B2 Impact ASA: Fourth quarter 2023 results

Oslo, 2024-02-15

Fourth quarter financial highlights:

 * Cash collection of NOK 1,906 million (1,458)
  - up 31% y-o-y

*REO sales of NOK 151 million (173)
  - down 13% y-o-y
 
* Cash EBITDA of NOK 1,540 million (1,140)
  - up 35% y-o-y
 
* Adj. EBIT of NOK 410 million (343)
  - up 20% y-o-y
 
*Adj. Net profit of NOK 105 million (92)
  - up 14% y-o-y
 
(Comparable numbers for Q4 2022 in brackets)

B2 Impact had net revenues of NOK 946 million in the fourth quarter and gross collections including SPVs and joint ventures of NOK 1,845 million. Collections remained strong in the fourth quarter.

Cash EBITDA was NOK 1,540 million and adjusted EBIT was NOK 410 million. Adjusted Net profit was NOK 105 million equivalent to adjusted earnings per share of NOK 0.28.

B2 Impact invested NOK 821 million in new portfolios in the fourth quarter. Of the invested amount 66 per cent were unsecured one-offs and 34 per cent were unsecured forward flows. At the end of the quarter, the Estimated Remaining Collections (ERC) was NOK 22.5 billion. At the end of the fourth quarter, the Group had committed investments of NOK 700 million for 2024.

B2 Impact has a solid and diversified funding structure to support further growth. The healthy capital structure and leverage ensure liquidity and financial flexibility to deliver on the strategy going forward. The Group holds a EUR 610 million senior secured revolving credit facility (RCF), a EUR 180 million senior facility agreement (SFA) and two senior unsecured bond loans for a total of EUR 400 million.

“The fourth quarter continued the trend of solid collections and strong cash flow. The high Cash collections and Cash EBITDA were driven by the resolution of our largest secured claim representing around NOK 500 million. With a Cash EBITDA in the quarter of EUR 1.5 billion, we have reduced our leverage ratio to 1.9x and we enter 2024 in a very solid financial position. We are well placed to take advantage of an improving market with expected higher returns on portfolios and a more favorable competitive environment,” said Erik Just Johnsen, CEO of B2 Impact ASA.
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For further information, please see the Q4 2023 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:
https://b2-impact.videosync.fi/financial-results-2023/

Live viewers can submit their written questions for the Q&A in the provided form in the audiocast player. A recorded version of the audiocast will be available on-demand after the live stream is concluded.
 
For further information, please contact:
 
Rasmus Hansson
Head of Investor Relations and M&A
Mobile: +47 952 55 842
E-mail: [email protected]  
 
or
 
André Adolfsen
CFO
Mobile: +47 930 19 150
E-mail: [email protected]  
 
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
 
About B2 Impact ASA
B2 Impact ASA 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. The Company was founded in 2011 and employs around 1,600 people. B2 Impact ASA 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