SECOND QUARTER

28%

Growth in earnings per share past 12 months

14%

Change in operating earnings (adjusted for currency effects and purchased debt revaluations)

21%

Return on purchased debt

SEK 537 M

Investments in purchased debt

SEK 625 M

Cash flow from purchased debt

INTERIM REPORT JANUARY-JUNE 2014

Consolidated net revenues for the second quarter of 2014 amounted to SEK 1,301 M (1,152).
Operating earnings (EBIT) amounted to SEK 372 M (301). The operating earnings include positive revaluations of purchased debt portfolios amounting to SEK 23 M (6).
The operating margin was 29 percent (26), including revaluations of purchased debt portfolios.
Net earnings for the quarter amounted to SEK 252 M (206) and earnings per share were SEK 3.23 (2.57).
Disbursements for investments in purchased debt amounted to SEK 537 M (597).
Cash flow from operating activities amounted to SEK 570 M (530).

SEK M unless otherwise indicated	April-June 2014	April-June 2013	Change %	Jan-June 2014	Jan-June 2013	Change %

Revenues	1,301	1,152	13	2,505	2,200	14
Revenues excluding revaluations	1,278	1,146	12	2,492	2,198	13
Operating earnings (EBIT)	372	301	24	655	537	22
Operating margin, %	29	26		26	24
Earnings before tax	326	265	23	563	465	21
Net earnings	252	206	22	436	361	21
Earnings per share before and after dilution, SEK	3.23	2.57	26	5.58	4.51	24
Cash flow from operating activities	570	530	8	1,100	994	11
Return on Purchased debt %	21	22		20	21
Investments in Purchased debt	537	597	-10	1,225	1,517	-19
Cash flow from Purchased debt	625	557	12	1,228	1,067	15
Net debt/RTM EBITDA	1.90	1.76		1.90	1.76

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 July 17, 2014.

Comment by President and CEO Lars Wollung

Intrum Justitia performed well during the second quarter 2014. Consolidated revenues rose by 13 percent and operating earnings, adjusted for revaluations of purchased debt portfolios and currency effects, increased by 14 percent compared with the year-earlier period,. Earnings per share have risen 28 percent over the past 12-month period, which is well above our financial target of a 10-percent annual increase. In the second quarter we also strengthened our long-term financial flexibility by issuing bonds of SEK 1 billion, as well as by improving several of the terms for our bank financing.

As in the first quarter, the Western Europe and Central Europe regions experienced healthy growth in the second quarter. We are seeing a strong trend within purchased debt in Central Europe, while Western Europe has performed well primarily within Credit Management. Northern Europe has also improved its result compared with the year-earlier period, largely owing to revaluations of purchased debt and through enhanced cost efficiency.

Our Financial Services line continues to perform well as a consequence of increasing levels of investment for purchased debt over the past few years, with revenues excluding currency effects rising by 16 percent in the second quarter. Good collections and positive revaluations during Q2 generated a return on purchased debt of 21 percent. The level of investment for purchased debt totaled SEK 537 M for the second quarter. Investments for the first half of 2014 were 19 percent down on the year-earlier period, which was very strong. The Credit Management service line saw an improvement in revenues and profitability compared with the year-earlier period, chiefly due to contributions from acquired units and increased volumes from our own portfolios. Within Credit Management we focus our efforts on improving collection efficiency and boosting growth from external clients.

We are continuing to develop services involving financing solutions before receivables mature, or in connection with their maturing. This business is a small part of the Group at present, but has good long-term potential to grow and strengthen our existing business. Swedish and Finnish factoring operations developed as planned. Our initiative in the Netherlands to offer a financing solution for e-trade has had a disappointing performance and we are therefore investigating other alternatives for this operation. To improve cost efficiency and strengthen cooperation with our other organization we have also included the operations for financing solutions before an invoice matures within the existing regional organization.

Group

SEK M	April-June	April-June	Change	Jan-June	Jan-June	Change
unless otherwise indicated	2014	2013	%	2014	2013	%
Revenues	1,301	1,152	13	2,505	2,200	14
Operating earnings (EBIT)	372	301	24	655	537	22
Operating margin, %	29	26		26	24
Net financial items	-46	-36	28	-92	-72	28
Tax	-74	-59	25	-127	-104	22
Net income	252	206	22	436	361	21
Average number of employees	3,815	3,524	8	3,780	3,524	7

Revenues and earnings

Over the second quarter, revenues rose by 13 percent, consisting of organic growth of 5 percent, acquisition effects of 2 percent, revaluations of purchased debt of 1 percent and currency effects of 5 percent. Operating earnings improved by 24 percent in the second quarter and, adjusted for currency effects and revaluations of purchased debt portfolios, the increase was 14 percent. The improvement in operating earnings is mainly attributable to growth and positive revaluations in purchased debt. All regions have seen an improvement in their operating earnings over the second quarter compared with the year-earlier period.

The Group's services involving financing before or in connection with an invoice maturing are now in the launch phase. The development of these services was previously organized as a separate unit, however as of the second quarter they are included in the existing regional organizations. For this reason, and because this initiative is still a small element of the Group, detailed financial results for these services will not be recognized separately for the time being.

Earnings per share for the quarter rose by 26 percent compared with the corresponding period last year and by 28 percent on a rolling 12-month basis. In the second quarter, earnings per share were affected by repurchasing, which reduced the number of shares outstanding by 3.5 percent compared with the second quarter last year.

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

Net financial items

Net financial items for the quarter amounted to a negative SEK 46 M (36). Exchange rate differences have affected net financial items by SEK 1 M (1), and other financial items by a negative SEK 7 M (7). Other financial items refer primarily to bank fees and similar charges in connection with the Group's borrowing.

Taxes

Earnings for the quarter were charged with tax of 22.5 percent. Further information on ongoing tax disputes is provided in the section "Taxation assessments".

Cash flow and investments

SEK M unless otherwise indicated	April-June 2014	April-June 2013	Change %	Jan-June 2014	Jan-June 2013	Change %

Cash flow from operating activities	570	530	8	1,100	994	11
Investments in Purchased debt	537	597	-10	1,225	1,517	-19
Cash flow from Purchased debt	625	557	12	1,228	1,067	15

Cash flow from operating activities was affected positively by improved operating earnings excluding depreciation and amortization and lower net investments in factoring receivables, but negatively by higher taxes and a higher level of working capital.

Cash flow from purchased debt for the second quarter amounts to SEK 625 M (557), defined as funds collected on purchased debt of SEK 867 M (761), with deductions for the service line's overheads, primarily collection costs of SEK 242 M (204).

Financing

SEK M unless otherwise indicated	April-June 2014	April-June 2013	Change %

Net Debt	5,423	4,311	26
Net Debt/RTM EBITDA	1.90	1.76
Shareholders' equity	2,982	2,945	1
Liquid assets	229	395	-42

The increase in consolidated net debt compared with the preceding year is primarily attributable to investments in purchased debt, dividends to shareholders, repurchases of the company's own shares and exchange rate fluctuations. The Group's net debt expressed as a multiple of operating earnings before depreciation and amortization totals 1.9, just under the lower interval for Intrum Justitia's financial target of 2-3 for this relationship.

In the second quarter the Group implemented a bond issue of SEK 1 billion within the framework of its MTN program, with the aim of increasing long-term financial flexibility. The Group's bank loans were also renegotiated after the end of the second quarter, see below under 'Events after the end of the period' for further details.

In the first quarter, Intrum Justitia repurchased 1,185,934 of its own shares for a total of SEK 219 M, and in the second quarter an additional 760,924 shares for a total of SEK 150 M. The average number of shares outstanding in the first half of the year was therefore 77,556,248. The average number of shares outstanding in the second quarter was 76,983,104. The 2,383,707 shares that were repurchased in 2013 and in the first quarter 2014 have been canceled, in accordance with the decision at the 2014 AGM. The number of outstanding shares following this measure totaled 77,360,944, of which 760,924 were repurchased in the second quarter and are now treasury shares.

Goodwill

Consolidated goodwill amounted to SEK 2,608 M as per June 30 2014, compared with SEK 2,542 M as per December 31, 2013. The increase since the start of the year was attributable to exchange rate fluctuations.

Regions

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

Northern Europe

SEK M	April-June	April-June	Change	Jan-June	Jan-June	Change	Full Year
	2014	2013	%	2014	2013	%	2013

Revenues	648	639	1	1,226	1,217	1	2,476
Operating earnings	212	186	14	344	324	6	743
Revenues excluding revaluations	636	642	-1	1,226	1,223	0	2,481
Operating earnings excluding revaluations	200	189	6	344	330	4	748
Operating margin excluding revaluations, %	31	29		28	27		30

Revenues for the quarter increased by 1 percent compared to the year-earlier period, but adjusted for currency effects and revaluations of purchased debt revenues dropped by 4 percent.Operating

earnings improved by 14 percent. Adjusted for currency effects and revaluations of purchased debt, the improvement was 3 percent. The improvement in operating earnings excluding revaluations and currency effects is primarily attributable to greater cost efficiency and healthier growth within Credit Management from external clients. In the second quarter there were fewer problems relating to the overload of cases in the legal systems in Poland.

Central Europe

SEK M	April-June	April-June	Change	Jan-June	Jan-June	Change	Full Year
	2014	2013	%	2014	2013	%	2013

Revenues	345	255	35	684	505	35	1,088
Operating earnings	95	63	51	192	129	49	266
Revenues excluding revaluations	337	248	36	674	500	35	1,087
Operating earnings excluding revaluations	87	56	55	182	124	47	265
Operating margin excluding revaluations, %	26	23		27	25		24

Revenues for the quarter rose by 35 percent compared with the year-earlier period. Adjusted for currency effects and revaluations of purchased debt, the increase was 30 percent. Operating earnings improved by 51 percent. Adjusted for currency effects and revaluations of purchased debt, the improvement was 49 percent. As with the performance in previous quarters, the region's improvement in operating earnings is mainly fueled by the increase in investments in purchased debt in previous periods. The integration of the purchased debt company that was acquired in the Czech Republic in the first quarter of 2014 is progressing according to plan and making a positive contribution to the region's earnings trend.

Western Europe

SEK M	April-June	April-June	Change	Jan-June	Jan-June	Change	Full Year
	2014	2013	%	2014	2013	%	2013

Revenues	308	258	19	595	478	24	1,002
Operating earnings	65	52	25	119	84	42	198
Revenues excluding revaluations	305	256	19	592	475	25	991
Operating earnings excluding revaluations	62	50	24	116	81	43	187
Operating margin excluding revaluations, %	20	20		20	17		19

Revenues for the quarter rose by 19 percent compared with the year-earlier period. Adjusted for currency effects and revaluations of purchased debt, the increase was 13 percent. Operating earnings improved by 25 percent. Adjusted for currency effects and revaluations of purchased debt, the improvement was 17 percent. Operating earnings have improved mainly as a result of a good trend within Credit Management, including positive effects generated by an acquisition in France in 2013. Investment levels within purchased debt are showing a persistently positive trend compared with the previous year.

Service lines

Credit Management

SEK M	April-June 2014	April-June 2013	Change %	Jan-June 2014	Jan-June 2013	Change %	Full Year 2013
Revenues	957	871	10	1,865	1,685	11	3,469
Service line earnings Service line margin, %	235 25	207 24	14	413 22	387 23	7	823 24

Revenues rose by 10 percent in the quarter compared with the year-earlier period . Adjusted for currency effects, the increase was 6 percent. Service line earnings improved by 14 percent. Adjusted for currency effects, the improvement was 10 percent. The growth in earnings and the improved service line earnings, excluding currency effects, are chiefly attributable to acquisitions and increased volumes of credit management services for the Group's own portfolios.

Financial Services

SEK M	April-June	April-June	Change	Jan-June	Jan-June	Change	Full Year
	2014	2013	%	2014	2013	%	2013

Revenues	554	458	21	1,039	846	23	1,791
Service line earnings	312	254	23	576	461	25	969
Service line margin, %	56	55		55	54		54
Return on Purchased debt, %	21	22		20	21		21
Investments in Purchased debt	537	597	-10	1,225	1,517	-19	2,475
Carrying amount, Purchased debt	6,030	4,970	21	6,030	4,970	21	5,411

Revenues rose by 21 percent in the quarter compared with the year-earlier period. Adjusted for currency effects, the increase was 16 percent. Service line earnings improved by 23 percent. Adjusted for currency effects, the improvement was 18 percent. Income is growing mainly as a consequence of increased investment in purchased debt in previous years. Successful collection during the quarter coupled with positive revaluations contributed to a return on purchased debt of 21 percent. The investment level for the quarter was somewhat lower compared with the year-earlier period, partly as a consequence of lower investments in Poland.

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

Market outlook

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

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

Taxation assessments

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

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

Parent Company

The Group's publicly listed Parent Company, Intrum Justitia AB (publ), owns the subsidiaries, provides the Group's head office functions and handles certain Group-wide development work, services and marketing. The Parent Company reported net revenues of SEK 40 M (35) for the sixmonth period and earnings before tax of a negative SEK 21 M (76). The Parent Company invested SEK 0 M (0) in fixed assets during the year and had, at the end of the year, SEK 7 M (120) in cash and equivalents. The average number of employees was 51 (45).

Accounting principles

This interim report has been prepared in accordance with the Annual Accounts Act and IAS 34 Interim Financial Reporting for the Group and in accordance with Chapter 9 of the Annual Accounts Act for the Parent Company.

Acquisition of Profidebt sro

On January 31, 2014, Intrum Justitia agreed to acquire 100 percent of the shares in Czech company Profidebt sro for a cash purchase consideration of CZK 280 M, equivalent to SEK 90 M. The preliminary acquisition analysis is detailed in Intrum Justitia's Q1 interim report. The acquisition analysis has not been altered during the second quarter, but remains preliminary.

Significant risks and uncertainties

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

Events after the end of the period

On July 16, the Board of Directors of Intrum Justitia AB resolved to continue with the company's repurchase program. The program runs up to and including September 22, 2014, covering repurchases totaling a maximum of SEK 250 M. Through the program, Intrum Justitia returns further funds to shareholders and it is the assessment of the Board of Directors that this will give the company a more optimized capital structure. The intention of the program is to reduce Intrum Justitia's share capital by canceling the shares that are repurchased. In accordance with the authorization provided by the 2014 Annual General Meeting, a maximum corresponding to 10 percent of the company's shares may be repurchased during the period extending until the 2015 Annual General Meeting.

On July 11, Intrum Justitia entered into an agreement with Swedbank and Nordea on changes to certain terms of the Group's syndicated loan facilities. Previous bank loans comprising a facility of SEK 4 billion and a facility of SEK 1 billion have been combined to a facility of SEK 5 billion. The new bank loan, like the existing one, is a revolving credit facility, on market terms with regard to borrowing costs and, in other regards, on similar terms to the previous loans. The maturity structure has also changed. The previous loans were for SEK 2 billion maturing in 2015, SEK 2 billion in 2016 and SEK 1 billion in 2017, while the new structure is SEK 2 billion maturing in 2017, SEK 2 billion in 2018 and SEK 1 billion in 2019. The new loan agreement also allows the Group to raise long-term financing of up to SEK 10 billion, compared with a maximum of SEK 8 billion under the previous loan agreement.

Presentation of the Interim Report

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

For further information, please contact

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

Financial calendar 2014

The interim report for January-September will be published October 22, 2014 The year-end report for 2014 will be published January 29, 2015

The interim report and other financial information are 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 17, 2014

Lars Lundquist Matts Ekman Joakim Rubin Charlotte Strömberg Chairman of the Board Board member Board member Board member

Synnöve Trygg Fredrik Trägårdh Magnus Yngen

Board member Board member Board member

Lars Wollung President and CEO

The interim report has not been reviewed by the Company's auditors.

About the Intrum Justitia Group

Intrum Justitia is Europe's leading Credit Management Services (CMS) group, offering comprehensive credit management services, including Purchased Debt, designed to measurably improve clients' cash flows and long-term profitability. Founded in 1923, Intrum Justitia has some 3,800 employees in 20 markets. Consolidated revenues amounted to SEK 4.6 billion in 2013. Intrum Justitia AB has been listed on the NASDAQ OMX Stockholm exchange since 2002. For further information, please visit www.intrum.com.

SEK M	April-June	April-June	Jan-June	Jan-June	Full Year
	2014	2013	2014	2013	2013

Revenues	1,301	1,152	2,505	2,200	4,566
Cost of sales	-717	-657	-1,440	-1,297	-2,663
Gross earnings	584	495	1,065	903	1,903
Sales and marketing expenses	-64	-51	-131	-105	-211
Administrative expenses	-147	-143	-282	-261	-484
Participation in associated companies and joint ventures	-1	0	3	0	-1
Operating earnings (EBIT)	372	301	655	537	1,207
Net financial items	-46	-36	-92	-72	-161
Earnings before tax	326	265	563	465	1,046
Tax	-74	-59	-127	-104	-227
Net income for the period	252	206	436	361	819
Of which attributable to:
Parent company's shareholders	249	205	433	360	817
Non-controlling interest	3	1	3	1	2
Net earnings for the period	252	206	436	361	819
Earnings per share before and after dilution	3.23	2.57	5.58	4.51	10.30

Intrum Justitia Group – Consolidated Income Statement

Intrum Justitia Group - Statement of Comprehensive Income

SEK M	April-June	April-June	Jan-June	Jan-June	Full Year
	2014	2013	2014	2013	2013
Net income for the period	252	206	436	361	819
Other comprehensive income, items that will be reclassified to profit and loss:
Currency translation difference	50	71	44	-13	30
Other comprehensive income, items that will not be reclassified to profit and loss:
Remeasurement of pension liability	0	0	0	0	3
Comprehensive income for the period	302	277	480	348	852
Of which attributable to:
Parent company's shareholders	296	179	475	347	850
Non-controlling interest	6	-1	5	1	2
Comprehensive income for the period	302	178	480	348	852

Intrum Justitia Group – Consolidated Balance Sheet

SEK M	30 Jun	30 Jun	31 Dec
	2014	2013	2013

ASSETS Intangible fixed assets
Goodwill	2,608	2,420	2,542
Capitalized expenditure for IT development and other	206	230	237
intangibles
Client relationships	41	62	42
Total intangible fixed assets	2,855	2,712	2,821
Tangible fixed assets	117	97	105

Other fixed assets
Purchased debt	6,030	4,970	5,411
Deferred tax assets	76	66	69
Other long-term receivables	16	8	6
Total other fixed assets	6,122	5,044	5,486
Total fixed assets	9,094	7,853	8,412

Current Assets Accounts receivable	330	278	302
Client funds	511	481	525
Tax assets	59	23	25
Other receivables	581	417	452

Prepaid expenses and accrued income	165	158	166
Cash and cash equivalents Total current assets	229 1,875	395 1,752	340 1,810

TOTAL ASSETS	10,969	9,605	10,222

SHAREHOLDERS' EQUITY AND LIABILITIES
Attributable to parent company's shareholders	2,896	2,932	3,235
Attributable to non-controlling interest	86	13	81
Total shareholders' equity	2,982	2,945	3,316
Long-term liabilities
Liabilities to credit institutions	1,795	1,978	1,847
Medium term note	3,124	2,010	2,056
Other long-term liabilities	168	176	170
Provisions for pensions	106	90	102
Other long-term provisions	3	3	3
Deferred tax liabilities	400	236	383
Total long-term liabilities	5,596	4,493	4,561
Current liabilities
Liabilities to credit institutions	4	6	51
Commercial paper	627	597	598
Client funds payable	511	481	525
Accounts payable	140	150	145
Income tax liabilities	157	102	78
Advances from clients	16	15	18
Other current liabilities	311	250	300
Accrued expenses and prepaid income	625	566	630
Total current liabilities	2,391	2,167	2,345

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	10,969	9,605	10,222

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

SEK M		2014		2013
	Attributable to Parent Company's shareholders	Non-controlling interest	Total	Attributable to Parent Company's shareholders	Non-controlling interest	Total
Opening Balance, January 1	3,235	81	3,316	2,984	2	2,986
Dividend	-445		-445	-399		-399
Acquired non-controlling interest			0		10	10
Repurchase of shares	-369		-369
Comprehensive income for the period	475	5	480	347	1	348
Closing Balance, June 30	2,896	86	2,982	2,932	13	2,945

Intrum Justitia Group – Cash Flow Statement

SEK M	April-June	April-June	Jan-June	Jan-June	Full Year
	2014	2013	2014	2013	2013

Operating activities
Operating earnings (EBIT)	372	301	655	537	1,207
Depreciation/amortization and impairment write-down	40	40	78	79	157
Amortization/revaluation of Purchased debt	337	321	697	639	1,320
Adjustment for items not included in cash flow	2	1	4	3	6
Interest received	4	3	8	7	17
Interest paid and other financial expenses	-42	-36	-112	-86	-162
Income tax paid	-56	-28	-101	-65	-111
Cash flow from operating activities before changes in	657	602	1,229	1,114	2,434
working capital
Changes in factoring receivables	-24	-83	-25	-91	-89
Other changes in working capital	-63	11	-104	-29	-40
Cash flow from operating activities	570	530	1,100	994	2,305
Investing activities
Purchases of tangible and intangible fixed assets	-32	-31	-60	-59	-121
Debt purchases	-537	-597	-1,225	-1,517	-2,475
Purchases of shares in subsidiaries and other companies	0	-37	26	-37	2
Other cash flow from investing activities	-7	19	-9	15	16
Cash flow from investing activities	-576	-646	-1,268	-1,598	-2,578
Financing activities
Borrowings and repayment of loans	515	538	872	1,058	860
Repurchase of shares	-150	0	-369	0	-200
Share dividend to Parent Company's shareholders	-445	-399	-445	-399	-399
Cash flow from financing activities	-80	139	58	659	261
Change in liquid assets	-86	23	-110	55	-12
Opening balance of liquid assets	315	373	340	348	348
Exchange rate differences in liquid assets	0	-1	-1	-8	4
Closing balance of liquid assets	229	395	229	395	340

The layout of the Group's cash flow statement has been adjusted effective as of the third quarter of 2013 in such a way that changes to factoring receivables are now recognized separately to operating activities in cash flow, instead of being included in 'Other cash flow from investing activities', as previously. The comparison figures for the second quarter and first half of 2013 have been recalculated in this interim report, in accordance with the adjusted layout.

Intrum Justitia Group – Quarterly Overview

	Quarter 2	Quarter 1	Quarter 4	Quarter 3	Quarter 2
	2014	2014	2013	2013	2013
Revenues, SEK M	1,301	1,204	1,231	1,135	1,152
Revenue growth, %	13	15	17	13	11
Operating earnings (EBIT), MSEK	372	283	340	330	301
Operating earnings excluding revaluations, MSEK	349	293	333	332	295
Operating margin excluding revaluations, %	27	24	27	29	26
EBITDA, MSEK	750	681	721	708	662

Intrum Justitia Group – Five-Year Overview

	2014	2013	2012	2011	2010
	April-June	April-June	April-June	April-June	April-June

Revenues, SEK M	1,301	1,152	1,037	977	922
Revenue growth, %	13	11	6	6	-12
Operating earnings (EBIT), SEK M	372	301	218	210	181
Operating earnings (EBIT) excl revaluations, SEK M	349	295	215	194	180
Operating margin excl revaluations, %	27	26	21	20	20
EBITDA, SEK M	750	662	523	457	417
Earnings before tax, SEK M Net income, SEK M	326 252	265 206	185 139	186 110	151 85

Net debt, SEK M	5,423	4,311	3,258	2,578	1,923
Net debt/EBITDA RTM	1.90	1.76	1.56	1.48	1.16
Earnings per share, SEK	3.23	2.57	1.77	1.39	1.07
EPS growth, %	26	45	27	30	-19
Average number of shares, '000	76,983	79,745	79,745	79,745	79,745
Number of shares outstanding at end of period, '000	76,600	79,745	79,745	79,745	79,745
Return on Purchased debt, %	21	22	20	23	19
Investments in Purchased debt, SEK M	537	597	667	276	198
Average number of employees	3,815	3,524	3,386	3,188	3,115
	2013	2012	2011	2010	2009

	Full Year	Full Year	Full Year	Full Year	Full Year
Revenues, SEK M	4,566	4,048	3,950	3,766	4,128
Revenue growth, %	13	2	5	-9	12

Operating earnings (EBIT), SEK M	1,207	879	868	731	668
Operating earnings (EBIT) excl revaluations, SEK M	1,200	958	849	727	704
Operating margin excl revaluations, % EBITDA, SEK M	26 2,684	23 2,199	22 1,929	19 1,702	17 1,650
Earnings before tax, SEK M	1,046	729	753	639	588
Net income, SEK M	819	584	553	452	441

Net debt, SEK M	4,328	3,261	2,692	2,193	2,069
Net debt/EBITDA RTM	1.61	1.49	1.40	1.29	1.25
Earnings per share, SEK	10.30	7.32	6.91	5.67	5.53
EPS growth, %	41	6	22	3	-1
Dividend/proposed dividend per share, SEK	5.75	5.00	4.50	4.10	3.75
Average number of shares, '000	79,306	79,745	79,745	79,745	79,745
Number of shares outstanding at end of period, '000	78,547	79,745	79,745	79,745	79,745
Return on Purchased debt, %	21	17	21	18	18
Investments in Purchased debt, SEK M Average number of employees	2,475 3,532	2,014 3,475	1,804 3,331	1,050 3,099	871 3,372

Comparative figure for 2012 above are restated in accordance with IFRS

11 and IAS19R. Earlier years have not been restated.

Operating Segments

Regions – Revenues from external clients

SEK M	April-June	April-June	Change	Jan-June	Jan-June	Change	Full Year
	2014	2013	%	2014	2013	%	2013

Northern Europe	648	639	1	1,226	1,217	1	2,476
Central Europe	345	255	35	684	505	35	1,088
Western Europe	308	258	19	595	478	24	1,002
Total revenues from external clients	1,301	1,152	13	2,505	2,200	14	4,566

Regions – Intercompany revenues

SEK M	April-June	April-June	Change	Jan-June	Jan-June	Change	Full Year
	2014	2013	%	2014	2013	%	2013

Northern Europe	66	52	27	126	99	27	233
Central Europe	62	57	9	127	116	9	244
Western Europe	31	24	29	57	46	24	94
Eliminations	-159	-133	20	-310	-261	19	-571
Total intercompany revenues	0	0		0	0		0

Regions – Revaluations of purchased debt

SEK M	April-June	April-June	Jan-June	Jan-June	Full Year
	2014	2013	2014	2013	2013

Northern Europe	12	-3	0	-6	-5
Central Europe	8	7	10	5	1
Western Europe	3	2	3	3	11
Total revaluation	23	6	13	2	7

Regions – Revenues excluding revaluations

SEK M	April-June	April-June	Change	Jan-June	Jan-June	Change	Full Year
	2014	2013	%	2014	2013	%	2013

Northern Europe	636	642	-1	1,226	1,223	0	2,481
Central Europe	337	248	36	674	500	35	1,087
Western Europe	305	256	19	592	475	25	991
Total revenues excluding revaluations	1,278	1,146	12	2,492	2,198	13	4,559

Regions – Amortization related to acquisitions

SEK M	April-June	April-June	Jan-June	Jan-June	Full Year
	2014	2013	2014	2013	2013

Northern Europe	-2	-2	-4	-4	-7
Central Europe	0	0	0	0	0
Western Europe	-2	-3	-2	-6	-12
Total amortization and impairment	-4	-5	-6	-10	-19

Regions – Operating earnings (EBIT)

SEK M	April-June	April-June	Change	Jan-June	Jan-June	Change	Full Year
	2014	2013	%	2014	2013	%	2013

Northern Europe	212	186	14	344	324	6	743
Central Europe	95	63	51	192	129	49	266
Western Europe	65	52	25	119	84	42	198
Total operating earnings (EBIT)	372	301	24	655	537	22	1,207

Net financial items	-46	-36	28	-92	-72	28	-161
Earnings before tax	326	265	23	563	465	21	1,046

Regions – Operating earnings excluding revaluations

SEK M	April-June	April-June	Change	Jan-June	Jan-June	Change	Full Year
	2014	2013	%	2014	2013	%	2013

Northern Europe	200	189	6	344	330	4	748
Central Europe	87	56	55	182	124	47	265
Western Europe	62	50	24	116	81	43	187
Total operating earnings excluding	349	295	18	642	535	20	1,200
revaluations

Regions – Operating margin excluding revaluations

%	April-June	April-June	Jan-June	Jan-June	Full Year
	2014	2013	2014	2013	2013

Northern Europe	31	29	28	27	30
Central Europe	26	23	27	25	24
Western Europe	20	20	20	17	19
Operating margin for the Group	27	26	26	24	26

Service lines – Revenues

SEK M	April-June	April-June	Change	Jan-June	Jan-June	Change	Full Year
	2014	2013	%	2014	2013	%	2013

Credit Management	957	871	10	1,865	1,685	11	3,469
Financial Services	554	458	21	1,039	846	23	1,791
Elimination of inter-service line revenue	-210	-177	19	-399	-331	21	-694
Total revenues	1,301	1,152	13	2,505	2,200	14	4,566

Revenues by type

SEK M	April-June	April-June	Change	Jan-June	Jan-June	Change	Full Year
	2014	2013	%	2014	2013	%	2013
External Credit Management revenues	747	693	8	1,466	1,354	8	2,775
Collections on Purchased debt	867	761	14	1,691	1,452	16	3,040
Amortization of Purchased debt	-360	-328	10	-710	-642	11	-1,327
Revaluation of Purchased debt	23	6	283	13	2	-	7
Other revenues from Financial Services	24	20	20	45	34	32	71
Total revenues	1,301	1,152	13	2,505	2,200	14	4,566

Service lines – Service line earnings

SEK M	April-June	April-June	Change	Jan-June	Jan-June	Change	Full Year
	2014	2013	%	2014	2013	%	2013

Credit Management	235	207	14	413	387	7	823
Financial Services	312	254	23	576	461	25	969
Common costs	-175	-160	9	-334	-311	7	-585
Total operating earnings	372	301	24	655	537	22	1,207

Service lines – Service line margin

%	April-June	April-June	Jan-June	Jan-June	Full Year
	2014	2013	2014	2013	2013

Credit Management	25	24	22	23	24
Financial Services	56	55	55	54	54
Operating margin for the Group	29	26	26	24	26

Intrum Justitia AB (parent company) – Income Statement

SEK M	Jan-June	Jan-June	Full Year
	2014	2013	2013

Revenues	40	35	90
Gross earnings	40	35	90

Sales and marketing expenses	-9	-8	-16
Administrative expenses	-68	-88	-142
Operating earnings (EBIT)	-37	-61	-68

Income and impairment from subsidiaries	43	0	18
Net financial items	-27	-15	-40
Earnings before tax	-21	-76	-90

Tax	-19	0	0
Net earnings for the period	-40	-76	-90

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

SEK M	Jan-June	Jan-June	Full Year
	2014	2013	2013
Net earnings for the period	-40	-76	-90
Other comprehensive income: Change of translation	-112	-39	-154
reserve
Total comprehensive income	-152	-115	-244

Intrum Justitia AB (parent company) – Balance Sheet

SEK M	30 Jun 2014	30 Jun 2013	31 Dec 2013

ASSETS
Fixed assets
Intangible fixed assets	0	1	0
Financial fixed assets	7,674	7,257	7,409
Total fixed assets	7,674	7,258	7,409
Current assets
Current receivables	3,642	3,269	3,424
Cash and bank balances	7	120	6
Total current assets	3,649	3,389	3,430
TOTAL ASSETS	11,323	10,647	10,839
SHAREHOLDERS' EQUITY AND LIABILITIES
Restricted equity	284	284	284
Unrestricted equity	2,046	3,342	3,012
Total shareholders' equity	2,330	3,626	3,296
Long-term liabilities	6,543	5,002	5,524
Current liabilities	2,450	2,019	2,019
TOTAL SHAREHOLDERS* EQUITY AND LIABILITIES	11,323	10,647	10,839
Pledged assets	None	None	None
Contingent liabilities	None	66	None

Share price trend

Intrum Justitia Group - Ownership Structure

30 June 2014	No of shares	Capital and
		Votes, %
Fidelity Investment Management	7,981,067	10.4
SEB Funds	4,541,214	5.9
Lannebo Funds	4,157,348	5.4
AMF Insurance and Funds	2,845,167	3.7
SHB Funds	2,781,893	3.6
State of New Jersey Pension Fund	2,500,000	3.3
Carnegie Funds	1,891,000	2.5
Swedbank Robur Funds	1,664,851	2.2
Norweigan Bank Investment Management	1,618,801	2.1
Odin Funds	984,374	1.3
Fourth Swedish National Pension Fund	954,654	1.2
College Retirement Equities Fund	951,259	1.2
Confederation of Swedish Enterprise	700,000	0.9
Third Swedish National Pension Fund	679,582	0.9
Standard Life Investment Funds	598,436	0.8
Total, fifteen largest shareholders	34,849,646	45.5

Total number of shares: 76,600,020

Treasury shares, 760,924 shares are not included in the total number of shares outstanding.

Swedish ownership accounted for 43.3 percent (institutions 16.5 percentage points,

mutual funds 21.1 percentage points, retail 5.7 percentage points) Source: SIS Aktieägarservice

Definitions

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

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

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

Operating margin is operating earnings as a percentage of revenues.

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

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

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

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

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

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

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

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