B2 Impact — Annual report 2023
2 Governance 3 Directors' report 4 Financials
02
Contents 1 About B2 Impact
Contents
06 This is B2 Impact
08 Message from CEO
10 The share
14 Corporate governance
20 Risk management
36 Directors' report
46 Financials
138 Alternative performance measures
146 Responsibility statement
147 Auditors' report
150 Appendix
1
About
B2 Impact
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Contents
Key figures
22,388
NOKm
22,010
NOKm
22,504
NOKm
Key financial figures
Portfolio investments
Estimated Remaining Collections* (ERC)
1,331
5,408
4,214
4,535
4,752
5,843
6,164
2,459
2,741
Cash collections (NOKm)
2021**
2021**
2021**
2022**
2022**
2022**
2023
2023
2023
Cash EBITDA (NOKm)
2021**
2022**
2023
*Including the Group’s share of portfolios purchased and held in joint ventures.
**In constant FX
NOKm 2023 2022
Net revenues 3,755 3,085
Adj. EBIT 1,696 1,334
EBIT 1,578 1,029
Adj. Net profit 483 564
Net profit 363 326
Gross collections 6,008 4,936
Cash revenue 6,733 5,695
Leverage ratio 1.90x 2.26x
Equity ratio 33 % 32 %
Adj. Basic earnings per share (EPS) 1.27 1.41
FTEs 1,607 1,885
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Sustainability
higlights
surveyed customers said that they were
satisfied with our services in 2023.
engagement score in annual employee
engagement survey.
of employees received training on
anti-corruption.
of all audited calls and quality controls
fulfilled collection standards.
of our locations have measures in place
supporting work life balance.
Zero confirmed incidents of corruption.
8 of 10
80/100
91 %
91 %
80 %
0
Fair treatment and satisfaction of customers
Employee wellbeing
Anti-corruption and anti-bribery
Quality standards
Work life balance
Anti-corruption
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ContentsContents
This is
B2 Impact
A professional and reliable debt management
specialist
B2 Impact ASA is one of the leading pan-European debt
management companies. We offer solutions to the chal-
lenges created by defaulted loans, and provide liquidity
to financial institutions, contributing to a healthier financial
system. B2 Impact promotes lasting financial improvement
through transparent and ethical debt management. Our
business is about people and creating shared value for
business and society. Being a socially responsible creditor
and a trusted solution provider for our partners are funda-
mental in our way of doing business.
Our approach to sustainability focuses on four core pillars:
1. Customer knowledge
2. Sustainable value chain
3. Attractive work environment
4. Transparent ESG management
To support this approach, the Group’s Sustainability
Policy sets out how B2 Impact delivers on sustainability
objectives and its expectations for employees and
representatives. B2 Impact actively develops sustain-
ability competence as the Group works to establish
an internal sustainability culture.
Unsecured 88 %
Secured 12 %
14 %
12 %
12 %
5%
88 %
69 %
NPL portfolio income, total 69 %
Profit from shares and 5%
participation loan/notes
in associated companies
and joint ventures
Revenue from sale of
collateral assets 12 %
Other operating revenues 14 %
Male 33 %
Female 67 %
Estimated Remaining
Collections (ERC)
Revenue split Gender distribution
33 %
67 %
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Usecured markets (core markets)
Secured markets (Veraltis)
Head office, Norway
Investment Office, Luxembourg
As a signatory of the United Nations Global Compact
(UNGC), B2 Impact supports the UN’s 10 Principles and
the Sustainable Development Goals (SDGs). Since 2021,
we have pledged to continually improve their integration
into our business strategy, culture, and operations. We
report on our journey in our annual Communication on
Progress (CoP). Furthermore, our Sustainalytics risk
rating of 8.7 indicates that we are a negligible risk
and a top performer in our sector.
Business lines
The Group’s main business lines are Investments and
Servicing. The Group focuses on granular consumer
NPLs, and retail and corporate secured NPLs, owned
and serviced for JV partners.
Unsecured markets:
Sweden, Denmark, Finland, Estonia, Latvia, Lithuania,
Poland, Spain, Czech Republic
Secured markets (Veraltis Asset Management):
Italy, France, Romania, Greece, Cyprus, Slovenia,
Croatia, Serbia
Offices
Norway, Head office
Luxembourg, Investment office
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A strong financial
position in a
market with im-
proving returns
During 2023, our operational focus has been on cost
reducing efforts through organisational changes and
investments in technology that increase our efficiency
and scalability in the future. We have also focused on
reducing our footprint, exiting Bulgaria as announced
in the third quarter and signing an agreement for the
sale of our assets in Montenegro late in the fourth
quarter. Our focus to reduce footprint and concen-
trate capital in fewer markets will continue in 2024.
Performance through the year has been strong,
with overperformance in collections in all quarters.
Unsecured collections ended at 105 % versus latest
forecast for the full year. Secured collections were also
strong, and we collected close to NOK 500 million on
our largest secured claim in the fourth quarter which
contributed to a very strong cash flow for the full year.
Real estate owned (REO) sales were also solid, with sales
proceeds of NOK 499 million for REOs in 2023 which
was 41 % over book value.
Our deleveraging efforts continued in 2023, and
our leverage ratio decreased from 2.26x to 1.90x at the
end of year. Coupled with strong cash flow, we were
able to increase our investments from the previous year.
In January this year, we issued a new EUR 100 million
bond at favourable terms, and followed on with a tap
issue of EUR 50 million at even better terms in the first
quarter of 2024. Our blended cost of debt has conse-
quently been reduced, and our aim is to reduce it even
further during 2024 via an active hedging policy and
better financing terms.
We observed a shift in many of our markets during
2023. Following a period of lower returns due to price
pressure following increased competition with a signi-
ficant inflow of capital to the industry, we now see a
more favourable competitive environment and improved
returns. We currently observe capital constraints
Message from CEO
2023 can be summarised as a year
with many challenges but also many
positives. The main challenges for
the industry have been continued
inflationary pressure and increasing
interest rates translating into higher
cost of financing. Compared with
2022 our cost of financing almost
doubled, but we countered this by
delivering stable results and a dividend
capacity around the same level as
the previous year. Strong cash flow,
low leverage and improved efficiency,
positions B2 Impact to be able to
take advantage of a more favourable
competitive environment and a market
with improving returns.
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in the industry, whilst B2 Impact has reduced its debt by
around EUR 400 million over the last four years. During
the year we invested more than NOK 2.7 billion which
was well within our guided full year target of NOK 2.5 to
3 billion. Furthermore, we entered 2024 with committed
investments of over NOK 700 million, which is around
twice the volume that was committed at the end of
the previous year.
Fair treatment and high customer satisfaction is our
main priority and where our sustainability impact is most
material. Our objective is to find amicable solutions that
lead to beneficial outcomes for all parties, which is achieved
by providing necessary training to our employees and by
keeping a close dialogue with customers, for example
through the customer survey. We are proud that 78 %
of respondents in our customer survey are saying that
they are satisfied with our services and that many of our
customers have managed to become debt-free in 2023.
We are also proud that our employee satisfaction is high
(mapped through the annual employee engagement), as
we believe that a friendly and inclusive working environment
is crucial for providing high-quality services.
We recognise that our business activities can also entail
actual and potential negative impacts, both across our
organisation’s own activities and in our value chain, and
it is important that such impacts are properly addressed.
According to our materiality assessment, negative impacts
are mainly linked to cyber security and ethical misconduct.
To mitigate such risks, we have established high ethical
standards that clearly communicate our expectations
and aim to promote a responsible corporate culture.
We have also strengthened our work on human rights
and decent working conditions in our supply chain, as
demonstrated in the 2023 Transparency Act report.
Going forward we will put more efforts into mapping
sustainability and governance initiatives across the different
companies in the Group, with the aim to provide a trans-
parent presentation of our results to date, and to set Group-
wide goals and targets for the future.
The approved share buy-back program has been carried
out according to plan. By the end of the year 18.9 million
shares were acquired with a weighted average price per
share of NOK 6.79 and representing 5 % of outstanding
shares. As stated previously, our continued focus is to
deliver shareholder value through solid performance,
low leverage and shareholder distributions. The Board
has proposed a dividend of NOK 0.70 per share for the
financial year of 2023.
Outlook
Going into 2024, we anticipate an improved market
for portfolio investments. We will continue to remain
disciplined in our approach. We invested in portfolios
with improved returns throughout 2023 and we believe
further improvements can be made. We also see a potential
to further improve efficiency and economies of scale,
and a higher degree of automation and increased use of
AI powered tools will contribute to this. We will also have
a continued focus on concentration of footprint.
After a period of declining NPL volumes we now observe
an increase in reported NPL levels in European banks.
Stage 2 loans have increased in many of our markets, and
we also expect additional NPL volumes from secondary
trades by industry players and financial investors. As such,
we could see the beginning of a new cycle in the NPL
industry where returns are improving after a period of
price pressure. B2 Impact is in a strong financial position
and well placed to take advantage of an improving market
for NPL investments.
Finally, I would like to express my gratitude to all of our
employees for contributing to our strong results. I would
also like to thank our shareholders, bondholders, and other
stakeholders for their continued trust in us. We look to the
future with optimism and our focus remains on maintaining
our solid performance and delivering strong cash flow.
Oslo, 25 April 2024
Erik J. Johnsen
Chief Executive Officer
Message from CEO
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The share
B2 Impact’s objective is to create
long-term sustainable value for its
owners, through stable performance
and results and with competitive
returns through dividend and share
buy-back programs.
Share data
Based on the last trade on 29 December 2023, which
was at NOK 7.35, B2 Impact’s market capitalisation was
NOK 2,845 million as of the same date. The highest closing
price quoted during the year was NOK 7.91 on 2 January
2023, and the lowest closing price was NOK 6.38 on 28
June 2023. During 255 trading days in 2023, a total of
99,001,335 B2 Impact ASA shares were traded. The average
daily trading volume of the B2 Impact ASA shares on the
Euronext Oslo Stock Exchange in 2023 was 388,240,
equivalent to 0.10 % of the total number shares.
Share capital
At year-end 2023, B2 Impact’s share capital amounted to
NOK 38.7 million, divided among 387,180,824 shares and
corresponding to a nominal value of NOK 0.10 per share.
There is one class of shares, and all shares are treated
equally. The shares are freely negotiable and with equal
rights to vote and equal entitlement to B2 Impact’s profit
and dividend.
Ownership structure
The number of shareholders was 4,435 per year-end
2023, a 9.2 % decrease from 4,884 at year-end 2022.
According to the shareholder register maintained by the
Norwegian Central Securities Depository (VPS), 95.36 %
of B2 Impact’s shares are owned by Nordic investors.
Dividend and share buy-back
The dividend policy aims for shareholder returns of up to
50 % of the company’s adjusted net profit (both in cash
and in distribution in kind as share buy-back programs of
own shares). The Board of Directors considers applicable
legal restrictions, capital expenditure requirements, the
financial conditions, general business conditions and
contractual obligations when assessing the company’s
ability to pay dividends.
Under the share buy-back program that was initiated
on 25 May 2023 and concluded on 12 January 2024,
19,348,672 shares were bought back at an average price
of NOK 6.81 per share, corresponding to 5.00 % of the
outstanding shares and decreasing the equity attributable
to parent company shareholders by NOK 132 million. After
the use of 700,000 treasury shares to honour obligations
in connection with employee incentive arrangements, B2
Impact ASA owns a total of 18,648,672 own shares, cor-
responding to 4.82 % of B2 Impact ASA’s share capital. As
in previous years, it will be proposed to the Annual General
Meeting 2024 to decrease the parent company’s share
capital and other paid in capital by cancellation of its
18,648,672 treasury shares acquired under the share
buy-back program.
For the financial year 2023, the Board proposed to
the Annual General Meeting a cash dividend of NOK
228 million equivalent to NOK 0.62 per share. In addition,
the Board proposed that the unused capacity of the
latest share buy-back program is paid out as additional
cash dividend. The unused capacity amounts to NOK 31
million equivalent to NOK 0.08 per share. Total proposed
dividend is NOK 0.70. Based on the last price paid on 29
December 2023 (NOK 7.35), the proposed cash dividend
represents a dividend yield of 9.5 %.
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Ownership structure per 31.12.2023
Size class No of shares Capital/votes % No of owners Owners %
1 - 1,000 727,800 0.2 1,951 44.0
1,001 – 10,000 6,547,635 1.7 1,629 36.7
10,001 – 100,000 22,172,005 5.7 652 14.7
100,001 – 1,000,000 47,696,264 12.3 161 3.6
1,000,001 – 5,000,000 63,435,193 16.4 30 0.7
5,000,001 – 10,000,000 30,357,050 7.8 4 0.1
10,000,001 – 53,000,000 216,244,877 55.9 8 0.2
Total 387,180,824 100.0 4,435 100.0
Geographical distribution of shareholders per 31.12.2023 %
Norway 79.65
Sweden 15.00
United States 1.37
United Kingdom 1.25
Ireland 1.12
Finland 0.49
Luxembourg 0.27
Switzerland 0.20
Denmark 0.23
Others 0.42
Total 100.00
20 largest shareholders per 31.12.2023
% of total share Investor
13.67 PRIORITET GROUP AB
13.27 RASMUSSENGRUPPEN AS
1
8.26 VALSET INVEST AS
7.88 STENSHAGEN INVEST AS
4.65 B2 IMPACT ASA
4.23 DNB MARKETS AKSJEHANDELANALYSE
3.46 SKANDINAVISKA ENSKILDA BANKEN AB
2.58 GULEN INVEST AS
2.12 DUNKER AS
2.12 RUNE BENTSEN AS
2.11 VERDIPAPIRFONDET STOREBRAND NORGE
1.50 GREENWAY AS
1.05 VPF DNB AM NORSKE AKSJER
1.03 STIFTELSEN KISTEFOS
0.90 LIN AS
0.77 F2KAPITAL AS
0.74 JPMORGAN CHASE BANK, N.A., LONDON
0.74 RANASTONGJI AS
0.62 DIRECTMARKETING INVEST AS
0.59 ARTEL AS
27.71 OTHER
100.00 Total
1. Total shareholdings of Rasmussengruppen AS includes shareholdings of its wholly owned subsidiaries
Portia AS, Cressida AS and Viola AS
The share
2
Governance
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Corporate
governance
Transparent and efficient corporate
governance drives healthy and
sustainable business practices.
Good governance ensures reliable
financial reporting, adherence to
legislation and regulations across
the Group, alignment of our stake-
holders’ interests, and, ultimately,
long-term value.
Governance
B2 Impact is subject to the corporate governance reporting
requirements set out in Section 3-3b of the Norwegian
Accounting Act, the Norwegian Public Limited Liability
Companies Act (“PLCA”), the Oslo Stock Exchange
Rulebook II – Issuer Rules, and to the Norwegian Code
of Practice for Corporate Governance issued by NUES
(“Code”), each freely available at lovdata.no, oslobors.no
and nues.no.
This report constitutes an integral part of the Directors’
report and follows the “comply or explain” methodology
used in the Code.
1. Implementing and reporting of corporate
governance
The Board of Directors of B2 Impact ASA (“the Board”) pro-
motes sustainable business practices and believes that
good governance is a driver for long-term shareholder
value. The Board actively adheres to corporate govern-
ance standards and ensures B2 Impact complies with the
requirements of section 3-3b of the Norwegian Accounting
Act and the Code. Our Corporate Governance Principles
are subject to annual review and discussion by the Board
and can be found on the Company’s webpage.
B2 Impact is committed to sound business practices,
open and transparent communication, and adherence
to all applicable laws and regulations across the board.
To this effect, B2 Impact has implemented and continu-
ously updates policies setting out the principles on how
its business should be conducted. These policies and
principles reflect our core vision (be a trusted partner
that actively re-shapes the credit management industry),
our core values (Agility, Integrity, Diversity, Excellence and
Responsibility (AIDER)), and apply throughout the entire
Group. B2 Impact complies with the Code unless explicitly
stated below.
2. Business
B2 Impact is one of the leading European debt manage-
ment companies active in debt purchase, debt collection
and third-party debt collection. It has as corporate objective
“… to engage in investments, participation in and the admin-
istration of other companies engaged in acquisitions, and
the management and collection of receivables and other
activities in connection with the above.”
B2 Impact endeavours to build financial health through
transparent and ethical debt management, by providing
liquidity to financial institutions, contributing to a healthier
financial system, and impacting the financial situation of
our customers by offering sustainable solutions to handle
their debt. The Group has approximately 1,700 employees
across the markets it operates in and is headquartered
in Oslo.
B2 Impact’s objectives, strategies, risk profiles and
goals are assessed and evaluated annually with a view
to generating financial results for its stakeholders
but also to yield positive social effects for broader society.
B2 Impact believes that its business should create value
for its shareholders in a sustainable manner. Sustainability
starts with corporate culture, values and our approach to
doing business.
In pursuing its objectives, B2 Impact, in line with our
values of integrity and responsibility, acknowledges its
responsibility regarding climate and environment, social
issues, and proper corporate governance. Whether it is
commitment to human rights and labour rights, tackling
corruption, preventing environmental harm, or other
unethical behaviour. For further information, see the
sustainability sections which constitutes an integral
part of the Directors’ report.
B2 Impact furthermore commits to: openness and
transparency in communication with its stakeholders;
independence in the relationship between its Board,
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the Management, and its shareholders to ensure decisions
are made on an unbiased and neutral basis; practices
equal treatment and equal rights for all shareholders,
and; maintains adequate routines and systems for inter-
nal controls, and risk management.
B2 Impact believes that maintaining sound corporate
governance mechanisms secures continuity and predict-
ability, secures adherence to our fundamental values and
ethical guidelines, and reduces the level of risk for all our
stakeholders.
3. Equity and dividends
B2 Impact endeavours to pursue a clear and consistent
dividend policy, which aims for shareholder returns of
50 % of the Company’s adjusted net profit after tax
(both in cash and in distribution in kind, as share buy-
back programs of treasury shares).
This policy forms the basis for the Board’s proposals
to the Annual General Meeting on dividend payments
and is available on the Company’s webpage. The Board’s
dividend proposals are always subject to the applicable
legal restrictions, and to an assessment of the Company’s
capital structure. This assessment includes liquidity and
solidity risk, market opportunities, timing effect from
portfolio recoveries, financial covenants, general business
conditions and any capital restrictions at the time of the
dividend to be assessed and paid.
All distributions, whether in cash or in kind, initiated
by the Board always take place within the limits set out
in the authorisation from the General Meeting.
The Board continuously assesses the Company’s and
overall Group’s capital structure and will take adequate
steps should the Company’s equity or funding structure
no longer be appropriate to its objective and risk profile.
All mandates granted by the General Meeting to the
Board to increase the Company’s share capital or to
purchase treasury shares are restricted to their defined
purposes and are limited in time, maximum up to the
date of the next relevant Annual General Meeting.
4. Equal treatment of shareholders
B2 Impact commits to treating all shareholders on an
equal basis. Reasonable differentiation is only appropriate
if there are justified factual grounds, and these are
approved by the general meeting.
In the event of an increase in share capital through
the issuance of new shares, a decision to waive existing
shareholders’ pre-emptive rights to subscribe to shares
could be justified. If the Board resolves to have existing
shareholders’ pre-emptive rights waived, a justified
proposal will be submitted to the general meeting. Both
the approval and justification will be disclosed in a stock
exchange announcement in connection with the share
capital increase.
Any transactions carried out by B2 Impact involving
own shares is carried out through the stock exchange
at the prevailing rates and subject to ongoing disclosure.
B2 Impact may acquire own shares with a total nominal
value of up to 10 % of its share capital, organised through
external bank mandate under the “safe harbour” exemption.
Subject to the PLCA and IFRS, specific approval mech-
anisms apply to “related party transactions”, and
B2 Impact discloses all “related party transactions”.
5. Shares & negotiability
B2 Impacts shares are freely negotiable, in one class, and
each share carries one vote. There are no restrictions on
ownership, transferability or voting rights linked to the
shares.
Members of the Board and the executive management
are encouraged to own shares in the company. These
shareholdings are disclosed on the Company’s webpage.
All transactions by these persons (and their close associates)
in the shares, and other financial instruments of B2 Impact,
are disclosed to the market in accordance with the Market
Abuse Regulation.
6. General meetings
In accordance with the PLCA and the Company’s articles
of association, the Board convenes the general meeting(s).
Notice to all shareholders (or their depository institution)
is given no less than three weeks prior to the general
meeting, and the registration deadline is set as close as
possible to the date of the general meeting. The notice
includes information on registration, participation, voting,
advance voting, and the use of proxies.
The Board has the option to hold the general meeting(s)
as a physical or an electronic meeting. Shareholders who
are unable to attend are given the opportunity to vote by
proxy or cast their votes by electronic means in advance.
A proxy form will be made available and is set up so that
it is possible to vote on each of the agenda items and for
candidates that are nominated for election, individually.
All shareholders listed in the shareholders’ register on
the record date are entitled to attend the general meeting,
either in person or by proxy, to ask questions and to vote
relative to their respective shareholdings. Shareholders
can vote on each individual matter, including on each
individual candidate nominated for election.
B2 Impact adheres to the principle of distributing
sufficiently detailed and comprehensive information in
advance, allowing shareholders to form a good view on
all relevant matters.
Corporate
governance
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The Chair of the Board, the CEO and the Chair of the
Nomination Committee are present at the general meet-
ing. The Board will ensure that the general meeting is
able to elect an independent chair to the meeting. Board
members are encouraged to attend the general meetings.
The minutes of the general meetings are distributed
through Oslo Stock Exchange and published on the
Company’s website.
7. Nomination committee
B2 Impact has, in accordance with its articles of association,
established a Nomination Committee consisting of three
members. The members as well as the Chair of the
Nomination Committee are elected by the annual general
assembly for a period of two years.
The majority of the Nomination Committee members
are independent from Board and Management. Neither
the CEO nor other members of Management are members
of the Nomination Committee.
The objectives, responsibilities and functions of the
Nomination Committee are described in “Instructions for
the Nomination Committee”, as disclosed on the Company’s
webpage. These instructions are adopted by the annual
general assembly.
The Nomination Committee submits recommen-
dations to the general meeting for candidates for the
election of (a) members to the Board, (b) the Chair of the
Board, (c) members and chair of the Nomination Com-
mittee, (d) other sub-committees of the Board, (e) and
recommendations as to the remuneration for the Board
and Nomination Committee.
The Nomination Committee’s recommendations take
into account the guidelines of the Code regarding the
composition and independence of the Board. Recom-
mendations include motivated grounds, justification
and particularly include information on each candidate’s
competence, experience, capacity, and independence.
They consider ownership interests in the company,
assignments carried out for the company, and assignment
for other companies and organisations.
Recommendations of candidates to the Nomination
Committee shall ensure a broad cross-section of the
shareholders as well as a balance regarding independence.
To carry out its monitoring as effectively as possible,
the Nomination Committee has individual discussions
with the members of the Board and the CEO.
8. Board: composition and independence
Conform the Code and our corporate governance principles
the majority of the Board members are independent of
the Company’s Management, the Company’s majority
shareholders (a shareholder who owns 10 % or more of
the Company’s shares), and material business contracts
or material business connections. Board members do not
have specific engagements towards the Company other
than their duties as Board members. No members of
Management are member of the Board.
The Board aims to maintain a balanced gender com-
position, practicing the 40 % men, 40 % women, and 20 %
any gender for composition of the board.
The Chair of the Board is elected by the Annual General
Meeting. Board members are elected for up to two years
at a time and may be re-elected. The Company’s annual
report provides information regarding the expertise of
the members of the Board, as well as their attendance
in board meetings. The annual report distinguishes
which Board members are independent.
9. Work of the board
Conform the PLCA the ultimate responsibility for the
Company’s activities in general, its management, and
supervision of its day-to-day management, rests with the
Board. The Board furthermore ensures that the activities
of the Management are organised in a sound manner,
keeps itself informed of the Company’s financial position,
plans the (long term) activities of the company, and en-
sures that the Company’s accounts and assets (and the
management thereof) are subject to adequate control.
The Board has issued “Board of Directors Rules of
Procedure” which reflect the above responsibilities and
regulate the activities of the Board. In addition, the Board
has issued a separate instruction to the CEO which parti-
cularly focuses on a clear internal allocation of responsi-
bilities and duties, as well as on providing the Board with
sufficient, accurate, relevant, and timely information to
carry out its duties.
These rules and instructions govern how the Board
and Management must handle agreements with related
parties, including amongst others whether independent
valuations must be obtained. Board members must make
the Company aware if they have a material interest in items
considered by the Board, and the Board shall also disclose
agreements related to any such interest to the annual
general meeting and present them in the Directors’ Report.
Board members may not participate in Board discussions
or decisions in matters where they or a close associate of
them have a particular interest. If the Chair of the Board is
personally involved, the Board’s consideration of such matter
is chaired by another member of the Board.
In the event of material transactions between the
Company and its shareholders, a shareholder’s parent
company, members of the Board, executive personnel
of the Group or close associates to any such party,
the Board must arrange for an independent third-party
valuation. Independent valuations are also procured for
Corporate
governance
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transactions between Group companies when any of
those involved companies have minority shareholders.
The Board has introduced a Group Related Party
Transactions Policy applicable for all Group entities,
employees and for the Board itself which is available
on the Company’s webpage.
The objectives, responsibilities and functions of the
Board and the CEO are revised annually and remain in
compliance with the rules and standards applicable to
the Group.
The Board has established an Audit Committee and
a Remuneration Committee. Both the Audit Committee
and the Remuneration Committee act as a working and
preparatory committee for the Board, preparing matters
and acting in an advisory capacity.
Audit Committee
The duties and composition of the Audit Committee
follow the PLCA and Section 3.1.3.6. of the Rulebook. Its
objectives and responsibilities are revised annually and
there are separate Instructions for the Audit Committee,
available on the Company’s webpage.
The members of the Audit Committee are elected
by and from the members of the Board for a two-year
term. The Audit Committee members must have the
overall competence required by legislation, with at least
one member of the Audit Committee competent in the
field of finance and audit.
Remuneration Committee
The Remuneration Committee follows the outline of the
PLCA and ensures thorough and independent preparation
of matters relating to the performance and remuneration
of the CEO and the executive management. It reviews
and prepares guidelines and reports on matters of remun-
eration or Group KPIs that are presented or recommened
to the Board. Its objectives and responsibilities are revised
annually.
The members of the Remuneration Committee are
elected by and from the members of the Board for a two-
year term, and the Board provides the details for the
appointment of Board committees in the annual report.
Separate Instructions for the Remuneration Committee
are available on the Company’s webpage.
Annual evaluation
The Board evaluates its own performance and expertise
annually. At the end of each Board meeting the Board
furthermore has a separate agenda item where the
Board, without the Management present, discusses
matters and assessments that complement this
annual evaluation.
10. Risk management & internal control
Integral to B2 Impact’s risk management, the Audit
Committee and the Board conduct regular evaluations
of the Company’s most important areas of exposure
to risk. This also extends to the domains of compliance
and sustainability. The Board furthermore evaluates risk
on a continuous basis in relation to specific projects.
The Board has defined the overall risk profile and appetite
of the Company across its activities, and this is further
set out and adopted in the Company’s governing
documents, policies and guidelines.
B2 Impact has established policies in respect of internal
control and risk management in the following areas:
• Ethics, Code of Conduct
• Environmental, Social and Governance
• Risk management
• Compliance, including Group policies covering anti-
corruption and anti-bribery, anti-money laundering,
counter terrorist financing, sanctions and whistleblowing
• Financial management, including guidelines for quality
assurance of financial reporting
• People and organisation
• Communication and investor relations
• Related party transactions
The Company reports and follows up on risk and compliance
exposures in all business areas in a controlled and con-
sistent manner, managed by the Chief Risk, Compliance &
ESG Officer.
Across the Group, the investment process when acquiring
non-performing loans is led centrally by the Chief Investment
Officer. An Investment Committee is headed by the CEO
and follows investment thresholds and the authorisations
delegated by the Board.
To further support the risk management and control
architecture, B2 Impact has a Group Internal Auditor
reporting to the Board through the Audit Committee.
The Group Internal Auditor is responsible for administering
the Group’s control function in relation to risk, compliance,
and internal control. The function has no direct operational
responsibility over the activities it evaluates, and has
unrestricted access throughout the Company.
The Company and its Management frequently report
to the Board on both operational, financial, and non-
financial matters with the purpose of ensuring that the
Board has sufficient and relevant information, can take
informed decisions, and is able to respond rapidly to
changing conditions.
The Board evaluates and provides an account of the
main features of the Company’s internal control and risk
management systems, relating both to the Company’s
Corporate
governance
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financial and non-financial reporting, in order to provide
the shareholders of the Company with sufficient informa-
tion to understand how the Company’s internal control
system is organised.
The Group’s Internal Audit function is an independent
review function that reports directly to the Board via the
Audit Committee (“Group Internal Audit”). The role of
Group Internal Audit is to provide independent reasonable
assurance to the Board and the CEO of the effectiveness
of internal control, risk management and the Group’s
governing processes. Group Internal Audit also provides
advice to executive management and the Board on how
the risk management and internal control environment
can be managed and improved. Group Internal Audit
receives its instructions from the Board via the Audit
Committee, which also approves Group Internal Audit’s
annual plans, budgets and quarterly written reports
11. Remuneration of the board
The remuneration of the Board is proposed by the Nomination
Committee and approved at the annual general meeting.
The Nomination Committee may at its discretion, submit
proposals to annual general meeting.
The Board’s remuneration is not linked to the Company’s
performance, and share options are not granted to members
of the Board. The level of remuneration reflects the Board’s
responsibility, expertise, the complexity of the company,
as well as the level of involvement in both the Board and
Board committees. There is no additional remuneration
paid to members of the Board, other than the remuneration
approved by the annual general meeting.
Board members, or companies associated with Board
members, do not engage in specific assignments for
the Company outside of their appointments as members
of the Board. In cases where there are special grounds,
such assignments are disclosed to the full Board. Con-
sideration may be presented to the Nomination Committee
upon recommendation from the Board.
The remuneration for the Chair of the Board is deter-
mined separately from that of the other Board members.
Details of all elements of the remuneration and
benefits for each member of the Board are disclosed in
the Remuneration Report. This report is available on the
Company’s webpage and is attached to the notice for
the annual general meeting.
12. Remuneration of executive personnel
B2 Impact’s remuneration practice aims to ensure that
its executive personnel and its shareholders have con-
vergent interests. As a principle, remuneration practices
should be kept simple and performance-related remu-
neration should be subject to a limit. The Remuneration
Policy caps performance-related short-term incentives
to 70 % of fixed remuneration. Any deviations from the
policy are subject to Board consideration.
The Company’s Remuneration Policy and any guidelines
on fixed or other types of remuneration for executive
personnel aims to support the Group’s values and strategy.
They are submitted to the annual general meeting, attached
to the notice for the annual general meeting, and are also
accessible on the Company’s webpage.
Total remuneration for the CEO and other executive
personnel consists of fixed remuneration, a variable remu-
neration, a long-term incentive program, as well as by fringe
benefits and pension arrangements.
The performance-related remuneration for executive
personnel consists of a short-term incentive program
portion and a long-term incentive program. The perfor-
mance-related remuneration package is based on
quantifiable factors related to both Group and individual
targets, designed to enhance value creation for our
shareholders or the Company’s interest over time. The
key performance indicators for 2023 included financial
targets.
The long-term incentive program consists of a share
option program. Share options are granted on an annual
basis, with one-third on each of the first, second and
third anniversary of the grant.
The Board has considered it inappropriate to practice a
general right to demand the repayment of performance-
related remuneration unless required under applicable
laws and regulations.
13. Information & communications
All B2 Impact communication follows the principles of
transparency and equal treatment of all shareholders.
The company provides timely, comprehensive and accurate
information to our shareholders and to the financial markets
in general, with the aim to provide an accurate and trans-
parent view of our share. This mainly happens via annual
and quarterly reports, investor presentations, press- and
stock exchange releases, and through the Company’s
website. The communication is is done by the Chair of
the Board, the CEO, the CFO, the Head of Investor Relations,
or a person appointed and authorised by them.
Unless exceptional circumstances apply, B2 Impact
promptly discloses all information in accordance with the
Market Abuse Regulation and the Norwegian Securities
Trading Act. B2 Impact has strict guidelines for handling
inside information, these are available on the Company’s
webpage.
B2 Impact is subject to the rules applicable to compa-
nies listed on Oslo Børs, and provides information about
all mandatory disclosable actions, such as certain decisions
by the Board of the General Meeting, and about events
Corporate
governance
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(such as acquisitions, significant contracts, or joint ventures
the company enters into, etc) of major importance to the
company.
14. Take-overs
In the event of a take-over bid, the Board will seek to
comply the recommendations of the Code, obtaining a
valuation from an independent expert and on this basis
make a recommendation to the shareholders whether to
accept the bid. The Board acknowledges its responsibility
to ensure that shareholders have sufficient information
and time to assess a take-over offer.
The Board will not seek to hinder or obstruct a takeover
bid, and refrain from undertaking any actions intended to
give certain shareholders or others an advantage at the
expense of other shareholders or the company, nor will it
seek to institute measures aiming to protect the personal
interests of its members at the expense of the interests
of the shareholders.
Deviations from the Code:
There are no other written procedures regarding take-over
bids. B2 Impact has not found it appropriate to instate
further procedures of conduct in the event of a take-over
bid, other than the principles described above and what
follows from the relevant law.
15. Auditor
The auditor is invited to meeting(s) of the Board and
the Audit Committee where any of the following topics
are on the agenda: the annual accounts, the quarterly
reports, accounting principles, assessment of accounting
estimates and matters of importance on which there has
been disagreement between the auditor and the Manage-
ment and/or the Audit Committee.
The Board holds a meeting with the auditor at least once
a year, at which no representative of the Management is
present. At least once a year the auditor and the Board
discuss weaknesses identified by the auditor and pro-
posals for improvement. The Board furthermore ensures
that the auditor presents the main features of
the audit plan.
The Auditor submits an annual report to the Audit
Committee attesting its independence and explaining
the results of carried out statutory audits.
The Audit Committee has on behalf of the Board specified
the Management’s routines for using the auditor for non-
audit services for the purpose of maintaining the indepen-
dency of the auditor.
The auditor communicates in writing with the Board
on all matters brought to light by the audit of which the
Board should be informed to be able to fulfil its respon-
sibilities and function. The auditor indicates the nature
of such matters and what consequences it may have
if the matters are not acted upon.
The Board reports the auditor’s remuneration to the
annual general meeting.
Corporate
governance
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Risk
management
B2 Impact’s approach to risk man-
agement is to proactively manage
risks in order to ensure sustainable
profits and value generation for the
Group’s stakeholders.
B2 Impact continued to strengthen its risk management
throughout 2023, and as part of the internal reorgan-
isation, the Risk and Compliance functions are now
organised in one department to better align risk analysis,
monitoring, and mitigation activities across the group.
B2 Impact risk management framework
B2 Impact is implementing risk management principles
based on the COSO Enterprise Risk Management (ERM)
framework with the objective to improve governance,
drive operational excellence and create value for all
stakeholders. Internal risk management framework
facilitates analysis and monitoring of significant risks
and enables management functions at operational and
Group levels to identify and quantify risk factors that may
negatively affect the Group’s profitability and sustainability.
At B2 Impact, the risk framework is underpinned by
key principles and policies, which define internal expecta-
tions on risk management with all employees expected
to apply these principles in their daily work, promoting
risk ownership and management where it arises. Risk
management principles are grouped into categories
as follows:
Dimension Definition Principle and Objectives
1. Strategic Risks linked with the overall business plan,
organisational structure, culture, investments,
and macro and political environment.
Build a strong vision, strategy and product off-
ering that enables the Group to grow profitably
aligned with its strategic objectives. Lead by
example, create a culture that promotes loyal
and ethical behaviour aligned with company
values and stakeholders’ expectations.
2. Financial Risks linked to financial losses, impacting the
overall financial results, including liquidity,
currency and interest rates, credit, and tax.
Build a strong, transparent, and auditable financial
position that enables the Group to plan and
optimise its financial resources, meet financial
obligations, and grow profitably.
3. Operations Risks linked with failed internal processes and
procedures, people’s actions, systems or from
external events including legal and compliance.
Deliver exceptional service that meets and
exceeds targeted operational expectations.
Create operational efficiencies, build company
resiliency, auditability, transparency, and
processes optimisation.
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Risk management
The risk governance structure is overseen by the Board
of Directors (“the Board”) through the Audit Committee,
owned by the CEO and headed by the Chief Risk Compli-
ance & ESG Officer with appointed risk managers
from operating entities.
The Group Risk function works with local risk managers
and central functions to correctly identify and assess risks,
challenge risk assessments and act as a consultant to
support a clear and transparent risk mapping process.
Functional description of effective risk
management and control
The business operations as risk owners, the Risk and
Compliance functions and the Internal Auditor are the
key actors of the risk control framework of the Group.
1. The business operations own the risk and are
responsible to manage the risks they take in their
course of business. This entails responsibility for
daily risk management and compliance with the
Group’s internal policies and external regulations.
2. The Risk and Compliance function is independent
from business operations, and is responsible for risk
monitoring, control, and supporting the management
in identifying and understanding risk. Risk and
Compliance actively participate in defining and
implementing relevant policies and controls through
out the organisation and provide continuous training
to all employees.
3. The Internal Auditor ensures proper functioning
of the risk management framework by performing
continuous analysis, providing advice and
conducting audits.
Risk strategy and appetite
The Group’s core business is to generate profitable returns
through controlled exposure to credit risks in the form of
acquiring and managing non-performing loans. Therefore,
the Group actively pursues this type of risk which inher-
ently carries the highest potential impact on the income
statement and balance sheet.
Risks such as liquidity, operational and market risk
should be minimised but balanced, as far as it is eco-
nomically justifiable, following internal policies and
guidelines. Other types of risk such as management,
regulatory and reputational risk are addressed through
the Group’s governance and compliance policies and
external regulatory requirements.
Principal risks
Principal risks are identified through the Group-wide risk
framework or through incidents raised through available
reporting channels, including a protected, anonymous
whistleblowing channel. Material risks are discussed
at executive management level with mitigating actions
defined and implemented, and with improvements
actively monitored by the Group Risk function.
The risks are grouped into three broad categories:
strategic, financial, and operational. The tables below
summarise the key risks and mitigants B2 Impact is
exposed to. The measurement and tracking of sustain-
ability risks is integrated into the risk management
framework.
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Strategic Risks Risks linked with the overall business plan, organisational structure, culture, investments, and macro and political
environment.
Management risk Description:
B2 Impact operates in multiple countries with different competitive and
regulatory landscapes and historically operated a decentralised model.
This may give rise to different types of risks as local entities have different
operating models and different levels of maturity.
Mitigation:
Continued progress towards a more integrated and more efficient operating
model, with well aligned Group level and local functions and central oversight.
In 2023, the Group has executed, as part of its newly adopted strategy plan,
a significant internal reorganisation at the top management level, resulting
in increased accountability, faster decision making and improved communi-
cation. The reorganisation has created stronger internal governance over-
sight and enabled the company to benefit from internal synergies across its
footprint.
Investment risk Description:
B2 Impact invests in NPL portfolios and subsequently makes a profit or loss
from these investments by assuming all rights and risks arising from these
transactions.
The Group needs access to a pipeline of NPL opportunities that enables
it to invest in at rates of return that are attractive and profitable.
Losses may be incurred by over-estimating collections or the timing of
them, or by under-estimating the costs to collect.
Mitigation:
B2 Impact buys NPL portfolios at discounted prices, utilising proprietary data,
tools and methods, and therefore the risk is partially mitigated through pricing
and expected returns.
The company actively manages a well diversified pipeline to identify trans-
actions opportunities that are aligned to the operating capabilities and the
investment appetite of the group and where the company has a reasonable
chance of securing the transactions at attractive terms.
All acquisitions are subjected to Group transaction oversight and careful
evaluation of portfolio characteristics. The Group actively works to improve
the quality of investment underwriting and portfolio management through
continuous improvements in processes, tools, methods, and competences.
Macroeconomic
and political risk
Description:
B2 Impact operates in multiple countries and is therefore implicitly exposed
to different economic and political regimes.
Changes in the economic and political environment may negatively impact
our business, both in our ability to buy portfolios and our ability to collect
on portfolios acquired.
Mitigation:
The Group is well diversified across multiple countries and therefore risks
associated with individual countries have limited impact.
The Group maintains an on-going dialogue with the local management teams
and uses external market research and data to actively monitor the macro-
economic trends in each country. The market and macroeconomic analyses
and insights are incorporated into Group’s strategic considerations.
Risk management
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Risk management
Climate risk Description:
Climate risk has become a major factor in global geo-politics and economy,
owing to potential weather-related disruptions, forced migrations, and
negative impact on the biosphere.
Assessing and combating climate risk is an important topic for B2 Impact, with
the Management and the Board committed to minimise the Group’s footprint
and to address relevant risks and actively support transitioning to net-zero.
Mitigation:
B2 Impact reports on the sustainability of its operations with reference to GRI
standards and EU Taxonomy. Through a climate risk review undertaken in 2022,
Climate risk was classified internally as low.
The Board regularly reviews climate-related risks and opportunities as part of its
overall responsibility for risk governance. Management regularly reviews climate
-related risks and opportunities as part of its responsibility for enterprise risk
management. Climate risks are included in the enterprise risk management
system and will continue to be updated.
B2 Impact has introduced operational initiatives such as – among others –
recycling, reduced paper consumption, and energy-efficient offices, to reduce
the company’s carbon footprint.
Going forward, the Group will continue implementing activities to support
the transition to net-zero.
The Group is preparing to provide sustainability reporting under newly
introduced ESRS standards (starting from 2025, for the year 2024).
Financial Risks Risks linked to financial losses that may impact the overall financial results including liquidity, currency, interest rates,
credit and tax.
Liquidity risk Description:
B2 Impact is dependent on access to financing from banks, financial institutions
and from the capital markets through, loan agreements, project financing, and
the issuance of bonds and share capital in order to have sufficient liquidity
available to meet its contractual obligations.
Mitigation:
The Group’s capacity to assume risk is determined by the Board of Directors.
B2 Impact’s policy is to always have liquidity available to cover the contractual
financial obligations, financial portfolio forward flows and outstanding binding
portfolio investment offers, operating within bank and financing covenants
restrictions.
The capital threshold for equity in the loan agreements is set at a minimum
consolidated book adjusted equity ratio of 25 %.
Liquidity risk is monitored by the Group’s Treasury function.
B2 Impact works actively to maintain good relationships with the financing
banks, financial institutions, bond investors and credit rating agencies.
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Risk management
Currency and
interest rate risk
Description:
B2 Impact is exposed to fluctuations in exchange and interest rates. These
risks can affect the earnings and financing costs as B2 Impact’s accounts are
denominated in NOK, whilst a large part of the Group’s business is carried out
in Euros and other local currencies.
Mitigation:
To mitigate the currency risk the Group uses a multicurrency revolving credit
facility (borrowing in EUR, DKK, NOK, SEK, PLN), project financing in EURO
and bond loans denominated in Euros to effectively establish natural hedging.
For most countries (legal entities), investments, revenues, and operating
expenses are denominated in local (and mostly functional) currencies.
Therefore, currency fluctuations have a relatively minor effect on operating
earnings within the relevant country which limits transactional FX exposure.
B2 Impact is exposed to changes in interest rates since the Group’s debt
has an element of floating interest rate. The Group employs hedging strategies
that enable B2 Impact to, within certain limits, hedge its interest exposure and
hence monitor and reduce overall interest rate risk exposure.
Currency and interest rates exposure are regularly monitored with hedging
arrangements assessed and modified in accordance with the Group’s
hedging policy to continuously minimise these risks.
Currency and interest rate risk is monitored by the Group’s Treasury function.
Credit risk Description:
The risk of losses arising from customers not repaying principals or interest
accrued or counterparties not meeting their contractual obligations.
For B2 Impact, this refers mainly to receivables arising from acquired NPL
portfolios, cash and cash equivalents, and outlays on behalf of clients.
Mitigation:
NPL portfolio risks are addressed under investments risk.
For cash and cash equivalents, these are deposited with established
banks where the risk of loss is remote. For counterparty risks, the Group
deals primarily with known counterparties with good creditworthiness.
Credit risk is analysed, monitored, and controlled by the local entities
management and strengthened by additional oversight from the Group
controlling units.
Tax risk Description:
Changes in domestic and international direct and indirect tax laws may
result in financial losses or increased expenses for the Group, related to
investments and on the operational level.
Mitigation:
B2 Impact’s policy is to always engage the services of external tax advisors
for large and complex transactions in order to ensure these are properly
assessed and managed.
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Risk management
Operational Risks Risks linked with failed internal processes and procedures, people’s actions, systems or from external sources
which includes legal and compliance.
Data Protection Risk Description:
The operations are dependent on a large amount of information containing
personal data.
Risk arises from human error, non-compliance with the internal policies
or external regulations, or inappropriate processes and procedures
implemented including internal control.
Mitigation:
B2 Impact has implemented and enforces the General Data Protection
Regulation (GDPR) requirements, including local legislation requirements
in all countries where the Group has business operations. Appropriate
and suitable safeguards, including technical and organisational measures,
have been implemented to protect personal data and to safeguard the
rights and freedoms of the data subjects.
B2 Impact only processes personal data for which it has legal grounds to
do so and are necessary for its operations. The Group and local entities have
appointed Data Protection Officers who regularly monitor and enforce GDPR
compliance. All employees are expected to follow internal established policies
and processes, including the reporting of any data breaches to their respective
Data Protection Officer.
All employees are provided with regular GDPR training and digitalised annual
refresher courses which is mandatory for all employees.
GDPR indicators such as security incidents, data breaches, data protection
complaints, and data subject rights demands are monitored (Group and
locally), followed up and executed in accordance with the requirements
and deadlines set out in the GDPR.
Regulatory risk Description:
The Group depends on authorisations and licenses from different authorities
in order to operate. Risk arises from non-compliance or breaches to existing
processes and procedures implemented.
Regulatory changes can also influence the markets and local operations,
either in a positive or in a negative way.
Mitigation:
The Group actively monitors and where appropriate participates in regulatory
changes and developments relevant to its industry, in the countries we operate,
both at EU and national levels.
All local entities have implemented a compliance function, which works with
Group compliance to ensure regulatory risks are identified, assessed, mitigated
and managed as appropriate.
Group compliance-related policies have been translated into local languages
and are accessible to everyone in the organisation. Group-wide compliance
training is conducted on regular basis through the internal training platform.
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Risk management
Reputation risk Description:
A good reputation is crucial to B2 Impact’s long-term sustainability, allowing
it to operate as a viable company, in particular since the Group deals with
debt collection activities and its customers need to trust B2 Impact in order
to positively engage with the company. It is therefore crucial to B2 Impact
that its customers are always fairly treated.
The Group places great emphasis on reputation and relationships with all
stakeholders: clients, customers, employees, board members, investors,
authorities and vendors.
Mitigation:
B2 Impact Code of Conduct is an integral part of the operations and describes
our principles and values, our role in society, our relationship with stakeholders
and B2 Impact position in sustainability issues. We promote and uphold high
ethical behaviour and compliance across our business.
Our Code of Conduct applies to all employees and all external parties repre-
senting the company, including suppliers and business partners. This is supp-
lemented with detailed Group policies and procedures in various disciplines.
A digital training program deployed annually on our Code of Conduct is mandatory
for all employees, supplemented with additional training for relevant employees.
The Group has also implemented an online customer survey across all unsecured
footprint entities to assess and improve the internal collection practices and
ensure customer satisfaction.
Suspected irregularities are reported through internal channels or through
our Whistleblowing externally run reporting channel accessible 24/7, offering
confidentiality and anonymity.
The Group monitors and follows up compliance with internal policies, whilst
raising awareness on the importance of creating and maintaining a culture
of compliance and ethics across the Group.
Financial crime risk Description:
The Group’s employees may face corruption, bribery, and money laundering
attempts.
Therefore, there is a risk that employees might use their position of power
to benefit themselves, or to influence decision makers.
B2 Impact might also face being exploited by money laundering from criminal
activities through insufficient knowledge of clients or through the payment
of transactions undertaken.
Mitigation:
B2 Impact applies a zero-tolerance policy to corruption and bribery, which
is reflected in the Code of Conduct, and supplemented with detailed policies
and procedures implemented across the organisation.
Group entities collect information about clients and their shareholders,
as well as customers based on Know Your Counterparty (KYC) policies.
Group Compliance identifies, evaluates and manages risks in this area,
and provides relevant training across the organisation.
All employees and external parties are expected to report suspected cases of fraud,
corruption, bribery, money laundering or any other illegal activities or violations
of B2 Impact’s Code of Conduct through B2 Impact Whistleblowing channel.
This channel is externally run, available in local languages and accessible 24/7
ensuring confidentiality. It is also possible to report concerns anonymously
and/or verbally.
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IT functionality and
security risk
Description:
The Group depends on accessible and well- functioning IT systems. Interruptions
and errors in business-critical systems can pose risks to the operations and
company reputation.
Although strict protocols are implemented there is always a risk of illegal
infringement and access to the systems, giving unauthorised access to
information, loss of data through malicious software or illegal exploitation
on the company’s behalf through phishing.
Mitigation:
IT functionality and security risks are managed through a combination of
technical and administrative controls, security training and regular checks and
monitoring of systems. This is carried out at both local and Group level. For
Group functions, centralised logging and prevention of intrusion is in place.
In 2023, B2 Impact has been running a program on the Group IT Architecture,
Governance and Security to modernise technology and IT processes, providing
higher elasticity and resilience to IT platforms.
This modernisation programme will continue into 2024.
Employee risk Description:
The employees are crucial to B2 Impact’s success.
The Group is committed to attracting and retaining competent and motivated
employees and managers to avoid the risk that strategic goals cannot be
achieved. Key individual dependency also represents a risk for business
continuity.
Mitigation:
B2 Impact puts a strong emphasis on common values, engagement and con-
tinuous development and growth. As part of our commitment to positive work
environment, the Group conducts an annual measurement and monitoring of
employee engagement. This survey provides insights that guide our efforts
dedicated to improving employee loyalty and retention.
The Group has successfully implemented leadership e-academy, which
equips managers with practical tools, allowing them to better engage with
their teams and enhance their leadership capabilities. In addition, the Group
offers all employees a selection of courses related to professional and personal
development.
All Group entities have Employment and Training policies which are compliant
with local laws and regulations, and all entities monitor and manage their
employee turnover ratios.
Risk management
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External risks: global and macroeconomic
developments
The ongoing military conflicts in the Ukraine and the
Middle East have increased geopolitical risks in Europe,
with elevated macroeconomic uncertainty expected to
continue.
The main impacts of the global situation on B2 Impact
are higher interest rates and increased cost of living, which
put pressure on debt repayments. However, continued
low unemployment rates, salary increases, relatively high
savings rates and government support programs have
partly offset these challenges. The majority of B2 Impact's
cash flows come from legal collection streams, which partly
mitigates the collections risk. During 2023 the Group has
not seen significant negative impact of the macroeconomic
situation on debt collection.
Higher interest rates have resulted in higher funding
costs for B2 Impact, mitigated by improved credit rating,
low leverage, and ability to fund the business at compet-
itive rates. The market partially neutralises the negative
effects of higher funding costs, with NPL portfolios
currently trading at lower prices.
Internally, operational costs have increased in 2023
due to higher wage requirements and increase in prices
of services. This is being mitigated through adjustments
to strategy and cost optimisation programs.
B2 Impact is geographically well diversified.
B2 Impact has an adequate liquidity position to meet
its investment plans in 2024. The Group plans to continue
to invest in a prudent and disciplined manner across its
markets and within the desired risk-return profile.
B2 Impact continues to actively monitor the macro-
economic developments. At this stage the baseline
scenarios indicate limited risk for B2 Impact, however
the risk may change in the event of significant prolongation
or escalation of geo-political uncertainties.
Illustration of the functional organisation
of effective risk management and control:
Three lines of defence
Key Risk Indicators are proposed by
Risk in co-operation with the first
line of defence. Approved and
monitored by the Board.
Board of Directors
CEO
Key Risk Indicators:
• Profitability & Sustainability
• Diversification
Valuation accuracy
Performance
• Operations, Culture
& Compliance
Business operations
Daily risk management
and compliance with
Group’s internal policies
and external regulations
First line
Risk Owners
Risk, Compliance &
Corporate Governance
Independent risk
monitoring, support
and control to protect
company value
Second line
Oversight and Advisory
Internal Audit
Ensures proper
functioning of
the first and second
lines of defence.
Third line
Independent Assurance
Audit
Commiee
Risk management
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In 2021, we undertook systematic stakeholder dialogue,
where we conducted interviews, arranged workshops,
and sent out surveys to representatives from each stake-
holder group, about our company’s sustainability efforts,
important topics, and where they think we can improve.
The findings from the systematic stakeholder dialogue
were structured for discussion with B2 Impact’s top manage-
ment (Group), including CEOs from each company, who
together defined our material topics with assistance from
PWC.
In 2022, the materiality assessment was updated again
(based on desktop review and internal discussions) and
resulted in the following material topics:
• Fair treatment and satisfaction of customers
• Cybersecurity and data privacy
• Ethical behaviour and anti-corruption
• Training and development
• Responsible acquisition of portfolio and partnerships
• Human rights
• Diversity and inclusion
• Employee health and wellbeing
• Climate change
In 2023, we have again assessed these topics and made
some adjustments. First; although we have always included
information about Anti-bribery when talking about ethical
behaviour, this has now been specified as a material topic.
Second; the topic that was previously referred to as
Employee health and wellbeing has been renamed to
Employee wellbeing, as we operate in an environment
that involves limited physical health risks to employees.
Third; Human rights has been removed as a material topic
and we are from 2023 onwards reporting on this topic
as part of our mandatory Transparency Act reporting
Stakeholder
dialogue and
materiality
assessment
A stakeholder assessment has
identified customers, investors, vendors,
lenders and employees as B2 Impact’s
key stakeholder groups. The company
maintains an ongoing dialogue
with all these groups, for example
through regular meetings, e-mail
correspondence as well as the
employee and customer surveys.
(Appendix 2). The same includes Diversity and inclusion,
which is now part of our voluntary Activity Duty reporting
(Appendix 1). Finally, Climate change has been removed
as a material topic, as our impact on this topic can be
considered limited. However, we have included information
about climate risk in the risk management report, which
can be accessed on page 20.
To improve readability, the material topics have been
placed into three overarching focus areas. These are:
Our customers, Our employees and Our company.
Focus area Material topics
Our customers Fair treatment and satisfaction of
customers
Cybersecurity and data privacy
Our employees Employee wellbeing
Training and development
Our company Anti-bribery and anti-corruption
Responsible acquisition of
portfolioand partnerships
We will continue to report on our progress on these
topics to our stakeholders, for example through the
annual integrated report.
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We engage with customers in vulnerable situations and
therefore have a duty to approach them with empathy,
respect, and dignity, and to ensure that the debt collection
process does not result in unfair outcomes. This commitment
is explicitly stated in both our Code of Conduct and our
company values.
While customers retain responsibility for the debt they
have incurred and any delays in payment, the conse-
quences that they face should be proportionate and
reasonable with respect to the size of the debt.
Our services are designed to help customers address
their indebtedness by developing a repayment plan that
fits their financial situation. This approach enables the
customer to regain full participation in the financial system
within a reasonable time frame without any hindrances.
In 2023, 5.9 % of total customer claims were entirely
repaid (debt-free) and the customers regained access
to the standard financial system. Additionally, 9.5 % of
customers had a partial payment of their claims,
demonstrating that they are repaying their defaulted
debts in monthly instalments with solutions tailored
to their financial needs.
We conduct monthly internal quality and auditing
controls in 56 % of our entities (10 out of 18 entities
1
).
During these controls, calls and other interactions with
customers are reviewed to assess how the debt collection
processes are performed and identify areas of improvement.
In 2023, 91 % of the audited calls and actions complied
with our standards. In 2023, 50 % of our operations carried
out customer surveys (100 % of targeted unsecured entities),
with 78 % of the respondents saying that they are satisfied
with our services.
Out of the 8.5 million debt collection cases in 2023,
we received a total of 488 complaints from customers
(down from 1,049 in 2022). Complaints need to be
Fair treatment
and satisfaction
of customers
Fair treatment and satisfaction of
customers lies at the heart of our
business. As a debt solutions provider,
we recognise the actual and potential
impacts that our business activities
can have. Our primary objective is to
find amicable solutions that lead to
beneficial outcomes for all parties.
Our customers
substantiated and can vary from privacy questions
to debt disagreements. They are addressed daily by
following the guidelines in the respective entity, and the
case is always followed up until fully resolved. Feedback
is used to train collection agents. Only 0.006 % of the
total number of collection cases during the reporting
period concerned rights, disagreements, or non-
conformance to internal standards.
Our Customers
1. Not all collection platforms in the Group have established internal
quality and auditing controls, due to their small size.
2. 2022 figure has been reviewed and adjusted.
3. 56 % of all local entities have established a quality department
or team to ensure collection activities are performed in line with
internal collection standards.
4. 50 % of our collection platforms conduct customer surveys.
It covers all entities with intensive call center activities.
KPI 2023 2022 2021
No. of debt collection cases
8.5 mill
% of claims fully solved
(debt-free)
5.9 % 5.6% 5.7 %
% of claims with partial
payments
9.5 % 9.1 %
2
N/A
No. of complaints received
488 1,049 N/A
% of entities with internal
quality and auditing controls
implemented
56 % 41 %
Quality and auditing
controls score
3
91 % 85 % 89 %
% of operations that carries
out customer surveys
4
50 % 50 % 22 %
Customer satisfaction score
78 % 80 % 83 %
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Cybersecurity and data privacy
Online services and digitalisation are core to our business
model. We often collect personal data when acquiring a
customer’s debt and we also process personal data on
behalf of clients
1
and data relating to our business partners.
This means that we can have an actual or potential impact
on the topic of data privacy and cybersecurity.
We are committed to protecting personal data and
respecting privacy. We make every reasonable effort
to ensure that customer data is accurate, adequate,
relevant, and limited to the purpose of its use. We always
inform about personal data processing in a concise and
transparent manner, and records of personal data are
only kept for as long as it is reasonably necessary.
We operate in accordance with the General Data
Protection Regulation (GDPR) requirements, in addition
to local legislation in all countries where we are present.
Data privacy and cybersecurity are governed through
the following policy documents, which have been imple-
mented across the different companies in the Group:
• GDPR Policy
• Personal Data Breach Management Policy
• Cookie Files Policy
• Risk Analysis Policy
• Information Security Policy
We have also established appropriate and suitable
safeguards, including technical measures, to protect
personal data and to safeguard the rights and freedoms
of the data subjects. The Group and local entities have
appointed Data Protection Officers who regularly monitor
and ensure GDPR compliance (security incidents, data
breaches, data protection complaints, and data subject
rights demands). We have also implemented prevention
plans and an Information Security Management System
(ISMS) in our Cloud Center of Excellence (CCoE). The
ISMS has restricted and controls access to personally
identifiable information, and focus on protecting three
key aspects of information:
• Confidentiality: Ensuring that information is not available
or disclosed to unauthorised people, entities, or processes
• Integrity: Ensuring that information is complete and
accurate, and protected from corruption
• Availability: Ensuring that information is accessible
and usable by authorised users
Our policies, plans and systems are regularly reviewed
and updated to appropriately address data privacy and
cyber security risks. Employees undergo mandatory
GDPR and privacy trainings at least annually, with an
87 % completion rate in 2023.
Any breaches (actual or suspected) shall be reported
by the employee to their respective Data Protection
Officer. In 2023, the Group received with six substantiated
complaints concerning breaches of customer privacy,
including complaints from regulatory bodies and other
outside parties. All complaints were handled in accordance
with the requirements and deadlines set out in the GDPR.
Additionally, we identified four incidents of leaks, thefts,
or losses of customer data in the reporting period.
In May 2023, B2 Kapital d.o.o., our subsidiary in Croatia,
was imposed an administrative fine by the Croatian Data
Protection Agency (AZOP) on grounds of alleged breaches
with GDPR regulations. B2 Kapital d. o. o has appealed
the decision from AZOP and is now asserting its rights
before the Administrative Court of Zagreb. The basis for
the appeal is that no data leakage by B2 Kapital d.o.o.
has been substantiated and that there has been no leak
of confidential information relating to clients or debtors
from the company’s IT systems.
KPI (GRI 418) 2023 2022 2021
No. of leaks, thefts, or
losses of customer data
(IT security breaches)
4 0 0
No. of substantiated
complaints concerning
data privacy
6 3 0
Our customers
1. Clients refers to those we provide with collection services as a third party.
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To monitor and enhance employee wellbeing, we regularly
conduct performance and career development reviews
with employees. In 2023, 801 employees
1
(46.3 %) took
part in such discussions. Additionally, an annual engage-
ment survey is carried out across the organisation. The
survey measures engagement levels and allows employees
to anonymously express their opinions. Managers use
the results to identify improvement areas and to develop
action plans together with their team members. The 2023
survey recorded an engagement score of 80/100.
The work carried out by call centre employees can
be demanding. Contacting indebted customers, engaging
with them, and negotiating a payment plan require perse-
verance, empathy, and excellent listening skills. Our Health
and Safety Statement underscores our commitment to
prioritising the wellbeing and health of employees. This
includes promoting a culture of health and safety among
all employees, providing a safe working environment for
employees and visitors, encouraging training on health
and safety issues, and conducting systematic reviews
to ensure that health and safety policies are appropri-
ately implemented. Work-life balance initiatives, flexible
working hours, and work-from-home policies are some
of the measures employed to improve wellbeing in the
workplace. Employee benefits, for example life or health
care insurance, disability and invalidity coverage, parental
leave, retirement provision, or stock ownership, is offered
to a majority (at least 70 %) of employees.
A high sick leave or turnover ratio can often indicate
an unfulfilling working environment and low employee
satisfaction. In 2023, professional sick leave was 0.008,
and the turnover rate was 19 % (down from 22 % in 2022).
The turnover rate is on par with the industry average
and can in part be explained with the nature of the
call centres and the number of part time employees.
Our aim is to reduce the turnover rate going forward.
Employee
wellbeing
High employee satisfaction is crucial
for providing high-quality services.
We believe that work environment
where employees can thrive and
succeed can also help attract and
retain talent .
Our employees
KPI (GRI 2-8) 2023 2022
Workers who are not
employees
2
43 88
KPI (GRI 2-30) 2023 2022
Employees covered by
collective bargaining
agreements
57 % 57 %
KPI (GRI 401-1) 2023 2022 2021
Turnover rate during the
reporting period
4
19 % 22 % 23 %
Own/other KPIs 2023 2022 2021
Share of entities with
work-life balance
measures in place
80 % 81 % 43 %
Employee survey
participation rate
85 % 92 % 89 %
Employee
engagement score
80/100 80/100 80/100
Professional sick leave
5
0.008 0.006 0.03
1. Headcount at the end of the reporting period. Workers who are not
employees are typically phone agents employed for short campaigns
and lawyers for collection activities.
2. For employees not covered by collective bargaining agreements,
working conditions and terms of employment are based on rules
set out by local labour organisations.
3. Voluntary turnover was 11 % in the reporting period.
4. Work-related sickness and accidents in the workplace, measured
as number of days lost/number of annual working hours*1000.
5. Excluding workers who are not employees.
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Training and development
We invest significantly in employee competence through
training and development initiatives. Enabling professional
growth is important for providing development pathways
for employees and retaining talent within the organisation.
In 2023, 100 % of employees participated in various
training programs related to business operations and
collection management, as well as topic-specific trainings
in different departments of the company. Trainings are
conducted using internal or external e-learning platforms,
with each employee receiving an average of 12 hours of
training in 2023. No transition assistance programmes
were offered to employees who retired or whose em-
ployment was terminated during the reporting period.
KPI (GRI 404-1 & 404-3) 2023 2022 2021
Average hours of
training that employees
have undertaken during
the reporting period
1
12 hrs 15 hrs 10 hrs
% of employees who
received a regular
performance and career
development review during
the reporting period
2
801
(46.3 %)
925
(46 %)
N/A
Own/other KPIs 2023 2022 2021
Business units with talent
programmes in place
25 % 26 % 19 %
Business units with e-
learning platform in place
100 % 100 % 100 %
Employees receiving
e-learning training
100 % 98 % 100 %
Percentage of employees
who undertook voluntary
ESG Basic training
28 %
Our employees
1. Total number of training hours over the year divided by employees
at the end of the reporting period.
2. Performance and career development reviews are performed to on
employees.
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We have established high ethical standards to promote
an ethical and responsible corporate culture. Our Code
of Conduct as well as the Anti-Bribery and Corruption
Policy apply to all employees across the Group, and defines
risks, responsibilities, and consequences. Throughout
2023, our employees undertook mandatory training on
whistleblowing, Code of Conduct and GDPR. Additionally,
many of our Group employees underwent ESG and ethics
training.
We are a Nordic-based company that seeks to conduct
our business according to the highest ethical standards
and adhere to strict laws and regulations. However, we
also operate in certain countries and markets
1
with increased
exposure to financial crime. The Business Partners Code
of Conduct outlines the ethical standards, principles and
behaviours B2 Impact expects from our business part-
ners when conducting business with or on behalf of us. The
Business Partner code of Conduct is made available to all
business partners, who can report identified or suspected
irregularities using B2 Impact’s Whistleblowing channel.
We also conduct due diligence of business partners,
following the steps in the Group wide Business Partner
Due Diligence Policy. In case of non-compliance or
demonstrated corrupt, illegal or unethical conduct, B2
Impact reserves the right to seek corrective actions.
These actions could include investigating the matter
more closely, suspending or terminating agreements,
or reporting the case to competent authorities.
We have established a whistleblowing channel in
line with the EU Whistleblowing Directive, which allows
employees and external parties to raise concerns such
as confirmed or suspected misconduct, violations, illegal
activities, or other unethical behaviours which may be
deemed to be a protected disclosure. The channel is
serviced by an external provider, ensuring confidential-
Anti-corruption
and anti-bribery
Bribery and corruption represents a
tangible risk to our operations due
to the high number of financial
transactions handled every day.
We have a zero-tolerance for
bribery and corruption. Employees
can neither offer any benefits (of any
nature or form, including gifts and
hospitality), which are in violation of
applicable laws or ethical standards,
nor accept any benefits that could
compromise their judgment,
decisions, or actions.
1. According to Transparency International’s Corruption Perception
Index 2023.
2. The figures from 2020 to 2022 were obtained based on different
sources and parameters, since we introduced the whistleblowing
channel in the end of 2021 and improved the reporting system
used across the Group in 2022. The figures for 2020 have been
reviewed and adjusted.
Our company
ity, and allowing anonymous reporting. We prohibit any
form of retaliation against anyone filing a report in good
faith. Please refer to the 2023 Transparency Act report
for more information regarding our reporting procedures
regarding human rights and decent working conditions.
In 2023, there were seven incidents reported as whistle-
blowing cases. All cases have been handled. Amongst
these seven reports, four were transferred to and processed
by HR as they were assessed to be personal grievances
rather than protected disclosures. One resulted unjustified
after an internal investigation, and one was closed as the
information provided did not allow for proper investigation.
One case was still being investigated at the end of 2023.
There were no confirmed incidents of corruption in 2023.
KPI (GRI 205-2 b & e) 2023 2023
Number and percentage
of employees who have
been informed of the
organisation's anti-
corruption policies and
procedures
1,773 (100 %) 1,099 (100 %)
Number and percentage
of employees have received
training on anti-corruption
1,613 (91 %) 1,931 (92 %)
KPI (GRI 205-3 a) 2023 2022
2
2021
Confirmed incidents
of corruption
0 0 0
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Our company
Responsible acquisition of portfolios and
partnerships
We have integrated sustainability considerations into
our responsible acquisition processes and partnerships.
We work with vendors or co-investors to acquire
non-performing loans, where the aim is to establish a
mutual trust agreement without incurring unwanted risk.
Our acquisition of non-performing loans and third-party
debt collection services have important sustainability
implications, including corruption, treatment of debtors,
commercial strategies, certain reputational activities,
anti-competitive practices, and legal sanctions.
Our Responsible Marketing and Sales Statement provide
guidelines to manage marketing and sales activities in
an ethical and responsible manner, ensuring that we do
not partner with non-compliant partners. We have also
developed a set of defined characteristics to screen out
potential acquisitions that present high sustainability risks.
KPI 2023 2022 2021
Portfolio acquisitions where
sustainability requirements
have been applied
92 % 84 % 74 %
Directors'
report
3
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Directors'
report
The Company has delivered stable
results and strong cash flow through-
out the year, and ended the year with
a solid balance sheet and the lowest
leverage ratio in the industry.
2023 was a year of transition for B2 Impact. In a challen-
ging macro environment with inflationary pressure, the
Group focused on cost control and economies of scale
in its core markets. Investments were carried out in a
disciplined manner, with higher returns expected on the
portfolios acquired to offset increased funding costs.
The Group has delivered solid results throughout the year,
with continued strong performance within all segments.
In 2023, the Board of Directors (“the Board”) and the
Company have focused on reorganising the Group to
centralise and simplify the group structure. On 1 October
a new organisational structure for the Group was imple-
mented. The new organisation is built around the Group’s
main business lines, Investments, and Servicing, and is
structured to support a common commercial focus and
drive efficiency in all departments.
As part of the reorganisation, the Group implemented
a rebranding project as part of its strategy to “Operate
as One” to underpin strategic, operational, commercial,
financial, and cultural alignment across the Group. B2 Impact
was launched as the Group’s new brand on 29 September,
and the new brand will be rolled out in all core markets
during 2024 to support our strategic goals to increase
recognition across our markets and strengthen our internal
culture and our commercial activities.
On the same day as the launch of the new brand,
Moody’s upgraded its credit rating (corporate family rating)
for B2 Impact to Ba2 from previously Ba3. According to
Moody’s the upgrade is a reflection of the Group’s more
balanced and moderate growth strategy since 2019, The
amended strategy has resulted in solid and continuous
profitability, leverage below the sector’s average, strong
equity buffers and diminishing liquidity pressures. B2
Impact’s executive management (“Management”) has
also ensured timely refinancings and adequate backup
B2 Impact ASA (“the Company”) is a Nordic-based
debt management company active in purchasing of
non-performing loans, debt collection and third-party
debt collection. The Company is the parent of the B2
Impact consolidated group of companies (together
“the Group” or “B2 Impact”), a pan-European debt
solutions provider.
B2 Impact offers solutions to the challenges created
by defaulted loans, and provides liquidity to financial
institutions, contributing to a healthier financial system.
B2 Impact promotes lasting financial improvement
through transparent and ethical debt management.
The Company was founded in 2011 and is headquar-
tered in Oslo, Norway.
The Directors’ Report is prepared in accordance
with the Norwegian Accounting Act and the Norwegian
Securities Trading Act. The Corporate Governance
Report, the Risk Management Report and the Sustain-
ability Report are integral parts of the Directors’ report.
The annual accounts for 2023 have been prepared
on a going concern basis and in the opinion of the Board,
the accounts provide a true and fair representation of the
Company’s business and financial results.
The Group’s consolidated financial statements are
presented in compliance with International Financial
Reporting Standards (IFRS).
The Board and Management of B2 Impact review the
company’s corporate governance annually and report
on the company’s corporate governance in accordance
with the Norwegian Accounting Act § 3-3b and the
Norwegian Code of Practice for Corporate Governance.
Both are freely available at respectively lovdata.no and
nues.no. The Board’s Corporate Governance Report is
included in this integrated annual report and forms an
integral part of this directors’ report.
2023 highlights:
• Disciplined investment approach
• Strong collection with overperformance
in all quarters
• B2 Impact launched as new brand
• Cash EBITDA of NOK 4.7 billion,
with cash margin of 71 %
• Adjusted net profit of NOK 483 million
• Proposed dividend of NOK 0.70
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Contents
facilities in order to mitigate refinancing risks during
periods of potentially constrained capital market access.
Moody’s also takes into consideration that given a low
current leverage level and headroom under its financial
covenants, B2 Impact is well positioned to continue its
moderate but profitable growth path.
The Group has had continued focus on reducing its
geographical footprint and freeing up capital to redeploy
in core markets. During the year, the Group sold its
third-party collection business in Norway and its sub-
sidiaries in Bulgaria and Montenegro.
Increased funding costs have been counteracted by
solid performance and strong cash flow. The Group ended
the year with the lowest leverage ratio in the industry.
The Board will propose to the General Meeting on 23
May a dividend of NOK 0.70 for the financial year 2023.
The Board wishes to thank all employees for their support
and efforts in an eventful and challenging year. The Board
would also like to express its gratitude for the support
from the banks, bond investors and the shareholders.
Disciplined investment approach
The Board together with Management has had a continued
focus on capital discipline to preserve capital and to
strengthen the Group’s ability to refinance outstanding
debt at better terms. The credit rating upgrade from
Moody’s is a testament to the Group’s ability to deliver
moderate growth but at the same time keep leverage
at an industry low. The Group guided investments in the
range of NOK 2.5 to 3 billion for 2023 and ended the year
with investments of NOK 2.75 billion - an increase of 27 %
from 2022.
In line with the Group’s strategy, the Board has focused
on investments in core markets to utilise economies of
scale. 97 % of portfolio investments were in unsecured
portfolios, of which 67 % were in the Group’s core markets
in Poland and the Nordics.
During 2023, the NPL industry was characterized by
a market with changing market dynamics. In line with
increased funding costs, the Group observed lower prices
and increasing returns on portfolios acquired. Capital dis-
cipline was observed across the industry as a whole, with
several industry players focusing on deleveraging rather
than new investments.
As at the end of 2023, the Group’s ERC including share
of JVs was NOK 22.5 billion compared with NOK 20.2 billion
at the end of 2022.
Collections
The Group has delivered solid continuous collection
performance throughout 2023, with over-performance
in all quarters.
Increasing interest rates and inflationary pressure has
had little impact on the Group’s collections. Continued
low unemployment rates, salary increases, relatively high
savings rates and government support programs have
partly offset the challenges of higher interest rates.
Gross collections for the Group including share of JVs
were NOK 6,008 million in 2023 compared with NOK
4,936 million in 2022, an increase of 22 % year on year.
Adjusted for FX, the increase was 7.5 %.
Cash collections were NOK 6,164 million in 2023 com-
pared with NOK 5,161 million in 2022, an increase of 19.4 %.
In the fourth quarter, B2 Impact collected around NOK
500 million from its largest single secured claim. The
collection of the secured claim in question was backed
by collateral in Croatia. Adjusted for FX, the increase was
5.5 %.
Real estate owned (REO) sales in 2023 amounted to
NOK 499 million compared with NOK 581 million in 2022
and the gain on sale of REOs of NOK 146 million in 2023
compared with NOK 189 million in 2021. In 2023 the REOs
were sold at 41 % above book values which represents
another strong year, with the Group’s expectation being
in the region of 15-20 % gain on book values over time.
Financial results
The Group recorded a full year operating profit of NOK
1,578 million for 2023, compared with NOK 1,029 million
in 2022. The net profit adjusted for non-recurring items
was NOK 483 million compared with NOK 564 million in
2022. With financial expenses of NOK 1,124 million in 2023
compared with NOK 588 in 2022, the increase in cost
of funding has to a large degree been offset by higher reve-
nues and strong collections as evidenced by the modest
decrease in adjusted net profit from 2022 to 2023.
Revenues from purchased loan portfolios amounted
to NOK 2,839 million including net credit gain compared
with NOK 2,262 million in 2022. Total revenues for the
year amounted to NOK 4,129 million compared with NOK
3,477 million in 2022.
Operating expenses, excluding depreciation and
amortisation and impairment losses and cost of collateral
assets sold amounted to NOK 2,092 million for 2023 and
increased by NOK 219 million (12 %) compared with 2022.
However, these costs included non-recurring items of
NOK 111 million in 2023 and NOK 174 million in 2022. The
comparable figures excluding non-recurring items and
adjusted for FX showed an increase of 4 % mainly related
to higher collection activity.
Personnel expenses for 2023 amounted to NOK 959
million adjusted for non-recurring items compared with
NOK 869 million for 2022. Adjusted for FX, personnel
expenses were down with 1 % in 2023.
The Cash EBITDA for 2023 was NOK 4,752 million com-
pared with NOK 3,996 million, an increase of 19 %. The
cash margin in 2023 was 71 %, slightly up from 70 % in
2022. Adjusted for FX, the increase in Cash EBITDA was 6 %.
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Balance sheet & liquidity
Total assets at 31 December 2023 amounted to NOK
17,328 million compared to NOK 16,500 million in 2022.
The equity amounted to NOK 5,588 million and the book
equity ratio was 32.2 % compared to equity of NOK 5,217
million and book equity ratio of 31.6 % on 31 December 2022.
Total book value of purchased loan portfolios ended
at NOK 11,542 million end of December 2023 compared
with NOK 11,181 million end of December 2022. Net interest-
bearing debt as of 31 December 2023 was NOK 9,035
million compared with NOK 9,042 million last year.
Cash and cash equivalents and liquidity reserve
amounted to NOK 1,404 million and NOK 4,721 million
respectively at the end of 2023 compared with NOK
1,176 million and NOK 3,606 million at the end of 2022.
The Group has a solid balance sheet entering 2024
and is well funded to finance future investments.
Financing
Throughout 2023, the Group maintained a solid liquidity
reserve, increased headroom under its financial covenants,
and refinanced part of its debt. The Group’s funding
structure and gearing ensures liquidity and flexibility
to deliver on its strategy.
A combination of equity, bank financing, and bonds
provides access to capital when opportunities arise,
while stable collections across the Group provide a
strong operating cash flow.
During 2023, B2 Impact raised EUR 150 million in
a tap issue in the first quarter with proceeds used to
repay Bond 4 (B2H04) that matured in May.
B2 Impact had a solid funding base to support future
growth with NOK 4,721 million in liquidity reserves at
the end of 2023.
At the end of December 2023, the Group had two
listed senior unsecured bond loans, Bond 5 (B2H05)
and Bond 6 (B2H06), for a total of EUR 500 million in
addition to the bank financing. The RCF was amended
in the third quarter to give the company full flexibility and
optionality to take out B2H05 (Bond 5) with the RCF.
B2H05 of EUR 200 million was called, just after the
B2I06 bond issue of EUR 100 million, and fully repaid on
6 February 2024 of which EUR 55 million was drawn on
the RCF for that specific purpose.
Additionally, there is a senior secured facility agreement
with PIMCO as original noteholder which matures in 2027,
under which EUR 16 million was drawn at year end. The
project financing was completed in 2022 and ensured
that all major secured portfolios and REOs in Central and
Southeast Europe were funded under a non-recourse basis.
The strategy of the Group is to manage and limit both
currency and interest rate risk. The Group uses interest
rate swaps and interest rate caps to reduce its interest
rate exposure and at year end the hedging ratio was 53
% with a duration of almost 2 years. To achieve a suitable
currency ratio between assets and liabilities, the Group’s
debt is borrowed in currencies reflecting the underlying
expected future cash flows from acquired portfolios.
Moody’s upgraded its credit rating (corporate family
rating) for B2 Impact ASA to Ba2 from previously Ba3 in
September. In February 2024, S&P upgraded B2 Impact's
credit rating to BB- from B+ with Stable outlook.
The Board deems the Company's liquidity situation,
its ability to meet current and future obligations, and its
solidity as adequate and satisfactory.
Deleveraging
The Group maintained a low leverage throughout the
year and ended the year with a leverage ratio of 1.90x.
Despite the low leverage, B2 Impact still managed to
maintain a robust investment level and ended the year
with growth in ERC (Estimated Remaining Collections).
FTEs
The number of Full-Time Equivalents (FTEs) in the
Group was 1,607 at the end of 2023, a net decrease of
278 during the year from 1,885 at the end of 2022. The
divestment of the Group’s subsidiary in Bulgaria and the
discontinuation of Takto in Poland has contributed to the
majority of the decrease, in addition to further reduction
of FTEs in Poland and Veraltis.
Risk
B2 Impact’s approach to risk management is to proactively
manage risks in order to ensure sustainable profits and
value generation for Group’s stakeholders.
B2 Impact continued to strengthen its risk management
throughout 2023, and as part of the internal reorganisation,
the Risk and Compliance functions are now organised as
one group function to better align risk analysis, monitoring,
and mitigation activities across the group.
The Group’s core business is to generate profitable
returns through controlled exposure to credit risks in the
form of acquiring and managing non-performing loans.
Therefore, the Group actively pursues this type of risk
which inherently carries the highest potential impact on
the income statement and balance sheet.
The risk governance structure is overseen by the Board
through the Audit Committee, owned by the CEO and
headed by the Chief Risk, Compliance & ESG Officer
with appointed risk managers from operating entities.
The Group Risk function works with local risk managers
and central functions to correctly identify and assess risks,
challenge risk assessments and act as a consultant to
support a clear and transparent risk mapping process.
The Group has established the Group Internal Audit as
an internal independent audit function that reports directly
to the Board via the Audit Committee. Group Internal Audit
provides independent reasonable assurance to the Board,
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its Audit Committee, and the CEO of the effectiveness
of internal control, risk management and the Group’s
governing processes.
Group Internal Audit also provides advice to Management
and the Board regarding how the control environment can
be improved and how risks in internal control can be limited.
Group Internal Audit receives its instructions from the
Board via the Audit Committee, which also approves Internal
Audit’s annual plans, budgets, and quarterly written reports.
B2 Impact is implementing risk management principles
based on the COSO Enterprise Risk Management (ERM)
framework with the objective to improve governance,
drive operational excellence and create value for all
stakeholders. The internal risk management framework
facilitates analysis and monitoring of significant risks
and enables management functions at operational and
Group levels to identify and quantify risk factors that may
negatively affect the Group’s profitability and sustainability.
At B2 Impact, the risk framework is underpinned by
key principles and policies, which define internal expec-
tations on risk management with all employees expected
to apply these principles in their daily work, promoting
risk ownership and management where it arises.
The business operations as Risk owners, the Risk and
Compliance functions and the Internal Auditor are the
key actors of the risk control framework of the Group.
The Board reviews the Group’s most important risk
areas and the approach to address the identified risks
on an annual basis. Additionally, the Audit Committee
reviews risks together with the Group Risk function on
a quarterly basis.
For more details of the risk elements and actions to
mitigate risks, please see the Risk Management report
which constitutes an integral part of this Directors' report.
Sustainability
B2 Impact reports in accordance with section 3-3c of the
Norwegian Accounting Act on corporate responsibility,
as well as the Norwegian Transparency Act om human
rights and decent working conditions. Additionally, the
company has identified six material topics (sorted under
three different focus areas: Our Customers, Our People,
and Our Company) which it reports on annually. Reporting on
the above topics has as of 2023 been included through-
out the annual integrated report, but nevertheless forms
an integral part of this Directors' Report. The reporting
is made with reference to the Global Reporting Initiative
Standards (GRI) and the Euronext Guidelines for listed
companies. The annual integrated report is also our
Communication on Progress, which we are required
to submit as a signatory to the UN Global Compact.
A statement in accordance with section 5 of the Norwegian
Transparency Act can also be found in the annual inte-
grated report. From 2023, we are furthermore reporting
according to the activity and reporting obligation under
the Norwegian Equality and Anti-Discrimination Act, on
a voluntary basis.
The Chief Risk, Compliance & ESG Officer is responsible
for the follow-up of sustainability activities across the Group,
and reports back to management and the Board who
evaluate the results. Going forward, B2 Impact is in the
process of adapting its reporting to the Corporate Sustain-
ability Reporting Directive (CSRD) and the associated
European Sustainability Reporting Standard (ESRS). The
EU Taxonomy Report is posted on B2 Impact's webpage.
People
At the end of 2023, the Company had 26 employees
at year end, including 7 women and 19 men. The Board
comprised of seven members at the end of 2023, with
three women and four men. The Group employed 1,773
employees (headcount including workers who are not
employees) at year-end, consisting of 1,193 women and
580 men. The total number of full-time equivalents (FTEs)
at year-end was 1,607 of which 1,073 women and 534 men.
The Group believes in fostering an inclusive environment
and has a zero-tolerance policy against discrimination.
This is furthermore aligned with the Norwegian Equality
and Anti-Discrimination Act, which aims to promote
equality and prevent discrimination.
The Company saw a significant decrease in reported
sick days, with 65 (0.58 %) reported days compared to
179 (2.2 %) the previous year. Throughout 2023, there
were no incidents causing serious injury or damage,
and efforts to improve the workplace are made on a
continuous basis.
Our ethical guidelines are outlined in the Code of Conduct
and other Group policies. The Group works actively, purpose-
fully and systematically to promote a responsible corporate
culture. B2 Impact has introduced a Group-wide Whistle-
blowing Policy and Whistleblowing channel, enabling
employees and other stakeholders to report concerns
anonymously.
We have a limited impact on the natural environment
through emissions to sea/air, and our operations entail
little risks of pollution. This topic has therefore not been
highlighted as material in the 2023 report, but we have
nevertheless included a summary of the climate risk assess-
ment in this report.
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Governance principles
The Board and Management review the Company’s corporate
governance annually and report on the company’s corporate
governance in accordance with the Norwegian Accounting
Act § 3-3b and the Norwegian Code of Practice for Corpo-
rate Governance (v. 14 October 2021) and is freely available
at respectively lovdata.no and nues.no.
The Board’s Corporate Governance Report is included
in the integrated annual report and forms an integral part
of this Directors’ Report.
Board of Directors
At the Company’s Annual General Meeting in 2023, Adele
Bugge Norman Pran and Jessica Sparrfeldt were elected
for a period until the Annual General Meeting in 2025.
Board members Harald L. Thorstein (Chair), Kjetil Andreas
Garstad, Trygve Lauvdal, Grethe Wittenberg Meier and
Trond Kristian Andreassen were not up for election.
On 27 December 2023, the Company held an Extra-
ordinary General Meeting where Anders Engdahl, Henrik
Wennerholm and Ellen Hanetho were elected as new
members to the Board until the Annual General Meeting
in 2024. Trygve Lauvdal, Kjetil Andreas Garstad and
Grethe Wittenberg Meier stepped down from the board.
The Board established sub-committees, whereby in
the Audit Committee Adele Bugge Norman Pran chairs
as committee leader, while Jessica Sparrfeldt and Henrik
Wennerholm participate as committee members.
The external auditor, EY, participates in meetings with the
Audit Committee when matters that fall within the scope
of the external auditor’s responsibilities are considered.
The Remuneration Committee consists of Harald L.
Thorstein as committee chair and Anders Engdahl as
committee member.
The Board ensures that B2 Impact complies with its
corporate governance framework, annually reviews the
strategic plan, and reviews the Group risk exposures.
Members of the Board and the CEO’s possible liability
to the company and third parties are individually covered
under a Nordic Directors & Officers Liability Insurance up
to 30 June 2024, which will be renewed.
Equity
At the end of the year, the Company had 387,180,824
outstanding shares, corresponding to a share capital
of NOK 38.7 million.
The total book value of equity amounted to NOK
2,686 million. Total book value of equity for the entire
Group amounted to NOK 5,588 million at the end of the
year, which corresponds to a book equity ratio of 32.2 %.
Considering the nature and scope of B2 Impact ’s
business, the Board considers the Company to be
adequately capitalised.
Looking forward
The Group ended the year with a fourth quarter with strong
cash flow and enters 2024 with a very solid balance sheet,
and the lowest leverage ratio in the industry. Consequently,
B2 Impact is well positioned to take advantage of a market
with changing dynamics and a more favourable competitive
environment.
In 2023, increasing interest rates and inflationary pressure
were the main challenges for the Credit Management
Services (CMS) industry. Cost of funding, and more nota-
bly cost of debt, will be a key topic for the Board in 2024.
In January 2024, B2 Impact issued a new bond of EUR
100 million at favourable terms compared to the industry.
A tap issue of EUR 50 million was issued in February
2024 at even better terms. The focus going forward will
be to further reduce cost of financing and extend the
Group’s maturity profile. An active hedging policy will also
be a crucial part of managing cost of financing.
B2 Impact will maintain capital discipline and will continue
to have a selective investment approach going forward.
The Board believes that the Group will be able to grow in
a market with expected lower pricing of portfolios repre-
senting attractive investment opportunities for B2 Impact.
The Board will also focus on third party servicing oppor-
tunities where relevant, with the ambition to grow assets
under management.
The Board will continue to focus on further cost reduc-
tions through streamlining operations. The Board expects
that further efficiency can be achieved through increased
use of tools such AI powered automation, self-service
platforms and multi-channel customer communication.
Further reduction of footprint remains a priority for the
Board going forward. Three subsidiaries were divested
in 2023, and further divestments are expected in 2024.
Entering the year, B2 Impact has continued operations
in 17 countries, with investments to be concentrated in
10 to 12 markets.
The new brand, B2 Impact, was launched for the parent
company in 2023 as an important step to deliver on the
strategic goal to “operate as one”. During 2024, the new
brand will be rolled out in all core markets, to support
our strategic goals to increase recognition across our
markets and strengthen our internal culture and our
commercial activities. The Board aims to create a Group
environment that is driven by operational alignment,
a shared identity and culture, aligned policies and gover-
nance and a unified commercial platform.
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The Group’s strategy and goals were assessed during
2023 with an aim to transform the Group towards a more
cost-efficient model, and throughout the past year, the
Group has maintained discipline when it comes to both
cost and capital and pricing. Going forward into 2024
this remains high on the Board’s agenda.
Dividends and allocations
The Board proposed to the Annual General Meeting a
cash dividend of NOK 259.5 million equivalent to NOK
0.70 per share for the financial year 2023.
The Board proposed to decrease the parent company’s
share capital and other paid in capital by cancellation of
its 18,648,672 treasury shares acquired under the share
buy-back program. A creditor deadline of six weeks will
apply before implementation.
The Board is of the opinion that, after the dividend
payment for 2023 and the cancellation of the acquired
treasury shares, the Group will have adequate liquidity,
financial strength, and flexibility to provide sufficient
support to its operations within its strategy and market
requirements.
The Board of Directors of B2 Impact ASA,
Oslo, 25 April 2024
/sign/
Harald L. Thorstein
Chair
/sign/
Trond Kristian Andreassen
Board Member
/sign/
Henrik Wennerholm
Board Member
/sign/
Ellen Hanetho
Board Member
/sign/
Adele B. Norman Pran
Board Member
/sign/
Jessica Sparrfeldt
Board Member
/sign/
Anders Engdahl
Board Member
/sign/
Erik J. Johnsen
Chief Executive Officer
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Harald L. Thorstein
• Independent
• Chair of the Board since May 2020
• Leader of the Remuneration Committee
Founder and Managing Partner of the London based
advisory company Arkwright London Partners LLP. He has
previously held positions in Seatankers Management and
DnB Markets.
Chair of the Board of Jacktel AS, and board member of
Yara International ASA, Dof Group ASA and Odfjell Drilling
Ltd. Extensive board experience includes Aktiv Kapital,
Axactor, SFL Corp and Seadrill.
MSc in Industrial Economics and Technology Manage-
ment with specialisation within Finance and Optimisation.
Board of
Directors
Number of board meetings in 2023: 14/14
Number of shares: 360,000
Nationality: Norwegian
Born: 1979
Adele Bugge Norman Pran
• Independent
• Board member since May 2018
• Leader of the Audit Committee
Management consultant, board professional and investor.
Professional experience from private equity and M&A
consulting. Partner and CFO in Herkules Capital for 12
years.
Chair of the board of Zalaris ASA. Board member of ABG
Sundal Collier ASA, Agentum Asset Management AS,
Hitecvision AS, Motor Gruppen AS, Løvenskiold-Fossum
ANS and Bane Nor SF.
Cand. jur degree from University of Oslo, Master of
Accounting from NHH Norwegian School of Economics.
Number of board meetings in 2023: 14/14
Number of shares: 90,000
Nationality: Norwegian
Born: 1970
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Trond Kristian Andreassen
• Independent
• Board member since May 2020
Managing owner of Vimar AS. Previous positions include
CEO and member of the board of Avida Finans, CEO
at Gothia Financial Group and CEO (Nordic, Spain and
Holland and CEO Group Factoring Europe) at Arvato
Financial Solutions.
Chair of the board in Åråsen Eiendom AS and Åråsen
Stadion AS. Member of the board in Lillestrøm Sports-
klubb and Skytech Control AS.
Bachelor of Business Administration from BI Norwegian
Business School.
Jessica Sparrfeldt
• Independent
• Board member since May 2023
Holds the position of Chief Line of Business Ledger &
Financing at PayEX. Previous positions include Head of
Strategy Execution in PayEx Group, Head of Business
Finance and Deputy CEO at Avida, Head of Corporate at
Collector Bank and Företagsbanken at Marginalen Bank
Board member of Alfakraft Fonder AB and SHE Invest.
DIHM degree from IHM Business School (Market Economist),
project management certificate from ESI International
George Washington University, UC Business School.
Henrik Wennerholm
• Independent
• Board member since December 2023
25 years of investing and operating experience in financial
services from both the private and public sectors. Until
August 2021 he was the CEO of DDM Holding AG. Founder
of Sileo Kapital AB which was later acquired by B2 Impact
ASA. Previous experience further includes various roles
with Aktiv Kapital ASA (PRA Group), Öhman (Pareto
Securities) and Hoist Finance AB.
M.Sc. in Economics and Managerial Finance from the
Stockholm School of Economics.
Number of board meetings in 2023: 13/14
Number of shares: 300,000
Nationality: Norwegian
Born: 1963
Number of board meetings in 2023: 8/14
Number of shares: 0
Nationality: Swedish
Born: 1978
Number of board meetings in 2023: 1/14
Number of shares: 1,960,000
Nationality: Swedish
Born: 1975
Board of Directors
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Anders Engdahl
• Independent
• Board member since December 2023
NPL investment and servicing executive with over 25
years of financial services experience. Previously held
positions in Intrum AB including CEO, CFO and CIO. He
has previous experience as Managing Director at Morgan
Stanley’s Financial Institutions Group and from Goldman
Sachs.
Chair of the Board in Waya Finance & Technology AB.
M.Sc. in Economics and Managerial Finance from the
Stockholm School of Economics.
Ellen Hanetho
• Independent
• Board member since December 2023
Professional experience from investment banking and
private equity as a finance and business development
executive in corporations such as Frigaard Invest, Credo
Partners, Goldman Sachs Investment Banking Division in
London and the Brussels Stock Exchange and Citibank in
Brussels.
Founder of Cercis AS. Chair of the board of Mer AS;
member of the board of, among others, MPC Container
ASA, EQVA ASA, Stokke Industri AS and Kristian Gerhard
Jebsen Group Ltd.
BSBA from Boston University, MBA from Solvay University,
executive training at INSEAD and Harvard Business School.
Number of board meetings in 2023: 1/14
Number of shares: 0
Nationality: Swedish
Born: 1974
Number of board meetings in 2023: 1/14
Number of shares: 33,354
Nationality: Norwegian
Born: 1964
Board of Directors
4
Financials
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Financial
contents
48 Consolidated income statement
49 Consolidated statement of comprehensive income
50 Consolidated statement of financial position
51 Consolidated statement of changes in equity
52 Consolidated statement of cash flows
53 Notes to the consolidated financial statements
119 Parent company income statement
120 Parent company balance sheet
121 Parent company cash flow statement
122 Notes to the parent company financial statements
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Consolidated financial
statements
Year ended 31 December Notes 2023 2022
Interest revenue from purchased loan portfolios
4.3 2 473 2 133
Net credit gain/(loss) from purchased loan portfolios
4.3 366 129
Profit from investments in associated parties/joint ventures 17 222 100
Revenue from sale of collateral assets
20 499 581
Other revenues 7 568 534
Total revenues
6 4 129 3 477
External expenses of services provided
8 - 533 - 422
Personnel expenses 9 -1 027 - 900
Other operating expenses 10 - 532 - 551
Cost of collateral assets sold, including impairment
20 - 353 - 392
Depreciation and amortisation
15 - 95 - 83
Impairment losses 14, 15 - 11 - 100
Operating profit/(loss) 1 578 1 029
Financial income 26 6
Financial expenses -1 124 - 588
Net exchange gain/(loss) - 12 - 25
Net financial items
11 -1 110 - 607
Profit/(loss) before tax 468 421
Income tax expense
12 - 105 - 95
Profit/(loss) after tax 363 326
Profit/(loss) attributable to:
Parent company shareholders 363 326
Non-controlling interests 0 0
Earnings per share (in NOK):
Basic
13 0.94 0.82
Diluted
13 0.94 0.82
Consolidated
income statement
All figures in NOK million unless otherwise stated
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Consolidated financial
statements
Year ended 31 December Notes 2023 2022
Profit/(loss) after tax 363 326
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations 428 226
Hedging of currency risk in foreign operations
4.2 - 150 9
Hedging of interest rate risk
4.2 - 146
Tax attributable to items that may be reclassified to profit or loss 74
Other comprehensive income 206 234
Total comprehensive income 569 561
Total comprehensive income attributable to:
Parent company shareholders 569 561
Non-controlling interests 0 0
Consolidated
statement of
comprehensive
income
All figures in NOK million unless otherwise stated
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Consolidated financial
statements
As at 31 December Notes 2023 2022
Deferred tax asset
12 389 303
Goodwill
14 769 731
Tangible and intangible assets 15, 16 365 320
Investments in associated companies and joint ventures
17 781 690
Purchased loan portfolios 4.3 11 542 11 181
Other non-current financial assets
18 372 414
Total non-current assets 14 218 13 638
Income tax receivable 50 51
Other current assets
19 317 340
Collateral assets
20 1 339 1 294
Cash and cash equivalents 21 1 404 1 176
Total current assets 3 111 2 861
Total assets 17 328 16 500
Share capital
22 39 40
Other paid in capital 22 2 844 2 844
Other capital reserves
23 43 40
Foreign currency translation reserve 743 465
Other equity, including net profit for the year 1 918 1 828
Equity attributable to parent company's shareholders 5 587 5 216
Equity attributable to non-controlling interests 1 1
Total equity 5 588 5 217
As at 31 December Notes 2023 2022
Deferred tax liabilities
12 430 275
Non-current interest bearing loans and borrowings
24 7 970 8 885
Other non-current liabilities 16, 25 256 133
Total non-current liabilities 8 655 9 294
Current interest bearing loans and borrowings
24 2 245 1 201
Bank overdraft
24 225 131
Accounts and other payables 26 174 209
Income taxes payable 29 51
Other current liabilities
16, 27 411 396
Total current liabilities 3 085 1 989
Total equity & liabilities 17 328 16 500
/sign/
Harald L. Thorstein
Chair of the Board
/sign/
Jessica Sparrfeldt
Board Member
/sign/
Ellen Hanetho
Board Member
/sign/
Adele Bugge Norman Pran
Board Member
/sign/
Henrik Wennerholm
Board Member
/sign/
Erik J. Johnsen
Chief Executive Officer
/sign/
Trond Kristian Andreassen
Board Member
/sign/
Anders Engdahl
Board Member
Oslo, 25 April 2024
Consolidated statement of financial position
All figures in NOK million unless otherwise stated
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Attributable to parent company shareholders
Notes
Share
capital
Other
paid-in
capital
Treasury
shares
Other
capital
reserves
Interest
hedge
reserve
1
Foreign
currency
hedge
reserve
2
Foreign
currency
translation
reserve
Other
equity To tal
Non -
controlling
interests
3
Total
equity
At 1 January 2022 41 2 843 0 59 22 209 1 818 4 992 1 4 993
Profit/(loss) for the year after tax 326 326 0 326
Other comprehensive income 9 226 234 234
Total comprehensive income 9 226 326 561 0 561
Issue of share capital
22 0 1 1 1
Capital reduction 22 -1 1 0 0
Share buy-back programme
22 -2 -172 -175 -175
Share based payments 23 6 6 6
Other restricted capital -25 25 0 0
Dividend paid to parent company shareholders
22 -168 -168 -168
Dividends to non-controlling interests 0 0 0
At 31 December 2022 40 2 844 -1 40 31 434 1 829 5 216 1 5 217
Profit/(loss) for the year after tax 363 363 0 363
Other comprehensive income - 146 - 150 428 74 206 206
Total comprehensive income - 146 - 150 428 437 569 0 569
Capital reduction
22 -1 1 0 0
Share buy-back programme 22 -2 -121 -123 -123
Share based payments
23 4 4 4
Exercise of options
23 -2 -2 -2
Dividend paid to parent company's shareholders 22 -77 -77 -77
Dividends to non-controlling interests 0 0 0
At 31 December 2023 39 2 844 -2 43 -146 -119 862 2 066 5 587 1 5 588
1. Hedge accounting of interest derivatives, please refer to note 4.2.
2. Hedge accounting of net investment in foreign operations, please refer to note 4.2.
3. Minority interest in Latvia and Poland, please refer to note 29.
Consolidated statement of changes in equity
All figures in NOK million unless otherwise stated
Consolidated financial
statements
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Year ended 31 December Notes 2023 2022
Cash flow from operating activities
Profit/(loss) before tax 468 421
Adjustment for non-cash items:
Amortisation and revaluation of purchased loan portfolios 2 899 2 322
Repossession of collateral assets -276 -299
Cost of collateral assets sold, including impairment
20 353 392
Profit from investments in associated parties/joint ventures 17 -222 -100
Finance income
11 -26 -6
Finance costs 11 1 124 588
Unrealised foreign exchange differences -299 -148
Other items 213 245
Operating cash flows:
Income tax paid during the year -144 -144
Interest received 23 5
Decrease/(increase) in current assets -15 -119
Decrease/(increase) in other non-current financial assets -66 -211
Increase/(decrease) in current liabilities -3 50
Increase/(decrease) in non-current liabilities 260 145
Net cash flow from operating activities 4 290 3 142
Cash flow from investing activities
Payment of purchased loan portfolios 4.3 -2 584 -2 157
Investment/divestments in subsidiaries, joint ventures and
associated companies 310 1
Cash received from investments in associated
parties/joint ventures 202 294
Payment of contingent consideration -11
Purchase of tangible and intangible assets
15 -67 -27
Net cash flow from investing activities -2 139 -1 900
Year ended 31 December Notes 2023 2022
Cash flow from financing activities
Proceeds from the issue of new shares
22 0 1
Payment share buy-back programme -122 -175
Proceeds from new external loans during the year
24 20 119 23 462
Repayment of external loans during the year
24 -20 942 -22 892
Repayment of principal amount on lease liabilities
16 -50 -43
Interest and commitment fee paid on borrowings -932 -418
Borrowing cost paid -69 -159
Excercised share options
23 -2
Dividend paid to parent company's shareholders -77 -168
Dividends paid to non-controlling interest 0 0
Net cash flow from financing activities -2 077 -392
Net cash flow during the year 74 850
Net cash at 1 January 1 045 157
Exchange rate difference on cash and cash equivalents 60 38
Net cash at 31 December 1 179 1 045
Net cash comprised of:
Cash and cash equivalents
21 1 404 1 176
Bank overdraft 24 -225 -131
Consolidated statement of cash flows
All figures in NOK million unless otherwise stated
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B
Consolidated financial
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All figures in NOK million unless otherwise stated
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Parent company
income statement
All figures in NOK million unless otherwise stated
Year ended 31 December Notes 2023 2022
Operating revenue from group companies 133 100
Total revenues 133 100
Personnel expenses
3 -89 -77
Depreciation and amortisation 7 -6 -4
Operating expenses from group companies -88 -85
Other operating expenses
4 -55 -66
Operating expenses -238 -232
Operating profit -105 -132
Dividend and contribution from group companies
5 1 142 2
Profit from shares in associated parties/joint ventures 28
Interest income from group companies 425 390
Interest expense to group companies -4 -16
Net exchange gain/(loss)
5 -58 -20
Other interest expenses
5 -579 -322
Other financial items 5 -26 35
Net financial items 901 96
Profit/(loss) before tax 796 -36
Change in deferred taxes
6 0 0
Profit/(loss) after tax 796 -36
Attributable to:
Ordinary dividend -258 -77
Other equity 538 -113
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As at 31 December Notes 2023 2022
Tangible and intangible assets
7 33 29
Investment in subsidiaries 8 4 582 4 317
Non-current loans to group companies
8.1 4 230 6 039
Other non-current financial assets 28 14
Total non-current assets 8 872 10 398
Receivables from group companies
9 1 209 104
Other current assets 25 34
Cash and cash equivalents
9 4 1
Total current assets 1 237 139
Total assets 10 109 10 537
Share capital
10, 11 39 40
Other paid in capital 10, 11 2 844 2 844
Other capital reserves
10 29 26
Other equity 10 641 226
Total equity 3 552 3 136
Parent company
financial statements
Parent company balance sheet
All figures in NOK million unless otherwise stated
As at 31 December Notes 2023 2022
Non-current interest bearing loans and borrowings
12 3 372 3 680
Total non-current liabilities 3 372 3 680
Current interest bearing loans and borrowings
12 2 248 1 203
Payables to group companies 9 609 2 387
Accounts and other payables 3 0
VAT, payroll and other public duties payables 8 6
Other current liabilities
13 315 126
Total current liabilities 3 184 3 722
Total liabilities 6 556 7 401
Total equity & liabilities 10 109 10 537
Oslo, 25 April 2024
/sign/
Harald L. Thorstein
Chair of the Board
/sign/
Jessica Sparrfeldt
Board Member
/sign/
Ellen Hanetho
Board Member
/sign/
Adele Bugge Norman Pran
Board Member
/sign/
Henrik Wennerholm
Board Member
/sign/
Erik J. Johnsen
Chief Executive Officer
/sign/
Trond Kristian Andreassen
Board Member
/sign/
Anders Engdahl
Board Member
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Year ended 31 December Notes 2023 2022
Cash flow from operating activities
Profit/(loss) for the year before tax 796 -36
Adjustment for non-cash items:
Depreciation, amortisation and impairment of assets
7 6 4
Interest expense on interest bearing loans 5 573 321
Amortisation of loan financing costs
5 20 17
Cost share option programme 3 5
Unrealised foreign exchange differences -117 -175
Operating cashflows:
Interest paid on interest bearing loans & borrowings -573 -325
Operating capital adjustments:
Decrease/(increase) in current balances with group
companies -2 883 2 103
Decrease/(increase) in accounts receivable and other
current assets 9 -12
Decrease/(increase) in other non-current financial assets -34 -25
Increase/(decrease) in accounts payable and other
current liabilities 190 -19
Net cash flow from operating activities -2 010 1 858
Year ended 31 December Notes 2023 2022
Cash flow from investing activities
Purchase of tangible and intangible fixed assets
7 -10 -9
Purchase of shares in subsidiaries 8 -264 -692
Sale of shares in joint ventures 306
Decrease/(increase) in long term loans to group companies 2 136 -179
Net cash flow from investing activities 1 861 -574
Cash flow from financing activities
Share issuance 1
Buy-back share programme
11 -122 -175
Exercised share options
11 -2
New interest bearing loans and receivables during the year 1 616 1 535
Repayment of interest bearing loans and borrowings
during the year -1 265 -2 476
Dividend paid to shareholders
10 -76 -168
Net cash flow from financing activities 152 -1 283
Net cash flow during the year 3 1
Cash and cash equivalents at 1 January 1 0
Cash and cash equivalents at 31 December 4 1
Parent company
financial statements
Parent company cash flow statement
All figures in NOK million unless otherwise stated
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Note 1 Summary of significant
accounting policies
The financial statements, which have been presented
in compliance with the Norwegian Companies Act, the
Norwegian Accounting Act and Norwegian generally
accepted accounting principles in effect at 31 December
2023, consist of the income statement, balance sheet,
cash flow statement and notes to the accounts. The
financial statements are presented in Norwegian kroner
(NOK) and all values are rounded to the nearest million
except where otherwise is indicated.
Investments
Investment in subsidiaries are accounted for using the
cost method. The investments are recorded at the acqui-
sition price of the shares and will be written down or im-
paired to fair value when a fall in value is due to reasons
that cannot be assumed to be temporary and are necessary
according to generally accepted accounting principles.
Write-downs are reversed when there is no longer a basis
for impairment. Group contributions and dividends re-
ceived are recognised as financial income, provided that
it does not represent a repayment of capital invested.
Interest bearing loans and borrowings
Borrowings are recognised at nominal value. Directly
associated costs are amortised straightline over the term
of the loan.
Foreign currency
Transactions in a currency other than Norwegian kroner
are recognised at the exchange rate applicable on the
transaction date. When such transactions are settled,
any difference in the exchange rate will give rise to a
realised exchange rate gain or loss. Both monetary and
non-monetary assets or liabilities in a currency other
than Norwegian kroner are translated at the exchange
rate applicable on the balance sheet date and will give
rise to an unrealised exchange rate gain or loss. Realised
and unrealised exchange rate differences are recognised
as net financial items in the income statement as they
occure during the accounting period.
Balance sheet classification
Current assets and short liabilities consist of receiv-
ables and payables due within one year. Other balance
sheet items are classified as non-current assets/liabilities.
Current assets are valued at the lower of cost and fair
value. Current liabilities are recognized at nominal value.
Fixed assets are valued at cost, less depreciation and
impairment losses.
Tangible fixed assets
Tangible fixed assets are recorded in the balance sheet
at historical cost less depreciation based on an assessment
of useful economic life. If the recoverable amount is less
than the balance sheet value, then the amount is impaired
Parent company
financial statements
to the recoverable amount which is the highest of net
sales value or value in use. Value in use is the current
value of the future cash flows that the asset will generate.
Intangible assets
Intangible assets include purchase of software. Internal
expenditures for IT development and external maintenance
are expensed as incurred.
Intangible assets acquired separately are measured on
initial recognition at cost.
Following initial recognition, intangible assets are carried
at cost less any accumulated amortisation and accumulated
impairment losses, if any. Intangible assets with finite lives
are amortised on a straight-line basis over the useful
economic life and assessed for impairment whenever
there is an indication that the intangible asset may be
impaired.
The intangible assets’ residual values and useful lives are
reviewed, and adjusted if appropriate, at each reporting
date. The amortisation expense on intangible assets with
finite lives is classified in the income statement as 'Amor-
tisation of intangible assets'.
Any gain or loss arising on derecognition of an intangible
asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the intangible asset)
is included in the income statement in the year the intangible
asset is derecognised.
Accounts receivables and other receivables
Accounts receivable and other current receivables are
recorded in the balance sheet at nominal value less
Notes to the parent
company financial
statements
All figures in NOK million unless otherwise stated
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provisions for doubtful accounts. Provisions for doubtful
accounts are based on an individual assessment of the
different receivables. For the remaining receivables, a
general provision is estimated based on expected loss.
Income tax
The tax expense consists of the tax payable and changes
to deferred tax.
Deferred tax/tax assets are calculated on all differences
between the book value and tax value of non-current assets
and liabilities. Deferred tax is calculated as22 percent
of temporary differences and the tax effect of tax losses
carried forward.
Deferred tax assets are recorded in the balance sheet
when it is more likely than not that the tax assets will be
utilized. Deferred tax assets and deferred tax liabilities
are offset, if a legally enforceable right exists to set off
current tax assets against current tax liabilities.
Taxes payable and deferred taxes are recognised directly
in equity to the extent that they relate to equity transactions.
Defined contribution pension plans
The Company operates a defined contribution pension
plan under which the company pays contributions to
privately administered pension insurance plans on a
mandatory, contractual or voluntary basis. The contributions
are recognised as employee benefit expense when they
are due. Prepaid contributions are recognised as an asset
to the extent that a cash refund or a reduction in the future
payments is available. The company has no legal or con-
structive obligations to pay further contributions if the fund
does not hold sufficient assets to pay all employees the
benefits relating to employee service in the current and
prior periods, and therefore does not record a pension
liability in the balance sheet.
Share based payments
Members of the management team and selected key
employees receive remuneration in the form of share-
based payments, whereby they render services as
consideration for equity instruments (equity-settled
transactions).
The cost of equity-settled transactions is determined by
the fair value at the date when the grant is made using
an appropriate valuation model, please refer to B2 Impact
Group financial statement note 23 for further details. The
cost is recognised in personnel expenses, together with
a corresponding increase in other capital reserves within
equity, over the period in which the service and, where
applicable, the performance conditions are fulfilled (the
vesting period). The cumulative expense recognised at
each reporting date until the vesting date reflects the
extent to which the vesting period has expired and the
company's best estimate of the number of equity instru-
ments that will ultimately vest. The expense or income
in the income statement for a period represents the
movement in the cumulative expense recognised at the
beginning and end of that period.
Service and non-market performance conditions are not
taken into account when determining the grant date fair
value of awards, but the likelihood of the conditions being
met is assessed as part of the company's best estimate
of the number of equity instruments that will ultimately
vest. Market performance conditions are reflected within
the grant date fair value.
Parent company
financial statements
No expense is recognised for awards that do not ultimately
vest because non-market performance and/or service
conditions have not been met.
When the terms of an equity-settled award are modified, the
minimum expense recognised is the grant date fair value
of the unmodified award, provided the original terms of
the award are met. An additional expense, measured at
the date of modification is recognised for any modifica-
tion that increases the total fair value of the share-based
payment transaction, or is otherwise beneficial to the
employee. Where an award is cancelled by the entity or by
the counterparty, any remaining element of the fair value of
the award is expensed immediately through the income
statement.
The dilutive effect of outstanding options is reflected as
additional share dilution in the computation of diluted
earnings per share. For further details, see note 13 in
B2 Impact Group financial statement.
Cash flow statement
The cash flow statement is presented using the indirect
method. Cash and cash equivalents includes cash, bank
deposits and other current, highly liquid investments with
maturities of three months or less.
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Parent company
financial statements
Note 2 Financial risk management
Financial risk management for the Company is fully integrated into the B2 Impact Group's overall financial risk
management.
The B2 Impact Group's activites are exposed to financial risks: market risk, currency and interest rate risk, credit risk,
liquidity risk and cash flow risk. The Company focuses on the unpredictability of the financial markets and seeks to
minimise the potential adverse effects of the market fluctuations on the Group's financial performance.
For further details, please refer to note 4.1 in B2 Impact Group financial statment.
Note 3 Personnel expenses
2023 2022
Wages, salaries and other benefits paid 56 52
Social security costs 12 9
Defined contribution pension costs 5 5
Other personnel costs 15 7
Cost share option programme 1 5
Social security cost share option programme -1 -1
89 77
Number of full time equivalents (FTEs) at 31 December 26.0 27.0
All employees are covered by a defined contribution pension plan which fulfill the Company's obligations under the
Norwegian occupational pension legislation.
All figures in NOK million unless otherwise stated
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Note 4.1 Other operating expenses
2023 2022
Audit and tax services 5 3
External accounting services & temporary consultants 0 0
Tax and legal services 2 2
Other professional services 7 28
Cost of office premises 12 9
IT, telecommunications 7 6
Marketing, business entertaining 2 3
Travel, accommodation, meetings, arrangements 2 2
Statutory and other corporate costs 19 13
55 66
Note 4.2 Fees to auditors
2023 2022
Audit fees 5 3
5 3
All figures including VAT.
Parent company
financial statements
All figures in NOK million unless otherwise stated
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Note 5 Financial items
2023 2022
Group contribution from Interkreditt AS 2
Dividend from B2Kapital Holding S.à r.l. 1 142
Dividend and contribution from group companies 1 142 2
Realised exchange gains/(losses) -175 -196
Unrealised exchange gains/(losses) 118 176
Net realised and unrealised exchange gains/(losses) -58 -20
Interest expense on interest bearing loans -573 -321
Other interest expense -6 -1
Other interest expenses -579 -322
Interest income on cash & short-term deposits 6 1
Net gain/(loss) on financial instruments 51
Costs of financing -20 -17
Other financial expenses -12
Other financial items -26 35
Parent company
financial statements
All figures in NOK million unless otherwise stated
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Note 6 Taxes
The major components of income tax reported in the income statement were:
2023 2022
Current year income tax payable 0 0
Deferred tax expense/(income) 0 0
Total tax expense reported in the income statement 0 0
Calculation of the income tax base
Profit/(loss) before tax 796 -36
Permanent differences -1 157 -83
Change in temporary differences -308 -117
Transfer to/(from) tax losses carried forward 669 236
Current year income tax base 0 0
Current year income tax payable at 22% 0 0
Parent company
financial statements
All figures in NOK million unless otherwise stated
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Deferred taxes
Change in
deferred taxes
Calculation of the deferred tax base 2023 2022 2023
Non-current loans to group companies 743 416
Fixed assets 5 6
Taxable temporary differences 747 422
Other receivables & liabilities -1 -3
Non-current interest bearing loans -221 -201
Tax losses carried forward - no time limit on expiry -1 402 -733
Reversal of basis for deferred tax asset not recognised 877 515
Deductible temporary differences -747 -422
Net basis for deferred tax / tax asset 0 0
Basis for deferred tax at 22 % -193 -113 -80
Deferred tax asset not recognised 193 113 80
Net deferred tax / change in deferred taxes 0 0 0
Comprising:
22 % deferred tax liability 164 93
22 % deferred tax asset -164 -93
0 0
Parent company
financial statements
Significant judgement is required to determine the amount of deferred tax assets that can be recognised based upon
the likely timing and level of future taxable profits together with future tax planning strategies.
All figures in NOK million unless otherwise stated
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Reconciliation of the Norwegian nominal tax rate to the effective tax rate 2023 2022
Profit/(loss) before tax 796 -36
Expected tax expense at the Norwegian nominal tax rate of 22 % 175 -8
Tax effect of permanent differences -255 -18
Tax effect of the change in unrecognised deferred taxes 80 44
Tax effect on estimate change -18
Total income and deferred tax expense 0 0
Note 7 Tangible and intangible assets
Equipment,
fixtures & fittings Intangibles Total
Acquisition / purchase cost
At 1 January 2023 6 26 32
Additions 0 10 11
Disposals -1 -1
At 31 December 2023 6 36 42
Depreciation and amortisation
At 1 January 2023 1 3 4
Depreciation and amortisation for the year 1 5 6
Accumulated depreciation on disposals 0 0
At 31 December 2023 2 7 9
Net book value
At 31 December 2023 4 29 33
At 1 January 2023 5 23 29
Depreciation method Straight line Straight line
Economic useful lives 0-5 years 5 years
Parent company
financial statements
All figures in NOK million unless otherwise stated
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Note 8 Investment in subsidiaries
% equity interest
1
Name of subsidiary
Country of
incorporation
Established/
acquired 2023 2022
Equity
2023
Profit
2023
Book value
2023
B2Kapital Holding S.à r.l.
2
Luxembourg 2014 100 % 100 % 5 204 331 3 733
BackB Investments S.à r.l.
2
Luxembourg 2021 100 % 100 % 634 -162 812
Veraltis Group S.à r.l.
2
Luxembourg 2022 100 % 100 % 22 -12 36
Total carrying value 4 582
Parent company
financial statements
1. Voting rights in the subsidiary is equivalent to % equity interest
2. Equity and profit are based on preliminary, unaudited reports for
consolidation purposes 2023.
B2 Impact ASA is the ultimate parent company in the B2 Impact Group and consolidates the accounts for the Group.
A copy of the B2 Impact Group financial statements is available at B2 Impact ASA' website at www.b2-impact.com.
Note 8.1 Non-current loans to group companies
2023 2022
B2Kapital Holding S.à r.l. 2 793 4 990
BackB Investments S.à r.l. 1 249 946
Veraltis Group S.à r.l. 187 102
Non-current loans to group companies 4 230 6 039
All figures in NOK million unless otherwise stated
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Parent company
financial statements
Note 9 Cash and cash equivalents
2023 2022
Cash at banks:
Unrestricted balances 4 1
4 1
Cash at banks earns interest at floating rates which is based on bank deposit rates. Other restricted balances represent
deposits paid into an escrow account in connection with lease of office premises.
For the purpose of the statement of cash flow, cash and cash equivalents comprised the cash balances in the table above.
In addition the Company holds bank accounts in the group's multi-currency cashpool, with a net current debt amounted
to NOK 607 million (2,331 million in 2022). Reported in gross amounts as respectively "Receivables from group companies"
and "Payables to group companies" in the balance sheet.
Receivables from group companies includes NOK 1,124 million in unpaid cash dividend from B2Kapital Holding S.à r.l.
Note 10 Changes in shareholders' equity
Name of subsidiary
Share
capital
Treasury
shares
Other paid-in
capital
Other capital
reserves
Other
equity
Total
equity
At 1 January 2023 40 2 844 26 226 3 136
Profit for the year after tax 796 796
Capital reduction -1 1 0 0
Share buy-back programme 2023 - 2 - 121 - 122
Share based payment 3 3
Exercised share options - 2 - 2
Dividend - 258 - 258
At 31 December 2023 39 - 0 2 844 29 641 3 552
The Board of Directors has decided to propose for the Annual General Meeting in 2024 a dividend of NOK 0.62 and
a share buyback program of NOK 0.08 per share for the financial year 2023.
All figures in NOK million unless otherwise stated
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Note 11 Share capital and other paid-in capital
Ordinary shares have a nominal value of NOK 0.10 each and all provide the same rights in the Company. The number
and value of authorised and registered shares, and the amount of other paid-in capital, being the premium on shares
issued less any transaction costs of new shares issued, was as follows:
Parent company
financial statements
1. Including 18,648,672 treasury shares purchased in the 2023
share buy-back program, and at 31 December 2022 including
14,184,000 treasury shares purchased in the 2022 share
buy-back programme.
2. Net proceeds after transaction costs.
All figures in NOK million unless otherwise stated
Share
capital
Share
capital
Other paid-in
capital
2
Number of shares
1
NOK mill NOK mill
At 1 January 2022 409 932 598 41 2 843
Capital reduction registered 28 July 2022 related
to the share buy-back programme ended 31 Mar 2022 -8 767 774 - 1
Capital increase registered 20 October 2022 related to issuance of
ordinary shares 200 000 0 1
At 31 December 2022 401 364 824 40 2 844
Capital reduction registered 27 July 2023 related
to the share buy-back programme ended December 2022 -14 184 000 - 1
At 31 December 2023 387 180 824 39 2 844
At 25 April 2024 (the date of completion of these financial statements) 387 180 824 39 2 844
Treasury shares
2023 2022
At 1 January 14 184 000 3 043 082
Share buy-back 18 874 843 19 908 692
Capital reduction -14 184 000 -8 767 774
Excersised share options -700 000
At 31 December 18 174 843 14 184 000
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All figures in NOK million unless otherwise stated
The Company's second share buy-back program started 27 May 2022 was completed in December 2022. The purpose
of the program was to reduce the capital of the Company. In total 14,184,000 shares were bought back at an average
price of NOK 8.31 per share and the share capital reduction of NOK 1.4 million was effective as of 27 July 2023.
The Company announced a third share buy-back program 25 May 2023 with duration from 26 May 2023 until the Annual
General Meeting 2024 at the latest. The purpose of the program is to reduce the capital of the Company and will be for
a maximum of 25 million shares and comprise acquisitions of own shares for an aggregated amount of up to NOK 162.6
million. 12 January 2024 the Board decided to pause the acquisition of own shares with remaining authority for share buy-
back of 5,65 million shares or NOK 31 million granted by the Annaul General meeting in May 2023.
At 31 December 2023 18,874,843 shares were bought back at an average price of NOK 6.79 per share, whereof 18,001,500
shares were settled transactions as of 31 December 2023. During fourth quarter the Company used 700,000 of its own
shares (treasury shares) to honour obligations in connection with employee incentive arrangements. As at 31 December
2023 the Company owned a total of 18,174,843 own shares corresponding to 4.69 % of the Company’s share capital,
decreasing the equity attributable to the Company's shareholders by NOK 121 million.
At 25 April 2024, the date of completion of these financial statements, a total of 19,348,672 shares were bought back at
an average price of NOK 6.81, decreasing the equity attributable to the Company's shareholders by NOK 128 million. The
Company owns a total of 18,648,672 own shares corresponding to 4.82 % of the Company's share capital. The Board will
propose to the Annual General Meeting 2024 that approximately NOK 31 million of the remaining capacity under the share
buy-back program initiated in May 2023 will be distributed to the Company's shareholders together with a cash dividend
for 2023 of NOK 0.62 per share.
With the distribution the share bay-back program for 2023 is complete and the Board will propose to the Annual General
Meeting 2024 to decrease the parent Company’s share capital by cancellation of its 18,648,672 treasury shares acquired
under the share buy-back program. A creditor deadline of six weeks will apply before implementation.
Dividend paid to parent company's shareholders in 2023, for 2022, amounted to NOK 0.20 per share. Proposed total divi-
dend and distribution for 2023 is NOK 0.70 per share.
For further information about mandates granted to the Board of Directors to incrase the share capital, please refer to
note 22 in B2 Impact Group financial statement.
Parent company
financial statements
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The largest shareholders at 31 December 2023 were as follows:
Number of shares % total
Prioritet Group AB 52 913 000 13.67 %
Rasmussengruppen AS
1
51 373 266 13.27 %
Valset Invest AS 32 000 000 8.26 %
Stenshagen Invest AS 30 500 143 7.88 %
B2 Impact ASA
2
18 001 500 4.65 %
DNB Markets Aksjehandel/-analyse 16 366 503 4.23 %
Skandinaviska Enskilda Banken AB 13 389 968 3.46 %
Gulen Invest AS 10 000 527 2.58 %
Dunker AS 8 207 124 2.12 %
Rune Bentsen AS 8 191 680 2.12 %
Verdipapirfondet Storebrand Norge 8 155 878 2.11 %
Greenway AS 5 802 368 1.50 %
VPF DNB AM Norske Aksjer 4 072 336 1.05 %
Stiftelsen Kistefos 4 000 000 1.03 %
Remaining shareholders (less than 1 %) 124 206 531 32.08 %
387 180 824 100.00 %
All figures in NOK million unless otherwise stated
Parent company
financial statements
1. Total shareholdings of Rasmussengruppen AS includes shareholdings
of its fully owned subsidiaires Portia AS, Cressida AS and Viola AS.
2. B2 Impacts own shares which will be used to reduce the capital of
the company.
For further information about shares owned directly or indirectly by Board of Directors and executive management
at 31 December 2023, please refer to note 22 in B2 Impact Group financial statement.
For details about Long-Term Incentive Plans (share option programs) granted to the executive management and
selected key employees at 31 December 2023, please refer to note 23 in B2 Impact Group financial statement.
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All figures in NOK million unless otherwise stated
Parent company
financial statements
Currency Interest rate
Debt in local
currency Debt in NOK Maturity
Senior Unsecured Bond Issue 2022 EUR 6.90 %
+ 3M EURIBOR
300 3 372 Sept 2026
Currency Interest rate
Debt in local
currency Debt in NOK Maturity
Senior Unsecured Bond Issue 2019 EUR 6.35 %
+ 3M EURIBOR
200 2 248 May 2024
Repayment schedule at 31 December 2023 EUR NOK
In 2024 200 2 248
In 2026 300 3 372
500 5 620
Financial covenants
All financial covenants have been met at 31 December 2023 and 31 December 2022. For further details, please refer to
note 24 in B2 Impact Group financial statement.
Note 12 Interest bearing loans and borrowings
Non-current
The Company holds one non-current unsecured bond loans as of 31 December 2023.
Current
The Company holds one current senior unsecured bond of EUR 200 million as of 31 December 2023.
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All figures in NOK million unless otherwise stated
Parent company
financial statements
Note 13 Other current liabilities
2023 2022
Provision for social security on share options 1 2
Accrued interest bond loans 30 24
Proposed dividend 258 77
Other 26 22
315 126
Note 14 Commitments
The company has entered into two commercial leases for office premises. The lease contract for the current office
premises was signed in 2021 for a 10 year rental period starting from September 2022. The lease contract for office
premises in Stortingsgaten 22 expires in June 2024 and are subleased until maturity.
All leases for office premises are annually adjusted according to the consumer price index. The lease contracts states
that the lessee can only use the office premises as an office space within the existing line of business unless they
have written consent from the lessor agreeing to something else.
The operating lease costs for the following types of lease were as follows:
2023 2022
Office premises 9 5
9 5
The future minimum rentals payable under the non-cancellable operating lease at 31 December were as follows:
2023 2022
Rentals payable within one year 7 9
Rentals payable from one to five years 22 46
After five years 14
43 55
The future minimum rentals payable does not include the future minimum rentals receivables from sublease
of Stortingsgaten 22 amounting to NOK 2.2 million
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Parent company
financial statements
Note 15 Related party disclosure
The Company's related parties include the Group manage-
ment team, Board of Directors, and group companies.
For details, please refer to note 29 in B2 Impact Group
financial statment.
Group companies
Companies in the B2 Impact Group are also related
parties. Sales to and purchases from intra-group related
parties are made at normal market prices as the trans-
actions are performed on the same terms as unrelated
parties.
Outstanding intra-group balances at the year end are
unsecured, and other than for interest-bearing loans, interest
free. At 31 December 2023 and at 31 December 2022,
the Company has not made any provision of doubtful
debts relating to intra-group related party balances. This
assessment has been undertaken for each period end
based on an examination of the financial position of the
related party and the market in which the related party
operates.
For further details of the Group's transactions with related
parties, please refer to note 29 in B2 Impact Group financial
statement.
Note 16 Guarantees
The Company has issued a guarantee limited to EUR 900
million with the addition of any and all interests, default
interests, costs and expenses to DNB Bank ASA as Agent
on behalf of itself, Nordea Bank ABP, Branch of Norway
and Swedbank AB in connection with the provision of the
Group's senior secured multi-currency revolving credit
facility of EUR610 million.The guarantee was issued on
behalf of the borrower under the multi-currency revolv-
ing credit facility, B2 Impact ASA's 100 % directly owned
subsidiary, B2Kapital Holding S.à r.l. The total utilised
amount under the facilities at 31 December 2023 was
EUR 426 million.
The Company has granted a soft guarantee to Senior
Noteholders in the SFA which cover all reporting obliga-
tions in the related financing documents.
The Company has issued two office rental guarantees:
With effect from 10 October 2017 in favour of the lessor
of the Group's offices in Gothenburg, Sweden.In 2021
was the rental agreement extendend 3 years if not can-
celled within a specified date. Although the guarantee is
unlimited, the Group estimates that its exposure for the
remaining rental period is limited to the yearly rental cost
for the period, which amounts to SEK 2.7 million.
With effect from 19 December 2017 in favour of the lessor
of the Group's offices in Wroclaw, Poland. The guarantee
agreement is limited to the aggregated amount of EUR
402,000, which are ment to cover 3 months office rental
cost, and are valid until 90 days following the rental
agreement maturing in June 2031.
Note 17 Subsequent events
The Board of Director's has proposed for the Annual
General Meeting 2024 to pay a cash dividend of NOK
0.62 per share for 2023 and a share buyback program
of NOK 0.08 per share for the financial year 2023.
In January 2024 B2 Impact placed a new EUR 100 million
senior unsecured bond with maturity in January 2028 at
a coupon of 3 month EURIBOR +5.00 % p.a. Further a
tap issue of EUR 50 million to this bond was completed
in February 2024 at a price of 101.25 % of par. The bond
with the total outstanding amount of EUR 150 million will
be registered at Oslo Stock Exchange. The net proceeds
were used to repurchase and redeem all outstanding
bonds in B2H05 which matures in May 2024.
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Alternative
performance
measures
The consolidated financial statements of the Group have been prepared in accordance with International Financial
Reporting Standards (IFRS® Accounting Standards) and interpretations issued by the IFRS Interpretations Committee
(IFRS IC) applicable to companies reporting under IFRS. The consolidated financial statements comply with IFRS as is-
sued by the International Accounting Standards Board (IASB) and approved by the EU. In addition, the Group presents
alternative performance measures (APMs). These measures do not have any standardized meaning prescribed by IFRS
and therefore are unlikely to be comparable to the calculation of similar measures used by other companies.
The APMs are regularly reviewed by management and their aim is to enhance stakeholders’ understanding of the
Group’s performance and to enhance comparability between financial periods. The APMs are reported in addition to,
but are not substitutes for the financial statements prepared in accordance with IFRS.
The APMs provide a basis to evaluate operating profitability and performance trends, excluding the impact of items
which in the opinion of management, distort the evaluation of the performance of our operations. The APMs also provide
measures commonly reported and widely used by investors as an indicator of the Group’s operating performance and
as a valuation metric of debt purchasing companies. Furthermore, APMs are also relevant when assessing our ability
to incur and service debt.
APMs are defined consistently over time and are based on the financial datas presented in accordance with IFRS.
APM
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All figures in NOK million unless otherwise stated
APM
2023 2022
Total revenues 4 129 3 477
Adjust for Cost of collateral assets sold, including impairment - 353 - 392
Net revenues 3 775 3 085
Operating profit/(loss) 1 578 1 029
Non-recurring items, of which
Changes in future collection estimates 32
Other revenues 0
External expenses of services provided - 4
Personnel expenses 67 31
Other operating expenses 43 147
Depreciation and amortisation 1
Impairment 8 99
Non-recurring items impacting EBIT 118 306
Adjusted EBIT 1 696 1 334
Non-recurring items impacting EBIT 118 306
Other non-recurring items 36
Total non-recurring items 154
Operating profit/(loss) 1 578 1 029
Add back Depreciation, amortisation and impairment losses 106 184
EBITDA 1 684 1 212
Alternative performance measures - reconciliation
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2023 2022
Total revenues 4 129 3 477
Add back Amortisation of purchased loan portfolios 2 209 1 898
Add back Revaluation of purchased loan portfolios 690 424
Adjust for Repossession of collateral assets - 276 - 299
Adjust for Profit from investments in associated parties/joint ventures - 222 - 100
Add Cash received from investments in associated parties/joint ventures 202 295
Adjust for Non-recurring items 0
Cash revenue 6 733 5 695
Adjust for Other revenues -568 -534
Cash collections 6 164 5 161
Operating profit/(loss) 1 578 1 029
Add back Amortisation of purchased loan portfolios 2 209 1 898
Add back Revaluation of purchased loan portfolios 690 424
Add back Depreciation, amortisation and impairment losses 106 184
Adjust for Repossession of collateral assets - 276 - 299
Add back Cost of collateral assets sold, including impairment 353 392
Adjust for Profit from investments in associated parties/joint ventures - 222 - 100
Add Cash received from investments in associated parties/joint ventures 202 295
Adjust for Non-recurring items 111 174
Cash EBITDA 4 752 3 996
All figures in NOK million unless otherwise stated
APM
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2023
31 Dec
2023
30 Sep
2023
30 Jun
2023
31 mar
Total assets 17 328 17 023 18 759 18 036
Total equity 5 588 5 577 5 859 5 748
Equity ratio 32 % 33 % 31 % 32 %
Total assets 17 328 17 023 18 759 18 036
Excluding IFRS 16 right-of-use asset - 165 - 166 - 173 - 167
Total assets excl IFRS 16 right-of-use asset 17 163 16 858 18 585 17 869
Equity ratio 33 % 33 % 32 % 32 %
2023
31 Dec
2023
30 Sep
2023
30 Jun
2023
31 mar
Bond loan (nominal value)
1
5 620 5 627 5 852 5 697
Revolving Credit Facility (nominal value)
1
4 533 4 234 4 568 4 430
Senior Facility Agreement (nominal value)
1
178 485 935 997
Bridge Facility (nominal value)
1
0 0
Contingent consideration (earn out)
Vendor loan 26 12 21 15
FX Derivatives (MTM) 0 0 0 0
Net cash balance including overdraft -1 180 - 849 - 715 - 941
Total loan 9 177 9 508 10 662 10 198
Purchased loan portfolios 11 542 11 588 12 896 12 333
Investment in associated companies and joint ventures 781 756 818 794
Other assets
2
1 523 1 548 1 698 1 988
Book value 13 846 13 891 15 412 15 115
Total Loan to Value % (TLTV) 66 % 68 % 69 % 68 %
1. Bond loans, Revolving Credit Facility (RCF) and Senior Facility
Agreement (SFA) are measured at nominal value according
to the definitions of financial covenants. In the Consolidated
statement of financial position this is included in "Long-term
interest bearing loans and borrowings" and "Short-term
interest bearing loans and borrowings", with bonds measured
at amortised cost and RCF and SFA at linear cost.
2. Included in "Goodwill", "Loan receivables" and "Collateral
assets" in the Consolidated statement of financial position.
The following APMs are financial covenants in the RCF agreement and are calculated acccordingly.
All figures in NOK million unless otherwise stated
Total Loan to Value
APM
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Definitions of APMs applied in the tables above
Actualisation
Actualisation is the difference between actual and fore-
casted collections for purchased loan portfolios for the
reporting period.
Adjusted EBIT (Adj. EBIT)
Adjusted EBIT consists of Operating profit/(loss) (EBIT)
adjusted for non-recurring items.
Adjusted EBIT % (Adj. EBIT %)
Adjusted EBIT % is Adjusted EBIT expressed as a per-
centage of Net revenues excluding Non-recurring items.
Adjusted EPS (Adj. EPS)
Adjusted earnings per share is calculated based on
Adjusted Net profit (Adj. Net profit) for the period divided
by the weighted average number of outstanding shares
during the respective period.
Adjusted return on equity (Adj. ROE)
Adjusted return on equity is calculated based on roll-
ing 12-months Adjusted Net profit (Adj. Net profit) for
the Group divided by the average equity attributable to
parent company shareholders, with average equity calcu-
lated as a simple average based on opening and closing
balances for the respective 12-month period.
Adjusted Net profit (Adj. Net profit)
Adjusted Net profit consists of Profit/(loss) after tax
adjusted for Non-recurring items reduced by the tax rate
for the period.
Central costs
Administration and management cost related to Head
Office and other Group costs such as Investment Office.
Amortisation
Amortisation is the amount of the gross collections that
are used to reduce the book value of the purchased
portfolios.
Cash collections
Cash collections include unsecured collections, secured
cash collections, cash received from SPVs and joint ven-
tures, and REO sales proceeds.
Cash EBITDA
Cash EBITDA consists of EBIT added back Amortisation
and Revaluation of purchased loan portfolios, Depreci-
ation and amortisation and Impairment of tangible and
intangible assets and Cost of collateral assets sold,
adjusted for Repossession of collateral assets and the
difference between cash received and recognised Profit
from shares in associated parties/joint ventures and par-
ticipation loan/notes. Cash EBITDA is a measure of actual
performance from the collection business (cash busi-
ness) and other business areas. Cash EBITDA is adjusted
for Non-recurring items.
Cash margin
Cash margin consists of Cash EBITDA expressed as a
percentage of cash revenue.
APM
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Cash revenue
Cash revenue consists of Total revenues added back
Amortisation and Revaluation of purchased loan portfoli-
os and adjusted for Repossession of collateral asset and
the difference between cash received and recognised
Profit from shares in associated parties/joint ventures
and participation loan/notes. Cash revenue is a measure
of actual revenues (cash business) from the collection
business and other business areas. Cash revenue is
adjusted for Non-recurring items.
Collateral asset
In connection with the acquisition and collection of pur-
chased loan portfolios, the Group may become owner of
assets such as land, buildings, or other physical goods.
These assets are only acquired as part of the collection
strategy for the purpose of being divested within the
Group’s ongoing operations to maximize the value of
collections. Such assets are classified as inventories and
recognised in the balance sheet at the lower of cost and
net realisable value in accordance with IAS 2 Inventories.
Cost to collect
Cost to collect is all external and internal operating costs
related to the collections of B2 Impact’s purchased loan
portfolios.
EBITDA
Operating profit before depreciation and amortisation
(EBITDA) consists of operating profit (EBIT) adding back
depreciation, amortisation and impairment of tangible
and intangible assets.
Estimated Remaining Collections (ERC)
Estimated Remaining Collections (ERC) expresses the
gross collections in nominal values expected to be
collected in the future from the purchased loan portfo-
lios owned at the reporting date and the Group’s share
of gross collections on portfolios purchased and held in
joint ventures.
Forward flow agreements
Forward flow agreements are agreements where the
Group agrees with the portfolio provider that it will, over
some period in fixed intervals, transfer its non-performing
loans of a certain characteristics to the Group.
Gross collections
Gross collections are the actual cash collected and as-
sets recovered from purchased portfolios.
Interest income from loan receivables
Interest income from loan receivables is the calculated
amortised cost interest revenue from the loan receivable
using the original effective interest rate.
Interest income from purchased portfolios
Interest income from purchased loan portfolios is the
calculated amortised cost interest revenue from the pur-
chased loan portfolios using the credit-adjusted effective
interest rates set at initial acquisition.
Leverage ratio
Net interest-bearing debt over Cash EBITDA calculated
for the last 12 months.
Liquidity reserve
Cash and short-term deposits (less NOK 200 million to
cover working capital) plus unutilised credit facility lines,
plus fair value of treasury bonds and less short-term
APM
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vendor loans. Cash flow from future operations is not
included in the number.
Net debt
Net debt consists of nominal value of interest-bearing
loans and borrowings plus utilised bank overdraft less
cash and short-term deposits.
Net interest-bearing debt
Net interesting-bearing debt consist of carrying value of
interest-bearing loans and borrowings plus utilised bank
overdraft less cash and short-term deposits.
Net credit gain/(loss) from purchased loan portfolios
The Group's exposure to credit risk from the purchased
loan portfolios is related to actual gross collections
deviating from collections estimates and from changes in
future collections estimates. The Group regularly evalu-
ates the current collections estimates at the individual
portfolio level and the estimate is adjusted if collections
are determined to deviate from current estimate over
time. The adjusted collections estimate is discounted
by the initial rate of return at acquisition of the portfolio.
Changes from current estimate adjust the book value
of the portfolio and are included in the profit and loss
statement in the line item "Net credit gain/(loss) from
purchased loan portfolios". Collections above collections
estimates and upward adjustments of future collections
estimates increase revenue. Collections below collections
estimates and downward adjustments of future collec-
tions estimates decrease revenue. Net credit gain/(loss)
equals net actualisation/revaluation.
Net credit gain/(loss) from loan receivables
The Group's exposure to credit risk from loan receiva-
bles is related to actual instalments deviating from loan
schedules. The Group measures the impairment loss
on loan receivables using a 3-stage model for expected
credit loss (ECL) according to IFRS 9. Changes from cur-
rent estimate adjust the book value of the loan receiva-
bles and are included in the profit and loss statement in
the line item "Net credit gain/(loss) from loan receivables".
Non-recurring items
Significant profit and loss items that are not included
in the Group’s normal recurring operations, which are
difficult to predict and are considered to have low fore-
cast value for the future earnings trend. Non-recurring
items may include but are not limited to restructuring
costs, acquisition and divestment costs, advisory costs
for discontinued acquisition projects, integration costs,
termination costs for Group Management and country
managers, non-portfolio related write offs, unusual legal
expenses, extraordinary projects, and material income or
expenses relating to prior years.
Net revenues
Net revenues are the Total revenues reported less the
Cost of collateral assets sold, including impairment.
Operating cash flow per share
Operating cash flow per share is operating cash flow
from consolidated statement of cash flows divided on
the weighted average number of shares outstanding in
the reporting period. Operating cash flow per share is a
measure on actual cash earned from operating business
per share.
APM
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Other revenues
Other revenues include revenue from external collections,
as well as subscription income for credit information,
telemarketing and other services which is recognised
proportionately over the term of the underlying ser-
vice contract which is usually one year. Other revenues
include Interest income from loan receivables and Net
credit gain/(loss) from loan receivables.
Participation loan/notes
Participation loan/notes consist of investment agree-
ments with co-investors for the purchase of loan
portfolios through SPVs. The contractual arrangement
of the participation loan/notes are directly related to the
performance of the portfolios purchased in the SPVs.
Portfolio investments
The investments for the period in unsecured (without
collateral) and in secured (with collateral) loan portfolios.
Profit margin
Profit margin consists of operating profit (EBIT) ex-
pressed as a percentage of total operating revenues.
Revaluation
Revaluation is the period’s increase or decrease in the
carrying value of the purchased loan portfolios attributa-
ble to changes in forecasts of future collections.
Total Loan to Value (TLTV)
Total loan to value is net debt adjusted for vendor loan,
earn out and FX hedge MTM over assets (portfolio, JV,
loan receivables, real estate owned and goodwill).
APM
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Responsibility
statement
We confirm, to the best of our knowledge, that the financial statements for the period 1 January to 31 December 2023
have been prepared in accordance with current applicable accounting standards and give a true and fair view of the
assets, liabilities, financial position and profit or loss of the entity and the Group taken as a whole.
We also confirm that the Directors’ report includes a true and fair review of the development and performance of the
business and the position of the entity and the group, together with a description of the principles risks and uncertainties
facing the entity and the group.
Oslo, 25 April 2024
/sign/
Harald L. Thorstein
Chair of the Board
/sign/
Jessica Sparrfeldt
Board Member
/sign/
Ellen Hanetho
Board Member
/sign/
Adele Bugge Norman Pran
Board Member
/sign/
Henrik Wennerholm
Board Member
/sign/
Erik J. Johnsen
Chief Executive Officer
/sign/
Trond Kristian Andreassen
Board Member
/sign/
Anders Engdahl
Board Member
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Auditors'
report
Statsautoriserte revisorer
Ernst & Young AS
Stortorvet 7, 0155 Oslo
Postboks 1156 Sentrum, 0107 Oslo
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske Revisorforening
A member firm of Ernst & Young Global Limited
INDEPENDENT AUDITOR'S REPORT
To the Annual Shareholders' Meeting of B2 Impact ASA
Repor t on the audit of the financial statem en t s
Opinion
We have audited the financial statements of B2 Impact ASA (the Company), which comprise financial
statements of the Company and the consolidated financial statements of the Company and its
subsidiaries (the Group). The financial statements of the Company comprise the balance sheet as at 31
December 2023, the income statement and the cash flow statement for the year then ended and notes to
the financial statements, including a summary of significant accounting policies. The consolidated
financial statements of the Group comprise the statement of financial position as at 31 December 2023,
the income statement, the statement of comprehensive income, the statement of cash flows and the
statement of changes in equity for the year then ended, and notes to the financial statements, including a
summary of significant accounting policies.
In our opinion
the financial statements comply with applicable legal requirements,
the financial statements give a true and fair view of the financial position of the Company as at 31
December 2023 and its financial performance and cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway
the consolidated financial statements give a true and fair view of the financial position of the
Group as at 31 December 2023 and its financial performance and cash flows for the year then
ended in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the audit committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
the financial statements section of our report. We are independent of the Company in accordance with
the requirements of the relevant laws and regulations in Norway and the International Ethics Standards
Board for Accountants’ International Code of Ethics for Professional Accountants (including International
Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 10 years from the election by the general meeting of the
shareholders on 3 December 2014 for the accounting year 2014.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements for 2023. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
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Independent auditor's report - B2 Impact ASA 2023
A member firm of Ernst & Young Global Limited
required by applicable legal requirements is not included in the board of directors’ report, the statement
on corporate governance or the statement on corporate social responsibility, we are required to report
that fact.
We have nothing to report in this regard, and in our opinion, the board of directors’ report, the statement
on corporate governance and the statement on corporate social responsibility are consistent with the
financial statements and contain the information required by applicable legal requirements.
Responsibilities of management for the financial statements
Management is responsible for the preparation and fair presentation of the financial statements of the
Company in accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway and of the consolidated financial statements of the Group in accordance
with IFRS Accounting Standards as adopted by the EU, and for such internal control as management
determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate the
Company or the Group, or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention
in our auditor’s report to the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
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opinion on these matters. For each matter below, our description of how our audit addressed the matter is
provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial
statements section of our report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material misstatement
of the financial statements. The results of our audit procedures, including the procedures performed to
address the matters below, provide the basis for our audit opinion on the financial statements.
Estimated future cash collections from purchased loan portfolios
Basis for the key audit matter
Purchased loan portfolios account for 67% of
total assets of the Group. Estimated future cash
collections from purchased loan portfolios is the
basis for the book value of purchased loan
portfolios and is also input into the disclosure of
fair value of purchased loan portfolios in the
notes to the consolidated financial statement.
Estimation of future cash collections from
purchased loan portfolios is complex and require
significant judgement from management about
the value, probability, and timing of expected
future cash flows. Furthermore, the estimates of
future cash flows depend on management’s
approach to managing the portfolios (e.g.,
changes in collection policies and strategies) and
local regulations. The estimation of future cash
collections from purchased loan portfolios was
considered a key audit matter based on the
significant judgments involved.
Our audit response
We tested the consideration price upon
acquisition of loan portfolios to the purchase
agreement. We tested the approval by Group
management of the initial cash collection forecast
of the purchased portfolio prepared by local
management and compared the initial cash
collection forecast to historical cash collection on
similar loan portfolios. We also compared the
calculated effective interest rate on the
purchased loan portfolio to the effective interest
rate on loan portfolios purchased in previous
years. Furthermore, we tested changes in future
cash collection estimates by comparing actual
cash collection to forecasted cash collection and
by testing the historical accuracy of prior year
forecasts. As part of our procedures, we
discussed the assumptions used including
amounts, probability, and timing of expected
future cash flows, changes in policies and
strategies, seasonality and local regulations with
management and controllers. We also assessed
the Company’s disclosure in note 3 Critical
accounting judgments and key sources of
estimation uncertainty, note 2.4 and note 4.3
Purchased Loan Portfolios.
Other information
Other information consists of the information included in the annual report other than the financial
statements and our auditor’s report thereon. Management (the board of directors and the Chief Executive
Officer) is responsible for the other information. Our opinion on the financial statements does not cover
the other information, and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information,
and, in doing so, consider whether the board of directors’ report, the statement on corporate governance
and the statement on corporate social responsibility contain the information required by applicable legal
requirements and whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that the other information is materially inconsistent with the
financial statements, there is a material misstatement in this other information or that the information
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Independent auditor's report - B2 Impact ASA 2023
A member firm of Ernst & Young Global Limited
As part of our work, we perform procedures to obtain an understanding of the company’s processes for
preparing the financial statements in accordance with the ESEF Regulation. We test whether the financial
statements are presented in XHTML-format. We believe that the evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Oslo, 29 April 2024
ERNST & YOUNG AS
The auditor's report is signed electronically
Kjetil Rimstad
State Authorised Public Accountant (Norway)
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Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
We communicate with the board of directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the audit committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the board of directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Repor t on ot her legal and r egulator y r equir em ent
Report on compliance with requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of B2 Impact ASA we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the
annual report, with the file name B2ImpactASA-2023-12-31-en.zip have been prepared, in all material
respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815
on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of
the Norwegian Securities Trading Act, which includes requirements related to the preparation of the
annual report in XHTML format.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF Regulation.
Management’s responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF
Regulation. This responsibility comprises an adequate process and such internal control as management
determines is necessary.
Auditor’s responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the financial statements included in the annual report have been prepared in accordance with
the ESEF Regulation. We conduct our work in accordance with the International Standard for Assurance
Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial
information”. The standard requires us to plan and perform procedures to obtain reasonable assurance
about whether the financial statements included in the annual report have been prepared in accordance
with the ESEF Regulation.
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Activity duty
of employers
About the Activity duty
According to the Norwegian Equality and Anti-Discrimination
Act §26, Norwegian employers shall make active, targeted
and systematic efforts to promote equality and prevent
discrimination in the workplace. Such efforts shall encom-
pass the areas of recruitment, pay and working conditions,
promotion, development opportunities, accommodation,
and the opportunity to combine work with family life
1
.
Under the Act, all public and private companies that
ordinarily employ more than 50 persons are required to
investigate and analyse risks of discrimination or other
barriers to equality, and implement and evaluate measures
suited to counteract discrimination and promote greater
equality and diversity in the workplace. The employer
shall issue a statement on the actual status of gender
equality and what the company is doing to comply with
the activity duty.
As of 31 December 2023, B2 Impact had a total of 1,773
2
employees around the world, with 26 employees located
in Norway. Although we are not required to issue a public
statement, equality and non-discrimination in the work-
place is an important focus area for us and we are there-
fore reporting with reference to the recommendations
from The Norwegian Directorate for Children, Youth and
Family Affairs (Bufdir).
Our policy commitment
B2 Impact is committed to provide a fair, professional and
safe working environment. We aim to be a workplace
where all employees thrive and are given equal opportu-
nities for professional development. We are committed
to equality, diversity and to a culture that is free from
discrimination including all unequal treatment, exclusion
or preference based on race, gender, age, disability, sexual
orientation, religion, political views, national or ethnic
origin or any other characteristic that results in compromising
the principle of equality.
We do not tolerate any verbal or physical conduct that
harasses others', disrupts others work performance or
creates a hostile work environment. We want everybody,
at all times, to feel respected and welcome.
Our principles for equality and against discrimination
are outlined in the company Code of Conduct, which
is available on our website and communicated to all
employees as part of the onboarding process.
1. lovdata.no/dokument/NLE/lov/2017-06-16-51
2. Including workers who are not employee
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Status on gender equality
1
Female Male Total
Country 2023 2022 2021 2023 2022 2021 2023 2022 2021
B2 Impact ASA
7 11 10 19 16 17 26 27 27
Bosnia & Herzegovina
3 3 4 1 2 2 4 5 6
Bulgaria
- 133 139 - 59 66 0 192 205
Croatia
88 96 111 41 40 54 129 136 165
Cyprus
22 20 19 10 10 11 32 30 30
Czech Republic
5 5 1 1 1 1 6 6 2
Denmark
18 22 28 13 12 7 31 34 35
Estonia
19 15 18 7 5 5 26 20 23
Finland
112 110 109 43 45 38 155 155 147
France
86 72 62 34 32 26 120 104 88
Greece
66 72 76 57 54 62 123 126 138
Hungary
13 15 13 2 3 3 15 18 16
Italy
- 4 8 - 3 13 0 7 21
Latvia
65 58 67 32 32 34 97 90 101
Lithuania
29 31 35 6 6 4 35 37 39
Luxembourg
9 9 9 9 10 7 18 19 16
Montenegro
1 1 1 - 0 0 1 1 1
Norway
- 4 3 - 4 4 0 8 7
Poland
293 348 334 134 175 181 427 523 515
Portugal
- - - 1 - - 1 - -
Romania
100 130 155 41 64 66 141 194 221
Serbia
3 5 5 4 4 4 7 9 9
Slovenia
7 6 15 3 3 3 10 9 18
Spain
209 196 240 88 86 89 297 282 329
Sweden
38 35 31 34 32 40 72 67 71
Total 1193 1401 1493 580 698 737 1773 2099 2230
Going forward
In 2024, we will set up a task force group that will investigate
risks of discrimination and obstacles to equality for the
entire Group. We will also establish a Group wide approach
to measure and report equality and discrimination in the
workplace. Based on these findings, we will look at relevant
measures to implement and report on the results of such
measures.
KPI (GRI 405-1) 2023 2022 2021
Share of women
in management
(C-0 and C level)
46 % 51 % 46 %
Share of women
in the workforce
67 % 67 % 67 %
Number of nationalities
in the workforce
47 41 45
Share of Business Units
with diversity and inclusion
policy in place
35 % 35 %
2
38 %
1. Information included in head count at the end of the reporting period.
There has been a reduction in FTEs of approximately 15 % in 2023,
mainly due to the exit of two of our platforms (Bulgaria and Norway).
2. In 2022 typo error included a 53 %.
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About the Transparency Act
The purpose of the Norwegian Transparency Act is to
promote enterprises’ respect for human rights and decent
working conditions in connection with the production
of goods and the provision of services. The Act ensures
the general public access to information concerning
how enterprises address potential and actual impacts
on fundamental human rights and decent working
conditions and require companies to respond to
incoming information requests
1
.
Questions or concerns
For questions regarding this report or its content, please
use the following email: humanrights@b2-impact.com.
Inquiries will be handled on an ongoing basis, and within
three weeks.
Transparency
Act Report
2023
About B2 Impact
B2 Impact is a leading pan-European debt investor and
servicer. Through our business solutions, we contribute
to handling society’s debt problems, bridging gaps that
defaulted debt represents in the credit chain. We aim to
be a trusted partner and our vision is to become the debt
investor that actively re-shapes the credit management
industry. Our main business lines are Unsecured and
Secured Asset Management. We are headquartered in
Oslo, Norway, with an investment office in Luxembourg
and operate in the following markets:
• Unsecured markets: Norway, Sweden, Denmark,
Finland, Estonia, Latvia, Lithuania, Poland, Spain,
Czech Republic, Hungary
• Secured markets: Italy, France, Romania, Greece,
Cyprus, Slovenia, Croatia, Serbia, Bosnia and
Herzegovina, Montenegro
Guidelines and routines
We are committed to act responsibly and ethically
throughout our business operations. Our governing
documents set out principles for how business should be
conducted and the documents applies to all B2 Impact
subsidiaries and units. Business partners and suppliers
are in this document referred to as Business Partners.
Code of Conduct
The Code of Conduct contains our main ethical guide-
lines and applies to everyone working in B2 Impact. The
Code of Conduct was approved by the Board of Directors
in June 2020 and was last updated in December 2022.
The Code of Conduct includes information about how
to act in the workplace, towards our "Business Partners"
and towards any third party impacted by B2 Impact’s
1. lovdata.no/dokument/NLE/lov/2021-06-18-99/%C2%A71#%C2%A71
business activities. The Code of Conduct also includes
information about our approach to the environment and
climate. In addition to outlining the principles for business
conduct, the ethical guidelines also contain information
regarding how we handle potential misconduct.
The Code of Conduct is communicated to all employees
as part of the onboarding process and can be found on
the company’s website: b2-impact.com/about-us/govern-
ance/code-of-conduct/
Business Partner Code of Conduct
We expect everyone affiliated with our business (ven-
dors, clients, suppliers, investors and any other third par-
ty) to behave in an ethical manner and act with integrity,
as outlined in our Business Partner Code of Conduct.
The Chief Risk, Compliance & ESG Officer is the owner
of the Business Partner Code of Conduct and is responsible
for reviewing, updating and/or revising the document, as
appropriate.
The Business Partner Code of Conduct was approved
by the Board of Directors in September 2021 and was
last updated in September 2022. The document can be
found on the company’s website: b2-impact.com/about-
us/governance/code-of-conduct/business-partner-
code-of-conduct/
Labour and Human Rights Statement
We respect fundamental human rights, including workers’
rights and decent working conditions. We have a zero
tolerance for any form of discrimination, whether this is
based on race, gender, language, ethnicity, religion, political
opinion, nationality or social origin, age, disability, or any
other characteristic. We also oppose harassment or
violence of any kind.
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In addition to the Code of Conduct and the Business
Partner Code of Conduct, B2 Impact has established
a Labour and Human Rights Statement which applies
to employees and Business Partners, irrespective of
their role and the country in which they work.
The Labor and Human Rights Statement builds on the
UN Guiding Principles on Business and Human Rights
(UNGPs), as well as the OECD Guidelines for Multinational
Enterprises. The document is available on B2 Impact’s
website: b2-impact.com/sustainability/human-rights
Whistleblowing Policy
Everyone that becomes aware of illegal, unethical, or
unwanted behaviour that is considered a breach of law
or non-compliance with our Code of Conduct, Business
Partner Code of Conduct or Labour and Human Rights
Statement has a duty to report this.
Reporting can be made internally or through one of our
external whistleblowing channels: report.whistleb.com/en/
b2-impact
The person reporting does not need to provide evidence
to support the concern, but reports must be made in good
faith and in the public interest. Within seven calendar days,
the person reporting will receive a response or follow-up
questions. Individuals that report shall not and will not be
subject to retaliations.
Due diligence of Business Partners and results
Following our internal Group Business Partner Integrity
Due Diligence Policy (internal document), all business
units in B2 Impact shall perform a background compliance
investigation of business partners (including suppliers)
to identify, assess and mitigate potential risks before
entering into a contract.
Risks are defined as a breach of regulatory requirements,
B2 Impact’s Code of Conduct or the Labour and Human
Rights Statement. We will not enter into a contract with
Business Partners if the cooperation involves a high integrity
risk, if the Business Partner or any of its representatives
are included on a sanctions list, are guilty of a criminal
offense or if the Business Partner lacks the licences/
authorisations to perform the service. Additionally, the
following examples will entail a red flag meaning that there
are actual or potential unacceptable risks associated with
the Business Partner:
• If the Business Partner objects to the due diligence
process
• Denies disclosing reasonable requested information
• Engages in or has been accused of engaging in
improper business practices
• Has incurred criminal or civil penalties for illegal
or unethical conduct
An enhanced due diligence assessment will take place
if there is a perceived risk associated with the Business
Partner in question. In this process, the Business Partner
has to complete a questionnaire about general compliance,
including specific questions about human rights and
decent working conditions.
Questions include whether the Business Partner has a
policy in place regarding human rights and decent working
conditions, what kind of measures the Business Partner
takes to address adverse effects, prevent risks or remedy
negative consequences, about wages, benefits and work
conditions for its employees and measures implemented
to ensure that they neither cause nor contribute to child
labour, forced labour or discrimination.
No contracts with Business Partners were discontinued
or terminated in 2023 due to human rights breaches or
suspicion of human rights breaches. We did not receive
any reports about human rights breaches through our
whistleblowing channel in 2023. There were no confirmed
incidents of discrimination or harassment in 2023.
In 2023, there were seven incidents reported as whistle-
blowing cases. All cases have been handled. Amongst
these seven reports, four were transferred to and processed
by HR departments as they were assessed to be personal
grievances rather than protected disclosures. One resulted
unjustified after an internal investigation, and one was closed
as the information provided did not allow for proper investi-
gation. One case was still being investigated at the end of
2023.
KPI (GRI 406-1) 2023 2022 2021
Incidents reported as
whistleblowing cases
7 2 10
Confirmed incidents
of discrimination or
harassment
0 0 1
Going forward
Going forward we will consider implementing a system for
keeping track of the number of Business Partners assessed
in the reporting period and the outcome of such evaluations.
We will also consider a fixed interval for conducting due
diligence assessments of existing suppliers, with at least
one assessment per year. In 2024 we will communicate
the updated Business Partner Code of Conduct to all
existing suppliers.
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• Sustainability Policy
• Environmental and Sustainable Procurement Statement
• Labour and Human Rights Statement: Human rights at B2 Impact
• Responsible marketing and sales Statement
• Supplier Diversity Statement
• Group Political and Religious involvement Statement
• Group Business Partner Code of Conduct: Business Partner Code of Conduct overview
• Group Business Partner Integrity Due Diligence Policy
• Group Related Party Transaction Policy: Related Party Transactions Policy
• Occupational Health and Safety Statement
• Recruitment privacy policy: Recruitment privacy policy
• Customer Fair Treatment Policy
• Code of Conduct: B2 Impact Code of Conduct
• Group Compliance Policy
• Group Whistleblowing Policy
• Group Conflict of Interest Policy
• Group Anti-Corruption and Bribery Policy
• Group Anti-Money Laundering, Counter Terrorist Financing and Sanction Policy
• Group GDPR Policy
• Personal Data Breach Policy
• Instructions for Handling Inside Information and rules for Primary Insiders:
Inside information and rules for primary insiders
• Investment Approval Policy
• Tax Policy
• Transfer Pricing Policy
• Information Security Policy
• Remuneration policy: B2 Impact Remuneration Policy
ESG Policies
B2 Impact has a number of policies
that govern how the Group handles
ESG issues. These policy commit-
ments apply not only to all employees
of the Group but to all business
partners, including vendors, clients,
suppliers, investors, and any other
third party with whom B2 Impact
conducts business, where applicable.
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GRI content index
B2 Impact has reported with reference to GRI 2021 for the reporting period 01.01.2023 to 31.12.2023
Standard General disclosures Reference Omission/comment
GRI 2:
General Disclosures 2021
2-1 Organisational details This is B2 Impact
2-2 Entities included in the
organisation’s sustainability reporting
This is B2 Impact
2-3 Reporting period, frequency and
contact point
Applies to the reporting period 1. january
to 31. december 2023
2-4 Restatements of information No restatements of information
2-5 External assurance No assurance of GRI disclosures
2-6 Activities, value chain and other
business relationships
This is B2 Impact information incomplete
2-7 Employees Activity Duty Report
2-8 Workers who are not
employees
Employee wellbeing
2-9 Governance structure and composition CG report
2-10 Nomination and selection of the
highest governance body
CG report
2-11 Chair of the highest governance body CG report
2-12 Role of the highest governance body
in overseeing the management of impacts
BoD report / CG report
2-13 Delegation of responsibility for
managing impacts
BoD report / CG report
2-14 Role of the highest governance body
in sustainability reporting
BoD report / CG report
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2-15 Conflicts of interest Anti-corruption and anti-bribery
2-16 Communication of critical concerns Anti-corruption and anti-bribery
GRI 2:
General Disclosures 2021
2-17 Collective knowledge of the highest
governance body
BoD report / CG report Information incomplete
2-18 Evaluation of the performance of
the highest governance body
BoD report / CG report Information incomplete
2-19 Remuneration policies Remuneration report
2-20 Process to determine remuneration Remuneration report
2-21 Annual total compensation ratio Remuneration report
2-22 Statement on sustainable
development strategy
CEO letter
2-23 Policy commitments Transparency Act report Information incomplete
2-24 Embedding policy commitments Transparency Act report Information incomplete
2-25 Processes to remediate negative impacts Transparency Act report
2-26 Mechanisms for seeking advice
and raising concerns
Transparency Act report
2-27 Compliance with laws and regulations Anti-corruption and anti-bribery
2-28 Membership associations This is B2 Impact
2-29 Approach to stakeholder engagement Stakeholder engagement /
Materiality assessment
2-30 Collective bargaining agreements Employee wellbeing
Standard General disclosures Reference Omission/comment
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Contents 2 Governance
MATERIAL TOPICS
GRI 3: Material topcis 2021
GRI 3-1
Process to determine material topcis Stakeholder engagement / Materiality assessment
GRI 3-2
List of material topics Stakeholder engagement / Materiality assessment
OUR CUSTOMERS
Fair treatment and satisfaction
of customers
GRI 3-3
Management of material topics Fair treatment and satisfaction of customers Information incomplete
Own KPI
No. of debt collection cases Fair treatment and satisfaction of customers
% of claims fully solved (debt-free) Fair treatment and satisfaction of customers
% of claims with partial payments Fair treatment and satisfaction of customers
No. of complaints received Fair treatment and satisfaction of customers
% of entities with internal quality
and auditing controls implemented
Fair treatment and satisfaction of customers
Quality and auditing controls conducted Fair treatment and satisfaction of customers
% of operations that carry out customer surveys Fair treatment and satisfaction of customers
Customer satisfaction score Fair treatment and satisfaction of customers
Cybersecurity and customer privacy
GRI 3-3
Management of material topics Cyber security and data privacy Information incomplete
GRI 418 418-1 Substantiated complaints concerning
breaches of customer privacy and losses
of customer data
Cyber security and data privacy
Standard General disclosures Reference Omission/comment
Appendix
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OUR EMPLOYEES
Employee wellbeing
GRI 3-3 Management of material topics Employee wellbeing
GRI 401 401-1 New employee hires and employee turnover Employee wellbeing Information incomplete
401-2 Benefits provided to full-time employees
that are not provided to temporary or part-time
employees
Employee wellbeing Information incomplete
Own KPI Share of entities with work-life balance measures in
place
Employee wellbeing
Employee survey participation rate Employee wellbeing
Employee engagement score Employee wellbeing
Professional sick leave Employee wellbeing
Training and development
GRI 3-3 Management of material topics Training and development
GRI 404 Training
and development
404-1 Average hours of training per employee Training and development Information incomplete
404-2 Programs for upgrading employee skills
and transition assistance programs
Training and development Information incomplete
404-3 Percentage of employees receiving regular
performance and career development reviews
Training and development
Standard General disclosures Reference Omission/comment
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Own KPI Business units with talent programmes in place Training and development
Employees receiving e-learning training Training and development
Percentage of employees who undertook
ESG Basic training
Training and development
OUR COMPANY
Anti-corruption and anti-bribery
GRI 3-3 Management of material topics Anti-corruption and anti-bribery
GRI 205 Anti-corruption Disclosure 205-1 Operations assessed
for risks related to corruption
Anti-corruption and anti-bribery
Disclosure 205-2 Communication and training
about anti-corruption policies and procedures
Anti-corruption and anti-bribery
Disclosure 205-3 Confirmed incidents of
corruption and actions taken
Anti-corruption and anti-bribery
Responsible acquisition of portfolios
and partnerships
GRI 3-3 Management of material topics Responsible acquistion of portfolio
and partnerships
Own KPI Portfolio acquisitions where sustainability
requirements have been applied
Responsible acquistion of portfolio
and partnerships
Standard General disclosures Reference Omission/comment
Appendix
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Contents 2 Governance
Membership
organisations
Organization Country
Asset Management and Collection Association of BiH Bosnia & Herzegovina
Association of credit Acquiring Companies Cyprus
Czech Republic Association of collection agencies Czech Republic
Danish Business Association Denmark
Danish Debt Collection Industry Association Denmark
Service industry employers' association Palta Finland
Finnish Association of Collection Agencies Finland
FIGEC France
MEDEF Mouvement des entreprises de France) France
National collective agreement Greece
Hungarian association of debt managaers and business information providers Hungary
The association of credit and collection professionals (ACA International) Latvia
Debt collectors' association of Latvia Latvia
Latvian Chamber of Commerce and Industry (LCCI) Latvia
Creditreform International Latvia
German-Baltic Chamber of Commerce Latvia
Norwegian Chamber of Commerce in Latvia Latvia
Association of Lithuanian Credit Management Companies Lithuania
The Lewiatan Confederation Poland
The Association of Financial Enterprises in Poland (ZPF) Poland
Asociación Española de Compliance Spain
Asociación Española de Empresas contra el Fraude Spain
Asociación Nacional Entidades Gestión Cobro Spain
Asociación Nacional Establecimientos Financieros de Crédito Spain
Club de Gestión de Riesgos de España Spain
Nova användarförening Sweden
Svenska kreditföreningen (The Swedish Credit Management Association) Sweden
Svensk Inkasso Medlemsservice (Swedish Debt Collection Association) Sweden
Appendix
