ANNUAL REPORT INTRUM JUSTITIA A N N U A L R EP O R T 2 0 ...
ANNUAL REPORT INTRUM JUSTITIA A N N U A L R EP O R T 2 0 ...
ANNUAL REPORT INTRUM JUSTITIA A N N U A L R EP O R T 2 0 ...
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GROUP<br />
Tangible and intangible fixed<br />
assets by country<br />
2010 2009<br />
Sweden 602.7 447.0<br />
Finland 545.4 211.9<br />
Switzerland 229.3 275.1<br />
Netherlands 128.1 142.1<br />
France 173.1 205.2<br />
Other countries 1,045.9 1,074.1<br />
Total 2,724.5 2,355.4<br />
Liabilities and provisions<br />
Northern Europe 1,371.4 807.4<br />
Central Europe 545.2 727.3<br />
Western Europe 1,082.0 1,338.5<br />
Other/Eliminations 1,539.8 1,376.8<br />
Total 4,538.4 4,250.0<br />
Investments in tangible and<br />
intangible fixed assets<br />
Northern Europe 64.2 82.9<br />
Central Europe 20.9 69.5<br />
Western Europe 39.8 33.5<br />
Other/Eliminations 13.3 39.9<br />
Total 138.2 225.8<br />
Depreciation/amortization<br />
Northern Europe –21.0 –21.5<br />
Central Europe –22.5 –30.8<br />
Western Europe –43.4 –53.8<br />
Other/Eliminations –84.5 –58.8<br />
Total –171.4 –164.9<br />
Adjustments for other items<br />
not included in cash flow<br />
Northern Europe –3.2 0.6<br />
Central Europe 1.7 –14.0<br />
Western Europe –14.1 53.0<br />
Other/Eliminations 1.3 –1.6<br />
Total –14.3 38.0<br />
Participations in associated companies<br />
Western Europe 3.4 –<br />
Other/Eliminations –1.7 0.3<br />
Total 1.7 0.3<br />
Revenues by service line<br />
Credit Management 3,274.3 3,548.3<br />
Purchased debt 860.5 924.1<br />
Elimination of inter-service line revenue –368.8 –344.6<br />
Total 3,766.0 4,127.8<br />
Notes<br />
Operating earnings by service line 2010 2009<br />
Credit Management 471,9 398,3<br />
Purchased debt 382,6 361,9<br />
Goodwill impairment – –16,0<br />
Participations in associated companies –0,9 0,3<br />
Central expenses –123,0 –76,3<br />
Total 730,6 668,2<br />
Operating margin, %<br />
Credit Management 14,4 11,2<br />
Purchased debt 44,5 39,2<br />
Group total 19,4 16,2<br />
No individual customer is responsible for generating more than two percent<br />
of the Group’s total revenue.<br />
The distribution of revenues and earnings by geographical region is based<br />
on where clients are located.<br />
The geographical regions include Northern Europe (Denmark, Estonia,<br />
Finland, Latvia, Lithuania, Norway, Poland, Russia and Sweden); Central<br />
Europe (Switzerland, Slovakia, the Czech Republic, Germany, Hungary and<br />
Austria) and Western Europe (Belgium, France, Ireland, Italy, the Netherlands,<br />
Portugal, Spain and the UK).<br />
Central and joint expenses are spread across the geographical regions in<br />
proportion to their purchasing power parity-adjusted sales. The break-down<br />
by geographical region is also used for internal monitoring in the Group.<br />
Intra-Group sales between the regions are made on commercial terms.<br />
Internal transactions between the business areas Financial Services and Credit<br />
Management Services relate to payment on commercial terms for work<br />
carried out within Credit Management regarding handling and collection of<br />
the Group’s purchased debt. Payment is made in the form of a commission<br />
that is recognized as a cost within purchased debt, but which is eliminated in<br />
the Consolidated Income Statement.<br />
NOTE 3<br />
REVENUE DISTRIBUTION<br />
GROUP PARENT COMPANY<br />
SEK M 2010 2009 2010 2009<br />
Collection fees, commissions<br />
and debtors fees<br />
2,439.8 2,728.8 – –<br />
Subscription revenues 91.7 99.6 – –<br />
Collections on<br />
purchased debt<br />
1,614.9 1,699.4 – –<br />
Amortisation of purchased debt –803.3 –780.8 – –<br />
Revaluation purchased debt 3.2 –35.7 – –<br />
Credit card guarantee fees 45.7 41.2 – –<br />
Revenues from<br />
Group companies<br />
– – 61.9 57.7<br />
Other 374.0 375.3 – –<br />
Total 3,766.0 4,127.8 61.9 57.7<br />
The revenues from purchased debt consists of the collected amounts less<br />
amortisations, i.e the decrease of the book value of the portfolio in the period.<br />
See also Note 16.<br />
Compared to 2009 a correction of paid back outlays in the Netherlands<br />
has been made for 2010. This correction has no effect on the result. If it<br />
would have been applied in 2009 the reported revenues would have decreased<br />
by SEK 64.4 M.<br />
59