ANNUAL REPORT INTRUM JUSTITIA A N N U A L R EP O R T 2 0 ...

NOTE 13
JOINT VENTURES
Intrum Justitia is co-owner of companies which, based on agreements with
the other owners, are treated as joint ventures and reported according to the
proportional method. This means that each line in Intrum Justitia’s consolidated
income statement and balance sheet includes an amount corresponding
to the Group’s interest in the respective line of the joint ventures’ income
statements and balance sheets. All these companies invest in portfolios of
written-off receivables. None have any employees.
The companies reported according to the proportional method are:
LDF 65 sarl
The company is domiciled in Luxembourg, with corporate identity number
B 134749. There are 231 shares outstanding in the company, of which Intrum
Justitia owns 35 percent. The other shares are owned by DGAD International,
a company owned by Crédit Agricole SA. The company’s operations
were started in 2007 and comprise ownership of written-off receivables
in Austria.
IInca sarl
The company is domiciled in Luxembourg, with corporate identity number
B 139513. There are 12,500 shares outstanding in the company, of which
Intrum Justitia owns 35 percent. The other shares are owned by DGAD International,
a company owned by Crédit Agricole SA. The company’s operations
were started in 2007 and comprise financing of LDF 65 sarl.
EE-DF AG
The company is domiciled in Zug, Switzerland, with corporate identity
number CH-170.3.034.475-1. There are 10,000 shares outstanding in the
company, of which Intrum Justitia owns 50 percent. The other shares are
owned by East Capital Explorer AB and East Capital Financials Fund AB.
The company’s operations started in 2010 and comprise ownership of written-off
receivables in Russia.
RDF-I AG
The company is domiciled in Zug, Switzerland, with corporate identity
number CH-170.3.035.250-2. There are 10,000 shares outstanding in the
company, of which EE-DF AG owns 100 percent. The intention is for 30
percent of the shares in the company to be owned by the European Bank for Reconstruction
and Development (EBRD). The company’s operations will start
up in 2011 and will comprise ownership of written-off receivables in Russia.
Intrum Justitia’s aggregate share of the income statements and balance sheets
of these partly owned companies, after adjusting to the Group’s accounting
principles, amounts to:
Income statement (SEK M) 2010 2009
Revenues 59.7 78.6
Operating expenses –26.2 –35.3
Operating earnings 33.5 43.3
Net financial items –0.2 –16.9
Earnings after financial items 33.3 26.4
Current and deferred tax –1.4 –0.8
Net earnings for the year 31.9 25.6
Balance sheet (SEK M) 2010 2009
Financial fixed assets 152.8 379.7
Current assets 9.8 9.0
Cash and bank balances 18.3 22.3
Total assets 180.9 411.0
Equity 167.8 238.0
Long-term liabilities 0.0 166.0
Current liabilities 13.1 7.0
Total equity and liabilities 180.9 411.0
NOTE 14
ASSOCIATED COMPANIES
SEK M
Motus ehf (formerly Intrum á
Íslandi), Reykjavik (Iceland)
SEK M
Corporate
identity no.
Corporate
identity no.
Share of
capital
Share of
capital
Notes
GROUP
2010 2009
701195-3109 33.3% 8.1 11.1
IJCOF SAS, Lyon (France) 514528435 21.4% 12.2 –
Carrying value 20.3 11.1
Opening balances 11.1 23.2
Participations 1.7 0.3
Acquired 10.3 –
Exchange rate difference –2.8 –12.4
Closing balance 20.3 11.1
The Group’s share of the associated company’s revenue is SEK 39.1 M (25.6),
net earnings SEK 1.7 M (0.3), assets SEK 28.0 M (12.5) and liabilities SEK
12.1 M (5.6).
NOTE 15
OTHER SHARES AND PARTICIPATIONS
GROUP
2010 2009
NetGiro International AB,
Stockholm (Sweden) (subject
to liquidation)
556564-9190 4 % 0.0 0.0
Other shares 0.9 0.2
Carrying value 0.9 0.2
Opening balances 0.2 0.1
Acquired 0.7 –
Exchange rate difference 0.0 0.1
Closing balance 0.9 0.2
Other shares primarily refer to a few small holdings of lesser value. There is
no significant difference between the fair value and carrying value of these
shareholdings.
The shares in NetGiro International AB are not listed and it is impossible
to reliably determine the fair value of the holding. Following the disposal of
the operating company NetGiro to Digital River Inc. in 2007, liquidation of
NetGiro International AB has been initiated.
NOTE 16
PURCHASED DEBT
SEK M 2010
GROUP
2009
Acquisition cost, opening balance 5,801.7 5,206.6
Purchases of debt 915.5 911.9
Purchases via acquisition 205.9 –
Translation differences –779.8 –316.8
Accumulated acquisition cost,
closing balance
6,143.3 5,801.7
Amortization, opening balance –3,489.8 –2,876.3
Amortization for the year –800.1 –816.5
Purchases via acquisition –27.5 –
Translation differences 547.5 203.0
Accumulated amortization,
closing balance
–3,769.9 –3,489.8
Carrying value 2,373.4 2,311.9
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