• Consolidated net revenues for the first quarter of 2015 amounted to SEK 1,370 M (1,204).
  • Operating earnings (EBIT) amounted to SEK 339 M (283). The operating earnings include revaluations of Purchased Debt portfolios amounting to a negative SEK 7 M (–10). Excluding revaluations, the operating margin was 25 percent (24).
  • Net earnings for the quarter amounted to SEK 244 M (184) and earnings per share were SEK 3.27 (2.35).
  • Cash flow from operating activities amounted to SEK 483 M (530).
  • The carrying value of purchased debt has increased by 12 percent compared with the first quarter of 2014. Disbursements for investments in purchased debt during the quarter amounted to SEK 469 M (619).

Comment by President and CEO Lars Wollung

Intrum Justitia’s development was favorable in the first quarter of 2015. Compared with the equivalent period in 2014, and adjusted for currency effects and the revaluation of portfolios, consolidated revenues rose by 7 percent and operating earnings by 12 percent. Earnings per share rose by 39 percent compared with the first quarter of 2014.

In our regions, mainly Northern Europe and Central Europe experienced favorable development as a result of increased investment levels in Purchased Debt in previous years and improved margins in Credit Management. The corporate acquisitions made in 2014 in the Czech Republic, France and Denmark have also developed well.

In our service lines, both Financial Services and Credit Management reported improved earnings. In Credit Management, growth and margins are increasing well through acquisitions and improved operational efficiency. In Financial Services, the return on Purchased Debt remains excellent at 19 percent. The carrying value of Purchased Debt rose by 12 percent compared with the corresponding period in 2014 and the investments level for the quarter amounted to SEK 469 M. The supply of past-due consumer receivables is generally good, although there is considerable price competition in most markets.

In the first quarter, we also continued to develop our operations in financial services before invoices mature. In the first quarter, we established Avarda, a joint venture with the Swedish company TF Bank, to offer payment and financing solutions to e-traders in the Nordic region. We also launched a similar service for the Swiss market during the quarter.

During 2015, we will continue to focus strongly on generating value for our customers. By continuously developing Intrum Justitia’s offering of Credit Management and Financial Services, we are contributing to positive development for our customers through lower credit losses, improved cash flow and increased focus on their core operations. Our internal focus on continuous improvement is continuing and we are constantly monitoring a very large number of change projects in most of the countries in which we operate. I therefore take a positive view of Intrum Justitia’s opportunities for continued good development with profitable growth over the next few years.

Presentation of the year-end report

The interim report and presentation material are available at President & CEO Lars Wollung and Chief Financial Officer Erik Forsberg will comment on the report at a teleconference today, starting at 9:00 a.m. CET. The presentation can be followed at and/or To participate by phone, call +46 (0)8 566 426 63 (SE) or +44 (0) 20 342 814 06 (UK).

For further information, please contact

Lars Wollung, President & CEO Intrum Justitia AB (publ) Tel: +46 (0)8-546 10 202
Erik Forsberg, Chief Financial Officer, Tel.: +46 (0)8-546 10 202