Financial results for the first half-year 2018

8/17/2018 - Stock exchange notice

The financial results for the first half-year of 2018 were approved by Eksportfinans' board of directors on Thursday August 17, 2018

Net interest income was NOK 68 million in the first half-year of 2018, compared to NOK 114 million for the first half-year of 2017. The decrease was mainly due to a lower level of interest generating assets. 

 

Profit for the first six months of 2018 was NOK 55 million, compared to negative NOK 213 million for the first six months of 2017. The difference is mainly due to changed accounting principles following the implementation of IFRS 9 as of January 1, 2018.

 

Total comprehensive income was negative NOK 17 million for the first half-year of 2018, compared to negative NOK 213 million for the first half-year of 2017. The fluctuations in these figures are primarily due to unrealized effects on Eksportfinans’ own debt.

 

Total assets amounted to NOK 19.4 billion at June 30, 2018, compared to NOK 22.4 billion at December 31, 2017 and NOK 25.7 billion at June 30, 2017. The reduction was due to scheduled repayments of debt.

 

The core capital ratio was 102.0 percent at June 30, 2018, compared to 94.2 percent at December 31, 2017 and 72.3 percent at June 30, 2017. At June 30, 2018, Eksportfinans had liquidity reserves totaling NOK 6.4 billion.

 

On May 22, 2018, the extraordinary general assembly of Eksportfinans decided on an equity distribution of NOK 500 million. This distribution was approved by the Financial Supervisory Authority of Norway (Finanstilsynet) on June 26, 2018. The equity and capital figures as of June 30, 2018 are reflecting this reduction of equity.

 

From July 1, 2018, the company’s CFO, Geir Ove Olsen, took up the position as Chief Executive Officer. He succeeded Geir Bergvoll, who left the company on the same date.

 

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. For more information about Eksportfinans, please refer to www.eksportfinans.com

 

 

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