The repayments of claims due to BEST Group in the fourth quarter of 2019 amounted to PLN 73 million, up by 18% compared to the same period of 2018, recording the best quarterly result in the Group’s history.
The Management Board of BEST plans to conduct negotiations with selected financial investors interested in acquiring a minority, non-controlling stake of the new issue of shares. The money obtained in this way will allow BEST Capital Group to maintain its dynamic growth and expand by investing in new claim portfolios.
BEST Group’s operating revenues in the first half of 2019 amounted to PLN 136.2 million and were 23% higher than in the corresponding period of 2018. Operating profit reached PLN 72.9 million, up by 33% YOY, while profit net attributed to BEST’s shareholders increased by 21% YOY to PLN 40.5 million.
Repayments of claims due to BEST Capital Group in the second quarter of 2019 amounted to PLN 64.6 million, which is almost the same as a year earlier. In that period, the Group invested PLN 18.4 million in new claim portfolios with a nominal value of PLN 142.1 million.
The Management Board of BEST is deeply worried about the course of the Extraordinary General Meeting of Kredyt Inkaso, which took place on 30 May 2019. Its concerns are about the encumbrance of all assets of Kredyt Inkaso, essentially representing the entire enterprise or an organised part of the enterprise of the company. It also demands more transparency of the actions taken by the Management Board of Kredyt Inkaso.
BEST Group’s operating revenues in the first quarter of 2019 amounted to PLN 64.7 million, up by 18% compared to the corresponding period of 2018. Operating profit for the first three months of this year amounted to PLN 35.2 million, up by 17% YOY, while the consolidated net profit generated in this period increased by 28% YOY to PLN 25.3 million.
BEST Group’s operating revenues in 2018 exceeded PLN 190 million, while its consolidated net profit amounted to nearly PLN 35 million. The revaluation of claim portfolios, a non-cash event, had a significant negative impact on last year’s results. Full cash EBITDA increased year on year by 18% to over PLN 220 million.
In Q1 2019, claim repayments due to BEST Capital Group amounted to PLN 58.4 million. The Group did not purchase any new claim portfolios in that period. The book value of the managed portfolios at the end of March this year amounted to PLN 1.03 billion.
This year’s “Report on Responsible Business in Poland. Good Practice 2018” covers 5 initiatives of BEST in the area of fair operating and work practice.
For the second time, BEST S.A. will host Fintech Nights, a platform for sharing knowledge and experience among fintech experts and professionals. By organising Fintech Nights, we want to give impetus to the development of the Tri-City as an important fintech centre in Poland, attracting experts, investors and innovators.
BEST Group is launching an innovative service for micro-entrepreneurs as well as small and medium-sized enterprises. Payhelp is the first fully online solution on the Polish market that will allow businesses to recover money from unpaid invoices in a simple, effective and cost-efficient way.
The activity of BEST Italia, the most recent addition to BEST Capital Group, will involve debt collection on the Italian market, which will eventually reduce the need to outsource debt collection to third parties.
The Management Board of BEST is concerned about the course of the Extraordinary General Meeting of Kredyt Inkaso, which took place on 24 January 2019. Its concerns are about compliance by Kredyt Inkaso with Best Practice for GPW Listed Companies as well as transparency of the activities of the company’s management board.
BEST S.A., as a shareholder of Kredyt Inkaso, in connection with the Extraordinary General Meeting of Kredyt Inkaso, convened for 24 January 2019, and based on Best Practice for GPW Listed Companies, which all market participants should follow, urges Kredyt Inkaso to ensure detailed, fully transparent and reliable communication when discussing matters on the agenda, and in the current and periodic reports.
In the fourth quarter of 2018, claim repayments due to BEST Group amounted to PLN 61.8 million. The carrying amount of claim portfolios due to BEST Group at the end of 2018 was more than PLN 1 billion. BEST Group invested a total of over PLN 81 million in claim portfolios with a nominal value of PLN 1.4 billion. In 2018, BEST Group generated PLN 260.8 million in repayments from its claims, up by 9% year on year.
The activity of BEST Italia will involve debt collection on the Italian market, which will eventually reduce the need to outsource debt collection to third parties. BEST Italia will start its debt collection activities once it has obtained the licence required by the Italian law.
After three quarters of 2018, BEST Group generated operating revenues of PLN 163.9 million, and its net profit amounted to PLN 49.6 million, up by 7% YOY. Full cash EBITDA amounted to PLN 159.2 million, up by 32%. The value of claim portfolios at the end of Q3 2018 amounted to more than PLN 1 billion.
After three quarters of 2018, claim repayments amounted to PLN 228 million, of which PLN 199 million due to BEST Group, up by 9% and 13% respectively compared to the three quarters of 2017. The book value of claim portfolios due to BEST Group exceeded PLN 998 million.
In the first half of 2018, claim repayments amounted to PLN 146.6 million, of which PLN 127.3 million due to BEST Group, up by 11% and 17% respectively compared to H1 2017. The book value of claim portfolios due to BEST Group exceeded PLN 1 billion.
In Q1 2018, BEST Group generated consolidated operating revenues of PLN 54.8 million, and its consolidated net profit amounted to PLN 19.7 million, which is more than double year on year. Adjusted cash EBITDA amounted to PLN 40.2 million, up by 30%. The book value of claim portfolios due to BEST Group at the end of 2018 amounted to nearly PLN 1 billion.
BEST Group punctually repaid another tranche of bonds worth PLN 45 million. The K1 series was the first issue based on the prospectus under the programme worth PLN 300 million, and the interest rate was 3M WIBOR + 3.8%. Historically, BEST S.A. has always made punctual coupon and bond redemption payments on maturity dates, and is a stable and reliable company on the Catalyst market.
In 2017, BEST Group generated consolidated operating revenues of PLN 196.6 million, and its consolidated net profit amounted to PLN 55.1 million, up by 42%. Full cash EBITDA amounted to PLN 186.8 million, up by 26%. The fair value of claim portfolios due to BEST Group at the end of 2017 amounted to nearly PLN 1 billion.
BEST S.A. successfully completed KPF’s ethics audit process. Based on this, the Ethics Committee awarded us the KPF Ethics Certificate, which confirms the compliance of BEST S.A.’s business practices with KPF Good Practice. The certificate is valid until the end of March 2019.
As part of its public issue programme, BEST Group allotted 4-year series T2 bonds with a total nominal value of PLN 30 million. Demand exceeded the number of bonds offered.
Public issue with a value of up to PLN 30 million In response to investors' expectations, BEST Group will extend its subscription as part of the bond issue until 27 February 2018.
We are one of the global leaders. Our companies are noticed in the market and we are taken very seriously – said Krzysztof Borusowski, President of the Management Board of BEST.
On 5 February 2018, subscription for 4-year series T2 bonds of BEST with a total nominal value of PLN 30 million will begin.
Investments in claim portfolios exceeded PLN 300 million
BEST has allotted series T1 bonds with a total nominal value of approx. PLN 55.8 million. They will go to 650 investor portfolios.
Beginning this Thursday, 16 January, investors will be able to subscribe for BEST’s bonds with a total nominal value of PLN 60 million. These are variable interest rate bonds, with interest rate amounting to WIBOR 3M, plus a 3.4% margin, which amounts to more than 5.1% per annum in the first interest period.
Continued increase in cash EBITDA, dynamic growth of investments in new claim portfolios, record debt repayments and planned growth on the Italian market.
The Polish Financial Supervision Authority approved the issue prospectus of BEST S.A. for a new bond issue programme with a total value of up to PLN 350 million. This is the third bond issue programme implemented by BEST. As part of the previous two programmes, the Company raised PLN 500 million in total.
PLN 77.9 million worth of repayments under the managed claim portfolios in Q3 2017 – up by 36% YOY
We would like to announce that the company BEST Capital Italy, which belongs to BEST Capital Group, has acquired the first claim portfolio on the Italian market.
PLN 131.7 million worth of repayments under claim portfolios – up by 18% YOY PLN 109.2 million worth of repayments under claim portfolios due to BEST Group – up by 25% YOY nearly PLN 150 million invested in new claim portfolios with a nominal value of nearly PLN 970 million – up by 76% YOY successful financing for business growth – PLN 150 million and EUR 7.6 million as part of bond issue and PLN 19 million from share issue to a financial investor &nbs
Today BEST S.A. made a public call to sign up for the sale of shares of Kredyt Inkaso S.A. As a result of the call, the company intends to buy up to 4,269,961 shares and increase its share to 66% of the total number of votes at the general meeting of Kredyt Inkaso. BEST currently holds 4,268,134 shares, vested with 32.99% of the total number of votes.
BEST has allotted its series R4 bonds with a total value of PLN 60 million to 638 investors. The issue of series R4 debt securities finalises the implementation of the second public bond issue programme, under which the Company raised PLN 200 million in total.
On 24 May, which was the third day of the subscription, the demand for BEST’s series R4 bonds with a total nominal value of PLN 60 million exceeded the number of bonds offered. As a result, subscriptions will only be accepted today, and any subscriptions made on 24 and 25 May will be reduced proportionately.
BEST will offer 5-year series R4 bonds with a total nominal value of PLN 60 million. Subscriptions will be accepted beginning 22 May this year in the brokerage firms Dom Maklerski PKO Banku Polskiego, Biuro Maklerskie Alior Banku and Dom Maklerski Banku Handlowego.
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.
The Polish claims market has been developing very dynamically in recent quarters, opening up promising growth prospects as more and more investors are placing their trust in our company. As of late, we have managed to find another major investor – said Krzysztof Borusowski, President of the Management Board of BEST S.A.
After a hectic 2016, BEST Group shows no signs of slowing down. According to the report published by the Group, in 2017 BEST will commence operations outside Poland. The first foreign market that BEST plans to enter is that of Italy, where it soon plans to purchase its first debt portfolios.
In Q1 2017 the repayments under the managed debt portfolios amounted to PLN 61.6 mln at the Group level, as compared to PLN 52.5 mln in the same period last year, which means over a 17% increase y/y.
In 2016 the Group recorded the biggest ever repayments from the debt portfolios managed by the Group as well as investments in new debt portfolio.
BEST allotted series R3 bonds with a total value of 60 million PLN, which go to 645 investor portfolios. Due to the very high demand for debt securities offered by the company, the subscription period was shortened to two days and all subscriptions were reduced by 28.57% on average.
Subscriptions for BEST bonds worth a total of PLN 60 million have already reached the subscription limit on the first day of subscriptions. This means that subscriptions are closing today and all subscriptions are subject to reduction.
Beginning 2 March this year, investors will be able to subscribe for BEST’s series R3 4.5-year bonds with a total nominal value of up to PLN 60 million. They are offered under the same conditions as the series R2 bonds worth PLN 30 million issued in January, where the subscription limit was reached already by the first day. Subscriptions will be accepted in nearly 250 branches of the brokerage firms Dom Maklerski PKO Banku Polskiego, Biuro Maklerskie Alior Banku and Dom Maklerski Banku Handlowego.
BEST has allocated its series R2 bonds, with a total nominal value of PLN 30 million, to 359 investors. The Company accelerated the allocation deadline from 31 January to 18 January because subscriptions ended earlier than expected.
Already on the first subscription day, BEST found subscribers for all of its series R2 bonds, with a total nominal value of PLN 30 million.
According to a report published by BEST, in 2016 the Group recognised a significant increase in managed claims portfolios, amounting to 227.3 PLN million, in contrast to 184.3 PLN million in 2015. This represents an increase of over 23% YOY and it is one of the best dynamics for the growth of repayments among stock-quoted companies from the debt collection industry in this period. Record investments in new claims portfolios are also deserving of attention. Throughout 2016 the Group spent 258.3 PLN million for that purpose and acquired claims portfolios having a total nominal value of 2.3 PLN billion. This was three times more than in 2015.
Beginning 16 January this year, investors will be able to subscribe for BEST’s series R2 4.5-year bonds with a total nominal value of PLN 30 million and a variable interest rate, amounting to WIBOR 3M plus a 3.3% margin, which is more than 5% per annum in the first interest period. Subscriptions will be accepted by the brokerage firm Dom Maklerski PKO Banku Polskiego.
According to the specialists, the most significant reasons for not repaying a debt are the deliberate avoidance of either the problem (maybe the debt will somehow disappear) or contact with a debt collection agency, waiting for a debt to become time-barred and the lack of conviction that one can manage a debt.
On 30 December 2016, the Management Board of BEST S.A. decided to increase the write-down on the investment in Kredyt Inkaso S.A. by an additional PLN 46.1 million.
Jacek Zawadzki, CIO of BEST S.A., has been awarded a Diamond CIO award in the category "Digital Business Generator" ("Generator biznesu cyfrowego") in the 14th edition of the CIO of the Year competition. The award ceremony took place during a formal gala held on 8 December 2016 in Warsaw.
BEST wins the first edition of the CESSIO Investor Laurel (Laur CESSIO Inwestorów 2016), awarded by the Conference of Financial Companies in Poland. The awards were presented at the 7th Debt Management Congress.
BEST, one of the leaders in the Polish debt management market, runs its first advertising campaign. Its aim is to increase brand recognition and to reach customers in order to convince them to contact the company. As a part of its marketing strategy, BEST will completely cancel one person’s debt daily until the end of November (according to the rules of the Competition).
Revenues of PLN 166.6 million and a net profit of PLN 66.8 million – with these results BEST Group confirms that it belongs with the most dynamically growing companies in the debt management sector in Poland. Nine months into the year the Group can boast record repayments, as well as the highest ever investments in debt portfolios on the primary market.
On 27 October BEST allotted series R1 4.5-year bonds with a total nominal value of PLN 50 million. The value of investors’ subscriptions submitted from 10 to 26 October amounts to PLN 52 million in total; therefore, subscriptions submitted on the last two days were reduced by 80.77% on average.
On 25 October the subscription for 4.5-year R1 series bonds offered by BEST exceeded 500 000 bonds. In accordance with the schedule and the terms of issue, the subscriptions will be collected until 26 October. Subscriptions submitted on the last two days will be proportionally reduced.
Subscriptions for 4.5-year BEST bonds with a total value of PLN 50 million will be extended until 26 October.
The nominal value of claims purchased by BEST Group since the beginning of this year has already exceeded PLN 1 billion, with expenditures on the claims amounting to more than PLN 138 million. The invested amount is more than 60% higher than during the whole of 2015.
Subscriptions for 4.5-year BEST bonds with a total value of PLN 50 million will be launched on 10 October. BEST bonds to be issued will bear interest at a variable rate equal to WIBOR 3M plus a 3.3% margin (which means approx. 5% per annum in the first interest period). The offering is addressed to retail investors, and subscriptions will be accepted by more than 30 facilities of the Brokerage House of PKO Bank Polski.
Piotr Urbańczyk, former President and Vice President of Meritum Bank, Vice President of Dominet Bank and Member of the Management Board of Lukas Bank, has been appointed President of the Management Board of BEST TFI.
The Polish Financial Supervision Authority has approved the basic prospectus of BEST S.A. (BEST) for the second bond issue programme with a total value of up to PLN 200 million. The programme is an important element of the BEST's Group strategy to join the top ten largest debt managing businesses in Europe within a few years.
During the first six months of this year, BEST Capital Group saw its net profit grow by +15%, revenues by +46%, and full cash EBITDA by +82% when compared to the same period in the previous year. The Group’s dynamic growth has been accompanied by record-breaking repayments of debt, amounting to PLN 111,7 million during that period.
BEST assesses the changes in the shareholder structure of Kredyt Inkaso in a positive way. The tender offer has resulted in the acquisition of a majority interest by a significant international investment fund, which is considered by the company as an opportunity to start a new phase in the development of Kredyt Inkaso, in which it holds 32.99% of shares.
BEST upholds its plans to merge with Kredyt Inkaso and believes that the results of the shareholders' harmonious cooperation could be an attractive alternative to the tender offer announced by the Waterland fund. It is possible that the value of Kredyt Inkaso will increase significantly in comparison with the price in the tender offer.
In connection with the receipt from Kredyt Inkaso SA of the payment demand for the sum of PLN 60.7 mln to cover losses related to the termination of the receivables portfolio management agreements by funds from the Trigon and Agio groups, we announce that accusations made against the largest shareholder of the company are unfounded.
Mariusz Kloska joins BEST as a manager with international experience in the financial and debt collection industry. He takes the position of Director of the new Foreign Investment Division, to be responsible for readying BEST for international expansion.
In H1 2016, the funds managed by BEST invested almost PLN 85 million in claims portfolios with a total par value of more than PLN 520 million. This constitutes an increase by 31% and 21%, respectively, in comparison with the corresponding period of 2015.
As announced, the company will continue to obtain funding by issuing bonds, and has also decided to launch a new programme of debt securities issues. BEST intends to obtain up to PLN 200 million in this way.
The BEST Group has redeemed series G bonds with the value of PLN 39 million. It has been the biggest redemption of bonds to date.
Mirosław Gronicki, former Minister of Finance, and Andrzej Klesyk, former President of PZU have become members of the Supervisory Board of BEST S.A. by way of a resolution adopted on 18 May by the General Assembly of Shareholders.
In Q1 2016, the BEST Group achieved record results with a net profit of 34.3 million PLN and revenues of 65.5 million PLN. This is, respectively, an increase of 146% and 68% over the previous year. Debt repayment figures, which are of key importance for the Group, have considerably improved as well, increasing by 28% to reach 40.9 million PLN.
As early as on the first day of subscriptions, BEST S.A. found investors willing to buy the offered pool of bonds with a value of PLN 50 million.As a result, the subscription period has been shortened, and all the subscriptions will be reduced proportionately.
From today to 22 April you can subscribe for BEST bonds. However, those interested should not delay their subscriptions, as the company is offering a discount – the sooner you subscribe, the lower the price you will pay.
Starting on 12 April, you can subscribe to the 4-year L3 series bonds from BEST. The bonds will be allotted based on the order of subscriptions; moreover, the sooner an investor subscribes then the lower the bond issue price they pay. This is the last issue of bonds conducted by the company under its public programme valued at PLN 300 million, launched in March 2014. In the previous issue, the pool available was reached as early as on the first day, and the average subscription reduction rate was 64%.
The main shareholders of BEST S.A. have increased the company’s capital by PLN 36.5 M. The new share issue price reached PLN 26.78, which is almost twice as much as the current company share price on the Warsaw Stock Exchange.
Increase in revenue by one third and increase in net profit by 39%, recorded by BEST Capital Group in 2015, is a continuation of the positive growth trend from the previous years. Revenue in the key receivables repayment sector has increased significantly, whereas the value of receivables in its portfolio has already exceeded PLN 10.6 billion.
On Tuesday, 9 February, BEST allotted its L2 series bonds. BEST moved the deadline forward for allotting bonds, from 19 February to 9 February, due to the faster completion of requests than had originally been planned. The exceeding of the number of offered bonds took place on the first day of the subscription.
The demand for BEST L2 series bonds exceeded the number of debt securities offered as early as on the first subscription day. Accordingly, the subscription period has been shortened and subscriptions placed on 4 and 5 February will be reduced proportionately.
From today, you can subscribe for the bonds BEST series L2 a total value of 40 million PLN.
This Thursday will the mark the launch of the offer of 4-year bonds of BEST with a total value of PLN 40 million, addressed to retail investors. In addition to mBank's Brokerage House, bond subscriptions will also be accepted by the Brokerage House of PKO Bank Polski. The consortium will enable the investors to choose from 47 facilities located across the country. Subscriptions can also be placed online and by phone.
BEST plans to launch a new offering of bonds for individual investors in the nearest future. The company is working to establish a consortium of brokerage houses to make subscriptions easier for investors from across the country.
In order to ensure that our investors have access to the information they need, the Management Board of BEST has decided to make the document with an estimate of the Company's market value publicly available. The document has been prepared by PwC Polska, a renowned independent audit company, as part of preparations for the merger of BEST with Kredyt Inkaso.
The expenditures incurred by the BEST Group on the (direct) purchase of non-performing debts increased by over 50% in 2015. Taking into consideration the activities in the secondary market, the total investment expenditures of the Group exceeded PLN 238 million last year.
At today's Extraordinary General Meeting of Shareholders, it was decided to increase the number of BEST's Supervisory Board Members to 7, with the Supervisory Board to include Krzysztof Kaczmarczyk.
Strengthening leadership in the debt market , bridging the gap to the leader , as well as a several fold increase in payments from debtors and revenues - is expected within 5 years the effects of the implementation of the strategy presented to the entity that will result from the planned merger of BEST and Kredyt Inkaso.
The Supervisory Board of BEST TFI has made changes to the Management Board of the company. Krzysztof Stupnicki has been appointed president of BEST TFI and will be responsible for its overall operations. The former president, Krzysztof Borusowski, remains a member of the BEST TFI Management Board.
We are pleased to announce that on 19.11.2015 the President of the Office of Competition and Consumer Protection gave consent to concentration, consisting of the merger of BEST and Kredyt Inkaso.
Operating revenue of BEST Group for the first three quarters of 2015 exceeded PLN 101 million, which constitutes an increase by 40% year-on-year. The repayment of debt, which is the main source of revenue, amounted to PLN 64 million (+66%). Nine months into the current year, the net profit attributed to BEST shareholders stood at PLN 61.5 million, so more than throughout the entire 2014.
BEST's clients are gaining new possibilities. Now they can check the status of their liabilities and cases serviced by BEST on the Internet, at any time and in a safe and discreet manner. Thanks to the BEST Online portal, they can also repay their debts on their own, in instalments or in a lump sum, as well as benefit from special debt settlement options.
The Management Boards of BEST and Kredyt Inkaso, the two leading players in the Polish debt collection industry, opened negotiations on merging both companies. The merger will pave the way for establishing a strong Polish group on the debt market in Europe.
This Monday, on 21 September, BEST stock will be split in 1 to 4 proportion. Therefore, the reference price for the session on this day will be adjusted accordingly, i.e. it will be the closing price from 18 September divided by 4.
A capital merger of two leading players on the Polish debt collection market
The operating revenue of the BEST Group grew by over 50% in H1 2015 compared to H1 2014. Net profit attributable to BEST Shareholders grew by 34%, year-on-year. On Wednesday BEST allotted its series L1 bonds to investors. Proceeds from the issue amounted to PLN 60 million.
BEST shareholders and bondholders now have a new channel enabling them to communicate with the company - BEST Investor Profile has been launched at www.best.com.pl. Registered users may notify the Company on the kind of information they expect to receive. By issuing opinions on measures connected to investor relations, they can also influence their future shape.
BEST has finalised book building for 5-year L1 series bonds. The final issue value has been determined at PLN 60 million, and coupon payments on these bonds will be equivalent to WIBOR 3M, plus margin of 3.6% per annum.
In the second public offering to institutional investors, BEST will offer 5-year L1 series bonds with a floating rate equal to WIBOR 3M plus margin, the amount of which will be determined in the Book Building process. In terms of value, it will be the largest bond issuance in the Company’s history.
In the first half of 2015, the investment funds managed by BEST TFI invested over PLN 64 million in portfolios of non-performing receivables, three times as much as in the corresponding period in 2014. The nominal value of the purchased cases amounted to PLN 431 million.
On 15 June 2015, the General Meeting of BEST agreed on a 1:4 split of the company shares. This split is just one measure intended to increase the availability of BEST stock for investors.
The BEST Group has concluded an agreement to acquire a debt portfolio from BPH Bank. It will pay 14.3 million PLN for a portfolio with a total nominal value of more than 61 million PLN.
The Polish Financial Supervision Authority has approved the basic prospectus of BEST concerning the bond issue programme realised by the Company. Under this reference document, BEST may start public offerings of bonds having a total par value of up to PLN 150 million.
The BEST Group, one of the leading debt collecting companies on the market, with its shares listed on the Warsaw Stock Exchange, has set up a profile on Twitter (@BEST_Grupa). With the help of Twitter the BEST Group wishes to streamline communication with its investors, business partners and the media.
The BEST Group has concluded a purchase agreement for a bank receivables portfolio from Sygma Banque Societe Anonyme Branch in Poland with a total nominal value of approx. PLN 290 million. It will pay PLN 45 million for it.
Beginning from 26 May, BEST shares will be listed under continuous trading. This is due to the company’s accession to the Liquidity Support Program.
A share split, concluding an agreement with a market maker, joining the Liquidity Support Programme and adopting the continuous trading system – these are all actions undertaken by BEST in order to make the company's shares more readily available to investors.
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 management board of BEST TFI recently welcomed a new member, Krzysztof Stupnicki, a well-known manager with many years of experience in asset management and in managerial positions in global financial institutions.
BEST has completed the book building for the K4 series bonds. The issue price has been set at PLN 100, with subscription and allocation taking place on 6 March.
On Tuesday, 24 February, BEST allocated its K3 series bonds to the portfolios of 563 investors.
By 20 February, subscriptions for the K3 series bonds offered by BEST had exceeded 350,000. As this is the last day of the subscription, only those subscriptions made by 20 February will be reduced pro rata.
Next to the current offering of K3 series bonds addressed to retail investors, BEST also intends to conduct a public offering of K4 series bonds, inviting institutional investors to participate. The K4 series includes 5-year bonds bearing variable interest equivalent to 3M WIBOR increased by a 3.5% annual margin.
In Q4, 2014 BEST Capital Group generated a net profit of nearly PLN 22 million (attributed to the shareholders of the listed company). Taking control over the BEST II NSFIZ fund contributed to achieving these results. Excluding one-off events from the periods compared, in 2014 the net profit of BEST Group from recurring operations increased by 47%.
Purchase of new debt portfolios and participation in the field of debt recovery constitute this year’s plans for BEST – one of the leading debt management companies in Poland. In order to achieve its targets, the company presents another offer of retail bonds at the nominal value of PLN 35 million. The company is also considering an issue for institutional investors.
Polish banks may be awarding tenders for the sale of receivables with a total nominal value of around PLN 2.5 bn in the coming weeks, according to BEST, one of the leading debt collection companies in Poland. Due to the observed interest, the company may make another public offering soon.
BEST Group raised its share in the BEST II non-standard closed-end securitization investment fund (BEST II NSFIZ) from 17% to 100%. The company will be redeeming the majority of the treasury shares held.
In Q3 2014 the BEST Group generated PLN 9.3 million of net comprehensive income with operating revenues of PLN 28.8 million. These are respectively 16% and 23% more than in the corresponding period of last year. BEST K2 series bonds debuted on the Catalyst market today at a par value of PLN 50 million. BEST Group finalises the previously announced acquisition of the BEST II NSFIZ securitisation fund.
The BEST board of directors has allotted the K2 series bonds. In the last 2 days subscriptions have been reduced on average by 23.4%.
By 16 October, a day before the end of the subscription, the subscriptions for K2 series bonds offered by BEST had exceeded 500,000 items. This means that subscriptions placed on 16 and 17 October will be reduced proportionally.
Subscription for K2 series of bonds issued by BEST will be available for investors who have investment accounts at any brokerage house, rather than just those with such an account at mBank Brokerage House. The subscription period is extended by 3 days, whereas the prospective issue date and thus the interest period remain the same.
Fund BEST I NSFIZ, a unit of this listed company, will purchase a consumer debt portfolio from Eurobank with a nominal value of nearly PLN 323 million. The purchase will be financed partly with funds raised during the public issue of BEST bonds in April of this year.
The total income generated by the BEST Group in the first half of 2014 amounted to almost PLN 28 million. If a one-off event in 2013 is discounted, this represents an increase of over 23%. BEST remains one of the least indebted companies of debt collection and has cash for purchases of new debt portfolios.
By way of a decision of the General Meeting, Prof. Dariusz Filar and Prof. Pasquale Policastro have been appointed as members of the Supervisory Board of BEST. Additionally, the following persons have been appointed for another term of office: Sławomir Lachowski, Prof. Leszek Pawłowicz, Katarzyna Borusowska and Patrycja Kucner.
The last quarter was good for the BEST Group: the financial results achieved in the first three months of 2014 were similar to those recorded the previous year. Apart from being in a stable financial situation, today the Company also has funding provided for the purchase of more claims portfolios.
In accordance with the previous announcements, as of 12 May 2014, BEST's retail bonds of a total nominal value of PLN 45 million will be listed on the Catalyst market.
The total value of correct subscriptions placed in the initial public offering of BEST's retail bonds amounted to 54.7 million PLN. The available limit was exceeded by the fourth day of the subscription period so the latter has been shortened by more than a week. Subscriptions placed during the last two days have been reduced on average by 78%.
Investors subscribed for all K1 series bonds offered by BEST, with a total par value of 45 million PLN. The number of bonds subscribed for exceeded the available pool as early as by the fourth day of the subscription period. Accordingly, the subscription period has been shortened.
BEST II NSFIZ, one of the largest Polish securitisation funds specialising in investing in blocks of receivables, has concluded a purchase agreement for a bank receivables portfolio with a par value of PLN 149.5 million.
The Company published a basic prospectus for a public issue programme for bonds with a total value of up to 300 million PLN. BEST has also published the final terms of issue for K1 series bonds, which is the first issue carried out under a programme addressed to retail investors.
Today, i.e. on 21 March 2014, the Polish Financial Supervision Authority (KNF) approved BEST's basic prospectus for a public bond issue programme.
Operating revenue of the BEST Group earned in 2013 reached almost 124 million PLN, i.e. about 61% more than in 2012. On the other hand, comprehensive income attributable to BEST shareholders amounted to 71.5 million PLN, which represents an increase of 162%.
The Management Board of BEST adopted a resolution on the establishment of a public bond issue programme. Today the Company's basic prospectus has been filed with the Polish Financial Supervision Authority (KNF). The programme provides for an issue of bonds with a total par value of up to 300 million PLN.
The private placement of bonds by BEST II NSFIZ, one of the three securitisation funds managed by BEST TFI, ended up with oversubscription. The average reduction rate applied to subscriptions amounted to 23%.
BEST I NSFIZ will repurchase from Bank Handlowy a debt portfolio with a par value of nearly 177 million PLN. This is the second significant agreement of this type concluded in this quarter by the BEST-owned fund as recently it purchased from Credit Agricole Bank Polska a portfolio worth nearly 100 million PLN.
Performance of the BEST Group for three quarters of 2013