Consolidated financial statements

All figures in NOK'000s unless otherwise stated

Year ended 31 December	Notes	2019	2018
Interest income from purchased loan portfolios	4	2 713 165	2 537 113
Net credit gain/(loss) purchased loan portfolios	4	-400 127	-57 625
Profit from shares in associated parties/joint ventures and participation loans/notes	17	64 113	47 757
Other revenues	7	496 671	378 376
Total revenues	6	2 873 823	2 905 622
Expenses from external services provided	8	-447 245	-363 312
Personnel expenses	9	-887 889	-691 678
Other operating expenses	10	-445 852	-416 651
Depreciation and amortisation	15	-107 352	-56 126
Impairment losses	14,15	-26 915
Operating profit (EBIT)		958 570	1 377 855
Financial income		12 651	4 652
Financial expenses		-794 463	-618 378
Net exchange gain/(loss)		-11 858	43 973
Net financial items	11	-793 670	-569 753
Profit before tax		164 900	808 103
Income tax expense	12	-57 750	-159 370
Profit after tax		107 151	648 732
Profit attributable to:
Parent company shareholders		106 759	648 582
Non-controlling interests		392	151
Basic earnings per share (in NOK)	13	0.26	1.63
Diluted earnings per share (in NOK)	13	0.26	1.60

All figures in NOK'000s unless otherwise stated

Year ended 31 December	Notes	2019	2018
Profit after tax		107 151	648 732
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations		-23 049	-13 860
Hedging of currency risk in foreign operations	4	-36 970	12 237
Tax attributable to items that may be reclassified to profit or loss		8 920	-2 983
Other comprehensive income		-51 099	-4 606
Total comprehensive income		56 052	644 126
Total comprehensive income attributable to:
Parent company shareholders		55 669	643 906
Non-controlling interests		383	221

All figures in NOK'000s unless otherwise stated

As at 31 December	Notes	2019	2018
Deferred tax asset	12	188 765	97 219
Goodwill	14	777 764	785 230
Tangible and intangible assets	15	362 529	273 812
Investments in associated companies and joint ventures	17	387 041	12 144
Purchased loan portfolios	4	13 419 720	13 346 098
Loan receivables	18	345 160	357 801
Participation loans/notes	17	541 683	588 846
Other non-current financial assets	18	4 531	34 582
Total non-current assets		16 027 194	15 495 732
Other short-term assets	19	239 973	160 762
Collateral assets	20	318 595	119 538
Cash and short-term deposits	21	355 884	397 702
Total current assets		914 452	678 002
Total assets		16 941 646	16 173 734
Share capital	22	40 993	40 903
Other paid in capital	22	2 843 325	2 835 895
Other capital reserves	23	23 540	20 436
Foreign currency translation reserve		263 301	314 381
Other equity		1 065 021	1 143 274
Total equity attributable to parent company's shareholders		4 236 179	4 354 889
Equity attributable to non-controlling interests		625	601
Total equity		4 236 804	4 355 489
Deferred tax liabilities	12	171 475	162 925
Long-term interest bearing loans and borrowings	24	10 140 978	10 768 808
Other non-current liabilities	25	159 528	97 757
Total non-current liabilities		10 471 981	11 029 489
Short-term interest bearing loans and borrowings	24	1 497 563	363
Bank overdraft	24	96 634	59 115
Accounts and other payables	26	265 081	300 536
Income taxes payable	12	28 684	47 121
Other current liabilities	27	344 900	381 621
Total current liabilities		2 232 861	788 756
Total equity & liabilities		16 941 646	16 173 734

Oslo, 29 April 2020

/sign/ Jon H. Nordbrekken Chairman of the Board

/sign/ Adele Bugge Norman Pran Board Member

/sign/ Niklas Wiberg Board Member

/sign/ Per Kristian Spone Board Member

/sign/ Kari Skeidsvoll Moe Board Member

/sign/ Erik J. Johnsen Chief Executive Officer

All figures in NOK'000s unless otherwise stated

		Attributable to parent company's shareholders
	Notes	Share capital	Other paid-in capital	Other capital reserves	Foreign currency translation reserve	Other equity	Total	Non-controlling interests	Total equity
At 1 January 2018 after implementation effect IFRS 9		36 952	2 087 317	17 852	319 011	617 962	3 079 093	-213	3 078 880
Profit for the year after tax						648 582	648 582	151	648 732
Other comprehensive income					-4 676		-4 676	70	-4 606
Total comprehensive income					-4 676	648 582	643 906	221	644 126
Issue of share capital	22	3 951	767 593				771 544		771 544
Transaction costs	22		-19 015				-19 015		-19 015
Share based payments	23			2 584			2 584		2 584
Dividend paid to parent company's shareholders	22					-121 960	-121 960		-121 960
Dividends to non-controlling interests								-273	-273
Acquisition of non-controlling interests					46	-1 309	-1 263	866	-397
At 31 December 2018		40 903	2 835 895	20 436	314 381	1 143 274	4 354 889	601	4 355 489
Profit for the year after tax						106 759	106 759	392	107 151
Other comprehensive income					-51 090		-51 090	-9	-51 099
Total comprehensive income					-51 090	106 759	55 669	383	56 052
Issue of share capital	22	90	7 430				7 520		7 520
Share based payments	23			3 104			3 104		3 104
Dividend paid to parent company's shareholders	22					-184 470	-184 470		-184 470
Dividends to non-controlling interests							0	-269	-269
Acquisition of non-controlling interests	5				10	-542	-532	-214	-746
Capital contribution from non-controlling interests							0	123	123
At 31 December 2019		40 993	2 843 325	23 540	263 301	1 065 021	4 236 179	625	4 236 804

All figures in NOK'000s unless otherwise stated

Year ended 31 December	Notes	2019	2018
Cash flow from operating activities
Profit before tax		164 900	808 103
Adjustment for non-cash items:
Interest income from purchased loan portfolios		-2 713 165	-2 537 113
Net credit (gain)/loss purchased loan portfolios	4	400 127	57 625
(Profit)/loss on sale of purchased loan portfolios	7	0	61 037
Depreciation, amortisation and impairment losses	15	134 267	56 126
Interest expenses	11	801 842	610 560
Unrealised foreign exchange differences		-15 495	18 064
Share based payment expense	23	3 104	2 584
(Profit)/loss on sale of tangible and intangible assets		-25	-752
Operating cashflows:
Gross cash collection from purchased loan portfolios	4	5 202 047	3 997 380
Interest paid		-737 132	-525 265
Income tax paid during the year		-193 882	-175 719
Operating capital adjustments:
Decrease/(increase) in current assets		-238 842	-47 913
Decrease/(increase) in other non-current financial assets		84 849	19 139
Increase/(decrease) in current liabilities		-101 320	58 520
Increase/(decrease) in non-current liabilities		94 098	-119 901
Other items		-13 122	8 093
Net cash flow from operating activities		2 872 251	2 290 567
Cash flow from investing activities
Net payment for purchased loan portfolios	4	-3 116 974	-5 878 642
Investment in subsidiary companies and joint ventures	5	-370 593	-288 245
Payment of contingent consideration	5	-87 698	-20 838
Purchase of tangible and intangible assets	15	-52 322	-92 552
Proceeds from the sale of tangible and intangible assets		3 557	6 189
Net cash flow from investing activities		-3 624 029	-6 274 088
Cash flow from financing activities
Proceeds from the issue of new shares	22	7 520	771 544
Transaction costs from issue of new shares	22	0	-19 015
Capital contribution from non-controlling interests		123	0
Proceeds from new external loans during the year	24	16 857 761	18 486 538
Repayment of external loans during the year	24	-15 972 038	-15 130 782
Repayment of principal amount on lease liabilities	16	-34 288
Dividend paid to parent company's shareholders	22	-184 470	-121 960
Dividends paid to non-controlling interest		-269	-273
Net cash flow from financing activities		674 339	3 986 052
Net cash flow during the year		-77 440	2 531
Cash and cash equivalents at 1 January		338 587	326 345
Exchange rate difference on cash and cash equivalents		-1 895	9 711
Cash and cash equivalents at 31 December		259 251	338 587
Cash and cash equivalents comprised of:
Cash and short-term deposits	21	355 884	397 702
Bank overdraft	24	-96 634	-59 115
		259 251	338 587

Please download Notes to the consolidated financial statements (PDF).