Kredinor AS: Results for the Fourth Quarter of 2023

Oslo, 14 February 2024 – Kredinor AS today published its quarterly report for the fourth quarter, together with its annual results for 2023. The quarter was weak for Kredinor, primarily due to high costs. At the same time, collection performance improved to 102.8% in Q4, up from 90% in Q3 2023 and 101% in Q4 2022.

Rolf Eek-Johansen, CEO Kredinor

The improvement in collection performance in Q4 is primarily attributable to the write-down of NOK 180 million in the previous quarter.

“Despite this, I am pleased to see that one of our key indicators of strong collection performance has improved. This is something we will continue to focus on,” says Kredinor CEO Rolf Eek-Johansen.

He continues: “Nevertheless, it is important to emphasise that we are not satisfied with our performance in Q4 or for the year as a whole. Our EBT of NOK -127 million in Q4 must improve.”

A key milestone in Q4 was that constructive dialogue with the banking syndicate and shareholders resulted in amendments to the loan terms, an extension of the revolving credit facility (RCF) to November 2025, and a new subordinated PIK loan of NOK 675 million.

“It is reassuring to know that our owners support us through challenging times. The work we carried out in Q4 has laid the foundation for Kredinor’s path forward,” says Eek-Johansen.

Financial highlights for Q4 and FY 2023:

  • Cash revenue in Q4 was NOK 577 million (NOK 572 million in Q3 2023), and NOK 2,299 million for FY 2023 (NOK 2,017 million in 2022).
  • EBT was NOK -127 million in Q4 (-206) and NOK -501 million for FY 2023 (-70).
  • Cash EBITDA was NOK 236 million in Q4 (240) and NOK 1,158 million for FY 2023 (995).
  • Operating revenue increased from NOK 358 million in Q4 2022 to NOK 363 million in Q4 2023. For the full year 2023, operating revenue was NOK 1,453 million (1,349).

(Please note that references to FY 2022 figures are based on pro forma figures for comparison purposes and have not been audited.)

Challenging conditions

Kredinor CEO Rolf Eek-Johansen notes that it is encouraging to see revenues increase despite challenging conditions.

“Recent months have been demanding, with high interest rates and inflation particularly affecting our cost base. The prospect of lower interest rates is positive for the industry as a whole; however, competition is intensifying. It is the truly strong performers who will succeed. Therefore, Kredinor will strive to be the most operationally efficient player in the industry and maintain a clear focus on its core business going forward.”