INTERIM REPORT JANUARY-MARCH 2012

• Consolidated net revenues for the first quarter of 2012 amounted to SEK 961.3 M (931.8). Adjusted for currency effects, revenues rose by 3 percent with organic growth of 6 percent (1).
• Operating earnings (EBIT) amounted to SEK 160.0 M (165.7). The operating earnings include revaluations of Purchased Debt portfolios amounting to SEK -40.4 M (5.8). The operating margin was 16.6 percent (17.8). Excluding revaluations of Purchased Debt portfolios, the operating margin was 20.0 percent (17.3).
• Operating earnings were burdened by a non-recurring item attributable to a provision of SEK -43.9 M for a Spanish legal case, of which SEK -41.6 M has been recognized as a revaluation. Excluding this cost, operating earnings amounted to SEK 203.9 M, corresponding to currency adjusted growth in operating earnings of 22.2 percent.
• Net earnings for the quarter amounted to SEK 92.2 M (108.8) and earnings per share were SEK 1.16 (1.35).
• Disbursements for investments in Purchased Debt amounted to SEK 295.2 M (370.0).
• Cash flow from operating activities remains strong, amounting to SEK 443.1 M (322.8).

Comment by President and CEO Lars Wollung

For our business operations, 2012 has begun well with organic growth of 6 percent and an increase in operating earnings (EBIT) of 22 percent adjusted for currency effects and excluding costs for a Spanish legal case.

We have a strong financial position with cash flow from operating activities of SEK 443 M in the first quarter and, in March, we broadened our loan financing by issuing bonds for SEK 1 billion. Combined with our existing borrowing from banks, this makes us well-equipped to continue our expansion, primarily in Purchased Debt.

Our Financial Services service line, which focuses primarily on Purchased Debt, continues to develop well with good underlying margins and return. The level of investment in forward-flow contracts was high in the first quarter, generating stability in the form of repeated revenues, while non-recurring investments fell somewhat in the first quarter compared to the same period last year. The prospects to continue expanding and developing this business remain favorable.

Our Credit Management service line is developing stably and growing in terms of both revenues and operating earnings, despite continued macroeconomic uncertainty in several countries where we maintain operations. The increased pace of investment in Purchased Debt is driving volumes, although Credit Management services on assignment for external customers are also showing growth. We are continuing to increase our costs for taking more cases through the legal systems, which contributes to long-term profitability even though the effect on margins is negative in the short term.

For the most part, our geographical regions developed well early in the year. In Northern and Central Europe, we are experiencing good growth, driven primarily by favorable growth in Purchased Debt portfolios. In Western Europe, macroeconomic uncertainty has led us to limit our investments in Purchased Debt, reducing the risk in that business but also affecting revenues and margins negatively.

During 2012, we will increase our focus on developing our service offering to new and existing customer groups, particularly in the early part of the payment chain in, for example, payment guarantees, factoring services and e-trade payment services.

Presentation of the Interim Report

The interim report and presentation material are available at www.intrum.com > Investor relations. President & CEO Lars Wollung and Chief Financial Officer Erik Forsberg will comment on the report at a teleconference today, starting at 9:00 a.m. CET. The presentation can be followed at www.intrum.com and/or www.financialhearings.com. To participate by phone, call +46 (0)8 505 597 72 (SE) or +44 (0)20 710 862 05 (UK).

For further information, please contact

Lars Wollung, CEO & President
Tel: 46 8 546 102 02

Erik Forsberg, CFO
Tel: 46 8 546 102 02, E-mail: e.forsberg@ intrum.com

Annika Billberg, IR & Communications Director
Tel: 46 702 67 97 91, E-mail: a.billberg@intrum.com

Intrum Justitia is Europe’s leading Credit Management Services (CMS) group and offers services designed to measurably improve clients’ cash flows and long-term profitability. Intrum Justitia was founded in 1923, has around 3,100 employees in 22 countries and revenues of approximately SEK 3.8 billion in 2010. Intrum Justitia AB is listed on NASDAQ OMX Stockholm since 2002. For further information, please visit www.intrum.com