DDM Holding AG: Q4 and full year report January - December 2022
Significant increase of operating profit in 2022
- Gross collections amounted to EUR 16.6m (18.7)*
- Net collections amounted to EUR 14.4m (15.3)*
- Cash EBITDA amounted to EUR 10.6m (11.8)*
- Net profit for the period of EUR 0.1m (0.1)*
- Gross ERC at the end of 2022 was EUR 284m (299 at December 2021)
- Cash at the end of 2022 was EUR 52.6m (65.5 at December 2021)
- Gross collections amounted to EUR 71.9m (61.7)*
- Net collections amounted to EUR 62.3m (50.1)*
- Cash EBITDA amounted to EUR 50.6m (38.9)*
- Net loss for the period of EUR 5.0m (loss of 2.9)* including EUR 1.9m non-cash negative mark-to-market impact from the investment in Addiko Bank
- Investment in a bolt-on portfolio in Croatia with a gross collection value (face value) of over EUR 20m
- Strategic partnership in Italy with co-investment in a portfolio with a gross collection (face value) of over EUR 10m
- Acquisition of 50.2% of AxFina Holding S.A, a pan European debt servicing provider and business outsourcing company
Adjusted gross collections (which include the incremental gross distribution from joint ventures) amounted to EUR 16.6m in the fourth quarter of 2022, EUR 2.1m below the corresponding period last year. After deducting commission and collection fees to third parties this resulted in EUR 14.4m of adjusted net collections being received for the fourth quarter of 2022. The net profit for the fourth quarter of 2022 turned to a positive EUR 0.1m in line with the net profit of EUR 0.1m for the corresponding period in the prior year.
Cash at 31 December 2022 amounted to EUR 52.6m, supporting our future growth including the planned investment into Nordiska. Additionally, DDM entered into a super senior lending facility of EUR 4.5m with a Swedish bank in February 2023.
Comment by the CEO
"Despite the precarious circumstances in the European economy and the geopolitical uncertainties, 2022 was a good year for DDM. Net collections (including net distributions from joint ventures) increased by 24% and operating profit increased by 27% compared to 2021, showing the resilience of our underlying NPL portfolios. For 2023 the key event for DDM will be the closing of the Nordiska/Swiss Bankers/Omnio transaction, which we expect to occur within the next few weeks." said Florian Nowotny, CEO of DDM.
Financial calendar
DDM intends to publish financial information on the following dates:
Annual report 2022: 28 April 2023
Other financial information from DDM is available on DDM's website: www.ddm-group.ch.
Presentation of the report
The report and presentation material are available at www.ddm-group.ch on 28 February 2023, at 08:00 CEST.
CEO Florian Nowotny will comment on the DDM Group's results during a conference call on 28 February 2023, starting at 10:00 CEST.
If you wish to participate via webcast, please use the link below. Via the webcast you can ask written questions.
https://ir.financialhearings.com/ddm-holding-q4-2022
If you wish to participate via teleconference, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://conference.financialhearings.com/teleconference/?id=5002908
The information in this report requires DDM Holding AG to publish the information in accordance with the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication on 28 February 2023 at 08:00 CEST.