--- title: Financial statements --- ## Income Statement as of March 31. 2015 | NOK 1 000 | Note | 31.03.2015 | 31.03.2014 | 2014 | | --- | --- | --- | --- | --- | |   | | | | | | Total interest income | 2 | 1,006,916 | 1,123,453 | 4,476,095 | | Total interest expenses | 2 | -904,375 | -1,032,754 | -4,120,722 | | Net interest income |   | 102,541 | 90,699 | 355,372 | |   | | | | | | Net gains/losses from financial instruments | 3 | 225,925 | -28,287 | -38,458 | | Net other operating income |   | 225,925 | -28,287 | -38,458 | |   | | | | | | Total operating income |   | 328,467 | 62,412 | 316,915 | |   | | | | | | Salaries and other ordinary personnel expenses | 4 | -2,594 | -2,463 | -10,224 | | Administration expenses | 5 | -2,667 | -2,359 | -9,299 | | Other operating expenses | 6 | -2,423 | -3,450 | -12,064 | | Depreciation/Amortization |   | -512 | -390 | -1,702 | | Total operating expenses |   | -8,196 | -8,663 | -33,290 | |   | | | | | | Net profit before impairment losses |   | 320,271 | 53,750 | 283,625 | | Write-downs on loans and guarantees | 8 | 0 | 0 | 0 | | Pre-tax operating result |   | 320,271 | 53,750 | 283,625 | |   | | | | | | Tax expense |   | -86,473 | -14,512 | -78,586 | | Net profit for the period |   | 233,798 | 39,237 | 205,039 | --- ## Statement of Comprehensive Income as of March 31. 2015 | NOK 1 000 |   | 31.03.2015 | 31.03.2014 | 2014 | | --- | --- | --- | --- | --- | |   | | | | | | Profit/loss for the year |   | 233,798 | 39,237 | 205,039 | | Items which will not impact the income statement in future periods: |   | - |   |   | | Change in pension expense for an earlier period |   | - | 4,700 | 4,700 | | Estimate change for pension expense |   | - | - | -6,488 | | Tax effect of the estimate change |   | - | - | 1,752 | | Total profit/loss accounted for in equity |   | - | 4,700 | -4,736 | | Total profit/loss |   | 233,798 | 43,937 | 200,303 | --- ## Balance Sheet as of March 31. 2015 | NOK 1 000 | Note | 31.03.2015 | 31.03.2014 | 2014 | | --- | --- | --- | --- | --- | |   | | | | | | Assets |   |   |   |   | | Lending to and deposits with credit institutions | 13,14 | 14,824,479 | 10,545,177 | 16,268,940 | | Norwegian Government Treasury Bills | 13,14 | 248,200 | 967,828 | 487,553 | | Bonds | 13,14 | 19,680,901 | 4,891,483 | 19,880,949 | | Lending to customers | 8 | 163,915,020 | 175,315,196 | 161,205,282 | | Financial derivatives | 12,13,14 | 29,953,871 | 11,986,042 | 29,746,665 | | Other assets | 7 | 2,631 | 8,845 | 4,468 | | Total assets |   | 228,625,101 | 203,714,573 | 227,593,858 | |   | | | | | | Liabilities and equity |   |   |   |   | | Liabilities |   |   |   |   | | Debt incurred by issuing securities | 10,13,14 | 191,054,848 | 181,362,838 | 188,719,491 | | Collateral received under derivatives contracts | 21 | 25,767,483 | 8,977,523 | 27,181,223 | | Financial derivatives | 12,13,14 | 622,647 | 761,473 | 825,043 | | Deferred tax |   | 234,604 | 157,770 | 234,604 | | Tax payable |   | - | 20,537 | - | | Subordinated debt | 11 | 1,954,021 | 1,604,400 | 1,954,262 | | Other liabilities | 16 | 283,302 | 2,197,068 | 204,836 | | Total liabilities |   | 219,916,905 | 195,081,609 | 219,119,459 | |   | | | | | | Equity |   |   |   |   | | Paid in equity capital |   | 8,268,470 | 7,968,470 | 8,268,470 | | Other paid in equity (not yet registered) |   | - | 300,000 | - | | Accrued equity |   | 2,039 | 5,626 | 2,039 | | Net profit |   | 233,798 | 39,237 | 0 | | Declared dividend |   | 203,890 | 319,630 | 203,890 | | Total equity |   | 8,708,196 | 8,632,964 | 8,474,399 | |   | | | | | | Total liabilites and equity |   | 228,625,101 | 203,714,573 | 227,593,858 | --- ## Statement of changes in equity | NOK 1 000 | Share capital | Premium | Dividend | Fund for unrealized profits | Other equity | Total equity | | --- | --- | --- | --- | --- | --- | --- | |   | | | | | | | | Balance as of December 31. 2013 | 5,310,548 | 2,657,922 | 319,630 | - | 925 | 8,289,025 | | Share increase February 26. 2014 | 200,000 | 100,000 | - | - | - | 300,000 | | Dividend 2013 | - | - | -319,630 | - | - | -319,630 | | Result for the period | - | - | 203,890 | - | 1,149 | 205,039 | | Change in pension expense for an earlier period | - | - | - | - | 4,700 | 4,700 | | OCI - pension - estimate change | - | - | - | - | -4,736 | -4,736 | | Balance as of December 31. 2014 | 5,510,548 | 2,757,922 | 203,890 | - | 2,038 | 8,474,399 | | Result for the period | - | - | - | - | 233,798 | 233,798 | | Balance as of March 31. 2014 | 5,510,548 | 2,757,922 | 203,890 | - | 235,836 | 8,708,196 | --- ## Cash flow statement | NOK 1 000 | 31.03.2015 | 31.03.2014 | 2014 | | --- | --- | --- | --- | |   | | | | | Cash flows from operations |   |   |   | | Interest received | 1,427,659 | 1,419,325 | 4,217,076 | | Payments for operations | -6,254 | -14,426 | -34,248 | | Paid tax | 0 | 0 | -20,537 | | Net cash flow relating to operations | 1,421,406 | 1,404,899 | 4,162,291 | |   | | | | | Cash flows from investments |   |   |   | | Net purchase of loan portfolio | -2,721,174 | -527,294 | 13,547,291 | | Net payments on the acquisition of government bills | 238,383 | 294,845 | 773,608 | | Net payments on the acquisition of bonds | -865 | 568,076 | -13,810,924 | | Net investments in intangible assets | -241 | 0 | -1,603 | | Net cash flows relating to investments | -2,483,897 | 335,627 | 508,372 | |   | | | | | Cash flows from funding activities |   |   |   | | Net receipt/payment from the issuance of certificates | -749,970 | -174,833 | -2,649,531 | | Net receipt/payment from the issuance of bonds | 3,115,228 | -901,923 | -8,996,950 | | Net receipt/payment from the issuance additional Tier 1 capital | 0 | 1,600,000 | 1,950,000 | | Net receipt/payment from the issuance of loans to credit institutions | -1,674,472 | -2,595,016 | 13,456,060 | | Equity capital subscription | 0 | 300,000 | 300,000 | | Paid dividend | 0 | 0 | -319,630 | | Net interest payments on funding activity | -1,385,669 | -1,306,772 | -3,892,809 | | Net cash flow relating to funding activities | -694,883 | -3,078,544 | -152,859 | |   | | | | | Net cash flow in the period | -1,757,374 | -1,338,018 | 4,517,804 | |   | | | | | Balance of cash and cash equivalents beginning of period | 16,268,940 | 11,882,469 | 11,882,469 | | Net receipt/payments on cash | -1,757,374 | -1,338,018 | 4,517,804 | | Exchange rate difference | 312,912 | 726 | -131,332 | | Balance of cash and cash equivalents end of period | 14,824,479 | 10,545,177 | 16,268,940 | ---