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AIK: 1st quarter 2012 results
Increased investments and solid collection performance driving growth
(Amounts in brackets throughout the document refer to the corresponding period of 2011 unless otherwise noted)
Aktiv Kapital increased profitability in Q1 2012 driven by higher investments and solid collections performance on existing portfolios. The Group is continuing to deliver against key initiatives and achieved revenue growth while reducing operating expenses for the quarter.
Operating revenues were NOK 263.3 million (NOK 245.0 million) and operating profit NOK 128.7 million (NOK 102.9 million) in the 1 quarter of 2012. Cash collection on portfolios amounted to NOK 370.6 million in the 1 quarter (NOK 368.9 million) and the decay rate was 10.9% in the 1 quarter, up from 10.6% in the 4 quarter. Operating profit before depreciation and amortisation (EBITDA) amounted to NOK 241.9 million (NOK 234.8 million), while pre-tax cash flow per share was NOK 4.77 (NOK 4.73).
"We continue to focus on streamlining our organisation, executing on core initiatives and keeping tight control of expenses. The solid collections performance continued through Q1. Furthermore, we have strengthened our investment team and approach, and we invested in excess of NOK 360 million through the quarter." says CEO Geir Langfeldt Olsen.
In the 1 quarter, Aktiv Kapital has invested NOK 360.6 million (NOK 19.8 million) in new portfolios and other investments. The book value of the portfolios at 31 March 2012 amounted to NOK 3 255.6 million.
In April Aktiv Kapital also signed a forward flow agreement in the UK with a major global financial institution. This contract is expected to generate portfolios with a face value of approximately GBP 228 million for the remainder of 2012. To fund this and further acquisitions, the company signed in May 2012 a new revolving credit facility of NOK 1 billion with a syndicate of Scandinavian banks.
Aktiv Kapital's Board proposed to the Annual General Meeting, to be held on 23 May 2012, a dividend payment of NOK 1.50 per share, equal to NOK 67.6 million, for 2011. The dividend will be paid 1 June 2012 if approved by the General Meeting.
After increasing its ownership in Aktiv Kapital to 78.75%, Geveran Trading Co Ltd. issued a mandatory offer for all remaining shares of NOK 30.00 on 10 April 2012. The settlement will be in cash and the offer is open to and including 10 May 2012. After issuing the mandatory offer, Geveran has in May further increased its ownership to 79.41%.
For information, please contact:
Geir Olsen, CEO Aktiv Kapital
Tel: +47 24 10 31 10
Email: info@aktivkapital.com
About Aktiv Kapital
Aktiv Kapital operates in nine countries and is headquartered in Oslo. The Aktiv Kapital Group is one of the largest investors in non-performing credit portfolios in Europe and Canada. In 201 1 , Aktiv Kapital had 1
443 million in cash collection and 331 500 paying customers. The Company is listed on the Oslo Stock Exchange (AIK).
For more information about Aktiv Kapital, please visit: www.aktivkapital.com .
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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