Result for the fourth quarter 2023 

Oslo, 14 February 2024 – Kredinor AS today announced its interim report for the fourth quarter and the year-end results of 2023. The quarter was weak for Kredinor, mainly due to high cost. At the same time, collection performance improved to 102,8% in Q4, up from 90% in Q3 2023 and 101% in Q4 2022. 

The improved collection performance in Q4 is mainly explained by the write-down of MNOK 180 in the previous quarter.
– Still, I am truly glad to see that one of our most important indicators of healthy collection results is improving. This is something we aim to continue improving, says Kredinor CEO Rolf Eek-Johansen. 

He continues: – It is important to emphasize that we are not satisfied with our performance in Q4 and for the full year. The EBT of MNOK -127 in Q4 has to be improved.   

An important milestone from Q4 is that constructive dialogue with banking syndicate and owners resulted in covenant amendments, extension of RCF to November 2025 and a new subordinated PIK loan of MNOK 675. 

– It is reassuring to know that our owners stand with us through challenging times. The work we did in Q4 lays out the foundation for Kredinor going forward, says Eek-Johansen. 

Financial highlights of Q4 and FY 2023: 

  • Cash revenues in Q4 was MNOK 577 (MNOK 572 in Q3 2023) and MNOK 2299 FY 2023 (2017 in 2022). 
  • EBT was MNOK -127 in Q4 (-206) and MNOK -501 FY 2023 (-70). 
  • Cash EBITDA was MNOK 236 in Q4 (240) and MNOK 1158 FY 2023 (995). 


Operational revenues grew from MNOK 358 in Q4 2022 to MNOK 363 in Q4 2023. For the full year 2023 was operational revenues MNOK 1453 (MNOK 1349). 


(Please note that references to FY 2022 figures refer to pro forma numbers for comparative purposes. These have not been audited.) 



Kredinor CEO Rolf Eek-Johansen says that it is good to see that the revenues are improving despite challenging times. 

– The recent period has been demanding, with high interest rates and inflation, which particularly affects us on the cost side. Prospect of lower interest rates are positive for the industry as a whole, but at the same time, competition is intensifying. It is the truly good players that will perform the best. Therefore, Kredinor aims to be the best in operational efficiency in the industry and keep focus on the core business going forward.