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 |