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STOCKHOLM, April 29, 2021 /PRNewswire/ -- "Hoist Finance's first quarter was impacted by the consequences of the pandemic and further lockdowns across Europe. Limited investment volumes in 2020 and forward-looking impairments in some portfolios, predominately in the UK and Spain, explain the negative profits in the quarter. The underlying financial performance adjusted for forward-looking impairments totals SEK 120m compared to SEK 110m in the first quarter last year. Collection performance remains solid at 103%, and our efforts to improve efficiency continue according to plan. In the quarter we acquired our first portfolio via the partnership with Magnetar Capital. So despite recent difficulties, we see a positive market outlook, supporting our priority to return to growth", says Klaus-Anders Nysteen, Hoist Finance CEO.
January - March 2021
Total operating income amounted to SEK 319m (529)
Profit/loss before tax totalled SEK -246m (-61)
Adjusted for forward-looking impairments, profit/loss before tax totalled SEK 120m (110)
Earnings per share amounted to SEK -2.73 (-0.73)
Return on equity was -25 per cent (-6)
Carrying value of acquired loans totalled SEK 21,266m (21,075)
The total capital ratio was 15.59 per cent (16.49) and the CET1 ratio was 9.81 per cent (10.76)
Figures in brackets refer to the first quarter of 2020 for profit comparisons and to the 31 December 2020 closing balance for balance sheet items.
Events during the quarter:
Forward-looking negative impairment of unsecured portfolios of SEK -351m
Italian portfolio acquired in the securitisation programme
Digital collection run-rate at 24 per cent
Confirmed and extended financial targets at the Capital Markets Day
New business lines operational as of 1 January 2021.
At Hoist Finance Annual General Meeting 13 April 2021 Mattias Carlsson was elected Chairman of the Board. Fredrik Backman, Per Anders Fasth, Niklas Johansson, Helena Svancar and Peter Zonabend were elected as new members of the Board.
This information is information that Hoist Finance AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication by Andreas Lindblom at 07:30 A.M. CEST on 29 April 2021.
A teleconference for Investors, Analysts and Press will be held at 11:00 AM CEST. To listen in to the conference live, please dial:
SE: +46850558366 UK: +443333009264 US: +18338230586
The presentation will be held in English and broadcast live at: https://tv.streamfabriken.com/hoist-finance-q1-2021
For further information, please contact:
Andreas Lindblom, Head of Investor Relations
Telephone: +46 (0) 72 506 14 22
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
Interim report Q12021
Press release - Q1 ENG