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Board of Directors’ Report
Board of Directors’ Report
The Board of Directors and the
President and CEO of Intrum
Justitia AB (publ) hereby submit
the annual report and consolidated
financial statements for the
2011 fiscal year.
THE INTRUm JUSTITIA gRoUP
Intrum Justitia AB (publ) (corporate identity
number 556607-7581) is domiciled in Stockholm
and is a public limited liability company
and conducts operations in accordance
with the Swedish Companies Act. Intrum
Justitia’s operations were founded in Sweden
in 1923 and have, through acquisitions and
organic growth expanded to become one of
Europe’s leading credit management companies.
The Parent Company was registered in
2001 and has been listed on the NASDAQ
OMX Stockholm exchange since June 2002.
At December 31, 2011, the share capital in
the company amounted to SEK 1,594,893
M and the number of shares to 79,744,651.
The Group maintains operations through
subsidiaries, associated companies and joint
ventures in 22 countries.
SIgNIfICANT EVENTS DURINg THE YEAR
• At the Annual General Meeting in March,
Matts Ekman, Helen Fasth-Gillstedt, Lars
Lundquist, Joakim Rubin, Charlotte Strömberg
and Fredrik Trägårdh were re-elected as
directors and Joakim Westh was newly elected
as a director. Lars Lundquist was re-elected as
Chairman of the Board. Lars Förberg decli-
36 ANNUAL REPORT 2011
ned re-election. The AGM also approved the
Board of Directors’ dividend proposal and its
proposal regarding principles of remuneration
and other terms of employment for senior management.
• In June, Intrum Justitia purchased a portfolio
of overdue receivables in Germany with
a nominal value of EUR 300 M. The seller
of the portfolio was a german bank. The
purchase entailed Intrum Justitia taking on 40
employees who continue to run the operation
from the offices in Hannover, Germany.
• In September, Intrum Justitia acquired the
Danish credit management company Difko
Inkasso A/S. The acquired company conducts
credit management operations and acts
as an investor in purchased debt. The company
has some 20 employees. The acquisition
strengthens Intrum Justitia’s market position
in Denmark.
• In October, Intrum Justitia entered an agreement
with Experto Credite in the UK. The
transaction means that Intrum Justitia will
remain in the UK market as an investor in
purchased debt but that its employees, premises
and collection operations will be transferred
to Experto Credite.
• I December, a decision was made to phase
out the operations in Latvia and Lithuania
and to integrate the Estonian operations with
the operations in Finland.
SEK M
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
07 08 09 10 11
Consolidated revenues
SEK M
1,000
800
600
400
200
0
3,225
668
3,678
758
4,128
668
REVENUES AND EARNINgS
Consolidated net revenues during the year
amounted to SEK 3,949.8 M (3,766.0).
The increase in revenue amounted to 4.9
percent including organic growth of 2.1 percentage
points, currency effects of 3.2 percentage
points, effects from the revaluation
of purchased debt of 0.4 percentage points,
and acquisition effects of 5.6 percent. Operating
earnings amounted to SEK 867.6 M
(730.6). Revenues and operating earnings
3,766
731
3,949
868
07 08 09 10 11
Consolidated operating earnings, excluding
impairment of goodwill