Financial statements

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

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

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

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

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

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

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

Boligkreditt

Financial statements

Income statement

Statement of comprehensive income 2014

Balance sheet 2014

Changes in equity

Statement of cash flows

Quarterly income statement

Quarterly balance sheets

Auditor's statement