Presentation of Intrum’s results for January-March 2019
Intrum announced its interim results for January-March 2019 on 26 April 2019 at 7:00 a.m. CET. The report was presented at GT30, Grev Turegatan 30 in Stockholm, in a live webcast at 9:00 a.m. CET the same day.
Comment by President & CEO Mikael Ericson
“We have begun 2019 in a positive way and the large step up in the results is clearly in line with our 2020 target trajectory. Adjusted operating profit increased by 39 per cent, largely due to our partnership with Italian Intesa Sanpaolo contributing in the way we had hoped and anticipated, but also as a result of a stable contribution from our other operations. For the first time the rolling 12-month cash EBITDA exceeded SEK 10 billion, which means that leverage has dropped to 4.0x. ”
“Our portfolio business delivers another strong quarter, with a return of 16 per cent. Revenues from our credit management operations (CMS) are 8 percent higher than last year, but with a moderate margin due to the ramp up phase in Italy and on-going challenges in Spain. Throughout 2019 we will address the specific causes of the current weakness in these markets, as a step-up in CMS margins is one of the key elements of delivering our 2020 targets. Excluding Italy and Spain, the Group margin would have been up 1ppt year on year. ”
“We are experiencing a continued active European market, not least in the southern parts. Regulatory developments continues to put pressure on banks to address the challenges of the non-performing exposures on their balance sheets, which creates a momentum in our industry. We look forward to further positive developments for Intrum throughout 2019 as we steadily close in on our 2020 targets.”
President & CEO Mikael Ericson interviewed about the Q1 results by Louise Bergström, Head of Investor Relations