STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
First nine months of 2014
· Net collections for the period January-September 2014 amounted to SEK 82.4M (9.5)
· EBIT for the period January-September 2014 amounted to SEK 39.3 (5.5)
· Net result for the first nine months 2014 amounted to SEK 5.6M (-3.8)
· Investments in distressed assets amounted to SEK 82.6M (202.6)
· Appointments of CFO and Head of Collections
· The ultimate parent company of DDM Treasury Sweden AB was listed on Nasdaq First North in Stockholm
Excerpts from the Interim Report:
Comment by the CEO
Net collections for the third quarter 2014 totalled SEK 32.3M compared to SEK 24.5M for the second quarter 2014, or an increase of 32% quarter-on-quarter as a result of recent investments and collection efforts.
Operating earnings (EBIT) during the third quarter 2014 was SEK 9.6M compared to SEK 5.6M in the third quarter 2013.
We continue to work towards our strategy of geographical diversification outside our traditional core-markets, Russia and Romania. We continue to see interesting opportunities across the Eastern European region.
As a result the composition of our portfolio has changed during the year. Romania continues to be our biggest and most important market although its share of net collections decreased to 56% during the first nine months ending September 2014 versus 66% for the year ending 31 December 2013.
During the quarter our new CFO, Fredrik Olsson, joined and we welcome him as a strong addition to our management team. We have also made our operations team stronger by hiring a new Head of Collection. These two additions have put us in a position to be able to increase our investment levels further.
We continue to see attractive opportunities across the Eastern European region. Our long-standing relations with international financial institutions, active in Eastern Europe, has earned DDM status as a credible acquirer of assets. This, in combination with our proprietary IT system and focus on solving the individual’s debt situation, are factors in our continued success.
DDM Treasury Sweden AB (publ) (NGM: DDM1) is a subsidiary wholly owned by DDM Holding AG. DDM Holding AG is a multinational investor and manager of distressed assets. Since 2007, the DDM Group has built a successful platform in Eastern Europe, with over 2 million receivables in nominal value over EUR 1.4 billion.
This information was brought to you by Cision http://news.cision.com