Intrum Justitia to shut down operations in Latvia & Lithuania

Intrum Justitia AB
Company Announcement

Intrum Justitia to shut down operations in Latvia & Lithuania

Intrum Justitia has taken the decision to shut down operations in Latvia and
Lithuania and to integrate the Estonian operations with the Finnish. 

Stockholm, 2011-12-19 08:30 CET (GLOBE NEWSWIRE) -- 

“The Baltic markets are small and even though Intrum Justitia has been one of
the leading actors in Latvia as well as Lithuania, we have had difficulties to
capitalize on the economy of scales that comes with being a market leader.
Therefore we have chosen to focus our resources on countries where the
prerequisites to grow and create value for clients and shareholders is better.
In Estonia we have a stable client base, good profitability and a close
cooperation with our Finnish subsidiary, which is why we chose to integrate the
Estonian unit into our Finnish operations and under Finnish management”, says
Rickard Westlund, Regional Managing Director Northern Europe. 

The Latvian and Lithuanian operations have around 30 employees and the two
operations have revenues of approximately SEK 4 M anually. In 2011 the
operating loss for these operations is expected to amount to approximately SEK
– 5 M. A cost of approximately SEK -10 M to terminate the operations will
burden the result in region Northern Europe in the fourth quarter of 2011. The
work to close down the operations is expected to be finalized in the first
quarter of 2012. 

For more information, please contact:

Rickard Westlund, Regional Managing Director Northern Europe
Tel: +46 8 546 102 00

Annika Billberg, IR & Communications Director
Tel: +46 8 546 102 03, +46 702 67 97 91, E-mail: a.billberg@intrum.com



Intrum Justitia is Europe’s leading Credit Management Services (CMS) group,
offering comprehensive services, including purchase of receivables, designed to
measurably improve clients’ cash flows and long-term profitability. Founded in
1923, Intrum Justitia has some 3,100 employees in 20 markets. Consolidated
revenues amounted to SEK 3.8 billion in 2010. Intrum Justitia AB is listed on
NASDAQ OMX Stockholm since 2002. For further information, please visit
www.intrum.com