March 10, 2020 / 5:07 PM / 23 days ago

BRIEF-Intrum says virus will delay cash flow from Italy

March 10 (Reuters) - Intrum AB:

* INTRUM AB SAYS IN LIGHT OF ITALIAN GOVERNMENT’S MEASURES TO STEM SPREAD OF CORONA VIRUS, WE ANTICIPATE A DELAY OF INTRUM’S CASH FLOW IN ITALY

* INTRUM AB SAYS A LARGE PROPORTION OF THIS CASH FLOW IS RELATED TO SECURED ASSETS, ALMOST EXCLUSIVELY REAL ESTATE, THAT ARE TYPICALLY PROCESSED THROUGH ITALIAN COURT SYSTEM

* The absolute majority of Intrum’s operations in Italy consists of the partnership with Intesa Sanpaolo, where Intrum owns 51 percent, and a debt portfolio owned through a SPV together with Intesa Sanpaolo, where Intrum owns 41 per cent

* The combined contribution in 2019 was approximately 4 per cent of Intrum’s total adjusted Cash EBITDA (SEK 11.4 billion), corresponding to around SEK 0.4 billion. Source text for Eikon: Further company coverage: (Reporting By Johan Ahlander)

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