Financial statements

Income statement

NOK 1 000 Note 2014 2013
 
Total interest income 5 4,476,095 4,682,822
Total interest expenses 5 -4,120,722 -4,387,634
Net interest income 355,372 295,188
 
Net gains/losses from financial instruments 6 -38,458 36,906
Net other operating income -38,458 36,906
 
Total operating income 316,915 332,094
 
Salaries and other ordinary personnel expenses 8 -10,224 -10,033
Administration expenses 10 -9,299 -10,318
Other operating expenses 11 -12,064 -9,374
Depreciation on fixed assets and other intangible assets 13 -1,702 -1,706
Total operating expenses -33,290 -31,430
 
Operating result before losses 283,625 300,664
Write-downs on loans and guarantees 14 0 0
Pre-tax operating result 283,625 300,664
 
Taxes 12 -78,586 -77,753
Profit/loss for the year 205,039 222,911

Statement of comprehensive income 2014

NOK 1 000 2014 2013
 
Profit/loss for the year 205,039 222,911
Items which will not impact the income statement in future periods:
Change in pensions for a previous period 4,700 0
Estimate deviation for pensions -6,488 -563
Tax effect of the estimate deviation 1,752 158
Total profit/loss accounted for in equity -4,736 -405
Total profit/loss 200,303 222,506
 

Balance sheet 2014

NOK 1 000 Note 2014 2013
 
Assets
Lending to and deposits with credit institutions 20 16,268,940 11,882,469
Norwegian Government Treasury Bills 20 487,553 1,261,795
Bonds 20 19,880,949 5,476,099
Lending to customers 14 161,205,282 174,781,222
Financial derivatives 19 29,746,665 12,760,351
Other assets 13 4,468 4,164
Total assets 227,593,858 206,166,101
 
Liabilities and equity
Liabilities
Debt incurred by issuing securities 17 188,719,491 183,146,411
Collateral received under derivatives contracts 33 27,181,223 10,611,584
Financial derivatives 19 825,043 797,417
Deferred tax 12 234,604 178,307
Tax payable 12 0 0
Subordinated debt 18 1,954,262 0
Other Liabilities 23 204,836 3,143,356
Total Liabilities 219,119,459 197,877,075
 
Equity
Contributed equity 15 8,268,470 7,968,470
Accrued equity 16 2,039 925
Declared dividends 16 203,890 319,630
Total equity 8,474,399 8,289,025
 
Total liabilities and equity 227,593,858 206,166,101

Changes in equity

NOK 1 000 Share capital Premium Proposed dividend Fund for unrealized gain Other equity Total equity
 
Balance as of 31 December 2012 5,030,548 2,517,922 145,886 97,072 978 7,792,406
Share increase 8. April 2013 280,000 140,000 0 0 0 420,000
Dividend paid for 2012 0 0 -145,886 0 0 -145,886
Net income for the period 0 0 319,630 -97,072 353 222,911
OCI - pension - annual estimate deviation 0 0 0 0 -405 -405
Balance as of 31 December 2013 5,310,548 2,657,922 319,630 0 925 8,289,025
Share increase 26. februar 2014 200,000 100,000 0 0 0 300,000
Dividend paid for 2013 0 0 -319,630 0 0 -319,630
Net income for the period 0 0 203,890 0 1,149 205,039
Change in pension for a previous period 0 0 0 0 4,700 4,700
OCI - pension - annual estimate deviation 0 0 0 0 -4,736 -4,736
Balance as of 31 December 2014 5,510,548 2,757,922 203,890 0 2,038 8,474,399

Statement of cash flows

NOK 1 000 2014 2013
 
Cash flows from operations
Interest received 4,217,076 4,626,878
Paid expenses. operations -34,248 -37,484
Paid tax -20,537 0
Net cash flow relating to operations 4,162,291 4,589,394
 
Cash flows from investments
Net purchase of loan portfolio 13,547,291 -14,522,291
Net payments on the acquisition of government bills 773,608 542,536
Net payments on the acquisition of bonds -13,810,924 7,292,705
Net investments in intangible assets -1,603 -2,672
Net cash flows relating to investments 508,372 -6,689,721
 
Cash flows from funding activities
Net receipt/payment from the issuance of certificates -2,649,531 -619,108
Net receipt/payment from the issuance of bonds -8,996,950 3,386,095
Net receipt/payment from the issuance of subordinated debt 1,950,000 0
Net receipt/payment of loans to credit institutions 13,456,060 9,178,564
Equity capital subscription 300,000 420,000
Paid dividend -319,630 -145,886
Net interest payments on funding activity -3,892,809 -4,283,351
Net cash flow relating to funding activities -152,859 7,936,313
 
Net cash flow in the period 4,517,804 5,835,986
 
Balance of cash and cash equivalents Jan 1. 2014 11,882,469 6,036,499
Net receipt/payments on cash 4,517,804 5,835,987
Exchange rate difference -131,332 9,983
Balance of cash and cash equivalents Dec 31. 2014 16,268,940 11,882,469

Quarterly income statement

NOK 1 000 4th Quarter 2014 3rd Quarter 2014 2nd Quarter 2014 1st Quarter 2014 4th Quarter 2013
 
Total interest income 1,089,772 1,126,351 1,136,519 1,123,453 1,158,905
Total interest expenses -990,434 -1,032,591 -1,064,944 -1,032,754 -1,055,943
Net interest income 99,337 93,761 71,575 90,699 102,963
Net gains/losses from financial instruments 24,242 -4,369 -30,043 -28,287 18,378
Net other operating income 24,242 -4,369 -30,043 -28,287 18,378
Total operating income 123,579 89,392 41,532 62,412 121,341
Salaries and other ordinary personnel expenses -2,200 -3,145 -2,416 -2,463 -2,437
Administration expenses -2,632 -2,270 -2,038 -2,359 -4,047
Other operating expenses -3,308 -3,565 -1,741 -3,450 -2,249
Depreciation on fixed assets and other intangible assets -476 -437 -399 -390 -391
Total operating expenses -8,617 -9,417 -6,593 -8,663 -9,123
Operating result before losses 114,962 79,975 34,939 53,750 112,218
Write-downs on loans and guarantees 0 0 0 0 0
Pre-tax operating result 114,962 79,975 34,939 53,750 112,218
Taxes -33,047 -21,593 -9,434 -14,512 -24,988
Profit/loss for the year 81,915 58,381 25,505 39,238 87,230
Other income and expense -36 -4,700 0 4,700 -405
Total Profit/Loss 81,879 53,681 25,506 43,937 86,825

Quarterly balance sheets

NOK 1 000 4th Quarter 2014 3rd Quarter 2014 2nd Quarter 2014 1st Quarter 2014 4th Quarter 2013
 
Assets
Lending to and deposits with credit institutions 16,268,940 9,637,332 12,569,541 10,545,177 11,882,469
Norwegian Government Treasury Bills 487,553 297,525 1,189,286 967,828 1,261,795
Bonds 19,880,949 13,734,034 10,895,277 4,891,483 5,476,099
Lending to customers 161,205,282 159,820,373 159,444,399 175,315,196 174,781,222
Financial derivatives 29,746,665 14,803,363 15,736,719 11,986,042 12,760,351
Other assets 4,468 4,424 2,536 8,845 4,164
Total assets 227,593,858 198,297,051 199,837,758 203,714,573 206,166,101
 
Liabilities and equity
Liabilities
Debt incurred by issuing securities 188,719,491 173,041,757 174,164,672 181,362,838 183,146,411
Collateral received under derivatives contracts 27,181,223 11,921,491 12,337,063 8,977,523 10,611,584
Financial derivatives 825,043 769,378 718,770 761,473 797,417
Deferred tax 234,604 157,770 157,770 157,770 178,307
Tax payable 0 0 0 20,537 0
Subordinated debt 1,954,262 1,954,337 1,954,120 1,604,400 0
Other Liabilities 204,836 2,055,098 2,166,524 2,197,068 3,143,356
Total Liabilities 219,119,459 189,899,831 191,498,919 195,081,609 197,877,075
 
Equity
Contributed equity 8,268,470 8,268,470 8,268,470 8,268,470 7,968,470
Accrued equity 2,039 5,626 5,626 5,626 925
Net Income 0 123,124 64,743 39,237
Declared dividends 203,890 0 0 319,630 319,630
Total equity 8,474,399 8,397,220 8,338,839 8,632,964 8,289,025
Total liabilities and equity 227,593,858 198,297,051 199,837,758 203,714,573 206,166,101
 
Key Figures
Number of shares 55,105,482 55,105,482 55,105,482 53,105,480 53,105,480
Result per share 1.49 0.97 0.46 0.82 1.64

Auditor's statement

Download the auditor's statement here