Financial statements

Income statement

NOK 1 000 Note 2015 2014
 
Total interest income 5 3,879,909 4,476,095
Total interest expenses 5 -3,473,052 -4,120,722
Net interest income 406,857 355,372
 
Net gains/losses from financial instruments 6 233,848 -38,458
Net other operating income 233,848 -38,458
 
Total operating income 640,704 316,915
 
Salaries and other ordinary personnel expenses 8 -10,700 -10,224
Administration expenses 10 -10,625 -9,299
Other operating expenses 11 -9,760 -12,064
Depreciation on fixed assets and other intangible assets 13 -1,985 -1,702
Total operating expenses -33,070 -33,290
 
Operating result before losses 607,635 283,625
Write-downs on loans and guarantees 14 0 0
Pre-tax operating result 607,635 283,625
 
Taxes 12 -134,535 -78,586
Profit/loss for the year 473,100 205,039

Overview of Comprehensive Income

NOK 1 000 2015 2014
 
Profit/loss for the year 473,100 205,039
Items which will not impact the income statement in future periods:
Change in pensions for a previous period 4,700
Estimate deviation for pensions 5,685 -6,488
Tax effect of the estimate deviation -1,421 1,752
Total profit/loss accounted for in equity 4,264 -36
Total profit/loss 477,363 205,003

Balance Sheet

NOK 1 000 Note 2015 2014
 
Assets
Lending to and deposits with credit institutions 20 8,083,543 16,268,940
Norwegian Government Treasury Bills 20 8,705,692 487,553
Bonds 20 42,113,662 19,880,949
Lending to customers 14 169,338,988 161,205,282
Financial derivatives 19 40,947,743 29,746,665
Other assets 13 3,671 4,468
Total assets 269,193,299 227,593,858
 
Liabilities and equity
Liabilities
Debt incurred by issuing securities 17 218,853,602 188,719,491
Collateral received under derivatives contracts 20 36,950,453 27,181,223
Financial derivatives 19 690,315 825,043
Deferred tax 12 370,561 234,604
Tax payable 0 0
Subordinated debt 18 2,434,380 1,954,262
Other Liabilities 9 156,116 204,836
Total Liabilities 259,455,427 219,119,459
 
Equity
Paid-in equity 15 8,568,470 8,268,470
Other paid-in equity (not yet registered) 16 690,000
Accrued equity 16 374,328 2,039
Declared dividends 16 105,074 203,890
Total equity 9,737,872 8,474,399
 
Total liabilities and equity 269,193,299 227,593,858

Changes in Equity

NOK 1 000 Share capital Additional paid in equity Dividend Other paid-in equity (not yet registered) Other Equity Total Equity
 
Balance as of 31 December 2013 5,310,548 2,657,922 319,630 0 925 8,289,025
Share increase 26. February 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
Dividend paid for 2014 0 0 -203,890 0 0 -203,890
Equity increase 29. Sept. 2015 200,000 100,000 300,000
Other pad-in equity (not yet registered) 690,000 690,000
Net income for the period * 0 0 105,074 368,026 473,100
OCI - pension - annual estimate deviation 4,263 4,263
Balance as of 31 December 2015 5,710,548 2,857,922 105,074 690,000 374,328 9,737,872

* The Board has elected not to distribute all of net income as a dividend. The effect of the valuation of basis swaps of NOK 374 million (after tax) is not paid out but added to Other Equity.


Cash Flow Statement

NOK 1 000 2015 2014
 
Cash flows from operations
Interest received 3,784,335 4,217,076
Paid expenses. operations -27,767 -34,248
Paid tax 0 -20,537
Net cash flow relating to operations 3,756,568 4,162,291
 
Cash flows from investments
Net purchase of loan portfolio -8,168,134 13,547,291
Net payments on the acquisition of government bills -8,214,730 773,608
Net payments on the acquisition of bonds -21,073,393 -13,810,924
Net investments in intangible assets -1,054 -1,603
Net cash flows relating to investments -37,457,311 508,372
 
Cash flows from funding activities
Net receipt/payment from the issuance of certificates -749,970 -2,649,531
Net receipt/payment from the issuance of bonds 19,811,929 -8,996,950
Net receipt/payment from the issuance of subordinated debt 480,000 1,950,000
Net receipt/payment of loans to credit institutions 8,412,189 13,456,060
Equity capital subscription 990,000 300,000
Paid dividend -203,890 -319,630
Net interest payments on funding activity -3,433,837 -3,892,809
Net cash flow relating to funding activities 25,306,422 -152,859
 
Net cash flow in the period -8,394,321 4,517,804
 
Balance of cash and cash equivalents Jan 1. 2014 16,268,940 11,882,469
Net receipt/payments on cash -8,394,321 4,517,804
Exchange rate difference 208,925 -131,332
Balance of cash and cash equivalents Dec 31. 2014 8,083,543 16,268,940

Quarterly income statement

NOK 1 000 4th Quarter 2015 3rd Quarter 2015 2nd Quarter 2015 1st Quarter 2015 4th Quarter 2014
 
Total interest income 933,888 953,317 985,788 1,006,916 1,089,772
Total interest expenses -838,460 -840,875 -889,343 -904,375 -990,434
Net interest income 95,428 112,442 96,446 102,541 99,337
Net gains/losses from financial instruments 18,482 8,027 -18,586 225,925 24,242
Net other operating income 18,482 8,027 -18,586 225,925 24,242
Total operating income 113,910 120,469 77,860 328,467 123,579
Salaries and other ordinary personnel expenses -3,622 -2,409 -2,075 -2,594 -2,200
Administration expenses -2,961 -2,419 -2,578 -2,667 -2,632
Other operating expenses -3,003 -2,429 -1,904 -2,423 -3,308
Depreciation on fixed assets and other intangible assets -438 -488 -547 -512 -476
Total operating expenses -10,025 -7,745 -7,104 -8,196 -8,617
Operating result before losses 103,885 112,724 70,756 320,271 114,962
Write-downs on loans and guarantees 0 0 0 0 0
Pre-tax operating result 103,885 112,724 70,756 320,271 114,962
Taxes 1,477 -30,435 -19,104 -86,473 -33,047
Profit/loss for the year 105,362 82,288 51,652 233,798 81,915
Other income and expense 4,264 0 0 0 -36
Total Profit/Loss 109,626 82,288 51,652 233,798 81,879

Quarterly balance sheets

NOK 1 000 4th Quarter 2015 3rd Quarter 2015 2nd Quarter 2015 1st Quarter 2015 4th Quarter 2014
 
Assets
Lending to and deposits with credit institutions 8,083,543 16,896,170 13,049,194 14,824,479 16,268,940
Norwegian Government Treasury Bills 8,705,692 0 19,926 248,200 487,553
Bonds 42,113,662 28,522,929 16,361,109 19,680,901 19,880,949
Lending to customers 169,338,988 166,201,206 161,072,171 163,915,020 161,205,282
Financial derivatives 40,947,743 37,885,017 27,178,048 29,953,871 29,746,665
Other assets 3,671 4,692 3,696 2,631 4,468
Total assets 269,193,299 249,510,013 217,684,144 228,625,101 227,593,858
 
Liabilities and equity
Liabilities
Debt incurred by issuing securities 218,853,602 201,403,517 181,577,042 191,054,848 188,719,491
Collateral received under derivatives contracts 36,950,453 35,800,968 24,404,974 25,767,483 27,181,223
Financial derivatives 690,315 392,999 682,483 622,647 825,043
Deferred tax 370,561 234,604 234,604 234,604 234,604
Tax payable 0 0 0 0 0
Subordinated debt 2,434,380 2,434,246 1,953,999 1,954,021 1,954,262
Other Liabilities 156,116 305,434 275,084 283,302 204,836
Total Liabilities 259,455,427 240,571,767 209,128,186 219,916,905 219,119,459
 
Equity
Contributed equity 8,568,470 8,268,470 8,268,470 8,268,470 8,268,470
Other paid in equity (not yet registered) 690,000 300,000 0 0 0
Accrued equity 374,328 2,039 2,039 2,039 2,039
Net profit 0 367,738 285,449 233,798 0
Declared dividends 105,074 0 0 203,890 203,890
Total equity 9,737,872 8,938,246 8,503,595 8,708,196 8,474,399
Total liabilities and equity 269,193,299 249,510,013 217,612,414 228,625,101 227,593,858

Auditor's statement

Download the auditor's statement here