Strong underlying business performance:Eksportfinans had a
record high net interest income of NOK 1.1 billion in the first
nine months of 2009. Disbursements of new export credits were NOK
9.4 billion in the third quarter alone.
Eksportfinans experienced a net profit excluding unrealized
gains and losses of NOK 803 million in the first nine months of
2009, compared to NOK 9.0 million in the corresponding period in
2008.
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(pdf)
Export Lending
The comparatively strong demand for new export financing continued
during the first nine months of 2009. The volume of outstanding
export loans was NOK 78.1 billion at September 30, 2009 compared to
NOK 71.0 billion at the end of the first nine months of 2008. New
disbursements of export-related loans were NOK 21.3 billion during
the first nine months of 2009, compared to NOK 17.9 billion during
the same period in 2008.
Funding
Eksportfinans successfully returned to the Swiss Franc market on
October 1, 2009 with a CHF 225 million, 9.5 year public benchmark.
New funding in the first nine months of 2009 amounted to NOK 43.4
billion through 888 individual trades, compared with NOK 69.2
billion and 710 trades for the same period in 2008.
Local Government Lending
On June 24, 2009, Eksportfinans' subsidiary Kommunekreditt Norge AS
(now KLP Kreditt AS) was sold to Kommunal Landspensjonskasse (KLP).
At the same time, NOK 11 billion of loans from Kommunekreditt to
Norwegian municipalities were transferred to Eksportfinans ASA at
market value. Eksportfinans expects to hold this portfolio of
municipal loans to maturity.
Results
The total comprehensive income was negative NOK 1.0 billion in the
first nine months of 2009 according to the international accounting
standard IRFS. This negative result was due to the reversal of
unrealized gains on Eksportfinans' debt which can be explained as
follows: The normalization in the international financial markets
led do a decline in international credit spreads in the third
quarter. This is turn led to a reversal of the net unrealized gains
in the fair value of Eksportfinans' own debt which was booked in
2008 and the beginning of 2009. While Eksportfinans booked
unrealized gains of NOK 4.9 billion of the company's debt net of
derivatives for the year 2008, the corresponding figure for the
first nine months of 2009 is an unrealized loss of NOK 2.9 billion.
As of September 30 2009, there are still NOK 2.7 billion of
unrealized gains which will be reversed as unrealized losses in
future periods. These unrealized losses do not in any material way
affect the company's core capital.
Key Figures:
All figures are for Eksportfinans ASA. This also applies for
comparative figures, which are for the parent company of the former
Eksportfinans Group (Kommunekreditt Norge AS is not consolidated).
The comparable financial ratios are for the parent company
Eksportfinans ASA and have not previously been publicly
presented.
|
First nine months 2009 |
First nine months 2008 |
|
|
New export lending |
NOK 21.3 billion |
NOK 17.6 billion |
|
New funding |
NOK 43.4 billion |
NOK 69.2 billion |
|
Total assets |
NOK 234,334 million |
NOK 253,634 million |
|
Capital adequacy |
13.5% |
9.6% |
|
Net interest income |
NOK 1,093 million |
NOK 490 million |
|
Total comprehensive income* |
(NOK 1,029 million) |
(NOK 127 million) |
|
Profit/(loss) for the period from continuing operations |
(NOK 1,370 million) |
(NOK 191 million) |
*Comprehensive income includes all non-owner changes in equity, both those recognized in profit or loss and those recorded directly to equity.
For further information, please contact:
President and CEO Gisele Marchand, tel: +47 41 51 74 89, e-mail: gma@eksportfinans.no
EVP Director of Staff/ Head of Communications Elise Lindbæk, tel: + 47 22 01 22 64, mobile: +47 90 51 82 50, e-mail: el@eksportfinans.no.