Financial statements

Income Statement as of Sept 30. 2014

NOK 1 000 Note 30.09.14 30.09.13 2013
 
Total interest income 2 3,386,323 3,523,917 4,682,822
Total interest expenses 2 -3,130,288 -3,331,691 -4,387,634
Net interest income 256,035 192,225 295,188
 
Net gains/losses from financial instruments 3 -62,699 18,528 36,906
Net other operating income -62,699 18,528 36,906
 
Total operating income 193,336 210,753 332,094
 
Salaries and other ordinary personnel expenses 4 -8,024 -6,714 -10,033
Administration expenses 5 -6,667 -7,153 -10,318
Other operating expenses 6 -8,756 -7,125 -9,374
Depreciation/Amortization -1,226 -1,315 -1,706
Total operating expenses -24,673 -22,307 -31,430
Net profit before impairment losses 168,663 188,446 300,664
Write-downs on loans and guarantees 8 0 0
Pre-tax operating result 168,663 188,446 300,664
 
Tax expense -45,539 -52,765 -77,753
Net profit for the period 123,124 135,681 222,911

Statement of Comprehensive Income as of Sept 30. 2014

NOK 1 000 30.09.14 30.09.13 2013
 
Profit/loss for the year 123,124 135,681 222,911
Items which will not impact the income statement in future periods:
Estimate change for pension expense 4,700 - -563
Tax effect of the estimate change - - 158
Total profit/loss accounted for in equity 4,700 - -405
Total profit/loss 127,824 135,681 222,506
 
Allocation of the profit/loss:
Declared dividend - - 319,630
Other Equity 127,824 135,681 -97,124
Total allocation 127,824 135,681 222,506

Balance Sheet as of Sept 30. 2014

NOK 1 000 Note 30.09.14 30.09.13 2013
 
Assets
Lending to and deposits with credit institutions 13 9,637,332 8,141,726 11,882,469
Norwegian Government Treasury Bills 13 297,525 5,289,918 1,261,795
Bonds 13 13,734,034 6,768,991 5,476,099
Lending to customers 8 159,820,373 169,577,344 174,781,222
Financial derivatives 12 14,803,363 10,181,153 12,760,351
Other assets 7 4,424 4,839 4,164
Total assets 198,297,051 199,963,972 206,166,101
Liabilities and equity
Liabilities
Debt incurred by issuing securities 10 173,041,757 182,065,316 183,146,411
Collateral received under derivatives contracts 21 11,921,491 5,970,786 10,611,584
Financial derivatives 11 769,378 826,967 797,417
Deferred tax 22 157,770 100,712 178,307
Tax payable - - -
Subordinated debt 11 1,954,337 - -
Other Liabilities 16 2,055,098 2,692,460 3,143,356
Total liabilities 189,899,831 191,656,241 197,877,075
Equity
Paid in equity capital 9 8,268,470 7,968,470 7,968,470
Other paid in equity (not yet registered) - -
Accrued equity 5,626 98,050 18,450
Net profit 123,124 135,681
Declared dividend 0 0 302,105
Total equity 8,397,220 8,202,202 8,289,025
 
Total liabilites and equity 198,297,051 199,858,443 206,166,101
 

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. 2012 5,030,548 2,517,922 145,886 97,072 978 7,792,406
Share increase April 8. 2013 280,000 140,000 - - - 420,000
Dividend 2012 - - -145,886 - - -145,886
Result for the period - - 319,630 -97,072 353 222,911
OCI - pension - deviation from estimate - - - - -405 -405
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 123,124 123,124
OCI - pension - estimate change 4,700 4,700
Balance as of Sept 30. 2014 5,510,548 2,757,922 - - 128,749 8,397,220

Cash Flow Statement

NOK 1 000 30.09.14 30.09.13 2013
 
Cash flows from operations
Interest received 2,479,657 2,192,208 4,626,878
Payments for operations -15,704 -12,626 -37,484
Paid tax -20,537 0 0
Net cash flow relating to operations 2,443,416 2,179,581 4,589,394
 
Cash flows from investments
Net purchase of loan portfolio 15,309,042 -6,652,727 -14,522,291
Net payments on the acquisition of government bills 71,356 -3,266,753 542,536
Net payments on the acquisition of bonds -5,331,311 -705,756 7,292,705
Net investments in intangible assets -322 -2,536 -2,672
Net cash flows relating to investments 10,048,765 -10,627,773 -6,689,721
 
Cash flows from funding activities
Net receipt/payment from the issuance of certificates -1,274,839 760,095 -619,108
Net receipt/payment from the issuance of bonds -10,847,305 8,174,068 3,386,095
Net receipt/payment from the issuance additional Tier 1 capital 1,950,000 0 0
Net receipt/payment from the issuance of loans to credit institutions 725,992 2,362,782 9,178,564
Equity capital subscription 300,000 420,000 420,000
Paid dividend -319,630 -145,886 -145,886
Net interest payments on funding activity -2,339,495 -2,033,940 -4,283,351
Net cash flow relating to funding activities -11,805,276 9,537,119 7,936,313
 
Net cash flow in the period 686,905 1,088,927 5,835,986
 
Balance of cash and cash equivalents beginning of period 11,882,469 6,036,499 6,036,499
Net receipt/payments on cash 686,905 1,088,927 5,835,987
Exchange rate difference 167 -239 9,983
Balance of cash and cash equivalents end of period 12,569,541 7,125,187 11,882,469