Interim report January-June 2008
• Consolidated revenues for the second quarter 2008 amounted to SEK 890.8 M
(786.9), an increase of 13.2 percent. Organic growth was 10.8 percent.
• Operating earnings (EBIT) amounted to SEK 179.5 M (147.7) and include net
M&A-related items of SEK +5.5 M and net PD revaluations of SEK +0.1 M (2.0).
Excluding these items, operating earnings amount to SEK 173.9 M and the
operating margin increases by 0.9 percentage points to 19.5 percent (18.6).
• Net earnings for the second quarter rose by 19.5 percent to SEK 112.0 M
(93.7).
• Earnings per share before dilution increased by 19.3 percent to SEK 1.42
(1.19) for the quarter. For the first half year, earnings per share were SEK
2.77 (2.43).
• Investments in Purchased Debt amounted to SEK 250.6 M (125.2) during the
second quarter, in addition to payment for the previous purchase of an Austrian
bank portfolio made during the quarter. The return on purchased debt was 15.9
percent (18.8).
• In June the Group's Norwegian subsidiary regained its debt collection license
in Norway following a ruling by the Norwegian Ministry of Justice.
Comment by the President and CEO Michael Wolf
“Our positive operational performance continued with a 19 percent increase in
operating earnings. We are pleased that CMS operations grew by 12.2 percent at
the same time that the operating margin rose 1.2 percentage points. The positive
trend for Purchased Debt continues, which we see as a reflection of the quality
of the service line's management and our ability to spread risks. In Finland &
the Baltics, revenues rose by 21.7 percent. As a result, the region has now
reported revenue increases of near or more than 10 percent for 20 consecutive
quarters. The United Kingdom & Ireland have not yet met our expectations. A more
cost-effective organization will be achieved through regionalization, among
other things. On May 15, we launched a new brand platform, which marks a
milestone in our ongoing strategic work to be a catalyst for a sound economy.”
April-June 2008:
Revenues and Earnings Consolidated revenues for the second quarter amounted to
SEK 890.8 M (786.9). The revenue increase was 13.2 percent, which includes
organic growth of 10.8 percentage points, 1.8 percent related to acquisitions,
currency effects of +0.8 percentage points and -0.2 percentage points related to
portfolio revaluations. Operating earnings amounted to SEK 179.5 M (147.7) and
include a net write-up of purchased debt portfolios of SEK +0.1 M (+2.0).
Operating earnings also include a capital gain of SEK 8.9 M from the sale of
KISS Kredit-Info-Service-System AG, a Swiss credit investigation company, and
M&A-related expenses of SEK 3.4 M. Earnings before tax for the period rose by
19.5 percent to SEK 149.3 M (124.9), while net earnings for the period amounted
to SEK 112.0 M (93.7).
January-June 2008:
Revenues and Earnings Consolidated revenues for the first six months of the year
amounted to SEK 1,752.3 M (1,544.7). Of the revenue increase of 13.4 percent,
organic growth accounted for 10.7 percentage points, acquisitions for 1.9
percentage points, currency effects for 1.2 percentage points and portfolio
revaluations for -0.4 percentage points. Operating earnings amounted to SEK
346.2 M (288.7). Earnings before tax for the period rose by 14.1 percent to SEK
292.1 M (255.9), while net earnings for the period amounted to SEK 219.1 M
(191.9).
The complete Interim Report is attached to this email as a pdf file
Intrum Justitia is Europe's leading Credit Management Services (CMS) group, with
revenues of approximately SEK 3.2 billion and around 3,100 employees in 24
markets. Intrum Justitia offers services designed to measurably improve its
customers' cash flows and long-term profitability by offering high quality in
relationships with both customers and debtors in each local market. The group
offers a wide range of services to manage commercial and consumer receivables.
Intrum Justitia AB (ticker IJ) is listed on the OMX Nordic Exchange in
Stockholm, Mid Cap list. For more information, please visit www.intrum.com
