Q1 2010: FOCUSED ON PORTFOLIO ACQUISITION OPPORTUNITIES AND OPERATIONAL IMPROVEMENTS
(Oslo, April 29, 2010) Aktiv Kapital reports first quarter 2010 portfolio collection of NOK 371.9 million, compared with NOK 491.2 million in the first quarter 2009. As a consequence of few portfolio acquisitions, this decrease is in line with expectations. Operating profit was NOK 104.3 million for the quarter, compared with NOK 123.1 million the same period last year. Moving forward, Aktiv Kapital will continue to focus on operational improvements and seek attractive portfolio acquisition opportunities.
"Recently, Aktiv Kapital has not acquired any significant portfolios. This is the main reason for the decrease in operating revenues and net income. Currently we are working with portfolio acquisition opportunities and taking actions to further improve operational performance as well as our scalability. Today we are capable of significantly increasing collections without a similar growth in costs" says Erik Oyno, President and CEO of Aktiv Kapital.
Aktiv Kapital achieved operating revenues of NOK 282.5 million (NOK 348.6 million) in the first quarter of 2010.The revenue decrease is mainly within the portfolio segment. Operating revenues from the third party debt collection segment was NOK 52.2 million (NOK 57.1 million).
Operating profit before depreciation and amortisation (EBITDA) was NOK 244.8 million (NOK 329.6 million) in the first quarter.
| NOK million if not otherwise stated | First quarter | Year | |
| 2010 | 2009 | 2009 | |
| Paid in on portfolios | 371.9 | 491.2 | 1 792.8 |
| Operating revenues | 282.5 | 348.6 | 1 190.0 |
| EBITDA | 244.8 | 329.6 | 1 268.4 |
| Pre-tax cash flow per share (NOK) | 4.63 | 6.19 | 23.7 |
The first quarter 2010 report can be found on www.newsweb.no and www.aktivkapital.com
For further information, please contact:
Erik Oyno, CEO
Tel.: +47 22 91 59 55
Mobile: +47 90 13 12 03
Scott Danielsen, CFO
Tel.: +47 22 91 59 54
Mobile: +47 95 25 56 20
To the editorial offices
A conference call will be held at 11:00 CET on Thursday 29th of April 2010. The presentation will be held by CEO Erik Øyno and CFO Scott Danielsen. The following options are available:
Webcast
Go to www.aktivkapital.com and click on the link to "Webcast" in order to listen to the conference call and view the presentation on the web. This alternative does not allow you to participate in the live Q&A session subsequent to the presentation.
Teleconference
This service allows you to ask questions at the Q&A session at the end of the webcast presentation. To participate in the Conference Call please register at least 10 minutes before the presentation starts. Call-in numbers:
| 800 19640 | Norway Toll Free phone |
| +44 (0)20 7136 6283 | International call |
| 0800 028 1277 | UK Toll Free phone |
| 1888 935 4577 | US Toll Free phone |
The participants will be asked for their name, company and conference ID. The
Aktiv Kapital conference ID is: 4908115
About Aktiv Kapital
Headquartered in Oslo, Norway. Aktiv Kapital has operations in 9 countries, and is one of Europe's and Canada's largest investor of non-performing consumer credits. Aktiv Kapital had in 2009 an operating revenue of NOK 1 190 million. Within the Portfolio segment Aktiv Kapital had approximately 430 000 paying customers in 2009. Aktiv Kapital is listed on the Oslo Stock Exchange (AIK).
For more information about Aktiv Kapital, please visit www.aktivkapital.com