Slide 1: Investor update 13 March 2015
Investor update 13 March 2015 --
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by B2Holding AS (the “Company”) solely for information purposes and does not constitute, and should not be construed as, an offer to sell or issue securities or otherwise constitute an invitation or inducement to any person to purchase, underwrite, subs
Slide 3: Summary: Uniquely positioned for profitable growth
SUMMARY Uniquely positioned for profitable growth Fast growing in a highly profitable industry with solid earnings visibility Leading player in a The company holds a strong position in Central Eastern Europe and the Nordic countries highly profitable industry Management team with extensive experienc
Slide 4: Group overview
GROUP OVERVIEW 1,100 employees (7 employees) 100% 100% 100% 100% 100% 100% B2Holding Kapital d.o.o. Established 2012 1991 2009 1879 2013 2002 Finland Presence Sweden Norway Latvia Balkans1 Poland B2H in total Estonia # of employees 33 145 4 80 55 780 1,104 B2HOLDING 1 Croatia, Slovenia, Serbia, Mont
Slide 5: B2Holding Corporate Staff
B2Holding Corporate Staff Board of B2Holding CEO Adm. Secretary Olav Dalen Zahl Ingeborg Andresen Finance/Legal/Compliance Strategy/Business Development/M&A Harald Henriksen Rasmus Hansson Accounting/Controlling/Risk Portfolio Investments Erik Just Johnsen TBA B2HOLDING 5
Slide 6: Geographical presence
GEOGRAPHICAL PRESENCE Operations in 10 countries across Europe Operations and portfolios: Norway Sweden Finland Estonia Latvia Poland Croatia Serbia Slovenia Montenegro Portfolios – no operation: Italy Lithuania (partly owned company) Denmark Romania (operation to be established in 2015) Offices: Au
Slide 7: Key figures
KEY FIGURES Performance in line with projections 2013 2014E 2014A Total cash revenue1 (NOKm) 420 703 717 Gross collection (NOKm) 334 598 605 Gross ERC2 (NOKm) 1,371 n.a. 4,429 Face value (NOKm) 2,594 n.a. 30,928 # of claims 296,107 n.a. 3,453,269 Gross collections and operational expenses in Poland
Slide 8: Estimated remaining collections (ERC)
ESTIMATED REMAINING COLLECTIONS (ERC) Gross ERC of NOK 4.4 bn – 60% in Poland Gross 120 month ERC 31.12.2014 / NOKm NOKm Today (31.12.2013) ERC 433 Number of Country Subsidiary / Portfolio claims Face value Gross 461 Finland OK Perintä 184 608 1 252 329 Finland OK Sileo 26 346 102 58 Finland OK Incu
Slide 9: Leverage capacity
LEVERAGE CAPACITY Significant debt capacity for future purchases Indebtedness as of Q3-14 Comments Key metrics NOKm Paid in equity per 31 December 2014 is 1,5 bn NOK Peer leverage of 30 – 45% LTV (Net loan/120 month Cash and cash equivalents 206 ERC) Long term interest bearing debt 1,213 LTV for B2H
Slide 10: Yield compression
YIELD COMPRESSION Market trend of decreasing net unlevered IRR hurdle rates due to decreasing cost of capital 10 year government benchmark yields – last twelve months 4.5% 4.0% 3.5% 3.0% 10yr yield 2.5% Poland 2.0% 1.5% Norway Sweden 1.0% Finland 0.5% Eurozone 0.0% Lower capital cost Higher portfoli
Slide 11: Leverage effect
LEVERAGE EFFECT Conceptual effects of unlevered IRR and leverage on ROE ROE vs leverage for different levels of unlevered IRR Comments 140% 17.5% unlevered IRR Leverage has significant effects on ROE – theoretically possible to 120% 15% unlevered IRR achieve thrilling levels also at 100% reduced unl
Slide 12: Case study: Romania
CASE STUDY: ROMANIA Increasing NPL activity represents an opportunity in Romania 1 2 NBR has played an active role to improve NPL ratios in Romanian banks Stable democracy with a growing economy The National Bank of Romania (“NBR”) initiated several programmes Population of 19,9 million during 2014
Slide 13: Shareholders
SHAREHOLDERS Shares are listed at NOTC Shareholders (as of 9 March 2015) SHAREHOLDER # OF SHARES % HOLDING Rasmussengruppen AS 54 739 886 17,58 % Prioritet Group AB 50 198 497 16,13 % Valset Invest AS 23 999 600 7,71 % Stenshagen Invest AS 18 816 700 5,89 % Indigo Invest AS 11 897 619 3,82 % Bryn In
Slide 14: B2Holding going forward
B2Holding going forward Focus on financing with increased use of debt Continue the stock listing process Grow in existing markets by utilising our established platforms Further integration and utilisation of core competencies in the group Enter into new markets B2HOLDING 14
Slide 15: B2 Holding: Making each other better
B2 HOLDING Making each other better