Market price increase of Eksportfinans’ bonds
Comprehensive income was negative NOK 9,758 million for the first quarter of 2012 due to a significant market price increase of Eksportfinans’ own debt. This led to a reduction of the related accumulated unrealized gains in the balance sheet, which in turn resulted in a corresponding unrealized loss in the income statement. Comprehensive income for the first three months of last year was NOK 52 million.
Profit excluding unrealized gains and losses and excluding realized losses hedged by the Portfolio Hedge Agreement amounted to NOK 238 million in the first quarter of 2012, compared to NOK 241 million for the same period of 2011.
Business activities and organization
Eksportfinans continues to manage its existing portfolio of assets, liabilities and commitments. In addition, the Company is arranging new loans on behalf of the Ministry of Trade and Industry until a new state-owned entity, Eksportkreditt Norge AS, is expected to be in place to offer government-supported export loans from July 1, 2012.
Eksportfinans’ organizational plan from the same date was established in the first quarter of 2012. The main priority in this process was to secure the necessary skills and expertise to maintain a solid foundation for Eksportfinans’ operations going forward. The Company was also able to contribute with some highly qualified personnel to the new state-owned entity.
Investor conference call
On Thursday May 10, 2012, at 10 am New York / 3 pm London / 4 pm CET, Eksportfinans will hold a conference call following the release of the first quarter figures. See below for dial-in options.
Key figures:
| First quarter 2012 | First quarter 2011 | |
| New loans disbursed | NOK 0.4 billion | NOK 7.1 billion |
| New bond debt issued | NOK 0.0 billion | NOK 12.6 billion |
| Total assets at end of period | NOK 187.7 billion | NOK 211.7 billion |
|
Core capital adequacy at end of period Capital adequacy at end of period |
18.0 % 21.2 % |
13.0 % 17.7 % |
| Net interest income | NOK 375 million | NOK 386 million |
|
Profit/(loss) for the period Profit excluding unrealized gains/losses on financial instruments and excluding losses covered by PHA |
NOK (9,758) million NOK 238 million |
NOK 52 million NOK 241 million |
Eksportfinans’ first quarter report 2012 and other financial reports are available at www.eksportfinans.no.
Conference call dial-in options:
Thursday May 10, 2012, at 10am NY / 3pm London / 4pm CET
Please join by calling:
- Norway Free Call 800 194 09
- Japan Free Call 0066 338 124 22
- Singapore Free Call 800 4411 384
- Switzerland Free Call 0800 920 007
- UK Standard International +44 (0) 1452 559 031
- USA Free Call 1866 966 9163
The call will be recorded and a replay made available.
For further information, please contact:
President and CEO Gisèle Marchand,
tel: +47 22 01 23 70 / +47 415 17 489,
e-mail: gma@eksportfinans.no
EVP Direcor of Staff Elise Lindbæk,
tel: +47 22 01 22 64 / +47 905 18 250,
e-mail: el@eksportfinans.no
EVP Chief Financial Officer Geir Ove Olsen,
tel: +47 22 01 23 05 / +47 900 92 326,
e-mail: goo@eksportfinans.no
For more information on Eksportfinans, please go to www.eksportfinans.no.
