Intrum — Interim / Quarterly Report 2010

Feb 9, 2011

• Consolidated revenues for the fourth quarter of 2010 amounted to SEK 965.4 M (1,046.3), a decline of 7.7 percent. Currency effects amounted to -7.5 percent. Organic growth was -0.2 percent (1.6).
• Operating earnings (EBIT) amounted to SEK 181.8 M (206.1) including costs for acquisitions and regional restructuring of SEK -24.8 M. Revenues and operating earnings include net Purchased Debt revaluations of SEK 5.4 M (-3.7). Excluding these items, the operating margin was 21.0 percent (20.0).
• Adjusted for costs for acquisitions and regional restructuring in the quarter EBIT amounted to SEK 206.6 M (206.1). Taking currency effects into account this corresponds to an increase by 7.1 percent.
• Aktiv Kapital's Nordic credit management operations and Nice Invest Nordic, a company that acquires written off debt from Swedish mail-order companies, were acquired during the quarter.
• Net earnings for the fourth quarter amounted to SEK 121.4 M (138.7) and earnings per share were SEK 1.52 (1.74).

• Disbursements for investments in Purchased Debt amounted to SEK 417.4 M (211.3), an increase of 97.5 percent.

• Consolidated revenues for the 2010 full-year amounted to SEK 3,766.0 M (4,127.8), a decline of 8.8 percent. Currency effects amounted to -7.1 percent. Organic growth was -0.8 percent (3.9).

• Operating earnings (EBIT) amounted to SEK 730.6 M (668.2) including costs for acquisitions and regional restructuring of SEK -24.8 M (-70.1). Revenues and operating earnings include net Purchased Debt revaluations of SEK 3.2 M (-35.7). Excluding these items, the operating margin was 20.0 percent (18.6).
• Net earnings for the year amounted to SEK 452.0 M (440.6) and earnings per share were SEK 5.67 (5.53).
• Disbursements for investments in Purchased Debt amounted to SEK 1,049.6 M (870.6), an increase of 20.6 percent.
• Cash-flow from operations amounted to SEK 1,629.8 M (1,433.4)
• The Board of Directors proposes a dividend of SEK 4.10 per share, totaling SEK 328 M.

Oct-D ec 2010	Oct-Dec 2009	F ull Year 2010	Full Year 2009
965.4	1,046.3	3,766.0	4,127.8
960.0	1,050.0	3,762.8	4,163.5
-0.2	1.6	-0.8	3.9
181.8	206.1	730.6	668.2
176.4	209.8	727.4	703.9
18.4	20.0	19.3	16.9
161.3	185.9	639.3	588.4
121.4	138.7	452.0	440.6
1.52	1.74	5.67	5.53
1.52	1.74	5.67	5.53
19.2	16.9	19.2	16.9
18.6	18.6	16.3	15.6

* Adjusted for currency and costs for acquisitions and regional restructuring of SEK -24.8 M in the fourth quarter of 2010.

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 7:00 a.m. CET on February 9, 2011.

organic growth

change in operating earnings*

operating earnings, excl. revaluations

operating margin excl. revaluations

earnings before tax

earnings per share

return on purchased debt

net debt/equity

In the fourth quarter, operating earnings rose by 7 percent adjusted for currency effects and costs related to acquisitions and regional restructuring. Cash flow from operations in the full year increased by 14 percent to SEK 1,630 M. The Board of Directors proposes a dividend of SEK 4.10 per share to our owners. I am pleased with the development of our operations and take a confident view of the challenges that await us in 2011.

In the fourth quarter, we implemented the final planned change in our organization and we now have a strong structure with three geographical regions. We worked hard throughout the year to adapt our cost structure to the prevailing market climate and we intensified our sales and marketing activities throughout the Group. We have also carried out two strategic acquisitions of which one within Purchased Debt. In total we have doubled our level of investment in Purchased Debt. Intrum Justitia stands well prepared to meet demand for value-adding credit management services throughout Europe.

In our Credit Management service line, currencyadjusted operating earnings rose by 19.8 percent in the fourth quarter and the margin strengthened to 14.6 percent from 12.2 percent in the year-earlier period. The effects of our internal efficiency enhancement efforts, such as cost reductions in Sweden and Switzerland, have allowed our Credit Management operations to develop in a positive direction.

In Purchased Debt, we are seeing a favorable trend in existing portfolios with a return of 18.6 percent for the quarter. In addition, we have been seeing a higher level of activity in the market and our investments in the fourth quarter were 98 percent up on the year-earlier period, totaling SEK 417 M. For the full-year, our investments increased by 21 percent. Today, we have a favorable level of forward-flow contracts, meaning that the prospects are good for continued investment growth in 2011.

In the Northern Europe region (consisting of Denmark, Estonia, Finland, Latvia, Lithuania, Norway, Poland, Russia and Sweden), development has been very good. In the final quarter of the year, we began the integration of the operations acquired from Aktiv Kapital. In the Nordic countries, operations are developing strongly in both Credit Management and Purchased Debt. The acquisitions of Aktiv Kapital's operations and of Nice Invest Nordic in the fourth quarter contribute to favorable prospects for 2011.

The Central Europe region (consisting of Switzerland, Slovakia, the Czech Republic, Germany, Hungary and Austria) ended the year strongly. Even when adjusted for non-recurring costs in the fourth quarter of 2009, earnings growth was in double digits. Pleasingly, the trend for our operations in Hungary, the Czech Republic and Slovakia has now turned and instead of being well in the red, they are now reporting positive figures.

With the exception of the Netherlands, our third region, Western Europe (Belgium, France, Ireland, Italy, the Netherlands, Portugal, Spain and the UK), developed well in the fourth quarter given the weak macroeconomic trend there. Development was, however, weak in the Netherlands with the quarter being impacted by both restructuring costs and poorer underlying results than in the fourth quarter of 2009. During 2011, we will be adjusting our cost structure and intensifying our sales efforts.

All indicators suggest that demand for services combining traditional Credit Management with Purchased Debt will continue to increase in 2011. As a market leader, with an integrated range of services in these areas, Intrum Justitia benefits by this trend.

Consolidated revenues for the quarter amounted to SEK 965.4 M (1,046.3). The net change in revenue of -7.7 percent includes organic growth of -0.2 percentage points, currency effects of -7.5 percentage points, effects from the revaluation of Purchased Debt of 0.9 percentage points, an acquisition effect of 1.0 percent and the effect of changed accounting principles in the Netherlands of -1.9 percentage points. Operating earnings amounted to SEK 181.8 M (206.1). Revenues and operating earnings include net purchased debt revaluations of SEK 5.4 M (-3.7).

Consolidated revenues for the year amounted to SEK 3,766.0 M (4,127.8). The net change in revenue of -8.8 percent includes organic growth of -0.8 percentage points, currency effects of -7.1 percentage points, effects from the revaluation of Purchased Debt of 0.9 percentage points, an acquisition effect of -0.2 percent and the effect of changed accounting principles in the Netherlands of -1.6 percentage points. Operating earnings amounted to SEK 730.6 M (668.2). Revenues and operating earnings include net Purchased Debt revaluations of SEK 3.2 M (- 35.7).

Operating revenues for the year were burdened with costs for integration and restructuring of SEK -24.8 M (costs for acquisitions and integration of SEK -15.3 M and costs for restructuring of SEK -9.4 M).

Operating revenues for the quarter were burdened with costs for integration and restructuring of SEK -24.8 M (costs for acquisitions and integration of SEK -15.3 M and costs for restructuring of SEK -9.4 M).

Excluding revaluations, operating earnings were SEK 176.4 M (209.8), corresponding to an operating margin of 18.4 percent (20.0). Earnings before tax for the quarter amounted to SEK 161.3 M (185.9) and net earnings were SEK 121.4 M (138.7).

Operating revenues for the preceding year were burdened with non-recurring items of SEK -70.1 M (result of SEK -16.0 M from the divestment of operations in Scotland, nonrecurring costs of SEK -43.8 M for efficiency enhancement in the English operations, and provisions of SEK -10.3 M for expected losses involving guarantees in connection with the rental of the company's former premises).

Excluding revaluations, operating earnings were SEK 727.4 M (703.9), corresponding to an operating margin of 19.3 percent (16.9). Earnings before tax for the year amounted to SEK 639.3 M (588.4) and net earnings were SEK 452.0 M (440.6).

Effective as of 2010, Intrum Justitia applies a new principle in its allocation of central costs to its regions. In previous years, costs for the Group's head offices were allocated to the regions only to the extent that they involved Group-wide marketing and other services performed on behalf of the regions. However, as of 2010, all costs for the head offices will be allocated to the regions.

Recalculated historical figures are available at the Group's website, www.intrum.com, under the tab Investors & Media > Financial facts > Allocation of central expense. Effective from 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 373.8 M (372.4) during the quarter. In local currencies, revenues rose by 7.5 percent. Operating earnings excluding revaluations amounted to SEK 77.0 M (86.7), corresponding to a margin of 20.6 percent (23.3). In local currencies, operating earnings weakened by -3.2 percent.

Adjusted for non-recurring items attributable to the acquisitions of Aktiv Kapital's Credit Management operations and Nice Invest Nordic, earnings rose for the fourth quarter too. The positive trends in both Purchased Debt and Credit Management Services continued with increased investment and margin levels in underlying operations. However, earnings in Poland continued to be burdened by increased investment in legal measures.

Share of

Share of revenues

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

Regional revenues excluding Purchased Debt revaluations amounted to SEK 232.1 M (266.3) during the quarter. In local currencies, revenues fell by 9.0 percent. Operating earnings excluding revaluations amounted to SEK 56.1 M (40.6), corresponding to a margin of 24.2 percent (15.2). In local currencies, operating earnings improved by 38.3 percent.

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 354.1 M (411.3) during the quarter. In local currencies, revenues fell by -3.5 percent. Operating earnings excluding revaluations amounted to SEK 42.7 M (82.5), corresponding to a margin of 12.1 percent (20.1). In local currencies, operating earnings weakened by -41.7 percent.

The region was strengthened by highly favorable development in both Credit Management and Purchased Debt in Switzerland in the fourth quarter. The efficiency enhancement program initiated at the start of the year continued to be a priority in the region, delivering the desired results. Growth in operating earnings was affected by non-recurring costs in the fourth quarter of 2009, but even adjusted for these, growth was favorable. The previous negative trend in Hungary, the Czech Republic and Slovakia has been successfully turned around, with profitability being achieved at the end of the year.

Given the macro economic development in Southern Europe, the development in the region has been strong in the last quarter of the year. Following good cost control and strong development in Purchased Debt the margin has improved. However, the region is impacted by weak development in the Netherlands, whose result is affected by restructuring and a weak development in the fourth quarter. The weak development is mainly explained by a delay in the legal handling of a large amount of cases within Purchased Debt. Key priorities for 2011 are the adjustment of the cost structure and the intensification of sales efforts.

Service line revenues decreased by 4.9 percent during the fourth quarter, from SEK 872.4 M to SEK 829.5 M. Operating earnings amounted to SEK 121.1 M (106.5), corresponding to an operating margin of 14.6 percent (12.2).

Driven by a positive underlying trend in several local markets, operating earnings grew by 19.8 percent adjusted for currency effects.

However, continued growth in operating earnings is affected by ongoing restructuring programs. The market position in Credit Management has been reinforced through the acquisition of Aktiv Kapital's Nordic Credit Management operations, particularly in Norway where the market position is strengthened from number 7 to number 3 in the market.

Service line revenues decreased by -4.3 percent during the fourth quarter, from SEK 247.1 M to SEK 236.5 M. The decline in revenues is partly attributable to changed accounting principles in the Netherlands (see below).

Operating earnings amounted to SEK 104.7 M (107.0).

Disbursements for investments in Purchased Debt amounted to SEK 417.4 M (211.3) during the quarter. The return on Purchased Debt was 18.6 percent (18.6) for the quarter. At the end of the year, the Group's Purchased Debt portfolios had a carrying value of SEK 2,373.4 M (2,311.9).

In the fourth quarter, the Group acquired Nice Invest Nordic, which focuses on investing in Purchased Debt from customers with post-order and e-trading operations and the financial receivables that such business entail. The acquisition represents an investment of approximately SEK 178.5 M and forward-flow contracts for a combined nominal value of SEK 915 M over the next five years (for further details, see page 8).

Activity in Purchased Debt was very favorable in the fourth quarter and conditions support 2011 also being a good investment year.

Third quarter operating earnings were charged with depreciation/amortization of SEK 41.8 M (44.6). Operating earnings before depreciation/ amortization therefore amounted to SEK 223.6 M (250.7). The value of client

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.

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 5.4 M (-3.7) due to changes in estimates of future cash flows. For a specification by region, see page 19. 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.

relations carried in the Balance Sheet and attributable to revaluations to fair value in connection with acquisitions amounted to SEK 156.0 M (78.3) including SEK 101.4 M from Nice Invest Nordic AB. Client relations were amortized by SEK 4.0 M (5.2) during the quarter.

Quarterly net financial items amounted to SEK -20.5 M (-20.2), including exchange rate differences of SEK -0.7 M (+1.6).

Net interest was affected negatively by a higher average interest rate of 2.9 percent (1.0) during the quarter.

Net financial items in the fourth quarter 2009 were charged with SEK -9.3 M attributable to the termination of an interest rate hedge.

As previously explained in the interim report for the second quarter, the Group lost a tax dispute in Finland and has thus paid and expensed additional tax for 1999-2002 of SEK 41.8 M, including a tax surcharge of SEK 21.5 M. The Company has appealed the tax surcharge.

During the second quarter, the Group's Swedish subsidiary was refunded SEK 14.0 M in taxes that had been expensed in 2009.

Excluding non-recurring items, the tax rate for the year totaled approximately 24.9 percent (25.1).

The Group's tax expense is dependent in part on how earnings are distributed between subsidiaries in different countries with different tax rates.

Effective from the interim report for the second quarter, a correction is applied in the recognition of client funds in the Group's companies in the Netherlands. Since the first quarter of 2009, the Company has based its classifications in the Balance Sheet on partially incorrect information, which was corrected in the Balance Sheet as per June 30, 2010. The effect is a reclassification in the Balance Sheet affecting the items Other receivables, Client funds, and liabilities to credit institutions. The comparison from 2009 has been recalculated in accordance with this correction. The effect on the Balance Sheet per December 31, 2009 is that client funds on the asset and liability sides rose by SEK 87.4 M respectively and that other current receivables and current liabilities to credit institutions also rose by SEK 87.4 M respectively.

Cash flow from operating activities improved during the year to SEK 1,629.8 M (1,433.4).

Net debt as of December 31, 2010 amounted to SEK 2,193.3 M, compared with SEK 2,069.0 M on December 31, 2009. Net debt per 31 December 2009 is re-calculated from the previously reported SEK 1,981.6 M in connection with the re-classification of the accounts described above. As a consequence the net debt/equity ratio at the end of 2009 is changed from 77.7 percent to 81.2 percent

Shareholders' equity, including holdings lacking a decisive influence, amounted to SEK 2,576.6 M, compared with SEK 2,548.9 M at the end of 2009.

As a whole, the assessment is that the tax expense will be around 25 percent of pre-tax earnings.

The average tax expense depends on factors including the Group's capacity to achieve positive earnings in those countries where its pre-tax earnings are negative. In certain cases, it is possible to utilize tax-loss carryforwards from previous years against future earnings. At the end of 2010, such tax-loss carryforwards totaled SEK 2,289.2 M (1,962.6), of which SEK 129.5 (332.1) were the basis for deferred tax assets recognized in the balance sheet. SEK 1,334.6 M of the tax losses pertains to Sweden and SEK 326.7 M pertains to the UK.

At the same time, a correction is applied to a gross accounting in the Income Statement of reimbursed expenses in the Netherlands. The correction has no effect on the operating earnings. If the new principle had been applied in 2009, revenues for the year would have been SEK 64.4 M lower than reported, of which SEK 5.2 M is attributable to the first quarter, SEK 19.9 M to the second quarter, SEK 18.9 M to the third quarter and SEK 20.4 M to the fourth quarter.

Disbursements during the year for Purchased Debt investments amounted to SEK 1,049.6 M (870.6).

As of December 31, 2010, the Group had liquid assets of SEK 507.1 M, compared with SEK 491.4 M on the corresponding date in 2009. Unutilized credit facilities amounted to SEK 233.7 M, compared with SEK 849.7 M in 2009.

The Group's syndicated loan facility of EUR 310 M, which matured in February 2010, was settled in January 2010 and replaced with a new syndicated loan of the same amount maturing in March 2013.

Consolidated goodwill amounted to SEK 2,152.5 M, compared with SEK 1,825.3 M as of December 31, 2009.

The average number of employees during the quarter was 3,039 (3,200).

In 2008, a performance-based share program was introduced in accordance with a resolution by the Annual General Meeting. This was divided into two sections with performance periods extending from 2008 to 2009 and from 2008 to 2010 respectively. The performance requirement in terms of growth in earnings per share was not achieved for any section of the program and the performance shares that could have been utilized to subscribe for shares between 2010 and 2012, and between 2011 and 2013 respectively have therefore expired without value.

Of this change, SEK 429.2 M was attributable to the acquisition of Aktiv Kapital's Credit Management operations, SEK 39.0 M to the acquisition of Nice Invest Nordic and SEK -141.0 M to exchange rate differences.

The share-based payment schemes are recognized in accordance with IFRS 2 Sharebased Payment and statement UFR 7 from the Swedish Financial Reporting Board. Accordingly, the cost has varied from quarter to quarter depending on aspects including the share price and the value of options.

The effect on the quarter's earnings of the Group's share-based payment schemes relates to the section of the program with the performance period from 2008 to 2010 and amounted to a cost reduction of SEK 3.7 M compared with a cost reduction of SEK 1.2 M during the yearearlier period.

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 revenues of SEK 61.9 M (57.7) and earnings before tax of SEK -339.8 M (1,116.7) for the full-year.

During the year, the Parent Company invested SEK 0.9 M (0.4) in fixed assets and had, at the end of the year, liquid assets of SEK 138.3 M (159.8). The average number of employees was 25 (25).

On December 16, 2010, Intrum Justitia acquired Aktiv Kapital's Nordic operations focusing on credit management services for external clients. The acquired operations employ some 150 people in Norway, Sweden and Finland and generated revenues of SEK 234.6 M for 2010.

The acquisition strengthens Intrum Justitia's market position, particularly in the Norwegian market. The company's market-leading position in Finland and Sweden is further enhanced.

The acquisition is reported in accordance with the following.

(SEK M )	C arrying amo unts befo re acquisitio n	F air value adjustment	C o nso lidated fair value
Intangible fixed assets	0.4	19.3	19.7
Tangible fixed assets	14.3	0.0	14.3
Current assets	26.0	0.0	26.0
Cash and bank	120.8	0.0	120.8
Deferred tax	-4.2	-4.9	-9.1
Current liabilities	-41.1	0.0	-41.1
N et assets	116.2	14.4	130.6
Go o dwill			429.2
C ash co nsideratio n			-559.8
Acquired cash and bank			120.8
N et impact o n cash and bank			-439.0

Acquisition costs charged against operating earnings for the fourth quarter amounted to SEK -6.0 M.

Earnings for the quarter were also burdened by costs of SEK -5.6 M for the restructuring of the acquired operations.

The acquired operations are consolidated from December 16 2010 and are contributing to the Group's revenues with SEK 10.6 M and to the operating result with SEK -3.8 M. If the acquisition would have been executed by January 1 2010 it would have contributed to the Group's revenues with SEK 234.6 M and to the operating result with SEK 46.6 M. The goodwill item is attributable to synergies and increased market share.

On December 28, 2010, Intrum Justitia further strengthened its market position in Sweden by acquiring Nice Invest Nordic AB, which focuses on investing in Purchased Debt from customers with post-order and e-trading operations and the financial receivables that such businesses entail.

The acquisition includes an existing portfolio and an agreement regarding forward-flow contracts.

The acquisition is reported in accordance with the following. In the Cash Flow Statement, SEK 178.4 M from the acquisition is reported under Debt purchases. C arrying

(SEK M )	amo unts befo re acquisitio n	F air value adjustment	C o nso lidated fair value
Intangible fixed assets	0.0	101.4	101.4
Tangible fixed assets	1.8	0.0	1.8
Purchased Debt	102.8	75.6	178.4
Interest-bearing liabilities	-99.6		-99.6
Deferred tax	0.0	-30.0	-30.0
Current liabilities	-1.0		-1.0
N et assets	4.0	147.0	151.0
Go o dwill			39.0
C ash co nsideratio n			-190.0
N et impact o n cash and bank			-190.0

Acquisition costs charged against operating earnings for the fourth quarter amounted to SEK 3.7 M.

The acquired operations are consolidated from December 28 2010. It has not contributed to the Group's revenues or operating result in 2010.

If the acquisition would have been executed by January 1 2010 it would have contributed to the Group's revenues with SEK 15.9 M and to the operating result with SEK 7.3 M. The goodwill item is attributable to increased market share on the market for mail-order and e-trading.

This Year-end 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.

Revised versions of IFRS 3 Business Combinations and IAS 27 Consolidated and Separate Financial Statements apply as of 2010. These include new reporting rules for acquisitions of operations that are to be applied prospectively for acquisitions made in 2010 and onwards.

In accordance with RFR 2.3 Accounting for Legal Entities, the changes in the wording of financial reports applicable since 2009 shall, where appropriate also be applied by the Parent Company.

The Board of Directors of Intrum Justitia AB proposes that the Annual General Meeting distribute a dividend to the shareholders of SEK 4.10 per share (3.75).

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 financial risks such as market risk, financing risk, credit risk, risks inherent in Purchased Debt and guarantees in conjunction with the screening of

We foresee a slow macroeconomic recovery in Europe, with considerable differences between regions. The opportunities to resolve Intrum Justitia's customers (debtors) financial problems have improved compared with the situation as it was at the peak of the global crisis. However, collectibility has not yet returned to the levels that existed prior to the financial crisis. On the other hand, the situation has stabilized.

We expect 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.

This means that exchange rate differences affecting the Parent Company's fair value hedging shall be recognized as other comprehensive income.

As mentioned above, the operating segments in the Year-end announcement are the new geographical regions introduced on October 1, 2010.

With the exception of the above-mentioned newly introduced and applied standards, the same accounting principles and calculation methods have been applied as in the latest Annual Report.

The proposed record day for the dividend is April 5, 2011.

charge card applications.

The risks are described in more detail in the Board of Directors' report in Intrum Justitia's Annual Report for 2009. 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 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. 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 approximately SEK 800 M per year. 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.

Intrum Justitia's market capitalization amounted to SEK 8,254 M (7,180) on December 31, 2010. Over the year, the share price rose from SEK 89.75 per share to SEK 103.50, which, including the share dividend of SEK

3.75, corresponds to a 19.5 percent yield. During the corresponding period, the return-adjusted index (according to the SIX Return Index) rose by 26.7 percent. The number of shareholders on December 31, 2010 was 7,166.

The Nomination Committee has been appointed prior to Intrum Justitia's Annual General Meeting, which will be held on March 31, 2011, in Stockholm. The Nomination Committee is comprised of: Conny Karlsson (Chairman) representing CapMan Public Market Fund, Philip Wendt representing Länsförsäkringar fonder, Hans Hedström representing Carnegie fonder, Mats Gustafsson representing Lannebo fonder and KG Lindvall representing Swedbank Robur fonder. The Chairman of the Board, Lars Lundquist, has been co-opted to the Nomination Committee.

On February 1, 2011, the Nomination Committee announced that it will propose to the 2011 Annual General Meeting that the number of Board members remain at seven and that six current members be reelected. These members are Matts Ekman, Helen Fasth-Gillstedt, Lars Lundquist, Joakim Rubin, Charlotte Strömberg and Fredrik Trägårdh. Lars Förberg has declined reelection. Joakim Westh is proposed as a new member of the Board.

The Annual Report is scheduled to be published on the Group's website, www.intrum.com, on March 10, 2011.

Printed copies of the Annual Report can be ordered via ir@intrum.com from mid-March.

The interim report and presentation material are available at www.intrum.com. > Investors. 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 3794 (SE) or +44 (0)20 7806 1967 (UK). Code: 8621845.

Lars Wollung, President and CEO, Tel.: +46 (0)8 546 10 202

Bengt Lejdström, Chief Financial Officer, Tel.: +46 (0)8-546 10 237, mobile: +46 (0)70-274 2200

Annika Billberg, IR & Communications Director, Tel: +46 (0)8 545 10 203, mobile: +46 (0)70 267 9791

Intrum Justitia AB (publ) SE-105 24 Stockholm Tel: +46 (0)8 546 10 200, fax: +46 (0)08 546 10 211 Website: www.intrum.com e-mail: ir@intrum.com Swedish corporate identity no.: 556607-7581

The Annual General Meeting 2010 will be held on March 31, 2011. At 4:00 p.m. at Berns salonger, Stockholm.

The interim report for the first quarter (January-March) 2011 will be published May 3, 2011.

The interim report for the second quarter (April-June) 2011 will be published July 18, 2011.

The interim report for the third quarter (July-September) 2011 will be published Oct. 26, 2011.

The Year-end Report for 2011 will be published on February 8, 2012.

The Year-end Report and other financial information are available at Intrum Justitia's website: www.intrum.com

Denna delårsrapport finns även på svenska.

Stockholm, February 9, 2011

Lars Wollung President and CEO

Intrum Justitia is Europe's leading Credit Management Services (CMS) group, offering comprehensive services designed to measurably improve clients' cash flows and long-term profitability. Founded in 1923, Intrum Justitia has some 3,100 employees in 22 countries. 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	Oct-D ec	Oct-Dec	F ull Year	Full Year
	2010	2009	2010	2009
Sales	740.6	808.9	2,951.2	3,244.9
Collections on purchased debt	426.0	441.2	1,614.9	1,699.4
Amortization of purchased debt	-206.6	-200.1	-803.3	-780.8
Revaluation of purchased debt	5.4	-3.7	3.2	-35.7
R evenues	965.4	1,046.3	3,766.0	4,127.8
Cost of sales	-597.6	-653.5	-2,322.6	-2,599.2
Gro ss earnings	367.8	392.8	1,443.4	1,528.6
Sales and marketing expenses	-77.5	-89.9	-303.8	-338.2
General and administrative expenses	-108.5	-97.0	-410.7	-506.5
Disposal of operation	0.0	0.2	0.0	-16.0
Participation in associated companies	0.0	0.0	1.7	0.3
Operating earnings (EB IT )	181.8	206.1	730.6	668.2
Net financial items	-20.5	-20.2	-91.3	-79.8
Earnings befo re tax	161.3	185.9	639.3	588.4
Tax	-39.9	-47.2	-187.3	-147.8
N et earnings fo r the perio d	121.4	138.7	452.0	440.6
Of which attributable to :
Parent company's shareholders	121.4	138.6	452.0	440.5
Non-controlling interest	0.0	0.1	0.0	0.1
N et earnings fo r the perio d	121.4	138.7	452.0	440.6
Earnings per share before dilution	1.52	1.74	5.67	5.53
Earnings per share after dilution	1.52	1.74	5.67	5.53

SEK M	Oct-D ec	Oct-Dec	F ull Year	Full Year
	2010	2009	2010	2009
Net earnings for the period	121.4	138.7	452.0	440.6
Currency translation difference	-38.8	1.5	-122.7	-29.5
C o mprehensive inco me fo r the perio d	82.6	140.2	329.3	411.1
Of which attributable to :
Parent company's shareholders	82.6	140.2	329.3	411.0
Non-controlling interest	0.0	0.0	0.0	0.1
C o mprehensive inco me fo r the perio d	82.6	140.2	329.3	411.1

SEK	Oct-D ec	Oct-Dec	F ull Year	Full Year
	2010	2009	2010	2009
Share price at end of period	103.50	89.75	103.50	89.75
Earnings per share before dilution	1.52	1.74	5.67	5.53
Earnings per share after dilution	1.52	1.74	5.67	5.53
Shareholders' equity (net asset value) before dilution	32.31	31.96	32.31	31.96
Average number of shares before dilution, '000	79,745	79,745	79,745	79,659
Average number of shares after dilution, '000	79,745	79,745	79,745	79,682
Number of shares at end of period, '000	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.

Operating earnings and margin, rolling 12 months

Investments in Purchased Debt, SEK M

Earnings per share before dilutation, SEK

SEK M	31 D ec	31 Dec
	2010	2009
ASSETS
Intangible fixed assets
Capitalized expenditure for IT development and other intangibles	332.0	357.5
Client relationships	156.0	78.3
Goodwill	2,152.5	1,825.3
T o tal intangible fixed assets	2,640.5	2,261.1
T angible fixed assets	83.9	94.3
Other fixed assets
Shares and participations in associated companies and other companies	21.2	11.3
Purchased debt	2,373.4	2,311.9
Deferred tax assets	75.9	117.2
Other long-term receivables	48.4	66.3
T o tal o ther fixed assets	2,518.9	2,506.7
T o tal fixed assets	5,243.3	4,862.1
Current Assets
Accounts receivable	268.3	281.0
Client funds	599.4	614.3
Tax assets	33.1	32.1
Other receivables	325.1	404.3
Prepaid expenses and accrued income	138.7	113.7
Cash and cash equivalents	507.1	491.4
T o tal current assets	1,871.7	1,936.8
TOTAL ASSETS	7,115.0	6,798.9
SHAREHOLDERS' EQUITY AND LIABILITIES
Attributable to parent company's shareholders	2,576.4	2,548.7
Attributable to non-controlling interest	0.2	0.2
T o tal shareho lders' equity	2,576.6	2,548.9
Long-term liabilities
Liabilities to credit institutions	2,588.6	0.1
Other long-term liabilities	78.9	3.1
Provisions for pensions	32.1	39.4
Other long-term provisions	15.1	15.4
Deferred tax liabilities	79.3	35.0
T o tal lo ng-term liabilities	2,794.0	93.0
Current liabilities Liabilities to credit institutions	0.4	2,519.4
Client funds payable	599.4	614.3
Accounts payable	141.4	143.0
Income tax liabilities	201.6	155.9
Advances from clients	27.2	33.2
Other current liabilities	260.5	208.5
Accrued expenses and prepaid income	502.6	458.4
Other short-term provisions	11.3	24.3
T o tal current liabilities	1,744.4	4,157.0
TOTAL SHAREHOLDERS' EQUITY AND	7,115.0	6,798.9

SEK M	F ull Year	Full Year
	2010	2009
Operating activities
Operating earnings (EBIT)	730.6	668.2
Depreciation/amortization	171.4	164.9
Amortization of Purchased Debt	800.1	816.5
Adjustment for expenses not included in cash flow	-14.3	38.0
Interest received	11.1	9.6
Interest paid and other financial expenses	-68.4	-112.8
Income tax paid	-105.0	-124.5
C ash flo w fro m o perating activities befo re	1,525.5	1,459.9
changes in wo rking capital
Changes in working capital	104.3	-26.5
C ash flo w fro m o perating activities	1,629.8	1,433.4
Investing activities
Purchases of tangible and intangible fixed assets	-145.5	-235.9
Debt purchases *	-1,049.6	-870.6
Purchases of shares in subsidiaries and other companies *	-460.9	0.0
Business disposals	0.0	7.6
Other cash flow from investing activities	10.5	22.3
C ash flo w fro m investing activities	-1,645.5	-1,076.6
Financing activities
Borrowings and amortization	337.5	119.8
Proceeds received from the exercise of employee stock options	0.0	22.0
Share dividend to Parent Company's shareholders	-299.0	-278.4
C ash flo w fro m financing activities	38.5	-136.6
C hange in liquid assets	22.8	220.2
Opening balance o f liquid assets	491.4	294.3
Exchange rate differences in liquid assets	-7.1	-23.1
C lo sing balance o f liquid assets	507.1	491.4

* Debt included with the acquisition of Nice Invest Nordic

AB is reported as Debt purchases.

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

SEKM		2010			2009
	Attributable to Parent Company's shareholders	Non-controlling interest	Total	Attributable to Parent Company's shareholders	Non-controlling interest	Total
Opening Balance, January 1	2,548.7	0.2	2,548.9	2,395.2	0.1	2,395.3
Comprehensive income for the period	329.3		329.3	411.1	0.1	411.2
Effect of employee stock option program	$-2.6$		$-2.6$	$-1.2$		$-1.2$
Proceeds received from the exercise of employee stock options	0.0		0.0	22.0		22.0
Dividend	$-299.0$		$-299.0$	$-278.4$		$-278.4$
Closing Balance, December 31	2,576.4	0.2	2,576.6	2,548.7	0.2	2,548.9

Intrum Justitia Group - Quarterly Overview

	Quarter 4	Quarter 3	Quarter 2	Quarter 1	Quarter 4
	2010	2010	2010	2010	2009
Revenues excluding revaluations, SEK M	960.0	923.7	921.5	957.6	1,050.0
Operating earnings (EBIT) excl revaluations, SEK M	176.4	212.0	179.6	159.4	209.8
Organic growth, %	$-0.2$	$-2.2$	$-1.2$	1.4	1.6
Collection cases in stock, Million	19.2	17.8	17.1	16.9	16.9
Total collection value, SEK Billion	123.3	113.1	110.9	115.6	128.7

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

	2010	2009	2008	2007	2006
	Oct-Dec	Oct-Dec	Oct-Dec	Oct-Dec	Oct-Dec
Revenues, SEK M	965.4	1.046.3	1020.0	888.0	797.5
Revenues excluding revaluations, SEK M	960.0	1,050.0	1,024.0	886.2	800.6
Organic growth, %	$-0.2$	1.6	6.2	12.3	6.7
Operating earnings (EBIT), SEK M	181.8	206.1	142.9	206.5	197.8
Operating earnings (EBIT) excl revaluations, SEK M	176.4	209.8	146.9	204.7	200.9
Operating margin excl revaluations, %	18.4	20.0	14.3	23.1	25.1
Earnings before tax, SEK M	161.3	185.9	108.8	186.0	182.0
Net earnings, SEK M	121.4	138.7	96.0	154.7	148.7
Earnings per share before dilution, SEK	1.52	1.74	1.21	1.96	1.85
Interest coverage ratio, multiple	7.7	10.0	3.0	7.1	9.3
Return on total capital, %	11.1	12.1	9.9	17.2	19.0
Return on capital employed, %	15.0	16.0	13.3	25.4	21.0
Return on operating capital, %	16.4	17.6	12.7	25.3	28.1
Return on shareholders equity, %	19.1	22.4	17.6	35.5	41.2
Return on purchased debt, %	18.6	18.6	19.6	21.0	13.1
Equity/assets ratio, %	36.2	37.5	35.5	34.2	33.5
A verage number of employees	3,039	3,200	3,318	3,093	2,954

Operating Segments

Intrum Justitia Group - Revenues from external clients by region

SEKM	Oct-Dec	Oct-Dec	Change	Full Year	Full Year	Change
	2010	2009	%	2010	2009	$\%$
Northern Europe	378.7	370.4	2.2	1.445.1	1.435.5	0.7
Central Europe	235.2	264.2	$-11.0$	924.3	1.032.4	$-10.5$
Western Europe	3515	411.7	$-14.6$	1.396.6	1.659.9	$-15.9$
Total revenues from external clients	965.4	1.046.3	$-7.7$	3.766.0	4,127.8	$-8.8$

Intrum Justitia Group - Intercompany revenues by region

SEKM	Oct-Dec	Oct-Dec	Change	Full Year	Full Year	Change
	2010	2009	$\%$	2010	2009	$\%$
Northern Europe	25.9	26.3	$-1.5$	93.2	90.7	2.8
Central Europe	43.1	47.7	$-9.6$	173.4	182.3	$-4.9$
Western Europe	25.0	27.6	$-9.4$	98.2	115.6	$-15.1$
Eliminations	$-94.0$	$-101.6$	$-7.5$	$-364.8$	$-388.6$	$-6.1$
Total intercompany revenues	0.0	0.0		0.0	0.0

Intrum Justitia Group - Operating earnings (EBIT) by region

SEKM	Oct-Dec	Oct-Dec	Change	Full Year	Full Year	Change
	2010	2009	%	2010	2009	$\%$
Northern Europe	81.9	84.7	$-3.3$	332.6	357.5	$-7.0$
Central Europe	59.2	38.5	53.8	196.3	200.6	$-2.1$
Western Europe	40.1	82.9	$-516$	202.6	109.8	84.5
Participation in Iceland	0.6	0.0	$\overline{\phantom{a}}$	$-0.9$	0.3	$\overline{\phantom{a}}$
Total operating earnings (EBIT)	181.8	206.1	$-11.8$	730.6	668.2	9.3
Net financial items	$-20.5$	$-20.2$	1.5	$-913$	$-79.8$	14.4
Earnings before tax	161.3	185.9	$-13.2$	639.3	588.4	8.7

SEK M	Oct-D ec	Oct-Dec	F ull Year	Full Year
	2010	2009	2010	2009
Northern Europe	4.9	-2.0	11.0	3.3
Central Europe	3.1	-2.1	-1.9	-6.8
Western Europe	-2.6	0.4	-5.9	-32.2
T o tal revaluatio n	5.4	-3.7	3.2	-35.7

SEK M	Oct-D ec	Oct-Dec	Change	F ull Year	Full Year	Change
	2010	2009	%	2010	2009	%
Northern Europe	-0.4	-0.1	300.0	-0.6	-0.4	50.0
Central Europe	-0.4	-0.4	-	-1.5	-1.6	-6.3
Western Europe	-3.2	-4.7	-31.9	-13.4	-19.8	-32.3
T o tal amo rtizatio n and impairment	-4.0	-5.2	-23.1	-15.5	-21.8	-28.9

SEK M	Oct-D ec	Oct-Dec	Change	F ull Year	Full Year	Change
	2010	2009	%	2010	2009	%
Northern Europe	373.8	372.4	0.4	1,434.1	1,432.2	0.1
Central Europe	232.1	266.3	-12.8	926.2	1,039.2	-10.9
Western Europe	354.1	411.3	-13.9	1,402.5	1,692.1	-17.1
T o tal revenues excluding revaluatio ns	960.0	1,050.0	-8.6	3,762.8	4,163.5	-9.6

SEK M	Oct-D ec	Oct-Dec	Change	F ull Year	Full Year	Change
	2010	2009	%	2010	2009	%
Northern Europe	77.0	86.7	-11.2	321.6	354.2	-9.2
Central Europe	56.1	40.6	38.2	198.2	207.4	-4.4
Western Europe	42.7	82.5	-48.2	208.5	142.0	46.8
Participation in Iceland	0.6	0.0	-	-0.9	0.3	-
T o tal o perating earnings excluding revaluatio ns	176.4	209.8	-15.9	727.4	703.9	3.3

%	Oct-D ec	Oct-Dec	F ull Year	Full Year
	2010	2009	2010	2009
Northern Europe	20.6	23.3	22.4	24.7
Central Europe	24.2	15.2	21.4	20.0
Western Europe	12.1	20.1	14.9	8.4
Operating margin fo r the Gro up	18.4	20.0	19.3	16.9

SEK M	Oct-D ec	Oct-Dec	Change	F ull Year	Full Year	Change
	2010	2009	%	2010	2009	%
Credit M anagement	829.5	872.4	-4.9	3,274.3	3,548.3	-7.7
Purchased Debt	236.5	247.1	-4.3	860.5	924.1	-6.9
Elimination of inter-service line revenue	-100.6	-73.2	37.4	-368.8	-344.6	7.0
T o tal revenues	965.4	1,046.3	-7.7	3,766.0	4,127.8	-8.8

SEK M	Oct-D ec	Oct-Dec	Change	F ull Year	Full Year	Change
	2010	2009	%	2010	2009	%
Credit M anagement	121.1	106.5	13.7	471.9	398.3	18.5
Purchased Debt	104.7	107.0	-2.1	382.6	361.9	5.7
Disposal of operation	-	0.2	-	-	-16.0	-
Participation in Iceland	0.6	0.0	0.0	-0.9	0.3	-
Central costs *	-44.6	-7.6	486.8	-123.0	-76.3	61.2
T o tal o perating earnings	181.8	206.1	-11.8	730.6	668.2	9.3

acquistions and restructuring during Oct-Dec

2010.

%	Oct-D ec	Oct-Dec	F ull Year	Full Year
	2010	2009	2010	2009
Credit M anagement	14.6	12.2	14.4	11.2
Purchased Debt	44.3	43.3	44.5	39.2
Gro up to tal	18.8	19.7	19.4	16.2

Key F igures	Oct-D ec	Oct-Dec	F ull Year	Full Year
	2010	2009	2010	2009
Revenue growth, %	-7.7	2.6	-8.8	12.2
Organic growth, %	-0.2	1.6	-0.8	3.9
Growth in operating earnings, %	-11.8	44.2	9.3	-4.2
Growth in earnings before tax, %	-13.2	70.9	8.7	3.3
Operating margin excluding revaluations, %	18.4	20.0	19.3	16.9
Return on total capital, %	11.1	12.1	10.7	10.0
Return on operating assets employed, %	15.0	16.0	14.4	13.4
Return on operating capital, %	16.4	17.6	15.7	14.3
Return on shareholders' equity, %	19.1	22.4	17.6	17.8
Return on purchased debt, %	18.6	18.6	16.3	15.6
Net debt, SEK M	2,193.3	2,069.0	2,193.3	2,069.0
Net debt/Equity ratio, %	85.1	81.2	85.1	81.2
Equity/Assets ratio, %	36.2	37.5	36.2	37.5
Interest coverage ratio, multiple	7.7	10.0	7.2	7.6
Collection cases in stock, M illion	19.2	16.9	19.2	16.9
Total collection value, SEK Billion	123.3	128.7	123.3	128.7
Average number of employees	3,039	3,200	3,099	3,372

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.

31 D ecember 2010	N o o f shares C	apital and
		Vo tes, %
Carnegie Funds	5,108,000	6.4
Swedbank Robur Funds	3,509,419	4.4
CapM an Oyj	3,407,550	4.3
SEB Funds	3,097,341	3.9
Lannebo Funds	2,938,972	3.7
Fourth Swedish National Pension Fund	2,394,270	3.0
Investment AB Öresund	2,388,000	3.0
Länsförsäkringar Funds	2,342,175	2.9
First Swedish National Pension Fund	2,198,962	2.7
SHB Funds	2,171,056	2.7
T o tal, ten largest shareho lders	29,555,745	37.0
T o tal number o f shares:	79,994,651

Swedish ownership accounted for 60.2 percent (institutions 22.8 percentage points, mutual funds 29.0 percentage points, retail 8.5 percentage points) Source: SIS Aktieägarservice

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

Intrum Justitia AB (parent company) - Income Statement

SEKM	Full Year	Full Year
	2010	2009
Revenues	61.9	57.7
Gross earnings	61.9	57.7
Sales and marketing expenses	$-13.4$	$-21.0$
General and administrative expenses	$-106.3$	$-85.7$
Operating earnings (EBIT)	$-57.8$	$-49.0$
Income from subsidiaries	$-250.9$	83.5
Income on intercompany shares transaction	0.0	1,150.8
Net financial items	$-31.1$	$-68.6$
Earnings before tax	$-339.8$	1,116.7
Tax	16.0	74.8
Net earnings for the period	$-323.8$	1, 19 1.5

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

SEKM	Full Year	Full Year
	2010	2009
Net earnings for the period	$-323.8$	1.191.5
Other comprehensive income: Change of translation reserve	250.7	$-198.0$
Total comprehensive income	$-73.1$	993.5

Intrum Justitia AB (parent company) - Balance Sheet

SEKM	31 Dec	31Dec
	2010	2009
ASSETS
Fixed assets
Intangible fixed assets	0.9	0.5
Tangible fixed assets	0.4	0.2
Financial fixed assets	7,478.6	7,578.0
Total fixed assets	7,479.9	7,578.7
Current assets
Current receivables	1,863.3	1,851.5
Cash and bank balances	138.3	159.8
Total current assets	2,001.6	2,011.3
TOTAL ASSETS	9,481.5	9,590.0

SHAREHOLDERS' EQUITY AND LIABILITIES
Restricted equity	284.1	284.1
Unrestricted equity	4.901.4	5,2313
Total shareholders' equity	5,185.5	5,515.4
Provisions	5.0	2.3
Long-term liabilities	3,620.6	1.230.2
Current liabilities	670.4	2,842.1
TOTAL SHAREHOLDERS* EQUITY AND LIABILITIES	9.481.5	9.590.0
Pledged assets	None	None
Contingent liabilities	None	None