Q2 2010: EFFICIENT ORGANISATION POSITIONED FOR PORTFOLIO ACQUISITIONS
(Oslo, August 19, 2010) Aktiv Kapital reports second quarter 2010 operating profit of NOK 102.7 million, compared with NOK 105.4 million in the same quarter last year. Portfolio collection was NOK 367.9 million, compared with NOK 452.0 million in the second quarter of 2009. The decrease is mainly related to minor portfolio acquisitions.
"The numerous operational improvements we have made during the last 18 months are having a positive effect on the results. We are reporting an operating profit in line with the same quarter last year. However, portfolio collection is affected by the lack of significant portfolio acquisitions over a period of time. Even though there has been a substantial increase in non-performing loans throughout Europe, financial institutions are reluctant to offer portfolios for sale. Today, Aktiv Kapital has an efficient organization well positioned to take advantage of the opportunities we see coming. We have a pipeline of more than 40 portfolios with a face value of more than EUR 4.5 billion expected to be sold during 2010 or early next year" says Erik Oyno, President and CEO of Aktiv Kapital.
Aktiv Kapital achieved operating revenue of NOK 281.4 million (NOK 300.5 million) in the second quarter of 2010. The revenue decrease is mainly within the portfolio segment. Operating revenue from the third party debt collection segment was NOK 53.6 million (NOK 58.0 million).
Operating profit before depreciation and amortisation (EBITDA) was NOK 249.6 million (NOK 328.8 million), while cash flow per share was NOK 4.73 (6.04).
| Second quarter | First half year | Full year | |||
| NOK million if not otherwise stated | 2010 | 2009 | 2010 | 2009 | 2009 |
| Paid in on portfolios | 367.9 | 452.0 | 739.8 | 943.2 | 1 792.8 |
| Operating revenue | 281.4 | 300.5 | 563.9 | 649.1 | 1 190.0 |
| EBITDA | 249.6 | 328.8 | 494.4 | 658.4 | 1 268.4 |
| Operating profit (EBIT) | 102.7 | 105.4 | 207.0 | 228.5 | 390.6 |
| Pre-tax cash flow per share (NOK) | 4.73 | 6.04 | 9.37 | 12.23 | 23.7 |
The second quarter 2010 report can be found on www.newsweb.no
<http://www.newsweb.no/> and www.aktivkapital.com <http://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
Breakfast presentation
A presentation will be held at 09:00 CET on Thursday 19th of August 2010 at Shippingklubben, Haakon VII'sgt 1, Oslo. The presentation will be held by CEO Erik Øyno and CFO Scott Danielsen. Breakfast will be served from 08:30 CET.
In connection with the presentation, a teleconference/webcast will be held as described below:
Webcast
Go to www.aktivkapital.com and click on the link to "Webcast" in order to view the presentation on the web.
| Conference call | ||
| Call-in numbers: | ||
| +47 2415 9758 | Norway Toll | |
| 800 19640 | Norway Toll Free | |
| +44 (0)20 7806 1951 | UK Toll International call | |
| 0800 028 1243 | UK Free phone | |
| 1888 935 4575 | US Free phone | |
| +1 212 444 041 | US Toll |
The participants will be asked for their name, company and conference ID. The Aktiv Kapital conference ID is: 6046508
To participate please register at least 10 minutes before the presentation starts.
About Aktiv Kapital
Headquartered in Oslo, Norway. Aktiv Kapital has operations in nine 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
<http://www.aktivkapital.com/>
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)