BOOSTING OUR BUSINESS

Notes
NOTE 24: Accrued expenses and
prepaid income
Group Parent Company
SEK M 2015 2014 2015 2014
Accrued social security
expenses
70 75 19 18
Accrued vacation pay 110 107 10 10
Accrued bonus cost 157 150 34 40
Prepaid subscription revenues
39 40 – –
Provisions for losses on payment
guarantees
3 39 – –
Accrued interest 6 45 5 44
Provision for expenses
to pay to bailiffs in the Netherlands
20 36 – –
Other accrued expenses 293 297 47 22
Total 698 789 115 134
NOTE 25: Pledged assets, contingent assets
and contingent liabilities
Group
Parent Company
SEK M 2015 2014 2015 2014
Pledged assets
Deposits 2 3 – –
Restricted bank accounts 17 29 2 7
Total 19 32 2 7
Contingent assets None None None None
Contingent liabilities
Payment guarantees 230 1,961 – –
Total 230 1,961 0 0
Pledged assets
Refers to deposits and restricted bank balances that can be claimed by
clients, suppliers or authorities in the event that Intrum Justitia were not
to meet its contractual obligations.
Payment guarantees
The Group offers services whereby clients, against payment, obtain a
guarantee from Intrum Justitia regarding the clients’ receivables from
their customers. This entails a risk being incurred that Intrum Justitia
must compensate the customer for the guaranteed amount in the event
that the invoices are not paid on time. In those cases where the guarantee
comes into play, Intrum Justitia assumes the client’s claim against
its customer and takes over the continued handling of the case within
the Purchased Debt area of operations. The total guarantee at year-end
amounted to SEK 230 M (1,961), of which receivables overdue by more
than 30 days amounted to SEK 99 M (63). The change compared to
previous year is attributable to changed volumes. Intrum Justitia’s risk
in this business is managed through strict credit limits and analyses of
card applicants’ credit status. As of year-end Intrum Justitia had allocated
SEK 3 M (22) in the balance sheet to cover payments that may
arise due to the guarantee.
Other
When Intrum Justitia acquired the Dutch subsidiary Buckaroo BV in
2012, a potential additional purchase consideration for the sellers was
agreed upon, to be paid out based on the achieved earnings in the company
for the years 2012–2014. Additional purchase consideration has
only partly been paid out. One of the sellers sued Intrum Justitia and a
few of its employees in 2015, demanding further payments of additional
purchase consideration. The demand is explained by an allegation
that Intrum Justitia’s behavior would have induced lower than expected
earnings in Buckaroo, and thereby a lower additional purchase consideration.
Intrum Justitia contests all demands and has not posted any
accrual or provision for this dispute.
The Group is otherwise involved in legal actions in the normal
course of business. In the opinion of the Board, none of these disputes
are expected to give rise to any significant cost.
NOTE 26: Average number of employees
of which the Parent
Group
Company
2015 2014 2015 2014
MEN WOMEN MEN WOMEN MENWOMEN MEN WOMEN
Austria 13 25 13 25 – – – –
Belgium 44 52 44 47 – – – –
Czech
Republic
36 55 52 37 – – – –
Denmark 32 68 20 43 – – – –
Estonia 6 27 6 26 – – – –
Finland 83 333 101 285 – – – –
France 177 484 173 469 – – – –
Germany 41 95 45 95 – – – –
Hungary 61 140 51 115 – – – –
Ireland 23 40 18 44 – – – –
Italy 35 87 50 100 – – – –
Latvia 83 27 85 29 – – – –
Luxembourg 1 1 2 0 – – – –
Mauritius 6 13 0 0 – – – –
Netherlands 146 100 153 111 – – – –
Norway 43 65 41 66 – – – –
Poland 112 185 129 220 – – – –
Portugal 29 64 22 59 – – – –
Slovakia 27 53 25 42 – – – –
Spain 59 211 64 228 – – – –
Sweden 162 261 166 277 37 17 35 18
Switzerland 124 116 114 108 – – – –
UK 0 1 0 1 – – – –
Total 1,343 2,503 1,374 2,427 37 17 35 18
3,846 3,801 54 53
Of the Group’s employees 28 percent are younger than 30 years old, 34
percent are 30–39 years, 23 percent are 40–49 years and 15 percent are
50 years or older.
2015 2014
Men Women Men Women
Gender distribution
of senior executives
Board of Directors 5 4 5 2
Group Management Team 8 1 8 1
Country Managers 18 2 13 3
Board members in subsidiaries
(percent)
89 11 95 5
Six members of the Group Management Team are employees of the
Parent Company. There is no special management team for the Parent
Company.
Intrum Justitia Annual Report 2015
67