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26 May 2015

New partnership and first investment in Hungary

Highlights first quarter 2015

  • Net collections during the first quarter 2015 increased by 102% percent to EUR 5.7M (2.8)

  • Cash EBITDA increased 148% and amounted to EUR 4.4M (1.8)

  • Gross ERC was EUR 63.8M

  • Net result for the period was up 159% to EUR 0.2M (-0.4)

  • After the balance sheet date, a process was initiated to extend the tenor of DDM Treasury’s existing SEK 300M senior bond and increasing framework to SEK 700M

Excerpts from the three month report:

Comment by the CEO:

DDM continues to grow its investments and increase its ERC (Estimated Remaining Collections). Gross ERC has increased 6% compared to fourth quarter 2014. As a result of the increased investments, net collections in the first quarter of 2015 amounted to EUR 5.7M, an increase of 102% compared to first quarter 2014, mainly driven by some portfolios performing better than the average collection curve.

In early February we closed our first transaction in Hungary. While the invested amount is relatively minor (EUR 2.7M), this investment is of major value for DDM as this was made in partnership with one of the world’s largest financial institutions and is the result of long-standing work to make joint investments. We have a good opportunity to grow profit on our investment portfolio in Hungary on the back of this cooperation.