Kredinor AS: Results for the Third Quarter of 2024

Oslo, 21 October 2024 – The positive development at Kredinor AS continued in the third quarter. Total revenue amounted to NOK 375.5 million, and EBT adjusted for write-downs would have been NOK 9.6 million.

Rolf Eek-Johansen, CEO in Kredinor

Kredinor AS today published its quarterly report for the third quarter of 2024. Despite a negative reported result, the company’s priority areas continue to show progress, in line with the second quarter.

“I am pleased to see that the positive operational trend continues. During the quarter, we recognised write-downs of intangible assets in Kredinor AS that no longer hold economic value. This has a significant impact on the result. However, when isolating the underlying operations, we can see that we are still on the right path,” says Rolf Eek-Johansen, CEO of Kredinor.

Key figures for the third quarter

Collection performance remained strong, reaching 103% in Q3 2024, compared with 90% in Q3 2023 (106.2% in Q2 2024). The CMS business area also maintained a positive trend, with revenue of NOK 185 million in Q3, compared with NOK 177 million in the same period last year.

  • Total revenue of NOK 375.5 million (NOK 188.2 million in Q3 2023)
  • EBITDA of NOK 121.6 million (NOK 93.6 million in Q3 2023)
  • Cash EBITDA of NOK 291.3 million (NOK 279.2 million in Q3 2023)
  • EBT of NOK -75.7 million (NOK -273.7 million in Q3 2023)

“We are following a financial plan that will return the company to profitable operations at a level expected for this type of business. While the development so far this year is encouraging, it means that we must continue to improve results gradually over the coming quarters,” says Eek-Johansen.

Write-down

In the third quarter, Kredinor AS wrote down intangible assets by a total of NOK 85.3 million. The majority of this relates to the financial advisory service Kan AS.

“Revenue from Kan has not met expectations, and the value of the company has therefore been written down to zero in our accounts,” says Rolf Eek-Johansen.

New leadership and restructuring

The quarter has also been characterised by organisational changes aimed at supporting the company’s long-term objectives. From 1 January, industry veteran Tore Andresen will assume a newly created position as Country Manager for Norway, while Abbe Fransson will return to Kredinor as Director of Developing Markets.

“Tore is an outstanding addition to our team, and I am very pleased to have him on board. We need to strengthen our grip on our core market, and Tore is the right person for the job. At the same time, we must ensure strong development in our other markets. I can think of no one better than Abbe to lead this work, having initiated our expansion into Sweden and Finland,” says CEO Rolf Eek-Johansen.