Eksportfinans had a net interest income of NOK 1.5 billion in 2009. This was an
increase of NOK 647 million compared to 2008. Disbursements of export related
financing from Eksportfinans were historically high in 2009.
Eksportfinans experienced a net profit excluding unrealized gains and losses of
NOK 1.04 billion in 2009, compared to NOK 216 million in 2008.
Export Lending
New disbursements of export-related loans from Eksportfinans were historically
high in 2009 with NOK 28.1 billion, compared to NOK 25.3 billion in 2008. The
volume of outstanding export loans was NOK 81.4 billion at December 31, 2009,
compared to NOK 80.4 billion at year-end 2008.
Funding
Eksportfinans successfully launched two benchmark transactions in the fourth
quarter of 2009. On November 9, 2009 the company made its return to the USD
public market by issuing a 5-year USD 1.5 billion bond. In addition,
Eksportfinans launched its second CHF-transaction in 2009, for a total of CHF
225 million. Total new funding in 2009 amounted to NOK 69.3 billion through
1,023 individual trades, compared with NOK 97.3 billion and 836 trades in 2008.
Results
The total comprehensive income was negative NOK 1.46 billion in 2009 according
to the international accounting standard IRFS. This negative result was due to
the reversal of unrealized gains on Eksportfinans' debt. The background is
normalization in the international financial markets that led to a decline in
international credit spreads during 2009. This in 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 on its own debt net of derivatives for the year 2008,
the corresponding figure for 2009 was an unrealized loss of NOK 3.9 billion. As
of December 31, 2009, there were still NOK 1.8 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.
Based on the strong underlying business performance the Board of Directors
proposes for the General Assembly a dividend payment of NOK 700 million.
-The year 2009 was characterized by uncertainties following the financial
crisis in the first half-year, which slowly returned to normality by the second
half-year. Both the Norwegian and the international economy has been affected.
In such a situation we are very pleased that Eksportfinans is able to maintain
its role as a solid partner for our customers, as well as delivering strong
underlying business performance, says President and CEO in Eksportfinans,
Gisele Marchand.
The complete 4th quarter report for 2009 is available at www.eksportfinans.no
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, mobile: +47 90 51
82 50,
e-mail: el@eksportfinans.no.
