Financial statements

Income statement as of June 30, 2015

NOK 1 000 Note 30.06.15 30.06.15 2014
 
Total interest income 2 1,992,704 2,259,972 4,476,095
Total interest expenses 2 -1,793,717 -2,097,698 -4,120,722
Net interest income 198,987 162,275 355,372
 
Net gains/losses from financial instruments 3 207,339 -58,330 -38,458
Net other operating income 207,339 -58,330 -38,458
 
Total operating income 406,326 103,945 316,915
 
Salaries and other ordinary personnel expenses 4 -4,669 -4,879 -10,224
Administration expenses 5 -5,245 -4,397 -9,299
Other operating expenses 6 -4,327 -5,191 -12,064
Depreciation/Amortization -1,059 -789 -1,702
Total operating expenses -15,300 -15,256 -33,290
 
Net profit before impairment losses 391,026 88,689 283,625
Write-downs on loans and guarantees 8 0 0 0
Pre-tax operating result 391,026 88,689 283,625
 
Tax expense -105,577 -23,946 -78,586
Net profit for the period 285,449 64,743 205,039

Statement of Comprehensive Income as of June 30, 2015

NOK 1 000 30.06.15 30.06.14 2014
 
Profit/loss for the year 285,449 64,743 205,039
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 -36
Total profit/loss 285,449 69,443 205,003

Balance sheet as of June 30, 2015

NOK 1 000 Note 30.06.15 30.06.15 2014
 
Assets
Lending to and deposits with credit institutions 13 13,049,194 12,569,541 16,268,940
Norwegian Government Treasury Bills 13 19,926 1,189,286 487,553
Bonds 13 16,361,109 10,895,277 19,880,949
Lending to customers 8 161,072,171 159,444,399 161,205,282
Financial derivatives 12 27,178,048 15,736,719 29,746,665
Other assets 7 3,696 2,536 4,468
Total assets 217,684,144 199,837,758 227,593,858
 
Liabilities and equity
Liabilities
Debt incurred by issuing securities 10 181,577,042 174,164,672 188,719,491
Collateral received under derivatives contracts 21 24,404,974 12,337,063 27,181,223
Financial derivatives 12 682,483 718,770 825,043
Deferred tax 234,604 157,770 234,604
Tax payable - - -
Subordinated debt 11 1,953,999 1,954,120 1,954,262
Other Liabilities 16 275,084 2,166,524 204,836
Total liabilities 209,128,186 191,498,919 219,119,459
 
Equity
Paid in equity capital 8,268,470 8,268,470 8,268,470
Accrued equity 2,039 5,626 2,039
Net profit 285,449 64,743 -
Declared dividend - - 203,890
Total equity 8,555,958 8,338,839 8,474,399
 
Total liabilites and equity 217,684,144 199,837,758 227,593,858

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
Dividend 2014 - - -203,890 - - -203,890
Result for the period - - - - 285,449 285,449
Balance as of June 30. 2015 5,510,548 2,757,922 - - 287,488 8,555,958

Cash Flow Statement

NOK 1 000 30.06.15 30.06.15 2014
 
Cash flows from operations
Interest received 2,377,951 2,479,657 4,217,076
Payments for operations -14,137 -15,704 -34,248
Paid tax 0 -20,537 -20,537
Net cash flow relating to operations 2,363,814 2,443,416 4,162,291
 
Cash flows from investments
Net purchase of loan portfolio 105,223 15,309,042 13,547,291
Net payments on the acquisition of government bills 466,678 71,356 773,608
Net payments on the acquisition of bonds 3,190,289 -5,331,311 -13,810,924
Net investments in intangible assets -1,029 -322 -1,603
Net cash flows relating to investments 3,761,161 10,048,765 508,372
 
Cash flows from funding activities
Net receipt/payment from the issuance of certificates -749,970 -1,274,839 -2,649,531
Net receipt/payment from the issuance of bonds -3,614,914 -10,847,305 -8,996,950
Net receipt/payment from the issuance additional Tier 1 capital 0 1,950,000 1,950,000
Net receipt/payment from the issuance of loans to credit institutions -2,833,128 725,992 13,456,060
Equity capital subscription 0 300,000 300,000
Paid dividend -203,890 -319,630 -319,630
Net interest payments on funding activity -2,168,336 -2,339,495 -3,892,809
Net cash flow relating to funding activities -9,570,238 -11,805,276 -152,859
 
Net cash flow in the period -3,445,263 686,905 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 -3,445,263 686,905 4,517,804
Exchange rate difference 225,516 167 -131,332
Balance of cash and cash equivalents end of period 13,049,194 12,569,541 16,268,940