Annual Report 2015

Annual report 2015
Lock Lower Holding AS

913 741 110
Lock Lower Holding AS – Corp.id.no. NO 913 741 110
Contents
Key figures 4
Board of Director's report 5
Going concern 15
Confirmation from the Board of Directors and CEO 16
Consolidated Income statement 17
Consolidated Statement of financial position 18
Consolidated Statement of changes in Shareholders' equity 20
Consolidated Statement of cash flow 21
Notes to the consolidated financial statements 22
1 General information 22
2 Summary of significant accounting policies 22
3 Critical accounting estimates 31
4 Financial risk management 32
5 Segment information 36
6 Employees, salaries and other remuneration 38
7 Audit fees 39
8 Financial income and costs 40
9 Income tax 41
10 Fixtures and furniture 43
11 Intangible assets 43
12 Goodwill 44
13 (a) Financial instruments by category 46
13 (b) Credit quality of financial assets 47
14 Purchased loans and receivables 48
15 Other long-term assets 50
16 Trade receivables 50
17 Other short-term receivables 51
18 Cash and cash equivalents 51
19 Share capital and premium 51
20 Group companies 52
21 Trade payables 53
22 Other short-term liabilities 53
23 Borrowings 54
24 Other long-term liabilities 55
25 Derivative financial instruments 55
26 Post-employment benefits 56
27 Provisions for other liabilities and charges 57
28 Pledged assets, contingent assets and liabilities 58
29 Commitments 59
30 Business combinations 60
Lock Lower Holding AS – Annual Report 2015

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31 Related party disclosures 61

32 Events after the reporting period 61
Parent Company Income statement 62
Parent Company Statement of financial position 63
Parent Company Statement of changes in shareholders’ equity 65
Parent Company Cash flow statement 66
1 Parent Company Accounting principles 67
2 Parent Company Audit fees 67
3 Parent Company Financial Items 67
4 Parent Company Income tax 68
5 Parent Company Subsidiaries 69
6 Parent Company Cash and Short-term deposits 69
7 Parent Company Related Party 69
8 Parent Company Equity 69
9 Parent Company Borrowings 70
Audit Report 71
Definitions 73

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Key figures
1 Jan - 31 Dec 22 May - 31 Dec

Key figures, EURm unless otherw ise stated* 2015 2014
Net revenue 534 130
EBITDA 186 26
EBITDA margin (%) 35 % 20 %
EBITDA excl. NRI's 205 52
Adjusted EBITDA 331 64
Adjusted EBITDA excl NRI's 350 90
NIBD, end of period** 2,063 1,659
NIBD/ adj. EBITDA** 5.7 4.2
ERC, end of period 2,442 1,971
Investments in Debt Purchasing 395 75
Return in Debt Purchasing 15 % 14 %
Gross collection in Debt Purchasing 408 95
Average number of FTEs 3,380 2,988
* Lock Lower Holding AS was est ablished 22 M ay 2014 and acquired Lindorf f t hrough Lock AS 6
Oct ober 2014
**NIBD is based on act ual bond st ruct ure in t he report ed period. See not e 4.2

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Board of Director's report
The Board of Directors of Lock Lower Holding AS, Corporate Identity Number 913 741 110, hereby presents the Annual Report and
Consolidated Financial Statements for the period 1 January – 31 December 2015.
The Lindorff Group
Lock Lower Holding AS was established 22 May 2014 in Oslo, Norway and acquired 100% of Lock AS at 15 July 2014. The Group
had no operating activities until 6 October 2014 when Lock AS acquired 48.3% of Lindorff AB, 100% of Indif AB (owner of 51.7% of
Lindorff AB), 72.9% of Lindorff Coinvest AB and 50% of Lindorff Institutional Management AB. During 2015 Lindorff Institutional
Management AB and Lindorff CoInvest AB were dissolved through merger with Indif AB and Lindorff AB and Lindorff Second
Holding AB were dissolved through merger with Lindorff AB (former name Lindorff Group AB).
Lock Lower Holding AS and its subsidiaries (hereafter named Lindorff or Lindorff Group) hold 100% ownership of all companies
within Lindorff Group.
The parent company Lock Lower Holding AS is domiciled in Oslo, Norway, with office address at Hoffsveien 70B, 0377 Oslo.
Lindorff, from a small Norwegian office founded in 1898, has grown into one of the largest and fastest growing debt-collection
companies in Europe, with clear international ambitions. The company has unique industrial knowledge and has a balanced and
flexible business model with a full service offering.
Lindorff is one of the leading Credit Management Services providers to financial institutions in Europe. Lindorff is present in
Denmark, Finland, Germany, Italy, the Netherlands, Norway, Spain, Sweden, Poland, the Baltic States (Estonia, Latvia, and
Lithuania) and Russia.
Lindorff’s services enable our clients to concentrate on core activities

Our range of services comprises the entire value chain from customer selection to the purchase of receivables. Lindorff’s products
and services help improve our clients’ cash flow and profitability, and allow clients to focus on their core activities.
Our current service offering includes:
 reminders and debt collection
 purchase of debt receivables
 selection and scoring of potential customers
 customer and credit information
 invoicing solutions
 payments services
Lindorff is continually striving to develop its products and services and to find new ways of solving customer needs. Our clients’
growing focus on cost efficiency, as well as demand for more efficient processes and faster product development, has contributed to
the growth of business process outsourcing. Our services enable clients to focus on their core activities and also provide more
flexibility.
Lindorff focuses mainly on the sectors such as financial institutions, telecommunications, retail, energy and the public sector.
Significant events during 2015

On 1 March 2015 Klaus Anders Nysteen was appointed as new CEO of Lindorff Group.
In August, Lindorff acquired Casus Finanse and added Poland to the Group geographic footprint. Casus is one of the leading Credit
Management Services operators in Poland and represents a strong fit with Lindorff’s balanced business model. The company has a
strong market position in Debt Collection and a growing presence in Polish Debt Purchasing market. Casus is based in Wroclaw
with approximately 500 FTEs at the time of the acquisition. The company’s key financials for 2014 was revenue of PLN 57m and
EBITDA of PLN 18m.
In 2015 Lindorff acquired two large portfolios in the Nordic region. Both acquisitions were from the existing clients and the majority of
the debt was already serviced in the Debt Collection business.
In December 2015 Lindorff signed a new collection contract with a leading financial institution in Spain. This is a 10-year servicing
contract, an extension to the successful relationship with the client.

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The current Board of Directors was elected on 18 August 2015 and consists of Chairman Carl Per Eric Sletten Larsson, and board
members Sten Kristoffer Melinder, Erik Andreas Näsvik, Nils Peter Sjunnesson, Marcial Angel Portela Alvarez and Hans Torsten
Georg Larsson.
Events after the end of the reporting period

Trond Brandsrud was appointed as a new CFO from 1 February 2016.
Lindorff has signed an agreement to acquire 100% of the shares in Cross Factor S.p.A. Cross Factor is an Italian company
providing both Debt Purchasing and Debt Collection services. Closing is expected in Q2 2016.

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Financial review
The reporting period is 1 January – 31 December 2015 for the parent company. Consolidated financial statements include Lock
Lower Holding AS and its subsidiaries from 1 January – 31 December 2015. Lock Lower Holding AS group had no operating
activities until 6 of October 2014, hence all comparative figures to the group for the previous year reported in financial statements
and notes include the period 6 October – 31 December 2014. Management analyses of operations are based on Lindorff AB
consolidated statements 2014.
Net revenue
Consolidated net revenue in 2015 amounted to EUR 534m (2014:130m).
Revenues and earnings are generated from activities in the Debt Collection, Debt Purchasing and Other segment. The result from
operating activities (EBIT) amounted to EUR 150m (2014: 21m).
Revenues and operating earnings– by operating segments

Debt Collection
Revenues in Debt Collection in 2015 amounted to EUR 358m (2014: 95m), whereof EUR 248m (2014: 68m) was revenue for
services to external parties and EUR 110m (2014: 27m) was commission from collection on portfolios on behalf of the segment Debt
Purchasing. The Segment Earnings were EUR 151m (2014: 41m), margin of 42%. Debt Collection accounted for 46% excluding
intersegment revenue and 51% of Segment Earnings.
Debt Purchasing
Cash collection amounted to EUR 408m (2014: 95m). Net revenue was EUR 267m (2014: 58m). Direct operating expenses were
EUR 127m (2014: 30m) whereof EUR 110m (2014:27m) was commission to Debt Collection. The Segment Earnings were EUR
140m (2014: 28m) margin of 52%. Debt Purchasing accounted for 50% of net revenue and 47% of Segment Earnings.
The Group invested EUR 395m in loans in the period 1 January – 31 December 2015 (2014:75m).
The return in Debt Purchasing was 15%.
Expenses
Operating expenses amounted to EUR 348m (2014: 104m) including non-recurring items of EUR 19m (2014: 26m). Non-recurring
expenses related to M&A and bond tap in September, severance payment, site consolidation in Denmark and start-up costs for
Lindorff Business Services.
Employee benefit expense was 54% of total operating costs.
Operating margin was 35%. Several measures were taken in 2015 in order to consolidate locations, increase efficiency and reduce
staff costs going forward.
Depreciation/amortisation/impairment
The result for the period was charged with amortisation and depreciation EUR 37m (2014: 5m), whereof EUR 3m on tangible assets
and EUR 34m was amortised on intangible assets, mainly consisting of client contracts and software related assets. The carrying
amount of fixed assets was EUR 341m (2014: 331m), whereof EUR 327m (2014: 319m) were intangible assets.
Net financial items

Net financial items amounted to a net expense of EUR 172m (2014: 66m) whereof EUR 131m (2014: 46m) was interest expense on
bonds.
Foreign exchange differences have had a negative impact on net financial items of EUR 19m (2014:17m).
Taxes
Income tax expense for the reporting period was EUR +6m (income) (2014:+15m).
Lindorff Group has certain tax issues related to deductibility of interest of group internal loans in Finland and Norway. Tax exposure
of these cases is estimated at EUR 42m including EUR 6m of potential penalties, whereof EUR 27m has been paid on request to
respective tax authorities in Norway and Finland in 2015 and additional EUR 5m as advance current tax in Finland. Lindorff contests
the claims and has or will file complaints to the Tax Authorities in both countries. No provisions have been recorded as Lindorff
believes that our arguments are strong and hence our standing in the disputes is solid.
For further information regarding tax, see note 9.

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Research and development

Lindorff has ongoing several development projects of unique software related to cost optimization and streamlining our operations,
and to improve our services offered to our customers. During the reporting period this comprises the following projects:
 Debt Purchasing management system implemented in new countries

 Global Data Warehouse improved and rolled out to several new countries
 New collection system for several countries
 Improved BI/DW tools to increase collection through advanced analytics of Lindorff’s extensive data
 Pre-study on use of robotics to automate processes
 Improved self-service customer portals with chat functionality, also available on mobile devices
 Re-platforming has improved performance and stability of services, and has reduced costs of IT-operation
Cash flow and investments

Cash flow from operating activities was EUR 90m (2014: 44m). Excluding cash effect of interest paid at EUR 152m, the cash from
operating activities was EUR 242m. The increase in operating cash flow is mainly due to double digit revenue growth in 2015.
Negative cash effect of increased working capital related to the increased operations in Spain and the ramp up of payment services
in Finland.
Net cash used in investing activities at EUR 472m relates mainly to acquisition of purchased loans and receivables of EUR 396m,
acquisition of Casus Finanse in Poland and closure of the carve-out in December in Spain.
Funding
The Group is funded through a Super Senior RCF(SSRCF) of EUR 324m, Senior Secured Notes of EUR 1,457m equivalent (issued
in EUR and NOK) and Senior Notes of EUR 451m equivalent (issued in EUR and SEK).
The average interest on the notes is approximately 7% with an average duration of 5.6 years. The SSRCF is priced at a current
margin of 3.50%. At year-end 2015 the RCF draw amounted to EUR 207m (excluding a draw for unfunded guarantees of EUR
20m).
Companies of the Lindorff Group representing more than 80% of EBITDA as of 31 December 2015 have provided security for the
RCF and the Bond package through pledge of shares, bank accounts, receivables and a guarantee for the commitments under the
RCF and the Bond package.
Goodwill
Goodwill is allocated to the two operating segments: Debt Purchasing and Debt Collection, which coincides with the level Goodwill is
monitored by management on group level. When acquiring a company a purchase price analysisis prepared and the fair value of
assets and liabilities are allocated to the different assets. Loans and receivables are recognised at fair value at the acquisition date.
It has therefore been concluded that the goodwill of EUR 1,384m is mainly allocated to the Debt Collection segment. Consolidated
goodwill amounted to EUR 1,384m at the end of the year (2014: EUR 1,378m) and the change from last year is mainly due to
acquisition of Casus Finanse and currency translation.

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Management analysis of operations

Lock Lower Holding AS Group had no operating activities until 6th of October 2014. Therefore, for the purpose of management
analysis, all comparable figures are based on consolidated numbers of Lindorff AB Group for the full year 2014.
Results of operations
The table below sets forth the results of operations and the percentage of change for the periods indicated. The analysis is prepared
to EBIT level as financial items are not comparable.
Lock Low er
Holding AS Lindorff AB
Consolidated Incom e Statem ent Group Group
1 Jan - 31 1 Jan - 31 Change

EURm Dec 2015 Dec 2014 in %
Net revenue 534 475 12 %

Employee benefit expense -187 -178 6%
Legal fee cost -43 -35 24 %
Phone, postage and packaging -18 -19 -5 %
Other operating costs -100 -93 8%
Depreciation and amortisation -37 -16 134 %
Results from operating activities (EBIT) 150 136 10 %
Net revenue
Revenue was EUR 534m in 2015 compared to EUR 475m in 2014. This represents an increase of 12%. In constant currency net
revenue increased by EUR 70m, or 15%, compared to year 2014. The increase was primarily driven by increased investment in
Debt Purchasing in 2015 (EUR 395m) compared to 2014 (EUR 275m), which contributed to an increase in revenue generated in the
Debt Purchasing business. The biggest contribution to the increased investment in Debt Purchasing was the two large acquisitions
in the Nordic region.
Revenue growth was also driven by the the acquired Spanish collection unit in Q4 2014 and the acquisition of Casus Finanse in
Poland in Q3 2015
The table below sets forth, for each of the periods indicated, operating revenue by segment and the percentage change from period
to period.
Lock Low er Holding AS

Group Lindorff AB Group
Revenue on a segm ent basis 1 Jan - 31 Dec 2015 1 Jan - 31 Dec 2014
in % of in % of
EURm EURm revenue EURm revenue Change in %
Debt Collection 358 67 % 336 71 % 7%

Debt Purchasing 267 50 % 220 46 % 21 %
Other Services 19 4% 17 4% 11 %
Eliminations* -110 -21 % -98 -21 % 12 %
Total 534 100 % 475 100 % 12 %
*Eliminatio ns include the inter‑segment revenue generated by o ur debt co llectio n department fro m co mmissio n charged o n debt co llectio n services carried o ut
o n po rtfo lio s we purchase
Debt Collection
Revenue in 2015, including intersegment revenue of EUR 110m from collection on Lindorff owned portfolios, amounted to EUR
358m, compared to EUR 336m in 2014. This represents an increase of 7% mainly driven by the acquisition of a collection unit in
Spain.

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Debt Purchasing
Segment revenue for 2015 amounted to EUR 267m compared to EUR 220m in 2014, showing an increase of 21% as a result of
investments and improved collection performance from 103% to 107% of forecasts.
Employee benefit expense

Employee benefit expense increased by 6%, from EUR 178m in 2014 to EUR 187m in 2015. As a percentage of revenue, it has
decreased from 37% in 2014 to 35% in 2015. In constant currency terms the increase was EUR 14m, or 8%. The main reason for
this trend are the increased number of FTEs resulting from the acquisition in Spain (Q4 2014), the acquisition in Poland (Q3 2015),
and severance pay that will lead to future cost savings.
Legal fee cost

Legal fee cost increased by EUR 8m, or 24%, from EUR 35m in 2014 to EUR 43m in 2015. As a percentage of revenue, it increased
from 7% in 2014 to 8% in 2015. Excluding the effect of foreign currency translation, legal fee cost increased by EUR 9m, or
27%.The increase is mainly due to reclassification of legal fees from net to gross in Netherlands and increase in legal fees in Spain.
Phone, postage and packaging

Phone, postage and packaging expenses decreased by EUR 1m, or 5%, from EUR 19m in 2014 to EUR 18m in 2015. As a
percentage of revenue the decrease was from 4% in 2014 to 3% in 2015. The trend is strongly affected by higher use of electronic
communication, including the use of a self-service portal and text messages, in communicating with debtors which have lower costs
than other means of communication.
Other operating costs

Other operating costs increased by EUR 7m, or 8%, from EUR 93 m in 2014 to EUR 100m in 2015. As a percentage of revenue,
other operating costs decreased from 20% in 2014 to 19% in 2015. Excluding the effect of foreign currency translation, other
operating costs increased by EUR 10 m, or 11%. The increase was driven by restructuring costs in Denmark, consulting fees in
relation to bond tap in Q3 2015 and the introduction of Lindorff Business Services as a support network for the Group.
Depreciation and amortisation

Depreciation and amortisation increased by EUR 21m, or 134%, from EUR 16 m in 2014 to EUR 37 m in 2015. As a percentage of
revenue, depreciation and amortisation increased from 3% in 2014 to 7% in 2015. The increase was mainly a result of amortisation
of the collection contract acquired in Spain in December 2014 as part of the Spanish Acquisition.
EBIT for the Period

Earnings before interest and tax (EBIT) amounted to EUR 150m in 2015 compared to EUR 136m in 2014 showing an increase of
10% (11% in constant currency).
Collection costs and operational efficiency

Costs representing 17% of the revenue for the year ended December 31, 2015 were variable, i.e., attributable to phone, print and
postage, temporary staff, legal fees, travel costs and consulting fees (compared to 18% for the year ended December 31, 2014).
The decrease in variable costs as a percentage of revenue is due to continuous focus on cost control. The fixed costs are mainly
limited to office accommodation, permanent staff, data platform, compliance and IT infrastructure expenses, providing scalability
with a low level of incremental overhead costs. The fixed costs as a percentage of revenue decreased from 50% in 2014 to 48% in
2015 reflecting increased scalability and operational efficiency.

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Lock Low er
Collection costs and collection cost ratio Group Group
1 Jan - 31 Dec 1 Jan - 31 Dec

EURm 2015 2014
Debt Purchasing
Gross collections 408 340
Cost to collect -127 -105
Gross collections less costs to collect 281 235
Collection cost ratio (%) * 31 % 31 %
Debt collection services

Fees and commissions received for services provided ** 358 336
Cost to collect -206 -196
Fees and com m issions received for services provided less costs to collect 151 139
Collection cost ratio (%) 58 % 59 %
* Co st to co llect relative to gro ss co lletio ns

** Includes intergro up co mmissio ns
Key performance indicators for Debt Purchasing

During 2015 Lindorff experienced significant growth in its Debt Purchasing business which is the result of maintained high collection
performance of 107%, price discipline, high investments of EUR 395m and consequently all-time high estimated remaining
collections (ERC) of EUR 2.44bn. The key performance indicators for the Debt Purchasing business are set forth in the below:
Lock Low er
Key Perform ance Indicators for Debt Purchasing Group Group
As at 31 Dec As at 31
EURm 2015 Dec 2014
Estimated Remaining Collections (ERC) 2,442 1,971
Investment in Debt Purchasing 395 275
Return in Debt Purchasing 15 % 14 %
Collection Performance* 107 % 103 %
* Co llectio n perfo rmance o n purchased lo ans and receivables co mpared to fo recast

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Financial position, risk and risk management

The Group and the Parent company is exposed to various types of risks, including strategic risks related to economic development
and acquisitions, regulatory changes, possible errors and financial risk such as market risk, interest risk, liquidity risk and credit risk
inherent in purchased loans and receivables and counter party risk for third-party business.
The group’s liquidity is solid and the financial position of the parent company and group is considered strong.
The group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with
respect to NOK (Norwegian krone), SEK (Swedish krone) and PLN (Polish zloty) compared to the group’s reporting currency EUR.
The largest relative economic value deriving from non-EUR currencies are protected by means of external financing denominated in
the corresponding currencies at the same relative currency mix. The group has through its interest rate hedging policy limited the
risk that the value and/or cash flow related to financial interest, interest bearing assets and liabilities varies due to fluctuations in
market interest rates. The Board considers the group’s financial risk management as satisfactory.
Financial risk factors

Group financial risk is limited, with strong cash flow from the Debt Purchasing business combined with limited investments needed
in the Third Party Collection business. Lindorff`s funding and financial risk are managed in accordance with the Group Treasury
policy. The Group Treasury policy contains rules for managing financial activities, measuring and identifying financial risk and
limiting these risks. Internal and external financial operations are concentrated in Group Treasury, which ensures economies of
scale when pricing financial transactions.
Market risk
The services and products offered in the respective local geographical markets are subject to strict local laws and regulations
including requirements for debt collection licenses.
The main market risk is related to general macroeconomic conditions and local rules and statutory regulations in each of the
geographical markets the Group is present in and which affect the debtors’ ability to pay and the vendors’ ability and willingness to
sell portfolios of loans and receivables and potential commission from third party collection.
Foreign exchange risk

The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with
respect to NOK (Norwegian krone), SEK (Swedish krona) and PLN (Polish zloty) compared to the Group’s internal and external
reporting currency EUR. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net
investments in foreign operations.
For further description of foreign exchange risk, see note 4.
Interest rate risk

Interest rate risk relate primarily to the Group’s interest-bearing net debt. As at 31 December 2015 the external interest bearing debt
amounted to EUR 2,116m, consisting of drawings on the Super Senior Revolving Credit Facility (SS RCF), senior secured fixed rate
notes, senior secured floating rate notes, senior fixed rate notes and senior floating rate notes.
Hedging is arranged partly by raising fixed rate debt and by fixing interest rates with interest rate swaps. As of 31 December 2015
the share of fixed rate bonds was 51%, and the share of fixed rate bonds including swaps was 58%.
The floating rate bonds are tied to the market rate with quarterly interest fixing. A one-percent increase in market interest rates
would have adversely affected net financial items by approximately EUR 8m. A five-percent increase would have adversely affected
net financial items by approximately EUR 40m.
Credit risk
Credit risk is the risk that Lindorff`s counterparties are unable to fulfil their obligations to the Group. Each local entity is responsible
for managing and analysing the credit risk for each of their new clients before standard payment and delivery terms and conditions
are offered. Credit risk arises from assets such as cash and cash equivalents, guarantees and derivative financial instruments and
deposits with banks and financial institutions, as well as outstanding receivables; Purchased loans and receivables and outlays on
behalf of clients. For financial assets owned by Lindorff, no collateral (very limited) or other credit reinforcements have been
received.
The maximum credit exposure for each class of financial assets therefore corresponds to the carrying amount.
There is also a limited risk of loss linked to the Group’s Third Party Debt Collection and the risk is primarily carried by the client.

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Portfolios of purchased loans and receivables
To minimize the risks related to purchase of non-performing claims, a stringent investment process with tight price discipline is
exercised in purchase decisions. Purchases are usually made from clients with whom the Group has maintained long-term
relationships and therefore has a thorough understanding of the receivables in question. Purchased loans and receivables are
usually purchased at prices significantly below the nominal value of the receivables, and are usually not collateralised. Lindorff
retains the entire amount collected, including interest and fees.
For further description of risk, see note 4.

In order to continue minimising the credit risk exposure, Lindorff continues to invest in staff with a broad experience in credit
management, and focus on increased analytical approach to portfolio assessments. Monitoring processes are implemented to follow
up actual collection compared to forecasts. In addition, the Group’s investment in effective IT systems and a more uniform cross-
border business model will result in better control of the Group’s business, which in turn will also help reduce the risk of credit loss.
Liquidity risk
Liquidity risk is the risk that the Group does not have the ability to fulfil its short and long-term payment obligations to outside parties.
The Group’s long-term financing risk is minimized through long term financing in the form of committed lines of credit. As of 31
December the Group held unused facilities totalling EUR 93m (net of EUR 25m allocated to guarantees).
Cash forecasting is performed by the operating entities of the Group and aggregated by Group Treasury. Group Treasury monitors
rolling forecasts to ensure that the Group has sufficient cash to meet operational and financial expenditures, while also monitoring
that borrowing limits and covenants in the Super Senior Revolving Credit Facility Agreement and Bond documentation are adhered
to.
Capital management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to
provide return for shareholders and benefits for other stakeholders. In order to maintain or adjust the capital structure, the Group
may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce
debt.
The Group has been assigned a credit rating of B+ by Standard & Poor’s Rating Services and B2 by Moody’s Investor Services.
Corporate Governance
Strong corporate governance is about having systematic decision-making processes, clear responsibility hierarchy, avoiding conflict
of interest and satisfactory internal controls, risk management and transparency.
Internal control and risk management regarding financial reporting

Internal control and risk management regarding financial reporting are designed to provide reasonable assurance about the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles, applicable laws and regulations, and other requirements for bond listed companies.
The Board of Directors and the Chief Executive Officer are ultimately responsible for ensuring that internal controls are developed,
communicated to and understood by the employees of the Group who undertake the individual control activities, and that the control
activities are monitored, enforced, updated and maintained. The Group has implemented EIT (Enterprise Information Tool), to
control, report and monitor that internal controls are performed in compliance with internal control guidelines.
Articles of association
Appointment and replacement of Board members follows from the Norwegian Companies Act.
The Board is not given mandate to acquire and convey own shares, issue new shares or convertible instruments.
Environmental concerns and corporate social responsibility
Lindorff has a strong global commitment, anchored in the core values and the way the business is run.
Lindorff employees are citizens of the world and are genuinely concerned with creating a better future - for those in need of support
and for the generations to come.
Lindorff has since 2006 partnered with the non-profit NGO FAIR (Fair Allocation of Internet Resources). FAIR aids developing

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countries by supplying resources within ICT. The equipment from the Lindorff offices in Norway, Sweden and Denmark has
supported projects to improve the ICT development in developing countries. When the equipment has reached the end of its
service-life, it is returned to Europe for proper disposal and recycling.
Additionally, there are a number of locally initiated CSR-projects on country-level, including providing work-experience for youth with
disabilities in Spain, offering training in personal finance and debt to inmates as part of their repatriation to society in Norway and
educating youth about personal finance in Swedish schools.
Our business does not lead to contamination of the environment covered by specific regulations, but we have several green
initiatives, including carbon, waste and water, to increase our environmental responsibility.
Lindorff avoids unnecessary travel and promotes the use of video and telephone conferences. When purchasing products or
services, we emphasize high environmental quality. The Environmental Policy addresses how we shall manage and control
environmental issues in our operations and services.
Anti-corruption and anti-money laundering

The credit management business is affected by a number of laws and regulations in the jurisdictions in which Lindorff operate. The
group has detailed policies and country specific procedures in place that are designed to ensure that operations are in compliance
with applicable anti-corruption and anti-money laundering regulations, and compliance issues, if any, are identified and appropriately
elevated within the organization.
The policy regarding regulatory compliance defines, among other things, governing principles regarding identification of governing
laws and regulations, delegation of compliance responsibilities, guidelines on education and competence, testing, documentation
and monitoring of regulatory compliance control measures.
Personnel organisation and management

Year end 2015, Lindorff had a worldwide staff of 3,678 (2014: 3,040) FTEs in its thirteen countries of operations.
Average num ber of FTEs in proportion of m ales and fem ales

Total Male Female Male% Female%
Average 3,380 1,279 2,100 38 % 62 %
Sickness absence
Absence due to sickness was 5% of total work hours during the reporting period.
Social responsibility and the environment

The Group is actively involved in programs concerning employee engagement, competence and leadership development. The
Group also has a strong focus on health, safety and environment. Managing staff absence and taking the relevant measures is an
important area of concern for the Group. There were no cases of serious work accidents during 2015.
Lindorff has a strong commitment to fair treatment and equal opportunity in the workforce. As of year-end 2015 the proportion of
women and men in the Group was 62% and 38% respectively.
Remuneration
Board of Directors
No fees were paid to Board members from parent company for the reporting period.
Remuneration to Chairman of the Board paid from other group companies amounted to EUR 103k.
CEO
On 1 March 2015 Klaus Anders Nysteen was appointed as CEO of Lindorff Group.
The CEO compensation is based on a fixed annual salary and variable compensation depending on the results achieved by Group
operating earnings and individual performance objectives. For further information, see note 6.
Senior Executives
All senior executives receive a fixed annual salary and variable compensation. The variable compensation is, with a few exceptions,
up to 50% of the annual base salary and is based on the results achieved by Group operating earnings, results in their area of
responsibility and individual performance objectives. Lindorff has agreements with certain members of the management on
severance payment equal to six to twelve months of base salary.
Compensation committee
The CEO has appointed a Committee to handle compensation issues. The committee is comprised of the CEO, CFO and EVP HR.
Regarding remuneration in reporting period, see note 6.

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Outlook
Lindorff is a leading European provider of credit management services with a flexible business model and full service offering. The
volume of Purchased loans and receivables was at a high level in 2015. Lindorff will continue to utilise its unique position in the
Nordic region for further expansion in Continental and Eastern Europe. The Group’s ambition is to continue its growth outside the
Nordic region through a combination of organic growth and acquisitions. The Group aims to grow both through its debt collection
activities and through portfolio purchases. Payment services is a fast growing product for Lindorff that is expected to increase in the
coming years.
The economic situation in Europe builds demand for Lindorff’s services. The deals entered into in 2015 represent a big step to reach
the strategic goals and proves that Lindorff is a preferred company to large European banks looking for a professional partner with
impeccable track records and high ethical standards. It is the Board’s view that Lindorff is well positioned for future profitable growth
and to continue to develop as a leading credit management service providers. The Group’s staffs has a solid track record in both
acquiring and integrating companies in recent years and the Group has longstanding relationships with our existing customer base.
The Board emphasises that outlook considerations always is connected with uncertainty.
Parent company
The parent company is a holding company with only one employee. Net result for the year was EUR 0m.
Shareholders
Lock Lower Holding AS is 100% owned by Lock Upper Holding AS, Corporate Identity Number 813 852 462, Ultimate parent
company is Cidron 2013 Ltd, 26 Esplanade, St Helier Jersey JE2 3QA.
Proposed distribution of earnings

Parent company:
To the Annual general meeting are the following funds available (EURk):
Share premium reserve 714,711

Retained earnings/loss -102
Total non-restricted equity 714,609
The Board of Directors proposes that the total non–restricted equity of EUR 714,609k is carried forward.
Unrestricted equity for the Group is EUR 780m. The Group and parent company’s profit and loss and financial position are
presented in the subsequent Income statements, Statements of financial position and notes.
Going concern
In accordance with the Norwegian Accounting Act § 3-3a, we confirm the going concern assumption forming the basis for the
preparation of the financial statements. This assumption is based on profit forecasts for the year 2016 and the Group’s long-term
strategic forecasts. The Group’s economic and financial position is sound.

Page 15
Confirmation from the Board of Directors and CEO

We confirm that, to the best of our knowledge, that the financial statements for the period from 1 January to 31 December 2015 has
been prepared in accordance with approved accounting standards and gives a true and fair view of the Group and the Company’s
consolidated assets, liabilities, financial position and results of operations, and that the Report of the Board of directors provides a
true and fair view of the development and performance of the business and the position of the Group and the company together with
a description of the key risks and uncertainty factors that the company is facing.
The Board of Directors

Oslo, 28 April 2016
Carl Per Eric Sletten Larsson Sten Kristoffer Melinder Erik Andreas Näsvik
Chairman
___________________________ _______________________________ _____________________________
Nils Peter Sjunnesson Marcial Angel Portela Alvarez Hans Torsten Georg Larsson
Klaus-Anders Nysteen
CEO

Page 16
Consolidated Income statement

EURm 2015 2014
Net revenue 5 534 130

Employee benefit expense 6 -187 -50
Legal fee cost -43 -9
Phone, postage and packaging -18 -4
Other operating costs 7 -100 -41
Depreciation and amortisation 10,11 -37 -5
Results from operating activities (EBIT) 150 21
Finance income 8 1 0
Finance costs 8 -173 -66
Net finance costs -172 -66
Profit and loss before tax -23 -45
Income tax expense 9 6 15
Profit and loss for the year -16 -30

Profit (loss) attributable to:
Ow ners of the Company -16 -30
Profit and loss for the year -16 -30
Consolidated statement of comprehensive income

EURm 2015 2014
Profit (loss) for the year -16 -30
Other com prehensive incom e:

Item s that w ill not be reclassified to the incom e statem ent
Remeasurements of post employment benefit obligations gain(+)/loss (-) 26 4 -3
Tax on remeasurement of post employment benefit obligations 26 -1 1

3 -2
Item s that m ay be subsequently reclassified to the incom e

statem ent
Currency translation differences -2 69
Other com prehensive incom e for the year, net of tax 1 66

Total com prehensive incom e for the year -15 35
Attributable to:
Ow ners of the Company -15 35
Total com prehensive incom e for the year -15 35
The accompanying notes are an integral part of these financial statements

Page 17
Consolidated Statement of financial position
EURm Notes As at 31 Decem ber 2015 As at 31 Decem ber 2014
ASSETS
Fixtures and furnitures 10 14 12
Intangible assets 11 327 319
Goodw ill 12 1,384 1,378
Purchased loans and receivables 14 1,070 809
Deferred income tax assets 9 71 27
Other long-term assets 15 12 6
Non-current assets 2,878 2,551
Trade receivables 16 21 13
Current tax receivable 5 3
Other short-term receivables 17 73 39
Client funds 38 21
Cash and cash equivalents 18 53 99
Current assets 191 175
Total assets 13 3,069 2,726
EQUITY
Share Capital 19 9 9
Share Premium 19 715 760
Retained earnings 19 66 35
Equity attributable to ow ners of the Com pany 789 805
Total equity 789 805
Liabilities
Bonds 23,28 1,860 1,629
Other long-term liabilities 24,27 1 2
Pension liabilities 26 7 12
Deferred income tax liabilities 9 47 40
Financial derivatives long-term 25 - 3
Non-current liabilities 1,915 1,686
Trade payables 21 19 21
Short-term loan 23 242 124
Financial derivatives short-term 25 2 -
Client liabilities 38 21
Current tax liabilities 5 6
Other short-term liabilities 22 58 63
Current liabilities 365 235
Total liabilities 13 2,280 1,921
Total equity and liabilities 3,069 2,726

Page 18

Oslo, 28 April 2016
Chairman
___________________________ _______________________________ _____________________________
CEO

Page 19
Consolidated Statement of changes in Shareholders' equity

Share Share Retained
EURm Notes capital prem ium earnings Total equity
Balance as at 1 Jan 2015 9 760 35 805
Profit/loss for the year -16 -16
Other comprehensive income for the year:
Remeasurements of post employment benefit obligations 26 3 3
Translation differences -1 -45 43 -2
Total com prehensive incom e for the year -1 -45 30 -15
Balance as at 31 Decem ber 2015 9 715 66 789
Balance as at 22 May 2014 - - - -

Profit/loss for the year -30 -30
Other comprehensive income for the year:
Remeasurements of post employment benefit obligations 26 -3 -3
Translation differences 0 0 69 69
Total com prehensive incom e for the year 0 0 35 36
Capital increase/(reduction) 9 759 769
Balance as at 31 Decem ber 2014 9 760 35 805

Page 20
Consolidated Statement of cash flow
EURm Notes 1 Jan - 31 Dec 2015 22 May - 31 Dec 2014

Cash flow s from operating activities:

Non-cash item s:
Amortisation, depreciation and impairment 10,11 37 5
Amortisation and revaluation of purchased loans and receivables 14 144 39
Cash item s:
Interest received 8 1 0
Interest paid -152 -5
Corporate income tax paid 9 -36 -7
Cash flow s from operating activities before changes in w orking
capital 144 52
Cash flow s from changes in w orking capital:

Decrease/increase in accounts receivable 16 -8 2
Decrease/increase in other receivables 17 -4 6
Decrease/increase in payment product receivables 17 -35 -3
Decrease/increase in accounts payable 21 -2 -1
Decrease/increase in other current liabilities 22 -4 -12
Net cash generated from operating activities 90 44
Cash flow s from investing activities:

Acquisition/disposal of subsidiaries 30 -33 -905
Acquisition of receivables 0 -255
Acquisition of tangible fixed assets 10 -5 -3
Acquisition of intangible fixed assets 11 -40 -165
Acquisition of loans and receivables -396 -94
Proceeds from sale of shares 1 0
Net cash used in investing activities -472 -1,422
Cash flow s from financing activities:

Proceeds from issue of share capital 0 639
Proceeds from new debt 23 671 1,740
Retirement of debt 23 -327 -898
Loans to group companies 31 -2 0
Other financial expenses 23 -8 0
Net cash used in financing activities 334 1,481
Net (decrease)/increase in cash and cash equivalents -48 102
Currency effect 2 -4
Cash and cash equivalents at the beginning of the year 18 99 0
Cash and cash equivalents at end of year 18 53 99

Page 21
Notes to the consolidated financial statements
1 General information
The parent company Lock Lower Holding AS is a registered company domiciled in Oslo, Norway with office address at Hoffsveien
70B, 0377 Oslo, Norway. The company is 100% owned by Lock Upper Holding AS, Hoffsveien 70B, 0377 Oslo. The ultimate parent
is Cidron 2013 Ltd, 26 Esplanade, St Helier Jersey JE2 3QA.
Lock Lower Holding AS (the company) and its subsidiaries (together the Group) have two core business segments; Debt Purchasing
and Debt Collection. The Debt Purchasing segment consists of the acquisition, management and collection of unsecured non-
performing loans. The Third Party Debt Collection segment consists of contingency collection for various clients. Other services
include invoice and payment services.
The Group has offices in 13 countries – Denmark, Finland, Germany, Italy, the Netherlands, Norway, Poland, Spain, Sweden,
Russia and the Baltic States (Estonia, Latvia, Lithuania).
The consolidated financial statements of the Group for the period ended 31 December 2015 were authorised for issue in
accordance with a resolution of the Board of Directors on 28 April 2016 and presented to the Annual General Meeting on the same
date.
2 Summary of significant accounting policies

2.1 Basis of preparation
The consolidated financial statements of Lock Lower Holding AS and all its subsidiaries have been prepared in accordance with
International Financial Reporting Standards (IFRS) as approved by the EU and interpretations set by the International Accounting
Standards Board (IASB) and the annual accounts act.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also
requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial
statements are disclosed in note 3.
The consolidated financial statements have been prepared on a historical cost basis except for financial derivatives that have been
measured at fair value through profit or loss.
The parent company’s functional currency is in Norwegian Krone (NOK) and the presentation currency for the parent company and
for the Group is Euro (EUR). The consolidated financial statements are presented in EUR and all values are rounded to the nearest
m (EURm) except when otherwise indicated. The consolidated and parent company accounts pertain to 1 January to 31 December
for income statements and 31 December for items on the statements of financial position.
2.1.1 Changes in accounting policy and disclosures
Financial statements for the period ended 31 December 2015 are the second financial statement for Lock Lower Holding AS Group.
For information regarding Lindorff previous years see Lindorff First Holding AB Annual report 2013.
The Group has adopted all new and revised standards and interpretations issued by IASB and IFRIC and approved by EU if
relevant to the business and come into force for the accounting year starting 1 January 2015.
2.1.1 New standards and interpretations not yet adopted

Certain new standards and amendments to standards and interpretations that are effective for annual periods beginning after 1
January 2015 have not been applied in preparing these consolidated financial statements. None of these are expected to have a
significant effect on the consolidated financial statements of the group. Below is a short description of the new standards and
interpretations:
IFRS 9, ‘Financial instruments’, addresses the classification, measurement and de-recognition of financial assets and financial
liabilities and introduces new rules for hedge accounting. In July 2014, the IASB made further changes to the classification and
measurement rules and also introduced a new impairment model. The new standard replaces the parts of IAS 39 that relate to the
classification and measurement of financial instruments. IFRS 9 requires financial assets to be classified into two measurement
categories: those measured as at fair value and those measured at amortised cost. The determination is made at initial recognition.
The classification depends on the entity’s business model for managing its financial instruments and the contractual cash flow
characteristics of the instrument. For financial liabilities, the standard retains most of the IAS 39 requirements. The main change is
that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity’s own credit

Page 22
risk is recorded in other comprehensive income rather than the income statement, unless this creates an accounting mismatch. The
new impairment model is an expected credit loss (ECL) model. The group is yet to assess IFRS 9’s full impact.
IFRS 15, ‘Revenue from Contracts with Customers”, will replace IAS 18 which covers contracts for goods and services and IAS 11
which covers construction contracts. The new standard is based on the principle that revenue is recognised when control of a good
or service transfers to a customer – so the notion of control replaces the existing notion of risks and rewards. At this stage, the
group is not able to estimate the full impact of the new rules on the group’s financial statements. The group will make more detailed
assessments of the impact over the next twelve months.
2.2 Basis of consolidation

The consolidated financial statements comprise the financial statements of the Group and its subsidiaries as at 31 December 2015.
Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be
consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same
reporting period as the parent company, using consistent accounting policies. All intra-group balances, transactions, unrealised
gains and losses resulting from intra-group transactions and dividends are eliminated in full.
Total comprehensive income within a subsidiary is attributed to the non-controlling interest even if it results in a deficit balance.
Subsidiaries
The consolidated financial statements comprise the financial statements of Lock Lower Holding AS and entities where the Group
has controlling interest (subsidiaries). Controlling interest is achieved when the Company has the power to govern the financial and
operating policies of an entity so as to obtain benefits from its activities. The Company obtains and exercises control through direct
or indirect voting rights. Controlling interest will normally exist when the Company has voting rights of more than 50% through
ownership or agreements.
The financial statements of the subsidiaries are prepared for the same reporting year as the parent company, using consistent
accounting policies. These financial statements are for consolidation purposes restated to IFRS. The results of subsidiaries acquired
or disposed of during the year are included in the consolidated income statement from the date of control is obtained and until the
control ceases. Intercompany transactions, balances, revenues and expenses are eliminated in consolidation. This also applies for
unrealized internal gains and losses.
The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of
a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity
interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a
contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business
combination are measured initially at their fair values at the acquisition date.
Acquisition-related costs are expensed as incurred.
Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling
interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net
assets of the subsidiary acquired, the difference is recognised in profit or loss.
There is a reassessment of the allocation of the acquisition price within 12 months after the acquisition date when the initial
accounting for a business combination can be determined only provisionally.
2.3 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating
segments, has been identified as the CEO. The operating businesses are organised and managed separately according to the
nature of the products and services provided, with each segment representing a strategic business unit that offers different products
and serves different markets.
The Group is organised in two main operating segments: Debt Purchasing and Debt Collection. The Debt Purchasing segment
consists of acquisition and management of mainly unsecured non-performing loans and receivables. The Debt Collection segment
consists of collection for various clients and on portfolios of loans and receivables owned by Debt Purchasing.
The Other Group’s segment relates to revenues not related to the operating segments, as well as the remaining head office
expenses and amortisation of intangible assets.
The total revenue from external customers and intersegment sales are specified by country in note 5

Page 23
2.4 Foreign currency translation

The consolidated financial statements are presented in EUR, which is the Group’s presentation currency.
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic
environment in which the entity operates (“the functional currency”).
The results and financial position of all Group entities that have a functional currency different from the presentation currency are
translated into the presentation currency as follows:
a) assets and liabilities for each statement of financial position presented (i.e. including comparatives) are translated at the
closing rate at the date of the financial position;
b) income and expenses for each income statement (i.e. including comparatives) are translated at average exchange rates and
c) all exchange differences are recognised in other comprehensive income
Transactions in foreign currencies are initially recorded in the functional currency rate at the date of the transaction or valuation
where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation at the year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the
income statement. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in
income statement within “finance income or costs”. Foreign exchange gains and losses on non-monetary financial assets and
liabilities such as financial liabilities at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or
loss.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign
entity and translated at the closing rate. Exchange differences arising are recognised in other comprehensive income.
2.5 Tangible assets

Tangible assets are recognised at cost, excluding the costs of day-to-day servicing, less accumulated depreciation and accumulated
impairment. Such cost includes the cost of replacing part of such tangible assets when that cost is incurred if the recognition criteria
are met. Depreciation is calculated on a straight-line basis over the useful life of the assets. The useful lives of tangible assets,
machinery and fixtures are three to five years.
The carrying value of tangible assets is reviewed for impairment when events or changes in circumstances indicate that the carrying
value may not be recoverable.
An item of tangible assets is derecognised upon disposal or when no future economic benefits are expected from its use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the
carrying amount of the asset) is included in the income statement in the year the asset is derecognised.
The asset’s residual values, useful lives and methods are reviewed, and adjusted if appropriate, at each financial year-end.
2.6 Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a
business combination is fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less
any accumulated amortisation and any accumulated impairment losses. The useful lives of intangible assets are assessed to be
either finite or indefinite. The Group’s intangible assets are assessed to be finite except goodwill and brand.
Intangible assets with finite lives are mainly amortised on a straight-line basis over the useful economic life and assessed for
impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation
method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected
useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing
the amortisation period or method, as appropriate, and treated as changes in accounting estimates. The amortisation expense on
intangible assets with finite lives is recognised in the income statement as an expense and included in “Amortisation of intangible
fixed assets”.
a) Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the Group‘s
interest in net fair value of the net identifiable assets, liabilities and contingent liabilities of the acquiree and the fair value of the non-
controlling interest in the acquiree.
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of
the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the
combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the Group at which the
goodwill is monitored for internal management purposes. The operating segment level is Debt Purchasing and Debt Collection.
However, when acquiring a company a PPA is prepared and the fair value of assets and liabilities are allocated to the different
assets. Loans and receivables are recognised at fair value at the acquisition date. The goodwill is mainly allocated to the Debt
Collection segment.

Page 24
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential
impairment. The carrying value of the goodwill is compared to the recoverable amount, which is the higher of value in use and the
fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed.
b) Brand
Any debt collection contracts awarded for reasons other than price alone is considered to be a result of brand name. Lindorff brand
is well known and respected and ensures us to be invited to participate in competitive tender offers we otherwise might not be
eligible to.
Brand arose on acquisition of subsidiary and got measured on initial recognition at cost. Of the three main approaches to value the
brand - Income, Market and Cost, Relief and Royalty income approach was consider to be the most appropriate method for brand
valuation.
Brand is assumed to have an indefinite useful life and impairment reviews are undertaken annually or more frequently if events or
changes in circumstances indicate a potential impairment.
c) Client relationships
Client relationships include the rights related to collection contracts with a third party and got measured on initial recognition at cost.
Client relationships contracts are amortised straight line over their useful economic lives.
d) Internally developed software
Costs associated with maintaining computer software programs are recognised as an expense as incurred. Development costs that
are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised
as intangible assets when the following criteria are met:
- it is technically feasible to complete the software product so that it will be available for use;
- management intends to complete the software product and use it;
- there is an ability to use or sell the software product;
- it can be demonstrated how the software product will generate probable future economic benefits;
- adequate technical, financial and other resources to complete the development and to use or sell the software product are
available; and the expenditure attributable to the software product during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software product include employee costs and an appropriate portion of
relevant overheads.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs
previously recognised as an expense are not recognised as an asset in a subsequent period.
Computer software development costs recognised as assets are amortised over their estimated useful lives, which does not exceed
five years unless strong indication of a longer useful life is demonstrated (for instance by an underlying contract).
2.7 Impairment of non-financial assets

Intangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to amortisation and are
tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which
the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less
costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which
there are largely independent cash inflows (cash-generating units).
Prior impairments of non-financial assets other than goodwill are reviewed for possible reversal at each end of the reporting period.
An assessment is made as to whether there is any indication that previously recognised impairment losses may no longer exist or
may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss is
reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last
impairment loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That
increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment
loss been recognised for the asset in prior years. After such a reversal the depreciation charge is adjusted in future periods to
allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.

Page 25
2.8 Financial assets
2.8.1 Classification
Financial assets in the scope of IAS 39 are classified as either financial assets at fair value through profit and loss or loans and
receivables, as appropriate. The classification depends on the purpose for which the financial assets were acquired. Management
determines the classification of its financial assets at initial recognition.
a) Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category
if acquired principally for the purpose of selling in the short term. Derivatives are also categorised as held for trading. Assets in this
category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current.
The Group’s financial assets at fair value through profit and loss comprise only minor investments in shares.
b) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active
market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period.
These are classified as non-current assets. The Group’s loans and receivables comprise mainly portfolios of purchased non-
performing loans, “trade and other receivables” and “cash and cash equivalents” (see note 14). Client funds are recognised on a
separate line in the Statement of financial position and therefore not included in the Group’s reported liquid assets.
2.8.2 Recognition and measurement

Regular purchases and sales of financial assets are recognised on the trade-date which is the date on which the Group commits to
purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried
at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value, and
transaction costs are expensed in the income statement.
Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been
transferred and the Group has transferred substantially all risks and rewards of ownership.
Loans and receivables are subsequently carried at amortised cost using the effective interest method.
Gains and losses arising from changes in the fair value of the “financial assets at fair value through profit or loss” category are
presented in the income statement within “Other (losses)/gains-net” in the period in which they arise.
Purchased loans and receivables
Purchased loans and receivables are portfolios of non performing claims. A portfolio is defined to be the lowest reliable level for pool
of accounts with similar attributes. Typically, each portfolio consists of an individual acquisition of accounts. Each portfolio is
classified in the loans and receivable category and is initially recorded at fair value including external cost of acquiring the portfolio.
The portfolio is accounted for as a single unit for the recognition of income, principal payments and adjustments from recalculation
of the estimated future cash flows.
The accounting policy is also applied when one or more portfolios are acquired in a business combination.
Significant estimates are made by the management with respect to the collectability of future cash flows from portfolios. The cash
flow estimates are prepared by management on a rolling 15 year basis. If the cash flow estimates are revised, the carrying amount
is recalculated to reflect actual and revised estimated cash flows by computing the present value of estimated future cash flows
using the initial effective interest rate. An adjustment in the carrying amount is recognised in net revenue. See 2.20 Revenue
recognition for further information.
Management’s interpretations of historical cash flows, type of receivable, age, face value of the individual account and experience
from other portfolios form the basis for the cash flow estimates. As these estimates are prepared on a rolling 15 year basis, an
additional year is included in the 15 year cash flow forecast each year. The effect of including an additional year is recorded as a
revaluation in the income statement. Actual results may differ from the estimates, making it reasonably possible that a change in
estimates could occur within one year and impact the carrying value of the related loans and receivables. On a quarterly basis,
management reviews the estimates of future cash flows, and whether it is reasonably possible that its assessment of collectability
may change based on actual results and other factors that may have an impact on the estimates.
On a regular basis, Group acquires portfolios on a forward flow basis. This means that a contract is established for purchases of
debts at an agreed price, but where the volumes of debts are not fully known at the time of agreement. The acquisition (delivery) of
forward flow debts can be done on weekly, monthly or quarterly basis. The effective interest rate is calculated by contract and used
for each batch. If experience indicates a change in the attributes of the claims management may decide to apply a new effective
interest rate for new batches.
Other financial assets
Long-term loans and receivables and other receivables are those that arise when the company provides money without the intent to
trade its claim. If the anticipated maturity is longer than one year they constitute long-term receivables, and if it is shorter they are

Page 26
short-term receivables. Loans and receivables are assessed at their discounted current value if their expected maturity exceeds 12
months. If their maturities are shorter, they are assessed at cost.
2.9 Impairment of financial assets

The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of
financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if
there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a
“loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or a group of
financial assets that can be reliably estimated.
Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty,
default of delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial
reorganization, and where observable data indicate that there is a measurable decreases in the estimated future cash flows, such
as changes in arrears or economic conditions that correlate with defaults.
For loans and receivables category, the amount of the loss is measured as the difference between the asset’s carrying amount and
the present value of estimated future cash flows discounted at the financial asset’s initial effective interest rate. The carrying amount
of the asset is reduced and the amount of the loss is recognised in the consolidated income statement. If a loan has a variable
interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event
occurring after the impairment was recognised, the reversal of the previously recognised impairment loss is recognised in the
consolidated income statement.
2.10 Derivative financial instruments and hedging activities

The Group uses derivative financial instruments such as interest rate swaps to hedge its risks associated with interest rate. Such
derivative financial instruments are initially and subsequently measured at fair value. Derivatives are carried as assets when the fair
value is positive and as liabilities when the fair value is negative. Any gains or losses arising from changes in fair value on
derivatives during the year are taken directly to the income statement.
2.11 Trade and other receivables

Trade receivables are amounts due from customers in the ordinary course of business. If collection is expected in one year or less,
they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognised initially at
fair value and subsequently measured at amortised cost using the effective interest method, less any credit losses recognised.
Legal fees/bailiff costs: The Group incurs outlays for bailiff/court costs, legal representation, enforcement authorities, etc. which can
be charged to and collected from debtors. In certain cases Lindorff has agreements with its clients where expenses that cannot be
collected from the debtor are instead refunded by the client. The amount that is expected to be recovered from the client is
recognised as an asset in Other short term receivables.
Client funds: Client funds are reported as assets and liabilities in the statement of financial position and comprise cash received on
collection of a specific debt on behalf of a client and which are to be passed on to the clients within a specified period.
2.12 Cash and cash equivalents

Cash and short-term deposits in the balance sheet comprise cash at banks and in hand and short-term deposits with an original
maturity of three months or less.
2.13 Equity
Share capital is determined using the nominal value of shares that have been issued. Additional paid-in capital includes any
premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are
deducted from additional paid-in capital, net of any related income tax benefits. Retained earnings include all current and prior
period results as disclosed in the income statement.
2.14 Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from
suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as
non-current liabilities.
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method.

Page 27
2.15 Borrowings
All loans and borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction
costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the
effective interest method.
The upfront fees are a part of the borrowing cost and are recognised as an expense in accordance with the effective interest
method.
2.16 Borrowing costs

Borrowing costs other than upfront fees are recognised in profit or loss in the period in which they are incurred.
2.17 Current and deferred income tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent
that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in
other comprehensive income or directly in equity, respectively.
(a) Current tax

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date
in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates
positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid
to the taxation authorities.
(b) Deferred tax

Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax basis
of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all
taxable temporary differences, except:
- where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a
business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
- in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint
ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary
differences will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax credits and unused
tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences,
and the carry-forward of unused tax credits and unused tax losses can be utilized except:
- where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
- in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint
ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in
the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.
Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has
become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is
realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance
sheet date.
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against
current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

Page 28
2.18 Employee benefits

a) Pension benefits
The Group has various post-employment schemes, including both defined benefit and defined contribution pension plans.
Pension obligations
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has
no legal or constructive obligations to pay further contribution if the fund does not hold sufficient assets to pay all employees the
benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined
contribution plan.
Typically defined benefit plans define an amount of pension benefit than an employee will receive on retirement, usually depended
on one or more factors such as age, years of service and compensation.
The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit
obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by
independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the
currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension
obligation. In countries where there is no deep market in such bonds, the market rates on governments bonds are used.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited in
other comprehensive income in the period in which they arise.
Past-service costs are recognised immediately in income.
For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a
mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.
The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an
asset to the extent that a cash refund or a reduction in the future payments is available.
b) Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of
the following dates: a) when the Group can no longer withdraw the offer of those benefits; and b) when the entity recognises costs
for a restructuring that is within the scope of IAS 37 and involves the payment or termination benefits. In the case of an offer made
to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept
the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.
c) Profit sharing and bonus plans

The Group recognises a liability and an expense for bonus based on a formula that takes into consideration the agreed terms.
2.19 Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an
insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The
expense relating to any provision is presented in the income statement net of any reimbursement. If the effect of the time value of
money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the
liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a borrowing cost.
2.20 Revenue recognition

Revenue is measured at the fair value of the consideration received and represents interest and amounts receivable for services
supplied, stated net of discounts and value added taxes. The Group recognizes revenue when the amount of revenue can be
reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met
for each of the Group’s activities, as described below.
a) Commission and debt collection fees in Collection are recognised on collection of the debt
b) Income from subscription services is recognised proportionally over the duration of the agreement, usually one year
c) Income from other services are recognised when the service is provided
d) Revenue on portfolios of purchased loans and receivables are recognised using the effective interest method
Purchased loans and receivables consists mainly of portfolios of delinquent consumer debts purchased at prices significantly below
the nominal face value and are recognised according to IAS 39 for loans and receivables, i.e. at amortised cost using the effective

Page 29
interest method. According to the effective interest method, the carrying value of each portfolio corresponds to the present value of
gross projected future cash flows discounted by an initial effective interest rate determined on the date the portfolio was acquired,
and the method also allocates the interest revenue over the relevant period. The initial effective interest rate is based on the relation
between acquisition cost and the projected future cash flows on the acquisition date.
With the projection of future gross cash flows and the purchase price including transaction costs as a basis, each portfolio is
assigned an initial effective interest rate that is then used to discount cash flows through the life of the portfolio. If appropriate, the
EIR is reassessed and adjusted up to 12 months after the purchase of the portfolio of overdue receivables to reflect refinements
made to our estimates of future cash flows based on enhanced data and analysis considered during that time period. This
adjustment has historically not resulted in any material impact on our income from purchased portfolios.
Current cash flow projections are monitored over the course of the year and updated based on, among other things, achieved
collection results, agreements reached with debtors on instalment plans and macroeconomic information. Cash flow projections are
made at portfolio level, since each portfolio of receivables consists of homogeneous accounts. On the basis of the updated cash
flow projections and the initial effective interest rate, a new carrying value for the portfolio is calculated at the end of the reporting
period.
Changes over time in the book value can be divided into a time and interest rate component and a component related to changes in
estimates of future cash flows. Changes in cash flow forecasts are treated symmetrically, i.e., both increases and decreases in
forecast flows affect the portfolios’ book value and, as a result net revenue.
Income on portfolios is accrued monthly based on each portfolios effective interest rate. Monthly cash flows greater than the cash
flow forecast for the same period is recorded as revenue in the period. Likewise, monthly cash flows that are less than the monthly
cash flow forecast for the same period is recorded as a reduction of revenue in the period. Compensation received due to price
adjustments for portfolios acquired are recorded as an adjustment to the book value.
2.21 Leases
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating
leases. Payments made under operating leases are charged to the income statement on a straight-line basis over the period of the
lease.
Leases where the Group assumes substantially all risks and rewards incidental to ownership of the leased assets are classified as
finance leases. The leased assets and the corresponding lease liabilities (net of finance charges) under finance leases are
recognised on the balance sheet as plant and equipment and borrowings respectively, at the inception of the leases based on the
lower of the fair value of the leased assets and the present value of the minimum lease payments.
Each lease payment is apportioned between the finance expense and the reduction of the outstanding lease liability. The finance
expense is recognised in profit or loss on a basis that reflects a constant periodic rate of interest on the finance lease liability.
2.22 Dividend distribution

Dividends proposed by the Board of Directors are not recorded in the financial statements until they have been approved by the
shareholders at the Shareholder’s General Meeting.
2.23 Related parties

Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the
other party in making financial and operating decisions. Parties are also related if they are subject to common control or common
significant influence. All transactions between the related parties are based on the principle of ‘arm’s length’ (estimated market
value).
2.24 Classification in the statement of financial position

Current assets and short-term liabilities include items due less than one year from the balance sheet date, and items tied to the
operating cycle, if longer. The current portion of long-term debt is included as current liabilities. Other assets are classified as non-
current assets.
2.25 Cash flow statement

The indirect method is used for the cash flow statement. For the purpose of the consolidated cash flow statement, cash and cash
equivalents consist of cash and cash equivalents as defined in 2.12.
Cash related to acquisition of portfolios of loans and receivables is included in investing activities while payments and amortisation
on these portfolios are included in operating activities.

Page 30
3 Critical accounting estimates
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom
equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year are discussed below.
Estimates and assumptions
Revenue recognition Purchased loans and receivables

The Group uses the effective interest rate method to account for portfolios and loans. The use of the effective interest rate method
requires the Group to estimate future cash flows from loans and receivables at each balance sheet date. The underlying estimates
that form the basis for revenue recognition depends on variables such as the ability to contact the debtor and reach an agreement,
timing of cash flows, general economic environment and statutory regulations. If the estimations are revised, the Group adjusts the
carrying amount of the portfolios and loans to reflect actual and revised estimated cash flows in accordance with IAS 39 paragraph
AG8. Events or changes in assumptions and managements judgment will affect the recognition of revenue in the period.
Book value of Purchased loans and receivables

Loans and receivables (portfolios) consist mainly of acquired non-performing unsecured loans and non-derivative financial assets
without fixed or determinable payments that are not quoted in an active market. Such assets are carried at amortised cost using the
effective interest method. Events or changes in assumptions and managements judgment will affect the cash flow for the portfolios
and therefore also the net present value of future cash flows and the book value of the portfolios. See note 14.
Impairment of goodwill
The Group determines whether goodwill is impaired when circumstances indicate that there may be a potential impairment.
Estimating recoverable amounts of assets and companies are partly based on management’s evaluation, including estimates of
future performance, revenue generating capacity of the assets, and assumptions of the future market conditions. Changes in
circumstances and in management’s estimation of future events may give rise to impairment losses.
Impairment of goodwill is evaluated on an annual basis and determined by assessing the recoverable amount of the cash-
generating unit (group of cash-generating units), to which the goodwill relates. Estimating the recoverable amount requires the
Group to make assumptions regarding the expected future cash flow and the discount rate used to calculate the net present value of
those cash flows. See note 12.
Deferred Income Tax Assets

Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax
assets that can be recognised, based upon the likely timing and level of future taxable profits together with future tax planning
strategies.
The Group is subject to income taxes in some jurisdictions. Significant judgment is required in determining the worldwide provision
for income taxes. There are transactions and calculations for which the ultimate tax determination is uncertain. The Group
recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax
outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and
deferred income tax assets and liabilities in the period in which such determination is made.

Page 31
4 Financial risk management

4.1 Financial risk factors
Lindorff Group is exposed to financing risk, market risk, currency risk, interest rate risk, credit risk and liquidity risk. The risk
management guidelines set out in the Group Treasury Policy aim to reduce the effect of volatility in financial markets and the
potential adverse effects that can have on the Group’s financial performance.
a) Market risk
The services and products offered in the respective local geographical markets are subject to strict local laws and regulations
including requirements for debt collection licenses.
i) Market and regulatory environment
The main market risk is related to general macroeconomic conditions and local rules and statutory regulations in each of the
geographical markets the Group is present in and which affect the debtors’ ability to pay and the vendors’ ability and willingness to
sell portfolios of loans and receivables and potential commission from third party collection.
ii) Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with
respect to NOK (Norwegian krone), SEK (Swedish krone) and PLN (Polish zloty) compared to the Group’s internal and external
reporting currency EUR. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net
investments in foreign operations.
The Group’s strategy is to manage and limit currency risk. The following exchange rates have been used to translate SEK, NOK and
PLN in the financial accounts:
NOK 2015 2014

Average 8.94 8.35
Closing 9.62 9.05
SEK 2015 2014

Average 9.35 9.10
Closing 9.18 9.52
PLN 2015 2014

Average 4.18
Closing 4.25
Foreign exchange exposures can be classified into the following groups:

Transaction exposure
Transaction exposures are concentrated to as few Group’s entities as possible in order to create “natural hedges” where positive
exposures are off-set by negative, i.e. incoming foreign currency cash flows are off-set by outgoing cash flows.
In the operating entities, revenues and operating expenses are mainly denominated in local currencies, and thus currency
fluctuations have only a limited impact on operating earnings. National operations seldom have receivables and liabilities in foreign
currency.
Transaction exposure is hedged when there is a high degree of certainty in terms of the size and timing of the currency flow.
Translation exposure
The Group operates in 13 countries. The results and financial position of subsidiaries are reported in the relevant foreign currencies
and later translated into EUR for inclusion in the consolidated financial statements. Approximately 42% (2014: 43%) of the Group’s
revenue is in foreign currency. Consequently, fluctuations in exchange rates against EUR affect the Group’s revenues and earnings,
as well as equity and other items in the financial statements.
Economic value exposure
The relative economic value based on Net sales, Cost of Sales, Operating expenses, EBIT, is exposed to foreign exchange
fluctuations.
The largest relative economic value deriving from non-EUR currencies, are protected by means of external financing denominated in
the corresponding currencies at the same relative currency mix. Interest payments and debt repayments on bank debt and bonds
serve as a natural hedge of future operating cash flows in the relevant currencies.

Page 32
The Group’s revenues are distributed by currency as follows:

EURm 2015 2014
EUR 308 74
DKK 23 6
NOK 138 36
SEK 57 13
Other currencies 7 1
Total 534 130
If currencies had weakened/strengthened by 10% in average against the presentation currency EUR with all other variable held
constant, net revenues would have decreased/increased by approximately EUR 21m (2014: 6m).
b) Interest rate risk

Interest rate risk relate primarily to the Group’s interest-bearing net debt. As at 31 December 2015 the external interest bearing debt
amounted to EUR 2,116m, consisting of drawings on the Super Senior Revolving Credit Facility (SS RCF), senior secured fixed rate
notes, senior secured floating rate notes, senior fixed rate notes and senior floating rate notes.
Hedging is arranged partly by raising fixed rate debt and by fixing interest rates with interest rate swaps. As of 31 December 2015
the share of fixed rate bonds was 51%, and the share of fixed rate bonds including swaps was 58%.
The floating rate bonds are tied to the market rate with quarterly interest fixing. A one-percent increase in market interest rates
would have adversely affected net financial items by approximately EUR 8m. A five-percent increase would have adversely affected
net financial items by approximately EUR 40m.
c) Credit risk
Credit risk is the risk that Lindorff`s counterparties are unable to fulfil their obligations to the Group. Each local entity is responsible
for managing and analysing the credit risk for each of their new clients before standard payment and delivery terms and conditions
are offered. Credit risk arises from assets such as cash and cash equivalents, guarantees and derivative financial instruments and
deposits with banks and financial institutions, as well as outstanding receivables; Purchased loans and receivables and outlays on
behalf of clients. For financial assets owned by Lindorff, no collateral (very limited) or other credit reinforcements have been
received.
The maximum credit exposure for each class of financial assets therefore corresponds to the carrying amount.
There is also a limited risk of loss linked to the Group’s Third Party Debt Collection, however the risk is primarily carried by the
client.
Portfolios of purchased loans and receivables
To minimize the risks related to purchase of non- performing claims, caution is exercised in purchase decisions. Purchases are
usually made from clients with whom the Group has maintained long-term relationships and therefore has a thorough understanding
of the receivables in question. Purchased loans and receivables are usually purchased at prices significantly below the nominal
value of the receivables, and are not collateralised. Lindorff retains the entire amount collected, including interest and fees.
Lindorff has high yield requirements on purchased loans and receivables. Before every acquisition, a careful assessment is made
based on a projection of future cash flows (estimated gross collection less expected costs of collection) from the portfolio. In its
calculations, Lindorff is aided by its long experience in collection management and its valuation models.
Scoring entails the consumer’s payment capacity being assessed with the aid of statistical analysis. Lindorff therefore believes that it
has the expertise required to evaluate these types of receivables.
To facilitate the purchase of larger portfolios at attractive risk levels, Lindorff works in cooperation with other companies, primarily in
Spain and Lithuania. Risks are further diversified by acquiring receivables from clients in different sectors and different countries
A share of the investments in purchased loans and receivables has been made as forward flow agreements (see note 29), meaning
that the Group has committed to buy non-performing debt portfolios for delivery in future periods. The duration of the contracts are
usually not more than 12 months and for the majority of contracts Lindorff has the possibility to decline to acquire the portfolios if the
credit quality of the claims are significant weaker than assumed in the agreement.

Page 33
The Group’s purchased loans and receivables include debtors in 13 countries and the carrying value is distributed as follows:
Carrying value per country
EURm 31 Dec 2015 31 Dec 2014

Denmark 61 64
ECE* 111 93
Italy 19 14
Germany 219 230
The Netherlands 40 40
Norw ay 221 59
Poland 33 0
Spain 130 148
Sw eden 237 162
Total 1,070 809
* Eastern and Central Euro pe includes Finland, Russia, Esto nia, Latvia and Lithuania

per country/in percent of total carrying value 31 Dec 2015 31 Dec 2014
Denmark 6% 8%
ECE* 10 % 12 %
Italy 2% 2%
Germany 20 % 28 %
The Netherlands 4% 5%
Norw ay 21 % 7%
Poland 3% 0%
Spain 12 % 18 %
Sw eden 22 % 20 %
Total 100 % 100 %
* Eastern and Central Euro pe include Finland, Russia, Esto nia, Latvia and Lithuania
Purchased loans and receivables are overdue at acquisition date and therefore usually purchased at prices significantly below the
nominal value. The average claim size at the end of 2015 was approximately EUR 3,086 (2014: 3,085). Even though it is obvious
that the full face value will not be recovered, the Group has the right to collect the full face value including principal, interest and fees
on its own behalf.
The carrying value of EUR 1,070m as at 31 December 2015, representing approximately 5.7% of face value, is the maximum
theoretical risk if the whole portfolio become worthless/non collectable.
The Group has established long term relationship with large financial institutions in Europe. As a result the distribution of carrying
value of the portfolios of purchased loans and receivables by sector shows that 88% are claims acquired from Banks and other
financial institutions at the end of 2015 (2014: 89%).
Purchased loans and receivables by sector
EURm 31 Dec 2015 31 Dec 2014

Bank 813 587
Finance/Insurance 130 132
Retail 25 25
Telecom 53 53
Other 50 12
Total 1,070 809
The Group has had only minor impairment losses and positive revaluations during the last year.
See note 14 regarding fair value of the portfolios of acquired loans and receivables.
In order to continue minimising the credit risk exposure, Lindorff continues to invest in staff with a broad experience in credit
management, and focus on increased analytical approach to portfolio assessments. Monitoring processes are implemented to follow
up actual collection compared to forecasts. In addition, the Group’s investment in effective IT systems and a more uniform cross-
border business model will result in better control of the Group’s business, which in turn will also help reduce the risk of credit loss.

Page 34
d) Liquidity risk
Liquidity risk is the risk that the Group does not have the ability to fulfil its short and long-term payment obligations to outside parties.
The Group’s long-term financing risk is minimized through long term financing in the form of committed lines of credit. As of 31
December the Group held unused facilities totalling EUR 92.5m (net of EUR 25m allocated to guarantees).
To guarantee short-term solvency, Lindorff Group should have liquid assets at disposal, a Liquidity Reserve, covering minimum 1.5
months of disbursements. The liquidity reserve is defined as bank balances or invested funds that can be released within two
banking days without any additional or minor cost, plus any unutilized credit facilities, committed for minimum 12 months, less any
outstanding uncommitted debt.
Cash forecasting is performed by the operating entities of the Group and aggregated by Group Treasury. Group Treasury monitors
rolling forecasts to ensure that the Group has sufficient cash to meet operational and financial expenditures, while also monitoring
that borrowing limits and covenants in the Super Senior Revolving Credit Facility Agreement and Bond documentation are adhered
to.
In order to increase flexibility and improve the cash efficiency, an overlay cash pooling structure is put in place within the Group. The
cash pool structure secures that the operating entities have sufficient liquidity to cover working capital needs, while also securing
that excess liquidity is transferred to the Group. Excess liquidity is used to repay drawings under the revolving credit facilities, and/or
if applicable invested at low risk in accordance with investment rules set forth in the Group Treasury Policy.
The table below shows the Group’s non-derivative financial liabilities and net settled derivative financial liabilities into relevant
maturity groupings based on the remaining periods at the balance sheet date to the contractual maturity date. Derivative financial
liabilities are included in the analysis if their contractual maturities are essential for an understanding of the timing of the cash flows.
The amounts disclosed in the table are the contractual undiscounted cash flows.
Betw een 3
At 31. Decem ber 2015 Less than 3 m onth and 1 Betw een 1 Betw een 2
EURm m onth year and 2 years and 5 years Over 5 years
Bonds 35 727 1,182
RCF 207
Trading and net settled derivative financial instruments (interest rate

sw aps) 1 1
Trade and other payables 18 1 - - -
Betw een 3
At 31. Decem ber 2014 Less than 3 m onth and 1 Betw een 1 Betw een 2
EURm m onth year and 2 years and 5 years Over 5 years
Bonds 46 1,629
Revolving Credit and other short-term liabilities 78
Trading and net settled derivative financial instruments (interest rate

sw aps) 2 4 6
Trade and other payables 19 0 2 1 -1
4.2 Capital management

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to
provide returns for shareholders and benefits for other stakeholders. In order to maintain or adjust the capital structure, the Group
may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce
debt.
The credit ratio is calculated as Net Interest Bearing Debt divided by LTM Adjusted EBITDA adjusted for Non-Recurring Items and
pro forma effect (if applicable) of carve-outs and M&A’s. Net Interest Bearing Debt is calculated as outstanding bond debt and
drawings on the SS Revolving Credit Facility less cash and cash equivalents. Adjusted EBITDA is calculated as EBITDA adjusted
for amortisation and revaluation of portfolios of purchased loans and receivables.
The credit ratio as at 31 December 2015 was 5.7x.
The Group has been assigned a credit rating of B+ by Standard & Poor’s Rating Services and B2 by Moody’s Investor Services.

Page 35
5 Segment information
Management has determined the operating segments based on information reviewed by management for the purpose of allocating
resources and assessing performance. Management considers the performance from a product perspective and separately
considers the Debt Purchasing and Debt Collection.
Both segments meet the quantitative thresholds required by IFRS 8 for reportable segments. Management assesses the
performance of the operating segments based on a measure of Contribution Margin 1 which is gross revenues minus direct
operating expenses.
Revenue
Sales between segments are carried out at arm’s length. The revenue from external parties reported to management is measured in
a manner consistent with that in the income statement .The following table presents a reconciliation of the reportable segments’
main captions from profit and loss to the entity’s profit and loss before tax:
Elim inations
&
1 Jan - 31 Dec 2015 Debt Debt unallocated
EURm Purchasing Collection Other item s Total
Revenue from external customers 262 248 19 529

Inter-segment revenue 110 -110 -
Revaluation of loans and receivables 5 5
Total operating revenue 267 358 19 -110 534
Direct operating expenses -127 -206 -13 110 -237
Contribution m argin 140 151 6 - 297
SG&A -54 -54
IT -36 -36
Other not allocated expenses -21 -21
Depreciation and amortisation of assets -37 -37
Operating profit (loss)/EBIT -147 150
Financial items -172 -172
Elim inations
&
22 May - 31 Dec 2014 Debt Debt unallocated
EURm Purchasing Collection Other item s Total
Revenue from external customers 57 68 5 129

Inter-segment revenue 27 -27 -
Revaluation of loans and receivables 1 1
Total operating revenue 58 95 5 -27 130
Direct operating expenses -30 -54 -2 27 -58
Contribution m argin 28 41 2 - 71
SG&A -14 -14
IT -10 -10
Other not allocated expenses -22 -22
Depreciation and amortisation of assets -5 -5
Operating profit (loss)/EBIT -51 21
Financial items -66 -66
Profit and loss before tax -45

Page 36
5 Segment information, cont.
Revenue and other income by service:

EURm 2015 2014
Collection fees, commissions and debtors fees 239 65
Revenue from purchased loans and receivables, excl revaluations 262 57
Revaluation of purchased loans and receivables 5 1
Loan administration 7 2
Invoice administration 6 2
Other revenue 15 3
Total 534 130
Revenue and other income from external customers by country

EURm 2015 2014
Denmark 23 6
ECE* 87 23
Italy 3 1
Germany 68 16
Netherlands 40 7
Norw ay 138 36
Poland 7 -
Spain 111 29
Sw eden 57 13
Total 534 130
* Eastern and Central Europe includes Finland, Russia, Estonia, Latvia and Lithuania
No individual customer is generating more than 10 percent of the Group’s total revenue.
Non-current assets exclusive financial assets, deferred tax assets, goodwill and pensions per country representing more
than 5% of the Group’s total of such assets
Non current assets by country

EURm 31 Dec 2015 31 Dec 2014
Finland 21 19
Norw ay 19 16
Spain 205 203
Other (not representing more than 5% ) 12 10
Total 258 248
Purchased loans and receivables are the most significant non-current asset for the Group and are specified in note 4 and 14.

Page 37
6 Employees, salaries and other remuneration

EURm 2015 2014
Board members, CEO and Group Management 4 5
- of w hich bonuses 1 2
- of w hich severance payment - 1
Other employees 152 37
Total 155 42
Social insurance contribution 16 5

Pension costs - defined contribution plan 11 2
Pension costs - defined benefit plan (note 26) 0
Total rem uneration and other staff costs 182 49
Other staff related costs 5 1
Total em ployee benefit expense 187 50
Terms and conditions of employment for Group Management
Board of Directors:
No fees have been paid from parent company to Board members for the reporting period.
Remuneration to Chairman of the Board paid from other group companies amounted to EUR 103k.
CEO
Peter Sjunnesson served as interim CEO from 1 January 2015 – 28 February 2015. The remuneration was based on a fixed
monthly fee. The compensation was a fixed monthly fee, covering all direct and indirect cost related to the position.
On 1 March 2015 Klaus-Anders Nysteen was appointed as CEO of Lindorff Group.
The CEO compensation is based on a fixed annual salary. In addition the CEO has the opportunity to receive variable compensation
up to 100 percent of his annual base salary depending on the results achieved by Group operating earnings and individual
performance objectives, approved by the Board and paid in the following year. In addition to his fixed and variable salary, he is
entitled to a car allowance in accordance with Group’s policy. In case of termination of the contract, the CEO has 5 months period of
notice and 1 month severance payment.
Senior Executives
All senior executives receive a fixed annual salary and variable compensation. The variable compensation is, with a few exceptions,
up to 50% of the annual base salary and is based on the results achieved by Group’s operating earnings, results in their area of
responsibility and individual performance objectives. Lindorff has agreements with certain members of the management on
severance payment equal to six to twelve months of base salary.
Compensation committee
The CEO has appointed a Committee to handle compensation issues. The committee is comprised of the CEO, CFO and EVP HR.
Remuneration and benefits during the year
In order to assist the CEO in performing his over-all responsibilities and to make sure that business-oriented, geographical and
functional areas are managed in a professional way, the CEO has established a management team. This management team
consists of central business and/or staff and support functions and Country managers. Combined, these responsibilities make the
Executive Team of the Lindorff Group.
Remuneration for the CEO and other senior executives in the Executive team consist of a base salary, variable salary, other
benefits and pensions. The group of Senior Executives in the table below refers to the Executive team which, in 2015 included:
Peter Sjunnesson/ Klaus-Anders Nysteen (CEO), Hans Larsson (Interim Chief of Staff), Scott Danielsen (CFO), Geir Inge Skålevik
(Group Legal), Siv Farstad (Group HR), Knut Eirik Storsul/ Rune K Sjøhelle (Group IT), Anders Engdahl (Debt Purchasing), Turkka
Kuusisto (Debt Collection), Keronen Tuija (Finland and the Baltics), Anette Willumsen (Norway), Erika Rönnquist Hoh (Sweden),
Lisbeth Dalum Hansen (Denmark), David Perez/ Alejandro Zurbano (Spain), Hendrik Kroeze (Netherlands), Florian Wöretshofer
(Germany) and Sławomir Szarek (Poland).

Page 38
6 Employees, salaries and other remuneration, cont.

CEO

EURk 2015 2014
Base salary 419 334
Severance payment - 857
Bonuses - 1,160
Other benefits 40 159
Other benefits (interim CEO) 481 -
Pension costs 63 142
Total 1,004 2,652
2015
Other senior executives
EURk Base salary Bonus Severance pay Pension cost Other benefit Sum
Hans Larsson - - - - 328 328
Anders Engdahl 185 - - - 499 684
Scott Danielsen 315 60 - 7 14 395
Siv Farstad 65 37 - - 5 107
Geir Inge Skålevik 172 41 - 0 26 238
Knut E Storsul 207 40 - 3 23 273
Rune K Sjøhelle 54 42 - - 5 100
Anette Willumsen 207 52 - 6 25 290
Erika Rönnquist Hoh 217 76 - 44 9 346
Lisbeth Dalum Hansen 190 48 - 19 41 299
Turkka Kuusisto 353 41 - 47 46 487
Tuija Keronen 171 46 - 32 1 251
David Perez/A. Zurbano 321 117 - 17 9 464
H.K. Kroeze 205 21 - 36 40 302
Florian Wöretshofer 203 50 - - 9 262
Sław omir Szarek 62 - - - 1 62
Sum 2,927 670 - 211 1,083 4,891
2014
Other senior executives
EURk Base salary Bonus Severance pay Pension cost Other benefit Sum
Endre Rangnes 334 1,160 857 142 15 2,507
Peter Sjunnesson - - - - 145 145
Oddgeir Hansen 58 352 - 13 6 429
Scott Danielsen 73 397 - 7 4 480
Geir Inge Skålevik 49 299 - 5 6 360
Ingeborg Dybvig 37 280 - 1 4 322
Siv Farstad 45 - - 1 4 51
Knut E Storsul 57 - - 2 6 65
Hans Larsson - - - - 141 141
Anette Willumsen 58 - - 3 5 66
Erika Rönnqvist Hoh 50 - - 13 2 65
Lisbeth Jensen 40 - - 4 3 48
Turkka Kuusisto 53 - - - 6 59
David Perez 68 - - 6 24 97
Henk Kreuze 51 - - 9 10 70
Florian Woeretshofer 111 - - - 7 118
Sum 1,084 2,488 857 207 387 5,023
7 Audit fees
The table below summarizes audit fees, fees for audit related services, tax services and other services incurred by the Group to
PWC, the auditor for all companies in the Group.
EURk 2015 2014
Auditor's fees 898 238
Auditor's fee for tax advice services 566 91
Auditor's fees for other services 161 408
Total 1,626 738

Page 39
8 Financial income and costs

EURm 2015 2014
Other interest income 1 0
Finance incom e 1 0
Net foreign exchange gains/losses on financing activities -19 -17
Changes in market value financial derivatives 1 0
Revolver fac. Interest cost -5 -0
Interest expense bonds -131 -46
Fees and other financial expenses Bonds -1 -
Other interest expenses -4 -1
Rating expenses - -1
Writedow n of investment in subsidiaries -1 -0
Other financial expenses -14 -0
Finance costs -173 -66

Page 40
9 Income tax
a) Income tax expense

2015 2014
EURm
Current taxes -32 3
Changes in deferred taxes 39 12
Incom e tax expense 6 15
The income tax is positive, EUR 6m, due to recognition of deferred tax assets related to operating losses where it is probably that
the losses may be offset by future operating profit.

2015 2014
Tax calculated at domestic tax rates applicable to profits in the

respective countries 6 13
Tax effects of
- Income not subject to tax 0 0
- Expenses not deductible for tax purposes -1 -4
- Utilisation of previously unrecognised tax losses 2 6
- Re-measurement of deferred tax - change in tax rates -2 0
- Adjustments in respect of prior years 2 0
Incom e tax expense 6 15
Effective tax rate 28 % 33 %
The group has operations in a number of countries w hith different tax rates:
Incom e (nom inal) tax rate per country: 2015 2014
Denmark (FY 2016: 22%) 23.5 % 24.5 %
Estonia 21.0 % 21.0 %
Finland 20.0 % 20.0 %
Germany 31.0 % 31.0 %
Italy 31.4 %
Latvia 15.0 % 20.0 %
Lithuania 15.0 % 15.0 %
The Netherlands 25.0 % 25.0 %
Norw ay (FY 2016: 25%) 27.0 % 27.0 %
Poland 19.0 %
Russia 20.0 % 20.0 %
Spain (FY 2016: 25%) 28.0 % 30.0 %
Sw eden 22.0 % 22.0 %
Expectations regarding effective tax rate

The Group is subject to varying income tax rates depending on local tax regulations in the relevant country; hence Lindorff's
operations are subject to effective tax rates ranging from 15% to significantly above the nominal tax rates. Several countries have
implemented interest limitations rules which may increase the effective tax rate going forward. This may be offset somewhat with
lower nominal tax rates. In some periods, tax losses (and interest) carried forward that are not recognised in the statement of
financial position will cause variations in the effective tax rate. In periods, when such assets are not recognised, the effective tax rate
will be higher than the long-term expectation, whereas it may be lower in period when tax losses not recognised as assets have
been utilised.

Page 41
9 Income tax, cont.
b) Deferred tax
The deferred income tax assets and liabilities during the period are as follow s:
EURm 31 Dec 2015 31 Dec 2014

Deferred tax assets
Fixed assets 0 3
Retirement benefit obligations 2 3
Tax losses and interest carry-forw ard 87 84
Taxes paid, disputed 32
Offset against deferred tax liabilities -51 -63
Total deferred tax assets 71 27
Deferred tax liabilities

Deferred tax on brand name 21 21
Deferred tax on loans and receivables 65 67
Deferred tax non amortised fees bonds 12 14
Other differences 1
Offset against deferred tax assets -51 -63
Total deferred tax liabilities 47 40
Reconciliation of deferred tax

Deferred tax at beginning of the period -13 0
Deferred tax in income statement 39 12
Deferred tax Acquisition of subsidiaries 1 -7
Deferred tax on brand name/Purchase price allocation 0 -21
Changes recorded against comprehensive income -1 1
Translation differences -1 2
Net deferred tax at the end of the period 24 -13
Deferred tax assets 71 27

Deferred tax liabilities 47 40
Net deferred tax 24 -13
Deferred income tax assets are recognised for tax loss carry-forwards to the extent that the realisation of the related tax benefit
through future taxable profits is probable. Deferred tax assets and liabilities are offset within the same tax jurisdiction.
The Group has substantial tax losses brought forward in the end of 2015. These have to a large extent been generated by interest
on shareholder loans in to the Lindorff Group prior to the acquisition in October 2014.
Overview of deferred tax assets from corporate income tax, trade tax and interest carried forward:
Gross tax losses and Tax value of total Recognised tax
2015 interest carried forw ard carried forw ard asset TLCF
EURm
Denmark 21 5 3
Germany 76 24 24
Norw ay 117 29 29
Sw eden 159 35 19
Spain 50 13 12
Total 424 105 87
Tax disputes included in other tax assets

Finland Related to interest on group internal loans 2009-2014 31
Norw ay Related to w rite dow n of a loan to Lindorff A/S in 1
Denmark in FY 2010
Total 32
respective tax authorities in Norway and Finland in 2015 and additional EUR 5m as advance current tax in Finland.
Lindorff contests the claims and has filed complaints to the Tax Authorities in both countries. No provisions have been recorded as
Lindorff believes that our arguments are strong and hence our standing in the disputes is solid.

Page 42
10 Fixtures and furniture
Carrying value of fixtures and furniture were EUR 14m as at 31 December 2015 (2014: 12m). Investment in fixtures and fittings
were EUR 5m and additional EUR 2m were taken over through acquisition of Casus Finanse (2014: 13m); the depreciation was
EUR 3m (2014: 1 m).
The assets are depreciated over the economic useful lives which are usually considered to be 3-5 years.
11 Intangible assets
Intangible assets in the table below consist of internally developed software, client relationships and brand:
EURm 31 Dec 2015 31 Dec 2014
Opening balance 319 0
Acquisitions 42 0
Acquisition of subsidiary 1 339
Disposal -4 -12
Reclassification 4 -2
Amortisation and impairment -33 -4
Translation differences -2 -1
Balance at 31 Decem ber 327 319
Intangible assets by type of asset:

EURm 31 Dec 2015 31 Dec 2014
Ongoing softw are projects 14 8
Internally developed softw are 25 24
Brand 83 83
Patents, trademarks, licences and similar rights 6 8
Client Relationships 198 196
Balance at 31 Decem ber 327 319
Capitalised expenditure for IT development is mainly generated internally using our own employees and/or contracted consultants.
Brand, client relations and goodwill (see note 12) are acquired in connection with business acquisitions. Client relations include the
rights related to collection contracts with a third party, and are amortised straight line over their useful economic lives. Investment in
client relationships in the reporting period amounted to EUR 23m (2014: 165 m).
Brand value related to acquisition of Lindorff Group in 2014 amounting to EUR 83m is recognised as an intangible asset. Brand is
considered having an indefinite useful life time and is not amortised. The value is tested for impairment on a yearly basis together
with goodwill.
Amortisation of intangible assets having a definite useful life time is included in “depreciation and amortisation” costs for the year in
income statement.

Page 43
12 Goodwill
EURm 31 Dec 2015 31 Dec 2014

Opening Balance 1,378 0
Acquisitions through subsidiary 0 1,416
Investments 29 0
Balance at 31 Decem ber 1,384 1,378
Lindorff has two major business areas: (i) Debt Collection, consisting of debt-related administrative services and (ii) Debt
Purchasing. Book value of goodwill as at 31 December 2015 as at EUR 1,384m is allocated to Debt Collection segment.
Goodwill related to Lindorff acquisition in October 2014 was identified at EUR 1,416m.
Acquisition price of Casus Finanse in Poland August 2015 was EUR 35m. Like Lindorff, Casus group has two major business areas:
i) Debt Collection, consisting of debt-related administrative services and (ii) Debt Purchasing.
The purchase price allocation procedure reconciles the transaction values with projected future cash flow from the segments. The
identified intangible assets in Poland are related to Debt Collection segment, in all material aspects.
Valuation of Debt Collection

Forecasted revenues comprise estimated revenues from 3PC (3rd party collection) and IDC (internal debt collection) based on
historical growth with declined growth towards the end of period. Forecasted operating expenses relate to staff cost in debt
collection operations. Based on estimated depreciation and amortisation, tax rate of 25%, WACC of 6.5% and terminal growth of
3%, the business enterprise value of Debt Collection segment is estimated at EUR 1,953m.
Brand name
Lindorff brand is well known and respected and ensures us to be invited to participate in competitive tender offers we otherwise
might not be eligible to. Value of brand name is estimated by a royalty based model, assuming a royalty rate of 1.5% net of
maintenance and administration cost. Based on a discount rate of 7% the brand name value is estimated at EUR 83m with an
indefinite useful lifetime. Value is tested annually for impairment together with goodwill.
Database
Statistic databases allow Lindorff to do qualified debt purchasing decisions as well as improve profitability in Debt Collection. The
value of database related to Debt Purchase is included in the fair value of portfolios. Value of database related to Debt Collection is
highly connected to the competence of our employees and is hard to separate from the value of workforce. The value of database is
estimated to be non-material and is not recognised as a separate intangible asset.
Workforce
Under current IFRS3, workforce cannot be recognised as an asset separable from goodwill. As Lindorff’s business model depends
on attract, develop, motivate and retain highly skilled employees, the workforce is considered of material value. Based on
assumptions of recruiting cost, training cost, efficiency cost of hiring new people compared to experienced staff members, Lindorff
estimates the value of the workforce in each business combination transaction and reported and tested annually tested for
impairment as part of goodwill.
Goodwill allocated at acquisition of Casus Group

Based on the purchase price and fair value valuation of identified assets and liabilities, the preliminary goodwill is estimated at EUR
29m. Prediction of future cash flows in new entities is connected with significant uncertainty, especially when entering new markets.
The valuation based on PPA (Purchase price allocation) is to be considered as a preliminary assessment and may be reallocated
within 12 months after acquisition.
Impairment testing of goodwill

Goodwill is tested for impairment on yearly basis by comparing recoverable amount with carrying value. Recoverable amount has
been determined by value in use based on management estimates of future cash flow for the period 2016 – 2019 approved by the
Board, average growth of 7% in the measurement period, terminal growth rate of 3%, tax rate of 25% and WACC of 6.5%. The
value of Debt Collection segment is EUR 1.953m. Carrying value of Debt Collection segment is net operational segment assets,
recognised at EUR 1.677m. No impairment is identified.
Determination of WACC for goodwill impairment testing:

Page 44
12 Goodwill, cont.
Risk free rate

Goodwill is denominated mainly in EUR, but also partly in NOK and a minor part in PLN. The risk free rate used in the calculation of
the WACC is based on the Norwegian 10 year government bond interest rate, which on 31st December was priced at 1.37%. The
respective 10 year government bond for the other currencies range from 0.63% for EUR and 3.1% for PLN. Given the fluctuations in
the yield for these bonds we deem it reasonable to use the NOK risk free rate as basis for the risk free rate for the Group.
Calculating a currency specific WACC for each currency, the risk free rate element would have decreased the WACC slightly
compared to the WACC used.
Risk premium
Based on available market information related to CMS business, the long-term risk premium is about 6.4%,
Equity Beta
The equity beta is based on 5 years of weekly observations for market peers. The calculations are based on data from Bloomberg.
We have then used this as a basis for our Beta re-levered.
Cost of Capital calculation – WACC
Factor 31 Dec 2015

10-year risk-free rate 1.37 %
Equity Beta (Observed) Raw 0.74
Beta Relevered 1.77
Market risk premium 4.40 %
Unsystematic risk/additional risk component 2.00 %
Risk Premium 6.40 %
Tax rate group 25.00 %
Cost of equity /required return on Equity 12.70 %

Cost of debt 6.31 %
Equity w eight 25.65 %
Debt w eight (interest bearing) 66.98 %
WACC (after tax) 6.53 %
Impairment sensitivity (headroom)

Increase in WACC up to 7.1% and decrease in terminal growth to 2.3% will independently match recoverable amount to book value.

Page 45
13 (a) Financial instruments by category

31 Decem ber 2015
Loans and Financial

receivables assets at fair
measured at value through
EURm amortised cost profit or loss Total
Assets as per statem ent of financial position
Purchased loans and receivables 1,070 1,070
Investment in shares 3 3
Loans to employees 3 3
Other long-term receivables 7 7
Trade and other receivables 21 21
Other short-term receivables 62 62
Cash and cash equivalents 53 53
Total 1,216 3 1,219
Financial Financial
liabilities liabilities at fair
Liabilities as per statem ent of financial position
Bond 1,860 1,860
Interest rate sw aps 2 2
Short-term loan 242 242
Trade payables 19 19
Other short-term liabilities 29 29
Total 2,151 2 2,153
31 Decem ber 2014
Loans and Financial

receivables assets at fair
Assets as per statem ent of financial position
Purchased loans and receivables 809 809
Trade and other receivables 13 13
Other short-term receivables 27 27
Total 953 0 953
Financial Financial
liabilities liabilities at fair
Liabilities as per statem ent of financial position
Bond 1,629 1,629
Interest rate sw aps 3 3
Total 1,799 3 1,802

Page 46
13 (b) Credit quality of financial assets
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings (if
available) or to historical information about counterparty default rates.
Purchased loans and receivables - See note 4 and 14.
Trade receivables
The Group’s trade receivables are related to clients in various industries and regions. The Group’s largest client accounts for less
than 8% of revenues in 2015. Most accounts receivable outstanding are with customers known to the Group and whose
creditworthiness is good and Lindorff has historically had very limited losses on such receivables.
Other short-term receivables
Other short-term receivables consist mainly of accrued income not invoiced, payment service receivables and fee outlay, where
customer is bearing the risk. It also includes short-term restricted deposit and other receivables, where credit risk is considered to be
low.
Cash at bank and short-term bank deposits

S&P rating
EURm 31 Dec 2015 31 Dec 2014
AA- to AA+ 20 -
A- to A+ 29 71
BBB+ or low er* 4 28
Total 53 99
* BBB+ in 2015 w as EUR 3 mln

Page 47
14 Purchased loans and receivables
Purchased loans and receivables are classified as loans and receivables and recognised at amortised cost according to the
effective interest method.
The Group determines the carrying value by calculating the present value of estimated future cash flows at the receivables’ initial
effective interest rate. Adjustments are recognised in the income statement. In the company’s opinion, the market’s yield
requirements in the form of effective interest rates on new portfolios have remained fairly constant despite turbulence in global
financial markets in recent years. The valuation method used results in the best estimate of the fair value of debt portfolios.
The carrying value of purchased loans and receivables:
EURm 31 Dec 2015 31 Dec 2014
Opening balance 809 787
Acquisition through subsidiaries 21 0
Acquisitions 395 75
Divestments and disposals -1 0
Amortisation -149 -39
Revaluation 5 1
Balance at 31 Decem ber 1,070 809
The carrying value of Purchased loans and receivables recognised at amortised cost does not perfectly match the fair value
determined by discounting the net cash flow i.e. the gross cash receipts reduced by the cost to collect discounted with a market
based discount rate at every end of the reporting period. The method and result of the fair value estimation as at 31 December is
illustrated below and shows a non-significant deviation between the two valuation methods. The method falls within level 3 of the fair
value hierarchy.
Fair value estimation of portfolios of purchased debt and receivables
The fair value of financial instruments that are not traded in an active market (e.g. loans and receivables) is determined by using
valuation techniques such as net present value of estimated cash flows. For loans and receivables, the discount rate used is the
weighted average cost of capital, which is weighted value of the Group’s cost of debt and the cost of equity. The cost of equity is
estimated by applying the capital asset pricing model.
The preparation of cash flow estimates requires significant estimates to be made by management regarding future cash flows from
portfolios. The estimated future portfolio cash flows are reviewed by management each quarter. The fair value is estimated to be
approximately EUR 1,126m (2014:843m) and is based on net future estimated cash flows after tax, discounted with the estimated
WACC. The corresponding carrying amount is EUR 1,070 (2014:809m), which is based on IAS 39 using the estimated gross future
cash flows, where the discount factor is the individual IRR for the each portfolio. The future cash flow forecasts used to estimate the
fair market value are the same as the cash flow forecast used in the accounting for loans and receivables at 31 December 2015.
The fair value estimation is based on estimated annual net cash flows from portfolios. The estimated annual net cash flows from
portfolios is the assumed annual future collection on portfolios per country, less assumed annual collection costs per portfolio before
tax. Collection costs consist of operational costs in the portfolio segment, i.e. commission to Debt Collection, payroll expenses,
premises, communication costs, depreciation and other costs directly attributable to the Debt Purchasing segment. The collection
costs as a percentage of the portfolio collection differ from portfolio to portfolio, ranging from 5.0% to over 50.0%.
In addition, the country specific marginal tax rate is applied. This individual collection cost and tax rate is applied to each portfolio’s
estimated future cash flow, adding up to an estimated total net cash flow for the Group.
The weighted average cost of capital after tax for the portfolio segment is estimated to 12% (2014:12%) as at 31 December 2015
(details of the calculation is shown below). Based on this rate, the discounted value of the estimated net cash flows indicates that
the fair value of portfolios is approximately EUR 1,126m(2014:843m).
To evaluate this calculation, a sensitivity analysis of the cash flow estimates is presented in the table below in order to see the effect
of deviations to the cash flow estimates and variations in the cost of capital.

Page 48
14 Purchased loans and receivables, cont.

Fair Value (NPV) EUR million
876.8 90% 95% 100% 105% 110%

8.5% 1,139.0 1,181.9 1,224.6 1,266.9 1,309.1
9.5% 1,111.1 1,152.7 1,194.0 1,235.0 1,275.8
10.5% 1,084.9 1,125.3 1,165.3 1,205.1 1,244.7
11.5% 1,060.4 1,099.6 1,138.5 1,177.1 1,215.5
12.0% 1,048.8 1,087.4 1,125.8 1,163.8 1,201.6
12.5% 1,037.4 1,075.6 1,113.4 1,150.9 1,188.2
13.5% 1,015.8 1,052.9 1,089.7 1,126.2 1,162.4
14.5% 995.5 1,031.6 1,067.4 1,102.9 1,138.2
15.5% 976.3 1,011.5 1,046.4 1,081.0 1,115.3
16.5% 958.1 992.5 1,026.6 1,060.3 1,093.8
The cost of capital after tax for the Portfolio segment is calculated using the capital asset pricing model (CAPM) in combination with
the weighted average cost of capital (WACC). Based on the variables from the table below, the estimated cost of capital after tax is
approximately 12%.
Risk free rate
The risk free rate used in the calculation of the WACC is based on the EUR risk free interest rate, which on 31st December was
priced at 0.63%. However, the Group has a significant part of the cash flows in other different currencies, the largest being NOK and
SEK. The respective 10 year government bond for these currencies range from 0.63% for EUR, 1.48% for NOK and 0.96% for SEK.
Given the fluctuations in the yield for these bonds we deem it reasonable to use the EUR risk free rate as basis for the risk free rate
for the Group. Calculating a currency specific WACC for each currency, the risk free rate element would have increased the WACC
slightly compared to the WACC estimated for the Group.
Risk premium
Based on empirical research done the long-term risk premium is about 6.7%. It is reasonable to assume that the risk of investing in
non-performing loan portfolios is higher than observed average market risk premium. Therefore a small cap premium risk premium
of 9.74% is added to the calculation – resulting in a total risk premium of 16.44%. These risk premiums are based on the research
found by Ilbbotson Risk Premiums Over time Report
Equity Beta
The equity beta is based on 5 years of weekly observations for market peers. The calculations are based on data from Bloomberg.
We have then used this as a basis for our Beta re-levered.
Future cash flow estimates
The future cash flow estimates are based on the current 15 year IFRS forecast for the current asset base with no value after this 15
year period. Therefore there are no adding cash flows from future investments included in the fair value estimation.
Cost of Capital calculation – WACC
WACC
Factor 31 Dec 2015
10-year risk-free rate 0.63 %
Equity Beta (Observed) Raw 0.77
Beta Relevered 1.82
Long horizon expected equity risk premium 6.70 %
Small Cap Premium 9.74 %
Risk Premium 16.44 %
Tax rate group 25.00 %
Cost of equity /required return on Equity 22.57 %

Cost of debt 7.50 %
Equity w eight 25.76 %
Debt w eight 74.24 %
WACC (after tax) 12.05 %
Weighted Average Cost of Capital (rounded) 12.00 %

Page 49
15 Other long-term assets

EURm 31 Dec 2015 31 Dec 2014
Long term loans to group companies 2 -
Investments in shares 3 -
Loans to employees 3 0
Escrow deposit accounts LT 0 2
Total 12 6
Other long-term assets’ fair value is equal to its book value and is within level 3 of the fair value hierarchy.
16 Trade receivables
EURm 31 Dec 2015 31 Dec 2014
Trade receivable 21 14
Less: provision for impairment of trade receivables -0 -1
Trade receivables - net 21 13
Trade receivables are non-interest-bearing and are generally on 30-90 days’ terms.
Provision for impairment of trade receivables for 2015 amounted to EUR 410k (2014: 555k).

Page 50
17 Other short-term receivables
Prepayments, accrued income and other short-term receivables fair values are based on unobservable inputs not corroborated by
market data and are equal to book value and within level 3 of fair value hierarchy.
EURm 31 Dec 2015 31 Dec 2014
Prepayments 6 8
Accrued income 13 9
Payment services receivables* 42 6
Other 5 11
Account receivable - VAT related 5 4
Restricted deposits ST 2 -0
Total 73 39
*As of 31 Dec 2015 accrued credit loss for payment services receivables w as EUR 0.6m
18 Cash and cash equivalents
At 31 December 2015, the Group had available EUR 93m (2014: 177m) of undrawn committed overdraft facilities (EUR 25m are
allocated to guarantees out of total EUR 118m).
EURm 31 Dec 2015 31 Dec 2014

For the purpose of consolidated statement of cash flows, cash and cash equivalents comprise of the following:
EURm 31 Dec 2015 31 Dec 2014

19 Share capital and premium
Par value Book value Par value Book value

Num ber of ordinary ordinary share share Total book
EUR shares shares shares prem ium prem ium value
Ordinary shares 851,000 10 8,847,074 840 714,710,897 723,557,971
Total 851,000 8,847,074 714,710,897 723,557,971
All shares are owned by Lock Upper Holding AS, Hoffsveien 70B, 0377 Oslo

Page 51
20 Group companies
Lock Lower Holding AS is the parent company of the Group. Lock Lower Holding AS was established on 22 May 2014 and acquired
100% of Lock AS at 15 July 2014. Lock Lower Holding AS and its subsidiaries own 100% of all companies within Lindorff Group.
Lindorff Group is organised with local holding companies:
Country Holding company

Norway and Denmark Lindorff Holding Norway AS
Sweden Lindorff Sverige Holding AB, which also holds a Norwegian subsidiary
Finland, Baltic countries and Russia Lindorff Group AB Finnish Branch
Germany Lindorff Finanzholding GmbH
The Netherlands Lindorff Netherlands Holding B.V. 
Spain Lindorff Holding Spain S.A.U
Italy Lindorff Italy S.r.l
Poland Lindorff S.A. (former Lindorff Casus Finanse S.A.)
Corporate identity % of
Subsidiary number Domicile No of shares capital Book value 2015
Lock AS NO 913 741 102 Norw ay 100 % 100 % 723,456,305
Group 31 Decem ber 2015

Corporate identity % of
Com pany num ber Dom icile Share of capital votes
Lock AS NO 913 741 102 Norw ay 100 % 100 %
Indif AB SE 556733-9915 Sw eden 100 % 100 %
Lindorff AB SE 556723-5956 Sw eden 100 % 100 %
Lindorff Holding Norw ay AS NO 992 984 899 Norw ay 100 % 100 %
Lindorff AS NO 835 302 202 Norw ay 100 % 100 %
Lindorff Obligations AS NO 945 153 547 Norw ay 100 % 100 %
Lindorff A/S DK CVR 17 47 31 82 Denmark 100 % 100 %
Lindorff Danmark A/S DK CVR 18 45 79 70 Denmark 100 % 100 %
Lindorff Sverige Holding AB SE 556664-5460 Sw eden 100 % 100 %
Lindorff Capital AS NO 958 422 830 Norw ay 100 % 100 %
Lindorff Sverige AB SE 556209-5363 Sw eden 100 % 100 %
Lindorff Group AB, filial i Finland FI 2200090-9 Finland 100 % 100 %
Lindorff Finland Oy FI 1858518-2 Finland 100 % 100 %
OOO Lindorff 5077746802568 Russia 100 % 100 %
Lindorff Oy FI 0140351-4 Finland 100 % 100 %
Lindorff Invest OY FI 0425475-3 Finland 100 % 100 %
Lindorff Eesti AS EE 10123 1048 Estonia 100 % 100 %
Lindorff Oy Filialas Litauen EUR LT 111 882 842 Lithuania 100 % 100 %
Lindorff Oy Filialas Latvija EUR LV 403 514 990 Latvia 100 % 100 %
Lindorff Business Services, UAB LT 303 326 659 Lithuania 100 % 100 %
Lindorff Netherlands Holding B.V. NL 08178741 Netherlands 100 % 100 %
Lindorff Netherlands B.V. NL 05082522 Netherlands 100 % 100 %
Lindorff B.V. NL 05025428 Netherlands 100 % 100 %
Lindorff Finanzholding GmbH HRB 175161 Germany 100 % 100 %
Lindorff Holding GmbH HRB 63483 Germany 100 % 100 %
Lindorff Deutschland GmbH HRB 26141 Germany 100 % 100 %
Lindorff Holding Spain SAU B 86128147 Spain 100 % 100 %
Lindorff España SAU B 8558 2377 Spain 100 % 100 %
Lindorff Italy S.r.l. IT 08724660967 Italy 100 % 100 %
Isabel SPV S.r.l. IT 04614020263 Italy 100 % 100 %
Lindorff S.A. KRS 0000414651 Poland 100 % 100 %
Lindorff 1 NSFIZ RFI 752 Poland 100 % 100 %
Lindorff Szczurow ski & Wspólnicy Kancelaria
KRS:Praw
0000270515
na Sp Poland 100 % 100 %
Lindorff Detektyw Sp. z.o.o KRS: 0000223801 Poland 100 % 100 %
Lindorff Service Sp. z.o.o KRS: 0000364126 Poland 100 % 100 %
Casus Management Ltd (Cyprus) HE 310705 Poland 100 % 100 %
Finotrex sp z o.o. KRS 0000507125 Poland 100 % 100 %
Finotrex sp z o.o.sp.k. KRS 0000510916 Poland 100 % 100 %
Casus Investments Sp. z o.o. KRS 0000487414 Poland 100 % 100 %
Portfolio SPV V sp. z o.o. sp.k. KRS 0000487993 Poland 100 % 100 %
Portfolio SPV VI sp. z o.o. sp.k. KRS 0000539574 Poland 100 % 100 %
Portfolio SPV VI sp. z o.o. KRS 0000539035 Poland 100 % 100 %

Page 52
20 Group companies, cont.

Changes in legal structure during 2015:
In March 2015 the two Spanish companies were transformed from S.L.U. to S.A.U. and changed names accordingly.
On 29 May 2015 Lindorff Ukraine was liquidated.
On 6 July 2015 Lindorff Norge was liquidated through merger with Lindorff Holding Norway AS.
On 31 July 2015 EBH Erste portfolio UG (no activity) merged with Lindorff Holding Gmbh.
On 18 August 2015 Lindorff Group AB acquired Casus Finanse S.A. group in Poland.
On 31 August 2015 Lindorff Institutional Management AB and Lindorff CoInvest AB were dissolved through merger with Indif AB.
On 6 October 2015 Lindorff AB and Lindorff Second Holding AB dissolved through merger with Lindorff Group AB (name changed to
Lindorff AB in 2016)
21 Trade payables
EURm 31 Dec 2015 31 Dec 2014
Total 19 21
Trade payables are non-interest-bearing and are normally settled on 30-day terms.
Trade payables fair values equal their carrying amounts. The fair value measurements are based on unobservable inputs not
corroborated by market data and are within level 3 of the fair value hierarchy.
22 Other short-term liabilities

EURm 31 Dec 2015 31 Dec 2014
Public duties payable 9 12
Deferred Revenue (<12 months) 3 4
Accrued costs 25 21
Accounts Payable - Payroll related 20 19
Total 58 63
Accrued expenses are non-interest-bearing and have an average term of 30 days.

Accrued costs, deferred payments and other short-term liabilities’ fair values equal their carrying amounts. The fair value
measurements are based on unobservable inputs not corroborated by market data and are within level 3 of the fair value hierarchy.

Page 53
23 Borrowings
EURm 31 Dec 2015 31 Dec 2014

Non-current liabilities
Bonds 1,907 1,680
Non-amortised fees Bonds -47 -51
Total non-current liabilities 1,860 1,629
Current liabilities
Revolving Credit and other short-term liabilities 208 78
Accrued interest on secured and unsecured bonds 35 46
Total current liabilities 242 124
Total borrow ings 2,103 1,753
The carrying amounts of the Group’s borrowings are denominated in the following currencies:
EURm 31 Dec 2015 31 Dec 2014

EUR 1,531 1,300
NOK 175 186
SEK 201 194
Total 1,907 1,680
Fair value of bonds

EURm 31 Dec 2015 31 Dec 2014
Fair value of bonds 1,956 1,793
The fair value measurements of bonds are based on quoted prices at Oslo Stock Exchange and Irish Stock Exchange at
measurement date and are within level 1 of the fair value hierarchy.
The fair value of Revolving Credit and other short-term liabilities is equal its’ carrying value. The fair value is based on market data
and is within level 2 of the fair value hierarchy.
The Group has the following undrawn borrowing facilities:
EURm 31 Dec 2015 31 Dec 2014

Revolver* 93 177
Total 93 177
*Excluding EUR 25m allocated to guarantees, 118m are still available
Additional funding capacity

Additional RCF capacity* 0 108
Basket for receivables financing 50 50
Basket for local financing (leasing+WC) 59 60
Total 109 218
*18.4% of ERC 84 months December 2015 is included in current RCF facility
Bonds and liabilities to credit institutions
The Group is funded through a Super Senior RCF(SSRCF) of EUR 324m, Senior Secured Notes of EUR 1,457m equivalent (issued
in EUR and NOK) and Senior Notes of EUR 451m equivalent (issued in EUR and SEK).
The average interest on the notes is approximately 7% with an average duration of 5.6 years. The SSRCF is priced at a current
margin of 3.50%. At year-end 2015 the RCF draw amounted to EUR 207m (excluding a draw for unfunded guarantees of EUR
20m).

Page 54
23 Borrowings, cont.
The covenants set forth in the Senior Secured Notes Agreement and the Senior Notes Agreement are typical for 144A / Reg S high
yield issue of this type, including but not limited to the following: Change of Control, Debt Incurrence, Permitted Liens, Limitation on
Sales of Assets & Subsidiary Stock, Limitation on Affiliate Transactions, Limitation on Restricted Payments, Anti-layering, Reports,
Merger and Consolidation, Line of Business and Suspension of Covenants on Achievement of Investment Grade Status.
The SSRCF Agreement contains certain of the incurrence covenants that are set forth in the Senior Secured Notes Agreement. In
addition, the SSRCF Agreement contains a Drawn Super Senior Leverage Ratio financial covenant which will be tested for each
annual accounting period and quarterly on a rolling twelve month basis; The Financial Covenant is set at 2:1 (Drawn Super Senior
Indebtedness to Adjusted EBITDA).
Security package
Companies of the Group representing more than 80% of consolidated EBITDA and more than 90% of consolidated assets for the
year ended December 31, 2015 have provided security for the SSRCF and the Bond package through pledges of shares, bank
accounts, receivables and a guarantee for the commitments under the SSRCF and the Bond Package. Pursuant to the Intercreditor
Agreement, the liens securing the Senior Secured Notes will be senior liens over the Senior Secured Notes Collateral that rank
equally with the liens that secure: (i) on a super-priority basis (A) obligations under the Revolving Credit Facility Agreement and (B)
obligations under certain super-priority hedging arrangements; and (ii) on an equal and ratable basis, (A) certain other future debt
permitted to be incurred under the Senior Secured Indenture, including certain acquisition indebtedness and (B) obligations under
certain hedging arrangements. The Senior Notes will be secured by the Shared Collateral on a second-ranking basis and by the
Senior Notes Only Collateral on a first-ranking basis.
24 Other long-term liabilities
EURm 31 Dec 2015 31 Dec 2014

Provisions 1 2
Total 1 2
The fair value of other long-term liabilities equals their carrying amount, as the impact of discounting is not significant. The fair value
is based on unobservable inputs not corroborated by market data and is within level 3 of the fair value hierarchy.
25 Derivative financial instruments
EURm 31 Dec 2015 31 Dec 2014

Financial derivatives LT - 3
Financial derivatives ST 2 -
Total 2 3
The fair value of interest rate swaps is equal its’ carrying value. The fair value is based on market data and is within level 2 of the
fair value hierarchy.
The full fair value of the derivative is classified as a non-current asset or liability if the remaining maturity is more than 12 months
and, as a current asset or liability, if the maturity is less than 12 months.
The notional principal amounts of the outstanding interest rate swap contracts at 31 December 2015 were EUR 105m (2014: 170m).
At 31 December 2015, the fixed interest rates were 1.35 %, and 2.00 % and the main floating rates were EURIBOR 3months and
STIBOR 3 months.

Page 55
26 Post-employment benefits
The Group has pension liabilities for certain employees from defined benefit plans in Norway. The major plans are covered by
assets in funds administrated by insurance companies. The plans are final salary pension plans, which provide benefits to members
in the form of a guaranteed level of pension payable for a specific number of years. The level of benefits provided depends on
members' length of service and their salary in the final years leading up to retirement. The plans in Lindorff have been closed to new
employees since 2006. Pensions for new employees are instead based on defined contribution plans.
The pension costs and pension liabilities for the defined benefit plans are presented below.
EURm 31 Dec 2015 31 Dec 2014
Present value of funded obligations 31 36
Fair value of plan assets -25 -24
Deficit of funded plans 7 12
Present value of unfunded obligations 0 0
Total deficit of defined benefit pension plans 7 12
Impact of minimum funding requirement/asset ceiling 0 0
Net liability in the statem ent of financial position 7 12
Present value Fair value of

EURm of obligation plan assets Total
At 1 January 2015 36 -24 12
Current service cost 2 0 2
Interest expense/(-income) 1 -1 0
Total pension cost 2 -1 2
Remeasurements:
Remeasurement on defined benefit plans -4 -0 -5
Total remeasurements -4 -0 -5
Exchange differences -2 2 -0
Contributions from employers 0 -2 -2
Benefit payments -1 1 -0
At 31 Decem ber 2015 31 -25 7
Present value Fair value of

of obligation plan assets Total
At 22 May 2014 0 0 0
Total pension cost -0 -0 0
Remeasurements:
Remeasurement on defined benefit plans 3 1 4
Total remeasurements 3 1 4
Exchange differences -3 2 -1
Contributions from employers 0 -2 -2
Benefit payments -1 1 -0
Acquired in a business combination 35 -25 10
At 31 Decem ber 2014 36 -24 12
The plan assets consist primarily of investments in listed bonds. Due to the low net exposure there would not be a significant impact
on the financial position of the company due to reasonable changes in the actuarial assumptions.

Page 56
26 Post-employment benefits, cont.
The main actuarial assumptions are as follows:
31 Dec 2015 31 Dec 2014

Major plans in Norway:
Discount rate (OMF) 2.70 % 2.30 %
Salary increase 2.50 % 2.75 %
Increase of social security base (Norw ay) 2.25 % 2.50 %
Pension insurance with Alecta, Sweden
Retirement pension and family pension obligations for salaried employees in Sweden are secured through pension insurance with
Alecta. This constitutes a multi-employer plan. For the 2015 fiscal year, the company did not have access to such information that
would enable the company to record this plan as a defined benefit plan. Consequently, the ITP pension plan secured through
insurance with Alecta is recorded as a defined contribution plan. The contribution to the plan is determined based on the age, salary
and previously earned pension benefits of the plan participants. The expected contributions for pension insurance taken out with
Alecta for the next annual reporting period are expected to be in line with current year which was EUR 0.4m. The Group’s level of
participation in the plan is insignificant.
The collective consolidation ratio reflects the market value of Alecta’s assets as a percentage of insurance obligations, calculated in
accordance with Alecta’s actuarial assumptions, which do not correspond with IAS 19. The collective solvency is normally allowed
to vary between 125 and 155 percent. If the level of collective solvency is less than 125 percent or exceeds 155 percent, measures
are to be taken in order to create conditions for restoring the level of collective solvency to the normal interval. Alecta’s surplus can
be distributed to the policyholders and/or the insured if the collective consolidation ratio exceeds 155 percent. However, Alecta aim
to avoid surplus by using reduced contributions. At December 31, 2015, Alecta’s surplus corresponded to a collective consolidation
ratio of 153 percent.
Germany
In addition there is a defined benefit plan for one employee in Germany. The net value of the plan is negative and EUR 35k (2014:
25k) is recognised as a defined benefit liability.
27 Provisions for other liabilities and charges
The Group had provisions for other liabilities of EUR 1m (2014: 2m).

Page 57
28 Pledged assets, contingent assets and liabilities
The external funding of the Group is secured through Lock AS and Lock Lower Holding AS.
Companies of the Group representing more than 80% of EBITDA as of 31 December 2015 have provided security for the RCF and
the Bond package through pledge of shares, bank accounts, receivables and a guarantee for the commitments under the RCF and
the Bond package.
When conducting their business, the Group companies are from time to time obliged to provide bank guarantees to various
government bodies or business parties. Such guarantees are backed by a guarantee facility, which is part of the Group’s funding
through Lock AS. The guarantee facility amounts to EUR 25m, where upon EUR 21m is currently utilised.
The book value of the share pledge amounts to:
EURm 31 Dec 2015 31 Dec 2014

Equity 798 764
As of 31 December 2015 there were no contingent assets.
Contingent liabilities:
respective tax authorities in Norway and Finland in 2015 and additional EUR 5m as advance current tax in Finland. Lindorff
contests the claims and has filed complaints to the Tax Authorities in both countries. No provisions have been recorded as Lindorff
believes that our arguments are strong and hence our standing in the disputes is solid.
During the normal business operations, the Group faces from time to time claims in civil lawsuits and disputes, most of which involve
relatively limited amounts. None of these disputes is considered likely to have any significant effect on the Group or its financial
position.

Page 58
29 Commitments
(a) Capital commitments

Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows:
EURm 31 Dec 2015 31 Dec 2014

Forw ard flow agreements and purchase of funds 88 96
Total 88 96
The Group has committed to buy non-performing Debt Portfolios for delivery in future periods; these commitments are from “forward
flow” contracts and – for Poland - an investment fund in which we have obligated ourselves to become owner of total fund over time.
Estimated Capital Expenditure is based on previous acquisitions under the same contracts and client’s expectations.
(b) Operating lease commitments – Group company as lessee

The Group leases various offices under non-cancellable operating lease agreements. The lease terms are between 5 and 10 years,
and the majority of lease agreements are renewable at the end of the lease period at market rate.
The Group also leases various cars and machinery under cancellable operating lease agreements. The Group is required to give a
six-month notice for the termination of these agreements. The lease expenditure charged to the income statement during the year is
disclosed under other operating costs.
The future aggregated minimum lease payments under non-cancellable operating leases are as follows:
EURm 31 Dec 2015 31 Dec 2014

No later than 1 year 8 7
Later than 1 year and no later than 5 years 21 18
Later than 5 years 6 9
Total 35 34
Lease expense during the period amounts to EUR 13m (2014: 3m).
Classification
EURm 31 Dec 2015 31 Dec 2014

Lease agreements, premises 33 32
Other lease agreements 3 2
Total 35 34

Page 59
30 Business combinations
Acquisition of Casus Finanse S.A. in Poland

On 18 August 2015, Lindorff acquired Casus Finanse (changed name to Lindorff S.A group in March 2016), one of the largest Credit
Management Services (CMS) players in Poland. With this acquisition Lindorff expands its geographical footprint in Europe.
The purchase price for Casus Finanse was EUR 35m.
The allocation of the purchase price to assets and liabilities at fair value led to recognition of goodwill at EUR 29m.
Casus Finanse was established in 1997 and has a long term experience in serving the Polish CMS market. Like Lindorff, Casus
group has two major business areas: Debt Collection, consisting of debt-related administrative services and Debt Purchasing.
Lindorff expects synergies effects of Casus knowledge of the market combined with Lindorff’s business model for collection
performances. The workforce of approximately 500 FTEs is considered of material value. Based on assumptions of recruiting cost,
training cost, efficiency cost of hiring new people compared to experienced staff members, Lindorff estimates the value of the
workforce to be significant.
Valuation of purchased loans and receivables based on information available at purchase date, was EUR 23m. Prediction of future
cash flows in new entities is connected with significant uncertainty, especially when entering new markets. The valuation based on
the PPA (Purchase price allocation) is to be considered as a preliminary assessment and may be reallocated within 12 months after
acquisition.
Consideration at 18 August 2015:

EURm 18 August 2015
Purchase Price Casus Finanse S.A. 35
Fair value of acquired net assets 6
Goodw ill 29
Recognised amounts of identifiable assets acquired and liabilities assumed:

EURm Fair value Book value
Assets
Fixtures and furnitures 1 1
Intangible assets 1 1
Loans and receivables 23 26
Non-current assets 25 28
Trade receivables 1 1
Current assets 4 4
Total assets 29 32
Trade payables 1 1
Current liabilities 23 23
Total liabilities 23 23
Net assets 6 9
According to the purchase agreement, the former owners of Casus Finanse could be entitled to an earn-out based on performance
in 2015. No provision was recorded as at 31 December 2015.
Transaction costs related to business combinations have been expensed.

Page 60
31 Related party disclosures
The Group is organised in a legal structure with Lock companies being a holding companies of Indif AB, which owns 100% of
Lindorff AB. Lindorff AB owns 100% of the parent/holding companies per country or region.
The Group’s related parties include Group Management, members of the Board of Directors and parent companies (Lock Upper
Holding AS and Lock Topco AS). All transactions with related parties are performed at normal market prices at arm’s length.
Intra-group related party transactions and outstanding balances are eliminated in the preparation of consolidated financial
statements of the Group.
Loans to Board Members and key management
Certain key managers and Board members in Lindorff have invested EUR 6m in the Management Investment Program implemented
in 2015 in Lock Upper Holding AS. Acquisition price of the shares is based on fair value conditions. Seven of the investors have
been granted a loan on market terms from Lindorff Holding Norway AS to fully or partially finance their investment in the program.
The outstanding loans to these individuals amounted to EUR 3m at 31 December 2015 and investments are pledged to secure the
loans.
There have been no guarantees provided or received for any related party receivables or payables. For the year ended 31
December 2015, the Group has not made any provisions relating to amounts owed by related parties. This assessment is
undertaken each financial year by examining the financial position of the related party and the market in which the related party
operates.
32 Events after the reporting period
Trond Brandsrud was appointed as CFO from 1 February 2016.

Lindorff has signed an agreement to acquire 100% of the shares in Cross Factor S.p.A. Cross Factor is an Italian company
providing both Debt Purchasing and Debt Collection services. Closing is expected in Q2 2016.

Page 61
Parent Company Income statement

EURk 2015 2014
Net revenue 1,260 0

Payroll expenses -1,146
Phone, postage and packaging -4
Other operating costs 2 -79 0
Finance income 3 40,822 18,495

Finance costs 3 -41,273 -18,190
Net finance costs -451 305
Share of profit from investment in associates, net of tax
Profit before tax -420 305
Income tax expense 4 104 -83

Profit for the year from continuing operations -316 222
Discontinued operations
Profit (loss) for the year from discontinued operations
Profit for the year -316 222

Retained earnings -316 222

Page 62
Parent Company Statement of financial position
EURk Notes As at 31 Dec 2015 As at 31 Dec 2014
ASSETS
Investment in subsidiaries 5 723,753 769,389
Deferred income tax assets 4 96 -
Long-term receivables 7 451,463 444,420
Non-current assets 1,175,312 1,213,809
Trade receivables 7 1,362 3

Intercompany receivables 7 10,917 17,070
Other short-term receivables 24 -
Cash and cash equivalents 6 467 3
Current assets 12,771 17,077
Total assets 1,188,083 1,230,885
EQUITY
Share Capital 8 8,847 9,405
Total restricted capital 8,847 9,405
Share Premium 8 714,711 759,777
Retained earnings (102) 205
Total non restricted capital 714,609 759,982
Total equity 8 723,456 769,387
Liabilities
Bonds 9 451,463 444,420
Other long-term liabilities 7 1,635 -
Non-current liabilities 453,098 444,420
Trade payables 7 106 9

Other short-term liabilities 11,422 17,070
Current liabilities 11,528 17,079
Total liabilities 464,626 461,498
Total equity and liabilities 1,188,083 1,230,885

Page 63

Oslo, 28 April 2016
Chairman
___________________________ _______________________________ _____________________________
CEO

Page 64
Parent Company Statement of changes in shareholders’ equity
Share
capital Share Retained Total non Total
EURk (restricted) prem ium earnings restricted capital equity
Balance as at 1 January 2015 9,405 759,777 205 759,982 769,387
Profit/loss for the year - - -316 -316 -316
Translation differences -558 -45,066 10 -45,056 -45,614
Balance as at 31 Decem ber 2015 8,847 714,711 -102 714,609 723,456
Balance as at 22 May 2014 - - - - -

Profit/loss for the year - - 305 305 305
Translation differences - - -24 -24 -24
Capital increase/(reduction) 9,405 759,777 - 759,777 769,182
Group contribution - - -76 -76 -76
Dividends - - - - -
Balance as at 31 Decem ber 2014 9,405 759,777 205 759,982 769,387

Page 65
Parent Company Cash flow statement
1 Jan - 31 Dec 22 May - 31

EURk 2015 Dec 2014
Cash flow s from operating activities:

Adjustm ents for:
Interest received 46,972
Interest paid -47,025 0
Cash flow s from operating activities before changes in
w orking capital -21 0
Cash flow s from changes in w orking capital:

Decrease/increase in accounts receivable -1,359 0
Decrease/increase in other receivables -24 0
Decrease/increase in accounts payable 97 0
Decrease/increase in other current liabilities 505 0
Net cash generated from operating activities -802 0
Cash flow s from investing activities:

Acquisition of subsidiary 5 0 -638,500
Net cash used in investing activities 0 -638,500
Cash flow s from financing activities:

Proceeds from issue of share capital 8 638,503
Proceeds from new debt group companies 7 1,635 444,420
Retirement of debt group companies 7 -444,420
Other financial expenses -66
Net cash used in financing activities 1,569 638,503
Net (decrease)/increase in cash and cash equivalents 767 3
Currency effect -303 0

Cash and cash equivalents at the beginning of the year 3 0
Cash and cash equivalents at end of year 467 3

Page 66
1 Parent Company Accounting principles

The parent company has prepared the annual report according to the Norwegian Accounting Act (1998) and Generally Accepted
Accounting Principles in Norway.
As of 31 December 2015 there was 1 employee in the company.
Differences between the Group’s and parent company’s accounting principles

Differences between the Group’ and parent company’s accounting principles are indicated below.
Subsidiaries
Shares in subsidiaries are recognised in the parent company at cost, including transaction costs less any impairment. Only
dividends are recognised as income.
Group contributions and shareholders’ contribution for legal entities

The company reports Group contributions and shareholders’ contributions in accordance with NRS3 Events after reporting period
(Norwegian GAAP) and recognised at 31 December. Group contributions received from subsidiaries are reported as financial
income and Group contributions given to subsidiaries are reported as increased investment in subsidiaries. Tax effect is recognised
in reported period.
2 Parent Company Audit fees

EURk 2015 2014
Auditor's fees 26 -
Total 26 -
3 Parent Company Financial Items

EURk 2015 2014
Loss related to capital decrease in subsidiaries - -2
Interest income internal 40,819 18,497
Other interest income 3 -
Finance incom e 40,822 18,495
Foreign exchange gains 101,411 -

Interest cost internal -50 -
Interest expense bonds -41,105 -18,190
Fees and other financial expenses Bonds -43 -
Foreign exchange loss -101,463 -
Other financial expenses -23 -
Finance costs -41,273 -18,190
Net finance costs -451 305

Page 67
4 Parent Company Income tax

EURk 2015 2014
Current tax 0 -83
Change in deferred tax 104 0
Total incom e tax expense (incom e +) 104 -83
Tax rate 27 % 27 %
Profit before tax -420 305

Tax calculated at domestic tax rate 27% 113 -82
Tax effect of non deductible costs -1 -1
Tax effect of change in tax rate from 27% to 25% -8
Total incom e tax (expense -) 104 -83
Current tax liabilities in the statem ent of financial position As at 31 Dec 2015 As at 31 Dec 2014
Current tax liability on profit for the period 0 -83
Tax effect of group contribution to subsidiary 0 83
Total current tax liabilities end of period 0 0

Page 68
5 Parent Company Subsidiaries
Subsidiary Corp.ID no Domicile No of shares % of capital Book value 2015 (EUR)

Lock AS NO-913 741 102 Norw ay 851000 100 % 723,752,511
6 Parent Company Cash and Short-term deposits
EURk 31 Dec 2015 31 Dec 2014

Cash at hand and in banks 467 3
Cash and cash equivalents (excluding bank overdrafts) 467 3
7 Parent Company Related Party
Long-term receivable Intercompany
EURk 31 Dec 2015 31 Dec 2014

Long-term loans to group companies 451,463 444,420
Total 451,463 444,420
Short-term receivable Intercompany
EURk 31 Dec 2015 31 Dec 2014

Trade receivables intercompany 1,362 3
Accrued interest and short term loans to group companies 10,917 17,070
Total 12,279 17,073
Short-term payable Intercompany
EURk 31 Dec 2015 31 Dec 2014

Accounts payable group companies 102 9
Accrued interest and short term loans from group companies - -
Total 102 9
Long-term liability Intercompany
EURk 31 Dec 2015 2014

Long term liabilities group companies 1,635 -
Total 1,635 -
See Note 31 for the Group for further information.
8 Parent Company Equity
Par value Book value

Par value Book value share share
Num ber of ordinary ordinary prem ium prem ium Total Book
EUR shares shares (EUR) shares (EUR) (EUR) (EUR) value (EUR)
Ordinary shares 851,000 10 8,847,074 840 714,710,897 723,557,971
Total 851,000 8,847,074 714,710,897 723,557,971

Page 69
9 Parent Company Borrowings

EURk 31 Dec 2015 31 Dec 2014
Non-current liabilities
Bonds 451,463 444,420
Total 451,463 444,420
The carrying amounts of the borrow ings are denominated in the follow ing currencies:
EURk 31 Dec 2015 31 Dec 2014

EUR 250,000 250,000
SEK 201,463 194,420
Total 451,463 444,420
Bonds and liabilities to credit institutions
In connection with Nordic Capital Fund VIII’s acquisition of Lindorff, which was completed on 6 October 2014, the previous bank
funding package was terminated and a new funding package put in place.
Lock Lower Holding AS has issued Senior Notes EUR 250m at 9.5% interest rate maturing in 2022 and Senior Floating Rate Notes
SEK 1,850m maturing in 2022.
Parent company takes part in covenants and security package in the Group funding package. For further information, see note 23
for the Group.

Page 70
Definitions
Adjusted EBITDA – EBITDA adjusted for amortisation and revaluation of portfolios of purchased loans and receivables
Direct opex – Operational expenses related to collection activities, excluding SG&A and IT cost
ERC – Estimated Remaining Collections next 180 months on purchased loans and receivables in Debt Purchasing
Intersegment Revenue - Commission to the Debt Collection segment from the Debt Purchasing segment
Investments in Debt Purchasing – Acquisitions of non-performing loans and receivables (may differ from acquisition of loans and
receivables in the cash flow statement due to actual payment of the acquisition may be due in another period)
NIBD – Interest bearing debt less cash
NIBD/EBITDA – Net interest bearing debt divided by Adjusted EBITDA LTM (Leverage ratio is adjusted for proforma effect of
acquisitions in the given period. Not including investments in Debt Purchasing).
Portfolio revaluation – Change in carrying value of purchased loans and receivables due to changed collection forecasts
Return in Debt Purchasing – Last Twelve Months (LTM) segment earning in % of average book value of purchased loans and
receivables for the last twelve months
Segment Earnings – Segment EBITDA excluding SG&A and IT cost
Segment Earnings Debt Collection – Includes earnings from collection on own portfolios and third party debt
Abbreviations
3PC – Third Party Collection

IDC – Internal Debt Collection
CAGR – Compounded Annual Growth Rate
Constant Currency – Fixed currency rates for comparable reporting periods
EBITDA – Earnings Before Interest Tax Depreciation and Amortisation
FTE – Full Time Equivalent employees
IRR – Internal Rate of Return
NIBD – Net Interest Bearing Debt
NPL – Non - Performing Loan
NRI’s – Non - Recurring Items
LTM – Last Twelve Months

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Annual report 2015

Lock Lower Holding AS

Lock Lower Holding AS – Annual Report 2015

31 Related party disclosures 61

Lock Lower Holding AS – Annual Report 2015

1 Jan - 31 Dec 22 May - 31 Dec

Lock Lower Holding AS – Annual Report 2015

Board of Director's report

The Lindorff Group

Lindorff’s services enable our clients to concentrate on core activities

Significant events during 2015

Lock Lower Holding AS – Annual Report 2015

Events after the end of the reporting period

Lock Lower Holding AS – Annual Report 2015

Revenues and operating earnings– by operating segments

Net financial items

Lock Lower Holding AS – Annual Report 2015

Research and development

 Debt Purchasing management system implemented in new countries

Cash flow and investments

Lock Lower Holding AS – Annual Report 2015

Management analysis of operations

1 Jan - 31 1 Jan - 31 Change

Net revenue 534 475 12 %

Lock Low er Holding AS

Debt Collection 358 67 % 336 71 % 7%

Lock Lower Holding AS – Annual Report 2015

Employee benefit expense

Legal fee cost

Phone, postage and packaging

Other operating costs

Depreciation and amortisation

EBIT for the Period

Collection costs and operational efficiency

Lock Lower Holding AS – Annual Report 2015

1 Jan - 31 Dec 1 Jan - 31 Dec

Debt collection services

* Co st to co llect relative to gro ss co lletio ns

Key performance indicators for Debt Purchasing

* Co llectio n perfo rmance o n purchased lo ans and receivables co mpared to fo recast

Lock Lower Holding AS – Annual Report 2015

Financial position, risk and risk management

Financial risk factors

Foreign exchange risk

Interest rate risk

Lock Lower Holding AS – Annual Report 2015

Portfolios of purchased loans and receivables

For further description of risk, see note 4.

Internal control and risk management regarding financial reporting

Environmental concerns and corporate social responsibility

Lock Lower Holding AS – Annual Report 2015

Anti-corruption and anti-money laundering

Personnel organisation and management

Average num ber of FTEs in proportion of m ales and fem ales

Social responsibility and the environment

Lock Lower Holding AS – Annual Report 2015

Proposed distribution of earnings

Share premium reserve 714,711

Lock Lower Holding AS – Annual Report 2015

Confirmation from the Board of Directors and CEO

The Board of Directors

___________________________ _______________________________ _____________________________

Lock Lower Holding AS – Annual Report 2015

Consolidated Income statement

___________ _ _______________

___________ _ _______________