In light of the Italian government's measures to stem the spread of the corona virus, we anticipate a delay of Intrum's cash flow in Italy. A large proportion of this cash flow is related to secured assets, almost exclusively real estate, that are typically processed through the Italian court system.
The absolute majority of Intrum's operations in Italy consists of the partnership with Intesa Sanpaolo, where Intrum owns 51 percent, and a debt portfolio owned through a SPV together with Intesa Sanpaolo, where Intrum owns 41 per cent. The combined contribution in 2019 was approximately 4 per cent of Intrum's total adjusted Cash EBITDA (SEK 11.4 billion), corresponding to around SEK 0.4 billion.
Our partnership in Italy employs 850 individuals. Intrum has in total 10,000 employees in 24 countries in Europe.
For further information, please contact:
Viktor Lindeberg, Head of Investor Relations & Group Business Control
+46 (0) 8 546 102 02
+46 (0) 76 897 07 08
Anders Engdahl, CFO
+34 699 366 359