Financial statements

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

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

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

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

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

Boligkreditt