Oslo, 2025-02-13
Financial highlights:
* Investments of NOK 2.5bn for 2024 and NOK 1.2bn committed for 2025
* Unsecured collection performance of 110% and 108% for the full year
* Cash collection of NOK 1,300m (1,906)
* Cash EBITDA of NOK 933m (1,540)
* Adj. Net profit of NOK 108m (105)
* Adj. Earnings per share of NOK 0.29 (0.28) and NOK 1.57 for the full year (1.27)
* Proposed dividend per share for 2024 of NOK 1.5 (1.3)
(Comparable numbers for 2023 in brackets)
Collections remained strong in the fourth quarter with an unsecured collection performance of 110% up from 104% in the same quarter last year. Cash collections and revenues were down, driven by lower secured collections as expected with one large secured claim collected in the same quarter last year. Unsecured collections were up 6% in the quarter.
Cash EBITDA was NOK 933 million and adjusted EBIT was NOK 334 million. Adjusted Net profit was NOK 108 million equivalent to adjusted earnings per share of NOK 0.29, up from NOK 105 million and NOK 0.28 in the same quarter last year. Full year adjusted earnings per share ended at NOK 1.57 per share, up from NOK 1.27 per share in 2023.
Adj. Net profit in the fourth quarter is up compared to last year, despite lower collections from secured. This is driven by a reduction in underlying operating expenses of 5% and significantly reduction in interest costs of 28%. The interest expense is expected to decline further in the first quarter of 2025.
B2 Impact invested and signed NOK 1,437 million in new portfolios in the fourth quarter. The investments in the quarter were only unsecured portfolios. The Estimated Remaining Collections (ERC) were NOK 25.5 billion including share of portfolios held in JVs and REOs. The ERC does not include portfolios signed in the fourth quarter. As per 13 February, the Group had committed investments of NOK 1.2bn for 2025.
B2 Impact has a solid and diversified funding structure to support further growth. The leverage ratio at the end of the fourth quarter was 2.2x. The healthy capital structure and leveraging ensure liquidity and financial flexibility to deliver on the strategy going forward. The Group holds an EUR 610 million senior secured revolving credit facility (RCF) and two senior unsecured bond loans for a total of EUR 450 million.
“Investment activity was high in the fourth quarter with signed investments at year end within our guided investment range for 2024. We have further secured a substantial volume of investments entering 2025 and currently NOK 1.2bn is already committed for 2025. Based on our strong development, the Board has proposed a dividend of NOK 1.50 per share for the financial year of 2024. The target is to maintain this level of dividends in 2025 with the ambition to grow shareholder return going forward and maintain a prudent leverage,” said Trond Kristian Andreassen, CEO of B2 Impact ASA.
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For further information, please see the Q4 2024 presentation and report attached. The documents are also available on the Company's website: www.b2-impact.com
Definitions of alternative performance measures can be found in the report and presentation.
The results will be presented in an audiocast from 08:30 CEST today through this link:
Fourth quarter 2024 Presentation
Live viewers can submit their written questions for the Q&A in the provided form in the audiocast player.
The audiocast can also be accessed through the following link where questions for the Q&A can be asked live:
A recording of the audiocast will be available on-demand after the live stream is concluded.
An updated dividend policy is available on B2 Impact’s website:
https://www.b2-impact.com/about-us/governance/policies-and-guidelines/dividend-policy/
For further information, please contact:
Rasmus Hansson
Head of Investor Relations and M&A
Mobile: +47 952 55 842
E-mail: rasmus.hansson@b2-impact.com
or
André Adolfsen
CFO
Mobile: +47 930 19 150
E-mail: andre.adolfsen@b2-impact.com
About B2 Impact
B2 Impact is one of the leading pan-European debt management companies. B2 Impact offers solutions to the challenges created by defaulted loans, and provide liquidity to financial institutions, contributing to a healthier financial system. B2 Impact promote lasting financial improvement through transparent and ethical debt management. B2 Impact is headquartered in Oslo, Norway and the B2 Impact share is listed on the Oslo Stock Exchange under the ticker "B2I".
For further information, visit www.b2-impact.com
