B2Holding ASA: First quarter results 2023
2023-05-16
(Oslo, 2023-05-16)
First quarter financial highlights:
* Cash collection of NOK 1,248 million (1,214)
- up 3% y-o-y
*REO sales of NOK 75 million (136)
- down 45% y-o-y
* Cash EBITDA of NOK 900 million (934)
- down 4% y-o-y
* Adj. EBIT of NOK 402 million (289)
- up 39% y-o-y
*Adj. Net profit of NOK 112 million (128)
- down 13% y-o-y
(Comparable numbers for Q1 2022 in brackets)
B2Holding had net revenues of NOK 914 million in the first quarter and gross
collections including SPVs and joint ventures of NOK 1,296 million. Collections
and recoveries remained strong in the first quarter.
Cash EBITDA was NOK 900 million and adjusted EBIT was NOK 402 million. Adjusted
Net profit was NOK 112 million equivalent to adjusted earnings per share of NOK
0.29.
B2Holding invested NOK 767 million in new portfolios in the first quarter
including the NOK 435 million that was signed late in December but closed and
booked in Q1. Of the invested amount 73 per cent were unsecured one-offs, 23 per
cent were unsecured forward flows, and 4 per cent were secured. At the end of
the quarter, the ERC was NOK 22.8 billion. Additionally, the Group has committed
volumes of NOK 1.1 billion for the rest of 2023.
B2Holding 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). In the first
quarter of 2023, B2Holding completed a tap issue of EUR 150 million in B2H06.
B2H04 was repaid in full on 2 March 2023 after a call option (repayment at par
plus accrued interest) was exercised in early February 2023. The repayment was
in total EUR 95 million (adjusted for Treasury Bonds) and was funded by the RCF.
After the repayment of the bonds mentioned above, the Group holds two senior
unsecured bond loans for a total of EUR 500 million. The Group holds no treasury
bonds after full repayment of B2H04.
"Once again, we delivered a solid quarter. Our unsecured collections were strong
with a collection performance of 105%, with no impact on collections from
inflationary pressure and higher interest rates so far. We have a strong balance
sheet and a leverage ratio that is among the lowest in the industry. The
suggested dividend in combination with the suggested share buyback program
confirms the financial strength of B2Holding," said Erik Just Johnsen, CEO
B2Holding ASA.
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For further information, please see the Q1 2023 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 in an audiocast from 08:30 CEST today through this
link: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230516_7
Live webcast viewers can submit their written questions for the Q&A in the
provided form in the audiocast. 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 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".
