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 |