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KRUK GROUP

KRUK S.A. is a leader of the debt management market. Over nearly two decades, we have grown from a small firm employing less than 20 staff into a global financial group, specialising broadly in debt management. Currently, the KRUK Group comprises a number of companies offering a comprehensive range of modern integrated services, which we are ready to tailor to the needs and expectations of our partners in order to recover payments owed to them.

On a mass scale, KRUK pursues a strategy focused on amicable settlements with its clients, i.e. debtors, spreading repayment of their debt over manageable instalments. Supported through media campaigns, the strategy aims to convince debtors to start talking with KRUK about repayment terms.

The Group’s core business is the management of debt purchased for the Group’s own account or outsourced for collection by other institutions. The Group manages debt in three segments:

  • consumer debt (unsecured),
  • mortgage-backed debt,
  • corporate debt.

The KRUK Group manages receivables of banks, loan brokers, insurers, leasing companies, landline and mobile telecommunications operators, cable TV operators, digital TV operators, and companies from the FMCG sector, but it focuses on the banking market, where it relies on long-term relations with its key accounts.

The Group’s presence in both the purchased debt and outsourced credit management segments provides it with an important competitive advantage based on operational synergies, and helps mitigate the risk related to debt portfolio purchases thanks to additional statistics from the credit management business.

The debt management business is supported by the Group’s law firm Kancelaria Prawna RAVEN and by ERIF BIG S.A., a credit reference bureau. The Group is also developing the Novum loan service, offered to clients who previously repaid their debts towards the Group.

In 2007, the Group launched its operations on the Romanian market, and in 2011 − on the Czech and Slovak markets. KRUK Deutschland was established in 2014 and a year later KRUK bought its first debt portfolios in Germany. Also in 2015, two more companies were established − in Italy and Spain. KRUK acquired its first debt portfolio on the Italian market still in 2015, and on the Spanish market − early in 2016.

At the end of 2015, all the KRUK Group companies employed over 2.7 thousand staff, which means the Group’s headcount more than trebled relative to 2007. On May 10th 2011, KRUK S.A. shares were floated at the Warsaw Stock Exchange. Since the IPO, KRUK’s market capitalisation grew by 360 percent.

KRUK Group’s key strategic objectives

The key strategic objective of the KRUK Group for 2015−2019 is to rank among Europe’s top three debt management companies in terms of net profit.

The Group plans to achieve this objective through:

  • product range development and geographical expansion,
  • improvement of efficiency,
  • improvement of research and analyses.

Product range development and geographical expansion

In 2015−2019, the Group plans to expand its existing business lines and develop new ones both in the countries where it has already established a presence and on new foreign markets. With respect to the product range, the Group plans to purchase more consumer, mortgage-backed and corporate debt portfolios, and develop its debt management services, consumer loans and credit information business. The Group intends to expand into large European markets of consumer debt management.

Improvement of efficiency

Steps taken to enhance the Group’s efficiency cover the entire organisation, with a particular focus on economies of scale and management of the purchased debt portfolio. Based on nominal value at the time of acquisition, the purchased debt portfolio was worth PLN 26.6bn (as at the end of Q1 2016), and the number of cases exceeded 3.7 million.

The KRUK Group’s objective is to increase its reach of debtors from the existing portfolio (as well as any portfolios purchased in the future) and thus improve cash recovery rates, providing potential for higher profits. Specific efficiency improvement projects include primarily:

  • development of process management, 
  • development of a network of field advisers,
  • improvement of cost efficiency, including through development of IT systems and process automation,
  • enhancing marketing communication.
SHAREHOLDING
KRUK SA shareholding as at June 30th 2017
Shareholder Number of Shares Share in the share capital (%) Share of the total vote (%)
Shareholder Piotr Krupa Number of Shares 1 927 427,00 Share in the share capital (%) 10,28 Share of the total vote (%) 10,28
Shareholder Other Board members Number of Shares 229 502,00 Share in the share capital (%) 1,22 Share of the total vote (%) 1,22
Shareholder Nationale-Nederlanden PTE* Number of Shares 2 100 000,00 Share in the share capital (%) 11,20 Share of the total vote (%) 11,20
Shareholder Aviva OFE Number of Shares 1 149 000,00 Share in the share capital (%) 6,13 Share of the total vote (%) 6,13
Shareholder Others Number of Shares 13 338 467,00 Share in the share capital (%) 71,16 Share of the total vote (%) 71,16

(*) Joint possession of Nationale-Nederlanden OFE and Nationale-Nederlanden DFE managed by Nationale-Nederlanden PTE S.A. (pension fund);

SEE CHART
MISSION AND VISION
Our clients are people struggling with indebtedness. We build positive relations with them and help them to regain their financial creditability. We stand in line with social and legal norms of debt repayment.
KRUK Group wants to be the most innovative and one of the largest group serving people with debt.
KRUK GROUP STRUCTURE

KRUK Group consists of KRUK S.A. and 22 subsidiaries.

MILESTONES
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002
  • 1999
  • 1998
  • KRUK purchased 100% shares of Italian company Credit Base International S.r.l.
  • KRUK Group won a tender on buying the first debt portfolio on the Spanish market
  • KRUK Group has finalised the acquisition of 100% of shares in Presco Investments S.a.r. with their debt portfolio on the Polish market.
  • Establishing two companies operating in the Italian market—Kruk Italia S.r.l and ItaCapital S.r.l—as well as Spain-operating company—Espana S.L.
  • GPW awards KRUK S.A. with “Stock Exchange Company of the Year” title
  • A historic moment in the Czech and Slovak television—KRUK Group has launched its advertisement campaign in these broadcasting channels
  • Establishing KRUK Deutschland GmbH
  • Purchase and servicing a mortage portfolio
  • 15th anniversary of incorporation of the company
  • Setting up Invest Capital Malta company
  • KRUK TFI and ERIF Business Solutions join the Group
  • Debut on WSE and Catalyst
  • Company expands to the Czech and Slovakian markets
  • First TV campaign targeted at people with debts
  • The first edition of Day without Debts
  • Development of new services, implementation of pro-settlement strategy
  • Establishment of ERIF BIG S.A. and KRUK România SRL
  • Poland’s first full securitization of receivables is closed
  • KRUK goes public and joins KPF (Conference of Financial Companies in Poland)
  • Establishment of detective agency
  • First version of the Delfin system implemented
  • Establishment of law firm dedicated to the debt collection process
  • Dynamic development of the company as KRUK becomes No 1 on the debt collection services market
  • Company establishment
ASSOCIATIONS

 

(Germany, since 2015)

BDIU is a leader and trustworthy representative of the receivables management industry. It promotes responsible dealings between members of the association, creditors and indebted people. The association is a mediator between the receivables management market and the state, representing and growing the industry.

 

(Germany, since 2015)

BvCM is an association that provides tools for receivables management processes and which minimize losses incurred in connection with non-payment. Members of the association contribute to the development of a pricing policy based on value, and they act to improve working capital.

 

(Germany, since 2015)

Bundesvereinigung Kreditankauf und Servicing (BKS) association is a federation of German companies operating in the market of so Sub- or Non-Performing Loans, on the site of the creditors. The association was founded in 2007, in Berlin, and represents 25 member companies operating in the area of credit claims management. Politically, the association takes an active part in the trade of the receivables. BKS association is listed in the public register of associations and their representatives.

 

(Poland, since 2004)

The Conference of Financial Enterprises in Poland was created on 27th October 1999. It was founded by a group of the largest companies in the financial intermediation sector in Poland. The initiative of financial firms arose as an answer to the need of regulating the dynamically developing market of consumer credits. It was decided that the best for of representation for these firms is an employers' union. Since 2003, KPF has invited to co-operation new parties offering additional services for the financial sector—including debt collecting agencies.  More about the company on www.kpf.pl

 

(USA, since 2007)

The Association of Credit and Collection Professionals is the largest association of debt collecting agencies in the world (with several thousand members at the moment of writing). The organisation serves mostly as a platform to exchange experiences in the receivables management market. Moreover, it ensures that the internal code of ethics and legal standards in the field of debt collecting are observed. More about the company on www.kpf.pl

 

(Romania, since 2009)

The purpose of the organisation is to implement and promote good standards in accounts receivable management. Furthermore, AMCC’s mission is to change the image of the ARM industry and to conduct educational activities about the problem of debt in business.

 

(Czech Republic, since 2014)

Among the members of the Association of Debt Collection Companies AIA are Czech companies operating in the ARM market. Through our membership in AIA we want to promote initiatives aimed at building a positive image of the ARM industry and to reinforce the bargaining position of member companies during negotiation and drafting of legislative amendments.

 

(Slovakia, since 2015)

ASINS is an association in Slovakia established for the purpose of promoting a positive image of receivables management enterprises. Its objective is to represent and protect the interests of its members and also to ensure compliance with legal regulations and stringent ethical principles.

CODE OF THE BEST PRACTICES OF COMPANIES LISTED ON THE WARSAW STOCK EXCHANGE

Following adoption by the WSE Supervisory Board of the Code of Best Practice for WSE Listed Companies 2016 (Resolution No. 26/1413/2015 of October 13th 2015), the KRUK S.A. Management Board adopted, by way of Resolution No. 1/2016, a relevant statement of compliance with the Code. The statement, specifying the extent to which the Company intends to comply with the standards, is available on KRUK S.A.’s website, in the Corporate documents section (below).

Until December 31st 2015, the Management Board of KRUK S.A., the Company and its governing bodies had observed the corporate governance standards defined in the Code of Best Practice for WSE Listed Companies (consolidated text in Appendix to WSE Supervisory Board Resolution No. 19/1307/2012 of November 21st 2012).

In compliance with the principle formulated in Section I.Z.1.11. of the Code of Best Practice for WSE Listed Companies 2016 (Part I. Disclosure Policy, Investor Communications), KRUK S.A. informs that, in accordance with Art. 14.2.17 of the Articles of Association of KRUK S.A. and Section 51.2.17 of the Rules of Procedure for the Supervisory Board of KRUK S.A., selection of an auditor to audit the Company’s full-year financial statements, referred to in Art. 395 of the Polish Commercial Companies Code, in accordance with the Polish and international accounting standards, is the responsibility of the Supervisory Board. Furthermore, the Company must comply with the principles defined in generally applicable laws, pursuant to which:

  • The lead auditor performing audits and reviews of the Company’s and the Group’s financial statements must be changed at least once every five financial years.
  • The lead auditor performing audits and reviews of the Company’s and the Group’s financial statements may again provide such services after the lapse of two financial years.
CORPORATE DOCUMENTS
Rules of Management Board of KRUK S.A.
Code of The Best Practice for GPW-listed companies 2016
Rules of Supervisory Board of KRUK S.A.
Statutes of KRUK S.A. 20160301
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