B2 Impact ASA: Second quarter results 2024
Oslo, 22 August 2024
Second quarter financial highlights:
*Cash collections of NOK 1,386 million (1,513)
- down 8% y-o-y
*Revenues of NOK 1,090 million (1,031)
- up 6% y-o-y
*Cash EBITDA of NOK 1,325 million (1,152)
- up 15% y-o-y
*Adj. EBIT of NOK 573 million (496)
- up 16% y-o-y
*Adj. Net profit of NOK 252 million (182)
- up 38% y-o-y
(Comparable numbers for Q2 2023 in brackets)
B2 Impact had revenues of NOK 1,090 million in the second quarter and collections of NOK 1,384 million. Collections remained strong in the second quarter with an unsecured collection performance of 111% and secured collection performance at 155% compared with latest forecasts.
Cash EBITDA was NOK 1,325 million and adjusted EBIT was NOK 573 million. Adjusted Net profit was NOK 252 million equivalent to adjusted earnings per share of NOK 0.68.
B2 Impact invested NOK 337 million in new portfolios in the second quarter. Of the invested amount 69 per cent were unsecured forward flows and 31 per cent were unsecured one-offs. The Estimated Remaining Collections (ERC) were NOK 23.3 billion including share of portfolios held in JVs and REOs. At the end of the second quarter, the Group had spent and committed investments of NOK 1.2bn for 2024.
B2 Impact has a solid and diversified funding structure to support further growth. The leverage ratio at the end of the second quarter was 1.7x. 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.
“In the second quarter we once again delivered strong collection performance and solid cash flow, with an improvement in collection performance compared to previous periods. We have remained disciplined in our investment approach in the first half of 2024. We have invested and committed around NOK 1.2bn at the end of the second quarter. In august we have extended our Revolving Credit Facility (RCF) with improved terms which will reduce cost of debt going forward. With our strong financial position in combination with capital restrictions in the industry, we target to invest significantly more in the second half of 2024. As we have seen in previous years we expect an improved pipeline in the second half of this year.” said Erik Just Johnsen, CEO of B2 Impact ASA.
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For further information, please see the Q2 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:
https://b2-impact.videosync.fi/b2-impact-q2-report-2024/register
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:
https://palvelu.flik.fi/teleconference/?id=50049862
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]
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 1,550 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
