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Interim Report January-March 2020 (Cision)

2020-05-06 07:00
· A solid position in an uncertain world · Strategic Markets affected by Covid-19 · Strong cash flow and liquidity position · Results affected by portfolio revaluations

First quarter, January-March 2020:

  • Consolidated net revenues decreased to SEK 3,333M (3,752).

  • Adjusted EBIT decreased to SEK 1,095M (1,350). Items affecting comparability include SEK -636M (+16) in portfolio revaluations.

  • Cash flow from operating activities increased to SEK 2,267M (1,352) and available liquidity by the end of the period was SEK 13.5 billion.

  • Net debt / cash EBITDA amounted to 4.5x (4.0x).

  • Portfolio investments amounted to SEK 1,650M (1,277). Return on portfolio investments excluding portfolio revaluations amounted to 11 percent (16).

  • Net profit increased to SEK 459M (1,347), and earnings per share decreased to SEK -0.25 (5.63).

Covid-19’s effect on Intrum

Intrum has been impacted in different ways by the spread of Covid-19 in the 24 European countries where Intrum operates. It is primarily in southern Europe – in France, Greece, Italy, Portugal, and Spain – where we see a negative impact on our business. This is mainly due to a delay in collection and cash flows, given various anti-virus measures and restrictions as well as lower activity in the countries' legal systems during March.

Overall, the spread of Covid-19 has resulted in a temporary and limited operational impact on Intrum's operations, and the majority of countries experienced stable performance in the first quarter and to date into the second quarter.

Comment by President and CEO Mikael Ericson:

”The first quarter of 2020 turned out somewhat differently from how we expected at the beginning of the year but given the circumstances, we are pleased with our performance during the first quarter of the year. Our net revenue amounted to SEK 3,333 M (3,752) and adjusted operating income decreased by 19 per cent to SEK 1,095M (1,350). Our cash flow from operating activities in the first quarter was robust, increasing 68 per cent to SEK 2,267M (1,352). Meanwhile, our cash EBITDA increased 14 per cent to SEK 2,633M (2,314).

Intrum's financial position is thus strong with good liquidity and solid cash flows, giving stability in the face of continued global uncertainty. Combined with reduced rates of investment, increased return requirements for new portfolio investments, and lower M&A activity, this creates substantial financial flexibility.”

For further information, please contact:
Viktor Lindeberg, Head of Investor Relations & Group Business Control
+46 76 897 07 08
+46 8 546 102 02

Anna Fall, Chief Brand & Communications Officer
+46 70 996 98 21

This information is information that Intrum AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication, through the agency of the contact person set out below, at 07:00 CET on May 6, 2020.

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