STOCKHOLM, July 28, 2003 (PRIMEZONE) -- As previously announced, Intrum Justitia (Other OTC:INJJF) will publish its Interim Report for the period January-June 2003 on 19 August.
In preparing its half-year accounts, Intrum Justitia discovered accounting inaccuracies in England. Intrum Justitia has thus initiated and intensified a thorough review to further substantiate the necessary adjustments to its accounts and the reasons for the inaccuracies. At present, the company's best estimate is that these adjustments will equate to an item affecting comparability amounting to SEK 80 M before tax.
A new management team for the English operations, consisting of Mr. John Easden as Country Manager and Brian Hanks as Financial Manager, is in place. The previous Country Manager, Mr. Jim Burton, and the previous Financial Manager, have left their positions.
Preliminarily, the Intrum Justitia Group will report revenues of approximately SEK 1,410 M (1,332) for the first half-year 2003, an increase of 5.9%, of which 2.9% was organic. Preliminarily, operating earnings (adjusted EBITA) amounted to SEK 202 M (214), excluding the item affecting comparability ensuing from the accounting inaccuracies.
"I feel comfortable that the new management team in England will solve all outstanding issues in connection with the accounting inaccuracies we discovered", said Mr. Jan Roxendal, CEO of Intrum Justitia. "We have a sound operation in England -- Intrum Justitia is the number one company and our position has recently been strengthened by new business gains."
Intrum Justitia will hold a telephone conference today at 3.00 p.m. CET. To participate in the conference, please call +44 (0)20 8288 5000 (access code: 908290#)
For further information, please contact:
Jan Roxendal, President & CEO Anders Antonsson, Director of
Tel: +46 (0)8 546 10200 Communications
Tel: +46 (0)8 546 10206,
mobile: +46 (0)70 336 7818
E-mail: a.antonsson@se.intrum.com
Intrum Justitia is Europe's leading receivables management services group. The group has revenues of SEK 2.8 billion and has about 2,800 employees in 21 European countries.
Intrum Justitia's objective is to be a leading provider of RMS in Europe through excellence in local client care, ledger administration and debt collection and by measurably improving clients' cash flow and long-term profitability. The group offers efficient high quality management of commercial and consumer receivables in all phases in the RMS process. Intrum Justitia has a growth strategy and aims to take active part in consolidating its industry. Intrum Justitia is listed on Stockholmsborsen, the Stockholm Exchange, ticker IJ. For more information, please visit www.intrum.com
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http://www.waymaker.net/bitonline/2003/07/28/20030728BIT00030/wkr0001.doc
http://www.waymaker.net/bitonline/2003/07/28/20030728BIT00030/wkr0002.pdf