Strong cash position providing optionality
Highlights first quarter 2023
- Gross collections amounted to
EUR 10.2m (16.1)* -
Net collections amounted to
EUR 8.2m (13.1)* -
Cash EBITDA amounted to
EUR 3.9m (11.6)* -
Net loss for the period of
EUR 1.6m (loss of 1.7) -
Gross ERC at the end of
March 2023 wasEUR 272m (284 atDecember 2022 ) -
Cash at the end of
March 2023 wasEUR 57.8m (52.6 atDecember 2022 )
Significant events after the end of the quarter
- Acquisition of a further 25% of AxFina Holding S.A, a pan European debt servicing provider and business outsourcing company, taking DDM's total holding to about 75%
-
Andreas Tuczka appointed as Executive Chairman on an interim basis, replacing
Florian Nowotny as CEO - Nordiska terminated the planned acquisition of Swiss Bankers and the combination with Omnio
Comment by the CEO
We ended the quarter with a strong cash position of
In January and
In
We have continued to work on further improvements to the DDM platform and set-up in 2023. At the beginning of April we acquired an additional 25% of the debt servicing and business outsourcing company AxFina, bringing our total holding to about 75%. DDM expects to profit from the intended growth of the service revenues of AxFina, both in (third party) debt servicing as well as in digital solutions, which complement the asset intensive business of DDM.
In April Nordiska Kreditmarknadsaktiebolaget (publ) ("Nordiska") informed us that they were aborting the process regarding a combination of Nordiska with Swiss Bankers and Omnio. We worked on these transactions jointly with Nordiska for eight months and, after having obtained legal advice, the board of DDM considers Nordiska's unilateral decision to abandon the transactions and related actions by Nordiska as a violation of Nordiska's obligations under the agreements between the parties. DDM therefore reserves all contractual, legal, and other rights, including its right to claim damages that may result from Nordiska's actions.
Outlook
As borrowers across
Financial calendar
DDM intends to publish financial information on the following dates:
Q2 report for January -
Q3 report for January -
Q4 report for January -
Other financial information from DDM is available on DDM's website: www.ddm-group.ch.
Presentation of the report
The report and presentation material are available at www.ddm-group.ch on
Acting CEO and Chairman of the Board of Directors
The presentation can be followed live via the webcast at www.ddm-group.ch, or via teleconference with prior registration at https://conference.financialhearings.com/teleconference/?id=2001223.
The information in this report requires
For more information, please visit DDM's website at www.ddm-group.ch or contact:
Andreas Tuczka, Executive Chairman
Tel: +41 41 766 14 20
Tel: +41 79 331 30 17
Mail: investor@ddm-group.ch
https://news.cision.com/ddm-holding-ag/r/q1-interim-report-january---march-2023,c3775690
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