BEST Group records higher repayments and cash EBITDA in Q1 2017

In the first quarter of 2017, the full cash EBITDA generated by BEST Group amounted to nearly PLN 31 million, up by 11% year-on-year, mainly as a result of the increase in repayments under the claims portfolios in that period.

BEST Group continues to maintain a fast pace of growth. At the beginning of the year, repayments due to the Group increased dynamically from PLN 41.0 million in Q1 2016 to PLN 50.7 million in Q1 2017, as a result of which the comparable cash EBITDA (excluding the results of Kredyt Inkaso) in Q1 2017 amounted to PLN 30.8 million, up by 11% YOY. The Group’s operating revenues in that period were PLN 35.8 million, the operating profit amounted to PLN 13.5 million and the net result was PLN 6.2 million. In Q1 2017, the Group made intense efforts to enter the Italian market, and there were no indications for an upward revaluation in the claims portfolios, as was the case in Q1 2016 in connection with a very high number of settlements concluded with customers in that period.

In Q1 2017, repayments under the managed claims portfolios increased to PLN 61.6 million from PLN 52.5 million in Q1 2016. In the same period, the Group invested PLN 78.4 million in new portfolios, which is 75% more than in the same period in 2016. With that investment, the Group acquired claims portfolios with a nominal value of approx. PLN 418 million.

“The first quarter of 2017 was very intense. In January, we fully adopted SIGMA, our proprietary operating system that supports claims management in the whole Group. We also successfully performed two public issues of bonds from which we raised a total of PLN 90 million. It is worth stressing that the issues enjoyed great popularity with our investors, and in both issues the total number of bonds offered was fully subscribed already on the first day. It is a signal that the investors are confident in our growth potential and see our debt securities as an attractive and safe investment,” said Krzysztof Borusowski, President of the Management Board of BEST S.A.

“We are also happy to have been able to invest more in new claims portfolios. In the first quarter of 2017, we invested PLN 78.4 million, allowing us to acquire portfolios with a nominal value of more than PLN 418 million. For comparison, in the first quarter of 2016 the nominal value of the acquired claims portfolios was about PLN 322 million. Last month, we announced our entry into the Italian market, where we will soon purchase our first claims portfolios, and I am convinced that we will soon grow even faster thanks to that. Another important fact is that, in the first quarter of this year, repayments due to BEST increased dynamically, which directly translated into an increase of our cash EBITDA. Our net result is lower than in the first quarter of 2016, but this is largely because the revaluation of claims, which is non-cash in nature, was lower than in the previous period,” he added.


General information about BEST

BEST S.A. specialises in the trading in and managing of non-performing debts, and has been listed on the Warsaw Stock Exchange since 1997. BEST Group actively invests in debt portfolios (especially in bank debts) using securitisation funds, and provides debt collection services to third parties: banks, telecommunication and power companies as well as other providers of general services.

Combining competences in debt collection, and creating and managing investment funds allows us to concentrate all elements of our business model in a single capital group.

The total nominal value of own claims and third party claims managed by BEST is more than PLN 13.4 billion (as of 31 March 2017). In 2016, BEST Group generated a net profit of over PLN 38 million and more than PLN 148 million of full cash EBITDA, while operating revenues exceeded PLN 210 million.


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Joanna Sokołowska

CC Group Sp. z o.o.

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