KRUK Group- two years on the stock exchange and another year of excellent performance!

Publish date: 25-03-2013
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In 2012 the KRUK Group, the leader of the receivables management market in Poland, saw another year of rapid growth. KRUK Romania S.R.L. is member of the financial international group KRUK and was established in 2007.

In the last two years on the stock market, KRUK has increased its net profit to 125%. In 2012 and 2011, KRUK made a total investment of RON* 933.6 million (PLN 878m) in debt portfolios which offer very strong prospects for future profits.

The nominal value of debts purchased by the Group since the start of its operations is RON 15 billion (PLN 14.1bn).

KRUK Group in 2012: 

  • Net profit of RON 86.13 mil. - up by 22% year on year
  • Revenue of RON 364.71 mil. - up by 25% year on year
  • Operating profit of RON 145.35 mil. - up by 42% year on year
  • Cash EBITDA of RON 310.8 mil. - up by 38% year on year
  • RON 328.6 mil. -worth of investments in 53 debt portfolios with a total nominal value of RON 3.83 bn. in 2012 
  • RON 479.55 mil. in recoveries - up by 32% year on year
  • Stable financing - RON 276.46 mil. available under bank facilities, RON 454.03 mil.-worth of outstanding bonds (as at the end of 2012)
  • Strong ROE of 26%

KRUK Group – consolidated financial highlights

RON mil.



2012/2011 change









cash EBITDA**




net profit




   *BNR exchange rate as at March 18th, 2013: 1 PLN = 1.0633 RON

 **Cash EBITDA = EBITDA + recoveries from purchased debt portfolios - revenue from collection of     purchased debt portfolios

"We ended the year 2012 with excellent results. The financial performance we delivered was even better than in the record-setting 2011. The strong ROE, at 26% as at the end of the year, is particularly worth emphasizing. This ability to achieve above-average return on equity is what distinguishes the Group. Poland's entire credit management market has seen a very successful year. We estimate the nominal value of the debt purchase market in Poland to have risen by approximately 16% between 2011 and 2012," says Piotr Krupa, President of the KRUK Management Board.

KRUK enjoys the largest shares of the Polish and Romanian debt purchase markets. By amount of expenditure incurred to purchase debt portfolios, KRUK has secured 20% and 38%, respectively. 

In a ranking*** by Gazeta Giełdy Parkiet, KRUK emerges as the undisputed leader on the Polish credit management market. The total nominal value of debts acquired by the Group in Poland in 2012 as part of its credit management services or as part of debt purchases was RON 5.85bn. This is more than the aggregate value of cases accepted or purchased for collection by its four largest competitors in the ranking. In 2012, the KRUK Group purchased debt with a nominal value of RON 2.66bn, representing 27% of the total nominal value of debt portfolios put up for sale in Poland. This figure was more than twice as high as that recorded by the Group's largest competitor, who came second in the ranking. The KRUK Group remains the unquestionable leader of the credit management segment in Poland. In 2012, the nominal value of debts outsourced to the Group for fee-based collection was approximately RON 3.19bn. The second largest player in Gazeta Giełdy Parkiet's ranking achieved less than 40% of that figure.

*** The ranking included entities which provided Gazeta Giełdy Parkiet with access to data on the nominal value of debts accepted for collection and debts purchased. 

Source: In-house data based on the article "Akcjonariusze windykatorow mają powody do optymizmu” (Shareholders of debt collection companies find reasons to be optimistic) in the Gazeta Giełdy Parkiet of February 18th 2013 and KRUK S.A.'s estimates (for OTHER AGENCIES).

"We are thrilled to have become the leader among debt management agencies. Despite the backdrop of fierce competition, we are seeing the effects of having implemented our amicable settlement strategy, a solution unique in Europe and probably the world. Our amicable approach to debtors, combined with efforts to make debt repayment as easy as possible, is key to delivering strong operational efficiency," says Piotr Krupa.

In 2012, Rejestr Dłużnikow ERIF Biuro Informacji Gospodarczej S.A. generated just under RON 5.32 mil. in revenue, which represented an increase of over RON 2.13 mil. on the previous year. The ERIF database is growing rapidly. As at the end of 2012, the number of accounts had soared past 1.35m, and their value exceeded RON 7.44 bn. ERIF is the only agency in Poland whose database is regularly reviewed by an independent auditor; as a result of these reviews a report on the status and structure of the data is produced and published. The growing scale of RD ERIF's business improves the effectiveness of KRUK's operations by increasing the payment discipline among persons entered on the debtors list.

In 2012, the Group's revenue from the provision of NOVUM loans almost tripled compared with 2011.  As part of the service, the Group grants short-term cash loans to former debtors who have a track record of repaying their liabilities to the Group in a timely manner. The number of NOVUM loans advanced by 56% yoy.

The Group is also rapidly growing on foreign markets. In August 2012, we launched our debt management operations in Slovakia, and in October we acquired our first portfolios there in an independent transaction.  The total amount spent on debt portfolios in the Czech Republic and Slovakia in 2012 was RON 28.71 mil., which represented 8% of the total expenditure incurred on the two markets. After a year and a half of gathering experience and developing insight into the Slovak and Czech markets, we are set to expand our debt purchasing and fee-based credit management activities there. 

More than 30% of the Group's revenue in 2012 came from foreign markets. In Poland, Romania, the Czech Republic and Slovakia, the Group purchased a total of 53 portfolios from financial institutions and telecommunications companies for RON 328.56 mil. Purchased debts included three portfolios of corporate debt to banks. 

"The strategy we follow provides for expansion into new markets and steady growth in the revenue generated outside Poland. In the past year we began to research several new markets with well-developed consumer finance industries, which are, or have the potential to become, very interesting expansion targets for a credit management company," adds Piotr Krupa.

In 2012, both the Group and its managers won praise for many aspects of our operations, as evidenced by the numerous awards and distinctions.

  • Bulls and Bears 2011 - Award for the most successful IPO on the Warsaw Stock Exchange in 2011. 
  • Effie Award 2012 -The "We help pay your debts" media campaign launched by KRUK received the silver award in the banking category. This was the first time in the history of the media market in Poland, and perhaps also globally, that a campaign organised by a credit management company was singled out for this prestigious award. 
  • "The Best Annual Report 2011” - Recognised as one of the most useful for readers in the banks and financial institutions category. 
  • Piotr Krupa, President of the KRUK Management Board, was among the ten finalists of the 10th edition of the prestigious Entrepreneur of the Year 2012 contest organised by Ernst&Young. 
  • Book of Lists 2012 - Top position in the ranking of credit management companies.
  • Best Product for Your Business 2012 - KRUK was named the Best Product for Your Business by the Gazeta Finansowa in the debt collection category.
  • Good Company 2012 (Dobra Firma 2012) - The KRUK Group joined the 20 most dynamic and effective Polish businesses, as part of the prestigious annual 'Lista 2000' ranking of the best Polish companies.
  • Złoty Laur Klienta 2012 (Golden Laurel 2012) - This award attests to the popularity of the brand and the positive opinion it enjoys among customers. 'Laur Klienta' is the largest consumer award programme in Poland. 
  • Top Brand 2013 in the 'Laur Klienta/Konsumenta' contest - The Top Brand award is given based on how well a given brand fared in the previous editions of the Laur Konsumenta contest. KRUK has been awarded a Złoty Laur each year since 2008. 

KRUK has also initiated Our Debts campaign - on November 17th of each year the Company organises National Day Without Debts, which is designed to educate the public on household financial management and ways of getting out of debt. In 2012, for the first time in its history the Day Without Debts was concurrently held in three countries - in Poland (fourth edition), Romania (second edition), and the Czech Republic (first edition).

In November 2012, Rejestr Dłużnikow ERIF BIG launched the online information site, which is a platform designed to encourage people in Poland to build good histories with credit agencies.

About KRUK Romania S.R.L.

In February 2013, the company KRUK International S.R.L has changed its name to KRUK  Romania S.R.L.  The company was established in 2007 by the KRUK Group - the leader of receivables management in Poland. The company specializes in comprehensive management of mass receivables. It works both with the finance sector and with institutional clients. KRUK manages the receivables of banks, insurance companies, leasing companies, fixed-line and mobile telephone operators and FMCG companies. It is also an active player on the debt purchasing market.

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