Financial statements

Income statement as of September 30. 2015

NOK 1 000 Note 30.09.15 30.09.14 2014
 
Total interest income 2 2,946,021 3,386,323 4,476,095
Total interest expenses 2 -2,634,592 -3,130,288 -4,120,722
Net interest income 311,429 256,035 355,372
 
Net gains/losses from financial instruments 3 215,366 -62,699 -38,458
Net other operating income 215,366 -62,699 -38,458
 
Total operating income 526,795 193,336 316,915
 
Salaries and other ordinary personnel expenses 4 -7,077 -8,024 -10,224
Administration expenses 5 -7,664 -6,667 -9,299
Other operating expenses 6 -6,756 -8,756 -12,064
Depreciation/Amortization -1,547 -1,226 -1,702
Total operating expenses -23,045 -24,673 -33,290
 
Net profit before impairment losses 503,750 168,663 283,625
Write-downs on loans and guarantees 8 0 0
Pre-tax operating result 503,750 168,663 283,625
 
Tax expense -136,013 -45,539 -78,586
Net profit for the period 367,738 123,124 205,039

Statement of Comprehensive Income as of September 30. 2015

NOK 1 000 30.09.15 30.09.15 2014
 
Profit/loss for the year 367,738 123,124 205,039
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 367,738 127,824 205,003

Balance sheet as of September 30. 2015

NOK 1 000 Note 30.09.15 30.09.15 2014
 
Assets
Lending to and deposits with credit institutions 13 16,896,170 9,637,332 16,268,940
Norwegian Government Treasury Bills 13,14 - 297,525 487,553
Bonds 13,14 28,522,929 13,734,034 19,880,949
Lending to customers 8 166,201,206 159,820,373 161,205,282
Financial derivatives 12,13,14 37,885,017 14,803,363 29,746,665
Other assets 7 4,692 4,424 4,468
Total assets 249,510,013 198,297,051 227,593,858
 
Liabilities and equity
Liabilities
Debt incurred by issuing securities 10,14,14 201,403,517 173,041,757 188,719,491
Collateral received under derivatives contracts 21 35,800,968 11,921,491 27,181,223
Financial derivatives 12,13,14 392,999 769,378 825,043
Deferred tax 234,604 157,770 234,604
Tax payable - - -
Subordinated debt 11 2,434,246 1,954,337 1,954,262
Other Liabilities 16 305,434 2,055,098 204,836
Total liabilities 240,571,767 189,899,831 219,119,459
 
Equity
Paid in equity capital 8,268,470 8,268,470 8,268,470
Other paid in equity (not yet registered) 300,000
Accrued equity 2,039 5,626 2,039
Net profit 367,738 123,124 -
Declared dividend - - 203,890
Total equity 8,938,246 8,397,220 8,474,399
 
Total liabilites and equity 249,510,013 198,297,051 227,593,858

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
Other paid in equity (not yet registered) 300,000
Result for the period - - - - 367,738 367,738
Balance as of September 30. 2015 5,510,548 2,757,922 - - 669,776 8,938,246

Cash Flow Statement

NOK 1 000 30.09.15 30.09.15 2014
 
Cash flows from operations
Interest received 2,862,982 3,389,668 4,217,076
Payments for operations -21,453 -25,115 -34,248
Paid tax 0 -20,537 -20,537
Net cash flow relating to operations 2,841,528 3,344,016 4,162,291
 
Cash flows from investments
Net purchase of loan portfolio -5,029,527 14,928,301 13,547,291
Net payments on the acquisition of government bills 486,578 963,989 773,608
Net payments on the acquisition of bonds -7,987,891 -8,323,801 -13,810,924
Net investments in intangible assets -1,029 -645 -1,603
Net cash flows relating to investments -12,531,869 7,567,844 508,372
 
Cash flows from funding activities
Net receipt/payment from the issuance of certificates -749,970 -1,574,647 -2,649,531
Net receipt/payment from the issuance of bonds 5,189,522 -10,555,742 -8,996,950
Net receipt/payment from the issuance additional Tier 1 capital 480,000 1,950,000 1,950,000
Net receipt/payment from the issuance of loans to credit institutions 7,810,832 175,349 13,456,060
Equity capital subscription 300,000 300,000 300,000
Paid dividend -203,890 -319,630 -319,630
Net interest payments on funding activity -2,644,233 -3,131,582 -3,892,809
Net cash flow relating to funding activities 10,182,261 -13,156,252 -152,859
 
Net cash flow in the period 491,921 -2,244,392 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 491,921 -2,244,392 4,517,804
Exchange rate difference 135,309 -745 -131,332
Balance of cash and cash equivalents end of period 16,896,170 9,637,332 16,268,940