(Oslo, 2022-05-12)
First quarter financial highlights:
* Cash collection of NOK 1,214 million (1,301)
- down 7% y-o-y
* REO sales of NOK 136 million (28)
- up 379% y-o-y
* Cash EBITDA of NOK 934 million (1,014)
- down 8% y-o-y
* Adj. EBIT of NOK 289 million (330)
- down 12% y-o-y
*Adj. Net profit of NOK 128 million (130)
- down 1% y-o-y
(Comparable numbers for Q1 2020 in brackets)
B2Holding had net revenues of NOK 716 million in the first quarter, and cash collections including SPVs and joint ventures of NOK 1,214 million. Both collections and recoveries were above the latest forecast, with strong REOs sales.
Cash EBITDA was NOK 934 million and adjusted EBIT was NOK 289 million. Net profit was NOK 97 million (Adj. Net profit of NOK 128 million), equivalent to earnings per share of NOK 0.24, compared to NOK 130 million and NOK 0.33 per share in the first quarter of 2021.
B2Holding invested NOK 239 million in new portfolios in the first quarter. All the portfolios purchased were unsecured, of which 43 per cent were forward flow transactions. The ERC was NOK 18.7 billion at end of quarter.
B2Holding has a solid funding base to support future growth. The Group’s healthy funding structure and leverage ensure liquidity and financial flexibility. The Group holds three listed senior unsecured bond loans for a total of EUR 600 million. After the quarter end, B2Holding has signed a 2-year extension and EUR 100 million increase of the existing Revolving Credit Facility (RCF) agreement with improved terms and full flexibility to take out the existing EUR 50 million bridge loan and the two upcoming bond maturities in November 2022 and May 2023.
The Group had stable underlying operating expenses excluding non-recurring items of NOK 40 million related to restructuring. The ongoing restructuring activities will result in a more efficient and leaner organisation.
NPL transaction activity continued the positive trend from the end of 2021 into Q1, with an increase in volumes marketed, evaluated, and transacted.
“The first quarter was another good quarter with both secured and unsecured delivering above expectations. REO sales were strong in the first quarter and have contributed to another quarter with a solid cash flow. On the investment side, we have focused on maintaining a disciplined approach. As we observe a much-improved market with increased activity and a larger supply of portfolios, we look ahead with optimism.” said Erik Just Johnsen, CEO B2Holding ASA
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For further information, please see the Q1 2022 presentation and report attached. The documents are also available on the Company's website: www.b2holding.no
Definitions of alternative performance measures can be found in the report and presentation.
The results are presented at Hotel Bristol in Oslo from 08:30 CEST today. The presentation can also be followed on webcast through this link: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220512_3
Live webcast viewers can submit their written questions for the Q&A in the provided form in the webcast. A recorded version of the webcast will be available on-demand after the live stream is concluded.
For further information, please contact:
André Adolfsen
CFO
Mobile: +47 930 19 150
E-mail: aad@b2holding.no
or
Rasmus Hansson
Head of Commercial Strategy and Investor Relations
Mobile: +47 952 55 842
E-mail: rh@b2holding.no
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About B2Holding Group
B2Holding ASA is a Nordic based debt solutions provider with platforms in over 20 European countries. B2Holding has experienced significant growth since its inception in 2011 and has established itself as one of the leading European debt purchasers and a solution-oriented partner within the debt servicing industry. B2Holding employs approximately 2,200 people. The head office is in Oslo, Norway and the B2Holding share is listed on the Oslo Stock Exchange under the ticker “B2H”.
Attachments:
B2Holding ASA First quarter 2022 presentation
B2Holding ASA First quarter 2022 report
