanded its operations to 13 countries issuing over EUR 358 million up to date and running a net loan portfolio over EUR 140 million. Mogo offers secured loans up to EUR 15,000 with maximum tenor of 84 months making used car financing process convenient, both for its customers and partners. Wide geographical presence makes Mogo unique over its rivals and diversifies revenue streams.
Mogo Finance operates through its own branch network, more than 1,500 partner locations and strong online presence. Physical footprint makes Mogo Finance top of mind brand in used car financing. Established in 2012, headquartered in Riga, Latvia Mogo Finance operates in: Latvia, Estonia, Lithuania, Georgia, Poland, Romania, Bulgaria, Moldova, Albania, Belarus, Armenia, Ukraine and Uzbekistan.
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