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

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Contents 2010 in brief 2 Statement by the CEO 4 Intrum Justitia in brief 8 Business concept, mission, vision, values, strategies and goals 10 Our services 13 Outcome of investments in purchased debt 20 Corporate Social Responsibility (CSR) 24 Employees 25 Markets and clients 26 Benefits of credit management 27 European Payment Index 2010 28 Regions 29 The share 30 Financial overview 33 Board of Directors’ report 34 Income statement – Group 42 Balance sheet – Group 43 Cash flow statement – Group Summary. Statement of changes in 45 shareholders’ equity – Group 46 Income statement – Parent company 47 Balance sheet – Parent company 48 Cash flow statement – Parent company Summary. Statement of changes in 50 shareholders’ equity – Parent company 51 Notes 52 Audit report 77 Board of Directors 78 Management 80 Corporate Governance Report 82 Definitions 88 Information for shareholders 89 Addresses 90 2010 in brief This is Intrum Justitia in 2010. We have condensed the year and provided clues on where you can learn more about the things that interest you the most. At the end of 2010 Intrum Justitia acquired Aktiv Kapital’s Nordic credit management operation, which strengthened our position, particularly in Norway. Investments in purchased debt amounted to SEK 1,050 M (871). The return on purchased debt was 16.3 percent (15.6). Consolidated revenues for the 2010 financial year amounted to SEK 3,766 M (4,128). Organic growth was -0.8 percent. 26% The currency-adjusted operating earnings for the credit management services segment increased by 26 percent.
Net earnings amounted to SEK 452 M (441) and earnings per share before dilution to SEK 5.67 (5.53). Cash flow from operations was SEK 1,630 M, an increase of 14 percent from the previous year. Operating earnings (EBIT) amounted to SEK 731 M (668). Revenues and operating earnings included purchased debt revaluations as well as costs relating to acquisitions and regional restructuring of SEK -25 M (-106). Excluding these items, the operating earnings (EBIT) were SEK 756 M (774), which is equivalent to an operating margin of 20 percent (19). The Board of Directors proposes a dividend of SEK 4.10 per share (3.75). Intrum Justitia strengthened its position in several sectors during the year, including telecom and finance, through new agreements with Swedbank, Nordea, Sunrise etc. KEY FIGURES 2010 2009 2008 2007 2006 Revenues, SEK M 3,766 4,128 3,678 3,225 2,940 Organic growth, % –0.8 3.9 9.3 10.4 4.3 Operating result 730.6 668.2 697.3 667.8 586.7 Operating margin, % 19.4 16.2 19.0 20.7 20.0 Cash-flow from operations 1,630 1,433 1,261 1,013 874 Return on operating capital, % 15.7 14.3 17.2 21.1 21.5 Return on equity, % 17.6 17.8 20.8 27.8 28.9 Return on purchased debt, % 16.3 15.6 16.6 17.0 14.4 Net debt/equity, % 85.1 81.2 98.0 82.9 98.1 Equity /assets ratio, % 36.2 37.5 35.5 34,2 33,5 Interest coverage, multiple 7,2 7,6 4,6 7,5 8,1 Total collection value, SEK bn 123.3 128,7 126.3 99.1 89.4 Average number of employees 3,099 3,372 3,318 3,093 2,954 Earnings per share before dilution, SEK 5.67 5.53 5.58 5.86 5.09 Operating earnings (EBIT) Sales Interest coverage, multiple Net debt/equity, % Earnings per share after dilution Return on equity, % SALES AND OPERATING EARNINGS SEK M 4,500 3,600 2,700 1,800 900 0 namn på kapitel här 06 07 08 09 10 INTEREST COVERAGE AND NET DEBT/EQUITY % 120 100 80 60 40 20 0 ROE AND EARNINGS PER SHARE % 35 30 25 20 15 10 5 0 06 07 08 09 10 SALES BY SERVICE LINE, % Credit management services 78% Financial services 22% SALES BY REGION, % Northern Europe 39% Central Europe 24% Western Europe 37% SEK M 800 640 480 320 160 SEK 7 6 5 4 3 2 1 0 06 07 08 09 10 0 multiple 12 10 8 6 4 2 0 3
Page 1: INTRUM JUSTITIA ANNUAL REPORT
Page 5 and 6: We are working to promote healthy p
Page 7 and 8: ity will increase in these countrie
Page 9 and 10: In addition to being present in 22
Page 11 and 12: We are the market-leading credit ma
Page 13 and 14: Our services Respectful credit mana
Page 15 and 16: insight to feed innovation We are a
Page 17 and 18: Payment services Information is imp
Page 19 and 20: Payment guarantee Many of our custo
Page 21 and 22: Committing to challenge We are ofte
Page 23 and 24: Credit institutions, private and pu
Page 25 and 26: Our goal is to be the employer of c
Page 27 and 28: Benefits of credit management Sound
Page 29 and 30: Regions Intrum Justitia has operati
Page 31 and 32: No. of shares traded Intrum Justiti
Page 33 and 34: financial overview Income statement
Page 35 and 36: There are several attractive commer
Page 37 and 38: NET fINANCIAL ITEMS The net financi
Page 39 and 40: GOODWILL The Group’s goodwill amo
Page 41 and 42: PROPOSED APPROPRIATION Of PROfIT Th
Page 43 and 44: Consolidated balance sheet SEK M NO
Page 45 and 46: Consolidated cash flow statement SE
Page 47 and 48: Parent Company income statement SEK
Page 49 and 50: Parent Company balance sheet SEK M
Page 51 and 52: Condensed statement of changes in s
Page 53 and 54:
NOTE 1 SIGNIfICANT ACCOUNTING AND V
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Legal outlays The Group incurs outl
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iod of employment of the employees
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GROUP Tangible and intangible fixed
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GROUP 2010 2009 Reconciliation SEK
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NOTE 11 TANGIBLE fIXED ASSETS GROUP
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NOTE 13 JOINT VENTURES Intrum Justi
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NOTE 21 LIQUID ASSETS GROUP PARENT
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ity amounted to SEK 168.7 M (849.7)
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SEK Base salary/fee Variable comp-
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2010 PARENT COMPANY SEK M At fair v
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Accounts receivable The Group’s a
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Audit Report We have audited the an
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CHARLOTTE STRÖMBERG Age 51 Directo
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PER CHRISTOFFERSON Age 42, Director
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ATTENDANCE AT BOARD MEETINGS IN 201
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The Board of Directors’ report on
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able on the intranet and ongoing em
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Information for shareholderst Annua
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Intrum Justitia’s annual report 2
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ANNUAL REPORT INTRUM JUSTITIA A N N U A L R EP O R T 2 0 ...

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