B2Holding ASA: Second quarter results 2022 2022-08-23
Second quarter financial highlights:
* Cash collection of NOK 1,246 million (1,229)
- up 1% y-o-y
*REO sales of NOK 103 million (72)
- up 44% y-o-y
* Cash EBITDA of NOK 949 million (957)
- down 1% y-o-y
* Adj. EBIT of NOK 330 million (321)
- up 3% y-o-y
*Adj. Net profit of NOK 173 million (147)
- up 17% y-o-y
(Comparable numbers for Q2 2021 in brackets)
B2Holding had net revenues of NOK 748 million in the second quarter, and gross
collections including SPVs and joint ventures of NOK 1,245 million. Both
collections and recoveries were above the latest forecast, with strong REOs
Cash EBITDA was NOK 949 million and adjusted EBIT was NOK 330 million. Net
profit was NOK 25 million (Adj. Net profit of NOK 173 million), equivalent to
earnings per share of NOK 0.06, compared to NOK 162 million and NOK 0.39 per
share in the second quarter 2021.
B2Holding invested NOK 758 million in new portfolios in the second quarter. All
the portfolios purchased were unsecured, of which 20 per cent were forward flow
transactions. The ERC was NOK 19.9 billion at end of the 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 and a EUR 610m senior secured revolving credit facility (RCF) that gives
full flexibility to take out the two upcoming bond maturities in November 2022
and May 2023. The project financing stage 1 from PIMCO, the Senior Facility
Arrangement ("SFA"), was completed on 19 August 2022, providing a facility line
of EUR 166 million of which 65% can be used for reinvestment.
The Group signed an agreement for the sale of its subsidiary in Bulgaria
resulting in non-cash one-off effects impacting Net Revenue NOK -32m, EBIT NOK
-135m, and Net profit NOK -105m. Other Non-recurring items of NOK 56m were
related to the process of establishing the secured master servicer, as well as
the senior financing with PIMCO. The ongoing restructuring activities will
result in a more efficient and leaner organisation.
NPL transaction activity continued the positive trend, with an increase in
volumes marketed, evaluated, and transacted.
"We continued the positive trend in the second quarter with strong collections
and solid cash recoveries. The REO sales also continued to materialize and have
reached 80 per cent of the full-year target. On the capital side, we closed the
transaction with PIMCO and concluded the extension of the RCF, which gives us
additional capital for new investments. With invested and committed capital of
more than NOK 1,350 million for 2022, we are already well ahead of the volume
purchased for the full year of 2021. Going into the second half of 2022, we are
well-positioned to take advantage of a seasonally more active market with a good
supply of portfolios," said Erik Just Johnsen, CEO B2Holding ASA
For further information, please see the Q2 2022 presentation and report
attached. The documents are also available on the Company's website:
Definitions of alternative performance measures can be found in the report and
The results are presented at Cort Adelers gate 30 in Oslo from 08:30 CEST today.
The presentation can also be followed on webcast through this link:
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:
Mobile: +47 930 19 150
Head of Commercial Strategy and Investor Relations
Mobile: +47 952 55 842
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 the ticker "B2H".