Eksportfinans performed well in the first quarter of 2012, with net interest income of NOK 375 million, which was on par with NOK 386 million for the first three months of 2011.
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
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.
Forward-looking statements
The statements contained herein constitute "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside of our control, that may cause actual results to differ materially from any future results expressed or implied from the forward-looking statements. As a result, the forward-looking statements included herein should not be regarded as a representation that the plans and objectives discussed herein will be achieved. Eksportfinans disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.