Serb Natlfed

Main Menu

  • Home
  • Serbian finance
  • Serbian banks
  • Serbian economy
  • Serbian loans
  • Financial affairs

Serb Natlfed

Header Banner

Serb Natlfed

  • Home
  • Serbian finance
  • Serbian banks
  • Serbian economy
  • Serbian loans
  • Financial affairs
Serbian loans
Home›Serbian loans›B2Holding Norway Q2 revenue in Southeast Europe down 37% YoY

B2Holding Norway Q2 revenue in Southeast Europe down 37% YoY

By Corey Owens
August 24, 2022
0
0

SOFIA (Bulgaria), August 24 (SeeNews) – Norwegian debt solutions provider B2Holding, which is selling its Bulgarian subsidiary Debt Collection Agency (DCA), said it saw a 37% annual drop in net revenue in its Europe segment Southeast (SEE). in the second quarter of 2022.

B2Holding’s revenues in SEE during the reporting period amounted to 69 million Norwegian kroner ($7.1 million/7.15 million euros), the company said in an interim financial report on Tuesday. This contrasts with a 14% annual increase in the first quarter.

Adjusted operating profit for B2Holding’s SEE segment, which includes Romania, Bulgaria, Greece and Cyprus, fell to 24 million crowns, from 32 million crowns a year earlier and 37 million crowns in the first quarter of this year.

Last week, the Norwegian company announced that it would sell DCA to an unnamed Bulgarian special purpose vehicle for 48.4 million euros ($48 million). The agreement, which is due to be finalized in October, will allow the supplier to focus more on the main markets of the Nordic countries and Poland.

The disposal will reduce B2Holding’s net income by 32 million crowns and triggered a non-cash impairment in the second quarter mainly related to goodwill. The net impact on profit after tax was 105 million crowns.

“Unsecured assets are the dominant asset class in Bulgaria and the strategic fit with other countries included in the ring-fenced structure is limited,” B2Holding chief executive Erik Just Johnsen said in the interim report.

In February, the company announced a senior financing agreement with a company advised by the American asset manager Pacific Investment Management Company (PIMCO), with most of the portfolios of CEE and SEE, Italy and France to be included in the structure.

During the last quarter, B2Holding separated asset ownership from management and created a new cross-border master servicer, Veraltis Asset Management.

“Bulgaria had mostly insecure wallets and in the region here for Veraltis there are mostly secure wallets. We have now concluded the PIMCO agreement, which is very important for us also for the future,” Johnsen said during the meeting. a presentation of the results on Tuesday.

The cost of collection in Bulgaria is also high, exceeding 30%, while B2Holding is able to redeploy capital with a single-digit marginal cost of collection in its unsecured business, said CFO Andre Adolfsen according to the transcript of the presentation.

“If you look at Croatia, Slovenia and Serbia, we still have a good position. We still have very big investments in those countries. And I would say we are number one in those countries,” added Johnsen.

B2Holding, based in Oslo, operates in twenty-two countries in Europe, including Bosnia and Herzegovina, Croatia, Montenegro, Serbia and Slovenia.

(1 Norwegian krone = 0.1037 euro)

Related posts:

  1. Veljko Paunovic makes Reading FC transfer admission ahead of summer window
  2. 6 Liverpool stars put up for sale by Jurgen Klopp in the transfer window
  3. EEC Markets – Warsaw Stocks to 15-Month High, Exchange Rate Cools
  4. Serbian real estate market growth seems unstoppable

Categories

  • Financial affairs
  • Serbian banks
  • Serbian economy
  • Serbian finance
  • Serbian loans

Resent Posts

  • Wednesday, November 23, 2022 – La Minute Monocle
  • All 17 Man Utd first-team players set to feature in friendlies
  • Veterinary Telemedicine Company Dutch launches pet insurance in partnership with Pets Best | Company
  • Pančevo Jazz Festival 2022 (Serbia) – London Jazz News
  • The best mortgage finance stocks to buy right now

Archives

  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • Privacy Policy
  • Terms and Conditions