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Aktiv Kapital ASA : considers strategic options for Danish operations

12/03/2008 | 02:40am US/Eastern



Aktiv Kapital is considering various options for the Danish
operations, including divesting or right-sizing the business area
Debt Collection and right-sizing the business area Non-performing
Portfolio Acquisition. The consideration was initiated due to lacking
economy of scale within the Danish operations. Year-to-date third
quarter 2008 the Danish operations had total operating revenue of NOK
21.3 million and operating profit of NOK -4.4 million. The cash
collection in the business area non-performing debt was NOK 21.6
million.

A right sizing of Aktiv Kapital's operations in Denmark will involve
a significant reduction of staff in the magnitude of 25 employees
becoming redundant. Aktiv Kapital will take a provision of up to NOK
12 million in connection with the initiatives, which will be booked
in Q4 2008.
Annual savings are estimated in the range of NOK 15-20 million, which
we expect will have effect as of 3rd quarter 2009.

"I am confident that subsequent to right sizing the Danish
operations, Aktiv Kapital will be able to offer satisfactory
collection services to our third party customers and our wholly-owned
portfolios. We have initiated a dialogue with our employees to
ensure a speedy and responsible process of reducing our activities in
Denmark", says Erik Oyno, Group CEO & President of Aktiv Kapital.

Aktiv Kapital established the operation in Denmark in 2001, and has
since the inception invested in the operations with the intention of
growing the Danish activity to required economy of scale. Results
have not been seen as expected and Aktiv Kapital's strategy is to
adapt quickly when the operational performance does not meet
profitability requirements.


Further information

Erik Oyno, Group CEO & President
Phone: +47 90131203, email: erik.oyno@aktivkapital.com or
Jan Husby, Group CIO and Chairman of the Board of Aktiv Kapital
Denmark
Phone: +47 40002040, email: jan.husby@aktivkapital.com

About Aktiv Kapital

Headquartered in Oslo, Norway. Aktiv Kapital has operations in 11
countries, and is today Europe's and Canada's largest purchaser of
non-performing consumer credits. Aktiv Kapital had in 2007 an
operating revenue NOK 1 575 million. Within the Portfolio segment
Aktiv Kapital had approx 550 000 paying customers in 2007. Aktiv
Kapital is listed on the Oslo Stock Exchange (AIK).
For more information about Aktiv Kapital, please visit
www.aktivkapital.com


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.



Copyright © Hugin AS 2008. All rights reserved.
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