B2Holding ASA: Third quarter results 2022 2022-11-10
Third quarter financial highlights:
* Cash collection of NOK 1,244 million (1,191)
- up 4% y-o-y
*REO sales of NOK 169 million (40)
- up 322% y-o-y
* Cash EBITDA of NOK 973 million (946)
- up 3% y-o-y
* Adj. EBIT of NOK 373 million (385)
- down 3% y-o-y
*Adj. Net profit of NOK 171 million (174)
- down 2% y-o-y
(Comparable numbers for Q3 2021 in brackets)
B2Holding had net revenues of NOK 797 million in the third quarter, and gross
collections including SPVs and joint ventures of NOK 1,278 million. Both
collections and recoveries were above the latest forecast, supported by strong
Cash EBITDA was NOK 973 million and adjusted EBIT was NOK 373 million. Adjusted
Net profit was NOK 171 million and Net profit was NOK 143 million, equivalent to
earnings per share of NOK 0.36.
B2Holding invested NOK 399 million in new portfolios in the third quarter. All
the portfolios purchased were unsecured, of which 34 per cent were forward flow
transactions. The ERC was NOK 19.6 billion at end of the quarter.
B2Holding has a healthy funding structure and leverage that ensures liquidity
and financial flexibility. The Group holds a EUR 610m senior secured revolving
credit facility (RCF). In September the Group issued a new EUR 150m senior
unsecured bond loan with maturity on 22 September 2026 at an interest rate of 3M
EURIBOR + 690 basis points. A call option on B2H03 was exercised on 23 September
2022 to repay B2H03 in full at par plus accrued interest. As of October 2022,
the Group holds three senior unsecured bond loans for a total of EUR 550m. A
nominal value of EUR 86m is held as treasury bonds on B2H04 maturing in May
The first and third quarters are normally quarters with seasonally lower
investment activity. Total invested and committed capital per end of the third
quarter totalled NOK 1,730m. The activity level has been high, but B2Holding
have maintained a disciplined and selective approach to investment.
"The third quarter represented another quarter with stable and good performance.
The cash flow generation was once again strong, and despite the restructuring
activities carried out in the quarter, the contribution from the countries
managed by Veraltis Asset Management continued the positive trend both on
secured recoveries and REO sales. Going forward we will continue our capital
discipline with focus on improved profitability through cost control and a
continuation of our selective approach to new portfolio purchases. We believe
this is the recipe for long term value creation for our shareholders," said Erik
Just Johnsen, CEO B2Holding ASA.
For further information, please see the Q3 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 will be presented at Cort Adelers gate 30 in Oslo from 08:30 CET
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:
André Adolfsen, CFO
Mobile: +47 930 19 150
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".