Financial statements

Income Statement 1st Quarter 2014

NOK 1 000 Note 31.03.14 31.03.13 2013
 
Total interest income 2 1,123,453 1,163,267 4,682,822
Total interest expenses 2 -1,032,754 -1,089,274 -4,387,634
Net interest income 90,699 73,993 295,188
 
Net gains/losses from financial instruments 3 -28,287 25,768 36,906
Net other operating income -28,287 25,768 36,906
 
Total operating income 62,412 99,762 332,094
 
Salaries and other ordinary personnel expenses 4 -2,463 -2,613 -10,033
Administration expenses 5 -2,359 -1,375 -10,318
Other operating expenses 6 -3,450 -3,416 -9,374
Depreciation/Amortization -390 -438 -1,706
Total operating expenses -8,663 -7,842 -31,430
 
Net profit before impairment losses 53,750 91,920 300,664
Write-downs on loans and guarantees 8 0 0
Pre-tax operating result 53,750 91,920 300,664
 
Tax expense -14,512 -25,737 -77,753
Net profit for the period 39,237 66,182 222,911
 

Statement of Comprehensive Income 1st Quarter 2014

NOK 1 000 31.03.14 31.03.13 2013
 
Profit/loss for the year 39,237 66,182 222,911
Items which will not impact the income statement in future periods:
Estimate deviation for pensions 4,700 0 -563
Tax effect of the estimate deviation 0 0 158
Total profit/loss accounted for in equity 4,700 0 -405
Total profit/loss 43,937 66,182 222,506
 
Allocation of the profit/loss:
Declared dividend 0 0 319,630
Other Equity 43,937 66,182 -97,124
Total allocation 43,937 66,182 222,506

Balance Sheet 1st Quarter 2014

NOK 1 000 Note 31.03.14 31.03.13 2013
 
Assets
Lending to and deposits with credit institutions 12,13 10,545,177 4,677,406 11,882,469
Norwegian Government Treasury Bills 12, 13 967,828 1,612,305 1,261,795
Bonds 12, 13 4,891,483 12,612,044 5,476,099
Lending to customers 8 175,315,196 164,866,968 174,781,222
Financial derivatives 11, 12, 13 11,986,042 6,651,730 12,760,351
Other assets 7 8,845 3,515 4,164
Total assets 203,714,573 190,423,968 206,166,101
 
Liabilities and equity
Liabilities
Debt incurred by issuing securities 9, 12, 13 181,362,838 174,827,620 183,146,411
Collateral received under derivatives contracts 20 8,977,523 3,361,575 10,611,584
Financial derivatives 11, 12, 13 761,473 2,514,262 797,417
Deferred tax Legge note på 80,017 100,712 178,307
Tax payable 20,537 0 0
Additional Tier 1 capital 10 1,604,400 0 0
Other Liabilities 15 2,274,821 1,761,209 3,143,356
Total liabilities 195,081,609 182,565,378 197,877,075
 
Equity
Paid in equity capital 7,968,470 7,548,470 7,968,470
Other paid in equity (not yet registered) 300,000 0
Accrued equity 5,626 98,050 18,450
Net profit 39,237 66,182
Declared dividend 319,630 145,886 302,105
Total equity 8,632,964 7,858,589 8,289,025
Total liabilites and equity 203,714,573 190,423,968 206,166,101
 

Statement of 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 08 April 2013 280,000 140,000 0 0 0 420,000
Dividend 2012 0 0 -145,886 0 0 -145,886
Result for the period 0 0 319,630 -97,072 353 222,911
OCI - pension - deviation from estimate 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. February 2014 300,000 300,000
Result for the period 39,237 39,237
OCI - pension - deviation from estimate 4,700 4,700
Balance as of 31 March 2014 5,310,548 2,657,922 319,630 0 344,863 8,632,964

Cash Flow Statement

NOK 1 000 31.03.14 31.03.13 2013
 
Cash flows from operations
Interest received 1,419,325 1,186,416 4,626,878
Payments for operations -14,426 -7,374 -37,484
Paid tax 0 0 0
Net cash flow relating to operations 1,404,899 1,179,042 4,589,394
 
Cash flows from investments
Net purchase of loan portfolio -527,294 -4,599,717 -14,522,291
Net payments on the acquisition of government bills 294,845 198,360 542,536
Net payments on the acquisition of bonds 568,076 -21,523 7,292,705
Net investments in intangible assets 0 0 -2,672
Net cash flows relating to investments 335,627 -4,422,880 -6,689,721
 
Cash flows from funding activities
Net receipt/payment from the issuance of certificates -174,833 465,317 -619,108
Net receipt/payment from the issuance of bonds -901,923 2,079,471 3,386,095
Net receipt/payment from the issuance additional Tier 1 capital 1,600,000 0 0
Net receipt/payment from the issuance of loans to credit institutions -2,595,016 513,841 9,178,564
Equity capital subscription 300,000 0 420,000
Paid dividend 0 0 -145,886
Net interest payments on funding activity -1,306,772 -1,170,758 -4,283,351
Net cash flow relating to funding activities -3,078,544 1,887,872 7,936,313
 
Net cash flow in the period -1,338,018 -1,355,966 5,835,986
 
Balance of cash and cash equivalents beginning of period 11,882,469 6,036,499 6,036,499
Net receipt/payments on cash -1,338,018 -1,355,966 5,835,987
Exchange rate difference 726 -3,127 9,983
Balance of cash and cash equivalents end of period 10,545,177 4,677,406 11,882,469