Financial statements

Income Statement

NOK 1 000 Note 01.01.2017 - 31.03.2017 01.01.2016 - 31.03.2016 2016
 
Total interest income 2 937,419 958,801 3,797,962
Total interest expenses 2 -847,140 -846,342 -3,386,965
Net interest income 90,278 112,459 410,997
 
Net gains/losses from financial instruments 3 -250,917 34,927 -521,993
Net other operating income -250,917 34,927 -521,993
 
Total operating income -160,639 147,386 -110,996
 
Salaries and other ordinary personnel expenses 4 -3,389 -3,100 -11,409
Administration expenses 5 -2,555 -2,722 -10,247
Other operating expenses 6 -2,335 -1,635 -12,315
Depreciation on fixed assets and other intangible assets -246 -400 -1,367
Total operating expenses -8,525 -7,857 -35,338
 
Operating result before losses -169,164 139,529 -146,334
Write-downs on loans and guarantees 0 0
Pre-tax operating result -169,164 139,529 -146,334
 
Taxes 42,291 -34,882 36,583
Profit/loss for the year -126,873 104,647 -109,751

Overview of Comprehensive Income

NOK 1 000 Note 01.01.2017 - 31.03.2017 01.01.2016 - 31.03.2016 2016
 
Profit/loss for the year -126,873 104,647 -
Items which will not impact the income statement in future periods:
Change in pensions for a previous period
Estimate deviation for pensions - - -1,054
Tax effect of the estimate deviation - - 264
Total profit/loss accounted for in equity - - -791
Total profit/loss -126,873 104,647 -791

Balance Sheet

NOK 1 000 Note 31.03.2017 31.03.2016 2016
 
Assets
Lending to and deposits with credit institutions 13 8,251,587 11,442,842 8,129,096
Norwegian Government Treasury Bills 13 395,059 2,833,598 1,948,409
Bonds 13 39,834,119 45,244,165 40,558,209
Lending to customers 8 175,654,209 172,626,527 174,463,203
Financial derivatives 12 25,160,358 36,047,126 27,150,388
Defered tax asset 3,005 0 0
Other assets 7 1,703 2,571 1,543
Total assets 249,300,040 268,196,829 252,250,848
 
Liabilities and equity
Liabilities
Debt incurred by issuing securities 10 212,822,181 220,439,708 213,056,583
Collateral received under derivatives contracts 20 22,005,476 34,494,554 24,304,397
Financial derivatives 12 1,514,308 428,169 1,781,221
Deferred tax 208,816 370,561 208,816
Tax payable 124,898 34,882 124,898
Subordinated debt 11 1,603,633 2,434,192 1,603,778
Other Liabilities 16 104,359 152,245 117,865
Total Liabilities 238,383,671 258,354,310 241,197,558
 
Equity
Paid-in equity 9,708,470 9,258,470 9,498,470
Other paid-in equity (not yet registered) 0 0 210,000
Hybrid capital 1,070,986 0 1,081,034
Accrued equity 149,836 374,328 149,836
Net profit -126,873 104,647 0
Declared dividends 113,950 105,074 113,950
Total equity 10,916,369 9,842,519 11,053,290
 
Total liabilities and equity 249,300,040 268,196,829 252,250,848

Changes in Equity

NOK 1 000 Share capital Additional paid in equity Dividend Other paid-in equity (not yet registered) Other Equity Hybrid capital Total Equity
 
Balance as of 31 December 2015 5,710,548 2,857,922 105,074 690,000 374,328 - 9,737,872
Registration of share increase (from 22 December 2015) 460,000 230,000 - -690,000 - - -
Dividend 2015 - - -105,074 - - - -105,074
Share increase 29 June 2016 160,000 80,000 - - - - 240,000
Share increase 28 December 2016 (not yet registered) - - - 210,000 - - 210,000
Net income for the period * - - - - -109,751 - -109,751
Proposed dividend for 2016 - - 113,950 - -113,950 - -
OCI - pension - annual estimate deviation - - - - -791 - -791
Reclassification of hybrid capital as of 31 December 2016 - - - - - 1,081,034 1,081,034
Balance as of 31 December 2016 6,330,548 3,167,922 113,950 210,000 149,836 1,081,034 11,053,290
Registration of share increase (from 28 December 2016) 140,000 70,000 - -210,000 - - -
Net income for the period - - - - -126,873 - -126,873
Paid interest on hybrid capital - - - - - -13,053 -13,053
Tax on hybrid capital. directly against equity - - - - - 3,005 3,005
Balance as of 31 March 2017 6,470,548 3,237,922 113,950 - 22,963 1,070,986 10,916,369

Equity is paid in by the Company's parent banks when a requirement arises.  The requirement arises regularly when the Company acquires larger portfolios of mortgage loans, and otherwise according to changes in capitalization rules because SpareBank 1 Boligkreditt is subject to the same capital adequacy rules under Pillar 1 as banks in general.  Each parent bank has also signed a Shareholders agreement with the Company, which amongst other things stipulates when additional capital must be contributed.

All hybrid instruments have been reclassified to equity from 31.12.2016. This is according to the definition of a financial liability under IAS 32.


Cash Flow Statement

NOK 1 000 31.03.2017 31.03.2016 2016
 
Cash flows from operations
Interest received 1,553,571 1,374,833 3,858,846
Paid expenses. operations -37,902 -9,506 -36,469
Paid tax 0 0 0
Net cash flow relating to operations 1,515,669 1,365,327 3,822,377
 
Cash flows from investments
Net purchase of loan portfolio -1,184,074 -3,287,075 -5,128,140
Net payments on the acquisition of government bills 1,614,848 5,868,257 6,685,763
Net payments on the acquisition of bonds 875,577 -4,567,902 -495,538
Net investments in intangible assets -35 -1,054 -732
Net cash flows relating to investments 1,306,316 -1,987,774 1,061,353
 
Cash flows from funding activities
Net receipt/payment from the issuance of certificates 277,976 0 949,966
Net receipt/payment from the issuance of bonds 897,863 6,292,347 8,296,329
Net receipt/payment from the issuance of subordinated debt 0 0 250,000
Net receipt/payment of loans to credit institutions -2,426,861 -945,706 -11,329,904
Equity capital subscription 0 0 450,000
Paid dividend 0 0 -105,074
Net interest payments on funding activity -1,460,205 -1,331,798 -3,396,582
Net cash flow relating to funding activities -2,711,227 4,014,844 -4,885,266
 
Net cash flow in the period 110,759 3,392,397 -1,535
 
Balance of cash and cash equivalents at beginning of period 8,129,096 8,083,543 8,083,543
 
Net receipt/payments on cash 110,759 3,392,397 -1,535
Exchange rate difference 11,731 -33,098 47,089
Balance of cash and cash equivalents at end of period 8,251,587 11,442,842 8,129,096