Kredinor AS: Result for the third quarter 2024

21 Oct 2024 08:30 CEST

(Oslo, October 21, 2024) The positive development in Kredinor AS continued in
the third quarter. Total revenue amounted to MNOK 375.5, and EBT, adjusted for
impairments, would have been MNOK 9.6.

Kredinor AS today published the quarterly report for the third quarter of 2024.
Despite a negative result, the prioritized areas continue to show progress, as
seen in the second quarter.
- I am pleased that the positive development in our operations continues. This
quarter, we have made impairments on intangible assets in Kredinor AS that no
longer hold economic value, which significantly affects the result. However, if
we isolate the underlying operations, we see that we are still on the right
track, says Rolf Eek-Johansen, CEO of Kredinor.

Key figures for the third quarter

Collection performance remained strong, reaching 103% in the third quarter of
2024, compared to 90% in the third quarter of 2023 (106.2% in the second quarter
of 2024). The trend is still positive in the CMS business area, with revenues of
MNOK 185 in Q3 compared to MNOK 177 in the same period last year.

- Total revenue was MNOK 375.5 (MNOK 188.2 in the third quarter of 2023)
- EBITDA was MNOK 121.6 (MNOK - 93.6 in the third quarter of 2023)
- Cash EBITDA was MNOK 291.3 (MNOK 279.2 in the third quarter of 2023)
- EBT was MNOK –75.7 (MNOK –273.7 in the third quarter of 2023)

- We are following a financial plan that will return the company to profitable
operations at a level expected for this type of business. Although the
development has been good so far this year, it means that we must gradually
improve results in the coming quarters, says Eek-Johansen.

Impairment

In the third quarter, Kredinor AS made a write down on intangible assets by a
total of MNOK 85.3. The majority of this relates to the financial advisory
service Kan AS.
- The revenues from Kan have not met expectations, and the value of the company
has therefore been written down to zero in our books, says Rolf Eek-Johansen.

New leadership and reorganization

The quarter was also marked by a reorganization aimed at supporting the
company’s long-term goals. Starting January 1st, industry veteran Tore Andresen
will take on a newly created role as Country Manager for Norway. Abbe Fransson
will return to Kredinor as Director of Developing Markets.
- Tore is a fantastic hire for us, and I am very pleased to have him on board.
We need to strengthen our grip on our main market, and Tore is the right person
for the job. At the same time, we must ensure solid development in our other
markets. I can’t think of anyone better suited to lead this work than Abbe, who
started our ventures in Sweden and Finland, says CEO Rolf Eek-Johansen.

Report and presentation:

The report for the third quarter of 2024 is attached to this release and
published on Kredinor's website, along with a written presentation. There will
not be a joint presentation this quarter, but time has been allocated for
questions about the results with CFO Bjørn Ove Ottosen and CEO Rolf Eek-Johansen
between 11:00 and 12:00 on October 21st. Please contact jon.berge@kredinor.no to
book an individual appointment.

For more information, please contact:
Jon Berge, Director of Communications
Phone: +47 905 98 680 / Email: jon.berge@kredinor.no

About Kredinor:

Kredinor is Norway’s leading debt collection agency. Our market share in Norway
continues to be high, with a volume of 30 percent of the total outstanding debt
collection mass and 15 percent of new cases for debt collection. The market
share can also be measured by 22 percent of the collected funds (Finanstilsynet,
2023).
Kredinor will continue to be a market leader in the industry, and we will have
the most satisfied clients. We are at the forefront of developing new digital
solutions that make it easier for customers to pay and faster for clients to
receive payment for goods or services.
Kredinor is a full-service debt collection company that offers services in two
main categories, Credit Management Services (CMS) and Portfolio Investments
(PI). Today we have offices in Norway, Sweden, Denmark, and Finland. Our
ambition is to become a leading debt collection company in the Nordics.
Kredinor’s owners are SpareBank 1 Gruppen (68.64%) and Kredinorstiftelsen
(31.36%).

More information:
Access the news on Oslo Bors NewsWeb site

629953_Kredinor Q3 2024.pdf