Interim report
First quarter 2024 highlights
- Unadjusted Accounting Metrics for 2023 and 2024 throughout the report have been adjusted to remove discontinued operations, mainly related to the portfolio investment back-book sale agreed in Jan'24, and are aligned to the Primary Financial Statements on page 12 onwards
- Income up 14% vs. Q1'23 driven by Servicing segment, specifically Middle and Southern Europe
- EBIT for the quarter reduced to SEK 470 M vs. SEK 643 M in 2023 driven by costs in excess of income
- Costs have increased to SEK 3,946 M vs. SEK 3,269 M in Q1'23 due to SEK 148 M of costs to execute the extended cost saving program rec- ognised ahead of savings, M&A, inflation and fx
- Adjusted Income was up 8% vs. Q1'23 driven by M&A in our Servic- ing segment
- Adjusted EBIT increased by 8% vs. Q1'23 again driven by M&A in Servicing
- Leverage ratio flat at 4.4x, including 0.1x unfavourable FX movement
- Progressed on several strategic initiatives including: (i) Ophelos oper- ational in the Netherlands, (ii) realised savings of SEK ~500 M in Q1 '24 (out of the SEK 800 M implemented in 2023) and implementing mea- sures to save an additional SEK ~700M in 2024/25 and (iii) debt capital realignment and front-book discussions ongoing
First quarter, 2024 | First quarter | 12 months | Full year | ||
Rolling | |||||
Jan-Mar | Jan-Mar | Change | |||
SEK M, unless otherwise indicated | 2024 | 2023 | % | 2023 | 2023 |
Unadjusted Accounting Metrics1 | |||||
Income | 4,257 | 3,748 | 14 | 17,347 | 16,838 |
EBITDA | 793 | 960 | -17 | 4,072 | 4,237 |
EBIT | 470 | 643 | -27 | 2,523 | 2,694 |
Net Income/(Loss) attributable to Parent company's shareholders | -238 | 23 | -1,146 | -449 | -188 |
Earnings/(Loss) Per Share, SEK | -1.98 | 0.19 | -1,147 | -3.72 | -1.56 |
Adjusted Accounting Metrics | |||||
Adjusted Income | 4,891 | 4,524 | 8 | 20,368 | 20,000 |
Adjusted EBITDA | 1,447 | 1,391 | 4 | 7,274 | 7,219 |
Adjusted EBIT | 1,155 | 1,068 | 8 | 5,876 | 5,786 |
Adjusted Net Income/(Loss) attributable to Parent company's shareholders | -144 | 133A | -210 | 840 | 1,114 |
Adjusted Earnings/(Loss) Per Share, SEK | -1.20 | 1.10 | -210 | 6.95 | 9.24 |
Adjusted Cash Metrics | |||||
Cash Income | 6,203 | 5,749 | 8 | 25,838 | 25,385 |
Cash EBITDA | 2,782 | 2,728 | 2 | 12,910 | 12,854 |
Investing Segment: Capex Deployed | 371 | 1,664 | -78 | 4,213 | 5,508 |
Cash EBITDA (proforma) | 12,975 | 13,001 | |||
Net Debt before Other Obligations/RTM Cash EBITDA (proforma), x | 4.4 | 4.4 | |||
1) 2023 comparatives have been restated in respect of discontinued operations throughout the report, see page 5 for a detailed breakdown
Q1 in brief Comment by the President and CEOKey financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum | Intrum Interim report, first quarter 2024 2 |
Navigating business development and proactive capital management in a seasonally soft quarter
As the first quarter of 2024 concludes, we steadfastly commit to the strategic direction presented at our Capital Markets Day. We are working to become increasingly client-centric and capital-light while pursuing an operating model driven by technology and automation. This is to ensure an efficient and scalable platform enabling the ambitious growth trajectory of our Servicing business. We continue to focus our efforts on achieving these goals while evaluating further measures to improve our financial profile. To that end, we initiated a holistic review of our debt capital structure and have continued to drive and implement extensive cost-cutting measures.
First quarter seasonally slow - in line with expectations and further cost initiatives
First quarter income stood at SEK 4,891 M (4,524) translating into an 8% increase. Adjusted EBIT increased to SEK 1,155 M (1,068) an 8% increase compared to Q1 last year. Cash EBITDA for the group was up 2% amounting to SEK 2,782 M (2,728).
Against a challenging economic backdrop, we have continuously explored further cost-cutting measures during the quar- ter. As we previously communicated, our cost program and cash extractions, consistent with the ongoing review of our financial profile, remain a high priority for Intrum.
Therefore, on top of the SEK 800 M cost savings implemented in 2023, we have identified additional measures that will potentially target cost savings of SEK ~400 million in 2024 and an additional SEK ~300 M in 2025. These savings will ensure a leaner group structure, better cost visibility and follow-up in local markets plus an enhanced focus on projects that tangibly improve profitability.
To date, we have realised SEK ~500 M of cost savings, and
we continue to implement additional measures to extensively address the organisation's cost base.
Continued high commercial activity
With regards to commercial development, we have so far in 2024 signed annual contract value ("ACV") of SEK 278 M (251). This increase is partly driven by a more challenging economic environ- ment, resulting in an enduring need for Intrum's services. Notably, we won contracts with a major BNPL company in Norway and a consumer finance company in the UK and increased our mandate with EDF in France. Growing external Servicing income remains a key part of our commercial strategy and the contracts we have won so far in 2024, combined with the extensive servicing mandate for Cerberus (related to the asset sale), are a testament to the improvements we are making in this regard.
Regarding Investing, we delivered Cash EBITDA of SEK 2,466 M and invested SEK 371 M at an average unleveraged IRR of 17%. During the quarter, we recorded SEK 3,243 M in gross cash collections or 100% against the active forecast. Consistent with our past record of overperformance, these collections represent 109% of original underwriting forecast, demonstrating the resilience and strong cash generation of our back book despite operating in a challenging economic environment.
Optimising our capital structure
Our capital structure is of the highest priority to Intrum's management team and the board. We have already taken several actions that will meaningfully reduce our leverage over the medium term and strengthen our financial profile.
Pro-forma for the asset sale our net estimated remaining collec-
"Implementing Ophelos is a major step towards enhancing the development of automated services and a more profitable platform"
Q1 in brief Comment by the President and CEOKey financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum | Intrum Interim report, first quarter 2024 3 |
tions ("ERC") represents 84% of our outstanding net liabilities. In addition, we have sufficient liquidity to repay more than 90% of our 2024 and 2025 maturities. Our ambition has always been to refinance and/or extend parts of our existing outstanding debt. However, given current market conditions, refinancing is not feasible on terms that are attractive to us.
We have, therefore, proactively initiated a holistic and comprehensive review of our debt capital structure and are assessing all available options to reshape our liability structure to align with our business plan and anticipated medium term cash flow.
The review is ongoing, and we are considering all options. At the same time, we are cooperating closely with creditors to ensure the best and most favourable outcome for all parties.
Important steps toward operational excellence
In the first quarter, we have launched Ophelos in the Netherlands serving as the latest testament to our ongoing tech transition. We are already receiving payments through this channel in this country. Implementing Ophelos is a major step towards enhancing the development of automated services and a more profitable platform while allowing us to become increasingly relevant to our customers and their needs through advanced technology. Our objective is to evaluate lessons learned from implementing Ophelos in the Netherlands and begin introductions in at least two additional countries during 2024. Ophelos will shorten the time, effort and cost to collect in our Servicing franchise while enhancing the customer experience. As we receive more pay-
ments through Ophelos we will gather valuable data as the platform uses AI-powered decision engine. This means that Ophelos, already a effective collection tool, will get more efficient over time.
Our journey continues
During the first quarter, we initiated activities and measures consistent with our stated strategic direction on multiple fronts. We have taken the necessary steps to optimise our capital structure while ensuring continued commercial improvement to our underlying business.
As I mentioned last quarter, this far-reaching transformation demands increased focus and accountability within the management group. Thus, I am delighted that we recently announced the recruitment of our incoming CFO, Johan Åkerblom. With his international background, including key senior positions in the financial services industry, Johan is a perfect match for Intrum, and I look forward to welcoming him later in 2024.
The road ahead is long, but the steps taken during this quarter reinforce my confidence that the path is correct, and I am eager to continue the journey with all of my outstanding colleagues at Intrum.
Stockholm, April 2024
Andrés Rubio
President & CEO
"During the first quarter, we initiated activities and measures consistent with our stated strategic direction"
Q1 in brief Comment by the President and CEO Key financial metricsSegment overview Financial overview Financial reports Other information Definitions About Intrum | Intrum Interim report, first quarter 2024 4 |
Key financial metrics
Quarterly development
EBIT for the quarter reduced to SEK 470 M (643) vs. Q1'23 due to costs to execute the extended cost saving program. Adjusted Income and Adjusted EBIT increased 8% to SEK 4,891 M (4,524) and SEK 1,155 M (1,068) respectively for the quarter driven by M&A activity in Servicing. Adjusted EBIT margin remained flat at 24% (24).
Adjusted Direct Costs increased to SEK 2,479 M (2,184), which represents 51% (48) of Adjusted Income, as a result of an increasingly challenging collection environment that has meant the level of activity required to achieve the same amount of collections as in previous years is higher. Adjusted Indirect Costs have increased to SEK 1,334 M (1,317), which represents 27%
-
of Adjusted Income, driven by M&A and IT transformation. Costs have also been impacted by external factors, with infla- tion (including salary inflation) and unfavourable fx movements increasing costs vs. Q1 23.
Net Financial Expenses of SEK 713 M (707) for the quarter include an IAC gain of SEK 196 M in respect of bond redemptions. Adjusted Net Financial Expenses increased by 18% to SEK 971 M
- due to increase in the average balance of Gross Debt vs. Q1'23 and increased interest rates.
In Servicing, the strong commercial trajectory continued with new ACV signings of SEK 278 M (251) in the quarter. External Ser- vicing Income for the quarter has benefited significantly from M&A activity increasing Servicing Income by 17% compared to
the same quarter last year whilst Adjusted EBIT Margin remained flat at 10% (10).
Portfolio Investments performance for the quarter came in at 100% (100) of active forecast with an Adjusted ROI of 12% (13). Aligned with our overall strategy to reduce our proprietary investing book value we invested SEK 371 M (1,664) during the quarter related to forward flow commitments across our footprint reducing book value to SEK 37 bn (37), SEK 26 bn excluding portfolio divestments expected to complete during 2024.
The leverage ratio remained flat at 4.4x compared to the previous quarter including 0.1x unfavourable FX movements.
Balance | |||
Growth | sheet intensity | ||
~10% | EBIT margin | SEK | Leverage |
CAGR | >25% | ~30 bn | 3.5x |
Total adjusted | Leverage ratio by | ||
External servicing | servicing margin | Proprietary investing | end of 2025/2026 |
Income growth | book value excl. | ||
revaluations | |||
External Servicing Adjusted Income | |||
Growth, RTM bn | Servicing Adjusted EBIT Margin, RTM | Investing BV excl. Revaluations, Quarter End | Leverage Ratio, RTM |
11.0 | 11.4 | 11.9 | ||
10.6 | 10.6 | |||
CAGR: 16% | ||||
CMD | Q2 | Q 3 | Q4 | Q1 |
Sep'23 | 2023 | 2023 | 2023 | 2024 |
18 | 18 | 17 | ||
16 | ||||
15 | ||||
CMD | Q2 | Q 3 | Q4 | Q1 |
Sep'23 | 2023 | 2023 | 2023 | 2024 |
41 | 41 | 39 | ||
37 | 37 | |||
CMD | Q2 | Q 3 | Q4 | Q1 |
Sep'23 | 2023 | 2023 | 2023 | 2024 |
4.6x | 4.6x | 4.4x | 4.4x | 4.4x |
CMD | Q2 | Q 3 | Q4 | Q1 |
Sep'23 | 2023 | 2023 | 2023 | 2024 |
Q1 in brief Comment by the President and CEO Key financial metrics Segment overviewFinancial overview Financial reports Other information Definitions About IntrumIntrum Interim report, first quarter 2024 5
Segment overview
Key figures
First quarter, Jan-Mar 2024 | First quarter, Jan-Mar 2023 | |||||||||||||
Consolidated, | Consolidated, | |||||||||||||
incl. | incl. | |||||||||||||
discontinued | Discontinued | discontinued | Discontinued | |||||||||||
SEK M | Servicing | Investing | Central | Eliminations | operations | Operations | Consolidated | Servicing | Investing | Central | Eliminations | operations | Operations | Consolidated |
External Income | 2,897 | 1,961 | 34 | - | 4,891 | -634 | 4,257 | 2,503 | 2,020 | - | - | 4,524 | -776 | 3,747 |
Internal Income | 625 | - | 50 | -675 | - | - | - | 641 | - | 45 | -686 | - | - | - |
Income | 3,521 | 1,961 | 84 | -675 | 4,891 | -634 | 4,257 | 3,144 | 2,020 | 45 | -686 | 4,524 | -776 | 3,748 |
Items Affecting Comparability in Income | - | - | - | - | - | 634 | 634 | - | - | - | - | - | 776 | 776 |
Adjusted Income | 3,521 | 1,961 | 84 | -675 | 4,891 | - | 4,891 | 3,144 | 2,020 | 45 | -686 | 4,524 | - | 4,524 |
Direct Costs | -2,352 | -817 | -40 | 662 | -2,547 | 246 | -2,301 | -2,091 | -769 | -38 | 686 | -2,211 | 345 | -1,866 |
Indirect Costs | -983 | -208 | -478 | 12 | -1,657 | 14 | -1,644 | -814 | -158 | -467 | - | -1,440 | 33 | -1,406 |
Share of Associates and Joint Ventures | 8 | 69 | - | - | 77 | 78 | 155 | 4 | 40 | - | - | 43 | 78 | 121 |
Net Credit Gains / (Losses) | - | 2 | - | - | 2 | - | 2 | - | 1 | - | - | 1 | 43 | 44 |
EBIT | 194 | 1,007 | -434 | - | 767 | -296 | 470 | 242 | 1,134 | -459 | - | 917 | -276 | 643 |
Items Affecting Comparability in EBIT | 149 | 115 | 124 | - | 389 | 296 | 685 | 75 | 63 | 10 | 149 | 276 | 425 | |
Adjusted EBIT | 343 | 1,122 | -310 | - | 1,155 | - | 1,155 | 318 | 1,197 | -449 | - | 1,068 | - | 1,068 |
Cash Income | 3,521 | 3,272 | 84 | -675 | 6,203 | - | 6,203 | 3,144 | 3,246 | 45 | -686 | 5,749 | - | 5,749 |
Cash EBITDA | 603 | 2,466 | -287 | - | 2,782 | - | 2,782 | 592 | 2,537 | -403 | - | 2,728 | - | 2,728 |
Adjusted Income | 3,521 | 1,961 | 84 | -675 | 4,891 | 3,144 | 2,020 | 45 | -686 | 4,524 | ||||
- thereof Northern Europe | 734 | 495 | - | -125 | 1,103 | 745 | 520 | - | -128 | 1,137 | ||||
- thereof Middle Europe | 1,006 | 590 | - | -242 | 1,355 | 777 | 584 | - | -253 | 1,109 | ||||
- thereof Southern Europe | 1,684 | 595 | - | -167 | 2,112 | 1,498 | 591 | - | -152 | 1,937 | ||||
- thereof Tactical Markets | 97 | 280 | - | -91 | 287 | 124 | 325 | - | -109 | 340 | ||||
- thereof Central | - | - | 84 | -50 | 34 | - | - | 45 | -45 | - | ||||
Adjusted EBIT | 343 | 1,122 | -310 | - | 1,155 | 318 | 1,197 | -449 | - | 1,068 | ||||
- thereof Northern Europe | 41 | 347 | - | - | 389 | 18 | 353 | - | - | 371 | ||||
- thereof Middle Europe | 65 | 223 | - | - | 288 | 33 | 311 | - | - | 345 | ||||
- thereof Southern Europe | 279 | 434 | - | - | 713 | 296 | 397 | - | - | 693 | ||||
- thereof Tactical Markets | -42 | 118 | - | - | 76 | -30 | 136 | - | - | 106 | ||||
- thereof Central | - | - | -310 | - | -310 | - | - | -449 | - | -449 |
1) Refer to page 9 for details on Items Affecting Comparability
Q1 in brief Comment by the President and CEO Key financial metrics Segment overviewFinancial overview Financial reports Other information Definitions About Intrum | Intrum Interim report, first quarter 2024 6 |
Servicing
Credit management with a focus on late payments and collections.
First quarter | Full year | |||
Jan-Mar | Jan-Mar | Change | ||
SEK M | 2024 | 2023 | % | 2023 |
External Income | 2,897 | 2,503 | 16 | 11,444 |
Internal Income | 625 | 641 | -3 | 2,518 |
Income | 3,521 | 3,144 | 12 | 13,962 |
Items Affecting Comparability in Income | - | - | - | |
Adjusted Income | 3,521 | 3,144 | 12 | 13,962 |
Direct Costs | -2,352 | -2,091 | 12 | -8,881 |
Indirect Costs | -983 | -814 | 21 | -3,732 |
Share of Associates and Joint Ventures | 8 | 4 | 106 | 21 |
EBIT | 194 | 243 | -20 | 1,370 |
Items Affecting Comparability in EBIT | 149 | 75 | 98 | 821 |
Adjusted EBIT | 343 | 318 | 8 | 2,191 |
Cash Income | 3,521 | 3,144 | 12 | 13,962 |
Cash EBITDA | 603 | 592 | 2 | 3,409 |
KPIs | ||||
Change in Adjusted Income, % | 16 | 1 | 15ppt | 10 |
- thereof organic growth | -2 | -4 | 2ppt | -6 |
- thereof acquisitions | 18 | 0 | 18ppt | 9 |
- thereof foreign exchange | 0 | 5 | -5ppt | 6 |
Adjusted EBIT Margin, % | 10 | 10 | 0ppt | 16 |
Capex Deployed | 23 | 32 | -27 | 206 |
Cash Income, 3 months
Northern Europe: 734
Middle Europe: 1,006
Southern Europe: 1,684
Tactical markets: 97
Cash EBITDA, 3 months
Northern Europe: 57
Middle Europe: 102
Southern Europe: 478
Tactical markets: -34
First quarter of the year started on a positive note for the Servicing business line, with an improving trend compared to 2023 across most jurisdictions.
Total Servicing Income for the quarter increased by 12% to SEK 3,521 M (3,144) vs. Q1'23, whereas External Income was up by 16% to SEK 2,897 M (2,503). The increase in revenue is mainly driven by M&A activity during the second half of 2023. The strong commercial trajectory continued with new ACV of 278M (251) in the quarter.
Adjusted Servicing EBIT also increased by 8% to SEK 343 M (318), implying a stable Adjusted Servicing EBIT margin of 10% (10) vs. Q1'23.
Direct Costs increased by 12% to SEK 2,352 M (2,091) vs. Q1'23, and Indirect Costs by 21% to SEK 983 M (814) vs. Q1'23. This is partly due to the additional business vs. last year, but also due to one-off items and frontloaded costs arising from executing the cost savings program.
Q1 in brief Comment by the President and CEO Key financial metrics Segment overviewFinancial overview Financial reports Other information Definitions About Intrum | Intrum Interim report, first quarter 2024 7 |
Investing
Intrum invests in portfolios of overdue receivables and similar claims, after which Intrum's | Cash Income, 3 months | |||||
servicing operations collect on the claims acquired. | ||||||
First quarter | Full year | |||||
Jan-Mar | Jan-Mar | Change | ||||
SEK M | 2024 | 2023 | % | 2023 | ||
Income | 1,961 | 2,020 | -3 | 8,545 | ||
Items Affecting Comparability in Income | - | - | - | - | ||
Adjusted Income | 1,961 | 2,020 | -3 | 8,545 | ||
- thereof REOs | 28 | 23 | 27 | 140 | ||
-thereof Other Income | 0 | 7 | -99 | 20 | ||
Direct Costs | -817 | -769 | 6 | -3,294 | ||
Indirect Costs | -208 | -158 | 32 | -356 | ||
Share of Associates and Joint Ventures | 69 | 40 | 75 | 53 | Cash EBITDA, 3 months | |
Net Credit Gains / (Losses) | 2 | 1 | 104 | 9 | ||
EBIT | 1,007 | 1,134 | -11 | 4,956 | ||
Items Affecting Comparability in EBIT | 115 | 63 | 84 | 191 | ||
Adjusted EBIT | 1,122 | 1,198 | -6 | 5,147 | ||
- thereof REOs | -11 | -12 | -11 | -27 | ||
-thereof Other Income | 0 | 1 | -101 | 3 | ||
Cash Income | 3,272 | 3,246 | 1 | 13,930 | ||
Cash EBITDA | 2,466 | 2,537 | -3 | 10,810 | ||
KPIs | ||||||
Internal Gross Collections | 3,243 | 3,216 | 1 | 13,748 | ||
Amortisation % | 40 | 38 | 2 | 39 | ||
Capex Deployed | 371 | 1,664 | -78 | 5,508 | ||
ERC | 75,291 | 78,539 | -4 | 76,058 | ||
Collection Index vs. Active Forecast | 100 | 100 | - | 102 | ||
Book Value | 36,878 | 37,121 | -1 | 36,585 | ||
Adjusted Return on Portfolio Investments % | 12 | 13 | -1 | 14 |
Northern Europe: 852
Middle Europe: 1,070
Southern Europe: 935
Tactical markets: 415
Northern Europe: 705
Middle Europe: 703
Southern Europe: 806
Tactical markets: 253
Collection performance was in line with expectations at 100%
-
of active forecast for the quarter with an adjusted ROI of 12% (13).
During the quarter, we invested SEK 371 M (1,664) in new portfo- lios with a net IRR of 17%. Q1'24 investments were predominantly focused on forward flow commitments across our footprint. This is aligned with our overall strategy to reduce our proprietary investing book value and extract cash from the segment.
Cash Income came in at SEK 3,272 M (3,246), representing a 1% increase vs. the same quarter last year. Cash EBITDA for the segment was SEK 2,466 M (2,537) and adjusted EBIT was SEK 1,122 M (1,198), down 3% and 6%, respectively, compared to the same quarter last year.
Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overviewFinancial reports Other information Definitions About IntrumIntrum Interim report, first quarter 2024 8
Adjusted 5 year financial overview
Adjusted P&L
First quarter | Rolling 12 months | Full year | ||||||
Jan-Mar | Jan-Mar | Apr 2023- | ||||||
SEK M | 2024 | 2023 | Mar 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
Adjusted Income | 4,891 | 4,524 | 20,368 | 20,000 | 18,960 | 17,655 | 16,730 | 15,779 |
Adjusted Direct Costs | -2,479 | -2,184 | -9,645 | -9,350 | -8,317 | -7,910 | -7,908 | -7,674 |
- thereof personnel | -1,345 | -1,077 | -5,198 | -4,930 | -4,086 | -3,968 | -3,923 | -3,615 |
- thereof non-personnel | -1,134 | -1,107 | -4,447 | -4,420 | -4,231 | -3,942 | -3,985 | -4,059 |
Adjusted Indirect Costs | -1,334 | -1,317 | -5,041 | -5,024 | -4,524 | -3,312 | -3,389 | -3,076 |
- thereof personnel | -561 | -613 | -2,324 | -2,376 | -2,097 | -1,617 | -1,511 | -1,601 |
- thereof non-personnel | -773 | -704 | -2,717 | -2,648 | -2,427 | -1,695 | -1,878 | -1,475 |
Adjusted Share of Associates and Joint Ventures | 77 | 43 | 194 | 161 | 545 | 581 | 306 | 1,179 |
Adjusted EBIT | 1,155 | 1,068 | 5,876 | 5,786 | 6,664 | 7,014 | 5,739 | 6,208 |
Adjusted D&A | 292 | 325 | 1,398 | 1,432 | 1,453 | 1,318 | 1,529 | 1,246 |
Adjusted EBITDA | 1,447 | 1,391 | 7,274 | 7,219 | 8,117 | 8,332 | 7,268 | 7,454 |
Adjusted Financial Items | -971 | -825 | -3,624 | -3,478 | -2,409 | -2,174 | -2,062 | -1,921 |
Adjusted Tax | -71 | 12 | -944 | -861 | -1,129 | -910 | -555 | -424 |
Adjusted Net Income | 113 | 253 | 1,308 | 1,448 | 3,126 | 3,930 | 3,122 | 3,863 |
Adjusted Net Income attributable to Parent company's shareholders | -144 | 133 | 837 | 1,114 | 1,835 | 3,487 | 2,689 | 2,797 |
Average number of shares outstanding | 121 | 121 | 121 | 121 | 121 | 121 | 124 | 131 |
Adjusted EPS, SEK | -1.20 | 1.10 | 6.95 | 9.24 | 15.21 | 28.86 | 21.70 | 21.34 |
Adjusted EBITDA | 1,447 | 1,391 | 7,274 | 7,219 | 8,117 | 8,332 | 7,268 | 7,454 |
Amortisation of Portfolio Investments | 1,311 | 1,226 | 5,471 | 5,385 | 5,320 | 4,311 | 4,308 | 4,183 |
Income from Associates and Joint Ventures | -77 | -43 | -194 | -161 | -545 | -581 | -306 | -1,179 |
Cash from Associates and Joint Ventures | 101 | 153 | 360 | 412 | 347 | 248 | 338 | 197 |
Cash EBITDA | 2,782 | 2,726 | 12,910 | 12,854 | 13,238 | 12,310 | 11,608 | 10,655 |
Proforma adjustments in respect of M&A | 65 | 146 | ||||||
Cash EBITDA (proforma) | 12,975 | 13,001 |
Net Debt Reconciliation
First quarter | Rolling 12 months | Full year | ||||||
Jan-Mar | Jan-Mar | Apr 2023- | ||||||
SEK M | 2024 | 2023 | Mar 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
Borrowings | 61,201 | 58,033 | 61,201 | 59,852 | 56,519 | 52,501 | 48,703 | 50,625 |
Lease Liability | 653 | 709 | 653 | 637 | 712 | 805 | 871 | 917 |
Deferred Liabilities | 362 | - | 362 | 348 | 384 | 406 | 1,073 | 926 |
Gross Debt | 62,216 | 58,742 | 62,216 | 60,837 | 57,615 | 53,713 | 50,647 | 52,468 |
Cash and Cash Equivalents | -4,749 | -3,713 | -4,749 | -3,966 | -3,474 | -4,553 | -2,134 | -1,906 |
Net Debt before Other Obligations | 57,467 | 55,029 | 57,467 | 56,871 | 54,141 | 49,160 | 48,513 | 50,562 |
Net Defined Benefit Liability | 136 | 139 | 136 | 142 | 141 | 329 | 381 | 387 |
Payable to Non-controlling Interest | 328 | 384 | 328 | 330 | 397 | 430 | - | - |
Net Debt after Other Obligations | 57,931 | 55,552 | 57,931 | 57,342 | 54,678 | 49,919 | 48,894 | 50,949 |
Net Debt before Other Obligations/RTM cash EBITDA (proforma) | 4.4 | 4.4 | 4.1 | 4.0 | 4.2 | 4.7 |
Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overviewFinancial reports Other information Definitions About IntrumIntrum Interim report, first quarter 2024 9
Reconciliation
Rolling 12 | ||||
First quarter | months | Full year | ||
Jan-Mar | Jan-Mar | Apr 2023- | ||
SEK M | 2024 | 2023 | Mar 2024 | 2023 |
INCOME RECONCILIATION | ||||
Income | 4,257 | 3,748 | 17,347 | 16,838 |
Discontinued Operations | 634 | 776 | 3,021 | 3,162 |
Adjusted Income | 4,891 | 4,524 | 20,368 | 20,000 |
Portfolio Amortisation | 1,311 | 1,226 | 5,471 | 5,385 |
Cash Income | 6,203 | 5,749 | 25,838 | 25,385 |
EBITDA RECONCILIATION | ||||
EBIT | 470 | 641 | 2,523 | 2,694 |
Depreciation and Amortisation | 323 | 317 | 1,548 | 1,543 |
EBITDA | 793 | 958 | 4,072 | 4,237 |
Discontinued Operations | 296 | 276 | 1,690 | 1,670 |
IAC - NCIs | ||||
Impairments / (Reversals) | 2 | 8 | 118 | 124 |
Net Credit Gains/(Losses) | -2 | -1 | -10 | -9 |
- thereof Portfolio Investment Gains | -112 | -62 | -1,308 | -1,258 |
- thereof Portfolio Investment Losses | 110 | 61 | 1,298 | 1,249 |
IAC - Restructuring | ||||
IT Transformational Costs | 3 | 75 | 236 | 308 |
Merger & Acquisition | 51 | 9 | 130 | 88 |
Group Restructuring | 188 | 10 | 854 | 676 |
- therof cost saving program | 148 | 0 | 689 | 541 |
IAC - NRIs | ||||
Hungarian Tax Effects | 116 | 55 | 151 | 90 |
Other | - | 1 | 34 | 35 |
Adjusted EBITDA | 1,447 | 1,391 | 7,275 | 7,219 |
JV Cash Adjustments | ||||
IFRS Earnings | -77 | -43 | -195 | -161 |
Cash Earnings | 101 | 153 | 359 | 412 |
Portfolio Amortisation | 1,311 | 1,226 | 5,471 | 5,385 |
Cash EBITDA | 2,782 | 2,726 | 12,910 | 12,854 |
EPS RECONCILIATION | ||||
Earnings Per Share, SEK | -1.98 | 0.19 | -3.7 | -1.56 |
IACs in EPS | ||||
Impairments / (Reversals) | 0.02 | 0.07 | 0.98 | 1.03 |
Other Operating (Gains) / Losses | 0.76 | 0.82 | 9.72 | 9.77 |
Adjusted Earnings Per Share, SEK | -1.20 | 1.10 | 6.95 | 9.24 |
Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overviewFinancial reports Other information Definitions About Intrum | Intrum Interim report, first quarter 2024 10 |
Group overview
Yearly overview, Group
SEK M | 2023 | 2022 | 2021 | 2020 | 2019 |
Income | 17,568 | 19,368 | 17,655 | 16,880 | 15,957 |
EBIT | 2,694 | 154 | 6,475 | 4,695 | 2,060 |
Net Income/(Loss) attributable to Parent | -188 | -4,473 | 3,127 | 1,881 | -362 |
company's shareholders | |||||
Earnings Per Share, SEK | -1.56 | -37.07 | 28.88 | 15.18 | -2.76 |
Adjusted Income | 20,000 | 18,960 | 17,655 | 16,730 | 15,779 |
Adjusted EBIT | 5,786 | 6,664 | 7,014 | 5,739 | 6,208 |
Adjusted Net Income/(Loss) attributable to Parent | 1,114 | 1,835 | 3,487 | 2,689 | 2,797 |
company's shareholders | |||||
Adjusted Earnings Per Share, SEK | 9.24 | 15.21 | 28.86 | 21.70 | 21.34 |
Return on equity, % | -1 | -22 | 15 | 9 | -2 |
Equity per share, SEK | 138.89 | 153.68 | 183.33 | 154.28 | 168.12 |
Average number of employees (FTEs) | 10,641 | 9,965 | 9,694 | 9,379 | 8,766 |
Quarterly overview, Group
Quarter 1 | Quarter 4 Quarter 3 Quarter 2 Quarter 1 Quarter 4 Quarter 3 Quarter 2 | |||||||
SEK M | 2024 | 2023 | 2023 | 2023 | 2023 | 2022 | 2022 | 2022 |
Income | 4,257 | 4,817 | 4,130 | 4,143 | 3,748 | 5,542 | 4,530 | 4,825 |
EBIT | 470 | 1,320 | 15 | 721 | 643 | -1,153 | -1,576 | 1,561 |
Net Income/(Loss) attributable | -238 | 187 | -411 | 14 | 23 | -3,633 | -2,055 | 663 |
to Parent company's | ||||||||
shareholders | ||||||||
Earnings Per Share, SEK | -1.98 | 1.56 | -3.41 | 0.11 | 0.19 | -30.14 | -17.05 | 5.50 |
Adjusted Income | 4,891 | 5,540 | 4,959 | 4,978 | 4,524 | 5,134 | 4,530 | 4,825 |
Adjusted EBIT | 1,155 | 1,899 | 1,353 | 1,468 | 1,068 | 1,928 | 1,564 | 1,701 |
Adjusted Net Income/(Loss) | 480 | 507 | 222 | 136 | 133 | -330 | 761 | 758 |
attributable to Parent company's | ||||||||
shareholders | ||||||||
Adjusted Earnings Per Share, SEK | 0.43 | 2.87 | 1.84 | 1.12 | 1.10 | -2.74 | 6.31 | 6.28 |
Return on equity, % | -3 | -1 | -21 | -30 | -27 | -23 | 1 | 12 |
Equity per share, SEK | 142.71 | 138.89 | 152.11 | 160.83 | 154.58 | 153.81 | 172.39 | 186.20 |
Number of employees (FTEs) | 10,880 | 11,099 | 11,066 | 10,907 | 10,240 | 10,238 | 10,054 | 9,920 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Intrum AB published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 05:05:23 UTC.