Aktiv Kapital Reports Stable Q3 Performance in a Challenging Market

Oslo, Norway – European accounts receivable management firm Aktiv Kapital reported a pre-tax cash flow per share of NOK 6.18 ($1.08) in the third quarter 2009, an increase of 12 percent compared to third quarter 2008. The NOK 1.75-1.85 billion ($300-325 million) collection target for 2009 is maintained. The Group experienced a significant increase in acquisition opportunities.

Aktiv Kapital achieved operating revenues of NOK 289.2 million ($50.8 million) in the third quarter of 2009 compared to NOK 299.8 million in Q3 2008. EBITDA increased six percent to NOK 327.5 million as a consequence of implementing an extensive cost cutting program.

"We are pleased to announce an improved pre-tax cash flow per share in a challenging collection environment. During 2009 Aktiv Kapital has reduced the cost base with more than NOK 100 million or 10 percent without damaging our collection ability, and we are proud of the organisation’s flexibility in this process," says Erik Oyno, President and CEO of Aktiv Kapital.

During 2009 Aktiv Kapital has chosen to reduce debt rather than invest in new portfolios at unsustainable prices. As a consequence, the debt level has been reduced with more than NOK 1 billion since the peak in late 2008.

Aktiv Kapital is experiencing a shift in the market and more portfolios are now becoming available. The price gap between vendors and buyers has been reduced during 2009, and Aktiv Kapital expects that the price gap will close within six to nine months and more assets will be placed in the market.

"We expect a significant increase in acquisition opportunities going forward as more portfolios are coming to market with realistic price expectations. Aktiv Kapital has a strong acquisition capacity, and we are well positioned and operationally equipped to take advantage of this situation" Erik Oyno continues.

The third quarter 2009 report can be found on www.aktivkapital.com and www.newsweb.no.