Financial statements

Income Statement

NOK 1 000 Note 3. quarter 2016 3.quarter 2015 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015 2015
 
Total interest income 2 942,275 953,317 2,825,648 2,946,021 3,879,909
Total interest expenses 2 -839,655 -840,875 -2,503,250 -2,634,592 -3,473,052
Net interest income 102,620 112,442 322,398 311,429 406,857
 
Net gains/losses from financial instruments 3 -181,345 8,027 -259,043 215,366 233,848
Net other operating income -181,345 8,027 -259,043 215,366 233,848
 
Total operating income -78,725 120,469 63,355 526,795 640,704
 
Salaries and other ordinary personnel expenses 4 -3,160 -2,409 -8,303 -7,077 -10,700
Administration expenses 5 -2,577 -2,419 -7,598 -7,664 -10,625
Other operating expenses 6 -3,557 -2,429 -8,268 -6,756 -9,760
Depreciation/Amortization -293 -488 -1,013 -1,547 -1,985
Total operating expenses -9,587 -7,745 -25,182 -23,045 -33,070
 
Net profit before impairment losses -88,312 112,725 38,173 503,751 607,635
Write-downs on loans and guarantees 8 0 0 0 0
Pre-tax operating result -88,312 112,725 38,173 503,751 607,635
 
Tax expense 22,078 -30,435 -9,543 -136,013 -134,535
Net profit for the period -66,234 82,289 28,630 367,738 473,100

Statement of Comprehensive Income

NOK 1 000 3. quarter 2016 3.quarter 2015 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015 2015
 
Profit/loss for the year -66,234 82,289 28,630 367,738 473,100
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 -66,234 82,289 28,630 367,738 477,363

Balance Sheet

NOK 1 000 Note 30.09.2016 30.09.2015 2015
 
Assets
Lending to and deposits with credit institutions 13 10,261,328 16,896,170 8,083,543
Norwegian Government Treasury Bills 13 2,596,035 - 8,705,692
Bonds 13 46,446,864 28,522,929 42,113,662
Lending to customers 8 173,328,663 166,201,206 169,338,988
Financial derivatives 12 27,278,826 37,885,017 40,947,743
Other assets 7 2,262 4,692 3,671
Total assets 259,913,978 249,510,013 269,193,299
 
Liabilities and equity
Liabilities
Debt incurred by issuing securities 10 220,083,440 201,403,517 218,853,602
Collateral received under derivatives contracts 20 25,331,451 35,800,968 36,950,453
Financial derivatives 12 1,415,786 392,999 690,315
Deferred tax 380,104 234,604 370,561
Tax payable - - -
Subordinated debt 11 2,684,461 2,434,246 2,434,380
Other Liabilities 16 117,308 305,434 156,116
Total liabilities 250,012,550 240,571,767 259,455,427
 
Equity
Paid in equity capital 9,498,470 8,268,470 8,568,470
Other paid in equity (not yet registered) - 300,000 690,000
Accrued equity 374,328 2,039 374,328
Net profit 28,630 367,738
Declared dividend - 105,074
Total equity 9,901,428 8,938,246 9,737,872
 
Total liabilites and equity 259,913,978 249,510,013 269,193,299

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 0 0 -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 (registered sept. 19 2016) 160,000 80,000 240,000
Result for the period - - - - 28,630 28,630
Balance as of Sept 30. 2016 6,330,548 3,167,922 0 368,026 34,931 9,901,428

Cash Flow Statement

NOK 1 000 30.09.2016 30.09.2015 2015
 
Cash flows from operations
Interest received 2,887,496 2,862,982 3,784,335
Paid expences. operations -29,627 -21,453 -27,767
Paid tax - - -
Net cash flow relating to operations 2,857,870 2,841,528 3,756,568
 
Cash flows from investments
Net purchase of loan portfolio -4,004,428 -5,029,527 -8,168,134
Net payments on the acquisition of government bills 6,025,532 486,578 -8,214,730
Net payments on the acquisition of bonds -6,772,210 -7,987,891 -21,073,393
Net investments in intangible assets -642 -1,029 -1,054
Net cash flows relating to investments -4,751,750 -12,531,869 -37,457,311
 
Cash flows from funding activities
Net receipt/payment from the issuance of certificates 949,959 -749,970 -749,970
Net receipt/payment from the issuance of bonds 14,874,673 5,189,522 19,811,929
Net receipt/payment from the issuance subordinated debt 250,000 480,000 480,000
Net receipt/payment from the issuance of loans to credit institutions -9,468,515 7,810,832 8,412,189
Equity capital subscription 240,000 300,000 990,000
Paid dividend -105,074 -203,890 -203,890
Net interest payments on funding activity -2,596,483 -2,644,233 -3,433,837
Net cash flow relating to funding activities 4,144,559 10,182,261 25,306,422
 
Net cash flow in the period 2,250,679 491,921 -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 2,250,679 491,921 -8,394,321
Exchange rate difference -72,895 135,309 208,925
Balance of cash and cash equivalents end of period 10,261,328 16,896,170 8,083,543