The Norwegian group B2 Impact specialized in debt purchase and debt collection, listed on the Oslo Stock Exchange and present in various European countries, has released the data relating to the first quarter of 2024.
Revenues down 4% to NOK 882 million (approximately €82,4 million) compared to NOK 914 million in the same period of the previous year. On the other hand, cash collection increased, reaching NOK 1,273 million (+2%), a figure much higher than forecast. Cash EBITDA was NOK 905 million, while adjusted EBIT stood at NOK 360 million. Adjusted net profit drops 14% to NOK 96 million compared to NOK 112 million in Q1 2023.
B2 Impact invested NOK 290 million (approximately €27 million) from January to March 24. At the end of the quarter, the estimated remaining proceeds (ERC) amounted to NOK 22.8 billion (approximately €2.2 billion ), including the share of portfolios held in JVs. At the end of the first quarter, the Group had committed investments of NOK 700 million for 2024. B2 Impact has a strong and diversified funding structure to support further growth. The healthy capital structure and debt guarantee liquidity and financial flexibility capable of supporting future strategies. The Group holds a €610 million senior secured revolving credit facility (RCF), a €180 million senior financing agreement (SFA) and two senior unsecured notes totaling €450 million.sciplined approach to investments and expects a favorable competitive environment for the future. Going into the second quarter it also says that volumes of over NOK 1 billion have been invested and committed, which will allow for a selective approach throughout the year with the aim of taking advantage of an expected increase in NPL volumes and restrictions of capital for the sector as a whole.
CEO Erik Just Johnsen was satisfied with the data, especially in relation to recovery activities. He confirms a disciplined approach to investments and expects a favorable competitive environment for the future. Going into the second quarter he also says that volumes of over NOK 1 billion have been invested and committed, which will allow for a selective approach throughout the year with the aim of taking advantage of an expected increase in NPL volumes and restrictions of capital for the sector as a whole.
