Highlights 4th quarter in 2008 (4th quarter 2007)
- Payments from portfolios amounted to NOK 531.6 million (510.2), an increase of 4.2% compared to the 4th quarter of 2007
- Pre-tax cash flow per share NOK 5.40 in Q4 2008 (6.18)
- Macro conditions affecting collection in most regions
- Positive effects from newly acquired portfolios
- Total operating revenue amounted to NOK 303.4 million (349.8)
- EBITDA amounted to NOK 348.6 million (352.1)
- Total portfolio acquisitions amounted to NOK 153.6 million (495.5)
Outlook
Even though portfolio collections during the 4th quarter of 2008 were strong compared with previous quarters, we expect that the collection environment will become increasingly more difficult in 2009. Our customers in some markets are experiencing reduced income due to unemployment, difficulties in refinancing commitments and a general decrease in asset values. The combination of these factors results in a more difficult collection environment. To meet this challenge, we are reviewing our collection processes and making necessary changes.
Aktiv Kapital has in January 2009 initiated a cost reduction program with the aim of reducing costs by more than NOK 100 million on a 12 month rolling basis. The program is currently proceeding according to plan and the financial savings are already experienced in January, but are expected to have full effect from Q3 this year.
In portfolio acquisitions, we will prioritize non-performing portfolios with an existing cash flow, and also focus on our core markets which we believe will become even more attractive than previously.