16 February 2016, 08:00 CET
Q4 2015 results Axactor AB
Highlights during the fourth quarter of 2015
In October 2015, Axactor AB (the "Company") decided to become a European credit management company and to discontinue the nickel operations. The nickel operations were sold to the Swedish listed mineral company Archelon in December 2015, whilst at the same time the Company changed its name from Nickel Mountain Group to Axactor.
Axactor focuses on building a dynamic and pan-European organization within the credit management service industry and the ambition is to create a high-growth debt collection/debt purchase company, levering on the experienced management team, a solid investor base and the platform investment in Spanish legal collection company ALD Abogados.
In November 2015, Axactor announced that Mr. Endre Ragnes was appointed CEO. In addition, the Company has recruited experienced Group and Spanish management teams with solid track record from the debt purchase and collection industry.
During the fourth quarter of 2015 Axactor has taken significant steps towards becoming a full service debt collection/debt purchase company, including acquisition of a leading legal collection platform in Spain (ALD Abogados) and establishment a scalable amicable call center in Valladolid, Spain.
Key events after end of the report period
On January 20 2016, Axactor announced that their subsidiary, ALD Abogados, has signed a contract with Santander Consumer Finance in Spain for the legal collection area. Volumes will be transferred to Axactor, with a further ramp up of number of claims during 2016, adding substantial new business.
On February 12 2016, Axactor announced closing of its first substantial Non-Performing Loan portfolio in Spain with a face value of EUR 500 million.
Sales revenues for the quarter were SEK 4.4 million (SEK 0 million). The Spanish subsidiary ALD Abogados was consolidated in early December 2015, hence its revenues contributed to the group P&L only during a limited period. The nickel operations were at pre-feasibility stage and generated no revenues - neither in 2015 nor in 2014.
The net result after tax for the 4th quarter amounted to SEK -54.3 million (SEK-4.0 million) from remaining operations and SEK -22.4 million (SEK -30.2 million) from discontinued operations, in total SEK -76.7 million (SEK -34.2 million).
For and on behalf of the Board of Directors of Axactor AB (publ)
Chief Executive Officer
For information, please contact
Chief Executive Officer
Tel: + 46 8 402 28 00
Cell Phone: +47 48 22 11 11
Chief Financial Officer
Cell Phone: +47 477 10 451
Cautionary Statement: Statements and assumptions made in this document with respect to Axactor AB's ("Axactor") current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Axactor. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where Axactor operates; (ii) changes relating to the statistic information available in respect of the various debt collection projects undertaken; (iii) Axactor's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential partners, ventures and alliances, if any; (v) currency exchange rate fluctuations between the SEK and the currencies in other countries where Axactor or its subsidiaries operate. In the light of the risks and uncertainties involved in the debt collection business, the actual results could differ materially from those presented and forecast in this document. Axactor assumes no unconditional obligation to immediately update any such statements and/or forecasts.