Financial statements

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

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

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

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

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

Boligkreditt