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*Cash collections of NOK 1,386 million (1,513)
*Revenues of NOK 1,090 million (1,031)
*Cash EBITDA of NOK 1,325 million (1,152)
*Adj. EBIT of NOK 573 million (496)
*Adj. Net profit of NOK 252 million (182)
(Comparable numbers for Q2 2023 in brackets)
B2 Impact had revenues of NOK 1,090 million in the second quarter and
collections of NOK 1,384 million. Collections remained strong in the second
quarter with an unsecured collection performance of 111% and secured
collection performance at 155% compared with latest forecasts.
Cash EBITDA was NOK 1,325 million and adjusted EBIT was NOK 573 million.
Adjusted Net profit was NOK 252 million equivalent to adjusted earnings per
share of NOK 0.68.
B2 Impact invested NOK 337 million in new portfolios in the second quarter. Of
the invested amount 69 per cent were unsecured forward flows and 31 per cent
were unsecured one-offs. The Estimated Remaining Collections (ERC) were NOK
23.3 billion including share of portfolios held in JVs and REOs. At the end of
the second quarter, the Group had spent and committed investments of NOK 1.2bn
for 2024.
B2 Impact has a solid and diversified funding structure to support further
growth. The leverage ratio at the end of the second quarter was 1.7x. The
healthy capital structure and leveraging ensure liquidity and financial
flexibility to deliver on the strategy going forward. The Group holds an EUR
610 million senior secured revolving credit facility (RCF) and two senior
unsecured bond loans for a total of EUR 450 million.
“In the second quarter we once again delivered strong collection performance
and solid cash flow, with an improvement in collection performance compared to
previous periods. We have remained disciplined in our investment approach in
the first half of 2024. We have invested and committed around NOK 1.2bn at the
end of the second quarter. In august we have extended our Revolving Credit
Facility (RCF) with improved terms which will reduce cost of debt going
forward. With our strong financial position in combination with capital
restrictions in the industry, we target to invest significantly more in the
second half of 2024. As we have seen in previous years we expect an improved
pipeline in the second half of this year.” said Erik Just Johnsen, CEO of B2
Impact ASA.
For further information, please see the Q2 2024 presentation and report
attached. The documents are also available on the Company’s website:
www.b2-impact.com
Definitions of alternative performance measures can be found in the report and
presentation.
The results will be presented in an audiocast from 08:30 CEST today through
this link:
Q2 Presentation 2024
Live viewers can submit their written questions for the Q&A in the provided
form in the audiocast player.
The audiocast can also be accessed through the following link where questions
for the Q&A can be asked live:
Call Access
A recorded version of the audiocast will be available on-demand after the live
stream is concluded.
For further information, please contact:
Rasmus Hansson
Head of Investor Relations and M&A
Mobile: +47 952 55 842
E-mail: rasmus.hansson@b2-impact.com
or
André Adolfsen
CFO
Mobile: +47 930 19 150
E-mail: andre.adolfsen@b2-impact.com
About B2 Impact ASA
B2 Impact ASA is one of the leading pan-European debt management companies. B2
Impact offers solutions to the challenges created by defaulted loans, and
provide liquidity to financial institutions, contributing to a healthier
financial system. B2 Impact promote lasting financial improvement through
transparent and ethical debt management. The Company was founded in 2011 and
employs around 1,550 people. B2 Impact ASA is headquartered in Oslo, Norway
and the B2 Impact share is listed on the Oslo Stock Exchange under the ticker
“B2I”. For further information, visit www.b2-impact.com
This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2024-08-22 07:00 CEST.
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