Obligation Intrumm 3% ( XS2093168115 ) en EUR

Intrumm

100 % ▲

Suede

XS2093168115 ( en EUR )

3% par an ( paiement annuel )

15/03/2025 - Obligation échue

Prospectus brochure de l'obligation Intrum XS2093168115 en EUR 3%, échue

100 000 EUR

75 000 000 EUR

Intrum est une société internationale de gestion de créances spécialisée dans le recouvrement amiable et judiciaire de créances pour le compte de clients commerciaux et institutionnels.

L'Obligation émise par Intrumm ( Suede ) , en EUR, avec le code ISIN XS2093168115, paye un coupon de 3% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 15/03/2025

Intrum AB (publ)

Information Notice
Nominal Amount: 75,000,000
Maturity: March 15, 2025
The date of this Information Notice is January 15, 2020
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Application has been made for the admission on the Securities Official List held by the
Luxembourg Stock Exchange (the "LuxSE SOL") of the Intrum AB (publ) 75,000,000
3.000% Senior Notes due 2025.

The listing of the bonds on LuxSE SOL without admission to trading on one of the securities
markets operated by the Luxembourg Stock Exchange will become effective on January 15,
2020.

Luxembourg Stock Exchange takes no responsibility for the contents of this Information Notice,
makes no representation as to its accuracy or completeness and expressly disclaims any liability
for any loss arising from or in reliance upon the whole or any part of the contents of this
document.

The date of this Information Notice is January 15, 2020.
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IMPORTANT NOTICE
This Information Notice as well as all information contained herein (the "Information Notice")
is meant to provide details on the securities and the issuer in relation to the admission of the
securities onto the securities official list held by the Luxembourg Stock Exchange without
admission to trading on one of the securities markets operated by LuxSE (LuxSE SOL). The
Information Notice has been prepared for the sole goal of being admitted and displayed on
LuxSE SOL. It does not provide any key information to be used for making investment
decisions.
The Information Notice is provided for information purposes only. It does not constitute and is
not construed as any advice, solicitation, offer, endorsement, commitment or recommendation
to invest in the securities described herein. The provision of the Information Notice is not and
shall not be a substitute for your own researches, investigations, verifications, checks or
consultation for professional or investment advice. You are using the Information Notice at your
own risks.
The Issuer accepts responsibility for the information contained in this Information Notice which
must be read in conjunction with the official documentation that is available on this Issuer's
webpage: https://www.intrum.com/investors/.
To the best knowledge of the Issuer (which has taken all reasonable care to ensure that such is
the case), this information is in accordance with the facts and does not omit anything likely to
significantly affect its content.
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INDEX
SECTION
PAGE
1. ISSUER INFORMATION AND ACTIVITY............................................................5
2. RISK FACTORS...............................................................................................6
3. KEY FINANCIAL DATA....................................................................................51
4. ISSUE INFORMATION.....................................................................................52
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1. ISSUER INFORMATION AND ACTIVITY

Intrum AB (publ) (formerly Intrum Justitia AB (publ)) is a public limited liability company organized
under the laws of Sweden, under the Swedish Companies Act of 2005 (aktiebolagslagen (2005:551))(as
amended). Intrum AB (publ) (the "Issuer") is a holding company sitting at the top of the Intrum Group,
which includes subsidiaries in 24 European counties and Brazil. The Issuer is a holding company with no
independent business operations or significant assets other than investments in its subsidiaries. The
Issuer depends upon receipt of sufficient funds from its subsidiaries to meet its obligations.
Overview
We are the largest European credit management company, providing a complete service offering, by
revenue, EBITDA and ERC, with operations in 24 European countries. Based on internal estimates, we
believe we hold a leading position in a majority of those countries. We provide our clients with a
balanced and integrated mix of services across the entire credit management value chain, including
credit management services and financial services, building upon our longstanding commitment to fair
collection. The economies of scale that we are able to leverage due to our size and our focus on
digitization and information analysis, combined with significant recent strategic transactions, has
allowed us to maintain our strategic focus on both growth and increased efficiency. Our entry in 2018
into a strategic partnership with Banca Intesa Sanpaolo established us as a leading player in late
payments in Italy, one of Europe's most attractive markets, and our purchase of a real estate portfolio
from Ibercaja Banco SA ("Ibercaja") along with our acquisition of Solvia Servicios Inmobiliaros
("Solvia"), a leading supplier of real estate services in Spain, has cemented our leading position in
Spain in real estate servicing ("RES"), which involves servicing of loans related to properties and other
services related to the security/property owned by clients. In 2018, we also implemented our first minor
acquisition in Brazil, allowing us to further expand geographically and to explore the Brazilian market.

We provide two services to customers through our Credit Management Services ("CMS") service line
and Portfolio Investments service line to ensure that companies that sell products, services or credit are
paid:

CMS service line

We employ tailored debt collection strategies and solutions to maximize cash flow
streams from loans and other overdue receivables for clients who have decided to outsource their debt
collection function. For the twelve months ended June 30, 2019, we generated net revenue of SEK
7,443 million (712 million equivalent) from CMS, excluding revenue generated from portfolios of loans
and other overdue receivables that we own. We also provide leading capabilities in alternative solutions,
such as carve-outs, which involves taking over the in-house collection platform of financial institutions
clients and conducting debt collection on behalf of the financial institutions under a long-term contract as
well as RES.

In addition to, and generally in combination with, collection services, we provide clients with a wide
range of value-added services, prior to loans and receivables becoming overdue, including customer
and credit information and analysis on individuals and companies across Europe to help our clients
assess their potential customers' payment capacity, data extraction and modelling, selection and
scoring of potential customers, and a full suite of services relating to accounts receivable, including
invoicing, reminders and account ledger services.

Portfolio Investments service line

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We offer a range of portfolio investment financial services, including relating to real estate acquisitions
and debt servicing. In particular, we purchase portfolios of secured and unsecured loans and other overdue
receivables from our clients for a portion of the nominal value, which we then service using our in-house
debt collection function, with a few exceptions. Following the purchase of the defaulted receivables, our
long-term debt collection measures commence, aimed at helping consumers become debt-free as we help
them reduce their debt in a respectful manner, for example through instalment plans that take account of
each consumer's payment capacity. We also, either in the course of recovery activities for secured loans
(or, infrequently, in relation to unsecured loans with personal guarantees) or as a standalone investment
strategy, directly or indirectly and independently or alongside co-investors, hold title to real estate that we
expect to eventually resell. We arrange for the sale of such real estate using internal and external resources
and networks. Our real estate exposure is concentrated in Spain, Italy, Portugal and Hungary and, together
with properties held by joint ventures in which we participate along with our co-investors, totals
approximately 6,000 properties with a book value of 259 million as of June 30, 2019. For the twelve
months ended June 30, 2019, we generated revenue of SEK 6,790 million (650 million equivalent) from
our Portfolio Investments service line. As of June 30, 2019, the ERC of our portfolios of loans and overdue
receivables was SEK 60,896 million (5,768 million equivalent). As part of our Portfolio Investments
service line, we also provide factoring, payment guarantees and e-commerce services.

We believe that the combination of portfolio investments and debt collection has been and will continue
to be key to our success. Our range of services helps attract and retain clients and increases the breadth
114 and depth of collectible data, in turn supporting the creation of tailored collection strategies and
development of analytical capabilities to enable more accurate pricing of portfolios. Operating across
Europe and with a balanced business model also gives us investment optionality as we can allocate
resources across our platform and jurisdictions to the opportunities that we find most attractive. For the
twelve months ended June 30, 2019, our revenue was SEK 14,233 million (1,362 million equivalent)
and Pro Forma Cash EBITDA was SEK 10,370 million (993 million equivalent).

Principal Shareholders

Intrum AB (publ) (formerly Intrum Justitia AB (publ) has been listed on the Nasdaq Stockholm
exchange since June 2002 and was listed on the Nasdaq Stockholm, Large Cap list in 2016. As of June
30, 2019, the Intrum AB (publ) (formerly Intrum Justitia AB (publ)) significant shareholders were as
follows: Nordic Capital, Sampo Oyj, NN Investment Partners, Handelsbanken Fonder, Swedbank Robur
Fonder, Lannebo Fonder, AMG Försäkring & Fonder, Jupiter Asset Management, Vanguard, Odin
Fonder, BNP Paribas Asset Management, AFA Försäkring, TIAA--Teachers Advisors, Investment AB
Öresund and Nordnet Pensionsförsäkring. The aforementioned shareholders collectively controlled
73.8% of the Issuer's voting stock. The remaining voting stock was held by other public shareholder.

2. RISK FACTORS

2.1 Risks related to our industry and business

The economic conditions in the markets in which we operate affect our business.

We are exposed to the economic, market and fiscal conditions in the markets in which we operate and
any positive or negative developments regarding these conditions. Should any such negative
developments occur, we may not be able to perform debt collection at levels consistent with our historic
levels due to the inability of customers to make payments, at the same levels or at all, as was the case
during the 2008-2010 economic downturn. Adverse economic conditions may also reduce the
propensity of debt originators to sell overdue receivables as sale prices may be unfavorable during such
periods. Furthermore, a material and adverse economic downturn could result in increased
unemployment rates or materially impact interest rates and the availability of credit resulting in
decreased demand for our payment services. Each of these developments could have a negative effect on
our financial results. In addition, should the level of inflation increase, the real-term carrying value of
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our portfolio investments may decrease.

There can be no assurances that economic conditions will improve in the markets in which we operate
or that the net effect of any change in economic conditions will be positive. An improvement in the
economic conditions in the markets in which we operate could impact our business and performance in
various ways, including reducing the number of attractive portfolio opportunities that are available for
purchase or increasing the competitiveness of the pricing for portfolios that we purchase and debt
collection services that we offer. There can be no assurances that our business and results of operations
will develop positively in an improved economic environment. Conversely, while adverse economic
conditions and increased levels of unemployment may lead to higher default rates on claims, which in
turn may increase the stock of portfolios available for us to purchase and may increase the amount of
loans and other overdue receivables possessed by our debt collection clients, there can be no assurances
that such increases in the amount of debt available to purchase and service will compensate for the
adverse effects that an economic downturn may otherwise have on our business, results of operations or
financial condition. Accordingly, any of these developments could have a material adverse effect on our
business, results of operations or financial condition.

We are active in competitive markets and may be unable to continue to successfully compete with
businesses that may offer more attractive prices, benefit from less expensive funding, have greater
funding resources or pursue lower return requirements than us.

The European credit management industry is fragmented and consists of several thousand companies
with varying profiles. We face competition from new and existing debt collection providers, other
purchasers of portfolios of overdue loans and other overdue receivables (including financial investors)
and debt originators that manage their own portfolios rather than outsourcing or selling them. This
competition includes, but is not limited to, competition on the basis of price. New market entrants and
existing competitors may offer more attractive pricing levels, both for debt collection contracts and for
debt portfolio purchases, and accept lower returns in order to gain or increase market share. There can be
no assurances that this price competition will not result in us paying higher prices for portfolios that we
purchase or charging less for our debt collection or other payment services, each of which could
decrease our margins and have a material adverse effect on our business, results of operations or
financial condition.

We face bidding competition in our acquisition of debt portfolios. We believe that successful bids are
awarded based on price as well as a range of other factors, including service, compliance, reputation
and relationships with the sellers of debt portfolios. Some of our current and potential competitors may
have more effective pricing and collection models, greater adaptability to changing market needs or
more established relationships in our industry and geographic markets than we do. Moreover, our
competitors may elect to pay prices for debt portfolios that we determine are not economically
sustainable and, in that event, our volume of debt portfolio purchases may be diminished. There can be
no assurances that our existing or potential sources of debt portfolios will continue to sell their
portfolios at historic levels or at all or that we will continue to offer competitive bids for debt
portfolios.

We experience competition from financial investors with respect to purchases of debt portfolios. Some
of our current and potential competitors, including financial investors, may have greater access to
financial resources to undertake portfolio investments and may have less expensive funding or lower
return requirements than we have. Additionally, in the future we may not have the financial resources
to offer competitive bids for portfolio purchases and debt collection contracts. There can be no
assurances that we will be able to develop and expand our business or adapt to changing market needs as
well as our current or future competitors. Any of these developments could have a material adverse
effect on our business, results of operations or financial condition.

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There may be insufficient supply of debt available for our credit management and portfolio
investments or debt available may not be appropriately priced for our needs or capacities. Any
decrease in our ability to purchase debt portfolios or provide credit management services could
materially and adversely affect our business.

The demand for our credit optimization, payment and collection services and the availability of debt
portfolios at prices that allow us to generate profits depends on a number of factors, some of which are
outside of our control, including:

the level of consumer spending;
the availability of credit to consumers and consumers' borrowing appetite, which is driven by a
number of factors including heightened regulation of the credit card and consumer lending industry,
changing credit origination strategies, tighter lending criteria introduced by consumer credit
providers, changing cultural attitudes to funding spending with borrowing and general economic
conditions, including increased interest rates;

the level of non-performance on consumer debt portfolios and the proportion of such portfolios that
are written off by originators, which also in turn may affect the availability of credit to consumers
identified above;
sales of debt portfolios by originators, which could be jeopardized by a change in accounting
policies or practices, the consolidation of credit card issuers or increased sophistication in internal
collection efforts;
potential concerns that the value received for defaulted debt portfolios as a percentage of their total
collectible value may not outweigh the potential reputational risks or required management attention
associated with selling defaulted debt portfolios;
negative publicity or a loss of trust in our industry due to our failure, or the failure of one or more
of our competitors to meet legal or regulatory obligations or otherwise;
increased government regulation of the circumstances in which originators, especially regulated
entities, have a right to collect on debt; and

the macroeconomic environments of the countries in which we operate.
Originators may develop technological tools that could override the advantages we believe we currently
possess in terms of tracing technology and customer profile development. If originators choose to
perform more of their credit optimization, invoicing and debt collections internally as a result of these
data quality improvements, the demand for our credit management services and the volume of debt
portfolio sales or the quality of underlying debt sold could decrease and, consequently, we may not be
able to buy the type and quantity of receivables at prices consistent with our historical return targets. In
addition, the industry could experience a reduction in the availability of debt portfolios sold early in the
financial difficulty cycle and that have had little or no exposure to collections activity. This "fresh"
debt typically has higher collection expectations as less work has been applied to the assets to obtain
customer payments and a reduction in this type of debt portfolio could result in a corresponding increase
in the total share of more mature debt, which is typically more challenging and expensive to collect.

If we are unable to purchase portfolios from originators at appropriate prices or lack the resources to
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purchase portfolios, or if one or more originators stop or decrease their demand for our credit
management services or their sales of portfolios due to one of the factors listed above or any other
factors, we could lose a source of income which could have a material adverse effect on our business,
results of operations or financial condition.

A significant amount of our revenue is generated from clients active within the financial services
industry.

We derive a significant portion of our revenue from clients active within the financial services industry.
Concerns exist within the Eurozone with respect to individual macro fundamentals on a country by
country basis. Adverse economic conditions and uncertainties, including any fines or penalties on
European financial institutions and any potential resulting failures or consolidations of financial
institutions may adversely affect us by significantly reducing our client engagements. Additionally,
adverse economic conditions could lead to a reduction in the propensity of financial institutions to lend
to customers in the markets in which we operate as was the case during the global financial crisis (2008-
2010). Adverse economic conditions may lead to a reduced supply of debt available for us to collect on
or fewer opportunities for us to enter into forward flow agreements, as well as negatively affecting
customers by reducing disposable income levels or otherwise impairing their ability to fulfil their payment
obligations. Any changes in the volume of business derived from clients active within the financial
services industry could have a material adverse effect on our business, results of operations or financial
condition.

The United Kingdom's exit from the European Union may adversely impact our business, results of
operations and financial condition.

On June 23, 2016 the United Kingdom held a public referendum on its membership within the EU, the
result of which favored the exit of the United Kingdom from the EU ("Brexit"). The United Kingdom
triggered Article 50 of the Treaty of Lisbon on March 29, 2017 and was expected to officially leave the
EU on March 29, 2019. On March 21, 2019, the EU agreed to an extension until at least April 12, 2019
and on April 11, 2019 the EU again agreed to an extension until October 31, 2019. A further extension
was agreed on October 28, 2019 until January 31, 2020. The form of the United Kingdom's expected
withdrawal from, and future relations with, the EU is highly uncertain.

If the United Kingdom and the EU are unable to negotiate acceptable withdrawal terms or if other EU
member states pursue withdrawal, barrier-free access between the United Kingdom and other EU
member states or among the European economic area overall could be diminished or eliminated.
Depending on the final terms of Brexit, the United Kingdom could lose access to the single European
Market, which could result, among other things, in the disruption of free movement of goods, services
and people between the United Kingdom and the EU, undermine bilateral cooperation in key geographic
areas and significantly disrupt trade between the United Kingdom and the EU or other nations as the
United Kingdom pursues independent trade relations.

The exit of the United Kingdom or any other member state from the EU, or the departure from the euro
by one or more Eurozone countries, or, in more extreme circumstances, the possible dissolution of the
euro entirely, could lead to a reduction in market confidence and a weakening of European financial
institutions. A deterioration in political and economic conditions could result in increased unemployment
rates, increased short- and long-term interest rates, consumer and commercial bankruptcy filings and a
decline in the strength of national and local economies.

In addition, Brexit may lead to an economic down-turn in the United Kingdom and the EU generally.
Any reduction in consumers' willingness or ability to pay their debts due to Brexit-related changes in the
economic environment of the United Kingdom or the EU could materially affect our revenue and our
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ability to perform debt collection in a manner consistent with our past practice.

Any fundamental shift in the macroeconomic environment in the United Kingdom or other parts of
Europe in which we operate could adversely affect the accuracy of our predictions regarding the
expected returns from the debt portfolios we purchase and service. See"--There may be insufficient
supply of, debt available for our credit management and portfolio investments or debt available may not
be appropriately priced for our needs or capacities. Any decrease in our ability to purchase debt
portfolios or provide credit management services could materially and adversely affect our business."
Lack of clarity about future United Kingdom laws and regulations as the United Kingdom determines
which EU laws to replace or replicate in the event of a withdrawal, including financial laws and
regulations, data privacy and collection laws and regulations and tax and free trade agreements, may
increase the costs associated with operating in either or both the United Kingdom or other EU
jurisdictions, depress economic activity and restrict our access to capital. Additionally, any substantive
change in the regulations applicable to our United Kingdom business could jeopardize our ability to
continue to operate in a manner consistent with our past practice.

Errors in our collection process or other operational matters or negative attention relating to the credit
management industry in general, or to us in particular, could have a negative effect on our business
and reputation.

Our ability to accurately collect debt and treat customers fairly is critical to our business and our
reputation. Our reputation is important to maintaining our relationships with current and potential clients,
in particular financial institutions, and regulators. The following events, among others, may have a
negative effect on our reputation and our financial results: (i) negative media publicity relating either to
us or the wider credit management industry; (ii) allegations of unethical or improper behavior by us or
third parties we use in the collection process; (iii) inability to collect debts on an accurate and timely
basis; (iv) failure to respect and treat customers fairly; (v) failures in our collection and data protection
processes; (vi) the actions of third parties that we engage in the debt collection process; (vii) IT platform,
in particular IT security, failure; or (viii) other operational issues, litigation, regulatory restrictions,
investigations, fines or enforcement actions.

The collection of debt, particularly historic debt, involves complex interpretations and calculations of
contractual terms that may vary by client and country and which may impact the calculation of
customers' resulting payment obligations and the collection strategies we employ. There can be no
assurances that the inherent complexity of debt calculation and historical inaccuracies will not result in
any issues in the future.

We are a party to a number of co-investment arrangements related to the purchase of debt portfolios
with financial investors or other financial institutions, and we may continue to enter such arrangements
in the future. In certain cases the co-investor may retain a majority of the investment and, as a result,
control over the investment venture. We may have limited insight into and ability to control the
governance of such co-investments or joint ventures and, even where we retain control, are therefore
subject to reputational and other risks related to the actions of the co-investors or co-venture partners,
as applicable, that are beyond our control.

Any of the foregoing events could result in financial liability or reputational damage, which could, in
turn, jeopardize our relationships with our clients or our ability to establish new client relationships,
have a negative impact on a customer's willingness to pay a debt owed to us or to our clients, diminish
our attractiveness as a counterparty or lead to increased regulations of the credit management industry.
Any of which could have a material adverse effect on our business, results of operations or financial
condition.

We depend on the continued willingness and ability of our clients to offer their portfolios for sale
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