Kredyt Inkaso Group published the consolidated financial statements for the first three quarters of the financial year 2022/2023. The Group recorded a record-breaking level of repayments in the amount of PLN 234.2 million and generated a net profit of PLN 15.9 million at the consolidated level.
After the first three quarter of the financial year 2022/2023 (representing the period from 1 April to 31 December 2022), Kredyt Inkaso Group can boast the highest level of repayments in the history of the organisation and further reduction of debt levels. Payments from acquired debt portfolios in the first three quarters of the financial year were at the consolidated level of PLN 234.2 million. It is an 11% increase compared to the previous record-breaking financial year of 2021/22. In the third quarter of the year alone, Kredyt Inkaso Group recorded repayments in the amount of PLN 78.4 million, which represents the second best quarterly result recorded thus far.
Income generated by the Group in the first three quarters amounted to PLN 153.7 million in the first three quarters, cash EBITDA – PLN 130.0 million, whereas net profit – PLN 15.9 million. Kredyt Inkaso also purchased new debt portfolios for the total amount of PLN 76.2 million, which represents an increase compared to the corresponding period of the previous year by 355 percent. The estimated value of future recoveries from held debt portfolios (Estimated Remaining Collections) amounted to PLN 1,132 million at the end of Q3.
“Kredyt Inkaso Group just reported the best three quarters in terms of the value of repayments in its entire 21-year history. It’s the effect of work performed by the entire international team and the result of organisational transformation that has been happening for the last three years. It’s also proof that we are well-prepared to continuously increase the scale of operations and a clear increase of investment expenditure in the described period is another step on that path,” said Barbara Rudziks, President of Kredyt Inkaso. “We also intend to develop our investment activities and seek further opportunities to grow not only in Poland, but also in Romania and Bulgaria,” added Rudziks.
Due to the high level of repayments, it is yet another quarter in which the Group’s debt remained at a low level, despite the investments made. Kredyt Inkaso reduced the level of debt relative to the corresponding period of the previous year. The net debt to equity ratio at the end of the third quarter was 0.85 (-0.12 y/y), and the net debt to cash EBITDA ratio was 1.62 (-0.42 y/y).
“It is our goal to further grow our organisation and increase the scale of its operations through new investments. In order to achieve this goal, we intend to carry out an issue of public bonds as part of the prospectus approved recently by the Polish Financial Supervision Authority. It is my hope that soon we will be able to present our investors with a detailed offer,” said Mateusz Boguta, member of the Management Board of Kredyt Inkaso.
Kredyt Inkaso received the approval of the Polish Financial Supervision Authority to run the public bond issue programme up to the total amount of PLN 100 million. The prospectus was approved on 16 February 2023. Individual series issued as part of the programme will be traded on the Warsaw Stock Exchange.
About Kredyt Inkaso
Kredyt Inkaso was established in 2001 as a pioneer on the Polish market of debt management. Ever since, it has been constantly supporting companies and entrepreneurs in the recovery process, cooperating with banks, lenders, insurers and other entities from the consumer market. Kredyt Inkaso offers a wide range of services: from payment monitoring, through amicable collection, to court and enforcement processes.
Since 2007, Kredyt Inkaso has been present on the Warsaw Stock Exchange, and in 2018 it conducted the first public issue of bonds. In its activity, the Company follows the principle that the process of debt collection should be as easy and intelligent as possible, but first of all, it should be ethical – which is confirmed by Ethical Audit Certificates awarded annually by the Association of Financial Enterprises in Poland. The Company also pays attention to the issues related to corporate social responsibility and therefore is involved in educational or pro-social undertakings, among others.
