Axactor ASA: Financial targets and preliminary Q4-financials
(Oslo, 11 January 2023) Axactor ASA (Axactor, OSE: ACR) announce financial targets and preliminary Q4-financials.
PRELIMINARY Q4 2022 FINANCIALS*
Axactor is delivering on the promised strategy of growth
- NPL investments increasing to EUR 93m for the quarter and EUR 288m for the year - 2.7x replacement capex
- 5% growth on 3PC revenue in the fourth quarter compared to last year
Axactor is delivering on the promised strategy of accretive portfolio investments
- Gross IRR on the total book lifted from 15.7% to 17.3% over the last 7 quarters
- The 2022 vintage secured at an attractive and accretive gross IRR level of 21.3%
Axactor is delivering stable collection performance
- Collection performance came in at 99% in the fourth quarter and for the full year
Axactor is delivering on cost control
- We see strong cost control in all markets and expect 2022 to come in at an all-time low cost-to-collect
Axactor has improved the interest rate hedge for 2023
- Current hedge: 1-year duration, EUR 573m, 0.5% EURIBOR strike with start date 15 Dec 2022
"I am pleased to see increased and accretive investments for the quarter, securing future growth. Furthermore, we deliver another solid and stable quarter on collection performance and have a satisfying interest rate protection in place for 2023" says Johnny Tsolis, CEO of Axactor.
FINANCIAL TARGETS
Growth
- 2023: NPL investments of EUR 100-150m
- 2024 and beyond: NPL investments of EUR 200-300m
Profit
- 2023: Minimum 9% return on equity
- 2024 and beyond: Reference is made to the attached presentation for underlying long-term potential
Returns
- 20-50% dividend pay-out ratio based on FY 2023 results and onwards
Leverage
- Maximum leverage of 3.5x at year-end 2023 and onwards (NIBD/pro-forma adjusted cash EBITDA)
PRESENTATION
10:00 am CET: The financial targets and the preliminary results will be presented in a global investor webcast with a live Q&A session. A recording of the webcast will be made available after the live stream is concluded on axactor.com.
Webcast participation will be possible via the following:
Streaming
- https://streams.eventcdn.net/axactor/announcement-of-financial-targets/
Phone
- Dial-in pin: 833120
- Norway: +47 81 50 33 08
- Sweden: +46 10 884 80 16
- Denmark: +45 89 87 50 45
- United Kingdom: +44 20 3936 2999
- United States: +1 646 664 1960
For additional information, please contact:
Johnny Tsolis, CEO, Axactor
Tel: +47 913 35 461
E-mail: johnny.tsolis@axactor.com
Kyrre Svae, Chief of Strategy & IR, Axactor
Tel: +47 478 39 405
E-mail: kyrre.svae@axactor.com
To learn more about Axactor, visit www.axactor.com
*Please note that the numbers are preliminary and unaudited. Please refer to the Q3 2022 report for terms and abbreviations.
