Financial statements

Income Statement

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

Statement of Comprehensive Income

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

Balance Sheet

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

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 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

Cash Flow Statement

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