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Performance of the BEST Group for three quarters of 2013

  • In Q3 2013 the BEST Group's operating revenue amounted to 21.2 million PLN, i.e. about 17% higher than in the corresponding period of 2012. The year-to-date consolidated revenue reached 104.2 million PLN, i.e. more than twice as high as during the first three quarters of last year.
  • Last quarter, the BEST Group's net profit attributable to shareholders reached 7.8 million PLN compared to 4.1 million PLN in the corresponding period last year. Net profit of the BEST Group for the first three quarters of 2013 amounted to 65.2 million PLN compared to 14.2 million PLN in the corresponding period of 2012.
  • In Q3 2013 the BEST Group purchased another four portfolios of bank claims with a par value of 326.5 million PLN. Consequently, the par value of debt taken over for management purposes in the current year has exceeded 512 million PLN.

 

This year, BEST, one of the most experienced companies in the Polish debt management industry, also investing in debt portfolios for its own account – records an abrupt improvement in its bottom line. In Q3 2013 the BEST Group's operating revenue amounted to 21.2 million PLN, and reached 104.2 million PLN on the year-to-date basis, i.e. was respectively about 17% and 113% higher than in the corresponding periods of 2012. The consolidated net profit attributable to BEST shareholders for Q3 2013 amounted to 7.8 million PLN compared to 4.1 million PLN in the corresponding period last year. The net profit for nine months of 2013 on a compound basis reached 65.2 million PLN compared to 14.2 million PLN in the corresponding period of 2012.

 

“An important issue in assessing our financial performance is the fact that this year we have presented for the first time ever the full effect BEST I NSFIZ's business operations. The entity's profit represents more than 80% of the comprehensive income reported in the financial statements,” says Krzysztof Borusowski, President of the Management Board and the major shareholder of BEST.

 

Let us recall that at the end of 2012, pursuant to an agreement with the then investor of BEST I NSFIZ, the BEST Group acquired 100% of the fund's investment certificates. Due to elimination of significant risks associated with the management of the acquired fund and its debt portfolios, as well as a result of an inventory of debt portfolios and implementation of an appropriate strategy for the service thereof, it was possible to reduce the discount rate (risk premium) that is applied to the valuation of debt portfolios.

 

Last quarter BEST I NSFIZ purchased another four portfolios of bank claims with a par value of 326.5 million PLN. Let us remember that in H1 2013 the funds managed by BEST TFI purchased two portfolios of bank claims with a par value of 185.7 million PLN. Consequently, the total par value of debt purchased in the current year has exceeded 512 million PLN. The management of such portfolios has been entrusted to BEST.

 

“In the coming months we will focus on further increasing the effectiveness of our debt collection activities. We also hope to further increase the value of our current investments, and engage in some new, equally profitable ventures. We intend to continue to invest in debt portfolios using the structure of securitisation funds and our own Society (TFI),” says Krzysztof Borusowski.

 

At the end of Q3, the BEST Group's net financial debt amounted to 65.9 million PLN, and the net debt to equity ratio stood at 0.45. The BEST Group's debt ratio has long been among the lowest in the industry.

 

Financial highlights of the BEST Group: 

(in million PLN) Q3 2013 Q3 2012 Y/y change Q1-Q3 2012 Q1-Q3 2012 Y/y change
Operating revenue 21,2 18,2 17% 104,2 49,0 113%
Profit on sales 11,0 7,4 49% 72,4 23,8 204%
Net profit 7,8 4,1 91% 65,2 14,2 360%
Comprehensive income 8,0 4,0 107% 66,4 14,5 357%

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