November 27, 2014 12:05 AM ET

Diversified Financial Services

Company Overview of Eksportfinans ASA

Company Overview

Eksportfinans ASA provides long-term financing services for the Norwegian export sector in Norway, other European countries, the Americas, and internationally. It manages a portfolio of government supported and market-based export credits. The company provides loans to the oil and gas and maritime sectors; municipal sector; and renewable energy, environmental protection, and infrastructure sectors, as well as offers loan administration services. Eksportfinans ASA was founded in 1962 and is headquartered in Oslo, Norway.

Dronning Mauds Gate 15

PO Box 1601 Vika

Oslo,  0119

Norway

Founded in 1962

50 Employees

Phone:

47 22 01 22 01

Fax:

47 22 01 22 02

Key Executives for Eksportfinans ASA

Chief Executive Officer
Age: 62
Chief Financial Officer and Executive Vice President of Financial Control
Age: 48
Executive Vice President
Age: 68
Executive Vice President
Age: 50
Executive Vice President and Director of Risk Management
Age: 56
Compensation as of Fiscal Year 2014.

Eksportfinans ASA Key Developments

Eksportfinans ASA Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Eksportfinans ASA reported unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company’s net interest income was NOK 110 million compared to NOK 146 million for the same period a year ago. Total operating loss was NOK 1,388 million compared to NOK 966 million for the same period a year ago. Pre-tax operating loss was NOK 1,419 million compared to NOK 994 million for the same period a year ago. Loss for the period was NOK 1,035 million compared to NOK 714 million for the same period a year ago. Negative return on equity was 50.4% compared to 20.0% for the same period a year ago. Net return on average assets and liabilities was 0.35% compared to 0.43% a year ago. For the nine months, the company’s net interest income was NOK 341 million compared to NOK 525 million for the same period a year ago. Total operating loss was NOK 5,623 million compared to NOK 4,411 million for the same period a year ago. Pre-tax operating loss was NOK 5,756 million compared to NOK 4,510 million for the same period a year ago. Loss for the period was NOK 4,199 million compared to NOK 3,246 million for the same period a year ago. Net cash flow from operating activities was NOK 9,433 million compared to NOK 46,404 million for the same period a year ago. Purchases of fixed assets was NOK 16 million compared to NOK 18 million for the same period a year ago. Negative return on equity was 56.4% compared to 28.2% for the same period a year ago. This change was also due to the debt- related unrealized losses. Net return on average assets and liabilities was 0.34% compared to 0.44% a year ago. The lower net interest income was a result of the lower level of interest generating assets together with reduced margins on investments. The negative figures were primarily due to the reversal of previously unrealized gains on Eksportfinans' own debt.

Eksportfinans Announces Executive Appointments

Sigurd Carlsen from Nordea is elected new Chairman of the Board of Eksportfinans. He is Chief Risk Officer in Nordea Bank Norge ASA. Member of the Board of Directors, Christian Berg, is elected new Deputy Chairman of the Board. He is a partner in HitecVision which he joined in 2012 after having been CEO of Hafslund ASA since 2006. Bjørn Berg from DNB Bank ASA is elected as new member of the Board of Directors. He is Chief Investment Officer in DNB, where he has been responsible for the bank’s shareholding in Eksportfinans.

Eksportfinans ASA Announces Executive Changes, Effective November 01, 2014

Eksportfinans' board of directors has appointed Geir Bergvoll as President and CEO of the company. Since 2008 Geir Bergvoll has been chairman of the board of directors and he will succeed Gisele Marchand with effect from November 1, 2014. The board has conducted a thorough process in order to find a new President and CEO of Eksportfinans ASA. Geir Bergvoll has substantial experience, both in Norway and internationally, from various management positions within DNB and Union Bank of Norway (Sparebanken NOR). His longstanding experience as chairman of the board of directors of Eksportfinans will secure a good continuation of the company's business.

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