THIRD QUARTER

26%

Growth in earnings per share past 12 months

3%

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

8% Change in carrying amount of purchased debt past 12 months

20%

Return on purchased debt

SEK 320 M

Investments in purchased debt

SEK 659 M

Cash flow from purchased debt

	INTERIM REPORT JANUARY–SEPTEMBER 2015
--	---------------------------------------

Consolidated net revenues for the third quarter of 2015 amounted to SEK 1,386 M (1,309).
Operating earnings (EBIT) amounted to SEK 452 M (415). Operating earnings include revaluations of purchased debt portfolios amounting to SEK 29 M (15) as well as a negative effect of SEK 31 M mainly for a reassessment of capitalized expenditure attributable to prior years. The operating margin excluding revaluations of purchased debt was 31 percent (31).
Net earnings for the quarter amounted to SEK 330 M (311) and earnings per share were SEK 4.51 (4.09).
Cash flow from operating activities amounted to SEK 805 M (788).
The carrying amount of purchased debt has increased by 8 percent compared with the year-earlier period. Investments in purchased debt for the quarter amounted to SEK 320 M (267).

SEK M unless otherwise indicated	July-Sept 2015	July-Sept 2014	Change %	Jan-Sept 2015	Jan-Sept 2014	Change %
Revenues	1,386	1,309	6	4,232	3,814	11
Revenues excluding revaluations	1,357	1,294	5	4,165	3,786	10

Operating earnings (EBIT) Operating margin, %	452 33	415 32	9	1,239 29	1,070 28	16
Earnings before tax	413	378	9	1,123	941	19
Net earnings	330	311	6	898	747	20
Earnings per share before and after dilution, SEK	4.51	4.09	10	12.16	9.65	26
Cash flow from operating activities	805	788	2	2,027	1,888	7

Carrying value purchased debt Return on purchased debt %	6,418 20	5,941 21	8	6,418 21	5,941 21	8
Investments in purchased debt	320	267	20	1,298	1,460	-11
Cash flow from purchased debt	659	620	6	1,993	1,848	8
Net debt/RTM EBITDA	1.8	1.8		1.8	1.8

Intrum Justitia is disclosing the information herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 07:00 a.m. CET on Wednesday, October 21, 2015.

Comment by President and CEO Lars Wollung

Intrum Justitia's third quarter saw continued good development, with operating earnings of SEK 452 M, the highest in the company's history to date. Operating earnings rose by 9 percent compared with the year-earlier period, and by 3 percent when adjusted for currency effects and revaluations. Earnings per share have risen 26 percent over the past twelve-month period, which is well in excess of our financial target.

For our regions, we saw a positive trend in Western Europe, with increased growth and improved margins for the third quarter. In Western Europe in the third quarter we also entered into an agreement regarding the acquisition of a company, which will contribute to improving our market position and profitability in the region. The regions Central Europe and Northern Europe continue to display strong profitability, with operating margins excluding revaluations of 32 percent and 35 percent respectively, which is consistent with the same period last year.

In our services lines, we are seeing a healthy trend within Credit Management Services, which is reaping the benefits of both previous acquisitions as well as improved operational efficiency. We are achieving both growth and improved margins compared with the yearearlier period, with increases in service line revenue and profit of 2 percent and 7 percent respectively, excluding currency effects. Financial Services has seen a continued rise in the carrying amount of purchased debt of 8 percent for the third quarter, compared with the yearearlier period. Our purchased debt portfolios are performing well, which has resulted in significant positive revaluations totaling SEK 67 M in 2015 to date, SEK 29 M of which was in the third quarter.

Through a strong combination of credit management and financing services, Intrum Justitia is creating value for our customers, shareholders and society, where we are confident that demand for services for efficient and responsible credit management will remain significant for many years to come. Intrum Justitia is therefore well positioned for continuing to deliver profitable growth, while achieving or exceeding our financial targets. We have a stable base of recurring investment opportunities within small and medium-sized purchased debt portfolios, with good returns. For larger portfolios within the banking and financial sector we will continue to act in a disciplined manner, but will utilize our competitive advantage through our low financing cost to generate profitable growth. There are also good opportunities for growth in our credit management operations over the coming years. Our program for continuous improvement within operational efficiency continues to show good potential. Furthermore, we are seeing opportunities to add value through acquisitions of small and medium-sized companies and have stepped up the pace over the past 12-month period, through acquisitions totaling in excess of SEK 400 M.

Group

SEK M	July-Sept	July-Sept	Change	Jan-Sept	Jan-Sept	Change
unless otherwise indicated	2015	2014	%	2015	2014	%

Revenues	1,386	1,309	6	4,232	3,814	11
Operating earnings (EBIT)	452	415	9	1,239	1,070	16
Operating margin, %	33	32		29	28
Net financial items	-39	-37	5	-116	-129	-10
Tax	-83	-67	24	-225	-194	16
Net income	330	311	6	898	747	20
Average number of employees	3,846	3,855	-0	3,866	3,803	2

Revenues and earnings

Over the third quarter, the Group's revenues rose by 6 percent, consisting of acquisition effects of 2 percent, revaluations of purchased debt of 1 percent and currency effects of 3 percent. Operating earnings improved by 9 percent in the third quarter and, adjusted for currency effects and revaluations of purchased debt portfolios, the increase was 3 percent. As with previous quarters, currency effects have had a positive impact on operating earnings in Q3 of SEK 12 M compared with the same period last year. Revaluations of purchased debt have also improved operating earnings for the third quarter by SEK 29 M, compared with SEK 15 M for the year-earlier period. In addition, operating earnings for the quarter were charged with approximately SEK 31 M, relating primarily to a reassessment of capitalized expenditure attributable to previous years. The items have mainly impacted revenue and service line earnings for Financial Services in the region Northern Europe.

The increase in operating earnings excluding currency effects and revaluations compared with the year-earlier period is primarily attributable to Credit Management, where acquisitions and improved operating efficiency generated growth and higher margins. Of the Group's regions, Western Europe has been the main contributor to improved operating earnings, excluding revaluations and currency effects.

Earnings per share for the quarter rose by 10 percent compared with the year-earlier period. In the third quarter, earnings per share were affected by repurchases, which reduced the number of shares outstanding by 4.0 percent compared with the third quarter 2014.

Net financial items

Net financial items for the quarter amounted to a negative SEK 39 M (37). The net interest expense has improved to SEK –31 M (–37), largely due to lower market interest rates. Exchange rate differences have affected net financial items negatively by SEK 1 M (positive 6), and other financial items by a negative SEK 7 M (6). 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 20 percent. The tax expense for the third quarter of 2014 was affected positively by a non-recurring item of SEK 18 M, resulting from the settlement of a tax dispute in Finland. Further information regarding an ongoing tax dispute is provided in the section "Taxation assessments".

Cash flow and investments

SEK M	July-Sept	July-Sept	Change	Jan-Sept	Jan-Sept	Change
unless otherwise indicated	2015	2014	%	2015	2014	%
Cash flow from operating activities	805	788	2	2,027	1,888	7
Cash flow from investing activities	-288	-310	-7	-1,474	-1,578	-7
Cash paid for investments in purchased debt	251	271	-7	1,318	1,496	-12
Cash flow from purchased debt	659	620	6	1,993	1,848	8

Cash flow from operating activities amounted to SEK 805 M, an increase of SEK 17 M compared with the year-earlier period, chiefly attributable to higher operating earnings excluding depreciation and amortization, as well as improved cash flow from working capital. The negative cash flow from investing activities amounted to SEK 288 M, a decline of SEK 22 M compared with the same period last year, chiefly due to lower disbursements for investments in purchased debt in Q3, compared to the year-earlier period.

Cash flow from purchased debt for the third quarter amounted to SEK 659 M (620), defined as funds collected on purchased debt of SEK 927 M (876), with deductions for the service line's operating costs, primarily collection costs of SEK 268 M (256).

Financing

July-Sept 2015	July-Sept 2014	Change %
5,815	5,215	12
3,077	3,036	1 -22
	1.8 201	1.8 259

Intrum Justitia's net debt has risen by roughly SEK 0.6 billion compared with the year-earlier period, primarily as a result of share repurchases, which were carried out to adjust the Group's capital structure. The Group's net debt expressed as a multiple of operating earnings before depreciation and amortization totals 1.8, slightly less than the interval for Intrum Justitia's financial target of 2-3 for this ratio. Compared with the second quarter, this ratio has fallen from 2.0 to 1.8, mainly due to a significant positive cash flow from operating activities, less cash flow from investments, of SEK 517 M for the third quarter.

In the third quarter, Intrum Justitia repurchased 343,633 shares for a total of SEK 100 M. Accordingly, the average number of shares outstanding in the third quarter was 72,885,064. The average number of shares outstanding in the January–September period was 73,277,216. After deductions for treasury holdings of 728,072, the number of outstanding shares at the end of the quarter was 72,693,256.

Goodwill

Consolidated goodwill amounted to SEK 2,739 M as per September 30, 2015, compared with SEK 2,719 M as per December 31, 2014. The increase since the start of the year was attributable to an acquisition in Switzerland amounting to SEK 36 M, an adjustment to the acquisition analysis for the acquisition of Advis A/S in Denmark of SEK –7 M, and negative exchange differences of SEK 9 M.

Regions

Northern Europe

SEK M	July-Sept	July-Sept	Change	Jan-Sept	Jan-Sept	Change	Full Year
	2015	2014	%	2015	2014	%	2014
Revenues	621	654	-5	1,956	1,880	4	2,556
Operating earnings	211	239	-12	588	583	1	750
Revenues excluding revaluations	627	635	-1	1,983	1,861	7	2,539
Operating earnings excluding revaluations	217	220	-1	615	564	9	733
Operating margin excluding revaluations, %	35	35		31	30		29

Revenues for the quarter fell by 5 percent compared with the year-earlier period. Adjusted for currency effects and revaluations of purchased debt, revenues dropped by 2 percent. Operating earnings weakened by 12 percent. Adjusted for currency effects and revaluations of purchased debt, earnings declined by 2 percent. Sales and earnings for the region have been negatively affected in the amount of approximately SEK 31 M in the third quarter for mainly certain reassessments of capitalized expenditures for previous years; see section above 'Revenues and earnings'. The region continues to display strong profitability, with an operating margin adjusted for revaluations of 35 percent, in line with the previous year. Credit Management has performed particularly well, with acquisitions and increased operative efficiency contributing to a positive earnings trend. Integration costs relating to the Danish acquisition impacted on earnings in the amount of approximately SEK 1 M in the third quarter of 2015. In the third quarter, the region's unit for e-commerce payment solutions, Avarda, implemented services for its first major customers.

Central Europe

SEK M	July-Sept	July-Sept	Change	Jan-Sept	Jan-Sept	Change	Full Year
	2015	2014	%	2015	2014	%	2014
Revenues	424	358	18	1,285	1,042	23	1,433
Operating earnings	156	111	41	439	303	45	431
Revenues excluding revaluations	393	362	9	1,217	1,036	17	1,418
Operating earnings excluding revaluations	125	115	9	371	297	25	416
Operating margin excluding revaluations, %	32	32		30	29		29

Revenues for the quarter rose by 18 percent compared with the year-earlier period. Adjusted for currency effects and revaluations of purchased debt, the increase was 1 percent. Operating earnings improved by 41 percent. Adjusted for currency effects and revaluations of purchased debt, the increase was 1 percent. The region is displaying persistently strong profitability, chiefly through a healthy trend within Purchased Debt, which has resulted in significant positive revaluations over the past 12 months, totaling SEK 77 M. The pace of growth in operating earnings for the third quarter is falling compared with the first half of the year, mainly due to lower levels of investment for purchased debt.

Western Europe

SEK M	July-Sept 2015	July-Sept 2014	Change %	Jan-Sept 2015	Jan-Sept 2014	Change %	Full Year 2014
Revenues Operating earnings	341 85	297 65	15 31	991 212	892 184	11 15	1,195 249
Revenues excluding revaluations	337	297	13	965	889	9	1,192
Operating earnings excluding revaluations	81	65	25	186	181	3	246
Operating margin excluding revaluations, %	24	22		19	20		21

Revenues for the quarter rose by 15 percent compared with the year-earlier period. Adjusted for currency effects and revaluations of purchased debt, revenues increased by 11 percent. Operating earnings improved by 31 percent. Adjusted for currency effects and revaluations of purchased debt, the improvement was 21 percent. The improvement in operating earnings is attributable to a positive trend for both Purchased Debt and Credit Management, where several activities are under way to increase volumes and improve operating efficiency. An agreement was entered into in the quarter to acquire a company operating mainly within credit management; see section below entitled 'Acquisition of Logicomer'.

Service lines

Credit Management

SEK M	July-Sept	July-Sept	Change	Jan-Sept	Jan-Sept	Change	Full Year
	2015	2014	%	2015	2014	%	2014
Revenues Service line earnings Service line margin, %	1,008 279 28	960 253 26	5 10	3,034 771 25	2,825 666 24	7 16	3,844 912 24

Revenues for the quarter rose by 5 percent compared with the year-earlier period. Adjusted for currency effects the increase was 2 percent. Service line earnings improved by 10 percent. Adjusted for currency effects the increase was 7 percent. Revenue growth for the third quarter adjusted for currency effects is chiefly attributable to the acquisitions that were carried out over the past 12 months. This growth, combined with a positive impact resulting from the Group's operative improvement program, has helped grow earnings and generate a higher service line margin compared with the year-earlier period.

Financial Services

SEK M	July-Sept	July-Sept	Change	Jan-Sept	Jan-Sept	Change	Full Year
	2015	2014	%	2015	2014	%	2014
Revenues	596	564	6	1,842	1,603	15	2,173
Service line earnings	328	308	6	1,017	884	15	1,159
Service line margin, %	55	55		55	55		53
Return on purchased debt, %	20	21		21	21		20
Investments in purchased debt	320	267	20	1,298	1,460	-11	1,937
Carrying amount, purchased debt	6,418	5,941	8	6,418	5,941	8	6,197

Revenues for the quarter rose by 6 percent compared with the year-earlier period. Adjusted for currency effects the increase was 2 percent. Service line earnings improved by 6 percent and adjusted for currency effects, earnings improved by 3 percent. Sales and earnings for the service line have been negatively affected in the third quarter for mainly certain reassessments of capitalized expenditures for previous years; see section above 'Revenues and earnings'. Collection of purchased debt is at a good level, which helps revaluations continue to make a positive contribution to service line earnings, with an impact of roughly SEK 29 M for the third quarter, compared with SEK 15 M in the year-earlier period. The carrying amount for purchased debt rose by 8 percent compared with the year-earlier period, and by 6 percent excluding currency effects. The return on purchased debt was 20 percent, compared with 21 percent the previous year. Investments in purchased debt in the third quarter amounted to SEK 320 M, an increase of SEK 53 M compared with the preceding year. The level of investments in the quarter was affected by normal seasonal weakness, along with a continued trend of significant price pressure within larger bank portfolios.

Market outlook

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

Intrum Justitia believes that the Group's strategic focus is well suited to market trends, with a broadening of credit management services and a link to risk reduction and financial 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. The amount has been expensed to the Parent Company and was paid to the Swedish Tax Board in 2014. The company appealed the ruling in May 2014 to have the case considered by the Supreme Administrative Court of Sweden.

Intrum Justitia is of the opinion 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 65 M (60) for the nine-month period and earnings before tax of a negative SEK 27 M (positive 88). The Parent Company invested SEK 0 M (0) in fixed assets during the nine-month period and had, at the end of the period, SEK 3 M (7) in liquid assets. The average number of employees was 53 (52).

Accounting principles

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

Significant risks and uncertainties

Risks to which the Group and Parent Company are exposed include risks relating to economic developments, changes in regulations, reputation risks, risks attributable to customer awareness and money laundering, market risks, liquidity risks, credit risks, risks inherent in purchased debt and payment guarantees, as well as financing risks. The risks are described in more detail in the Board of Directors' report in Intrum Justitia's 2014 Annual Report. No significant risks are considered to have arisen besides those described in the annual report.

Acquisition of Logicomer

On September 30, Intrum Justitia agreed to acquire the Portuguese company Logicomer Gestão e Recuperação de Créditos SA for a purchase consideration of approximately SEK 183 M on a net debt-free basis, of which SEK 9 M was paid in connection with the signing of the agreement. Intrum Justitia had not yet obtained controlling interest over Logicomer as per September 30, and is not therefore consolidating it in the consolidated balance sheet at the end of the third quarter. The transaction will be closed in the fourth quarter of 2015, provided that the customary terms and conditions have been satisfied by then.

Logicomer mainly operates within credit management services but the company also has a purchased debt portfolio with a nominal value of approximately 1.2 billion SEK. The company has 40 employees and had sales of roughly SEK 45 M in 2014, with excellent profitability. The acquisition of Logicomer is expected to improve Intrum Justitia's earnings and market position in Portugal by the company providing expertise within particular areas of collection.

Acquisition of Credita

In February, Intrum Justitia acquired a small credit management company in Switzerland, Credita AG, for a purchase price of SEK 51 M. The preliminary purchase price allocation appears in Intrum Justitia's interim report for the first quarter of the year. The purchase price allocation has not been changed during the second or third quarter, but is still considered as preliminary.

Events after the end of the period

On October 20, the Board of Directors resolved to continue with the company's repurchase program with the repurchase of treasury shares during the fourth quarter amounting to a maximum of SEK 100 M.

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 8 566 426 63 (SE) or +44 20 342 814 08 (UK).

For further information, please contact

Lars Wollung, President & CEO Intrum Justitia AB (publ), tel: +46 8 546 102 02 Erik Forsberg, Chief Financial Officer, tel: +46 8 546 102 02

Financial calendar 2015

The year-end report for January–December 2015 will be published January 28, 2016

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

Denna delårsrapport finns även på svenska.

Stockholm, October 21, 2015

Lars Wollung President and CEO

About the Intrum Justitia Group

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

Review report

To the Board of Directors of Intrum Justitia AB (publ), corporate identity number 556607-7581.

Introduction

We have performed a general review of the interim financial report for Intrum Justitia AB (publ) for the period January–September 2015. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Focus and scope of the review

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has another focus and is substantially less in scope than an audit conducted in accordance with the ISA International Standards on Auditing and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying Interim Report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act and for the Parent Company in accordance with the Annual Accounts Act.

Stockholm, October 21, 2015 Ernst & Young AB

Erik Åström Authorized Public Accountant

SEK M	July-Sept	July-Sept	Jan-Sept	Jan-Sept	Full Year
	2015	2014	2015	2014	2014

Revenues	1,386	1,309	4,232	3,814	5,184
Cost of sales	-742	-713	-2,332	-2,153	-2,963
Gross earnings	644	596	1,900	1,661	2,221

Sales and marketing expenses	-59	-58	-186	-189	-262
Administrative expenses	-132	-123	-473	-405	-585
Impairment write-down of goodwill	0	0	0	0	-111

Release of liability for deferred	0	0	0	0	164
payment regarding shares in
subsidiaries
Participation in associated	-1	0	-2	3	3
companies and joint ventures
Operating earnings (EBIT)	452	415	1,239	1,070	1,430

Net financial items	-39	-37	-116	-129	-183
Earnings before tax	413	378	1,123	941	1,247

Tax	-83	-67	-225	-194	-206
Net income for the period	330	311	898	747	1,041

Of which attributable to:
Parent company's shareholders	329	310	891	743	1,031
Non-controlling interest	1	1	7	4	10
Net earnings for the period	330	311	898	747	1,041

Earnings per share before and	4.51	4.09	12.16	9.65	13.48
after dilution

Intrum Justitia Group – Consolidated Income Statement

Intrum Justitia Group - Statement of Comprehensive Income

SEK M	July-Sept 2015	July-Sept 2014	Jan-Sept 2015	Jan-Sept 2014	Full Year 2014
Net income for the period Other comprehensive income, items that will be reclassified to profit and loss:	330	311	898	747	1,041
Currency translation difference Other comprehensive income, items that will not be reclassified to profit and loss:	3	-5	-28	39	122
Remeasurement of pension liability	0	0	0	0	-22
Comprehensive income for	333	306	870	786	1,141
the period
Of which attributable to:
Parent company's shareholders	331	305	866	780	1,126
Non-controlling interest	2	1	4	6	15
Comprehensive income for the period	333	306	870	786	1,141

Intrum Justitia Group – Consolidated Balance Sheet

SEK M	30 Sep 2015	30 Sep 2014	31 Dec 2014

ASSETS Intangible fixed assets
Goodwill	2,739	2,616	2,719
Capitalized expenditure for IT	214	200	221
development and other intangibles
Client relationships	42	39	46
Total intangible fixed assets	2,995	2,855	2,986
Tangible fixed assets	119	124	127
Other fixed assets
Shares in joint ventures	8	0	0
Other shares and participations	183	0	0
Purchased debt	6,418	5,941	6,197
Deferred tax assets	34	55	35
Other long-term receivables Total other fixed assets	12 6,655	16 6,012	17 6,249

Total fixed assets	9,769	8,991	9,362
Current Assets
Accounts receivable	304	314	307
Client funds	563	496	568
Tax assets	77	45	48
Other receivables Prepaid expenses and accrued	548 161	599 150	633 157
income
Cash and cash equivalents	201	259	266
Total current assets	1,854	1,863	1,979


TOTAL ASSETS	11,623	10,854	11,341

SHAREHOLDERS' EQUITY AND LIABILITIES Attributable to parent company's	2,999	2,952	2,948
shareholders
Attributable to non-controlling	78	84	93
interest
Total shareholders' equity	3,077	3,036	3,041
Long-term liabilities
Liabilities to credit institutions	1,844	1,584	1,727
Medium term note	3,180	3,118	3,231
Other long-term liabilities	1	168	4
Provisions for pensions Other long-term provisions	143 3	108 3	133 3
Deferred tax liabilities	401	380	390
Total long-term liabilities	5,572	5,361	5,488

Current liabilities
Liabilities to credit institutions	65	38	85
Commercial paper	785	629	728
Client funds payable Accounts payable	563 124	496 141	568 159
Income tax liabilities	231	201	142
Advances from clients	14	16	16
Other current liabilities	493	285	325
Accrued expenses and prepaid	699	651	789
income
Total current liabilities	2,974	2,457	2,812

Fair value of financial instruments

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

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

SEK M		2015
	Attributable to Parent Company's shareholders	Non-controlling interest	Total	Attributable to Parent Company's shareholders	Non-controlling interest	Total
Opening Balance, January 1	2,948	93	3,041	3,235	81	3,316
Dividend Acquired non-controlling interest Repurchase of shares Comprehensive income for the period	-514 -1 -300 866	-7 -12 4	-521 -13 -300 870	-445 -618 780	-3 6	-448 0 -618 786
Closing Balance, September 30	2,999	78	3,077	2,952	84	3,036

Intrum Justitia Group – Quarterly Overview

	Quarter 3 2015	Quarter 2 2015	Quarter 1 2015	Quarter 4 2014	Quarter 3 2014
Revenues, SEK M Revenue growth, %	1,386 6	1,476 13	1,370 14	1,370 11	1,309 15
Operating earnings (EBIT), MSEK Operating earnings excluding revaluations, MSEK	452 423	448 403	339 346	360 353	415 400
Operating margin excluding revaluations, %	31	28	25	26	31
EBITDA, MSEK	846	834	748	771	794

Intrum Justitia Group – Cash Flow Statement

SEK M	July-Sept	July-Sept	Jan-Sept	Jan-Sept	Full Year
	2015	2014	2015	2014	2014


Operating activities
Operating earnings (EBIT)	452	415	1,239	1,070	1,430
Depreciation/amortization and impairment write-down	41	40	122	118	170
Amortization/revaluation of	355	339	1,067	1,036	1,395
purchased debt
Other adjustment for items not	1	-1	6	3	-45
included in cash flow
Interest received	2	2	8	10	13
Interest paid and other financial	-67	-20	-197	-132	-175
expenses
Income tax paid	-32	-10	-193	-111	-138
Cash flow from operating	752	765	2,052	1,994	2,650
activities before changes in
working capital


Changes in factoring receivables	-5	5	-50	-20	-38
Other changes in working capital	58	18	25	-86	60


Cash flow from operating	805	788	2,027	1,888	2,672
activities

Investing activities
Purchases of tangible and intangible fixed assets	-27	-39	-95	-99	-142
Investments in purchased debt	-251	-271	-1,318	-1,496	-1,950
Purchases of shares in subsidiaries,	-17	0	-66	26	-148
associated companies and other
companies
Other cash flow from investing	7	0	5	-9	-10
activities
Cash flow from investing	-288	-310	-1,474	-1,578	-2,250
activities


Financing activities Borrowings and repayment of loans	-479	-201	205	671	915
Repurchase of shares	-100	-249	-300	-618	-968
Share dividend to parent company's	0	0	-514	-445	-445
shareholders
Share dividend to non-controlling	0	-3	-7	-3	-3
interest
Cash flow from financing	-579	-453	-616	-395	-501
activities


Change in liquid assets	-62	25	-63	-85	-79

Opening balance of liquid assets	261	229	266	340	340

Exchange rate differences in liquid assets	2	5	-2	4	5
Closing balance of liquid assets	201	259	201	259	266

Intrum Justitia Group – Five-Year Overview

	2015 July-Sept	2014 July-Sept	2013 July-Sept	2012 July-Sept	2011 July-Sept

Revenues, SEK M Revenue growth, %	1,386 6	1,309 15	1,135 13	1,001 0	998 8
Operating earnings (EBIT), SEK M	452	415	330	271	264
Operating earnings (EBIT) excl revaluations, SEK M	423	400	332	264	260
Operating margin excl revaluations, %	31	31	29	27	26
EBITDA, SEK M	846	794	708	561	540
Earnings before tax, SEK M	413	378	287	236	228
Net income, SEK M	330	311	222	177	171
Net Debt, SEK M	5,815	5,215	4,500	3,016	2,801
Net Debt/EBITDA RTM	1.8	1.8	1.7	1.4	1.5
Earnings per share, SEK	4.51	4.09	2.79	2.21	2.14
EPS growth, %	10	46	26	3	18
Average number of shares, '000	72,885	75,885	79,203	79,745	79,745
Number of shares outstanding at end of period, '000	72,693	75,428	78,547	79,745	79,745
Return on purchased debt, %	20	21	19	20	21
Investments in purchased debt, SEK M	320	267	700	818	390
Average number of employees	3,846	3,855	3,589	3,406	3,282
	2014 Full Year	2013 Full Year	2012 Full Year	2011 Full Year	2010 Full Year
Revenues, SEK M	5,184	4,566	4,048	3,950	3,766
Revenue growth, %	14	13	2	5	-9
Operating earnings (EBIT), SEK M	1,430	1,207	879	868	731
Operating earnings (EBIT) excl revaluations, SEK M	1,395	1,200	958	849	727
Operating margin excl revaluations, %	27	26	23	22	19
EBITDA, SEK M	2,996	2,684	2,199	1,929	1,702
Earnings before tax, SEK M	1,247	1,046	729	753	639
Net income, SEK M	1,041	819	584	553	452
Net Debt, SEK M	5,635	4,328	3,261	2,692	2,193
Net Debt/EBITDA RTM	1.9	1.6	1.5	1.4	1.3
Earnings per share, SEK	13.48	10.30	7.32	6.91	5.67
EPS growth, %	31	41	6	22	3
Dividend per share, SEK	7.00	5.75	5.00	4.50	4.10
Average number of shares, '000	76,462	79,306	79,745	79,745	79,745
Number of shares outstanding at end of period, '000	73,848	78,547	79,745	79,745	79,745
Return on purchased debt, %
	20	21	17	21	18
Investments in purchased debt, SEK M	1,937	2,524	2,132	1,752	1,121

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	July-Sept	July-Sept	Change	Jan-Sept	Jan-Sept	Change	Full Year
	2015	2014	%	2015	2014	%	2014
Northern Europe	621	654	-5	1,956	1,880	4	2,556
Central Europe	424	358	18	1,285	1,042	23	1,433
Western Europe	341	297	15	991	892	11	1,195
Total revenues from external	1,386	1,309	6	4,232	3,814	11	5,184
clients

Regions – Intercompany revenues

SEK M	July-Sept	July-Sept	Change	Jan-Sept	Jan-Sept	Change	Full Year
	2015	2014	%	2015	2014	%	2014

Northern Europe	72	67	7	214	193	11	265
Central Europe	74	64	16	217	191	14	261
Western Europe	46	32	44	125	89	40	122
Eliminations	-192	-163	18	-556	-473	18	-648
Total intercompany revenues	0	0		0	0		0

Regions – Revaluations of purchased debt

SEK M	July-Sept	July-Sept	Jan-Sept	Jan-Sept	Full Year
	2015	2014	2015	2014	2014
Northern Europe	-6	19	-27	19	17
Central Europe	31	-4	68	6	15
Western Europe	4	0	26	3	3
Total revaluation	29	15	67	28	35

Regions – Revenues excluding revaluations

SEK M	July-Sept 2015	July-Sept 2014	Change %	Jan-Sept 2015	Jan-Sept 2014	Change %	Full Year 2014

Northern Europe	627	635	-1	1,983	1,861	7	2,539
Central Europe	393	362	9	1,217	1,036	17	1,418
Western Europe	337	297	13	965	889	9	1,192
Total revenues excluding	1,357	1,294	5	4,165	3,786	10	5,149
revaluations

Regions – Amortization related to acquisitions

SEK M	July-Sept	July-Sept	Jan-Sept	Jan-Sept	Full Year
	2015	2014	2015	2014	2014
Northern Europe	1	-2	-5	-6	-8
Central Europe	0	0	0	0	0
Western Europe	-1	-2	-3	-3	-4
Total amortization and impairment	0	-4	-8	-9	-12

Regions – Operating earnings (EBIT)

SEK M	July-Sept	July-Sept	Change	Jan-Sept	Jan-Sept	Change	Full Year
	2015	2014	%	2015	2014	%	2014
Northern Europe	211	239	-12	588	583	1	750
Central Europe	156	111	41	439	303	45	431
Western Europe	85	65	31	212	184	15	249
Total operating earnings	452	415	9	1,239	1,070	16	1,430
(EBIT) Net financial items	-39	-37	5	-116	-129		-183
Earnings before tax	413	378	9	1,123	941	19	1,247

Regions – Operating earnings excluding revaluations

SEK M	July-Sept 2015	July-Sept 2014	Change %	Jan-Sept 2015	Jan-Sept 2014	Change %	Full Year 2014

Northern Europe	217	220	-1	615	564	9	733
Central Europe	125	115	9	371	297	25	416
Western Europe	81	65	25	186	181	3	246
Total operating earnings excluding revaluations	423	400	6	1,172	1,042	12	1,395

Regions – Operating margin excluding revaluations

%	July-Sept	July-Sept	Jan-Sept	Jan-Sept	Full Year
	2015	2014	2015	2014	2014

Northern Europe	35	35	31	30	29
Central Europe	32	32	30	29	29
Western Europe	24	22	19	20	21
Operating margin for the	31	31	28	28	27
Group

Service lines – Revenues

SEK M	July-Sept 2015	July-Sept 2014	Change %	Jan-Sept 2015	Jan-Sept 2014	Change %	Full Year 2014
Credit Management	1,008	960	5	3,034	2,825	7	3,844
Financial Services	596	564	6	1,842	1,603	15	2,173
Elimination of inter-service line	-218	-215	1	-644	-614	5	-833
revenue
Total revenues	1,386	1,309	6	4,232	3,814	11	5,184

Revenues by type

SEK M	July-Sept	July-Sept	Change	Jan-Sept	Jan-Sept	Change	Full Year
	2015	2014	%	2015	2014	%	2014
External Credit Management	790	745	6	2,390	2,211	8	3,011
revenues Collections on purchased debt	927	876	6	2,818	2,567	10	3,469
Amortization of purchased debt	-384	-354	8	-1,134	-1,064	7	-1,430
Revaluation of purchased debt	29	15	-	67	28	-	35
Other revenues from Financial	24	27	-11	91	72	26	99
Services
Total revenues	1,386	1,309	6	4,232	3,814	11	5,184

Service lines – Service line earnings

SEK M	July-Sept 2015	July-Sept 2014	Change %	Jan-Sept 2015	Jan-Sept 2014	Change %	Full Year 2014

Credit Management	279	253	10	771	666	16	912
Financial Services	328	308	6	1,017	884	15	1,159
Common costs	-155	-146	6	-549	-480	14	-641
Total operating earnings	452	415	9	1,239	1,070	16	1,430

Service lines – Service line margin

%	July-Sept	July-Sept	Jan-Sept	Jan-Sept	Full Year
	2015	2014	2015	2014	2014
Credit Management Financial Services	28 55	26 55	25 55	24 55	24 53
Operating margin for the Group	33	32	29	28	28

Intrum Justitia AB (parent company) – Income Statement

SEK M	Jan-Sept	Jan-Sept	Full Year
	2015	2014	2014

Revenues	65	60	92
Gross earnings	65	60	92

Sales and marketing expenses	-11	-12	-22
Administrative expenses	-94	-96	-130
Operating earnings (EBIT)	-40	-48	-60

Income from subsidiaries	64	177	221
Net financial items	-51	-41	-59
Earnings before tax	-27	88	102

Tax	0	-19	-19
Net earnings for the period	-27	69	83

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

SEK M	Jan-Sept	Jan-Sept	Full Year
	2015	2014	2014
Net earnings for the period	-27	69	83
Other comprehensive income:	30	-104	-237
Change of translation reserve (fair
value reserve)
Total comprehensive income	3	-35	-154

Intrum Justitia AB (parent company) – Balance Sheet

SEK M	30 Sep	30 Sep	31 Dec
	2015	2014	2014

ASSETS
Fixed assets
Financial fixed assets	7,452	7,825	7,585
Total fixed assets	7,452	7,825	7,585
Current assets
Current receivables	3,317	3,166	3,570
Cash and bank balances	3	7	12
Total current assets	3,320	3,173	3,582

TOTAL ASSETS	10,772	10,998	11,167

SHAREHOLDERS' EQUITY AND
LIABILITIES
Restricted equity	284	284	284
Unrestricted equity	634	1,914	1,445
Total shareholders' equity	918	2,198	1,729

Long-term liabilities	6,986	6,415	6,668
Current liabilities	2,868	2,385	2,770
TOTAL SHAREHOLDERS* EQUITY	10,772	10,998	11,167
AND LIABILITIES
Pledged assets	None	None	None
Contingent liabilities	None	None	None

Share price trend

Intrum Justitia Group - Ownership Structure

	No of
30 September 2015		shares Capital and
		Votes, %
SEB Funds	5,289,765	7.3
Fidelity Funds	4,081,089	5.6
Norges Bank Investment Management	2,600,168	3.6
State of New Jersey Pension Fund	2,500,000	3.4
SHB Funds	1,840,834	2.5
Lannebo Funds	1,800,000	2.5
Odin Funds	1,709,628	2.4
Carnegie Funds	1,598,929	2.2
AMF Insurance & Funds	1,470,940	2.0
Skandia Live Insurance Co	1,304,207	1.8
College Retirement Equities Fund	951,259	1.3
Enter Funds	902,600	1.2
Standard Life Investment Funds	698,490	1.0
Third Swedish National Pension Fund	626,353	0.9
DFA Funds	620,784	0.9
Total, fifteen largest shareholders	27,995,046	38.5

Total number of shares:

72,693,256

Treasury shares, 728,072 shares, are not included in the total number of shares

Swedish ownership accounted for 37.3 percent (institutions 10.7 percentage mutual funds 20.9 percentage points, retail 5.7 percentage points) Source: SIS Aktieägarservice

Definitions

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

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

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

Operating margin is operating earnings as a percentage of revenues.

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

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

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

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

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

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

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