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DDM Holding AG publishes its year-end report 2014 (January-December 2014)
Highlights fourth quarter 2014
• Gross ERC increased with EUR 3.9M to EUR 60.4M during the fourth quarter, up 7% compared to the third quarter 2014. This despite being impacted negatively by EUR 5.9M due to the weakness in the RUB.
• Net collections increased significantly in the fourth quarter and amounted to EUR 6.3M.
• Cash EBITDA amounted to EUR 4.8M.
• Russia significantly weighed on the quarter, primarily through unrealized FX losses of EUR 2.7M and EUR 1.5M of portfolio revaluations, bringing the total impact to EUR 4.2M.
• Portfolio acquisitions closed during the quarter amounted to EUR 3.0M.
• The Board proposes that the Annual General Meeting distribute no dividend for fiscal year 2014.
After date of the balance sheet
• After the end of the quarter DDM made its first acquisition in Hungary to pursue DDM’s strategy to actively seeking new markets to broaden its investment base as well as spreading currency and country specific risks.
Excerpts from the nine month report:
Comment by the CEO:
DDM continues to increase its ERC (Estimated Remaining Collections) through new investments. Gross ERC has increased 57% since the end of second quarter 2014 (the first reporting point) and increased 7% during the fourth quarter despite being impacted negatively by EUR 5.9M due to the weakness in the RUB. As a result of the increased investments net collections in Q4 2014 amounted to EUR 6.3M, an increase of 140% compared to Q3 2014, which is partly driven by some investments that has yielded collections faster than forecasted.
This resulted in a sharp increase in cash-EBITDA to EUR 4.8, an increase of 200% compared to the previous quarter, driven by higher net collections.
In addition to our recent expansion into Poland, Slovenia and the Czech Republic during 2014, in early February 2015 we entered into Hungary. This transaction was made in partnership with one of the world’s largest financial institutions and we see great opportunities for further profitable growth of our investment portfolio in Hungary