2022 Aug 17
PlusPlus Capital Announces Reorganization Petition to be filed by PlusPlus Capital Financial S.à r.l.
Strong portfolio development providing future earnings base
Tallinn, Estonia, 17 August 2022. PlusPlus Capital (“PPC”), a leading Pan-Baltic and Finnish technology-driven receivable management group, has recorded a successful 6M 2022.
In 6M 2022, PPC achieved an increase in collected cash of 36% to EUR 10.6 million. With a significant increase in cash collections, PPC is seeing encouragingly lower cost performance.
Expected remaining collections (ERC) as of 30 June 2022 totaled EUR 177.8 million including EUR 8.4 million in Finland, EUR 63.7 million in Estonia, EUR 48.1 million in Latvia and EUR 57.6 million in Lithuania.
In 6M 2022, PPC more than doubled the size of acquired portfolios with a 211% increase to EUR 8.4 million. While total assets increased by 13% to EUR 125 million, the book value of the portfolios gained 18% to EUR 118 million. Equity grew by 35% with an equity injection of EUR 3.6 million to EUR 46 million as of 30 June 2022.
“The current inflation environment continues to offer PlusPlus Capital attractive growth opportunities from potential portfolio acquisitions. As underlined by the portfolio acquisitions in 6M 2022, which already exceed the total volume of the previous year,” said Kaarel Raik, CEO of PlusPlus Capital.
Note:
Prior-year figures are not comparable as a result of the change in accounting policy from FVTPL (fair value through profit or loss) to amortized cost and the inclusion of Fresh Finance from 01/2022, unless otherwise stated. Re-stated figures to be reported at the beginning of quarterly reporting in November 2022.
The full unaudited half-year report is available at:
https://pluspluscapital.eu/investor-relations/reports-and-presentations/
Contact:
PlusPlus Capital Financial S.à r.l.
Peeter Piho, Member of the Board of Managers
Email: peeter.piho@plusplus.ee
Phone: +372 622 4020
Aalto Capital (Investor Relations)
Sven Pauly, Consultant
Email: sven.pauly@aaltocapital.com
Phone: +49 89 898 67 77 0
About PlusPlus Capital:
PlusPlus is a pan-Baltic and Finnish technology-driven receivables management company with offices in Tallinn, Riga, Vilnius, and Helsinki. The Company acquires overdue loans and other non-performing exposures from financial institutions and non-financial sector merchants. With its core competence in handling claims against private individuals, PlusPlus prefers diversified portfolios balanced by geography, portfolio type, and other metrics.
Since its inception in 2010, PlusPlus has bought over 100 thousand claims with nominal value of approximately EUR 274 million, following best practice industry standards. The Company offers its clients affordable recovery solutions and aims to avoid litigious scenarios. In doing so, PlusPlus pursues win-win solutions that allow sellers to focus on their core business, provide affordable solutions for borrowers, and ensure adequate returns for investors.
PlusPlus is a transparent and socially responsible company set to assist people in resolving problems connected with their insufficient solvency. The ambition of PlusPlus is to increase its market share and further strengthen its position as a leading player in its regional market.