(Oslo, 2023-02-15)
Fourth quarter financial highlights:
* Cash collection of NOK 1,458 million (1,136)
- up 28% y-o-y
*REO sales of NOK 173 million (24)
- up 625% y-o-y
* Cash EBITDA of NOK 1,140 million (862)
- up 32% y-o-y
* Adj. EBIT of NOK 343 million (297)
- up 15% y-o-y
*Adj. Net profit of NOK 92 million (143)
- down 35% y-o-y
(Comparable numbers for Q4 2021 in brackets)
B2Holding had net revenues of NOK 824 million in the fourth quarter, and gross collections including SPVs and joint ventures of NOK 1,261 million. Both collections and recoveries were strong, supported by REOs sales exceeding expectations.
Cash EBITDA was NOK 1,140 million and adjusted EBIT was NOK 343 million. Adjusted Net profit was NOK 92 million equivalent to earnings per share of NOK 0.23.
B2Holding invested NOK 769 million in new portfolios in the fourth quarter of which 55 per cent were unsecured one-offs, 21 per cent were unsecured forward flows, and 24 per cent were secured. The ERC was NOK 20.2 billion at end of the quarter. An additional investment of NOK 435 million was signed late in December and closed in January, bringing the total investments up to NOK 1,204 million in the fourth quarter and NOK 2.6 billion at the end of the year.
B2Holding has a solid funding base to support future growth. The Group’s healthy funding structure and leveraging ensures liquidity and financial flexibility to deliver on the strategy. The Group holds a EUR 610m senior secured revolving credit facility (RCF). B2H03 was repaid in full on 24 October 2022 after a call option was exercised in Q3 2022. In the first quarter of 2023, B2Holding completed a tap issue of EUR 150m in B2H06. The tap proceeds were used to repurchase EUR 19m of B2H04. A call option on B2H04 was exercised on 2 February 2023 to repay B2H04 in full at par plus accrued interest. The outstanding loan balance (adjusted for Treasury Bonds) is EUR 95m and will be repaid on 2 March 2023. After the refinancing of the bonds mentioned above, the Group holds two senior unsecured bond loans for a total of EUR 500m. The Group holds no treasury bonds after full repayment of B2H04.
“The fourth quarter was our best quarter ever in terms of Cash EBITDA. Unsecured collections continued to be ahead of forecast, and cash collections from secured were strong with REO sales once again exceeding expectations. I am further pleased to see that after some years with low investment activity, we now see ERC growth again. We are leaving behind a year of extensive restructuring within our secured business. In the coming year we will increase our focus on aligning our operations, driving efficiency and effectiveness, and delivering sustainable profitable growth,” said Erik Just Johnsen, CEO B2Holding ASA.
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For further information, please see the Q4 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 will be presented at Cort Adelers gate 30 in Oslo from 08:30 CET today. The presentation can also be followed on webcast through this link: https://channel.royalcast.com/landingpage/hegnarmedia/20230215_5/
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:
Rasmus Hansson
Head of Commercial Strategy and Investor Relations
Mobile: +47 952 55 842
E-mail: rh@b2holding.no
or
André Adolfsen
CFO
Mobile: +47 930 19 150
E-mail: aad@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. The head office is in Oslo, Norway and the B2Holding share is listed on the Oslo Stock Exchange under ticker “B2H”.
Attachments:
B2Holding ASA Fourth quarter 2022 presentation
B2Holding ASA Fourth quarter 2022 report
