Financial statements

Income Statement

NOK 1 000 Note 2. quarter 2016 2. quarter 2015 01.01.2016 - 30.06.2016 01.01.2015 - 30.06.2015 2015
 
Total interest income 2 924,572 985,788 1,883,373 1,992,704 3,879,909
Total interest expenses 2 -817,253 -889,343 -1,663,595 -1,793,717 -3,473,052
Net interest income 107,319 96,446 219,778 198,987 406,857
 
Net gains/losses from financial instruments 3 -112,625 -18,586 -77,698 207,339 233,848
Net other operating income -112,625 -18,586 -77,698 207,339 233,848
 
Total operating income -5,306 77,860 142,080 406,326 640,704
 
Salaries and other ordinary personnel expenses 4 -2,043 -2,075 -5,143 -4,669 -10,700
Administration expenses 5 -2,299 -2,578 -5,021 -5,245 -10,625
Other operating expenses 6 -3,076 -1,904 -4,711 -4,327 -9,760
Depreciation/Amortization -320 -547 -720 -1,059 -1,985
Total operating expenses -7,738 -7,104 -15,595 -15,300 -33,070
 
Net profit before impairment losses -13,044 70,756 126,485 391,026 607,635
Write-downs on loans and guarantees 8 0 0 0 0
Pre-tax operating result -13,044 70,756 126,485 391,026 607,635
 
Tax expense 3,261 -19,104 -31,621 -105,577 -134,535
Net profit for the period -9,783 51,652 94,864 285,449 473,100

Statement of Comprehensive Income

NOK 1 000 2. quarter 2016 2. quarter 2015 01.01.2016 - 30.06.2016 01.01.2015 - 30.06.2015 2015
 
Profit/loss for the year -9,783 51,652 94,864 285,449 473,100
Items which will not impact the income statement in future periods: -
Change in pension expense for an earlier period - - -
Estimate change for pension expense - - - 5,685
Tax effect of the estimate change - - - -1,421
Total profit/loss accounted for in equity - - - 4,264
Total profit/loss -9,783 51,652 94,864 285,449 477,363

Balance Sheet

NOK 1 000 Note 30.06.2016 30.06.2015 2015
 
Assets
Lending to and deposits with credit institutions 13 11,257,916 13,049,194 8,083,543
Norwegian Government Treasury Bills 13 1,656,360 19,926 8,705,692
Bonds 13 44,733,335 16,361,109 42,113,662
Lending to customers 8 172,616,073 161,072,171 169,338,988
Financial derivatives 12 32,728,300 27,178,048 40,947,743
Other assets 7 1,833 3,696 3,671
Total assets 262,993,817 217,684,144 269,193,299
 
Liabilities and equity
Liabilities
Debt incurred by issuing securities 10 217,597,621 181,577,042 218,853,602
Collateral received under derivatives contracts 21 31,632,419 24,404,974 36,950,453
Financial derivatives 12 575,679 682,483 690,315
Deferred tax 370,561 234,604 370,561
Tax payable 31,621 105,577 -
Subordinated debt 11 2,684,337 1,953,999 2,434,380
Other Liabilities 16 133,917 169,507 156,116
Total liabilities 253,026,155 209,128,186 259,455,427
 
Equity
Paid in equity capital 9,258,470 8,268,470 8,568,470
Other paid in equity (not yet registered) 240,000 - 690,000
Accrued equity 374,328 2,039 374,328
Net profit 94,864 285,449
Declared dividend - - 105,074
Total equity 9,967,662 8,555,958 9,737,872
 
Total liabilites and equity 262,993,816 217,684,144 269,193,299

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 - 925 8,289,025
Share increase February 26 200,000 100,000 - - - 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
Share increase September 29 200,000 100,000 - - - 300,000
Share increase December 22 (not yet registered) - - - 690,000 690,000
Result for the period - - 105,074 368,026 473,100
OCI - pension - estimate change - - - - 4,263 4,263
Balance as of December 31. 2015 5,710,548 2,857,922 105,074 368,026 696,302 9,737,872
Regsitration of share increase (from Dec. 22. 2015) 460,000 230,000 - -690,000 -
Dividend 2015 -105,074 -105,074
Share increase June 29 (not yet registered) 240,000 240,000
Result for the period - - - - 94,864 94,864
Balance as of June 30. 2016 6,170,548 3,087,922 - 368,026 341,166 9,967,662

Cash Flow Statement

NOK 1 000 30.06.2016 42185 2015
 
Cash flows from operations
Interest received 2,127,599 2,377,951 3,784,335
Paid expences. operations -16,764 -14,137 -27,767
Paid tax - - -
Net cash flow relating to operations 2,110,835 2,363,814 3,756,568
 
Cash flows from investments
Net purchase of loan portfolio -3,292,443 105,223 -8,168,134
Net payments on the acquisition of government bills 7,023,992 466,678 -8,214,730
Net payments on the acquisition of bonds -4,110,811 3,190,289 -21,073,393
Net investments in intangible assets -563 -1,029 -1,054
Net cash flows relating to investments -379,825 3,761,161 -37,457,311
 
Cash flows from funding activities
Net receipt/payment from the issuance of certificates 949,966 -749,970 -749,970
Net receipt/payment from the issuance of bonds 5,987,836 -3,614,914 19,811,929
Net receipt/payment from the issuance subordinated debt 250,000 - 480,000
Net receipt/payment from the issuance of loans to credit institutions -3,840,767 -2,833,128 8,412,189
Equity capital subscription 240,000 - 990,000
Paid dividend -105,074 -203,890 -203,890
Net interest payments on funding activity -1,915,219 -2,168,336 -3,433,837
Net cash flow relating to funding activities 1,566,743 -9,570,238 25,306,422
 
Net cash flow in the period 3,297,753 -3,445,263 -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 3,297,753 -3,445,263 -8,394,321
Exchange rate difference -123,380 225,516 208,925
Balance of cash and cash equivalents end of period 11,257,916 13,049,194 8,083,543