AIK: 1st quarter 2012 results
(Thomson Reuters ONE) -
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(st) quarter of 2012. Cash
collection on portfolios amounted to NOK 370.6 million in the 1(st) quarter (NOK
368.9 million) and the decay rate was 10.9% in the 1(st) quarter, up from 10.6%
in the 4(th) 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(st) 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%.
KEY FIGURES
(all amounts in NOK thousand) Q1 2012 Q1 2011 Year 2011
Collection on portfolios 370 617 368 908 1 443 426
Total operating revenue 263 285 245 037 950 681
EBITDA 241 866 234 814 939 363
Operating profit (EBIT) 128 711 102 909 527 143
Pre-tax cash flow per share (NOK) 4,77 4,73 18,74
For information, please contact:
Geir Olsen, CEO Aktiv Kapital
Tel: +47 24 10 31 10
Email: info(at)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 2011, 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.
Q1 2012:
http://hugin.info/275/R/1610154/511684.pdf
Q1 2012 Presentation:
http://hugin.info/275/R/1610154/511683.pdf
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Aktiv Kapital via Thomson Reuters ONE
[HUG#1610154]
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Datum: 09.05.2012 - 02:30 Uhr
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