Intrum — Interim / Quarterly Report 2011

Jul 18, 2011

• Consolidated net revenues for the second quarter of 2011 amounted to SEK 977.5 M (922.5). Adjusted for currency effects, revenues rose by 10.1 percent, of which organic growth amounted to 2.7 percent (–1.2).
• Operating earnings (EBIT) amounted to SEK 210.6 M (180.6). Adjusted for currency effects, this corresponds to an increase in operating earnings of 22.2 percent. The operating earnings include revaluations of purchased debt portfolios amounting to SEK 15.9 M (1.0).
• The operating margin was 21.5 percent (19.6).
• Net earnings for the quarter amounted to SEK 110.7 M (85.3) and earnings per share were SEK 1.39 (1.07).
• Disbursements for investments in purchased debt amounted to SEK 276.4 M (198.3), an increase of 39.4 percent.
• Cash flow from operating activities remains strong, amounting to SEK 326.5 M (365.8).

SEK M unless otherwise indicated	A pril-June 2011	April-June 2010	Jan-June 2011	Jan-June 2010
Revenues	977.5	922.5	1,909.3	1,877.7
Revenues exkluding revaluations	961.6	921.5	1,887.6	1,879.1
Organic growth, %	2.7	-1.2	0.7	1.0
Operating earnings (EBIT)	210.6	180.6	376.3	337.6
Operating margin, %	21.5	19.6	19.7	18.0
Earnings before tax	186.6	150.9	331.7	284.7
Net earnings	110.7	85.3	219.5	185.7
Cash flow from operating activities	339.2	365.8	662.0	692.8
Earnings per share after dilution, SEK	1.39	1.07	2.74	2.33
Current collection cases, millions	20.2	17.1	20.2	17.1
Return on purchased debt, %	22.7	19.4	21.0	17.3

*Adjusted for currency effects.

Intrum Justitia is disclosing the information herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was released for publication on Monday, July 18, 2011 at 7:00 a.m.

organic growth

change in operating earnings*

operating earnings

operating margin

earnings before tax

earnings per share

return on purchased debt

net debt/equity

Intrum Justitia continues to develop well in 2011. Operating earnings for the second quarter rose by 22 percent adjusted for currency effects.

Our Credit Management operations have a stable development and the measures taken in recent years to improve efficiency in operations and increase sales activities have produced the desired results. The integration of recently and previously acquired operations is also progressing according to plan. The operations acquired from Aktiv Kapital are contributing positively to operating earnings. Currency-adjusted operating earnings rose by 9 percent in the second quarter and the margin strengthened to 13 percent. The increased level of investment in Purchased debt and the effects of recently signed contracts with major customers are contributing to the improvement in earnings. Our operational excellence program is developing well, paving the way for further earnings improvement in the future.

Intrum Justitia's service line Purchased Debt has developed well over both the first and second quarters. In the second quarter, the level of investment rose by 39 percent to SEK 276 M compared with the year-earlier period. Over the past twelve months, investments have amounted to about SEK 1.3 billion. Adjusted for currency effects, operating earnings rose by 47 percent and return for the quarter amounted to 22.7 percent. Activity with regard to small and medium-sized portfolios remains good and demand for integrated services that include what are known as forwardflow contracts is increasing. We are now also seeing increasing activity with regard to large portfolios. The agreement we signed at the end of June regarding a large bank portfolio in Germany serves as good indication of this.

In the Northern Europe region currency-adjusted operating earnings rose by 44 percent and the margin strengthened to about 25 percent in the second quarter, excluding revaluations. Several new customer contracts were signed during the quarter. A continued favorable level of investment in purchased debt also contributed to the improved margin.

In the Central Europe region, we see a continued weakening in operating earnings. Currencyadjusted operating earnings fell by 29 percent and the margin was 14 percent. Declining volumes in Germany as a consequence of the investment levels in portfolios of receivables being too low affected earnings negatively. At the end of June, Intrum Justitia signed an agreement to acquire a large bank portfolio from Commerzbank with a nominal value of EUR 300 M. The acquisition will provide positive effects as of the third quarter. The positive trend in Hungary, Slovakia and the Czech Republic, with increased operating earnings, continued also in the second quarter.

In the Western Europe region, currency-adjusted operating earnings rose by 6 percent and the margin strengthened to 19 percent. We are performing well in the region despite a challenging macroeconomic climate. Efforts to enhance efficiency and productivity mean that we are highly competitive – even in countries with a poorer macroeconomic outlook. In the Netherlands, our measures to adjust our cost base and strengthen the sales organization have given the desired effects and we have improved our earnings both sequentially and compared with the year-earlier period.

All indicators suggest that demand for services combining traditional credit management with purchased debt will continue to increase. As a market leader, with an integrated range of services in these areas, Intrum Justitia benefits by this trend. We see good opportunities to continue expanding our service offering, particularly early in the payment chain, in areas such as credit decision solutions and payment solutions. Our extensive program of measures to enhance earnings in the Credit Management service line continues and is expected to generate beneficial effects over the coming years.

Consolidated revenues during the quarter amounted to SEK 977.5 M (922.5). The net increase in revenue of 6.0 percent includes organic growth of 2.7 percentage points, currency effects of −4.1 percentage points, effects from the revaluation of purchased debt of 1.6 percentage points, an acquisition effect of 5.8 percent. Operating earnings amounted to SEK 210.6 M (180.6).

Consolidated revenues for the period amounted to SEK 1,909.3 M (1,877.7). The net increase in revenue of 1.6 percent includes organic growth of 0.7 percentage points, currency effects of −5.9 percentage points, effects from the revaluation of purchased debt of 1.2 percentage points, acquisition effects of 5.6 percentage points. Operating earnings amounted to SEK 376.3 M (337.6). Revenues and operating earnings include net purchased debt revaluations of SEK 21.7 M (−1.4).

Revenues and operating earnings include net purchased debt revaluations of SEK 15.9 M (1.0). Operating earnings for the quarter were burdened with integration costs of SEK 5.0 M for the acquisitions made in the fourth quarter of 2010.

Earnings before tax for the quarter increased to SEK 186.6 M (150.9) and net earnings were SEK 110.7 M (85.3).

Charged against the quarter's operating earnings were a loss of SEK 8.7 M on the divestment of the Group's 33 percent holding in Icelandic associated company Motus ehf (formerly Intrum á Íslandi ehf) and integration costs of SEK 12.8 M for the acquisitions made in the fourth quarter of 2010.

Earnings before tax for the half year increased to SEK 331.7 M (284.7) and net earnings were SEK 219.5 M (185.7).

At the end of June, we announced the signing of an agreement with Commerzbank to acquire a purchased debt portfolio. The portfolio consists of non-performing bank loans and the facevalue of the portfolio amounts to approximately EUR 300 M. Intrum Justitia will take over the existing premises in Hannover and will take on some 40 former Commerzbank employees. The expected date on which Intrum Justitia will assume responsibility for the portfolio is September 15, 2011, with the cut-off date being January 1, 2011.

In the second quarter it was announced that Erik Forsberg has been recruited as CFO. Erik Forsberg is currently holding a position as CFO at PR software company Cision. The current CFO, Bengt Lejdström, will remain in his current role as CFO until sometime during the fourth quarter 2011, when Erik Forsberg takes on his new position.

Since the fourth quarter of 2010, revenues and earnings are reported divided between the three new geographical markets introduced on October 1, 2010.

earnings The region consists of Denmark, Estonia, Finland, Latvia, Lithuania, Norway, Poland, Russia and Sweden.

Regional revenues excluding purchased debt revaluations amounted to SEK 428.2 M (353.8) during the quarter. In local currencies, revenues rose by 26.0 percent. Operating earnings excluding revaluations amounted to SEK 105.0 M (75.6), corresponding to a margin of 24.5 percent (21.4). In local currencies, operating earnings improved by 44.1 percent.

The region's earnings for the quarter were burdened with integration costs of SEK 5.0 M attributable to acquisitions implemented previously. The integration of the acquired companies is progressing according to plan.

The positive trend in the region is a consequence of the companies acquired in the end of 2010 developing well as well as a continued high level of investment in purchased debt and increased productivity and efficiency in Credit Management operations. Investments have more than doubled compared with the year-earlier period.

earnings The region consists of Switzerland, Slovakia, the Czech Republic, Germany, Hungary and Austria.

Regional revenues excluding purchased debt revaluations amounted to SEK 208.4 M (228.4) during the quarter. In local currencies, revenues fell by 8.1 percent. Operating earnings excluding revaluations amounted to SEK 29.7 M (42.7), corresponding to a margin of 14.3 percent (18.7). In local currencies, operating earnings weakened by 28.6 percent.

The region is affected by weak development in Germany where the level of investment in new purchased debt portfolios has been too low for an extended period. However, at the end of June, a large purchased debt portfolio was acquired from Commerzbank, improving the future outlook.

In Hungary, the Czech Republic and Slovakia, the trend is favorable with high levels of activity in both Financial Services and Credit Management.

Share of revenues

22% 15%

Share of

Share of

earnings The region consists of Belgium, France, Ireland, Italy, the Netherlands, Portugal, Spain and the UK.

Regional revenues excluding purchased debt revaluations amounted to SEK 325.0 M (339.3) during the quarter. In local currencies, revenues rose by 2.6 percent. Operating earnings excluding revaluations amounted to SEK 60.6 M (61.1), corresponding to a margin of 18.6 percent (18.0). In local currencies, operating earnings improved by 6.0 percent.

The positive trend in the region has continued, with operating earnings increasing in the second quarter thanks to strong development in purchased debt portfolios and good cost control in the Credit Management service line. Efforts to reduce the cost base and increase sales activities in the Netherlands have generated results, with operating earnings contributing positively to the region in the second quarter.

The macroeconomic situation in countries such as Spain, Portugal, Italy and Ireland remains exposed, although Intrum Justitia's work to enhance efficiency and productivity is increasing its competitiveness and ability to make profits.

Operating earnings for the service line amounted to SEK 812.1 M (814.8). Adjusted for currency effects, revenues rose by 4.1 percent. Operating earnings amounted to SEK 104.1 M (99.5), corresponding to an operating margin of 12.8 percent (12.2).

Adjusted for currency effects, operating earnings rose by 9.0 percent. Development in the service line was good during the quarter with rising revenues and operating earnings. The operational excellence program is developing well, generating favorable conditions for continued growth.

Operating earnings for the service line amounted to SEK 279.2 M (201.9). Operating earnings amounted to SEK 146.2 M (104.7), corresponding to an operating margin of 52.4 percent (51.9).

Disbursements for investments in purchased debt amounted to SEK 276.4 M (198.3) during the quarter. The return on purchased debt was 22.7 percent (19.4) for the quarter. At the end of the quarter, the Group's purchased debt portfolios had a carrying value of SEK 2,645.8 M, compared with SEK 2,373.4 M at the end of 2010.

The level of activity in the purchasing of debt portfolios remained very good with increased investment in small and medium-sized portfolios. In addition, a major bank portfolio was acquired at the end of the period. In Northern Europe development in purchased debt was very strong, particularly in June.

In accordance with IFRS, Intrum Justitia applies an accounting model (the effective interest method) where the carrying amount of each debt portfolio, and thus quarterly earnings, is based on discounted future cash flows updated quarterly.

Third quarter operating earnings were charged with depreciation/amortization of SEK 42.6 M (43.0). Operating earnings before depreciation/amortization therefore amounted to SEK 253.2 M (223.6). The value of

Quarterly net financial items amounted to SEK −24.0 M (−29.7), including exchange rate differences of SEK −2.5 M (−5.8).

The discount rate varies by portfolio based on the estimated effective interest rate at the time of acquisition. If estimated future cash flows change, the effective interest rate can be adjusted within the range 8-25 percent. In this way, the carrying amount is not affected by changes in cash flow projections as long as the effective interest rate falls within the stipulated range.

A portfolio is never carried at higher than cost. In other words, the portfolios are not marked to market. During the quarter the carrying amount of purchased debt was adjusted by a net of SEK 15.9 M (1.0) due to changes in estimates of future cash flows. For a specification by region, see page 17. Adjustments are reported as part of quarterly amortization, as a result of which revenues and operating earnings are affected equally. This is because purchased debt revenues are reported as the net of the collected amount less amortization.

client relations carried in the Balance Sheet and attributable to revaluations to fair value in connection with acquisitions amounted to SEK 138.6 M (64.5). These were amortized by SEK 4.1 M (3.9) during the quarter.

The average interest rate for the quarter amounted to SEK 2.5 M (2.8).

In the interim figures, consolidated earnings before tax were burdened by a tax expense corresponding to 25 percent of earnings before tax and, in addition, SEK 29.3 M attributable to the Group's earlier tax dispute in Finland.

The Group's Finnish company incurred an additional tax expense of SEK 41.8 M in 2010 through the conclusion to the company's detriment of a tax dispute regarding the years 1999-2002. During the second quarter of 2011, the Finnish tax authorities also decided to reassess the years 2003 to 2007, with the result that an additional SEK 29.3 M in taxes were debited and expensed to be prudent. The company has appealed on the grounds of the reassessment being erroneous in nature and the deadline for reassessment having been passed. The interest expense for which the company's deduction has been disallowed ceased after 2007, so no additional tax for 2008 or later years can arise.

As a whole, the determination for 2011 and beyond continues to be that the tax expense will be around 25 percent of earnings before tax excluding tax adjustments attributable to tax disputes and similar non-recurring items.

Cash flow from operating activities improved over the half-year to SEK 649.2 M (692.8). Cash flow from operating activities includes a reversal of the quarter's amortization of purchased debt.

Net debt as of June 30, 2011 amounted to SEK 2,578.0 M, compared with SEK 2,193.3 M on December 31, 2010. Shareholders' equity, including non-controlling interest, amounted to SEK 2,534.4 M, compared with SEK 2,576.6 M at the end of 2010. As of June 30, 2011 the Group had liquid assets of SEK 355.8 M, compared with SEK 507.1 M at the end of 2010. Unutilized credit facilities amounted to SEK 1,183.5 M, compared with SEK 233.7 M at the end of 2010.

Consolidated goodwill amounted to SEK 2,193.3 M, compared with SEK 2,152.5 M as of June 30, 2010.

The average number of employees during the quarter was 3,188 (3,115).

The average tax expense depends on factors including the Group's capacity to achieve positive earnings in those countries where its earnings before tax are negative. In certain cases, it is possible to utilize tax-loss carryforwards from previous years against future earnings. At the close of 2010, these tax-loss carryforwards totaled SEK 2,289.2 M, of which SEK 1,623.6 M were in Sweden and SEK 326.7 M were in the UK. Deferred tax receivables associated with taxloss carryforwards amounted to SEK 39.1 M and were for countries other than Sweden and the UK.

In an ongoing tax audit of the Group's Swedish Parent Company, for the 2009 financial year, the Swedish National Tax Board has questioned the calculation of unrealized exchange rate differences on intra-Group loans and the deductibility of intra-Group interest paid to the Belgian subsidiary.

If the National Tax Board prevails in this matter, the Group's tax-loss carryforwards attributable to Sweden could be reduced by about SEK 856 M. However, this would have no effect on the consolidated tax expense for the year or on items in the balance sheet.

Disbursements during the period for purchased debt investments amounted to SEK 646.4 M (369.1).

The Group's syndicated loan facility of EUR 310 M, maturing in March 2013, was renegotiated in April as a new syndicated loan facility of SEK 4 billion with the same banks and maturing in April 2016. The new facility enables ancillary financing of as much as about SEK 2 billion more through, for example, the issue of corporate bonds.

The change was mainly attributable to exchange rate differences.

The 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 35.2 M (33.8) for the six-month period and earnings before tax of SEK −46.6 M (−46.0).

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.

Risks to the Group and Parent Company 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 financial risks such as

We foresee a slow macroeconomic recovery in Europe with considerable differences between regions. The opportunities to resolve Intrum Justitia's customers' (debtors) financial problems are better than they were in the midst of the global financial crisis. However, collectibility has not yet returned to the levels that existed from 2006 until the first half of 2008. The situation has nonetheless stabilized.

We see increasing demand for integrated credit management and financial services. Clients' need to establish stronger and more predictable cash flow is increasing. The need to create further alternatives for the financing of working capital is also increasing.

During the six-month period, the Parent Company invested SEK 0.5 M (0.4) in fixed assets and had, at the end of the period, liquid assets of 64.7 M (20.8). The average number of employees was 30 (24).

The same accounting principles and calculation methods have been applied as in the most recent Annual Report.

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 Annual Report for 2010. No significant risks are considered to have arisen besides those described in the annual report.

In our assessment, Intrum Justitia's strategic focus is well attuned to the market trend, with a broadening of credit management services and a link to risk reduction and financing services based on strong, market-leading collection operations. We foresee good demand for services of this kind of the next few years.

In the long term, the Group's acquisitions of small and medium-sized Purchased Debt portfolios are estimated to amount to more than SEK 800 M per year. During the current year, however, investments are expected to exceed SEK 1,000 M. In addition to this, there will be individual acquisitions of larger portfolios. Intrum Justitia maintains a long-term investment strategy with a low risk profile, the stability of which was demonstrated during the financial crisis.

On June 30, 2011, Intrum Justitia's market capitalization amounted to SEK 7,440 M, compared with SEK 8,254 M at the beginning of the year. Over the six-month period, the share price fell from SEK 103.50 to SEK 93.00 per share, which, adjusted for the dividend of SEK 4.10 per share,

corresponded to a fall in price of 6.2 percent. During the corresponding period, the returnadjusted index (according to the SIX Return Index) fell by 0.7 percent. At the end of the sixmonth period, there were a total of 8,001 shareholders.

The interim report and presentation material are available at www.intrum.com > Investor relations. President & CEO Lars Wollung and Chief Financial Officer Bengt Lejdström 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 5051 3793 (SE) or +44 (0)20 7806 1967 (UK).

Lars Wollung, President and	Intrum Justitia AB (publ)
CEO, Tel.: +46 (0)8 546 10 202	SE-105 24 Stockholm
	Tel: +46 (0)8 546 10 200, fax: +46 (0)8-546
Bengt Lejdström, Chief Financial Officer,	10 211
Tel.: +46 (0)8-546 10 237, mobile: +46 (0)70-
274 2200	Website: www.intrum.com
Annika Billberg, IR & Communications	E-mail: ir@intrum.com
Director,
Tel: +46 (0)8 545 10 203, mobile: +46 (0)70	Swedish corporate identity no.: 556607-7581
267 9791

The interim report for January-September will be published October 26, 2011

The year-end report for 2011 will be published February 8, 2012

The year-end report and other financial information is available at Intrum Justitia's website: www.intrum.com

Denna delårsrapport finns även på svenska.

The Board of Directors and the President provide their assurance that this interim report provides an accurate overview of the operations, position and earnings of the Group and the Parent Company, and that it also describes the principal risks and sources of uncertainty faced by the Parent Company and its subsidiaries.

Stockholm, July 18, 2011

Lars Lundquist Matts Ekman Helen Fasth-Gillstedt Chairman of the Board Board member Board member

Joakim Rubin Charlotte Strömberg Fredrik Trägårdh Joakim Westh Board member Board member Board member Board member

Lars Wollung President and CEO

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 3,100 employees in 22 markets. Consolidated revenues amounted to SEK 3.8 billion in 2010. Intrum Justitia AB is listed on NASDAQ OMX Stockholm since 2002. For further information, please visit www.intrum.com

SEK M	A pril-June	April-June Jan-June			F ull Year
	2011	2010	2011	2010	2010
Revenues	977.5	922.5	1,909.3	1,877.7	3,766.0
Cost of sales	-587.2	-566.4	-1,158.1	-1,175.4	-2,322.6
Gro ss earnings	390.3	356.1	751.2	702.3	1,443.4
Sales and marketing expenses	-62.8	-79.0	-127.7	-163.0	-303.8
General and administrative expenses	-117.6	-98.4	-239.3	-201.2	-410.7
Disposal of shares in associated company	-0.6	0.0	-8.7	0.0	0.0
Participation in associated companies	1.3	1.9	0.8	-0.5	1.7
Operating earnings (EB IT )	210.6	180.6	376.3	337.6	730.6
Net financial items	-24.0	-29.7	-44.6	-52.9	-91.3
Earnings befo re tax	186.6	150.9	331.7	284.7	639.3
Tax	-75.9	-65.6	-112.2	-99.0	-187.3
N et earnings fo r the perio d	110.7	85.3	219.5	185.7	452.0
Of which attributable to :
Parent company's shareholders	110.6	85.3	218.5	185.7	452.0
Non-controlling interest	0.1	0.0	1.0	0.0	0.0
N et earnings fo r the perio d	110.7	85.3	219.5	185.7	452.0
Earnings per share before dilution	1.39	1.07	2.74	2.33	5.67
Earnings per share after dilution	1.39	1.07	2.74	2.33	5.67

SEK M	A pril-June	April-June	Jan-June	Jan-June	F ull Year
	2011	2010	2011	2010	2010
Net earnings for the period	110.7	85.3	219.5	185.7	452.0
Currency translation difference	45.0	-9.8	65.3	-48.7	-122.7
C o mprehensive inco me fo r the perio d	155.7	75.5	284.8	137.0	329.3
Of which attributable to :
Parent company's shareholders	155.6	75.5	283.5	137.0	329.3
Non-controlling interest	0.1	0.0	1.3	0.0	0.0
C o mprehensive inco me fo r the perio d	155.7	75.5	284.8	137.0	329.3

SEK	A pril-June	April-June	Jan-June	Jan-June	F ull Year
	2011	2010	2011	2010	2010
Share price at end of period	93.00	76.50	93.00	76.50	103.50
Earnings per share before dilution	1.39	1.07	2.74	2.33	5.67
Earnings per share after dilution	1.39	1.07	2.74	2.33	5.67
Shareholders' equity (net asset value) before dilution	31.76	29.47	31.76	29.47	32.21
Average number of shares before dilution, '000	79,745	79,745	79,745	79,745	79,745
Average number of shares after dilution, '000	79,745	79,745	79,745	79,745	79,745
Number of shares at end of period, '000	79,995	79,995	79,995	79,995	79,995

The number of shares at the end of each period is reported including 250,000 treasury shares.

Earnings per share before dilutation, SEK

Revaluation of Purchased Debt, SEK M

Investments in Purchased Debt, SEK M

SEK M	30 Jun	30 Jun	31 D ec
	2011	2010	2010
ASSETS Intangible fixed assets
Capitalized expenditure for IT development and other	305.5	328.6	332.0
intangibles
Client relationships	138.6	64.5	156.0
Goodwill	2,193.3	1,758.8	2,152.5
T o tal intangible fixed assets	2,637.4	2,151.9	2,640.5
T angible fixed assets	70.0	76.5	83.9
Other fixed assets
Shares and participations in associated companies and	11.5	20.1	21.2
other companies
Purchased debt Deferred tax assets	2,645.8 76.3	2,151.6 112.5	2,373.4 75.9
Other long-term receivables	45.9	51.6	48.4
T o tal o ther fixed assets	2,779.5	2,335.8	2,518.9
T o tal fixed assets	5,486.9	4,564.2	5,243.3
Current Assets
Accounts receivable	274.3	253.7	268.3
Client funds	582.8	594.8	599.4
Tax assets	55.4	37.1	33.1
Other receivables	302.6	378.0	325.1
Prepaid expenses and accrued income	127.0	133.4	138.7
Cash and cash equivalents	355.8	372.3	507.1
T o tal current assets	1,697.9	1,769.3	1,871.7
TOTAL ASSETS	7,184.8	6,333.5	7,115.0
SHAREHOLDERS' EQUITY AND LIABILITIES
Attributable to parent company's shareholders	2,532.9	2,387.1	2,576.4
Attributable to non-controlling interest	1.5	0.2	0.2
T o tal shareho lders' equity	2,534.4	2,387.3	2,576.6
Long-term liabilities
Liabilities to credit institutions	2,826.5	2,234.1	2,588.6
Other long-term liabilities	65.4	2.9	78.9
Provisions for pensions	39.2	37.3	32.1
Other long-term provisions	11.8	15.8	15.1
Deferred tax liabilities	74.3	30.2	79.3
T o tal lo ng-term liabilities	3,017.2	2,320.3	2,794.0
Current liabilities
Liabilities to credit institutions	2.0	22.3	0.4
Client funds payable	582.8	594.8	599.4
Accounts payable	115.7	137.0	141.4
Income tax liabilities	216.4	180.6	201.6
Advances from clients	27.7	29.5	27.2
Other current liabilities	206.0	200.8	260.5
Accrued expenses and prepaid income	473.5	447.5	502.6
Other short-term provisions	9.1	13.4	11.3
T o tal current liabilities TOTAL SHAREHOLDERS' EQUITY AND	1,633.2 7,184.8	1,625.9 6,333.5	1,744.4 7,115.0

Intrum Justitia Group - Cash Flow Statement

2011 2010 2010 Operating activities Operating earnings (EBIT) 376.3 337.6 730.6 Depreciation/amortization 85.2 86.5 171.4 Amortization of Purchased Debt 386.3 395.7 800.1 Adjustment for expenses not included in cash flow 5.1 $-8.3$ $-14.3$ Interest received 3.0 11.1 8.8 $-45.5$ $-411$ $-68.4$ Interest paid and other financial expenses $-128.7$ $-74.4$ $-105.0$ Income tax paid Cash flow from operating activities before 687.5 1,525.5 699.0 changes in working capital $-6.2$ Changes in working capital $-38.3$ 104.3 Cash flow from operating activities 649.2 692.8 1,629.8 Investing activities Purchases of tangible and intangible fixed assets $-47.7$ $-70.5$ $-145.5$ Debt purchases $-646.4$ $-369.1$ $-1,049.6$ Purchases of shares in subsidiaries and other companies $-1.0$ $-10.2$ $-460.9$ 0.0 Disposals of shares in subsidiaries and associated 3.1 0.0 companies Other cash flow from investing activities 9.3 9.9 10.5 Cash flow from investing activities $-682.7$ $-439.9$ $-1,645.5$ Financing activities Borrowings and amortization 198.6 $-68.5$ 337.5 Share dividend to Parent Company's shareholders $-327.0$ $-299.0$ $-299.0$ Cash flow from financing activities $-128.4$ $-367.5$ 38.5 22.8 Change in liquid assets $-161.9$ $-114.6$ Opening balance of liquid assets 507.1 491.4 491.4 Exchange rate differences in liquid assets $-4.5$ $-7.1$ 10.6 Closing balance of liquid assets 355.8 372.3 507.1	SEKM	Jan-June	Jan-June	Full Year

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

SEKM		2011			2010
	Attributable to Parent Company's shareholders	Non-controlling interest	Total	Attributable to Parent Company's shareholders	Non-controlling interest	Total
Opening Balance, January 1	2,576.4	0.2	2,576.6	2,548.7	0.2	2,548.9
Comprehensive income for the period	283.5	1.3	284.8	137.0	0.0	137.0
Effect of employee stock option	0.0		0.0	0.4		0.4
Dividend	$-327.0$		$-327.0$	$-299.0$		$-299.0$
Closing Balance, June 30	2,532.9	1.5	2,534.4	2,387.1	0.2	2,387.3

Intrum Justitia Group - Quarterly Overview

	Quarter 2	Quarter 4 Quarter 1		Quarter 3	Quarter 2
	2011	2011	2010	2010	2010
Revenues excluding revaluations, SEK M	9616	926.0	960.0	923.7	921.5
Operating earnings (EBIT) excl revaluations, SEK M	194.7	159.9	176.4	212.0	179.6
Organic growth, %	2.7	1.4	$-0.2$	$-2.2$	$-1.2$
Collection cases in stock, Million	20.2	20.0	19.2	17.8	17.1
Total collection value, SEK Billion	148.8	142.6	123.3	113.1	110.9

Intrum Justitia Group - Five-Year Overview

	2010	2009	2008	2007	2006
	Full Year	Full Year	Full Year	Full Year	Full Year
Revenues, SEK M	3,766.0	4,127.8	3,677.7	3,225.2	2,939.6
Revenues excluding revaluations, SEK M	3,762.8	4,163.5	3,675.5	3,213.7	2,932.4
Organic growth, %	$-0.8$	3.9	9.3	10.4	4.3
Operating earnings (EBIT), SEK M	730.6	668.2	697.3	667.8	586.7
Operating earnings (EBIT) excl revaluations, SEK M	727.4	703.9	695.1	656.3	579.5
Operating margin excl revaluations, %	19.3	16.9	18.9	20.4	19.8
Earnings before tax, SEK M	639.3	588.4	569.7	595.7	527.1
Net earnings, SEK M	452.0	440.6	441.7	462.0	407.5
Earnings per share before dilution, SEK	5.67	5.53	5.58	5.86	5.09
Interest coverage ratio, multiple	7.2	7.6	4.6	7.5	8.1
Return on total capital, %	10.7	10.0	12.0	13.9	14.0
Return on capital employed, %	14.4	13.4	16.8	20.2	20.5
Return on operating capital, %	15.7	14.3	17.2	21.1	21.5
Return on shareholders' equity, %	17.6	17.8	20.8	27.8	28.9
Return on purchased debt, %	16.3	15.6	16.6	17.0	14.4
Equity/assets ratio, %	36.2	37.5	35.5	34.2	33.5
Dividend/proposed dividend, SEK	4.10	3.75	3.50	3.25	2.75
A verage number of employees	3,099	3,372	3,318	3,093	2,954

	2011	2010	2009	2008	2007
	April-June	April-June	April-June	April-June	April-June
Revenues, SEK M	977.5	922.5	1,050.8	890.8	786.9
Revenues excluding revaluations, SEK M	961.6	921.5	1,056.0	890.7	784.9
Organic growth, %	2.7	$-1.2$	4.0	10.8	11.7
Operating earnings (EBIT), SEK M	210.6	180.6	158.5	179.5	147.7
Operating earnings (EBIT) excl revaluations, SEK M	194.7	179.6	163.7	179.4	145.7
Operating margin excl revaluations, %	20.2	19.5	15.5	20.1	18.6
Earnings before tax, SEK M	186.6	150.9	140.4	149.3	124.9
Net earnings, SEK M	110.7	85.3	105.4	112.0	93.7
Earnings per share before dilution, SEK	139	1.07	1.32	1.42	1.19
Interest coverage ratio, multiple	7.6	5.8	7.2	5.2	5.7
Return on total capital, %	12.2	11.3	9.3	12.8	13.0
Return on capital employed, %	16.3	15.1	12.3	18.0	18.2
Return on operating capital, %	17.0	16.6	12.8	18.0	18.2
Return on shareholders equity, %	16.9	13.7	17.3	24.3	23.9
Return on purchased debt, %	22.7	19.4	16.5	15.9	18.8
Equity/assets ratio, %	35.3	37.7	33.0	30.0	31.6
A verage number of employees	3,188	3,115	3,416	3,157	2,978

SEK M	A pril-June	April-June	Change	Jan-June	Jan-June	Change	F ull Year
	2011	2010	%	2011	2010	%	2010
Northern Europe	440.3	354.0	24.4	848.3	692.3	22.5	1,445.1
Central Europe	211.1	229.5	-8.0	421.5	472.7	-10.8	924.3
Western Europe	326.1	339.0	-3.8	639.5	712.7	-10.3	1,396.6
T o tal revenues fro m external clients	977.5	922.5	6.0	1,909.3	1,877.7	1.7	3,766.0

SEK M	A pril-June	April-June	Change	Jan-June	Jan-June	Change	F ull Year
	2011	2010	%	2011	2010	%	2010
Northern Europe	30.3	24.3	24.7	53.8	45.1	19.3	93.2
Central Europe	41.9	46.2	-9.3	82.5	90.8	-9.1	173.4
Western Europe	23.3	24.5	-4.9	47.0	50.9	-7.7	98.2
Eliminations	-95.5	-95.0	0.5	-183.3	-186.8	-1.9	-364.8
T o tal interco mpany revenues	0.0	0.0		0.0	0.0		0.0

SEK M	A pril-June	April-June	Change	Jan-June	Jan-June	Change	F ull Year
	2011	2010	%	2011	2010	%	2010
Northern Europe	117.1	75.8	54.5	201.9	136.8	47.6	332.6
Central Europe	32.4	43.8	-26.0	73.1	90.9	-19.6	196.3
Western Europe	61.7	60.8	1.5	110.7	112.5	-1.6	202.6
Loss on disposal of shares in asscciated company	-0.6	-	-	-8.7	-	-	-
Participation in Iceland	0.0	0.2	-	-0.7	-2.6	-	-0.9
T o tal o perating earnings (EB IT )	210.6	180.6	16.6	376.3	337.6	11.5	730.6
Net financial items	-24.0	-29.7	-19.2	-44.6	-52.9	-15.7	-91.3
Earnings befo re tax	186.6	150.9	23.7	331.7	284.7	16.5	639.3

SEK M	A pril-June	April-June	Jan-June	Jan-June	F ull Year
	2011	2010	2011	2010	2010
Northern Europe	12.1	0.2	14.5	1.9	11.0
Central Europe	2.7	1.1	7.5	-3.0	-1.9
Western Europe	1.1	-0.3	-0.3	-0.3	-5.9
T o tal revaluatio n	15.9	1.0	21.7	-1.4	3.2

			Change Jan-June Jan-June Change F ull Year % 2011 2010 % 2010 900.0 -2.0 -0.2 900.0 -0.6 - 0.0 -0.8 - -1.5
SEK M	A pril-June	April-June
	2011	2010
Northern Europe	-1.0	-0.1
Central Europe	0.0	-0.4
Western Europe	-3.1	-3.4	-8.8	-6.2	-6.9	-10.1	-13.4
T o tal amo rtizatio n and impairment	-4.1	-3.9	5.1	-8.2	-7.9	3.8	-15.5

SEK M	A pril-June	April-June	Change	Jan-June	Jan-June	Change	F ull Year
	2011	2010	%	2011	2010	%	2010
Northern Europe	428.2	353.8	21.0	833.8	690.4	20.8	1,434.1
Central Europe	208.4	228.4	-8.8	414.0	475.7	-13.0	926.2
Western Europe	325.0	339.3	-4.2	639.8	713.0	-10.3	1,402.5
T o tal revenues excluding revaluatio	ns 961.6	921.5	4.4	1,887.6	1,879.1	0.5	3,762.8

SEK M	A pril-June	April-June	Change	Jan-June	Jan-June	Change	F ull Year
	2011	2010	%	2011	2010	%	2010
Northern Europe	105.0	75.6	38.9	187.4	134.9	38.9	321.6
Central Europe	29.7	42.7	-30.4	65.6	93.9	-30.1	198.2
Western Europe	60.6	61.1	-0.8	111.0	112.8	-1.6	208.5
Loss on disposal of shares in asscciated company	-0.6	-	-	-8.7	-	-	-
Participation in Iceland	0.0	0.2	-	-0.7	-2.6	-	-0.9
T o tal o perating earnings excluding revaluatio ns	194.7	179.6	8.4	354.6	339.0	4.6	727.4

%	A pril-June	April-June	Jan-June	Jan-June	F ull Year
	2011	2010	2011	2010	2010
Northern Europe	24.5	21.4	22.5	19.5	22.4
Central Europe	14.3	18.7	15.8	19.7	21.4
Western Europe	18.6	18.0	17.3	15.8	14.9
Operating margin fo r the Gro up	20.2	19.5	18.8	18.0	19.3

SEK M	A pril-June	April-June	Change	Jan-June	Jan-June	Change	F ull Year
	2011	2010	%	2011	2010	%	2010
Credit M anagement	812.1	814.8	-0.3	1,598.5	1,638.5	-2.4	3,274.3
Purchased Debt	279.2	201.9	38.3	517.3	418.9	23.5	860.5
Elimination of inter-service line revenue	-113.8	-94.2	20.8	-206.5	-179.7	14.9	-368.8
T o tal revenues	977.5	922.5	6.0	1,909.3	1,877.7	1.7	3,766.0

SEK M	A pril-June	April-June	Change	Jan-June	Jan-June	Change	F ull Year
	2011	2010	%	2011	2010	%	2010
External Credit M anagement revenues	698.3	720.6	-3.1	1,392.0	1,458.8	-4.6	2,905.5
Collections on purchased debt	472.5	385.7	22.5	896.6	795.4	12.7	1,614.9
Amortisation of purchased debt	-219.4	-194.3	12.9	-421.5	-394.3	6.9	-803.3
Revaluation of purchased debt	15.9	1.0	1,490.0	21.7	-1.4	-	3.2
Other revenues from financial services	10.2	9.5	7.4	20.5	19.2	6.8	45.7
T o tal revenues	977.5	922.5	6.0	1,909.3	1,877.7	1.7	3,766.0

SEK M	A pril-June	April-June	Change	Jan-June	Jan-June	Change	F ull Year
	2011	2010	%	2011	2010	%	2010
Credit M anagement	104.1	99.5	4.6	202.5	205.1	-1.3	471.9
Purchased Debt	146.2	104.7	39.6	263.7	192.9	36.7	382.6
Loss on disposal of shares in asscciated	-0.6	0.0	-	-8.7	0.0	-	-
company Participation in Iceland	0.0	0.2	-	-0.7	-2.6	-	-0.9
Central costs	-39.1	-23.8	64.3	-80.5	-57.8	39.3	-123.0
T o tal o perating earnings	210.6	180.6	16.6	376.3	337.6	11.5	730.6

%	A pril-June	April-June	Jan-June	Jan-June	F ull Year
	2011	2010	2011	2010	2010
Credit M anagement	12.8	12.2	12.7	12.5	14.4
Purchased Debt	52.4	51.9	51.0	46.0	44.5
Gro up to tal	21.5	19.6	19.7	18.0	19.4

Key F igures	A pril-June	April-June	Jan-June	Jan-June	Full Year
	2011	2010	2011	2010	2010
Revenue growth, %	6.0	-12.2	1.7	-8.8	-8.8
Organic growth, %	2.7	-1.2	0.7	1.0	-0.8
Growth in operating earnings, %	16.6	13.9	11.5	7.2	9.3
Growth in earnings before tax, %	23.7	7.5	16.5	5.1	8.7
Operating margin excluding revaluations, %	20.2	19.5	18.8	18.0	19.3
Return on total capital, %	12.2	11.3	10.8	10.4	10.7
Return on operating assets employed, %	16.3	15.1	14.5	13.9	14.4
Return on operating capital, %	17.0	16.6	15.5	15.1	15.7
Return on shareholders' equity, %	16.9	13.7	17.1	15.0	17.6
Return on purchased debt, %	22.7	19.4	21.0	17.3	16.3
Net debt, SEK M	2,578.0	1,922.7	2,578.0	1,922.7	2,193.3
Net debt/Equity ratio, %	101.7	80.5	101.7	80.5	85.1
Equity/Assets ratio, %	35.3	37.7	35.3	37.7	36.2
Interest coverage ratio, multiple	7.6	5.8	7.2	6.1	7.2
Collection cases in stock, M illion	20.2	17.1	20.2	17.1	19.2
Total collection value, SEK Billion	148.8	110.9	148.8	110.9	123.3
Average number of employees	3,188	3,115	3,181	3,142	3,099

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 total capital is operating earnings plus financial income, recalculated on a full-year basis, divided by average total assets.

Return on capital employed is operating earnings plus financial income, recalculated on a full-year basis, divided by average operating capital employed. Capital employed is the sum of shareholders' equity including minority shares, interest-bearing liabilities and pension provisions.

Return on operating capital is operating earnings, recalculated on a full-year basis, divided by average operating capital. Operating capital consists of the sum of shareholders' equity including minority interests, interest-bearing liabilities and pension provisions less liquid assets and interest-bearing receivables.

Return on shareholders' equity is net earnings for the period attributable to the Parent Company's shareholders, recalculated on a full-year basis, as a percentage of average equity attributable to the Parent Company's shareholders.

Return on Purchased Debt is the service line's operating earnings for the period, recalculated on a full-year basis, as a percentage of the average carrying amount of the balance-sheet item Purchased Debt.

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

Equity/assets ratio is shareholders' equity including minority interests as a percentage of total assets.

Interest coverage ratio is earnings after financial items plus financial expenses divided by financial expenses.

30 June 2011	N o o f shares C	apital and
		Vo tes, %
Carnegie Funds	5,108,000	6.4
Fidelity Investment M anagement	4,011,055	5.0
CapM an Oyj	3,607,550	4.5
SEB Funds	2,988,404	3.7
Swedbank Robur Funds	2,754,000	3.4
SHB Funds	2,607,218	3.3
State of New Jersey Pension Fund	2,500,000	3.1
First Swedish National Pension Fund	2,316,939	2.9
Fourth Swedish National Pension Fund	2,224,944	2.8
Lannebo Funds	2,000,000	2.5
T o tal, ten largest shareho lders	30,118,110	37.6
T o tal number o f shares:	79,994,651

Swedish ownership accounted for 54.8 percent (institutions 21.5 percentage points, mutual funds 25.0 percentage points, retail 8.4 percentage points) Source: SIS Aktieägarservice

The number of shares stated above includes 250,000 treasury shares.

Intrum Justitia AB (parent company) - Income Statement

SEKM	Jan-June	Jan-June	Full Year
	2011	2010	2010
Revenues	35.2	33.8	61.9
Gross earnings	35.2	33.8	61.9
Sales and marketing expenses	$-6.6$	$-7.0$	$-13.4$
General and administrative expenses	$-70.1$	$-55.2$	$-106.3$
Operating earnings (EBIT)	$-41.5$	$-28.4$	-57.8
Income from subsidiaries	0.0	0.0	$-250.8$
Net financial items	$-5.1$	$-17.6$	$-31.2$
Earnings before tax	$-46.6$	$-46.0$	$-339.8$
Tax	0.0	0.0	16.0
Net earnings for the period	$-46.6$	$-46.0$	$-323.8$

$\begin{array}{c} | \ \hline \end{array}$ Intrum Justitia AB (parent company) – Statement of comprehensive income

SEKM	Jan-June 2011	Jan-June 2010	Full Year 2010
Net earnings for the period	$-46.6$	$-46.0$	$-323.8$
Other comprehensive income: Change of translation reserve	$-28.8$	166.2	250.7
Total comprehensive income	$-75.4$	120.2	$-73.1$

Intrum Justitia AB (parent company) - Balance Sheet

SEKM	30 Jun	30 Jun	31Dec
	2011	2010	2010
ASSETS
Fixed assets
Intangible fixed assets	0.6	0.5	0.9
Tangible fixed assets	0.7	0.3	0.4
Financial fixed assets	7,161.4	7,521.0	7,478.6
Total fixed assets	7,162.7	7,521.8	7,479.9
Current assets
Current receivables	2,331.5	1,438.7	1,863.3
Cash and bank balances	64.7	20.8	138.3
Total current assets	2,396.2	1,459.5	2,001.6
TOTAL ASSETS	9,558.9	8,981.3	9,481.5
SHAREHOLDERS' EQUITY AND
LIABILITIES Restricted equity	284.1	284.1	284.1
Unrestricted equity	4,499.1	5,052.5	4,901.4
Total shareholders' equity	4,783.2	5,336.6	5, 185.5
Provisions	5.0	2.3	5.0
Long-term liabilities	3,690.1	3,135.8	3,620.6
Current liabilities	1,080.6	506.6	670.4
TOTAL SHAREHOLDERS* EQUITY AND LIABILITIES	9,558.9	8,981.3	9,481.5
Pledged assets	None	None	None
Contingent liabilities	None	None	None