/ Pressemitteilung / Group News
Garfunkelux Holdco 2 S.A., the direct parent company of Garfunkelux Holdco 3 S.A. and the indirect parent company of both Lowell and GFKL, today releases an unaudited update for its trading units, Lowell and GFKL, for the quarter ended 31 December 2015.
This update is subject to certain financial estimates ahead of the Garfunkelux Holdco 2 S.A. audited results for the full year, due to be announced in late April 2016.
Commenting on this announcement, Colin Storrar, Group CFO said:
“I’m pleased to report another strong set of results for the quarter, demonstrating continued momentum for both trading units, year on year.”
“The integration of Lowell and GFKL continues to make good progress, and will enable the combined group, Garfunkelux Holdco. 2 S.A., to become one of the largest receivables management businesses in Europe***, with a market leading presence in the region’s two largest markets.”
“We continue to comply with regulatory requirements and in December 2015 Lowell formally submitted its applications to the Financial Conduct Authority for approval. Whilst no immediate decision is expected - given the volume of submissions - we do not anticipate there being any problems with the applications.”
“I look forward to the bond call in late April where we will be able to provide greater insight into our combined financial performance along with the value being created from the integration of Lowell and GFKL against the market backdrop as a whole.”
The trading update will be made available on both Lowell and GFKL investor websites.
* These results do not represent the consolidated results of Garfunkelux Holdco 2 S.A. and are the results of the trading units of GFKL and Lowell only. Please note that the Garfunkelux Holdco 2 S.A. consolidated financial statements will be announced in April 2016 and will apply acquisition accounting to consolidate the results of GFKL and Lowell. As a result these entities will only be included within the Garfunkelux Holdco 2 S.A. consolidated financial statements from the date of the relevant acquisition.
** Cash EBITDA is defined as both Lowell‘s and GFKL‘s Adjusted EBITDA, each as defined in the Offering Memorandum dated 14 October 2015.
*** Measured by revenue, estimated remaining collections on purchased debt portfolios and current outstanding face value of debt portfolios managed on behalf of third parties.
For further enquiries, please contact:
Karen Leech +44 (0) 7880 191 396
Josef Rettenmeier +49 (0) 2011 021 192
The above trading estimates, including our estimated Collections, Adjusted EBITDA, cash income and ERC for the relevant periods, were not audited or reviewed by any third-party and are based on our management accounts which are principally prepared in accordance with IFRS. Further, the above trading estimates are not intended to be a comprehensive statement of our financial or operational results for the above mentioned periods. These trading estimates were prepared based on a number of assumptions and judgments and, as a result, reflect a certain level of uncertainty and are subject to revision. Our actual results for the above mentioned periods may vary from these trading estimates, and such variations could be material.
Forward Looking Statements
This press release may include “forward looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements can be identified by the use of forward looking terminology, including the terms “believes”, “estimates”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative, or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts and include statements regarding Lowell, GFKL or their respective affiliates’ intentions, beliefs or current expectations concerning, among other things, Lowell, GFKL or their respective affiliates’ results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward looking statements are not guarantees of future performance and that Lowell, GFKL or their respective affiliates’ actual results of operations, financial condition and liquidity, and the development of the industry in which they operate may differ materially from those made in or suggested by the forward looking statements contained in this press release. In addition, even if Lowell, GFKL or their respective affiliates’ results of operations, financial condition and liquidity, and the development of the industry in which Lowell or GFKL operate are consistent with the forward looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Given these risks and uncertainties, you should not rely on forward looking statements as a prediction of actual results.