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26 Nov 2014

DDM Holding AG publishes its nine month report 2014 (January-September 2014)

First nine months of 2014

  • Net collections for the period January-September 2014 amounted to EUR 8.4M (6.4)

  • Net result for the period amounted to EUR -2.2M (-5.3)

  • Investments in distressed assets amounted to EUR 15.6M (13.0)

  • Cash EBITDA amounted to EUR 5.2M (3.8)

  • Successful listing on Nasdaq First North Stockholm, following an issue of 2,600,000 new shares, raising approximately EUR 14M

  • Proceeds from IPO used to increase investment activities

  • Appointments of CFO and Head of Collections

  • Entered two new markets, Poland and Slovenia, and re-entered the Czech Republic,
    as part of the strategy to broaden the geographic diversification

    After date of the balance sheet

  • Two new board members appointed at the EGM 12 November 2014, Messrs. Torgny Hellström and Savvas Liasis

Excerpts from the nine month report:

Comment by the CEO:

Following our successful listing on Nasdaq First North Stockholm, our investments increased in the third quarter of 2014 and we have entered new markets. Since the start of the year, we have invested more than EUR 15 million. Entering the fourth quarter, our pipeline of future investments remains strong.

During the third quarter, we have capitalised on the origination efforts we made in the spring. We are pursuing our strategy of geographical diversification by making significant investments outside our traditional core-markets of Russia and Romania. During the first nine months of 2014, we have entered two new markets, Poland and Slovenia, and re-entered the Czech Republic. We expect these investments to start generating cash flow during the fourth quarter 2014.

As a result of DDM entering new markets, the composition of our portfolio has changed during the year. Romania remains our largest and most important market, although its share of the total portfolio decreased to 41 percent at the end September 2014 from 58% at the start of the year.

During the quarter, we welcomed Fredrik Olsson as our new CFO and a strong addition to our management team. We have also strengthened our operations team by recruiting a new Head of Collections. These two additions to our management team have put us in a position to further increase our level of investments.

We continue to make significant steps towards being fully compliant with the Nasdaq Stockholm exchange rules in preparation for listing on the main market.

Consequently, as we have previously communicated, we are in the process of converting from Swiss GAAP to IFRS. As a step in this process, DDM has applied voluntary amendments to its accounting policy during 2014.

We continue to see attractive opportunities across the Eastern European region. Our long-standing relations with international financial institutions, active in Eastern Europe, has earned DDM status as a credible acquirer of assets. This, in combination with our proprietary IT system, for analysis and management of assets, and focus on solving the individual’s debt situation, are factors in our continued success





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