In Q.1 2015 the BEST operating revenues increased by 64% to PLN 33.7 million, year-on-year, whereas net profit attributed to the shareholders of the Company reached PLN 13.8 million, up by approx. 48% over the corresponding period of 2014
The Group's net profit per share reached PLN 2.65 in Q1 2015 compared to PLN 1.80 in Q1 2014.
"The pronounced increase in our earnings for the first three months of this year reflects, for example, the acquisition of control over the BEST II NSFIZ fund. This fund’s earnings have been covered by full consolidation since November 2014. The positive impact of this acquisition will therefore also occur in the earnings for the subsequent quarters of 2015," commented Krzysztof Borusowski, President of the BEST Management Board.
"Excluding the acquisition of BEST II NSFIZ, the revenue growth in Q1 2015 amounted to approx. 18%, year-on-year. This demonstrates that even without taking this transaction into account, our business is expanding rapidly," he added.
In Q1 2015, BEST completed the public issues of the K3 and K4 series bonds with a total nominal value of PLN 55 mln, while also redeeming H and I series bonds with a total value of over PLN 24 mln. By the end of March this year, BEST Group had posted over PLN 73 mln in cash while its debt ratio (net debt/equity) amounted to PLN 0.72, compared to PLN 0.80 at the end of 2014.
"Even though we have financed our investments primarily through bond issues for several years now, we continue to take a relatively modest recourse to leverage in comparison to other debt collection companies listed on the Warsaw Stock Exchange. Let me emphasize that our bondholders accept a debt ratio in the range 2.00 to 2.50. Respectively, we are in a fairly comfortable position. On the one hand, we enjoy considerable cash stock and, if necessary, we can raise additional funds through further issues of bonds under a program worth PLN 300 mln launched last year, which has already reached its halfway point," said Marek Kucner, Vice-President of the BEST Management Board.
Over recent months, BEST has also continued the process of streamlining its capital group structure. The outcome of these measures is that all the securitization funds (BEST I NSFIZ, BEST II NSFIZ and BEST III NSFIZ) currently form the assets of the BEST Capital FIZAN fund, where BEST Group holds 100% of the equity. "In this way, not only has the group structure been optimized in terms of management efficiency, but it has also become even more transparent for those investors holding BEST stocks or bonds," stated President Krzysztof Borusowski.
General information about BEST
BEST S.A. has been listed on the Warsaw Stock Exchange since 1997, as a company specialising in the trading and managing of non-performing debts. The BEST Group actively invests in debt portfolios (especially in the field of banking) with the use of securitisation funds, as well as providing debt collection services for third parties: banks, telecommunication operators, power companies, and other mass service providers.
BEST is also the sole shareholder of BEST TFI, which obtained its licence to operate from the Polish Financial Supervision Authority (KNF) in 2008. The combination of expertise in the fields of debt collection and that of the establishment and management of investment funds has helped the entity to concentrate all the elements of its business model within one capital group.
Currently BEST TFI manages four funds, including three securitisation funds: BEST I NSFIZ, BEST II NSFIZ and BEST III NSFIZ, whose assets include portfolios of claims with a total nominal value of PLN 8.8 billion (as of the end of 2014), and the non-public assets fund BEST Capital FIZAN.
For more information visit www.best.com.pl or contact:
tel. 22 826 74 18 / mob. 516 173 691
tel. 22 826 74 18 / mob. 514 985 845