Intrum Justitia AB Company Announcement Unfavourable court ruling in Spain Stockholm, 2012-04-19 14:00 CEST (GLOBE NEWSWIRE) -- Intrum Justitia has received an unfavourable court ruling in Spain regarding a dispute relating to the acquisition of a portfolio of non-performing debt in 2008. The dispute concerns the quality of certain batches of debt, which were agreed to be acquired by Intrum Justitia at a predetermined price. Intrum Justitia subsequently declined to acquire certain batches of debt as in Intrum Justitia’s view, the seller had materially changed the credit terms for granting loans. Contrary to Intrum Justitia’s expectations, the court ruled in favour of the seller of the portfolio. The court verdict implies that Intrum Justitia will need to acquire certain disputed batches of debt at the originally agreed price of about EUR 5,3 million, as well as reimburse the seller for accrued interest and legal costs. Intrum Justitia does not agree with the court ruling and will therefore initiate an appeals process. However, due to the negative court ruling, Intrum Justitia has decided to fully provide for the estimated potential costs in the financial results for the first quarter of 2012. The additional provision will amount to about 51 MSEK, of which 42 MSEK will be charged as a negative revaluation against revenue. For further information, please contact: Erik Forsberg, CFO Tel: +46 8 546 102 02 Annika Billberg, IR & Communications Director Tel: + 46 8 546 102 03 Mobile: + 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 3,300 employees in 20 markets. Consolidated revenues amounted to SEK 4.0 billion in 2011. Intrum Justitia AB is listed on NASDAQ OMX Stockholm since 2002. For further information, please visit www.intrum.com
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