Within Legres, the "Sergel House" project was initiated in 2018 with the goal of renewing and modernizing the entire IT platform, including interfaces, integration layers, core systems, and other support systems, based on the needs of customers, debtors, and employees. During the year, entirely new credit service systems were launched in Sweden, including a new website for both customers and end-users. The platform provides significant benefits for both customers and end-users, with improved interfaces and better tracking capabilities. As part of the project, new scoring models have also been developed, further enhancing the quality of credit assessments. The work continues in other countries throughout 2020. Additionally, Legres has strengthened its organization through key recruitments in central functions such as IT, product development, and operations. A strategic work has been ongoing, focusing on the development of vision, values, and design language.
On June 9th, Legres redeemed the existing bond of SEK 490 million in accordance with the bond terms, at a redemption price of 103.625% of the nominal amount (SEK 17.8 million charged to the financial net in the third quarter). Simultaneously, a new bond of SEK 550 million was issued. The new bond runs until July 9th, 2022, with a floating interest rate corresponding to the 3-month STIBOR plus a margin of 6.0%.
During the year, the Group began acquiring portfolios of expired receivables. The acquisitions amounted to SEK 205 million during the year.
No significant events occurred during the year.
The Group's properties are predominantly fully leased.
Rental income for the year amounted to SEK 87.1 million (SEK 69.0 million). Additionally, the property portfolio was revalued upward by SEK 134.0 million (SEK 68.7 million), positively impacting the results. At the same time, revenues from credit management increased from SEK 825.4 million to SEK 834.9 million.
The Group's operating profit amounted to SEK 292.5 million compared to SEK 245.6 million in 2018. The net profit for the year was SEK 132.3 million (SEK 122.6 million). Adjusted for unrealized value increases, the result decreased from SEK 53.9 million to SEK 25.6 million.