AXA: AXACTOR REPORTS PROFIT BEFORE TAX OF EUR 10 MILLION IN Q2

07:25
Axactor continued to deliver profitable growth also in the second quarter 2019,
with gross revenue increasing 37% year-on-year to EUR 91.3 million and net
revenue increasing 33% to EUR 72.4 million.

Increased volumes continue to generate scale benefits and improved cost
efficiency. The EBITDA was EUR 26.1 million in the quarter and the EBITDA margin
36%, up from EUR 10.6 million and 20% in the same quarter last year. Profit
before tax amounted to EUR 9.8 million (0.6) for the second quarter 2019, and
net profit to EUR 6.2 million (0.2). Net profit to equity holders was EUR 4.6
million (0.3) and net profit to non-controlling interests EUR 1.5 million
(-0.1).

Operating margins continued to move in the right direction also in the second
quarter, showing the efficiency of our business model as volumes are growing. We
continue to see an attractive European NPL market, and growth opportunities in a
more active third-party collection market. We believe the financial and
operational developments have further strengthened our position as one of the
leading debt management providers in Europe, says CEO Endre Rangnes.

Axactor invested EUR 149 million in NPL portfolios in the second quarter. Total
ERC stood at more than EUR 1.9 billion at the end of the second quarter, a
doubling from the end of the first half 2018. Available funds were increased by
EUR 85 million in the second quarter, through release of an RCF accordion option
and increased equity investment and loan from Geveran into Axactor Invest 1.

Axactor maintains its capex guiding of EUR 400-450 million for the full year
2019.

For the first half year 2019, gross revenue amounted to EUR 181.9 million and
net revenue to EUR 146.1 million, generating an EBITDA of EUR 48.3 million with
an EBITDA margin of 33%. Cash EBITDA was EUR 124.2 million. Profit before tax
amounted to EUR 17.8 million for the first half, and net profit to EUR 10.8
million. Net profit to equity holders was EUR 6.6 million (-1.2) and net profit
to non-controlling interests EUR 4.1 million (0.3).

For additional information, please contact:

CEO Endre Rangnes
Mobile phone: +47 482 21 111
Email: endre.rangnes@axactor.com

CFO Johnny Tsolis
Mobile phone: +47 913 35 461
Email: Johnny Tsolis@axactor.com

About Axactor:
Axactor Group is a next-generation debt management company operating in Norway,
Sweden, Finland, Germany, Spain and Italy with an ambitious European growth
strategy. Axactor acquires and collects on own portfolios of non-performing
loans and also provides debt collection and accounts receivable management for
third parties. The debt collection market is estimated to about 1,000 billion
euros across Europe, providing significant opportunities for future expansion.
The company has approximately 1100 employees.
To learn more, visit www.axactor.com


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