AIK: 4th quarter 2011 results

Strong collection performance and operating results (All amounts in the report are related to continuing operations unless otherwise noted. Amounts in brackets throughout the document refer to the corresponding period of 2010 unless otherwise noted) Aktiv Kapital improves operations with collections above forecast and reduced operating expenses. The Group is strengthening its' investment capabilities and will continue to streamline and simplify the organisation through...

Strong collection performance and operating results

(All amounts in the report are related to continuing operations unless otherwise noted. Amounts in brackets throughout the document refer to the corresponding period of 2010 unless otherwise noted)

Aktiv Kapital improves operations with collections above forecast and reduced operating expenses. The Group is strengthening its' investment capabilities and will continue to streamline and simplify the organisation through 2012.

Operating revenues were NOK 241.2 million (NOK 243.5 million) and operating profit NOK 224.3 million (NOK 103.1 million) in the 4^th quarter of 2011. Cash collection on portfolios amounted to NOK 364.3 million in the 4^th quarter (NOK 391.0 million) and the decay rate was 10.6% in the 4^th quarter, down from 12.2% in the 3^rd quarter.

"Collections on existing portfolios continue to be strong. Through the quarter we also simplified our organisation and reduced cost, delivering a solid operating profit and cash flow for the quarter" says CEO Geir Langfeldt Olsen.

The Board of Directors proposes a dividend of NOK 1.50 per share for 2011.

Collection on portfolios has been consistently above the 10 year forecast, as such a positive revaluation of the portfolios with NOK 116.3 million (NOK -0.7 million) has been recorded in the 4^th quarter. The revaluation relates mainly to Switzerland, Norway and Austria. The focus throughout the organisation is maintaining a cost effective structure, and this is effected in the operating expenses in the 4^th quarter of NOK 133.2 million (NOK 140.0 million).

Operating profit before depreciation and amortisation (EBITDA) amounted to NOK 241.8 million (NOK 261.4 million), while pre-tax cash flow per share was NOK 4.80 (NOK 5.24). Operating profit came in at NOK 224.3 million (NOK 103.1 million) in the 4^th quarter of 2011.

In the 4^th quarter, Aktiv Kapital has invested NOK 141.0 million in new portfolios (NOK 119.5 million). The net book value of the portfolios at 31 December 2011 amounted to NOK 3 096.8 million.

 

For more information please contact:

Geir Langfeldt Olsen, CEO
Tel.: +47 24 10 31 10

Scott Danielsen, CFO
Tel.: +47 24 10 31 11

Email: [email protected]

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 2010, Aktiv Kapital had NOK 1 512 million in cash collection and 356 000 paying customers. The Company is listed on the Oslo Stock Exchange (AIK).
For more information about Aktiv Kapital, please visit: www.aktivkapital.com.

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