Financial statements

NOK 1 000	Note	31.03.16	31.03.15	2015

Total interest income	2	958,801	1,006,916	3,879,909
Total interest expenses	2	-846,342	-904,375	-3,473,052
Net interest income		112,459	102,541	406,857

Net gains/losses from financial instruments	3	34,927	225,925	233,848
Net other operating income		34,927	225,925	233,848

Total operating income		147,386	328,467	640,704
Salaries and other ordinary personnel expenses	4	-3,100	-2,594	-10,700
Administration expenses	5	-2,722	-2,667	-10,625
Other operating expenses	6	-1,635	-2,423	-9,760
Depreciation/Amortization		-400	-512	-1,985
Total operating expenses		-7,857	-8,196	-33,070

Net profit before impairment losses		139,529	320,271	607,635
Write-downs on loans and guarantees	8	0	0	0
Pre-tax operating result		139,529	320,271	607,635

Tax expense		-34,882	-86,473	-134,535
Net profit for the period		104,647	233,798	473,100

NOK 1 000	31.03.16	31.03.15	2015

Profit/loss for the year	104,647	233,798	473,100
Items which will not impact the income statement in future periods:
Change in pension expense for an earlier period	0	0
Estimate change for pension expense	0	0	5,685
Tax effect of the estimate change	0	0	-1,421
Total profit/loss accounted for in equity	0	0	4,264
Total profit/loss	104,647	233,798	477,363

NOK 1 000	Note	31.03.16	31.03.15	2015

Assets
Lending to and deposits with credit institutions	13	11,442,842	14,824,479	8,083,543
Norwegian Government Treasury Bills	13	2,833,598	248,200	8,705,692
Bonds	13	45,244,165	19,680,901	42,113,662
Lending to customers	8	172,626,527	163,915,020	169,338,988
Financial derivatives	12	36,047,126	29,953,871	40,947,743
Other assets	7	2,571	2,631	3,671
Total assets		268,196,829	228,625,101	269,193,299

Liabilities and equity
Liabilities
Debt incurred by issuing securities	10	220,439,708	191,054,848	218,853,602
Collateral received under derivatives contracts	21	34,494,554	25,767,483	36,950,453
Financial derivatives	12	428,169	622,647	690,315
Deferred tax		370,561	234,604	370,561
Tax payable		34,882	0	0
Subordinated debt	11	2,434,192	1,954,021	2,434,380
Other Liabilities	16	152,245	283,302	156,116
Total liabilities		258,354,311	219,916,905	259,455,427

Equity
Paid in equity capital		9,258,470	8,268,470	8,568,470
Other paid in equity (not yet registered)		0	0	690,000
Accrued equity		374,328	2,039	374,328
Net profit		104,647	233,798
Declared dividend		105,074	203,890	105,074
Total equity		9,842,519	8,708,196	9,737,872
Total liabilites and equity		268,196,829	228,625,101	269,193,299

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	0	925	8,289,025
Share increase February 26	200,000	100,000	0	0	0	300,000
Dividend 2013	0	0	-319,630	0	0	-319,630
Result for the period	0	0	203,890	0	1,149	205,039
Change in pension expense for an earlier period	0	0	0	0	4,700	4,700
OCI - pension - estimate change	0	0	0	0	-4,736	-4,736
Balance as of December 31. 2014	5,510,548	2,757,922	203,890	0	2,038	8,474,399
Dividend 2014	0	0	-203,890	0	0	-203,890
Share increase September 29	200,000	100,000	0	0	0	300,000
Share increase December 22 (not yet registered)	0	0	0	690,000	0	690,000
Result for the period	0	0	105,074	0	368,026	473,100
OCI - pension - estimate change	0	0	0	0	4,263	4,263
Balance as of December 31. 2015	5,710,548	2,857,922	105,074	690,000	374,328	9,737,872
Regsitration of share increase (from Dec. 22. 2015)	460,000	230,000	0	-690,000	0	0
Result for the period	0	0	0	0	104,647	104,647
Balance as of March 31. 2016	6,170,548	3,087,922	105,074	0	478,975	9,842,519

NOK 1 000	31.03.2016	31.03.15	2015

Cash flows from operations
Interest received	1,374,833	1,427,659	3,784,335
Paid expences. operations	-9,506	-6,254	-27,767
Paid tax	0	0	0
Net cash flow relating to operations	1,365,327	1,421,406	3,756,568

Cash flows from investments
Net purchase of loan portfolio	-3,287,075	-2,721,174	-8,168,134
Net payments on the acquisition of government bills	5,868,257	238,383	-8,214,730
Net payments on the acquisition of bonds	-4,567,902	-865	-21,073,393
Net investments in intangible assets	-1,054	-241	-1,054
Net cash flows relating to investments	-1,987,774	-2,483,897	-37,457,311

Cash flows from funding activities
Net receipt/payment from the issuance of certificates	0	-749,970	-749,970
Net receipt/payment from the issuance of bonds	6,292,347	3,115,228	19,811,929
Net receipt/payment from the issuance subordinated debt	0	0	480,000
Net receipt/payment from the issuance of loans to credit institutions	-945,706	-1,674,472	8,412,189
Equity capital subscription	0	0	990,000
Paid dividend	0	0	-203,890
Net interest payments on funding activity	-1,331,798	-1,385,669	-3,433,837
Net cash flow relating to funding activities	4,014,844	-694,883	25,306,422

Net cash flow in the period	3,392,397	-1,757,374	-8,394,321

Balance of cash and cash equivalents beginning of period	8,083,543	16,268,940	16,268,940

Net receipt/payments on cash	3,392,397	-1,757,374	-8,394,321
Exchange rate difference	-33,098	312,912	208,925
Balance of cash and cash equivalents end of period	11,442,842	14,824,479	8,083,543

Boligkreditt