News

B2Holding ASA: First quarter results 2022

2022-05-12
(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".