The Norway based B2Holding, owner of Bulgarian company “Debt Collection Agency”, had net revenues of EUR 73 million in the second quarter, up 10% compared to the same quarter last year. Gross collection, including SPVs and joint ventures, was up by 10% to EUR 136 million.
Cash EBITDA was EUR 95 million, an increase of 5 per cent compared to the second quarter 2020, while operating profit (EBIT) was EUR 33 million, up 39 % compared to Q2 2020. Profit after tax was EUR 15.75 million.
B2Holding invested EUR 21.4 million in new portfolios in second quarter. The total gross estimated remaining collection is around EUR 1.98 billion at end of quarter. All investments in the quarter were unsecured portfolios, of which 50 % were forward flow transactions. Transaction activity in the industry remained low in the second quarter, but the Group observes encouraging signs of a more active market in the second half of 2021 and into 2022.
“The strong performance we have seen in previous quarters continued in the second quarter, with both unsecured collections and secured recoveries in line with expectations. In combination with lower costs, the second quarter delivered strong cash flow and solid results. Consequently, our balance sheet is even further strengthened from the first quarter, and we are well positioned for what we expect will be a more active NPL market towards the end of 2021 and going into 2022.” said Erik J. Johnsen, CEO of B2Holding ASA.