Aktiv Kapital Maintains Profitability in Challenging Market

Oslo – Aktiv Kapital reports fourth quarter 2009 portfolio collection of NOK 402.8 million, compared with NOK 531.6 million in the fourth quarter 2008. Total operating expenses in the quarter were reduced 26 percent year-over-year, to NOK 187.4 million.

Aktiv Kapital achieved operating revenues of NOK 251.6 million (NOK 303.4 million) in the fourth quarter of 2009.The revenue decrease is within the Portfolio segment. Operating revenues from the Third party debt collection segment is relatively stable at NOK 60.3 million (NOK 62.9 million). Operating profit before depreciation and amortisation (EBITDA) is at NOK 282.4 million (NOK 348.6 million) in the fourth quarter.

For the full year 2009, Aktiv Kapital recorded revenues of NOK 1 190.0 million compared with NOK 1 350.8 million, a decline of 12 percent.As a consequence of the extensive cost reduction implemented in 2009, EBITDA however decreased by only five percent to NOK 1 268.4 million.

"2009 was a challenging year with difficult macroeconomic conditions which negatively affected collection.Aktiv Kapital adjusted to the market conditions and implemented cost cuts, developed more efficient collection methods, and managed to reduce interest-bearing debt by NOK 1.2 billion. Moving into 2010, Aktiv Kapital has an efficient organisation and is well positioned to acquire portfolios when risk/reward relationships are attractive" says Erik Oyno, President and CEO of Aktiv Kapital.

"Aktiv Kapital will in 2010 further strengthen the focus on portfolio acquisition and ownership as a separate segment in addition to the existing portfolio collection and third party debt collection areas. We expect that this will increase transparency and operational flexibility. We also believe that improved valuation models will contribute to profitable investments and yield better return from portfolios going forward" Erik Oyno continues.

Key figures:

                                         | Fourth quarter |       Year

——————————+——-+——–+———+———-

  NOK million                        | 2009  |  2008  |  2009   |  2008

——————————+——-+——–+———+———-

  Paid in on portfolios            | 402.8 | 531.6  | 1 792.8 | 1 982.6

——————————+——-+——–+———+———-

  Operating revenues            | 251.6 | 303.4  | 1 190.0 | 1 350.8

——————————+——-+——–+———+———-

  EBITDA                              | 282.4 | 348.6  | 1 268.4 | 1 334.4

——————————+——-+——–+———+———-

Pre-tax cash flow per share    | 5.28  |  6.28  |  23.70  |  24.27

The fourth quarter 2009 report can be found on www.newsweb.no <http://www.newsweb.no/> and www.aktivkapital.com <http://www.aktivkapital.com/>.