(with the report of the réviseur d’enterprises agréé)
Eleving Group
Société anonyme
Registered office:
8-10 Avenue de la Gare
L-1610, Luxembourg
Luxembourg Trade and Companies Register number: B 174.457
Annual accounts for
the financial year ended
31 December 2024
3
6
12
17
19
33
Management report
Report of the réviseur d’enterprises agréé
Balance sheet
Profit and loss account
Notes to annual accounts
Management Boards’ statement
Table of contents
Eleving Group
Société anonyme
The Management Board of the Company presents the report on the annual accounts for the year ended 2024. All the figures are presented in EUR (euro).
The main goal of the Company is to develop the business of its affiliated undertakings. It acts as the ultimate holding and financing company for the group
therefore its success is measured from financial results of the Group as a whole and not from its standalone results only.
Since the last day of the reporting year several other significant events took place:
2) In March 2025 the Company received dividends from its subsidiaries for total amount of EUR 10 943 452.
Total assets of the Company increased to EUR 235.5 million (7% increase, compared to 219.7 million EUR in 2023). During the last quarter of 2024, the
Group accomplished the largest initial public offering (IPO) in Nasdaq Riga’s history. Immediate short term use of the proceeds was allocated to redeeming
Eleving Group’s subordinated bonds and selectively repaying higher cost Mintos outstanding loans. The remaining IPO proceeds were allocated for organic
growth, new product rollout, and new market launches.
1) During first quarter of 2025 the Company successfully tapped its EUR 50 million Eurobond (ISIN DE000A3LL7M4) by issuing additional EUR 40 million,
which will be mainly used to fuel the future growth of the business and partially refinance existing liabilities. The new bonds where issued with a 10% yield
to maturity since additional discount of 9% of nominal was deducted at the moment of the tap.
In 2024 the Company had no research and development activities.
During 30 days after IPO the Company performed purchase of its own share as part of share price stabilisation process. As a result the Company purchased
in total 689 558 shares for total amount of EUR 1 146 772.
In 2024 the Group continued to cooperate with continental Europe’s leading marketplace for loans - Mintos ( www.mintos.com ). Currently, the Group has
one of the largest loan portfolios listed in the platform, and it offers investors to invest in Group’s loans originated in thirteen operational entities.
The Company does not have any branches as at 31 December 2024.
Management report
Eleving Group S.A.
Management Report
General information
28 April 2025
Operations and Financial Results
In 2024 the Company generated EUR 34 600 034 revenue (income from participating interests and income from other investments and loans forming part
of the fixed assets) (2023: EUR 26 392 990) and EUR 7 003 721 profit (2023 profit: EUR 4 744 144).
Eleving Group S.A. (hereinafter referred to as – the Company) and its affiliated undertakings (hereinafter together referred to as – the Group) is an
international and fast-growing financial technology company with a vast global reach. Operating on three continents, the Group`s companies recognize the
niche underserved by conventional lenders and provide financial inclusion by disruptively changing the used car and consumer financing industry. Founded
in 2012 in Latvia, the Group revolutionized how people acquire used cars. Having expanded to the Baltic region within a year after its launch, the Group
continued its further expansion, operating in 16 active markets as of the end of 2024. Eleving Group has disrupted the used vehicle market and how a
person's social mobility can be elevated through access to convenient and responsible lending. The Group's main car financing products are financial
leasing, where customers use the Group's services to acquire the vehicles, and leaseback financing, where the customer sells their vehicle and leases it
back to Eleving. The Group`s consumer finance business offers flexible financial products starting with a credit line and ending with an installment loan
with a focus on providing accessibility to a substantial amount of money in the most convenient way. Innovative financial solutions, the transparency
provided by the presence in the international capital markets, and a talented team of 2 589 people on average during the reporting year make the Group
one of the top fastest growing companies in the industry.
Despite the uncertainty in the global economy, demand for consumer credit products has not weakened, and customer's ability to settle their liabilties is
still higher than expected in a period of economic uncertainty and elevated interest rates environment.
The Group has successfully addressed the diversification of the funding structure by unlocking numerous additional financing channels like local impact
funds, bank loans, local notes.  Also, the Group continues to maintain lean operations and strong cost discipline. Together with the increasing digitization of
the daily processes, the Group managed to maintain a very cost-effective business even in an inflationary environment. These activities together with a
succesfull IPO have substantially strenghtened the Group's capitalization.
The Group has also further improved its position in green mobility by continuously expanding electric motorcycle financing services in the African region
with over 2 000 units financed and an investment of approximately EUR 2 million to expand this product line..
The Company and the Group had a year where its net loan portfolio reached a new all time high amount of EUR 369 million while maintaining stable
portfolio quality.
During the 2024 financial year the Group's credit rating was improved from B- (stable outlook) to a B (stable outlook) issuer as well as senior secured bond
rating by Fitch.
3
Liquidity risk
Cash flow risk
The Company manages its cash flow risk by:
Price risk
Credit risk
Market risk
Currency risk
The Company’s activities expose it to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk, and liquidity risk.
The Company’s overall risk management focuses on financial markets and seeks to minimize potential adverse effects on the Company’s financial
performance. The Company uses derivative financial instruments to hedge certain risk exposures, which are carried out by the central treasury department
(Company’s treasury).
The Group controls its liquidity by managing the amount of funding it attracts through marketplace platforms for loans, which provides the management
with greater flexibility to manage the level of borrowings and available cash balances. Also, the Group manages its longer-term liquidity needs by obtaining
funding from international capital markets, in particular by issuing new Bonds and refinancing existing Bonds before they expire. The Company ensures its
short term liquidity by planning short term cash flows within the Group on regular basis.
The Group is exposed to credit risk through its loans and advances to customers, as well as cash and cash equivalents. The key areas of credit risk policy
cover the loan granting process (including solvency check of the lessee or the borrower), monitoring methods, as well as decision-making principles. The
Group uses financed vehicles as collateral to significantly reduce the credit risk.
Eleving Group S.A.
Management Report
The Group operates by applying a clear set of loan granting criteria. These criteria include assessing the credit history of the customer, means of loan
repayment and understanding the loan object. The Group takes into consideration both quantitative and qualitative factors when assessing the
creditworthiness of the customer. Based on this analysis, the Group sets the credit limit for each customer. When the loan agreement has been signed, the
Group monitors the loan object and the customer’s solvency. The Group has developed a loan monitoring process that helps quickly spot any possible non-
compliance with the provisions of the agreement. The receivable balances are monitored on an ongoing basis to ensure that the Group’s exposure to bad
debts is minimized and, where appropriate, sufficient provisions are made. The Group does not have a significant credit risk exposure to any single
counterparty but is exposed to risks to the group of counterparties having similar characteristics.
The Group takes on exposure to market risks, which are the risks that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risks arise from open positions in the interest rate and currency products, all of which are exposed to general and specific
market movements and changes in the level of volatility or market rates or prices, such as interest rates and foreign exchange rates.
Currency risk is defined as the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Group is exposed to
the effects of fluctuations in the prevailing foreign currency exchange rates from its affiliated companies on its financial position and cash flows. The most
significant foreign currency exposure (above EUR one million) comes from Armenia, Lesotho, Moldova, Ukraine and Uzbekistan. In most of the markets
with exception of Kenya, Uganda and Namibia the Group has evaluated potential hedging options but, due to the costs associated with it, has decided not
to pursue a hedging strategy for now and assume potential short to mid-term currency fluctuations with retaining potential upside from strengthening of
the mentioned currencies. Nevertheless, the Group has a practice of pricing in the currency risk within the cost of its products in the most volatile markets
from a foreign currency perspective. In addition, the Group is making substantial progress in issuing as many loans as possible in EUR and USD currencies.
Having now a significant portfolio of USD loans, mainly linked to Kenya, and Uganda, the Group has started to proactively manage the foreign currency
exposure risk towards USD. The proactive management of USD exposure can be observed by forward contract purchases that have started already in 2020
and continued since then.
For African countries with significant foreign currency exposure where hedging options are available, the Group’s hedging policy aims to utilize these
instruments to reduce the value of assets exposed to currency risk. Currently, hedging options are available in Kenya, Uganda, and Namibia.
As a standalone entity, the Company is exposed to Kenyan Shilling (KES) currency risk through a loan issued to an affiliated company in Kenya. This loan,
denominated in KES, exposes the Company to currency fluctuations. To mitigate this risk, a EUR-KES derivative arrangement has been concluded with its
affiliated company in Latvia.
Financial risks
The Company continuously monitors its intra-group financing arrangements to ensure alignment with market conditions and regulatory standards.
The Company is exposed to cash flow risk arising from variations in the timing and amount of cash flows generated by its operating activities. This includes
uncertainties related to customer payment behavior, supplier terms, and fluctuations in operating expenses.
- Maintaining a liquidity buffer in the form of available cash reserves;
- Monitoring accounts receivable and applying credit control policies to reduce late payments;
- Aligning major investment decisions with the availability of cash resources and projected operating cash flows.
The Company primarily provides financing to entities within the same corporate group and derives its income from interest on intra-group loans. As such, it
is not materially exposed to price risk arising from fluctuations in external market prices or interest rates.
Interest rates on intra-group loans are determined in accordance with the Group’s transfer pricing policy and are regularly reviewed to ensure compliance
with applicable regulations, including the OECD Transfer Pricing Guidelines and Luxembourg tax requirements.
Given the Company’s ability to set and adjust interest rates within the Group, and the absence of significant exposure to third-party financial markets, the
price risk is considered to be immaterial.
4
Interest rate risk
Future outlook
Monitor further developments related to U.S. imposed, but paused for 90 days tariffs and assess potential impact and actions needed by the Company if
they come into effect later during the year.
Roll out consumer loan products in selected vehicle segment markets.
Maintain existing market positions, with a focus on growing portfolio across all markets
Analyse opportunities for further growth in new markets
Focus on efficient capital allocation between the existing markets and products. Evaluate possible growth opportunities through portfolio or business
acquisitions or new market launches
The Company has very limited exposure to interest rate risk since all its borrowings are at fixed rate except borrowings from other creditors which have
variable component of EURIBOR included.
Sébastien Jean-Jacques J. François
Corporate Governance Statement
Eleving Group S.A.
Management Report
Going into 2025 the Company and its affiliated undertakings intend to:
Launch new markets.
Further scale up electric motorcycle financing products.
Launch a new financing products across existing Sub-Saharan markets.
Maintain sufficient and comfortable headroom for financial covenants: Interest Coverage ratio (ICR), Net Leverage ratio and Capitalization ratio
Eleving Group S.A. Corporate Governance Statement has been included in the Management report included in the Eleving Group S.A. consolidated annual
report for the year ended 31 December 2024, and it is also available to the public electronically on the Eleving Group S.A. webpage www.eleving.com.
The Companys's performance is directly linked to overall performance of the whole Group thus in order to grow the business in the near future the overall
Group's strategy will rely on three core pillars - organic growth in existing markets with current products, new product roll out in the existing markets and
entering new markets. The Group will also evaluate and explore possible growth opportunities through the portfolio and/or business acquisitions.
Group’s capital management strategy focuses on maintaining and strengthening its financial covenants, particularly the interest coverage ratio, net
leverage ratio, and capitalization ratio. Another strategic goal is to continue increasing the debt financing raised in local currencies in Africa based markets
to have a natural hedge and to facilitate further growth in the respective markets. The Group will pursue different avenues to achieve that, such as local
bank financing, bond programs, and impact investors. Additionally the Group will explore opportunities to further explore Eurobond markets for a refinance
and new capital raise purposes.
Financial risks (continued)
Signed on behalf of the Company on 28 April 2025 by:
Māris Kreics
5
Category A Member of the Managemen Board
Category B Member of the Managemen Board
Tel. 352 45 123-1  1, rue Jean Piret
www.bdo.lu  Boîte
Postale
351
L-2013
Luxembourg
REPORT
OF
THE
REVISEUR
D’ENTREPRISES
AGREE
To
the
Shareholders
of
Eleving
Group
Société
Anonyme
8-10, Avenue de la Gare
L
-
1610
Luxembourg
Report on the audit of the annual
accounts
Opinion
We
have audited
the annual
accounts
of Eleving
Group
(the “Company”), which comprise
the
balance
sheet as at 3t December
2024, and the
profit
and loss account
for the year then ended,
and
notes
to the annual
accounts,
including
a summary
of significant
accounting
policies.
In
our opinion, the accompanying
annual
accounts
give
a true and fair view of the financial
position
of the Company as at 31 December 2024, and of the results
of its operations for the year
then
ended
in accordance with Luxembourg
legal
and
regulatory requirements
relating
to the
preparation
and
presentation
of the annual
accounts.
Basis
for opinion
We conducted
our audit in accordance
with the EU
Regulation
N°  537/2014, the Law of
23
July 2016
on
the audit profession (“Law of 23
July 2016”) and
with International
Standards
on
Auditing
(“ISAs”) as
adopted
for Luxembourg
by the “Commission
de
Surveillance
du
Secteur
Financier” (“CSSF”).
Our
responsibilities
under the
EU
Regulation
N° 537/2014, the Law
of
23
July
2016
and
ISAs
as
adopted
for Luxembourg
by the
CSSF
are further
described
in the
«
Responsibilities
of the “réviseur
d’entreprises
agréé” for the audit of the annual
accounts
»
section
of our report. We
are
also
independent of the
Company
in accordance
with the
International
Code
of Ethics for Professional
Accountants, including
International
Independence
Standards, issued by the International
Ethics Standards
Board for Accountants
(IESBA
Code) as
adopted
for Luxembourg
by the
CSSF
together
with the ethical
requirements
that are relevant to
our
audit of the annual
accounts, and
have
fulfilled
our
other ethical
responsibilities
under those
ethical
requirements. We
believe
that the audit evidence
we have
obtained
is sufficient and
appropriate
to provide
a basis
for our opinion.
Key
Audit
Matters
Key audit
matters
are those
matters
that,
in our professional
judgment,
were of most
significance
in our audit of the annual
accounts
of the current
period.
These
matters
were
addressed
in the context
of the audit of the annual
accounts as a whole, and in forming
our
opinion
thereon, and
we do
not provide
a separate
opinion
on these
matters.
BDO
Audit,
Société
Anonyme
R.C.S.
Luxembourg  B
147.570
TVA
LU
23425810
BDO
Audit, a
société
anonyme
incorporated
in Luxembourg,
is
a
member
of
BDO
Intemational
Limited,
a
UK
company
limited
by
guarantee,
and
forms
part
of
the
international
BDO
network of
independent
member
firms.
BDO
is the
brand
name
for the
BDO
network
and
for
each
of the
BDO
Member
Firms.
IBDO
Valuation
of shares
in
affiliated
undertakings,
loans
to
affiliated
undertakings,
loans
to
undertakings
with which the undertaking
is linked
by virtue
of participating
interests
and
amounts
owed
by
affiliated
undertakings
a)  Why
the matter
was
considered
to be
one
of the most significant?
Being
the ultimate
parent entity
of Eleving
Group, the
Company's
assets
mainly
consist of shares
in affiliated
undertakings, loans
to
affiliated
undertakings, loans
to undertakings
with which the
undertaking
is linked
by virtue of participating
interests and
amounts
owed
by
affiliated
undertakings.
We
refer to the accounting
policies
in notes
2
and
3
and to the financial
disclosure
in Notes
4, 5,
6,
7
and 21
to the
annual
accounts.
The
carrying
amounts
of
shares
in affiliated
undertakings, loans
to affiliated
undertakings, loans
to undertakings with which the undertaking
is linked
by virtue of participating
interests and
amounts
owed
by
affiliated
undertakings
amount respectively to
EUR
10.618
thousand,
EUR
205.351
thousand,
EUR
3.254
thousand
and
EUR
2.210
thousand
and
represent
respectively
4,5%, 86,8%, 1,4% and 0,9% of the Company’s
total
assets as at 31 December 2024. As
at
31
December
2024, the
Company
has
recognized
value adjustments amounting
to
EUR
79 thousand
in respect of these
assets.
At the end of each
reporting
period, management
is required
to
assess
whether there
is any
permanent
reduction
in value of financial
assets measured
at cost. The assessment requires
the
Management
Board
to apply judgement,
including
in respect of the
affiliates’
future
operating
cash
flows, growth
rates and
discount rates, and
is therefore
associated
with significant
estimation
uncertainty.
Therefore, we
have
associated
the
impairment
assessment
in respect of
shares
in
affiliated
undertakings, loans
to affiliated
undertakings and
amounts
owed by
affiliated
undertakings
with
a
significant
risk of
material
misstatement
and as
a
such, this area is considered to be
a
key
audit matter.
b)  How
was
the matter
addressed
in our audit?
Our
audit
procedures
on
valuation
of
shares
in affiliated
undertakings,
loans
to
affiliated
undertakings, loans
to undertakings
with which the undertaking
is linked
by
virtue
of
participating
interests
and amounts
owed
by
affiliated
undertakings
included
but were not
limited
to:
»
Evaluating
the appropriateness of the accounting
policy and
valuation
methods and
gaining
an
understanding
of the
management’s
process
and
controls related
to the
identification
of the
impairment
indicators
and the
impairment
test of
shares
in
affiliated
undertakings,
loans to
affiliated
undertakings,
loans to
undertakings
with
which the undertaking
is linked
by virtue
of participating
interests
and
amounts owed
by
affiliated
undertakings;
e
Obtaining
the information
and
documentation
used
by the
Management
Board
in their
assessment
(“Management’s Assessment”);
+
With the assistance
of our valuation
specialists,
assessing
the appropriateness of
impairment testing
methods applied
against
the requirements
of the relevant financial
reporting
standards
and
current
market practice;
BDO
Audit, Société
Anonyme
R.C.S.
Luxembourg  B
147.570
TVA
LU
23425810
BDO
Audit,
a
société
anonyme
incorporated
in Luxembourg,
is a
member
of
BDO
Intemational
Limited,
a UK
company
limited
by guarantee, and
forms
part
of
the
international
BDO
network
of
independent
member
firms.
BDO
is
the
brand
name
for the
BDO
network
and
for
each
of
the
BDO
Member
Firms.
|IBDO
+
Obtaining
the most recent financial
information
available
on
the
affiliated
undertakings
and
the
borrowers to corroborate
the
Management's
Assessment
of their financial
performance
and
of the valuation
of the
shares
in
affiliated
undertakings, loans
to
affiliated
undertakings and
amounts
owed
by affiliated
undertakings;
e
With the
assistance
of our valuation
specialists, evaluating
the
reasonableness
of the
Management
Board’s judgement as
to the existence
of impairment
indicators. This
included,
but was not
limited
to, discussing
all of the
affiliated
undertakings’
performance
with the
Company's
finance
function
officers, and
assessing
their strategy
and
historical
profitability;
e
Challenging
the key
assumptions
applied
in the
Management’s
Assessment,
as
follows:
o
Terminal
growth
rate
-
by
reference
to historical
financial
performance
of other
related
companies,
assessed
quality
of budgeting
process,
past and
expected
future market developments;
o  Discount
rates
-
by
assessing
whether
the cost of debt and
cost
of equity
used
are within the reasonable
range, given
the Group’s
industry, risk profile
and
financial
position;
o  Other key
inputs,
such
as
estimates of free
cash
flows
in the first three years
of
operations
by
inquiries
of the
Management
Board
and
inspection
of supporting
documentation
(including
approved
budgets) and
considering
historical
financial
performance
of the respective
Company;
e
Performing
a
sensitivity
analysis
of
impairment
test’s
results
to
change
in key
assumptions, such as,
primarily,
terminal
growth and discount rates;
*
Assessing
the completeness, accuracy
and
relevance
of the
disclosures
in respect
of the
valuation
of
shares
in affiliated
undertakings, loans
to affiliated
undertakings and
amounts
owed by
affiliated
undertakings.
Other
information
The
Management
Board
is responsible
for the other
information.
The
other
information
comprises
the
information
stated
in the management
report and the Corporate
Governance
Statement but
does
not include
the annual
accounts
and
our report
of the “réviseur
d’entreprises
agréé”
thereon.
Our
opinion
on the annual
accounts
does
not cover the other
information
and
we do
not express
any
form of
assurance
conclusion
thereon.
In
connection
with our audit of the annual
accounts, our responsibility
is to read
the other
information
and, in doing
so, consider
whether
the other
information
is materially
inconsistent
with the annual
accounts or our knowledge obtained
in the audit or otherwise
appears
to be
materially
misstated. If, based
on the work we
have
performed, we
conclude
that there
is a
material
misstatement
of this other
information, we are required
to report this fact. We
have
nothing
to report
in this regard.
BDO
Audit,
Société
Anonyme
R.C.S.
Luxembourg  B
147.570
TVA
LU
23425810
BDO
Audit, a
société
anonyme
incorporated
in Luxembourg,
is a
member
of
BDO
International
Limited, a
UK
company
limited
by guarantee, and
forms
part
of the
international
BDO
network
of
independent
member
firms.
BDO
is
the
brand
name
for
the
BDO
network
and
for
each
of the
BDO
Member
Firms.
|IBDO
Responsibilities
of the
Management Board
for the annual
accounts
The
Management
Board
is responsible
for the preparation
and fair presentation
of these
annual
accounts
in accordance
with Luxembourg
legal
and
regulatory
requirements
relating
to the
preparation
and
presentation
of the annual
accounts, and for
such
internal
control
as
the
Management
Board
determines
is
necessary
to enable
the preparation
of annual
accounts
that
are free from
material
misstatement, whether
due to fraud or
error.
The
Management
Board
is responsible
for presenting
the annual
accounts
in compliance
with the
requirements set out in the Delegated
Regulation
2019/815 on
European
Single
Electronic
Format
(“ESEF
Regulation”).
In
preparing
the annual
accounts, the
Management
Board
is responsible
for
assessing
the
Company’s
ability
to continue
as
a
going
concern, disclosing,
as
applicable, matters related
to
going
concern
and
using
the going
concern
basis
of accounting
unless
the
Management
Board
either
intends
to liquidate
the
Company
or to cease
operations, or
has
no realistic
alternative
but to do so.
Those
charged
with governance
are
responsible
for overseeing
the
Company’s
financial
reporting
process.
Responsibilities
of the
“réviseur
d’entreprises
agréé”
for the audit of the annual
accounts
The
objectives
of our audit are to obtain reasonable
assurance
about whether
the annual
accounts
as
a whole are free from
material
misstatement, whether
due to fraud or error, and to
issue
a report
of “réviseur
d’entreprises
agréé” that includes
our
opinion.
Reasonable
assurance
is a
high
level
of
assurance
but is
not a
guarantee
that an audit conducted
in accordance
with
the
EU
Regulation
N° 537/2014, the Law
of 23
July 2016
and with
ISAs
as
adopted for
Luxembourg
by
the
CSSF
will
always
detect a
material
misstatement when
it exists.
Misstatements
can
arise
from fraud
or error
and
are considered
material
if, individually
or
in the
aggregate, they could reasonably
be expected
to influence
the economic decisions
of
users
taken
on
the
basis
of these
annual
accounts.
Our
responsibility
is to
assess
whether the
annual
accounts
have
been
prepared
in all material
respects
in accordance
with the requirements
laid down
in the
ESEF
Regulation.
As
part of
an
audit
in accordance
with the
EU
Regulation
N° 537/2014,
the
Law
dated
23
July 2016
and
with
ISAs
as
adopted
for Luxembourg
by the
CSSF,
we
exercise
professional
judgment and
maintain
professional
skepticism throughout the audit. We
also:
e  Identify
and
assess
the risks
of material
misstatement
of the annual
accounts, whether
due to fraud or error, design and perform
audit procedures responsive
to those risks, and
obtain
audit evidence
that is sufficient
and
appropriate
to provide
a
basis
for our
opinion. The
risk of not detecting
a
material
misstatement
resulting
from fraud
is
higher
than for one
resulting
from error, as
fraud
may
involve
collusion, forgery,
intentional
omissions, misrepresentations, or the override
of internal
control.
e
Obtain
an
understanding
of internal
control
relevant to the audit in order to design
audit
procedures
that are appropriate
in the circumstances, but not for the purpose
of
expressing
an
opinion
on the
effectiveness of the Company’s
internal
control.
e
Evaluate
the appropriateness
of accounting
policies
used
and
the
reasonableness
of
accounting
estimates
and related
disclosures
made by the
Management
Board.
BDO
Audit,
Société
Anonyme
R.C.S.
Luxembourg  B
147.570
TVA
LU
23425810
BDO
Audit, a
société
anonyme
incorporated
in Luxembourg,
is
a
member
of
BDO
Intemational
Limited,
a
UK
company
limited
by guarantee,
and
forms
part
of the
international
BDO
network
of
independent
member
firms.
BDO
is the
brand
name
for the
BDO
network
and
for each
of the
BDO
Member
Firms.
|IBDO
e
Conclude
on the appropriateness
of
Management
Board's
use
of the going
concern
basis
of accounting
and, based on the audit evidence
obtained, whether
a
material
uncertainty
exists related
to events
or conditions that may
cast
significant doubt on
the
Company's
ability
to continue
as
a
going
concern. If we conclude
that a
material
uncertainty
exists, we
are required
to draw attention
in our report
of the “réviseur
d’entreprises
agréé” to the related
disclosures
in the annual
accounts
or, if such
disclosures
are
inadequate, to modify
our opinion. Our
conclusions
are
based
on the
audit evidence
obtained
up to the date
of our report of the “réviseur
d’entreprises
agréé”.
However, future events
or conditions
may
cause
the
Company
to
cease
to
continue
as
a
going concern.
+  Evaluate
the
overall
presentation, structure
and
content
of the annual
accounts,
including
the disclosures, and whether
the annual
accounts
represent
the
underlying
transactions and
events
in a
manner
that achieves
fair presentation.
We
communicate
with those
charged
with
governance
regarding, among
other matters, the
planned
scope
and
timing
of the audit and
significant audit findings, including
any
significant
deficiencies
in internal
control
that we
identify
during
our audit.
We
also
provide
those
charged with
governance
with a statement that we have
complied
with
relevant
ethical
requirements
regarding
independence
and
communicate
to them all
relationships
and
other matters
that may
reasonably
be
thought to bear on
our
independence,
and
where
applicable, actions taken to eliminate
threats
or
safeguards
applied.
From
the matters
communicated
with those
charged
with governance, we
determine
those
matters
that were
of most significance
in the audit of the annual
accounts
of the current
period
and
are therefore
the key audit matters.
We
describe
these
matters
in our report
unless
law or
regulation
precludes public disclosure
about the matter.
Report on Other Legal
and
Regulatory
Requirements
We
have
been
appointed
as
“réviseur
d’entreprises
agréé” by the Annual
General
Meeting
of the
Shareholders
held
on 30
April 2024
and
the duration
of our uninterrupted
engagement,
including
previous
renewals
and
reappointments, is three years.
The
management
report
is consistent with the annual
accounts
and
has
been
prepared
in
accordance
with applicable
legal
requirements.
The
Corporate
Governance
Statement
is
included
in the management report. The
information
required
by Article
68ter paragraph
(1) letters
c) and
d) of the law of 19
December
2002
on
the
commercial
and
companies
register
and
on the
accounting
records
and
annual
accounts
of
undertakings, as amended, is consistent
with the annual accounts and has been prepared
in
accordance
with applicable
legal
requirements.
We
confirm
that the
audit opinion
is consistent with the additional
report to the audit
committee
or equivalent.
We
confirm
that the
prohibited
non-audit
services
referred
to in the
EU
Regulation
N° 537/2014
were
not provided
and that we remained
independent of the
Company
in conducting
the audit.
BDO
Audit,
Société
Anonyme
R.C.S.
Luxembourg  B
147.570
TVA LU 23425810
BDO
Audit, a
société
anonyme
incorporated
in Luxembourg,
is a
member
of
BDO
International
Limited,
a
UK
company
limited
by guarantee,
and
forms
part
of the
international
BDO
network
of
independent
member
firms.
BDO
is
the
brand
name
for the
BDO
network
and
for
each
of
the
BDO
Member
Firms.
IBDO
We
have
checked
the compliance
of the
annual
accounts
of the
Company
as
at
31
December
2024
with relevant
statutory
requirements
set out in the
ESEF
Regulation
that are
applicable
to annual
accounts.
For
the
Company
it relates
to:
e
Annual
accounts
prepared
in a
valid
xHTML
format.
In
our opinion, the annual
accounts
of the
Company
as
at 31
December
2024,
have
been
prepared,
in all material
respects,
in compliance
with the requirements
laid down
in the ESEF
Regulation.
Luxembourg, 28 April 2025
BDO
Audit
Cabinet
de
révision
agréé
represented
by
BDO
Audit,
Société
Anonyme
R.C.S.
Luxembourg  B
147.570
TVA
LU
23425810
BDO
Audit, a
société
anonyme
incorporated
in Luxembourg,
is
a
member of
BDO
International
Limited, a
UK
company
limited
by guarantee, and
forms
part
of the
international
BDO
network
of
independent
member
firms.
BDO
is the
brand
name
for the
BDO
network
and
for each
of the
BDO
Member
Firms.
Page 1/5
The notes in the annex form an integral part of the annual accounts
DBSBIUP20250414T11203201_002
Annual Accounts Helpdesk :
Tel.  : (+352) 247 88 494
Email  : centralebilans@statec.etat.lu
RCSL Nr. : Matricule :B174457 2012 2226 019
eCDF entry date :
BALANCE SHEET
Financial year from to
(in )
01/01
01
/2024 31/12/2024
02
EUR
03
Eleving Group
8-10, Avenue de la Gare
L-1610 Luxembourg
ASSETS
Reference(s) Current year Previous year
A. Subscribed capital unpaid
1101 101 102
I. Subscribed capital not called
1103 103 104
II. Subscribed capital called but
unpaid
1105 105 106
B. Formation expenses
1107 107 108
C. Fixed assets
1109
219.223.477,00
109
195.254.028,00
110
I. Intangible assets
1111 111 112
1. Costs of development
1113 113 114
2. Concessions, patents, licences,
trade marks and similar rights
and assets, if they were
1115 115 116
a) acquired for valuable
consideration and need not be
shown under C.I.3
1117 117 118
b) created by the undertaking
itself
1119 119 120
3. Goodwill, to the extent that it
was acquired for valuable
consideration
1121 121 122
4. Payments on account and
intangible assets under
development
1123 123 124
II. Tangible assets
1125 125 126
1. Land and buildings
1127 127 128
2. Plant and machinery
1129 129 130
Page 2/5
The notes in the annex form an integral part of the annual accounts
DBSBIUP20250414T11203201_002
RCSL Nr. : Matricule :B174457 2012 2226 019
Reference(s) Current year Previous year
3. Other fixtures and fittings, tools
and equipment
1131 131 132
4. Payments on account and
tangible assets in the course
of construction
1133 133 134
III. Financial assets
1135
219.223.477,00
135
195.254.028,00
136
1. Shares in affiliated undertakings
4
1137
10.618.453,00
137
10.618.971,00
138
2. Loans to affiliated undertakings
5
1139
205.351.300,00
139
182.161.181,00
140
3. Participating interests
1141 141 142
4. Loans to undertakings with
which the undertaking is linked
by virtue of participating
interests
6
1143
3.253.724,00
143
2.473.876,00
144
5. Investments held as fixed
assets
1145 145 146
6. Other loans
1147 147 148
D. Current assets
1151
13.817.326,00
151
19.422.447,00
152
I. Stocks
1153 153 154
1. Raw materials and consumables
1155 155 156
2. Work in progress
1157 157 158
3. Finished goods and goods
for resale
1159 159 160
4. Payments on account
1161 161 162
II. Debtors
1163
2.354.852,00
163
10.944.453,00
164
1. Trade debtors
1165 165 166
a) becoming due and payable
within one year
1167 167 168
b) becoming due and payable
after more than one year
1169 169 170
2. Amounts owed by affiliated
undertakings
7
1171
2.209.702,00
171
10.826.056,00
172
a) becoming due and payable
within one year
1173
2.209.702,00
173
10.826.056,00
174
b) becoming due and payable
after more than one year
1175 175 176
3. Amounts owed by undertakings
with which the undertaking is
linked by virtue of participating
interests
1177 177 178
a) becoming due and payable
within one year
1179 179 180
b) becoming due and payable
after more than one year
1181 181 182
4. Other debtors
1183
145.150,00
183
118.397,00
184
a) becoming due and payable
within one year
8
1185
145.150,00
185
118.397,00
186
b) becoming due and payable
after more than one year
1187 187 188
Page 3/5
The notes in the annex form an integral part of the annual accounts
DBSBIUP20250414T11203201_002
RCSL Nr. : Matricule :B174457 2012 2226 019
Reference(s) Current year Previous year
III. Investments
1189
1.146.772,00
189
0,00
190
1. Shares in affiliated undertakings
1191 191 192
2. Own shares
9
1209
1.146.772,00
209
0,00
210
3. Other investments
1195 195 196
IV. Cash at bank and in hand
1197
10.315.702,00
197
8.477.994,00
198
E. Prepayments
10
1199
3.596.173,00
199
5.025.699,00
200
TOTAL (ASSETS)
236.636.976,00
201
219.702.174,00
202
Page 4/5
The notes in the annex form an integral part of the annual accounts
DBSBIUP20250414T11203201_002
RCSL Nr. : Matricule :B174457 2012 2226 019
CAPITAL, RESERVES AND LIABILITIES
Reference(s) Current year Previous year
A. Capital and reserves
1301
30.796.662,00
301
7.175.582,00
302
I. Subscribed capital
11
1303
1.171.088,00
303
1.000.500,00
304
II. Share premium account
11
1305
24.320.261,00
305
0,00
306
III. Revaluation reserve
1307 307 308
IV. Reserves
1309
1.246.822,00
309
100.050,00
310
1. Legal reserve
11
1311
100.050,00
311
100.050,00
312
2. Reserve for own shares
1313
1.146.772,00
313
0,00
314
3. Reserves provided for by the
articles of association
1315 315 316
4. Other reserves, including the
fair value reserve
1429 429 430
a) other available reserves
1431 431 432
b) other non available reserves
1433 433 434
V. Profit or loss brought forward
1319
4.770,00
319
9.478.579,00
320
VI. Profit or loss for the financial year
1321
7.003.721,00
321
4.744.144,00
322
VII. Interim dividends
1323
-2.950.000,00
323
-8.147.691,00
324
VIII. Capital investment subsidies
1325 325 326
B. Provisions
1331 331 332
1. Provisions for pensions and
similar obligations
1333 333 334
2. Provisions for taxation
1335 335 336
3. Other provisions
1337 337 338
C. Creditors
1435
205.840.314,00
435
212.526.592,00
436
1. Debenture loans
1437
201.926.623,00
437
212.103.085,00
438
a) Convertible loans
1439 439 440
i) becoming due and payable
within one year
1441 441 442
ii) becoming due and payable
after more than one year
1443 443 444
b) Non convertible loans
1445
201.926.623,00
445
212.103.085,00
446
i) becoming due and payable
within one year
12
1447
3.935.623,00
447
3.669.885,00
448
ii) becoming due and payable
after more than one year
12
1449
197.991.000,00
449
208.433.200,00
450
2. Amounts owed to credit
institutions
1355 355 356
a) becoming due and payable
within one year
1357 357 358
b) becoming due and payable
after more than one year
1359 359 360
Page 5/5
The notes in the annex form an integral part of the annual accounts
DBSBIUP20250414T11203201_002
RCSL Nr. : Matricule :B174457 2012 2226 019
Reference(s) Current year Previous year
3. Payments received on account
of orders in so far as they are
not shown separately as
deductions from stocks
1361 361 362
a) becoming due and payable
within one year
1363 363 364
b) becoming due and payable
after more than one year
1365 365 366
4. Trade creditors
1367
116.907,00
367
333.343,00
368
a) becoming due and payable
within one year
1369
116.907,00
369
333.343,00
370
b) becoming due and payable
after more than one year
1371 371 372
5. Bills of exchange payable
1373 373 374
a) becoming due and payable
within one year
1375 375 376
b) becoming due and payable
after more than one year
1377 377 378
6. Amounts owed to affiliated
undertakings
1379
1.048.627,00
379
7.550,00
380
a) becoming due and payable
within one year
13
1381
1.048.627,00
381
7.550,00
382
b) becoming due and payable
after more than one year
1383 383 384
7. Amounts owed to undertakings
with which the undertaking is
linked by virtue of participating
interests
1385 385 386
a) becoming due and payable
within one year
1387 387 388
b) becoming due and payable
after more than one year
1389 389 390
8. Other creditors
1451
2.748.157,00
451
82.614,00
452
a) Tax authorities
14
1393
1.400,00
393
0,00
394
b) Social security authorities
1395 395 396
c) Other creditors
1397
2.746.757,00
397
82.614,00
398
i) becoming due and
payable within one year
14
1399
446.757,00
399
82.614,00
400
ii) becoming due and
payable after more than
one year
14
1401
2.300.000,00
401
0,00
402
D. Deferred income
1403 403 404
TOTAL (CAPITAL, RESERVES AND LIABILITIES)
236.636.976,00
405
219.702.174,00
406
Page 1/2
The notes in the annex form an integral part of the annual accounts
DBSBIUP20250414T11203201_003
Annual Accounts Helpdesk :
Tel.  : (+352) 247 88 494
Email  : centralebilans@statec.etat.lu
RCSL Nr. : Matricule :B174457 2012 2226 019
eCDF entry date :
PROFIT AND LOSS ACCOUNT
Financial year from to
(in )
01/01
01
/2024 31/12/2024
02
EUR
03
Eleving Group
8-10, Avenue de la Gare
L-1610 Luxembourg
Reference(s) Current year Previous year
1. Net turnover
1701 701 702
2. Variation in stocks of finished
goods and in work in progress
1703 703 704
3. Work performed by the undertaking
for its own purposes and capitalised
1705 705 706
4. Other operating income
1713 713 714
5. Raw materials and consumables and
other external expenses
15
1671
-2.979.523,00
671
-1.776.674,00
672
a) Raw materials and consumables
1601 601 602
b) Other external expenses
1603
-2.979.523,00
603
-1.776.674,00
604
6. Staff costs
16
1605
-8.885,00
605
-8.729,00
606
a) Wages and salaries
1607
-7.948,00
607
-7.756,00
608
b) Social security costs
1609
-937,00
609
-973,00
610
i) relating to pensions
1653
-937,00
653
-973,00
654
ii) other social security costs
1655 655 656
c) Other staff costs
1613 613 614
7. Value adjustments
1657 657 658
a) in respect of formation expenses
and of tangible and intangible
fixed assets
1659 659 660
b) in respect of current assets
1661 661 662
8. Other operating expenses
17
1621
-66.157,00
621
-30.080,00
622
Page 2/2
The notes in the annex form an integral part of the annual accounts
DBSBIUP20250414T11203201_003
RCSL Nr. : Matricule :B174457 2012 2226 019
Reference(s) Current year Previous year
9. Income from participating interests
19
1715
10.265.817,00
715
7.522.804,00
716
a) derived from affiliated undertakings
1717
10.265.817,00
717
7.522.804,00
718
b) other income from participating
interests
1719 719 720
10. Income from other investments and
loans forming part of the fixed assets
18
1721
24.008.469,00
721
18.111.039,00
722
a) derived from affiliated undertakings
1723
24.008.469,00
723
18.111.039,00
724
b) other income not included under a)
1725 725 726
11. Other interest receivable and similar
income
20
1727
325.748,00
727
759.147,00
728
a) derived from affiliated undertakings
1729 729 730
b) other interest and similar income
1731
325.748,00
731
759.147,00
732
12. Share of profit or loss of
undertakings accounted for under
the equity method
1663 663 664
13. Value adjustments in respect of
financial assets and of investments
held as current assets
21
1665
-78.633,00
665
-619.429,00
666
14. Interest payable and similar expenses
22
1627
-23.530.058,00
627
-18.038.387,00
628
a) concerning affiliated undertakings
1629
-218.445,00
629
-220.704,00
630
b) other interest and similar expenses
1631
-23.311.613,00
631
-17.817.683,00
632
15. Tax on profit or loss
23
1635
-897.762,00
635
-1.078.218,00
636
16. Profit or loss after taxation
1667
7.039.016,00
667
4.841.473,00
668
17. Other taxes not shown under items
1 to 16
1637
-35.295,00
637
-97.329,00
638
18. Profit or loss for the financial year
1669
7.003.721,00
669
4.744.144,00
670
The Company may also enter into any financial, commercial or other transactions and grant to any company or entity that forms part of the same group of
companies as the Company or is affiliated in any way with the Company, including companies or entities in which the Company has a direct or indirect
financial or other kind of interest, any assistance, loan, advance or grant in favor of third parties any security or guarantee to secure the obligations of the
same, as well as borrow and raise money in any manner and secure by any means the repayment of any money borrowed.
The accounting policies adopted are consistent with those of the previous financial year.
The principal activity of the Company is to invest, acquire and take participations and interests, in any form whatsoever, in Luxembourg or foreign
companies or entities having a purpose similar to the purpose of the Company and to acquire through participations, contributions, purchases, options or in
any other way any securities, rights, interests, patents, trademarks and licenses or other property as the Company shall deem fit, and generally to hold,
manage, develop, encumber, sell or dispose of the same, in whole or in part, for such consideration that is in the corporate interest of the Company.
Note 1 - General information
Basis of preparation
Note 2 - Summary of significant accounting policies
The Company has issued financial instruments (shares and bonds) to finance its operations. Both financial instruments are listed in Nasdaq Riga Baltic Main
List and on the Frankfurt Stock Exchange’s Prime Standard.
The registered office of the Company is established in Avenue de la Gare 8-10, Luxembourg 1610 and is registered at the Trade and Companies register in
Luxembourg under the number B174457.
Comparability of Prior Year figures
These annual accounts have been prepared in accordance with Luxembourg legal and regulatory requirements under the historical cost convention. Figures
are rounded to whole amounts.
In accordance with the legal requirements of title II of the law 19 December 2002 as amended, these annual accounts have been drawn up on a standalone
basis and subject to approval of the Meeting of the Management Board scheduled for 28 April 2025.
In application of section XVI of the law of 10 August 1915 as amended, the Company represents the ultimate parent of a group of undertakings and also
prepares consolidated financial statements which are prepared under IFRS as adopted by the EU and which are lodged with the Luxembourg trade register
and are available for inspection on Company’s corporate address. The consolidated financial statements of the Company are available as well on its
corporate website.
The preparation of annual accounts requires the use of certain critical accounting estimates. It also requires the Management Board to exercise its
judgement in the process of applying the accounting policies. Changes in assumptions may have a significant impact on the annual accounts in the period
in which the assumptions changed. Company's Management Board believes that the underlying assumptions are appropriate and that the annual accounts
therefore present the financial position and results fairly.
The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities in the next financial year. Estimates and
judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to
be reasonable under the circumstances.
The financial year of the Company starts on 1 January and ends on 31 December of each year.
Eleving Group S.A.
Notes to the annual accounts 31 December 2024
Eleving Group S.A., (hereinafter the "Company"), was incorporated on 18 December 2012 as a société anonyme for an unlimited period. The Company is
organised under the laws of Luxembourg, in particular the law of 10 August 1915 on commercial companies, as amended. As part of the major rebranding
of the whole group the Company's name was changed in 2021 from Mogo Finance S.A. to Eleving Group S.A.
Finally the Company may take any action and perform any operation which is, directly related to its purpose in order to facilitate the accomplishment of
such purpose.
Accounting policies and valuation rules are, besides the ones laid down by the law of 19 December 2002, determined and applied by the Management
Board.
19
Currency exchange derivatives
Significant accounting policies and valuation rules
The Group will monitor further developments related to U.S. imposed, but paused for 90 days tariffs and assess potential impact and actions needed by the
Company if they come into effect later during 2025. Currently there is no impact on going concern of the Company due to these uncertainties.
The main valuation rules applied by the Company are the following:
Shares in affiliated undertakings and investments held as fixed assets as well as loans to affiliated undertakings and other loans are valued respectively at
purchase price / nominal value (loans and claims) including the expenses incidental thereto. In the case of durable depreciation in value according to the
opinion of the Management Board, value adjustments are made in respect of financial fixed assets, so that they are valued at the lower figure to be
attributed to them at the balance sheet date. These value adjustments are not continued if the reasons for which value adjustments were made have
ceased to apply.
Loans to affiliated undertakings and other loans are valued respectively at purchase price / nominal value as well, except loans which are issued in such
foreign currency for which the Company has signed an agreement for non-delivrable forward foreign exchange with another party to offset the currency
risk.
Given the regional diversification of the Group’s business across three continents and Eastern European region being one of them, it is important to
highlight that the Group is not a sanctions target and does not maintain business relations with sanctioned entities. Additionally, two of its affiliated
undertakings in Ukraine have been substantially scaled down without a substantial impact on the overall Group results and its affiliated undertakings in
Belarus have been fully divested without negative impact on Group's financial results.
Eleving Group S.A.
Notes to the annual accounts 31 December 2024
As the global economy is entering a third year of non-zero key interest rates environment, the Group has managed to post its strongest ever financial
results for year 2023 as well as 2024.
The Group’s product structure allows a significant equity build up during the periods of stable growth. Although the Group largely operates with borrowed
capital, the interest expense forms only 20.4% (in 2023: 21.3%) from its interest revenue. As at 31 December 2024, the principal of Group’s total
borrowings amounted to EUR 339.6 million of which EUR 72.0 million is due for renewal over the following 12 months. The Group’s current assets are EUR
231.7 million, effectively exceeding the principal of borrowings due next 12 months by more than three times. The Group has a track record of successful
cash generation and ability to access funding from debt capital markets as well as other sources during protracted periods of economic uncertainty (tested
in both 2020, 2022 and onwards), hence the Group is expected to meet its funding requirements for the foreseeable future.
The Company's going concern is directly dependant from financial performance of its affiliated undertakings, therefore its vital to evaluate Company's going
concern in light of the whole group.
Going concern
3) During June 2024 the Group received a credit rating upgrade from Fitch Ratings upgrading Group from 'B-' to 'B' with a stable outlook. As stated in
Fitch’s report, the key drivers for the rating update were improvements in the Group’s performance in the last 24 months, including lower leverage, a
longer record of business model stability, and access to debt capital markets.
Additionally, the Group’s ability to continue as a going concern was substantially improved as a result of a successful IPO in the month of October 2024.
During the IPO process the Group issued new shares and attracted additional share premium in the total amount of EUR 29 million and subsequently
improved its capitalization, evidence of that is Group’s equity ratio as of the end of 2024 at 22.7% and capitalization ratio as of the end of 2024 at 29.3%.
These annual accounts are prepared on a going concern basis.
Financial assets
Currency exchange derivatives are recognized at cost. Liabilities are recognized as provisions if the market value of derivatives decreases below nil.
1) In Ukraine the Group is focused on collection activities only. The collected funds are being partially repatriated with remainder temporarily being housed
in the country. The funds collected as well as temporarily housed in country are not material for the Group and its going concern operations.
2) In April 2024, the Group has finished the sale of Belarus entities coupled with a full refinance of Group's liabilities.
Although exposed to external economic environment, the Group’s portfolio quality is substantially at the control of Group itself as it has the ability to adjust
the underwriting standards on a country as well as individual product basis. Practically that means the Group would tighten the underwriting criteria for
new loans to be issued if external factors (such as inflation or currency volatility) would potentially impact Group's borrowers' credit worthiness, meaning
the Group would seek to issue loans primary to those customers with the highest ability to settle their debts in future. As a result of these activities the
ratio of impairment expenses to the interest revenue has decreased by 2 percentage points when comparing year 2024 to the year 2023. Importantly the
improvement of the mentioned ratio has been achieved despite having higher net portfolio by 16.0% in 2024 versus 2023.
Note 2 - Summary of significant accounting policies (continued)
20
Non-Deliverable Forward Contracts
The Company enters into non-deliverable forward (NDF) contracts to hedge foreign exchange risks. These contracts are used primarily to manage currency
risk related to forecasted transactions and intercompany balances in currencies such as the Kenyan shilling (KES). NDFs are settled in cash and do not
result in physical delivery of the foreign currency. Gains and losses arising from the valuation of these instruments are recorded in the profit and loss.
Recognition of expenses directly attributable to initial public offering (IPO) process
Prepayments
The Company maintains its books and records in EUR.
Transactions expressed in currencies other than EUR are translated into EUR at the exchange rate effective at the time of the transaction. Formation
expenses and long-term assets expressed in currencies other than EUR are translated into EUR at the exchange rate effective at the time of the
transaction. At the balance sheet date, these assets remain translated at historical exchange rates except for assets denominated in such foreign currency
for which an offestting non-delivrable forward foreign exchange agreement is signed. In such cases assets are valued at exchange rates of period end,
date, as the hedging instrument. Cash at bank is translated at the exchange rate effective at the balance sheet date. Exchange losses and realized gains
are recorded in the profit and loss account of the year.
Other assets and liabilities are translated separately respectively at the lower between the value converted at the historical exchange rate or the value
determined on the basis of the exchange rates effective at the balance sheet date. Solely the unrealised exchange losses are recorded in the profit and loss
account. The exchange gains are recorded in the profit and loss account at the moment of their realisation.
Debtors
Provisions are intended to cover losses or debts, the nature of which is clearly defined and which, at the date of the balance sheet are either likely to be
incurred or certain to be incurred but uncertain as to their amount or the date on which they will arise.
This asset item includes expenditures incurred during the financial year but relating to subsequent financial years.
Debtors are valued at their nominal value. They are subject to value adjustments where their recovery is compromised. These value adjustments are not
continued if the reasons for which value adjustments were made have ceased to apply.
Eleving Group S.A.
Notes to the annual accounts 31 December 2024
These mainly contain expenditures for issued bonds and are amortized during the lifetime of the bonds linearly.
Provisions may also be created to cover charges that have originated in the financial year under review or in a previous financial year, the nature of which
is clearly defined and which at the date of the balance sheet are either likely to be incurred or certain to be incurred but uncertain as to their amount or the
date on which they will arise.
Expenses which were incurred by the Company during the IPO process and where directly attributable to attracting the equity funding were accounted as a
reduction of share premium. The Company decided to apply analogue accounting principles as described in IAS 31, paragraph 37.
Own shares
The Company records purchased own shares at purchase value which was market value at the time of the purchase.
Own held bonds
The Company records purchase of its own issued bonds as a reduction of amount of bond liabilities in nominal value. Any gain or loss from repurchase of
bonds is recognized in profit and loss account.
Foreign currency translation
Significant accounting policies and valuation rules (continued)
Note 2 - Summary of significant accounting policies (continued)
Provisions
21
Contingencies
Related parties
Provisions for pensions and similar obligations
In the process of applying the Company’s accounting policies, the Management Board has made the following judgements, which have the most significant
effect on the amounts recognized in the annual accounts:
Creditors
The preparation of the annual accounts requires the Management Board to make judgements, estimates and assumptions that affect the reported amounts
of assets, liabilities, income and expenses, and disclosure of contingencies. The significant areas of estimation used in the preparation of the annual
accounts relate to fair value of employee share options, valuation of financial assets and measurement of contingent consideration. Although these
estimates are based on the Management Board's best knowledge of current events and actions, the actual results may ultimately differ from those
estimates.
Significant accounting policies and valuation rules (continued)
Note 2 - Summary of significant accounting policies (continued)
Valuation of financial assets
The carrying amounts of the Company’s shares in affiliated undertakings and loans to affiliated undertakings are reviewed at each reporting date by the
Company's Management Board to determine whether there is a durable depreciation in value and value adjustments need to be made in respect of these
assets.
The parties are considered related when one party has a possibility to control the other one or has significant influence over the other party in making
financial and operating decisions. Related parties of the Company are shareholders who could control or who have significant influence over the Company in
accepting operating business decisions, key management personnel of the Company and close family members of any above-mentioned persons, as well as
entities over which those persons have a control or significant influence, including subsidiaries and asscociates.
Employees of the Company's subsidiaries have entered share option agreements with the Company or the Company’s shareholders. Under the agreements
respective employees obtain rights to acquire Company’s or certain subsidiaries’ shares under several graded vesting scenarios. The respective option
would be classified as an equity-settled share-based payment transaction in the Company’s annual accounts.
In estimating the value for the share options the most appropriate valuation model would depend on the terms and conditions of the grant.
Contingent liabilities are recognized in the annual accounts only if the related outflows is deemed probable. They are disclosed unless the possibility of an
outflow of resources embodying economic benefits is remote. A contingent asset is not recognized in the annual accounts but is disclosed when an inflow of
economic benefits is probable.
Note 3 - Significant accounting judgments, estimates and assumptions
The Company's Management Board has estimated that the value of the options, due to the specifics of the share option agreements, would not be
materially different than zero. If it were materially above zero, the Company would have to record expenses related to this transaction and recognize a
respective component of equity.
The Management Board has considered that the particular features mentioned in the option agreements, such as buy-back options, dividend policy of the
Company and related pledges posed upon the borrowings effectively indicate that the value of the employee options would not be materially different than
zero.
The Company does not offer its employees a defined benefit plan and/or a defined contribution plan.
Employee share options
Eleving Group S.A.
Notes to the annual accounts 31 December 2024
Creditors are recorded at their reimbursement value. Where the amount repayable on account is greater than the amount received, the difference is shown
as an asset and is written off over the period of the debt based on a linear/actuarial method.
22
EUR EUR
26 182 451     26 182 451    
3 240 076         3 240 076        
(18 804 074)      (18 804 074)     
10 618 453     10 618 453    
(15 563 480)      (15 563 480)     
(3 240 076)        (3 240 076)       
18 803 556       18 803 556      
-                      -                     
10 618 453     10 618 453    
10 618 971       10 618 971      
* Additions for the year consisted of repurchase of the minority shares in the following subsidiaries and other affiliated undertakings:
2024
Name of undertaking (legal form)
EUR
Mogo Balkans and Central Asia AS (Latvia) 0.00% 3 240 000        
Eleving Vehicle Finance AS (Latvia) 98.70% 60                   
Eleving Stella AS (Latvia) 0.1678% 16                   
Total 3 240 076      
2024
Name of undertaking (legal form) EUR
Mogo Balkans and Central Asia AS (Latvia) 0.00%
18 803 480
Eleving Vehicle Finance AS (Latvia) 98.85% 588                 
OCN SE Finance S.R.L. (Latvia) 0.0333% 6                     
Total 18 804 074    
Value adjustments
Net book value - closing balance
Net book value - opening balance
The shareholding portion for Eleving Vehicle Finance AS and OCN SE Finance S.R.L. has been reduced in 2024. Small amounts of share have been
repurchased from minority shareholders while at the same time some shares were sold to other shareholders during the year. Control over the subsidiaries
is maintained with it being unchanged.
Eleving Group S.A.
Notes to the annual accounts 31 December 2024
Mogo Balkans and Central Asia AS has been liquidated in 2024. Initially share capital of the entity was increased to cover its liabilities before liquidation.
Afterwards the entity was liquidated.
Percentage of
investment in
shares
Note 4 - Shares in affiliated undertakings
Total
2024
Allocations for the year
Value adjustments - opening balance
Gross book value - closing balance
Disposals for the year**
Percentage of
investment in
shares
Reversals for the year
Additions for the year*
Shares in affiliated undertakings /
Participating interests
Gross book value - opening balance
a) The movements for the year are as follows:
23
Name of undertaking (legal form)
Eleving Vehicle Finance AS (Latvia) 98.85% 31.12.2024 8 222 023         240 771               8 131 370         8 131 898        
Eleving Finance AS (Latvia) 98.70% 31.12.2024 4 100 094         8 744 453            2 487 000         2 487 000        
Eleving Stella AS (Latvia) 0.1678% 31.12.2024 6 240 215         (331 662)             67                    51                   
OCN SE Finance S.R.L. (Moldova) 0.0333% 31.12.2024 71 247              7 640                  16                    22                   
OCN SEBO CREDIT SRL (Moldova) 0.0002% 31.12.2024 13 274 060       4 530 665            -                      -                     
Mogo Balkans and Central Asia AS (Latvia) -                      15 563 480      
Value adjustments -
Mogo Balkans and Central Asia AS (Latvia)
-                      (15 563 480)     
Total 10 618 453       10 618 971    
Name of undertaking (legal form)
Eleving Vehicle Finance AS 98.85% 31.12.2023 10 164 551       (127 915)         
Eleving Finance AS 98.70% 31.12.2023 4 713 136         91 949             
Net book
value
2024
EUR
8 131 370                    
Net equity at the
balance sheet
date of the
company
concerned EUR
Mogo Balkans and Central Asia AS was liquidated in 2024.
The figures of net equity at the balance sheet date and profit or loss for the last financial year are based on the preliminary financial information extracted
from the consolidation table that the Company has used to prepare its consolidated financial statements for the year ended 31 December 2024.
Note 4 - Shares in affiliated undertakings (continued)
Last
balance
sheet date
Ownership
as at 31
December
2024
%
Net book
value
2023
EUR
Eleving Group S.A.
Notes to the annual accounts 31 December 2024
b) Undertakings in which the Company holds at least 20% of the share capital or in which it is a general partner are as follows:
Net book
value
2024
EUR
2 487 000                    
Ownership as at
31 December
2023 %
Net equity at the
balance sheet
date of the
company
concerned
(audited)
EUR
Profit or loss for
the financial
year
(audited)
EUR
Profit or loss for
the last financial
year
EUR
Last balance sheet
date
c) Latest approved financial results of the undertakings in which the Company holds at least 20% of the share capital or in which it is a general partner as
at 31 December 2024:
As at 31 December 2024, the Management Board is of the opinion that no permanent diminution in value has occurred and hence has not booked any
value adjustment.
24
Note 5 - Loans to affiliated undertakings
Name Interest rate Maturity
Primero Finance OU - loan 7.4%-13% 2026-2029 90 910 697       64 174 888      
Eleving Consumer Finance Mauritius Ltd - loan 13% 19.07.2028 24 137 000       4 502 000        
Mogo Africa UAB - loan 14%-16.5% 01.07.2028 22 690 400       18 719 500      
Mogo Auto Limited - loan 21% 15.02.2028 14 232 261       24 405 810      
Mogo LT UAB - loan 13% 06.11.2029 13 350 000       19 544 488
EC Finance Group SIA - loan 13% 20.07.2028 12 265 945       11 540 000      
Mogo Lend OOO - loan 13% 05.09.2028 10 076 000       10 686 000      
Eleving Vehicle Finance AS - loan 9% 2026-2029 7 363 997         5 967 983        
Mogo AS - loan 12% 01.11.2026 3 240 000         1 226 000        
ECFA Sh.A - loan 13% 06.10.2026 2 600 000         5 120 000        
ExpressCredit (PTY) LIMITED - loan 14% 31.12.2028 2 550 000         -                     
Mogo UCO LLC - loan 12% 20.12.2027 1 000 000         -                     
Eleving Finance AS - loan 13% 21.11.2027 407 000            -                     
Mogo LLC - loan 13% 13.12.2026 300 000            -                     
Eleving Consumer Finance AS - loan 12% 08.06.2026 155 000            1 048 646        
Longo LLC - loan 12% 31.12.2028 73 000              95 000             
Mogo Kredit OOO - loan -                      6 230 974        
FINMAK DOO SKOPJE - loan -                      5 700 000        
Eleving Consumer Finance Holding AS - loan -                      2 296 335        
Mogo Kenya Limited - loan -                      503 557           
Eleving Stella AS - loan -                      200 000           
Mogo loans SRL - loan -                      200 000           
Mogo Balkans and Central Asia AS - loan -                      2 276 700        
Mogo Balkans and Central Asia AS - value adjustment -                      (2 276 700)       
Total 205 351 300   182 161 181
EUR EUR
184 437 881   184 437 881  
305 261 279     305 261 279    
(284 347 860)    (284 347 860)   
205 351 300   205 351 300  
(2 276 700)        (2 276 700)       
2 276 700         2 276 700        
-                      -                     
205 351 300   205 351 300  
182 161 181     182 161 181    
New loans issued
Repayments received
Net book value - closing balance
As at 31 December 2024, the Management Board is of the opinion that no permanent diminution in value has occured and hence has not booked any
value adjustment.
Net book
value
2024
EUR
Part of the balance of loans to affiliated undertakings has been reclassified for 2023 from Note 5 to Note 6, since during 2024 the company Spachip SIA
was reorganized and became an undertaking linked by virtue of participating interests compared to affiliated undertaking in 2023.
Gross book value - opening balance
Eleving Group S.A.
Notes to the annual accounts 31 December 2024
Loans to affiliated undertakings as at 31 December 2024 are detailed as follows:
Net book
value
2023
EUR
The movements for the year are as follows:
Loans to affiliated undertakings
Net book value - opening balance
Gross book value - closing balance
Value adjustments - opening balance
Reversals during the year
Value adjustments
Total
2024
25
Name Type Interest rate Maturity
Spaceship SIA Loan 10% 31.01.2027 3 253 724         2 473 876        
Value adjustment for loan receivables -                      -                     
Total 3 253 724         2 473 876        
Name
Primero Finance OU - accrued interest 701 429            271 608           
Mogo Africa UAB - accrued interest 308 918            581 219           
Mogo Lend OOO - accrued interest 242 718            813 614           
Mogo Auto Limited - accrued interest 228 291            207 901           
YesCash Group Limited - accrued interest 221 492            101 488           
EC Finance Group SIA - accrued interest 154 050            116 780           
Mogo LT UAB - accrued interest 146 882            122 275           
Longo LLC - accrued interest 52 534              52 126             
Eleving Vehicle Finance AS - accrued interest 50 482              218 514           
Express Credit (Proprietary) Limited - accrued interest 33 885              6 055              
Mogo AS - accrued interest 31 913              25 039             
Eleving Consumer Finance AS - accrued interest 14 202              13 122             
Kredo Finance Shpk - accrued interest 8 450               85 835             
Eleving Finance AS - accrued interest 8 498               -                     
Mogo UCO LLC - accrued interest 4 333               -                     
Mogo LLC - accrued interest 1 625               -                     
Eleving Solis UAB - loan -                      3 397 500        
MOGO LOANS SMC LIMITED - loan -                      1 500 000        
Mogo Balkans and Central Asia AS - accrued interest -                      879 631           
Mogo Balkans and Central Asia AS - value adjustment -                      (879 631)         
Mogo Kredit OOO - accrued interest -                      875 617           
Primero Finance OU - loan -                      750 000           
Mogo Kenya Limited - accrued interest -                      722 648           
AS Eleving Stella - loan -                      586 454           
Eleving Stella AS - accrued interest -                      237 347           
Tigo Finance Dooel - accrued interest -                      76 736             
Eleving Consumer Finance Holding AS - accrued interest -                      29 870             
Spaceship SIA - accrued interest -                      21 147             
Mogo Oy - accrued interest -                      7 700              
Mogo Loans SMC Limited - accrued interest -                      5 417              
Eleving Solis AS - accrued interest -                      44                   
Total 2 209 702       10 826 056    
Net book value
2024
EUR
Net book value
2023
EUR
Note 7 - Amounts owed by affiliated undertakings
Amounts owed by affiliated undertakings are detailed as follows:
Balance of this receivable has been reclassified for 2023 from Note 5, since during 2024 the company was reorganized and became an undertaking linked
by virtue of participating interests compared to affiliated undertaking in 2023.
Net book
value
2024
(EUR)
Net book
value
2023
(EUR)
Note 6 - Loans to undertakings with which the undertaking is linked by virtue of participating interests
Eleving Group S.A.
Notes to the annual accounts 31 December 2024
26
Name Maturity
Other debtors VAT overpayment 69 086              118 043           
Other debtors Accrued interest 54 455              -                     
Other debtors NWT paid in advance 18 200              -                     
Other debtors Investment in FX platform* -                      354                 
Other debtors Other 3 409               -                     
Total 145 150         
118 397
Name
Own shares 1 146 772        
-
Total 1 146 772      
-
Name
Prepaid expenses 3 576 502        
5 019 898
Prepaid expenses 19 671             
5 801
Total 3 596 173      
5 025 699
Note 11 - Capital and reserves
Subscribed capital and share premium account
The movements on the "Subscribed capital" caption during the year 2024 are as follows:
Opening balance as at 01.01.2024 100 049 998   1                        1                     100 050 000  
Subscriptions for the year/period 17 058 824       -                         -                      17 058 824      
Conversion of shares 2                      (1)                       (1)                     -                     
Redemptions for the year/period -                      -                         -                      -                     
Closing balance 31.12.2024 117 108 824   -                         -                      117 108 824  
Note 9 - Own shares
Net book
value
2024
(EUR)
Net book
value
2023
(EUR)
Note 8 - Other debtors
Eleving Group S.A.
Notes to the annual accounts 31 December 2024
Net book
value
2024
(EUR)
On 16 October 2024, Eleving Group S.A. successfully completed the initial public offering (IPO) and shares of the Company have become traded in Nasdaq
Riga Baltic Main List and on the Frankfurt Stock Exchange’s Prime Standard. During first 30 days after the IPO the Company repurchaed its of shares as
part of share price stabilisation period. As a result the Company repurchased its own shares for total amount of EUR 1 146 772.
Type
Deferred bonds acquisition costs
Net book
value
2023
(EUR)
1 000 500                  
Number of
ordinary Shares
1 171 088                  
-                                  
Share
capital
EUR
Number of
class A preferred
shares
Number of
class B
preferred shares
Total
number
of Shares
On 16 October 2024, Eleving Group S.A. successfully completed the initial public offering (IPO) and shares of the Company have become traded in Nasdaq
Riga Baltic Main List and on the Frankfurt Stock Exchange’s Prime Standard. During IPO the Company issued 17 058 824 new shares with par value of EUR
0.01 each. In the process also class A and class B shares were converted into ordinary shares.
-                                  
The Company's corporate capital may be increased from its present amount by up to one hundred twenty thousand Euros (EUR 120 000) (the "Authorised
Capital") by the creation and issue of Shares, each having a nominal value of EUR 0.01 (one Euro cent) and/or convertible bonds, incorporating a right of
conversion to Ordinary Shares and/or Preferred Shares, each having a nominal value of EUR 0.01 (one Euro cent).
The subscribed capital of the Company amounts to EUR 1 171 088 and is divided into 117 108 824 shares fully paid.
Prepaid expenses other
170 588                       
Note 10 - Prepayments
Type
Interest rate
Net book
value
2024
(EUR)
Net book
value
2023
(EUR)
* - The amount represents the margin account balance (including both initial and variable margin) that needs to be held within FX hedging partner account
to ensure deals enrolled in remain open until their maturity.
27
Note 11 - Capital and reserves (continued)
Subscribed capital and share premium account (continued)
The movements on the "Share premium" caption during the year 2024 are as follows:
Opening balance as at 01.01.2024
Proceeds from shares issued; EUR
Par value of new shares; EUR
Transfer to the reserve for own shares*
Costs related to IPO; EUR**
Closing balance 31.12.2024
** - additional information about audit expenses related to IPO process is disclosed in Note 16.
The movements on the "Profit or loss brought forward" caption during the year 2024 are as follows:
Opening balance as at 01.01.2024
Profit or loss for the previous financial year
Regular dividends paid out
Closing balance 31.12.2024
Legal reserve
The movements on the "Legal reserve" caption during the year 2024 are as follows:
EUR
Opening balance 100 050         
Additional reserve recognised -                     
Closing balance 100 050         
(6 070 262)                   
4 770                         
4 744 144                    
29 000 001                  
(1 146 772)                   
Share
premium
EUR
-                                 
24 320 261                
(170 588)                      
Profit or
loss brought
forward
EUR
1 330 888                  
Luxembourg companies are required to allocate to a legal reserve a minimum of 5% of its annual net profit until this reserve equals 10% of the subscribed
share capital. This reserve may not be distributed.
Eleving Group S.A.
Notes to the annual accounts 31 December 2024
(3 362 380)                   
* - As of and for the year ended 31 December 2024 the Company holds its own shares in acquisition value of EUR 1 146 772 (2023: EUR 0). See Note 9 for
additional information.
28
Note 12 - Debenture loans
Non-convertible loans
Name Maturity date Interest rate
Becoming due and payable within one year
Accrued interest 265 738               3 935 623         3 669 885        
265 738             3 935 623       3 669 885      
Becoming due and payable after more than one year
Eurobond holders
1)
October 2026 9.5% 3 075 000            147 991 000     144 916 000    
Eurobond holders
2)
October 2028 13.0% 3 332 800            50 000 000       46 667 200      
Subordinated bond holders
3)
(16 850 000)         -                   16 850 000      
(10 442 200)      197 991 000   208 433 200  
Note 13 - Amounts owed to affiliated undertakings
Name Maturity date Interest rate
Becoming due and payable within one year
Eleving Solis AS - other creditor* 959 879               959 879            -                     
Eleving Finance AS - accrued interest 54 928                54 928              -                     
Other accrued interest outside Eleving Group 29 263                29 263              -                     
Eleving Consumer Finance Holding AS - accrued interest 4 557                  4 557               -                     
Tigo Finance Dooel Skopje - accrued interest (7 550)                 -                      7 550              
1 041 077          1 048 627       7 550             
3) As a result of successfully actracting equity funding through IPO process, the Company prematurely repaid its most expensive borrowings, therefore
subordinated bonds were fully redeemed in 2024.
Starting from 14 October 2021 Eleving Group as Issuer and certain of its Subsidiaries (including Mogo JSC) as Guarantors have entered into a guarantee
agreement dated 14 October 2021 (as amended and restated from time to time) according to which the guarantors unconditionally and irrevocably
guaranteed by way of an independent payment obligation to each holder of the Eleving Group bonds (ISIN: XS2393240887) the due and punctual payment
of principal of, and interest on, and any other amounts payable under the Eleving Group bonds (ISIN: XS2393240887) offering memorandum.
Borrowing/
(reimbursement)
Net book value
as at
31.12.2024
EUR
2) On 31 October 2023, Eleving Group successfully issued a 5-year senior secured corporate bond (DE000A3LL7M4), admitted to trading on Frankfurt
Stock Exchange’s and Nasdaq Riga Stock Exchange’s regulated market, for EUR 50 million at par with an annual interest rate of 13%. The bond will mature
in October 2028. The Company owned EUR 3 332 800 of this bond therefore outstanding debt was smaller than nominal value of issued bond at end of
2023.
Net book value
as at
31.12.2023
EUR
Borrowing/
(reimbursement)
Eleving Group S.A.
Notes to the annual accounts 31 December 2024
1) On 11 July 2018, Mogo Finance successfully issued a 4-year corporate bond (XS1831877755), listed on the Open Market of the Frankfurt Stock
Exchange with an annual interest rate of 9.5%. The total amount outstanding of Mogo Finance's 9.50% corporate bonds 2018/2022 (XS1831877755)
amounted to EUR 100 million. On 18 October 2021 the bond was refinanced and amount increased totaling the new bond amount of EUR 150 million (ISIN:
XS2393240887). As of 2023 the Bond is listed in regulated market. The bond will mature in October 2026. The Company owns EUR 2 009 000 (2023: EUR
5 084 000) of this bond therefore outstanding debt is smaller than nominal value of issued bond.
Net book value
as at
31.12.2024
EUR
Net book value
as at
31.12.2023
EUR
* - The Company has signed a hedging agreement with its affiliated undertaking in Kenya. As at end of 2024 accrued liabilities for hedging agreement
amounted to EUR 959 879.
29
Note 14 - Other creditors
Name Maturity date Interest rate
Becoming due and payable within one year
1 400                  1 400               -                     
Other payables 364 142               446 756            82 614             
365 542             448 156          82 614           
Becoming due and payable after more than one year
Borrowings from other creditors 2 300 000            2 300 000         -                     
2 300 000          2 300 000       -                     
Note 15 - Other external expenses
Brokerage fees 2 079 950         1 266 418        
Professional services 790 443            456 455           
Bank fees 71 720              26 538             
Other administrative expenses 37 410              27 263             
Total 2 979 523       1 776 674      
Audit fees
Note 16 - Staff costs and number of employees
Staff expenses 8 885               8 729              
Total 8 885              8 729             
Note 17 - Other operating expenses
Supervisory board renumeration* 47 833              -                     
Other operating expenses 18 324              30 080             
Total 66 157            30 080           
Board Members did not receive any renumeration for the financial year 2024 and no loans and commitments were granted to the Board Members.
2024
EUR
12%+6M
EURIBOR
up to August 2027
2023
EUR
Borrowing/
(reimbursement)
In 2024 the audit company also provided services related to interim dividend distribution in total amount of EUR 15 900 (2023: EUR 25 200).
Amounts are included in 'the Professional services' line.
Net book value
as at
31.12.2023
EUR
Withholding tax
2023
EUR
Fees paid by the Company to the statutory auditor of the consolidated financial statements as at 31 December 2024 amount to EUR 189 000 (2023: 39
585) as well as of the statutory audit of the annual accounts as at 31 December 2024 amount to EUR 69 000 (2023: EUR 40 845).
Net book value
as at
31.12.2024
EUR
The audit company provided 6 month 2024 ISRE 2410 review services and issued comfort letter. Total amount of these services consisted of EUR 319 000.
These costs were deducted from share premium account as described in Note 10.
The Company has one administrative employee. All economic activities are performed by outsourced personnel authorized to represent the Company.
Eleving Group S.A.
Notes to the annual accounts 31 December 2024
2024
EUR
2023
EUR
2024
EUR
* - In 2024 the Company established a supervisory board as part of IPO process.
Average full time employee amount in 2024 was 1 (2023: 1).
30
Interest income on loans issued to related parties
24 008 469       18 111 039      
Total 24 008 469     18 111 039    
Note 19 - Income from participating interests
Dividends income from Eleving Finance AS 8 582 709         5 616 034        
1 680 511         1 903 150        
Dividends income from Eleving Stella AS 2 597               3 620              
Total 10 265 817     7 522 804      
Note 20 - Other interest receivable and similar income
Income from surplus investments 231 733            102 790           
Income from transactions with bonds 145 597            426 308           
Interest income on loans issued to non related parties 6 451               221 079           
Refundable VAT from previous years (58 033)            8 970              
Total 325 748          759 147         
Note 21 - Value adjustment in respect of financial assets and of investment held as current assets
78 633              -                     
-                      515 000           
Receivables written off -                      154 156           
-                      (49 727)           
Total 78 633            619 429         
Note 22 - Interest payable and similar expenses
Interest expenses on loans from related parties 218 445            220 704           
Total 218 445          220 704         
Other interest and similar expenses
Interest expenses on bonds 21 703 100       17 816 636      
Forex loss from currency exposure* 1 581 440         -                     
Interest expenses on loans from non related parties 27 073              -                     
Net (gain)/loss of foreign currency operations -                      1 047              
Total 23 311 613     17 817 683    
Eleving Group S.A.
Notes to the annual accounts 31 December 2024
2023
EUR
2024
EUR
Interest payable and similar expenses concerning affiliated undertakings
Value adjustment on loans issued to non related parties
Dividends income from Eleving Vehicle Finance AS
Value adjustment on investments in affiliated undertakings*
Value adjustment on loans issued and accrued interest to affiliated undertakings
2024
EUR
2023
EUR
* - Amount includes netting of gain from revaluation of KES currency loan and interests, and losses from Non Delivrable Forward Confirmation.
* - Amount includes net impact of additional impairment recognized for capital contribution of 2024 in Mogo Balkans and Central Asia AS and reversal of
impairment for repaid loan and accrued interest of the same entity.
2024
EUR
2023
EUR
2024
EUR
2024
EUR
2023
EUR
2023
EUR
Note 18 - Income from other investments and loans forming part of the fixed assets derived from affiliated undertakings
31
Note 23 - Taxation
Note 24 - Related party disclosures
Note 25 - Guarantees
Note 26 - Subsequent events
Māris Kreics
Category A Member of the Managemen Board
The Company is subject to the taxation pursuant to the Luxembourg law, being Corporate Income Tax, Social Tax, Net Wealth and Municipal Business tax
payer.
Please refer to to notes 4, 5, 6, 7, 12, 17, 18, 20 and 21 for more details on transactions with related parties.
Receivables and payables incurred are not secured with any kind of pledge.
As of the last day of the reporting year until the date of signing these annual accounts there have been no other events requiring adjustment of or
disclosure in the annual accounts or Notes thereto.
2) In March 2025 the Company received dividends from its subsidiaries for total amount of EUR 10 943 452.
Sébastien Jean-Jacques J. François
The Company has issued guarantees to peer-to-peer lending platform Mintos in respect of the credit facilities of subsidiaries of the Company.
As at year end the Company is exposed to EUR 63.9 million.
Since the last day of the reporting year several other significant events took place:
The Company has provided a guarantee to Tirana Bank JSC (Albania) with the aim to secure punctual performance by Kredo Finance Shpk (Albania) of its
obligation under a Loan Agreement (Overdraft Agreement), under which the bank made funds available to Kredo amounting
to 120 000 000 Albanian Lek.
On 29 December 2023, Eleving Group has provided a guarantee in favour of MFX Solutions whereby Eleving Group absolutely, unconditionally and
irrevocably guarantees on all transactions of Eleving Group subsidiary AS Eleving Solis makes under ISDA Master Agreement entered into between AS
Eleving Solis and MFX Solutions.
On 1 August 2024, Eleving Group has provided a letter of guarantee and indemnity in favour of I&M Bank (Kenya) whereby Eleving Group absolutely,
unconditionally and irrevocably guarantees on Mogo Auto Limited (Kenya) debt liabilities towards I&M Bank (Kenya) under the KES 500,000,000 credit
facility dted 19 July 2024.
On 10 October 2024, Eleving Group has provided professional payment guarantee in favour of Absa Bank Uganda Limited whereby Eleving Group
absolutely, unconditionally and irrevocably guarantees on MOGO Loans (Uganda) debt liabilities towards Absa Bank Uganda Limited under the UGX
19,000,000,000 credit facility dated 25 September 2024.
The Company has provided a guarantee to VERDANT CAPITAL HYBRID FUND I GMBH & CO. KG with the aim to secure punctual performance by Mogo Auto
Limited (Kenya) of all Mogo Auto Limited (Kenya) obligations under the Finance Documents relating to USD 7 000 000 loan facility provided by VERDANT
CAPITAL HYBRID FUND I GMBH & CO.
On 4 November 2024, Eleving Group has entered into a deed of guarantee and indemnity agreement, whereby Eleving Group agreed to guarantee and
indemnity Cambridge Mercantile Corp. (UK) Limited and/or Cambridge Mercantile Risk Management (UK) Ltd. Eleving Consumer Finance Mauritius Limited
liabilities under one or more agreement under which Corpay provides certain foreign currency exchange and/or payment services to Eleving Consumer
Finance Mauritius Limited.
1) During first quarter of 2025 the Company successfully tapped its EUR 50 million Eurobond (ISIN DE000A3LL7M4) by issuing additional EUR 40 million,
which will be mainly used to fuel the future growth of the business and partially refinance existing liabilities. The new bonds where issued with a 10% yield
to maturity.
Eleving Group S.A.
Notes to the annual accounts 31 December 2024
The Management Board of the Company considers all transactions with related parties to be according to arm's length principal.
Related parties are all shareholders of the Company and all subsidiaries of the Group.
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Category B Member of the Managemen Board
Māris Kreics
Hereby formally and expressly declares the following:
The standalone annual report of the Company for the year ended 31 December 2024 is, to the best of Management Boards’ knowledge, prepared in
accordance with the applicable set of accounting standards and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the
Company.
Management Boards’ statement
Sébastien Jean-Jacques J. François
The undersigned Eleving Group, a public limited liability company (societe anonyme), governed by laws of the Grand-Duchy of Luxembourg, having its
registered office at 8-10 Avenue de la Gare, L-1610, Luxembourg and registered with the Luxembourg Trade and Companies Register under the number B
174457 (the “Company”),
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Category A Member of the Managemen Board Category B Member of the Managemen Board