YEAR-END REPORT 2014

Fourth quarter 2014

Consolidated net revenues for the fourth quarter of 2014 amounted to SEK 1,370 M (1,231).
Operating earnings (EBIT) amounted to SEK 360 M (340). Operating earnings include revaluations of purchased debt portfolios amounting to SEK 7 M (7), and items affecting comparability amounting to a negative net of SEK 35 M (0). The operating margin excluding revaluations and items affecting comparability was 28 percent (27).
Net earnings for the quarter amounted to SEK 294 M (236) and earnings per share were SEK 3.85 (3.00).
Cash flow from operating activities amounted to SEK 784 M (664).
The carrying amount of purchased debt has increased by 15 percent compared with the fourth quarter 2013. Disbursements in the quarter for investments in purchased debt amounted to SEK 454 M (266).

Full-year 2014

Consolidated revenues during the 2014 full-year amounted to SEK 5,184 M (4,566).
Operating earnings (EBIT) amounted to SEK 1,430 M (1,207). Operating earnings include revaluations of purchased debt portfolios amounting to SEK 35 M (7), and items affecting comparability of net –SEK 35 M (0). The operating margin excluding revaluations and items affecting comparability was 28 percent (26).
Net earnings for the year amounted to SEK 1,041 M (819) and earnings per share totaled SEK 13.48 (10.30).
Cash flow from operating activities amounted to SEK 2,672 M (2,305).
The carrying amount of purchased debt has increased by 15 percent compared with the year-end 2013. Disbursements during the year for investments in purchased debt amounted to SEK 1,950 M (2,475).
The Board of Directors proposes a dividend of SEK 7.00 (5.75) per share, totaling SEK 517 M calculated on the number of shares outstanding as per December 31, 2014 (445).

FOURTH QUARTER

31%

Growth in earnings per share past 12 months

13%

Change in operating earnings (adj for currency effects, PD revaluations and items affecting comparability)

15%

Change in carrying amount of purchased debt

18%

Return on purchased debt

SEK 454 M

Investments in purchased debt

SEK 607 M

Cash flow from purchased debt

Intrum Justitia is disclosing the information herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 07.00 a.m. CET on January 29, 2015.

Oct-Dec	Oct-Dec	Change	Full Year	Full Year	Change %

					14
1,363	1,224	11	5,149	4,559	13

					18

					19
					27
3.85	3.00	28	13.48	10.30	31

					16
					15

					-21
607	598	2	2,455	2,218	11

	2014 1,370 360 26 306 294 784 6,197 18 454 1.88	2013 1,231 340 28 294 236 664 5,411 21 266 1.61	% 11 6 4 25 18 15 71	2014 5,184 1,430 28 1,247 1,041 2,672 6,197 20 1,950 1.88	2013 4,566 1,207 26 1,046 819 2,305 5,411 21 2,475 1.61

Comment by President and CEO Lars Wollung

Intrum Justitia's strong performance continued into the fourth quarter. Consolidated income rose by 8 percent and operating earnings increased by 13 percent compared with the yearearlier period, adjusted for currency effects, revaluations of purchased debt portfolios and items affecting comparability. It is mainly the Central Europe and Western Europe regions that are contributing to growth and the improvement in earnings. We are retaining a high level of profitability in Northern Europe, but the performance remains relatively unchanged compared with the year-earlier period. For our service lines, both Financial Services and Credit Management contributed to the improvement in earnings in the fourth quarter. Investments in purchased debt in the fourth quarter totaled SEK 454 M, which contributed to a healthy increase of 15 percent in the carrying amount of purchased debt since the end of 2013. Moreover, the fourth quarter has seen a solid return for purchased debt of 21 percent excluding items affecting comparability. The supply of purchased debt has been relatively good in several countries, but we have also seen persistently high price competition in a number of markets.

We can look back on a very positive financial development for the full-year 2014. In relation to our financial objectives, we are achieving an increase in earnings per share of 31 percent, which is well above our target of a minimum 10 percent increase, and a return on purchased debt of 20 percent, which exceeds our target of a return of at least 15 percent. For our third objective regarding debt (net debt in relation to operating earnings before depreciation and amortization), we report a ratio of 1.9, which is just short of our target of a minimum of 2.0.

Intrum Justitia is well positioned to achieve continued healthy growth during the coming years. We have an effective business model, with credit management services and financial services combining to provide mutual support. Our organization has a strong focus on constant improvements, with continual development and follow up of a vast number of change management projects in all countries. Over the next few years, we therefore see good opportunities for profitable growth, mainly through increased operational efficiency, growth within purchased debt, acquisitions within Credit Management and development of new services for financing before an invoice has fallen due.

Group

SEK M	Oct-Dec	Oct-Dec	Change	Full Year	Full Year	Change
unless otherwise indicated	2014	2013	%	2014	2013	%

Revenues	1,370	1,231	11	5,184	4,566	14
Operating earnings (EBIT)	360	340	6	1,430	1,207	18
Operating margin, %	26	28		28	26
Net financial items	-54	-46	17	-183	-161	14
Tax	-12	-58	-79	-206	-227	-9
Net income	294	236	25	1,041	819	27
Average number of	3,806	3,599	6	3,801	3,599	6
employees

Revenues and earnings

October-December 2014

In the fourth quarter, revenues rose by 11 percent, consisting of organic growth of 5 percent, acquisition effects of 3 percent and currency effects of 3 percent. Operating earnings improved by 6 percent over the quarter, and when adjusted for currency effects, revaluations of purchased debt portfolios and items affecting comparability, the increase was 13 percent. The improvement in operating earnings excluding revaluations, currency effects and items affecting comparability compared with the year-earlier period is attributable to the favorable growth in purchased debt, resulting from increased investment volumes in recent years and through increased volumes and improved margins within Credit Management. Of the Group's regions, Central Europe and Western Europe have been primarily responsible for the improvement in operating earnings, excluding revaluations, currency effects and items affecting comparability, while Northern Europe's performance was comparable to that of the year-earlier period.

Earnings for the quarter are affected by items affecting comparability amounting to a negative net of SEK 35 M in the region Northern Europe. This amount comprises an item of negative SEK 56 M provisions for a VAT dispute, a negative SEK 33 M for various other provisions and impairments relating to the Dutch subsidiary Buckaroo which was acquired in 2012, and in addition SEK +53 M relating to goodwill impairment and reversal of debt regarding an additional purchase consideration for that company (for more detailed information, see velow under the section "Goodwill"). The costs of the provision for a VAT dispute are attributable to a demand for an earlier year, where Intrum Justitia does not share the judgement made by the tax authority and therefore opposes the demand. Additional demands may however follow for subsequent years, and provisions have been made according to a risk weighted assessment.

Earnings per share for the quarter rose by 28 percent compared with the year-earlier period. In the fourth quarter, earnings per share were affected by repurchasing, which reduced the number of shares outstanding by 4.8 percent compared with the fourth quarter 2013.

A more detailed description of the Group's financial development is provided below.

January-December 2014

For the full-year, revenues rose by 14 percent, consisting of organic growth of 6 percent, acquisition effects of 3 percent, revaluations of purchased debt of 1 percent and currency effects of 4 percent. Operating earnings improved by 18 percent over the year – adjusted for currency effects and revaluations of purchased debt portfolios, the increase was 12 percent.

Earnings per share for the full-year rose by 31 percent compared with the previous year. Earnings per share during the year were affected by repurchasing, which reduced the average number of shares outstanding by 3.6 percent compared with the full-year 2013.

Net financial items

Net financial items for the quarter amounted to a negative SEK 54 M (46). Exchange rate differences have affected net financial items negatively by SEK 4 M (2), and other financial items by a negative SEK 8 M (8). Other financial items refer primarily to bank fees and similar charges in connection with the Group's borrowing.

Net financial items for the full-year amounted to a negative SEK 183 M (161). Exchange rate differences have affected net financial items by SEK 1 M (4), and other financial items by a negative SEK 31 M (29).

Taxes

Corporate income tax for the year was equivalent to 17 percent of full-year earnings before tax. The tax cost for the year has been reduced by SEK 18 M following the resolution of a tax dispute in Finland, which was decided in Intrum Justitia's favor. In addition, the nonrecurring goodwill impairment of a negative SEK 111 M is not deductible, while the reversal of debt relating to the additional purchase consideration for shares of SEK 164 M is taxexempt. When adjusted for these effects, the Group's tax cost for the year amounts to 19 percent of earnings before tax. Further information on ongoing tax disputes is provided in the section "Taxation assessments".

Cash flow and investments

SEK M	Oct-Dec	Oct-Dec	Change	Full Year	Full Year	Change
unless otherwise indicated	2014	2013	%	2014	2013	%
Cash flow from operating activities	784	664	18	2,672	2,305	16
Investments in Purchased debt	454	266	71	1,950	2,475	-21
Cash flow from Purchased debt	607	598	2	2,455	2,218	11

Cash flow from operating activities improved in the fourth quarter compared with the yearearlier period, chiefly as a result of higher operating earnings excluding depreciations and amortizations, and a positive change in working capital that is largely attributable to the costs for provisions relating to Buckaroo and to the VAT dispute not yet having an impact on cash. Cash flow from purchased debt for the fourth quarter amounts to SEK 607 M (598), defined as funds collected on purchased debt of SEK 902 M (820), with deductions for the service line's operating costs, primarily collection costs of SEK 295 M (222).

Financing

SEK M	Oct-Dec	Oct-Dec	Change
unless otherwise indicated	2014	2013	%
Net Debt	5,635	4,328	30
Net Debt/RTM EBITDA	1.88	1.61
Shareholders' equity	3,041	3,316	-8
Liquid assets	266	340	-22

The Group's net debt expressed as a multiple of operating earnings before depreciation and amortization totals 1.88, slightly less than the lower end of Intrum Justitia's financial target of 2-3 for this ratio. Compared with the year-earlier period, this relationship has increased, primarily owing to share repurchases and the acquisition of a Danish company in October 2014.

In the first quarter, Intrum Justitia repurchased 1,185,934 of its own shares for a total of SEK 219 M. In the second quarter it purchased an additional 760,924 shares for a total of SEK 150 M. In the third quarter it purchased a further 1,171,544 shares for a total of SEK 249 M and in the fourth quarter, an additional 1,580,942 shares for SEK 350 M. A total of 4,699,344 shares were repurchased during the year for a total of SEK 968 M. The average number of shares outstanding during the year was therefore 76,461,901. The average number of shares outstanding in the fourth quarter was 74,797,079. The shares that had been repurchased at the end of the first quarter were canceled following a decision at the annual general meeting. The 3,513,410 shares repurchased in the second, third and fourth quarters constitute treasury holdings. The number of outstanding shares at the end of the year, after deductions for treasury holdings, was 73,847,534.

Goodwill

Consolidated goodwill amounted to SEK 2,719 M as per December 31 2014, compared with SEK 2,542 M as per December 31, 2013. The increase since the end of 2013 was attributable to the acquisition in Denmark, SEK 150 M, impairments relating to Buckaroo totaling a negative SEK 111 M and translation differences of 138 M.

The original goodwill arising in connection with the acquisition of Buckaroo in January 2012 was based on anticipated future earnings according to estimates made at the time of acquisition. These anticipated future earnings are now deemed to be lower and an impairment of goodwill has therefore been carried out at an amount of SEK 111 M. At the time of acquisition, provision was also made for an additional purchase consideration based on anticipated earnings in 2013 and 2014. Buckaroo has not achieved the results on which the provision was based and the remaining provision has therefore been reversed, which generated a positive impact on full-year earnings for 2014 of SEK 164 M. Intrum Justitia is of the view that current goodwill and the total purchase price that has been paid in relation to anticipated future earnings are reasonable, and that Buckaroo is well placed to make a positive contribution to the Group's future development.

The impairment tests for goodwill that were performed before the year-end closing for the Group's three geographical regions revealed by a wide margin that there is no other goodwill impairment besides Buckaroo.

Regions

Effective from 2014, the composition of the Group's operating segments, the geographic regions, has changed. The change entails the operations in the Netherlands being included in the Northern Europe region rather than Western Europe. The comparison figures for 2013 have been recalculated in accordance with the new region structure. Recalculated figures for all four quarters in 2012 and 2013 have been published on the company's website.

Northern Europe

SEK M	Oct-Dec 2014	Oct-Dec 2013	Change %	Full Year 2014	Full Year 2013	Change %

Revenues	676	647	4	2,556	2,476	3
Operating earnings	167	208	-20	750	743	1
Revenues excluding	678	643	5	2,539	2,481	2
revaluations
Operating earnings excluding revaluations	169	204	-17	733	748	-2
Operating margin excluding revaluations, %	25	32		29	30

Revenues for the quarter rose by 4 percent compared with the year-earlier period, but adjusted for currency effects and revaluations of purchased debt, revenues increased by 2 percent. Operating earnings deteriorated by 20 percent including items affecting comparability, which had an adverse effect on earnings of SEK 35 M. Adjusted for currency effects, revaluations of purchased debt and items affecting comparability, earnings fell by 2 percent. Profitability in the region remains at a very healthy level, with a negative impact from lower investment volumes for purchased debt being largely offset by an improved performance within Credit Management and effective cost control. The previously announced acquisition of Advis A/S in Denmark was consolidated as of October 1, with integration costs of SEK 9 M during the fourth quarter.

SEK M	Oct-Dec 2014	Oct-Dec 2013	Change %	Full Year 2014	Full Year 2013	Change %

Revenues	391	312	25	1,433	1,088	32
Operating earnings	128	69	86	431	266	62
Revenues excluding revaluations	382	315	21	1,418	1,087	30
Operating earnings excluding revaluations	119	72	65	416	265	57
Operating margin excluding revaluations, %	31	23		29	24

Central Europe

Revenues for the quarter rose by 25 percent compared with the year-earlier period. Adjusted for currency effects and revaluations of purchased debt, the increase was 16 percent. Operating earnings improved by 69 percent. Adjusted for currency effects and revaluations of purchased debt, the increase was 59 percent. The region is displaying strong profitability and avery strong improvement in earnings compared with the year-earlier period, primarily owing to increased investments in purchased debt in 2013 and the acquisition of a Czech company

within purchased debt in February 2014. In the fourth quarter, improved margins for Credit Management and lower costs for legal collection activities also contributed to the positive earnings trend.

Western Europe

SEK M	Oct-Dec 2014	Oct-Dec 2013	Change %	Full Year 2014	Full Year 2013	Change %

Revenues	303	272	11	1,195	1,002	19
Operating earnings	65	63	3	249	198	26
Revenues excluding revaluations	303	266	14	1,192	991	20
Operating earnings excluding revaluations	65	57	14	246	187	32
Operating margin excluding revaluations, %	21	21		21	19

Revenues for the quarter rose by 11 percent compared with the year-earlier period. Adjusted for currency effects and revaluations of purchased debt, the increase was 9 percent. Operating earnings improved by 3 percent. Adjusted for currency effects and revaluations of purchased debt, the improvement was 9 percent. The improvement in operating earnings and profitability in the fourth quarter is largely attributable to a strong performance within Credit Management, via both organic growth and the positive effects of a French acquisition at the end of 2013. Investment volumes in purchased debt have seen a positive development during the fourth quarter and for the full-year 2014.

Service lines

Credit Management

SEK M	Oct-Dec	Oct-Dec	Change	Full Year	Full Year	Change
	2014	2013	%	2014	2013	%
Revenues Service line earnings Service line margin, %	1,019 246 24	927 219 24	10 12	3,844 912 24	3,469 823 24	11 11

Revenues for the quarter rose by 10 percent compared with the year-earlier period. Adjusted for currency effects the increase was 6 percent. Operating earnings improved by 12 percent including items affecting comparability, which had an adverse effect on earnings of SEK 24 M. Adjusted for currency effects and items affecting comparability, the improvement was 19 percent. Revenue growth in the fourth quarter, adjusted for currency effects, is attributable to increased volumes for the Group's own portfolios and to acquisitions, while growth from external customers remained relatively unchanged. The improved operating result excluding items affecting comparability is attributable to volume growth and improved margins.

Financial Services

SEK M	Oct-Dec 2014	Oct-Dec 2013	Change %	Full Year 2014	Full Year 2013	Change %

Revenues	570	495	15	2,173	1,791	21
Service line earnings	275	273	1	1,159	969	20
Service line margin, %	48	55		53	54
Return on Purchased debt, %	18	21		20	21
Investments in Purchased debt	454	266	71	1,950	2,475	-21
Carrying amount, Purchased debt	6,197	5,411	15	6,197	5,411	15

Revenues for the quarter rose by 15 percent compared with the year-earlier period. Adjusted for currency effects, the increase was 11 percent. Operating earnings rose by 1 percent including items affecting comparability, which had an adverse effect on earnings of SEK 38 M. Adjusted for currency effects and items affecting comparability, the improvement was 12 percent. Income is growing mainly as a consequence of greater investment in purchased debt in previous years, which has generated a 15-percent increase in the carrying amount of purchased debt. The return on purchased debt was 18 percent for the quarter and 21 percent excluding items affecting comparability, at a level comparable to that of the previous year. The level of investment in purchased debt was much higher than the year-earlier period, however the comparative period was relatively weak. Competition within purchased debt remains high in most markets.

For a description of Intrum Justitia's accounting principle for Purchased Debt, please see page 60 of the 2013 Annual Report.

Market outlook

Europe is characterized by considerable regional differences and there is substantial uncertainty regarding the macroeconomic situation in several countries. A significantly weakened macroeconomic situation in Europe, with increased unemployment, has a negative impact on Intrum Justitia.

Intrum Justitia believes that the Group's strategic focus is well suited to market trends, with a broadening of credit management services and a link to risk reduction and financing services based on strong, market-leading collection operations. Companies are experiencing a growing need to generate stronger and more predictable cash flow, as well as the need to create additional alternatives for the financing of working capital, for example by selling receivables. These are trends that, in the long term, will benefit Intrum Justitia.

Taxation assessments

Following a tax audit of the Group's Swedish Parent Company for the 2009 financial year, the Swedish National Tax Board decided in 2011 to impose a tax surcharge of SEK 19 M. The company lost an appeal to the Administrative Court of Appeal in February 2014. However, Intrum Justitia maintains that its tax returns contained no misstatements and that the conditions for a tax surcharge have therefore not been met. The company therefore appealed the ruling in May 2014 to have the case considered by the Supreme Administrative Court of Sweden.

During the year, a tax dispute in Finland was ruled on in Intrum Justitia's favor and the verdict became legally binding in the third quarter. The ruling means that the company received SEK 18 M back in tax and tax surcharges that had been previously paid and recognized as an expense in connection with a tax dispute relating to the financial years 1999- 2007.

Intrum Justitia's assessment is that the tax expense will, over the next few years, be 20-25 percent of earnings before tax for each year, excluding the outcome of any tax disputes.

Parent Company

The Group's publicly listed Parent Company, Intrum Justitia AB (publ), owns the subsidiaries, provides the Group's head office functions and handles certain Group-wide development work, services and marketing.

The Parent Company reported net revenues of SEK 92 M (90) for 2014 and earnings before tax of SEK 102 M (negative 22), including earnings from investments in subsidiaries of SEK 221 M (18). The Parent Company invested SEK 0 M (0) in fixed assets during the year and had, at the end of the year, SEK 12 M (6) in cash and equivalents. The average number of employees was 53 (46).

Accounting principles

This interim report has been prepared in accordance with the Annual Accounts Act and IAS 34 Interim Financial Reporting for the Group and in accordance with Chapter 9 of the Annual Accounts Act for the Parent Company. The same accounting principles and calculation methods have been applied as in the most recent Annual Report.

Acquisition of Profidebt sro

On January 31, 2014, Intrum Justitia agreed to acquire 100 percent of the shares in Czech company Profidebt sro for a cash purchase consideration of CZK 280 M, equivalent to SEK 90 M. The preliminary acquisition analysis is detailed in Intrum Justitia's Q1 interim report.

Acquisition of Advis A/S

At the beginning of October 2014, Intrum Justitia agreed to acquire 100 percent of the shares in Danish company Advis A/S for a cash purchase consideration of DKK 141 M, equivalent to SEK 174 M.

The preliminary acquisition analysis is detailed in the following table:

	amounts
	before	to fair value	recognized in
SEK M	acquisition		Group
Intangible fixed assets	24	2	26
Tangible fixed assets	1		1
Current assets	23	2	25
Liquid assets	3		3
Deferred tax	0	3	3
Other liabilities	-18	-16	-34
Net assets	33	-9	24
Consolidated goodwill			150
Purchase consideration paid			-174
Acquired liquid assets			3
Net effect on liquid assets			-171

Significant risks and uncertainties

The Group's and the Parent Company's risks include strategic risks related to economic developments and acquisitions as well as operational risks related to, among other things, possible errors and omissions as well as operations in different countries. Moreover, there are risks related to the regulatory environment and regulated operations, as well as financial risks such as market risk, financing risk, credit risk, risks inherent in purchased debt and guarantees in conjunction with the screening of charge card applications. The risks are described in more detail in the Board of Directors' report in Intrum Justitia's 2013 Annual Report. No significant risks are considered to have arisen besides those described in the annual report.

Dividend proposal

The Board of Directors of Intrum Justitia AB proposes that the Annual General Meeting distribute a dividend to the shareholders of SEK 7.00 (5.75) per share, corresponding to a total of SEK 517 M (445). The dividend amount is based on the number of outstanding shares as per December 31, 2014, and may be adjusted in the event of any repurchases up until the record date for the dividend.

Events after the end of the period

On January 28, the Board of Directors of Intrum Justitia AB resolved to continue with the company's repurchase program. The program runs up to and including 23 March, covering repurchases totaling a maximum of SEK 100 M. Through the program, Intrum Justitia returns further funds to shareholders and it is the assessment of the Board of Directors that this will give the company a more optimized capital structure. The intention of the program is to reduce Intrum Justitia's share capital by canceling the shares that are repurchased. In accordance with the authorization provided by the 2014 Annual General Meeting, a maximum corresponding to 10 percent of the company's shares may be repurchased during the period extending until the 2015 Annual General Meeting.

Alessandro Pappalardo has been appointed new Purchased Debt Director. Alessandro has worked within Intrum Justitia since 2013, currently as Deputy Purchased Debt Director. He has around ten years experience of investments in European loan portfolios at Goldman Sachs. Allessandro assumes his new role on 1 February 2015, succeeding Lars Wollung, the Group CEO, who has been acting Purchased Debt Director since April 2014.

Presentation of the year-end report

The interim report and presentation material are available at www.intrum.com/Investor relations. President & CEO Lars Wollung and Chief Financial Officer Erik Forsberg will comment on the report at a teleconference today, starting at 9:00 a.m. CET. The presentation can be followed at www.intrum.com and/or www.financialhearings.com. To participate by phone, call +46 (0)8 505 564 78 (SE) or +44 (0)20 336 453 72 (UK).

For further information, please contact

Lars Wollung, President & CEO Intrum Justitia AB (publ), tel: +46 (0)8 546 10 200 Erik Forsberg, Chief Financial Officer, tel: +46 (0)8 546 10 200

Financial calendar 2015

The interim report for January-March will be published April 22, 2015 The interim report for January-June will be published July 16, 2015 The interim report for January-October will be published October 21, 2015 The year-end report for January-December 2015 will be published January 28, 2016

The 2015 Annual General Meeting of Intrum Justitia will be held on Wednesday, April 22, 2015 at 3:00 p.m. CET at Operaterrassen, Karl XII:s Torg, Stockholm, Sweden.

The interim report and other financial information are available at Intrum Justitia's website: www.intrum.com

Denna delårsrapport finns även på svenska.

Stockholm, January 29, 2015

Lars Wollung President and CEO

About the Intrum Justitia Group

Intrum Justitia is Europe's leading Credit Management Services (CMS) group, offering comprehensive credit management services, including Purchased Debt, designed to measurably improve clients' cash flows and long-term profitability. Founded in 1923, Intrum Justitia has some 3,800 employees in 20 markets. Consolidated revenues amounted to SEK 5.2 billion in 2014. Intrum Justitia AB has been listed on the NASDAQ OMX Stockholm exchange since 2002. For further information, please visit www.intrum.com.

SEK M	Oct-Dec 2014	Oct-Dec 2013	Full Year 2014	Full Year 2013

Revenues	1,370	1,231	5,184	4,566
Cost of sales	-810	-710	-2,963	-2,663
Gross earnings	560	521	2,221	1,903
Sales and marketing expenses	-73	-58	-262	-211
Administrative expenses	-180	-122	-585	-484
Impairment write-down of	-111	0	-111	0
goodwill
Release of liability for deferred	164	0	164	0
payment regarding shares in
subsidiaries
Participation in associated	0	-1	3	-1
companies and joint ventures
Operating earnings (EBIT)	360	340	1,430	1,207
Net financial items	-54	-46	-183	-161
Earnings before tax	306	294	1,247	1,046

Tax	-12	-58	-206	-227
Net income for the period	294	236	1,041	819
Of which attributable to:
Parent company's shareholders	288	236	1,031	817
Non-controlling interest	6	0	10	2
Net earnings for the period	294	236	1,041	819
Earnings per share before and after dilution	3.85	3.00	13.48	10.30

Intrum Justitia Group – Consolidated Income Statement

Intrum Justitia Group - Statement of Comprehensive Income

SEK M	Oct-Dec 2014	Oct-Dec 2013	Full Year 2014	Full Year 2013
Net income for the period Other comprehensive income, items that will be reclassified to profit and loss:	294	236	1,041	819
Currency translation difference	83	42	122	30
Other comprehensive income, items that will not be reclassified to profit and loss: Remeasurement of pension	-22	3	-22	3
liability Comprehensive income for	355	281	1,141	852
the period
Of which attributable to:
Parent company's shareholders	346	280	1,126	850
Non-controlling interest	9	1	15	2
Comprehensive income for the period	355	281	1,141	852

Intrum Justitia Group – Consolidated Balance Sheet

SEK M	31 Dec 2014	31 Dec 2013
ASSETS
Intangible fixed assets
Goodwill	2,719	2,542
Capitalized expenditure for IT	244	237
development and other intangibles
Client relationships Total intangible fixed assets	23 2,986	42 2,821

Tangible fixed assets	127	105
Other fixed assets
Purchased debt	6,197	5,411
Deferred tax assets	35	69
Other long-term receivables Total other fixed assets	17 6,249	6 5,486
Total fixed assets	9,362	8,412
Current Assets
Accounts receivable	307	302
Client funds	568	525
Tax assets	48	25
Other receivables	633	452
Prepaid expenses and accrued income	157	166
Cash and cash equivalents	266	340
Total current assets	1,979	1,810

TOTAL ASSETS	11,341	10,222
SHAREHOLDERS' EQUITY AND LIABILITIES
Attributable to parent company's	2,948	3,235
shareholders
Attributable to non-controlling interest	93	81
Total shareholders' equity	3,041	3,316
Long-term liabilities
Liabilities to credit institutions	1,727	1,847
Medium term note	3,231	2,056
Other long-term liabilities	4	170
Provisions for pensions	133	102
Other long-term provisions	3	3
Deferred tax liabilities Total long-term liabilities	390 5,488	383 4,561
Current liabilities
Liabilities to credit institutions	85	51
Commercial paper	728	598
Client funds payable	568	525
Accounts payable	159	145
Income tax liabilities	142	78
Advances from clients	16	18
Other current liabilities Accrued expenses and prepaid	325 789	300 630
income
Total current liabilities	2,812	2,345
TOTAL SHAREHOLDERS'	11,341	10,222
EQUITY AND LIABILITIES

Fair value of financial instruments

The majority of the Group's financial assets and liabilities (purchased debt, accounts receivable, other receivables, liquid assets, liabilities to credit institutions, bond loans, commercial papers, accounts payable and other receivables) are valued in the financial statements at amortized cost. For these financial instruments, the carrying amount is deemed to be the best estimate of the fair value. The Group also has financial assets and liabilities in the form of forward exchange contracts, which are measured at fair value via profit/loss in the financial statements. The amounts were not significant.

Intrum Justitia Group – Consolidated Statement of Changes in Shareholders' Equity

SEK M		2014			2013
	Attributable to Parent Company's shareholders	Non-controlling interest	Total	Attributable to Parent Company's shareholders	Non-controlling interest	Total
Opening Balance, January 1	3,235	81	3,316	2,984	2	2,986
Dividend Acquired non-controlling interest	-445	-3	-448 0	-399	77	-399 77
Repurchase of shares Comprehensive income for the period	-968 1,126	15	-968 1,141	-200 850	2	-200 852
Closing Balance, December 31	2,948	93	3,041	3,235	81	3,316

Intrum Justitia Group – Quarterly Overview

	Quarter 4 2014	Quarter 3 2014	Quarter 2 2014	Quarter 1 2014	Quarter 4 2013
Revenues, SEK M Revenue growth, %	1,370 11	1,309 15	1,301 13	1,204 15	1,231 17
Operating earnings (EBIT), MSEK Operating earnings excluding revaluations, MSEK	360 353	415 400	372 349	283 293	340 333
Operating margin excluding revaluations, %	26	31	27	24	27
EBITDA, MSEK	771	794	750	681	721

Intrum Justitia Group – Cash Flow Statement

SEK M	Oct-Dec 2014	Oct-Dec 2013	Full Year 2014	Full Year 2013

Operating activities
Operating earnings (EBIT)	360	340	1,430	1,207
Depreciation/amortization and	52	40	170	157
impairment write-down
Amortization/revaluation of	359	341	1,395	1,320
Purchased debt Adjustment for items not included	-48	2	-45	6
in cash flow
Interest received	3	6	13	17
Interest paid and other financial	-43	-38	-175	-162
expenses
Income tax paid	-27	-26	-138	-111
Cash flow from operating	656	665	2,650	2,434
activities before changes in working capital


Changes in factoring receivables	-18	2	-38	-89
Other changes in working capital	146	-3	60	-40
Cash flow from operating	784	664	2,672	2,305
activities
Investing activities
Purchases of tangible and	-43	-37	-142	-121
intangible fixed assets
Investments in Purchased debt	-454	-266	-1,950	-2,475
Purchases of shares in	-174	0	-148	2
subsidiaries and other companies
Other cash flow from investing activities	-1	0	-10	16
Cash flow from investing	-672	-303	-2,250	-2,578
activities

Financing activities
Borrowings and repayment of	244	-266	915	860
Repurchase of shares	-350	0	-968	-200
Share dividend to Parent	0	0	-445	-399
Company's shareholders Share dividend to non-controlling	0	0	-3	0
interest Cash flow from financing	-106	-266	-501	261
activities

Change in liquid assets	6	95	-79	-12
Opening balance of liquid assets	259	238	340	348
Exchange rate differences in liquid	1	7	5	4
assets Closing balance of liquid assets	266	340	266	340

Intrum Justitia Group – Five-Year Overview

	2014	2013	2012	2011	2010
	Oct-Dec	Oct-Dec	Oct-Dec	Oct-Dec	Oct-Dec
Revenues, SEK M	1,370	1,231	1,054	1,043	965
Revenue growth, %	11	17	1	8	-8
Operating earnings (EBIT), SEK M Operating earnings (EBIT) excl revaluations, SEK M	360 353	340 333	230 278	228 234	182 176
Operating margin excl revaluations, %	26	27	25	22	18
EBITDA, SEK M	771	721	631	527	425
Earnings before tax, SEK M	306	294	185	194	161
Net income, SEK M	294	236	176	163	121
Net Debt, SEK M	5,635	4,328	3,261	2,692	2,193
Net Debt/EBITDA RTM	1.88	1.61	1.49	1.40	1.29
Earnings per share, SEK	3.85	3.00	2.19	2.04	1.52
EPS growth, %	28	37	7	34	-13
Average number of shares, '000	74,797	78,547	79,745	79,745	79,745
Number of shares outstanding at end	73,848	78,547	79,745	79,745	79,745
of period, '000 Return on Purchased debt, % Investments in Purchased debt, SEK M	18 454	21 266	18 753	20 498	20 417
Average number of employees	3,806	3,599	3,391	3,314	3,039
	2014	2013	2012	2011	2010
	Full Year	Full Year	Full Year	Full Year	Full Year
Revenues, SEK M	5,184	4,566	4,048	3,950	3,766
Revenue growth, %	14	13	2	5	-9
Operating earnings (EBIT), SEK M Operating earnings (EBIT) excl revaluations, SEK M	1,430 1,395	1,207 1,200	879 958	868 849	731 727
Operating margin excl revaluations, %	27	26	23	22	19
EBITDA, SEK M	2,996	2,684	2,199	1,929	1,702
Earnings before tax, SEK M	1,247	1,046	729	753	639
Net income, SEK M	1,041	819	584	553	452
Net Debt, SEK M	5,635	4,328	3,261	2,692	2,193
Net Debt/EBITDA RTM	1.88	1.61	1.49	1.40	1.29
Earnings per share, SEK	13.48	10.30	7.32	6.91	5.67
EPS growth, %	31	41	6	22	3
Dividend/proposed dividend per share, SEK	7.00	5.75	5.00	4.50	4.10
Average number of shares, '000 Number of shares outstanding at end of period, '000	76,462 73,848	79,306 78,547	79,745 79,745	79,745 79,745	79,745 79,745
Return on Purchased debt, %	20	21	17	21	18
Investments in Purchased debt, SEK M	1,950	2,475	2,014	1,804	1,050
Average number of employees	3,801	3,532	3,475	3,331	3,099

Comparative figure for 2012 above are restated in accordance with IFRS 11 and IAS19R. Earlier years have not been restated.

Operating Segments

Regions – Revenues from external clients

SEK M	Oct-Dec 2014	Oct-Dec 2013	Change %	Full Year 2014	Full Year 2013	Change %
Northern Europe	676	647	4	2,556	2,476	3
Central Europe	391	312	25	1,433	1,088	32
Western Europe	303	272	11	1,195	1,002	19
Total revenues from external clients	1,370	1,231	11	5,184	4,566	14

Regions – Intercompany revenues

SEK M	Oct-Dec	Oct-Dec	Change	Full Year	Full Year	Change
	2014	2013	%	2014	2013	%
Northern Europe	72	70	3	265	233	14
Central Europe	70	67	4	261	244	7
Western Europe	33	25	32	122	94	30
Eliminations	-175	-162	8	-648	-571	13
Total intercompany revenues	0	0		0	0

Regions – Revaluations of purchased debt

SEK M	Oct-Dec 2014	Oct-Dec 2013	Full Year 2014	Full Year 2013
Northern Europe Central Europe Western Europe	-2 9 0	4 -3 6	17 15 3	-5 1 11
Total revaluation	7	7	35	7

Regions – Revenues excluding revaluations

SEK M	Oct-Dec 2014	Oct-Dec 2013	Change %	Full Year 2014	Full Year 2013	Change %

Northern Europe	678	643	5	2,539	2,481	2
Central Europe	382	315	21	1,418	1,087	30
Western Europe	303	266	14	1,192	991	20
Total revenues excluding	1,363	1,224	11	5,149	4,559	13
revaluations

Regions – Amortization related to acquisitions

SEK M	Oct-Dec 2014	Oct-Dec 2013	Full Year 2014	Full Year 2013
Northern Europe Central Europe Western Europe	-2 0 -1	-2 0 -3	-8 0 -4	-7 0 -12
Total amortization and impairment	-3	-5	-12	-19

Regions – Operating earnings (EBIT)

SEK M	Oct-Dec	Oct-Dec	Change	Full Year	Full Year	Change
	2014	2013	%	2014	2013	%

Northern Europe	167	208	-20	750	743	1
Central Europe	128	69	86	431	266	62
Western Europe	65	63	3	249	198	26
Total operating earnings	360	340	6	1,430	1,207	18
(EBIT) Net financial items	-54	-46	17	-183	-161	14
Earnings before tax	306	294	4	1,247	1,046	19

Regions – Operating earnings excluding revaluations

SEK M	Oct-Dec	Oct-Dec	Change	Full Year	Full Year	Change
	2014	2013	%	2014	2013	%
Northern Europe	169	204	-17	733	748	-2
Central Europe	119	72	65	416	265	57
Western Europe	65	57	14	246	187	32
Total operating earnings excluding revaluations	353	333	6	1,395	1,200	16

Regions – Operating margin excluding revaluations

%	Oct-Dec 2014	Oct-Dec 2013	Full Year 2014	Full Year 2013
Northern Europe Central Europe Western Europe	25 31 21	32 23 21	29 29 21	30 24 19
Operating margin for the Group	26	27	27	26

Service lines – Revenues

SEK M	Oct-Dec 2014	Oct-Dec 2013	Change %	Full Year 2014	Full Year 2013	Change %
Credit Management Financial Services Elimination of inter-service line revenue	1,019 570 -219	927 495 -191	10 15 15	3,844 2,173 -833	3,469 1,791 -694	11 21 20
Total revenues	1,370	1,231	11	5,184	4,566	14

Revenues by type

SEK M	Oct-Dec 2014	Oct-Dec 2013	Change %	Full Year 2014	Full Year 2013	Change %

External Credit Management	800	736	9	3,011	2,775	9
revenues Collections on Purchased debt	902	820	10	3,469	3,040	14
Amortization of Purchased debt	-366	-348	5	-1,430	-1,327	8
Revaluation of Purchased debt	7	7	-	35	7	-
Other revenues from Financial	27	16	69	99	71	39
Services
Total revenues	1,370	1,231	11	5,184	4,566	14

Service lines – Service line earnings

SEK M	Oct-Dec	Oct-Dec	Change	Full Year	Full Year	Change
	2014	2013	%	2014	2013	%
Credit Management	246	219	12	912	823	11
Financial Services	275	273	1	1,159	969	20
Common costs	-161	-152	6	-641	-585	10
Total operating earnings	360	340	6	1,430	1,207	18

Service lines – Service line margin

%	Oct-Dec 2014	Oct-Dec 2013	Full Year 2014	Full Year 2013
Credit Management Financial Services	24 48	24 55	24 53	24 54
Operating margin for the Group	26	28	28	26

Intrum Justitia AB (parent company) – Income Statement

SEK M	Full Year	Full Year
	2014	2013

Revenues	92	90
Gross earnings	92	90

Sales and marketing expenses	-22	-16
Administrative expenses	-130	-142
Operating earnings (EBIT)	-60	-68

Income from subsidiaries	221	18
Net financial items	-59	-40
Earnings before tax	102	-90

Tax	-19	0
Net earnings for the period	83	-90

Intrum Justitia AB (parent company) – Statement of Comprehensive Income

SEK M	Full Year 2014	Full Year 2013
Net earnings for the period	83	-90
Other comprehensive income:	-237	-154
Change of translation reserve (fair
value reserve)
Total comprehensive income	-154	-244

Intrum Justitia AB (parent company) – Balance Sheet

SEK M	31 Dec 2014	31 Dec 2013

ASSETS
Fixed assets
Financial fixed assets	7,585	7,409
Total fixed assets	7,585	7,409
Current assets
Current receivables	3,570	3,424
Cash and bank balances	12	6
Total current assets	3,582	3,430
TOTAL ASSETS	11,167	10,839

SHAREHOLDERS' EQUITY AND

LIABILITIES Restricted equity	284	284
Unrestricted equity	1,445	3,012
Total shareholders' equity	1,729	3,296
Long-term liabilities	6,668	5,524
Current liabilities	2,770	2,019
TOTAL SHAREHOLDERS*	11,167	10,839
EQUITY AND LIABILITIES
Pledged assets	None	None
Contingent liabilities	None	None

Share price trend

Intrum Justitia Group - Ownership Structure

	No of
31 December 2014		shares Capital and
		Votes, %
Fidelity Investment Management	7,599,534	10.3
SEB Funds	4,582,764	6.2
Bank of Norway Investment Management	2,812,011	3.8
State of New Jersey Pension Fund	2,500,000	3.4
Lannebo Funds	2,260,000	3.1
AMF Insurance and Funds	1,931,547	2.6
Carnegie Funds	1,828,929	2.5
Swedbank Robur Funds	1,706,778	2.3
Skandia Life Insurance Company	1,675,051	2.3
SHB Funds	1,600,663	2.2
Odin Funds	1,536,532	2.1
Standard Life Investment Funds	1,154,061	1.6
Enter Funds	1,034,700	1.4
College Retirement Equities Fund	951,259	1.3
Threadneedle Investment Funds	833,242	1.1
Total, fifteen largest shareholders	34,007,071	46.1

Total number of shares: 73,847,534

Treasury shares, 3,531,410 shares are not included in the total number of

Swedish ownership accounted for 39.1 percent (institutions 13.2 percentage mutual funds 20.2 percentage points, retail 5.7 percentage points) Source: SIS Aktieägarservice

Definitions

Increases in revenues, operating earnings and earnings before tax refer to the percentage increase in each income statement item year-over-year.

Organic growth refers to the average increase in revenues in local currency, adjusted for revaluations of purchased debt portfolios and the effects of acquisitions and divestments of Group companies.

Consolidated revenues include variable collection commissions, fixed collection fees, debtor fees, guarantee commissions, subscription revenue and income from purchased debt operations. Income from purchased debt consists of collected amounts less amortization, i.e., the decrease in the portfolios' book value for the period.

Operating margin is operating earnings as a percentage of revenues.

Return on purchased debt is the service line earnings for the period, excluding the Group's new services such as factoring and payment guarantees, recalculated on a full-year basis, as a percentage of the average carrying amount of the balance-sheet item 'purchased debt'.

Cash flow from purchased debt consists of funds collected on purchased debt with deductions for the service line's overheads, primarily collection costs.

Net debt is interest-bearing liabilities and pension provisions less liquid assets and interestbearing receivables.

Earnings before depreciation and amortization (EBITDA) are operating earnings after depreciation on fixed assets as well as amortization and revaluations of purchased debt are added back.

The abbreviation 'RTM' refers to figures on a rolling 12-month basis.

Service line earnings are that part of operating earnings that can be attributed to the service lines, i.e. excluding shared costs for marketing and administration.

Region Northern Europe comprises the Group's activities for external clients and debtors in Denmark, Estonia, Finland, the Netherlands, Norway, Poland, Russia and Sweden.

Region Central Europe comprises the Group's activities for external clients and debtors in Austria, the Czech Republic, Germany, Hungary, Slovakia and Switzerland.

Region Western Europe comprises the Group's activities for external clients and debtors in Belgium, France, Ireland, Italy, Portugal, Spain and the United Kingdom.