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DDM Holding AG
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DDM Holding publishes its Half-year report 2014 (January-June 2014)
First six months of 2014
• Consolidated net revenues for the period January–June 2014 amounted to EUR 4.0M (0.9)
• Earnings (EBIT) amounted to EUR 1.5M (-1.6), including revaluations of purchased asset portfolios amounting to EUR 2.4M
• Operating margin (EBIT) was 27% (neg)
• Net result for the period amounted to EUR 0.9M (-3.5)
• Appointment of CFO, Mr. Olsson will join on 1 September
After date of the balance sheet
• Issue of 2,600,000 new shares, total number of shares in DDM Holding AG amounts to 7,100,000 as of reporting date
• Listing on Nasdaq OMX First North on 5 August 2014
Excerpts from the Half-year report:
Comment by the CEO
Following the first quarter of 2014 with geopolitical turbulence and pressure on the Russian Ruble, the second quarter 2014 was characterised by two mile stone events. Firstly, preparations for the listing of DDM on Nasdaq OMX First North in Stockholm and secondly, increased portfolio investments.
We are very proud to have received such a significant level of interest in our company, resulting in a successful listing with first day of trading on the 5th of August. We would like to thank the investors that chose to place their trust in DDM and with whom we look forward to have a close and fruitful relationship.
During the second quarter 2014 we reengaged with investments in Russia and also made a first investment in Slovenia. During the first six months of 2014, DDM invested in portfolios to a total amount of EUR 7.1M.
DDM continues to focus on its historical core markets, Russia and Romania, and at the same time also dedicating efforts to the wider region of Eastern Europe where we see great potential and hope to announce further acquisitions and market entries in the coming period.
Earnings before depreciation and amortisation (EBITDA) period January–June 2014 amounted to EUR 4.0M. Operating earnings (EBIT) amounted to EUR 1.5M, and EBIT margin was 26.5%.
Accounting and reporting for DDM is in process of full conversion to IFRS from the current Swiss GAAP standard. During the period, DDM has made a voluntary amendment in its accounting policy. Previously, the distressed assets were recognised at cost less amortisation. Under the new accounting policy, these assets are recognised using the effective interest method similar to IFRS treatment.
In addition to these amendments, this interim report contains the consolidated cash flow statement and the consolidated statement of changes in equity.
I am pleased to welcome our new CFO, Mr. Fredrik Olsson, to DDM. He will join the company on 1 September 2014 and will be instrumental in driving the implementation of IFRS and related processes, as well as increasing disclosure to our investors.