Change in executive leadership and solid cash position
Highlights fourth quarter 2023
- Cash at the end of
December 2023 wasEUR 20.7m (52.3 atDecember 2022 ) -
Gross ERC at the end of
December 2023 wasEUR 280m (283 atDecember 2022 ) -
Gross collections amounted to
EUR 16.4m (16.4)* -
Net collections amounted to
EUR 14.3m (14.2)* -
Cash EBITDA amounted to
EUR 9.5m (10.2)* - Acquired E-Kancelaria, a Polish loan servicing and debt collection company, through its 75% owned subsidiary AxFina
Highlights full year 2023
- Gross collections amounted to
EUR 55.9m (70.8)* -
Net collections amounted to
EUR 48.7m (61.2)* -
Cash EBITDA amounted to
EUR 31.5m (50.1)* -
Acquired NPL portfolio in
Romania with a gross collection value of overEUR 1 billion - Sale of 5% stake in
Borgosesia S.p.A and associated NPL portfolio due to continuous active asset management -
Acquisition of a further 25% of AxFina Holding S.A, a pan European debt servicing provider and business outsourcing company, taking
DDM Debt's total holding to about 75% - Nordiska terminated the planned acquisition of Swiss Bankers and the combination with Omnio
Significant events after the end of the year
- Erik Fällström and Alexander Fällström appointed as CEO and CFO respectively, replacing
Razvan Munteanu andFredrik Olsson
* Key financial highlights above include non-IFRS alternative performance measures that represent underlying business performance.
Comment by the CEO
I am very excited to have been appointed as CEO of
The
In November AxFina, a 75.2% owned subsidiary of
There were also some further key changes to the corporate governance of the group in the fourth quarter, with Andreas Tuczka leaving the DDM Debt AB Board of Directors, being replaced by
Outlook
The industry's competitive landscape is continuing to adjust following interest rate rises and the volatile global context. The active primary and secondary markets in 2023 are expected to continue into 2024. The current opportunity set includes asset pools as well as non-core platforms. Overall a positive investment outlook is expected over the next 12-18 months. We will continue to be disciplined in the sourcing of new business, keep actively managing our portfolio and monitoring investment cases across our region on both a strategic and opportunistic basis.
Financial calendar
Annual report 2023:
Q1 report for January -
Other financial information from DDM is available on DDM's website, www.ddm-group.ch.
Publication of the report
The report is available at www.ddm-group.ch on
The new executive leadership of DDM, Erik Fällström and Alexander Fällström, will focus on the day-to-day management of the group and ensure continuity and stability of operations going forward. Following the customary operational and strategic review in such a context, Erik Fällström, Alexander Fällström and the continuing Chairman of DDM Jörgen
The information in this report requires
For more information, please contact:
Erik Fällström, Chief Executive Officer
Alexander Fällström, Chief Financial Officer
Mail: investor@ddm-group.ch
https://news.cision.com/ddm-debt-ab/r/q4-and-full-year-report-january---december-2023,c3936862
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