Financial results for 2018

2/12/2019 - Stock exchange notice

The financial results for 2018 were approved by Eksportfinans' board of directors on Tuesday February 12, 2019.

Net interest income was NOK 133 million for the year 2018, compared to NOK 191 million for the year 2017. The decrease was expected and is mainly due to the lower level of interest-generating assets. 

Profit for the year 2018 was NOK 71 million, compared to negative NOK 254 million for the year 2017. The difference is mainly due to changed accounting principles following the implementation of IFRS 9 as of January 1, 2018, and unrealized losses on Eksportfinans’ own debt in 2017.

Total comprehensive income was NOK 118 million for the year 2018, compared to negative NOK 261 million for the year 2017. The fluctuations in these figures are primarily due to unrealized effects on Eksportfinans’ own debt caused by changes in credit spreads. 

Total assets amounted to NOK 19.2 billion at December 31, 2018, compared to NOK 22.4 billion at December 31, 2017. The reduction was due to scheduled repayments of debt.

The core capital ratio was 113.9 percent at December 31, 2018, compared to 94.2 percent at December 31, 2017. At year-end 2018, Eksportfinans had liquidity reserves totaling NOK 8.0 billion.

Facts about Eksportfinans ASA

Eksportfinans manages a portfolio of loans to the Norwegian export industry and foreign buyers of Norwegian capital goods. The company has not granted new loans since the government established a fully state owned entity responsible for new officially supported export loans in 2012. Eksportfinans’ loans are guaranteed by GIEK (The Norwegian Export Credit Guarantee Agency) and/or banks. The company also manages a portfolio of international securities. The business is funded through bonds and commercial paper issued in the international capital markets. Eksportfinans was established in 1962 and is owned by banks operating in Norway and the Ministry of Trade, Industry and Fisheries on behalf of the Norwegian government. 

 

 

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