Clarification of Intrum's exposure in Italy
In light of the Italian government's measures to stem the spread of the corona virus, we anticipate a delay of Intrum's cash flow in Italy. A large proportion of this cash flow is related to secured assets, almost exclusively real estate, that are typically processed through the Italian court system. The absolute majority of Intrum's operations in Italy consists of the partnership with Intesa Sanpaolo, where Intrum owns 51 percent, and a debt portfolio owned through a SPV together with Intesa Sanpaolo, where Intrum owns 41 per cent. The combined contribution in 2019 was approximately 4