The Norwegian debt buyer present in various European countries has published the data for the second quarter of 2023 which substantially see a growth trend on all indicators.
Cash collection increase by 21% to NOK 1,513 million and same percentage increase for Cash Ebitda which exceeds NOK 1,151 million. Almost unchanged with an increase of only 1% REO sales, equal to 104 million NOK. Net profit also rose by 5% from NOK 173 to 182 million.
B2Holding recorded revenues in the second quarter of 1,031 million Norwegian crowns (about 97 million euros)
ERC (Estimated Remaining Collections) as at 30 June 2023 grew by 18% compared to the survey as at 31/12/2022, exceeding €2.3 billion, including estimated future collections also from SPVs and JVs.
The group invested NOK 795 million in new portfolios in the second quarter; 62% of the invested amount concerned unsecured one-off portfolios, while 35% was destined to unsecured forward flows portfolios. Only 3% of investments for secured credit purchases.
B2Holding has a solid and diversified financing structure to further support growth. Sound capital structure and leverage ensure liquidity and financial flexibility to carry the strategy forward in the future. The Group has an RCF of €610 million euro of senior secured revolving credit facility (RCF) and has recently agreed to amend the RCF which allows it to fully refinance the bond maturing in May 2024 (B2H05). The Group holds two senior unsecured bonds for a total of 500 million euros.
“The second quarter was another quarter of growth for B2Holding. Revenues from unsecured portfolios were once again better than expected. Revenues from secured and REO sales were also solid. Operating expenses remained stable. Despite an increase in collection volumes, we continue to focus on further cost reductions and initiatives to mitigate inflation and the rising cost of financing said Erik Just Johnsen, CEO of B2Holding ASA”.
Managing Director of Credit Village, Roberto Sergio has more than 20 years of experience in NPL and distressed debt in the Italian and International market. He is the editor of the NPL column in Credit Village Magazine and the director of Credit Village's National NPL Market Observatory.