Year end report. January-December st of January 2018 Mikael Ericson, President and CEO Erik Forsberg, CFO
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1 Year end report January-December st of January 2018 Mikael Ericson, President and CEO Erik Forsberg, CFO
2 Agenda 1. Highlights for the fourth quarter and FY Key messages from Capital Markets Day, December Corporate social reponsibility agenda 4. Fourth quarter review 5. Near-term priorities 6. Q&A 7. Appendix
3 2017- Highlights from a transformational year January-September Approval from the EU authorities to merge with Lindorff, subject to certain remedies Mikael Ericson appointed CEO and new Group Management Team formed Successful refinancing of the merged entity New corporate identity and brand Intrum October-December Remedy units divested at attractive valuation Strong business momentum record high Portfolio Investments and three acquisitions Established market leading position in Italy Presentation of strategy and updated financials targets Strong full year financial development Revenues + 16 YoY and underlying EBIT +13 YoY (proforma adjusted) Solid investment momentum record-high investments for portfolios and acquisitions The board proposes an increased dividend of SEK 9,50 /share for 2017 (2016: SEK 9) 3
4 Key messages from Capital Markets Day Strong business momentum Merger integration progressing at good pace 2020 Strategic Plan based on distinct priorities with defined activities and targets 1. Growing Credit Management Services and Portfolio Investments 2. Digitalization and data analytics 3. Operational excellence 4. Merger benefits Updated financial targets to to drive significant shareholder value creation 1. EPS growth of at least +75, 2020 vs Portfolio ROI of at least 13 per annum 3. Net Debt / Cash EBITDA between 2,5-3,5 times 4. Dividend policy to distribute at least 50 of net earnings 4
5 Leading the way to a sound economy Continued focus on informing and educating around consumer finance European Consumer Payment Report published end of 2017 Focus on youth consumption behavior and credits Used towards opinion makers, politicians, educational organizations as well as clients and customer communication Focus in 2018 to establish educational initiative in all Intrum markets Building a strong sustainability agenda in 2018 Adapting the company to the 10 principles of the UN Global Compact Adaption to new legislation for sustainability reporting Enhanced reporting to UN Global Compact 5
6 Fourth quarter review - Group financials - Regional review - Service line review - Synergy update 6
7 Group financials- Summary Pro forma SEK M, unless otherwise indicated Q Q Change Pro forma FY 2017 Pro forma FY 2016 Change Revenues Cash EBITDA excl NRIs EBITDA excl NRIs EBIT excl NRIs Net profit for the period Earnings per share (Financial target: +75, 2020 vs 2016) 3,37 5,90 14,62 20,15 CMS Revenue Growth, 0 n/a 16 n/a CMS Service Line Margins excl NRI's, n/a n/a Portfolio Investments Book Value Growth Portfolio Investments ROI excl NRI s, (Financial target: At least 13 on LTM basis) n/a n/a Cash flow from operations Net debt to Cash EBITDA excl NRI's (Financial target: x) 4,1 n/a 4,1 n/a 7
8 Balance sheet highlights SEK M 31 Dec 2017 Pro Forma 31 Dec 2016 Dev Intangible fixed assets whereof goodwill Tangible fixed assets Financial fixed assets whereof portfolio investments Current assets Non-current assets of disposal group held for sale Total assets Shareholders' equity Long-term liabilities Current liabilities Non-current liabilities of disposal group held for sale Total shareholders equity and liabilities Net Debt
9 Cash flow statement SEK M Q Q Dev FY 2017 FY 2016 Dev Operating earnings (EBIT) Amortization/depreciation and impairment Amortization and revaluation of portfolio investments Income tax paid Changes in factoring receivables Other changes in working capital Financial net & other non-cash items Cash flow from operating activities (CFFO) Purchases of tangible and intangible fixed assets (CAPEX) Portfolio investments Purchases of shares in subsidiaries and associated companies Liquid assets in acquired subsidiaries Sales of shares in subsidiaries and associated companies Liquid assets in sold subsidiaries and associated companies Other cash flow form investing activities Cash flow from investing activities (CFFI) Cash flow from investing activities (CFFI) excl liquid assets in acquired and sold subsidiaries Free cash flow (CFFO - CFFI) Free cash flow (CFFO - CFFI) excl liquid assets in acquired and sold subsidiaries
10 Northern Europe Excl Portfolio Revaluations and NRIs, SEK M Q Pro forma Q Change FX Adjust Pro Forma FY 2017 Pro Forma FY 2016 Change FX Adjust Revenues EBIT EBIT Margin, Portfolio Investments Book Value (excluding discontinued operations) Q4 Highlights Fx adjusted revenues approximately unchanged compared to last year. Fx adjusted EBIT growth of -10, mainly from lower profitability with CMS. Action plans to improve CMS margins and cost efficiency in place. Following a second half of 2017 where the region has had to spend significant efforts to handle the separation of the units to be divested per the EU decision, additional resources and focus can now be redirected to drive earnings growth going forward. Market leader Top five Other New regional division is applied from Q Northern Europe (NOE): Denmark, Estonia, Finland, Latvia, Lithuania, Norway and Sweden 10
11 Western & Southern Europe Excl Portfolio Revaluations and NRIs, SEK M Q Pro forma Q Change FX Adjust Pro Forma FY 2017 Pro Forma FY 2016 Change FX Adjust Revenues EBIT EBIT Margin, Portfolio Investments Book Value (excluding discontinued operations) Q4 Highlights Strong revenue and earnings growth mainly from increased portfolio investments and good collection performance. Intrum established as one of the market leaders in the important Italian market through acquisition of CAF, the third largest service company in Italy, and a large diversified bank portfolio serviced by CAF (enterprise value of EUR 200 million). Additional acquisition of smaller service company specialized in legal collections further adds to Intrum s strengths in Italy (enterprise value EUR 4 million). Market leader Top five Other New regional division is applied from Q Western & Southern Europe (WSE): Belgium, France, Ireland, Italy, Netherlands, Portugal and United Kingdom 11
12 Central & Eastern Europe Excl Portfolio Revaluations and NRIs, SEK M Q Pro forma Q Change FX Adjust Pro Forma FY 2017 Pro Forma FY 2016 Change FX Adjust Revenues EBIT EBIT Margin, Portfolio Investments Book Value (excluding discontinued operations) Q4 Highlights Fx adjusted revenue growth of -1. Adjusted for the Q4-16 divestment of a portfolio, underlying fxadjusted revenue growth was about 8. Fx adjusted EBIT growth of +1. Adjusted for a Q4-17 impairment of software of about 15 MSEK, underlying EBIT growth was 7, mainly due to increased portfolio investments. On-boarding of Greek portfolio completed during the quarter. Local portfolio management and servicing capacity build-up initiated. Acquisition of smaller service company in Germany (enterprise value of EUR 2,4 million) with complementary skills to current operations. Market leader Top five Other New regional division is applied from Q Central & Eastern Europe (CEE): Austria, Czech Republic, Germany, Hungary, Poland, Romania,Slovakia and Switzerland 12
13 Spain Excl Portfolio Revaluations and NRIs, SEK M Q Pro forma Q Change FX Adjust Pro Forma FY 2017 Pro Forma FY 2016 Change FX Adjust Revenues EBIT EBIT Margin, Portfolio Investments Book Value (excluding discontinued operations) Market leader Q4 Highlights Marginally negative revenue growth year on year. EBIT margins remain at solid levels driven by strong performance from the real estate CMS business. Good year-on-year increase in portfolio investments but with limited earnings impact in 2017 as majority of investments completed during the fourth quarter. Positive outlook for future growth from good pipeline for portfolio investments and large BPO contracts and ongoing activities to reduce cost and increase efficiency. Top five Other New regional division is applied from Q Spain (ESP) 13
14 Credit Management Services Excl NRIs, SEK M Q Pro forma Q Change FX Adjust Pro FormaPro Forma FY FY Change FX Adjust Revenues Service Line Earnings Service Line Earnings Margin, ppt ppt Q4 Highlights Fx-adjusted revenue growth of 1. Adjusted for the divestment of a Dutch subsidiary, fx-adjusted revenue growth was 2. Organic growth slightly negative for the quarter. Margin decline of 5-points year-on-year reflects similar trends as noted in Q3-17, including price pressure, higher legal collection costs and temporarily lower income from servicing own portfolios. Several activities in place to improve CMS margins and growth, in line with the priorities outlined at the Capital Markets Day in December. Acquisitions and realization of cost synergies remain in focus. In addition, programs to improve collection and cost efficiency will also contribute to future earnings growth. Market leader Top five Other 14
15 Financial Services Excl NRIs, SEK M Q Pro forma Q Change FX Adjust Pro Forma Pro Forma FY FY Change FX Adjust Revenues Service Line Earnings Service Line Earnings Margin, ppt ppt Portfolio investments ROI, ppt ppt Carrying Value ERC Q4 Highlights Solid investment levels and earnings growth for the quarter, reflecting strong market conditions and benefits from the merger. Continued good growth from portfolio investments in SME and secured portfolios in selected markets. SME and Secured portfolios accounted for about 15 of the total book as of Q4-17 (Q3-17: about 13). Good risk adjusted returns, adjusting for Q4-17 revaluations, the ROI for the quarter 16. The fourth quarter improved market position in Italy and market entry in Greece strengthens platform for future growth. Market leader Top five Other 15
16 Common Costs Excluding NRIs, SEK M Q Pro forma Q Change FX Adjust Pro FormaPro Forma FY FY Change FX Adjust Common Costs Q4 Highlights Increase year-on-year from acquired units. In addition, about 30 MSEK in increased costs year on year from mainly software impairment and amortization of intangibles from the Lindorff merger. Limited impact from realized cost synergies as largest share was realized late in the fourth quarter common cost levels expected to decrease significantly vs 2017 due to full year impact of cost synergies. 16
17 Synergy update Run-rate of achieved cost synergies (End of year estimate in MSEK) Actual 2017 / Forecast FY 2017 FY 2018 FY Capital Markets Day Forecast Estimated actuals + updated forecast Deviation Slightly higher pace for synergy realization in Q4-17. No change in outlook for Limited P&L effect in 2017 due to vast majority of synergies realized late in Q4 Cost to realize synergies (Full Year estimate in MSEK) Actual 2017 / Forecast FY 2017 FY 2018 FY 2019 Total 2017 Capital Markets Day Forecast Estimated actuals + updated forecast Deviation No change in outlook for total costs to realize synergies during Higher costs in Q4-17 than previously estimated due to good progress on defining and communicating restructuring needs, resulting in higher accruals for planned restructuring activities 2017 costs include 24 MSEK of non-cash costs (impairment write-down), of which 18 MSEK in Q
18 Near-term priorities 18
19 Near-term priorities Disciplined execution on the priorities per the Intrum 2020 Strategy Building a strong Near-term focus on the following activities: Benefit from strong market conditions for Portfolio Investments Proactively drive the pipeline for larger CMS acquisitions and BPO-opportunities Improve margin trend for CMS Continue to realize full benefits from the merger 19
20 Q&A
21 Appendix
22 Table of content 1. NRI and revaluations by profit and loss segment 2. Funding base 3. Pro forma credit management services revenues, growth and margins 4. Pro forma portfolio investments carrying value and growth 5. Pro forma portfolio investments and ROI 6. Portfolio investments collections vs active forecast 7. Portfolio investments ERC 8. Portfolio investments gross Cash-on-Cash multiple 9. Upcoming IR activities 22
23 1. NRIs and revaluations by profit and loss segment Q NRIs distribution Regions Service lines SEK M, excl discontinued operations NOE CEE WSE Spain Group CMS FS Common Group EBIT incl NRIs Lindorff integration NRIs Other NRIs Total NRIs EBIT excl NRIs Revaluations EBIT excl NRIs & revaluations Jan-Dec 2017 NRIs distribution Regions Service lines SEK M, excl discontinued operations NOE CEE WSE Spain Group CMS FS Common Group EBIT incl NRIs Lindorff transaction NRIs Lindorff integration NRIs Other NRIs Total NRIs EBIT excl NRIs Revaluations EBIT excl NRIs & revaluations Intrum Justitia AB (publ) All rights reserved.
24 MSEK 2. Funding base Syndicated revolving credit facility EUR 1.1bn SEK 2,828 m Utilized per 31 Dec 2017 Swedish MTN program SEK 1 bn, 5Y, issued June 2013 (margin of 2.22) SEK 1 bn, 5Y, issued May 2014 (margin of 1.60) Maturity profile Senior bonds issued June 2017 SEK 3.0bn, 5Y (3m Stibor(0 floor) ) EUR 300m, 5Y (3m Euribor(0 floor) ) EUR 1.5bn, 5Y (coupon: 2.75) EUR 900m, 7Y (coupon: 3.125) Private placement EUR 160m, 7Y, issued June Commercial paper (up to SEK 4bn) SEK 2,270 m outstanding per 31 Dec 2017 Co-Investors for large portfolios of receivables Typically participate by of total investment CP BONDS SEK MTN Private Placement 24
25 SEK million 3. Pro forma credit management services revenues, growth & margins excl NRI and IACs CMS Development Revenue (Left Axis) Service Line Earings (Left Axis) Service Line Margin (Right Side Axis) 20 25
26 4. Pro forma Portfolio Investments carrying value and growth SEK M Portfolio carrying value: SEK M Book Value growth y-o-y: Y o Y comparison 26
27 5. Pro forma portfolio investments and ROI SEK M Investments: SEK M FY Q4 Q3 Q2 Q * Portfolio ROI RTM * 1st Credit Portfolio Investment at SEK 1,3 bn 27
28 6. Proforma portfolio investment collections vs. active forecast 18,0 16,0 14,0 12,0 10,0 8,0 Collections vs Active Forcast per Quarter 6,0 Collections vs Active Forcast R12 4,0 2,0 0,0 Q1 16 Q2 16 Q3 16* Q4 16* Q1 17* Q2 17 Q3 17 Q4 17 *The R12 numbers for these quarters have been adjusted for previously disclosed portfolio sales. 28
29 7. ERC ERC Rolling 12 months (SEK, billions) Cash Multiple (ERC/Current BV) as of 31 th December 2017 = 2, , ,4 29, , ,3 15,5 12,3 9,7 7,5 5,8 4,4 3,1 2,1 1,2 0,5 29
30 8. Pro forma gross cash-on-cash multiple Vintage Purchase Price, SEK M Gross Cash-on-Cash Multiple 2008 and before , , , , , , , , , ,97 Gross Cash-on-Cash Multiple: Gross cash-on-cash multiple means the actual gross collections to date, plus the ERC as of the same date divided by the total amount paid for the portfolio at the date of purchase. 30
31 9. Upcoming IR activities 2018 Q4 Roadshow Stockholm, Wednesday, January 31 st London, Thursday, February 1 st Paris and Frankfurt, Friday, February 2 nd Boston, Tuesday, February 6 th New York, Wednesday, February 7 th Financial Financial calendar Publication of annual report 2017, Friday, April 6 th Annual general meeting, Friday, April 27th Interim report Jan-March 2018, Friday, April 27 th Interim report Jan-June 2018, Tuesday, July 24 th Interim report Jan-Sept 2018, Thursday, October 26 th Additional events* Carnegie - Debt purchase seminar Stockholm, Tuesday, March 13 th Goldman Sachs - European Small and Mid cap London, Thursday, May 3 rd SEB & Nasdaq - Nordic markets day New York, Tuesday, May 16 th SEB, ABN Amro & Commerzbank - Nordic day Boston, Wednesday, May 17 th Svenska Handelsbanken- Nordic Small and Mid cap Stockholm, Thursday, May 24 th Deutsche Bank - European leveraged finance London, Wednes-/Thursday, June 13 th /14 th * Preliminary and subject to future updates 31
32 The material in this presentation has been prepared by Intrum Justitia AB ( Intrum ). This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Intrum s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward looking statements. Intrum does not undertake any obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Intrum s control. Past performance is not a reliable indication of future performance. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Intrum s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward looking statements. Please read our most recent annual report for a better understanding of these risks and uncertainties.
33 Thank you!
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