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 |