Financial statements

Income Statement

NOK 1 000 Note 3. quarter 2017 3. quarter 2016 01.01.2017 - 30.09.2017 01.01.2016 - 30.09.2016 2016
 
Total interest income 2 822,416 942,275 2,660,722 2,825,648 3,797,962
Total interest expenses 2 -718,215 -839,655 -2,343,004 -2,503,250 -3,386,965
Net interest income   104,201 102,620 317,718 322,398 410,997
 
Net gains/losses from financial instruments 3 -20,781 -181,345 -476,950 -259,043 -521,993
Net other operating income   -20,781 -181,345 -476,950 -259,043 -521,993
 
Total operating income   83,420 -78,725 -159,232 63,355 -110,996
 
Salaries and other ordinary personnel expenses 4 -3,117 -3,160 -8,935 -8,303 -11,409
Other operating expenses 5 -4,257 -6,427 -15,710 -16,879 -23,929
Total operating expenses   -7,374 -9,587 -24,646 -25,182 -35,338
 
Operating result before losses   76,046 -88,312 -183,878 38,173 -146,334
Write-downs on loans and guarantees 7 0   0 0 0
Pre-tax operating result   76,046 -88,312 -183,878 38,173 -146,334
 
Taxes   -19,011 22,078 45,969 -9,543 36,583
Profit/loss for the year   57,034 -66,234 -137,908 28,630 -109,751

Overview of Comprehensive Income

NOK 1 000   3. quarter 2017 3. quarter 2016 01.01.2017 - 30.09.2017 01.01.2016 - 30.09.2016 2016
 
Profit/loss for the year   57,034 -66,234 -137,908 28,630 -109,751
Items which will not impact the income statement in future periods:            
Change in pensions for a previous period   - - - - -
Estimate deviation for pensions   - - - - -1,054
Tax effect of the estimate deviation   - - - - 264
Total profit/loss accounted for in equity   - - - - -791
Total profit/loss   57,034 -66,234 -137,908 28,630 -110,542

Balance Sheet

NOK 1 000     Note 30.09.2017 30.09.2016 2016
 
Assets            
Lending to and deposits with credit institutions     12 4,200,397 10,261,328 8,129,096
Certificates and bonds     12 41,638,986 49,042,899 42,506,617
Lending to customers     7 176,093,142 173,328,663 174,463,203
Financial derivatives     11 21,637,545 27,278,826 27,150,388
Defered tax asset       9,299 - -
Other assets     6 992 2,262 1,543
Total assets       243,580,361 259,913,978 252,250,848
 
Liabilities and equity            
Liabilities            
Debt incurred by issuing securities     9 211,526,141 220,083,440 213,056,583
Collateral received under derivatives contracts     18 17,848,036 25,331,451 24,304,397
Financial derivatives     11 1,231,492 1,415,786 1,781,221
Deferred tax       208,816 380,104 208,816
Tax payable       - - 124,898
Subordinated debt     10 1,603,253 2,684,461 1,603,778
Other Liabilities     14 126,172 117,308 117,865
Total Liabilities       232,543,911 250,012,550 241,197,558
 
Equity            
Paid-in equity       9,708,470 9,498,470 9,498,470
Other paid-in equity (not yet registered)       150,000 - 210,000
Hybrid capital       1,080,000 - 1,081,034
Accrued equity       121,938 374,328 149,836
Net profit       -137,908 28,630 -
Declared dividends       113,950 - 113,950
Total equity       11,036,450 9,901,428 11,053,290
 
Total liabilities and equity       243,580,361 259,913,978 252,250,848

Changes in Equity

NOK 1 000 Share capital Additional paid in equity Dividend Other paid-in equity (not yet registered) Other Equity Hybrid capital Total Equity
 
Balance as of 31 December 2015 5,710,548 2,857,922 105,074 690,000 374,328 - 9,737,872
Registration of share increase (from 22 December 2015) 460,000 230,000 - -690,000 - - -
Dividend 2015 - - -105,074 - - - -105,074
Share increase 29 June 2016 160,000 80,000 - - - - 240,000
Share increase 28 December 2016 (not yet registered) - - - 210,000 - - 210,000
Net income for the period * - - - - -109,751 - -109,751
Proposed dividend for 2016 - - 113,950 - -113,950 - -
OCI - pension - annual estimate deviation - - - - -791 - -791
Reclassification of hybrid capital as of 31 December 2016 - - - - - 1,081,034 1,081,034
Balance as of 31 December 2016 6,330,548 3,167,922 113,950 210,000 149,836 1,081,034 11,053,290
Registration of share increase (from 28 December 2016) 140,000 70,000 - -210,000 - - -
Share increase 28 September 2017 (not yet registered)       150,000     150,000
Net income for the period - - - - -137,908 - -137,908
Paid interest on hybrid capital - - - - -37,197 -1,034 -38,231
Tax on hybrid capital. directly against equity - - - - 9,299   9,299
Balance as of 30 September 2017 6,470,548 3,237,922 113,950 150,000 -15,970 1,080,000 11,036,450

 

Equity is paid in by the Company's parent banks when a requirement arises.  The requirement arises regularly when the Company acquires larger portfolios of mortgage loans, and otherwise according to changes in capitalization rules for banks in Norway. 

All CET1 hybrid instruments have been reclassified to equity on the balance sheet from 31.12.2016. This is according to the definition of a financial liability under IAS 32.

 

Cash Flow Statement

NOK 1 000 30.09.2017 30.09.2016 2016
 
Cash flows from operations      
Interest received 3,157,089 2,887,496 3,858,846
Paid expenses. operations -28,338 -29,627 -36,469
Paid tax -124,898 0 0
Net cash flow relating to operations 3,003,853 2,857,870 3,822,377
 
Cash flows from investments      
Net purchase of loan portfolio -1,617,503 -4,004,428 -5,128,140
Net payments on the acquisition of government bills 509,274 6,025,532 6,685,763
Net payments on the acquisition of bonds 811,903 -6,772,210 -495,538
Net investments in intangible assets -214 -642 -732
Net cash flows relating to investments -296,539 -4,751,750 1,061,353
 
Cash flows from funding activities      
Net receipt/payment from the issuance of certificates -377,075 949,959 949,966
Net receipt/payment from the issuance of bonds 3,183,173 14,874,673 8,296,329
Net receipt/payment from the issuance of subordinated debt 0 250,000 250,000
Net receipt/payment of loans to credit institutions -6,395,388 -9,468,515 -11,329,904
Equity capital subscription -150,000 240,000 450,000
Paid dividend 0 -105,074 -105,074
Net interest payments on funding activity -2,911,283 -2,596,483 -3,396,582
Net cash flow relating to funding activities -6,650,574 4,144,559 -4,885,266
 
Net cash flow in the period -3,943,260 2,250,679 -1,535
 
Balance of cash and cash equivalents at beginning of period 8,129,096 8,083,543 8,083,543
Net receipt/payments on cash -3,943,260 2,250,679 -1,535
Exchange rate difference 14,560 -72,895 47,089
Balance of cash and cash equivalents at end of period 4,200,397 10,261,328 8,129,096