AIK: 2nd quarter 2011 results
(Thomson Reuters ONE) -
AIK Q2'11: Revenue growth and strong cost control
(Oslo, 18 August 2011) Aktiv Kapital reports an operating profit of NOK 105.3
million in the second quarter 2011, 14% above the corresponding quarter last
year. The increase is mainly due to operational improvements initiated in 2010.
"Aktiv Kapital has an efficient operation and is capable of achieving revenue
growth with its current cost base. With future portfolio acquisitions, our
margins will move higher", says acting CEO Scott Danielsen.
Cash collection on portfolios amounted to NOK 362.4 million in the second
quarter, compared with NOK 367.9 million in the same period in 2010. The
decrease in cash collection is mainly related to the UK (NOK -11.9 million),
partly offset by an increase in Spain (NOK 6.8 million). In the Nordic region
and Central Europe the development was stable.
Operating revenues from continuing operations came in at NOK 244.6 million in
the second quarter (NOK 232.7 million). The increase in operating revenues is
mainly related to improved performance in Central Europe, the Nordic region and
the UK. The positive development is driven by operational improvements and
better macroeconomic conditions. The operating cost ratio remained stable at
35% of collection on portfolios during the quarter.
Operating profit before depreciation and amortisation (EBITDA) amounted to NOK
234.5 million (NOK 237.7 million), while pre-tax cash flow per share was NOK
4.68 (NOK 4.45).
"In addition to focus on operational improvements, we continue to seek growth
through acquisition of attractively priced portfolios. The market for non-
performing loans is growing and both the number and size of the portfolios
offered in the market is increasing. However, there is increased competition,
especially for small and medium sized portfolios", says acting CEO Scott
Danielsen in Aktiv Kapital.
"The implemented operational improvements, the Company's satisfactory
capitalisation as well as the increasing number of portfolios for sale, in
total, provides a solid foundation for continued positive development for Aktiv
Kapital", concludes Danielsen.
In the second quarter, Aktiv Kapital has invested NOK 64.2 million in new
portfolios (NOK 49.1 million). To take full advantage of future opportunities,
as well as to increase the Company's profitability, Aktiv Kapital will ramp up
portfolio origination and establish strategic alliances with partners with
access to distressed portfolios. New products and segments will also be tested
if appropriate.
The net book value of the portfolios at 30 June 2011 amounted to NOK 2 998.1
million.
+--------------------------------------+----------------+---------------+
| | Second quarter | First half |
+--------------------------------------+-------+--------+-------+-------+
| NOKm | 2011 | 2010 | 2011 | 2010 |
+--------------------------------------+-------+--------+-------+-------+
| Collection on portfolios | 362.4 | 367.9 | 731.3 | 739.8 |
+--------------------------------------+-------+--------+-------+-------+
| Operating revenues | 244.6 | 232.7 | 489.6 | 468.4 |
+--------------------------------------+-------+--------+-------+-------+
| EBITDA | 234.5 | 237.7 | 469.3 | 476.8 |
+--------------------------------------+-------+--------+-------+-------+
| Operating profit (EBIT) | 105.3 | 92.1 | 208.2 | 191.9 |
+--------------------------------------+-------+--------+-------+-------+
| Pre-tax cash flow per share (NOK) | 4.68 | 4.45 | 9.41 | 8.93 |
+--------------------------------------+-------+--------+-------+-------+
Webcast and teleconference
The report for Q2 2011 is available at www.newsweb.no and www.aktivkapital.com.
In connection with the announcement of the quarterly report, acting CEO Scott
Danielsen in Aktiv Kapital will host a webcast and teleconference at 09.00 CET
today, 18 August 2011.
For more information, please see stock exchange announcement dated 12 August
2011 or visit www.aktivkapital.com.
For more information
Please contact:
Scott Danielsen, acting CEO
Tel.: +47 24 10 31 11
Mobile: +47 95 25 56 20
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 an operating revenue
of NOK 1 512 million 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
Disclosure of this information is pursuant to Section 5-12 of the Norwegian
Securities Trading Act.
Q2 2011 Presentation:
http://hugin.info/275/R/1539203/470304.pdf
Q2 2011:
http://hugin.info/275/R/1539203/470303.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(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#1539203]
Datum: 18.08.2011 - 08:30 Uhr
Sprache: Deutsch
News-ID 57355
Anzahl Zeichen: 6156
contact information:
Town:
Oslo
Kategorie:
Business News
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