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