Interimreport 1/2009. Report from the board of directors- Income statement & balance sheet - Notes
|
|
- Prudence Morris
- 6 years ago
- Views:
Transcription
1 Interimreport 1/ Report from the board of directors- Income statement & balance sheet - Notes
2 Content Report from the board of directors 3 - Income statement 4 - Balance sheet 4 Accounts after the first quarter 6 - Income statement 6 - Balance sheet 7 - Notes to the accounts 9 Group accounts after the first quarter 12 - Income statement 12 - Balance sheet 13 - Notes to the Group accounts 15
3 Interim report first quarter Establishment of KLP Banken and purchase of Kommunekreditt Book and value-adjusted returns 0.3 per cent in prevailing difficult financial markets The return on the corporate portfolio was 0.6 per cent Capital adequacy 14.1 per cent First quarter of The financial crisis continued to characterise the first quarter in terms of uneasy and fluctuating markets. Towards the end of the quarter and into the second quarter we are seeing an improvement that provides a basis for a measure of guarded optimism. The first quarter produced a value-adjusted and book return of 0.3 per cent in the common portfolio, while the corporate portfolio produced a return of 0.6 per cent. Without the assumed use of supplementary reserves, this produces a negative result of NOK 726 million after changing the guaranteed interest. Were it end of year the negative interest result of NOK 874 million would be covered from supplementary reserves and the accounting result for allocation would be NOK 148 million. Solvency remains good, with capital adequacy of 14.1 per cent and solvency margin adequacy of 191 per cent. Total solvency capital of NOK 16,797 million equates to 9.3 per cent of the insurance funds with interest guarantees. Cost-effective operation maintained: administration costs during the first quarter amounted to 0.09 per cent of average customer funds which is in line with the target figure for the year. New focus on lending KLP is reorganising its lending operation to improve its ability to serve its customers and their employees with good financial products. Organisation of the lending operation On 29 January KLP received a licence from the Financial Supervisory Authority of Norway to establish a banking operation. KLP Banken will become operational in the second half of. The bank will be a uncomplicated bank focusing on home mortgages and deposits. This should provide the basis for efficient operation and low costs, to the benefit of our customers. In setting up KLP Banken, KLP also avails itself the opportunity to offer attractive interest rates on deposits. KLP Banken is a pivotal element in the Company's investment in the further development of good products and services for the personal market and its business concept is to offer our customers' employees and pensioners good home mortgages and other lending products, as well as advantageous deposits. In January, Dine Penger, the magazine, awarded KLP its Norwegian championship in lending in the "80 per cent home mortgages" class. Negotiations during the first quarter led to the conclusion of an agreement on 7 May on the acquisition of Kommunekreditt Norge AS. The acquisition will give KLP new and improved opportunities to serve local government with advantageous bespoke financing, and at the same time to ensure continuance of the important role Kommunekreditt has had as a provider of competitive financing alternatives. Results Premium income during the quarter was NOK 2,864 million (NOK 2,637 million), representing an increase of 8.6 per cent. Net transfers out last year, which are brought to book during the first quarter, amounted to NOK 1,728 million. KLP's administration result for the quarter was NOK 23 million. The risk result was NOK 39 million. Net income from investments in the corporate portfolio was NOK 81 million. Income from investments in the corporate portfolio did not cover the Company's interest guarantee during the quarter. In the interim accounts the difference of NOK 874 million cannot be met from supplementary reserves, but must be charged to the Company's profit/loss. The total loss of NOK 726 million for customers and the company during the first quarter is thus allocated with NOK 55 million to customers and minus NOK 781 million to the Company. Interim report for the fourth quarter 3
4 Profit allocation Customers The Company Total Interest result Risk result Administration profit/loss Interest guarantee premium Net income corporate portfolio Return on the corporate portfolio credited to customers Profit/loss before supplementary reserves Cover from supplementary reserves Distributable profit Financial solidity and capital-related matters Key figures - the common portfolio Prosent Return on capital I Return on capital II Return on capital III Capital adequacy Solvency margin adequacy Management of the common portfolio Assets Portion Return Shares 1) 4.4 % -6.7 % Interest - instruments 22.5 % 1.0 % Bonds, hold-to-maturity 37.1 % 1.3 % Lending 11.8 % 1.2 % Property 11.0 % 0.1 % Other financial assets 13.2 % 1.1 % Total 100 % 1) The rules for return calculation have been changed from and corresponding figures from previous years are not directly comparable. The equity markets continued uneasy and showed negative development through the first quarter. KLP's equity portfolio produced a negative return of 6.7 per cent. However, the impact on the overall result was small since equities only represented 4.4 per cent of the common portfolio. In line with the Company's CPPI programme, the equity proportion has increased somewhat since the end of the quarter. The common portfolio's investments in trading bonds produced a 1.0 per cent return during the first quarter. Investments in money market instruments produced a return of 1.1 per cent. The portfolio of long-term bonds produced a return of 1.3 per cent. Administration costs in % of average customer funds The rules for return calculation have been changed from and corresponding figures from previous years are not directly comparable. KLP's total assets amounted to NOK billion at the end of the quarter (191.8 billion). Capital adequacy as at was satisfactory at 14.1 per cent against 14.6 per cent at year end. The statutory minimum capital adequacy requirement is 8.0 per cent. Core capital adequacy was 10.4 per cent against 10.7 per cent at New Year. At the end of the first quarter the Company's buffer capital was NOK 7,823 million. Surplus were valued in the long-term bonds portfolio at NOK 1,855 million, of which NOK 1,560 million was in the common portfolio. Total solvency capital at the end of the first quarter was NOK 16,797 million, representing 9.3 per cent of the insurance funds with interest guarantees. The return on the lending portfolio was 1.2 per cent for the first quarter, whilst the property portfolio provided returns of 0.1 per cent. During the first quarter KLP wrote down the property portfolio by a total of NOK 342 million. The write-down was based on a thorough examination and assessment of the Norwegian and Scandinavian property portfolio. Of the total write-down, NOK 14 million represents holdings in international property funds. Ignoring the write-downs, current yield on property investments in the common portfolio were 1.3 per cent. During the first quarter KLP concluded an agreement on purchase of a site for a shopping centre at Fornebu. Since the end of the quarter an agreement has been concluded on the purchase of the Radisson SAS Royal Viking Hotell in Stockholm, an acquisition confirming our property investment in Sweden. Other financial assets comprised mainly short-term investments associated with the management of securities. Interim report for the first quarter 4
5 The pension market It is pleasing to note a great degree of stability in our own customer group, while increasing interest is noted in KLP's solutions from local authorities that have previously left the Company. Social responsibility KLP excludes companies that can be linked to breaches of UN norms, as well as tobacco producers. In addition the recommendations made by the Ethical Council for the administration of the The Norwegian Government Pension Fund Global are followed. Fund management Net new subscriptions from customers outside the Group amounted to NOK 300 million during the first quarter. At the end of the quarter total assets from this customer group were NOK 7.4 billion: this represents growth of 17 per cent compared to the same date in During the quarter a new securities fund, KLP Obligasjon Global II, started up. This is a global foreign-exchange-hedged securities fund investing in investment grade corporate bonds. The fund is intended for private individuals and organisations. This is a fund in a fund of KLP Obligasjon Global I, which was started in Non-life insurance The operating profit before tax and allocations for KLP Skadeforsikring AS was NOK 16.9 million against NOK million for the same period last year. The result is marked by a good technical result, both from operations for the year and as a result of run-off of previous years reserving. Financial return was 0.7 per cent for the period, corresponding to NOK 19.4 million, against a loss of NOK 6.7 million at the same time in Premium income for own account increased by 5.5 per cent compared to the same period last year. The sale of private insurance policies is increasing steadily and at the end of the quarter, after 10 months of sales, the Company had received total premiums of about NOK 20 million. The company continues to have a good capital situation with capital adequacy of 33.0 per cent. Future prospects During the period after the close of accounts for the first quarter the financial markets have shown positive development. KLP has solid reserves to cope with continuing weak markets. If one assumes use of supplementary reserves in the first quarter, the remaining supplementary reserves still cover more than half a year's interest guarantee. In addition the financial markets have shown a clear positive tendency so far during the second quarter so that to date the interest return exceeds comfortably the guaranteed interest. The market and portfolio risk is monitored continuously and matched to the Company's risk bearing capability in a continual process. An important area of focus for the rest of will be implementation of reorganisation of lending activities through the new subsidiaries. Management and staff is largely in place and the governing bodies have been nominated. KLP has thorough knowledge of its customers, the market and the product over 60 years of history as a provider of pensions and finance to Norwegian local government authorities, and looks forward to serving them even better and with a broader product range. Oslo, 27th of May The Board of Directors of Kommunal Landspensjonskasse Arne Øren Finn Jebsen Gunn Marit Helgesen Chair Deputy Chair Ann Inger Døhl Herlof Nilssen Anne Grethe Skårdal Kari Bakken Rune Brakstad Interim report for the fourth quarter 5
6 Accounts after the first quarter Kommunal Landspensjonskasse Notes Income statement Premium income Income from investments in subsidiaries, associated enterprises and djointly controlled enterprises Interest income/dividends on financial assets Value changes on investments Gains and losses realised on investments Net income from investments in the common portfolio Net income from unit-linked portfolio Other insurance-related income Claims Changes in insurance liabilities taken to profit/loss - contractual liabilities Changes in insurance liabilities taken to profit/loss investment option portfolio separately Funds assigned to insurance contracts - contractual liabilities , 5 Insurance-related operating expenses Other insurance-related costs Technical profit/loss Net income from investments in the corporate portfolio Other income Administration costs and other costs associated with the corporate portfolio Non-technical profit/loss TOTAL PROFIT/LOSS Interim report for the first quarter 6
7 Accounts after the first quarter Kommunal Landspensjonskasse Notes Balance sheet ASSETS ASSETS IN THE CORPORATE PORTFOLIO Intangible assets Investments Receivables Other assets Prepayments and accrued interest Total assets in the corporate portfolio ASSETS IN THE CUSTOMER PORTFOLIOS Investments in the common portfolio Shares and holdings in property subsidiaries Receivables from and securities issued by subsidiaries, associated enterprises and jointly controlled enterprises Financial assets valued at amortised cost Financial assets valued at fair value Total assets in the customer portfolios ASSETS IN THE INVESTMENT OPTION PORTFOLIO Investments in property subsidiaries Financial assets at fair value Total assets in unit-linked portfolio ASSETS OWNERS' EQUITY AND LIABILITIES 6 Owners equity contributed Retained earnings Subordinated loan capital etc Insurance obligations in life insurance - contractual liabilities Insurance liabilities unit-linked portfolio Provision for liabilities Liabilities Accrued costs and prepaid income OWNERS' EQUITY AND LIABILITIES Interim report for the fourth quarter 7
8 Accounts after the first quarter Kommunal Landspensjonskasse Cash flow analysis Net cashflow from operational activities Net cashflow from investment activities Net cashflow from financing activities Net changes in cash and bank deposits Holdings of cash and bank deposits at start of period Holdings of cash and bank deposits at end of period Interim report for the first quarter 8
9 Notes to the accounts after the first quarter Note 1 Accounting principles The accounts in this interim report show the accounts for Kommunal Landspensjonskasse (KLP) and the Group for the period The accounts have not been audited. The interim accounts do not contain all the information required of full annual accounts. It is recommended that this interim report be read in conjunction with the annual report for 2008.This may be obtained on application to the Company's registered office, Karl Johans gate 41b, Oslo, or at These notes have been prepared for KLP's accounts whilst the notes to the Group accounts follow further on in the report. Similarly to the annual accounts 2008, the interim accounts have been submitted in accordance with Regulation 1241 of 16 December 1998: Regulations on annual accounts etc. for insurance companies (the Annual Accounts Regulations). The following changes have been made during the first quarter : Bank accounts and Accounts receivable associated with lending have been moved from the corporate portfolio to the common portfolio. This involves changes in the lines on Other assets and other prepaid expenses in the corporate portfolio, and Financial assets at amortised cost and fair value in the common portfolio compared to the annual accounts for Presentation is thus more in keeping with the basis of the allocation of assets between the Company and customers. Note 2 Segment information The Company's business segments have been defined in relation to business areas where risk and returns are differentiated from each other. The Company operates within the three segments: life insurance, non-life insurance and asset management. Other business has not been specified. Life insurance Non-life insurance Asset management Other Eliminated Total Profit/loss Note 3 Pensions, own employees No new estimate of pension obligations in regard to own employees has been carried out as at The pension cost for the period therefore corresponds to pension premiums paid in and current pension payments disbursed during the period, NOK 9.26 million. This cost is included in the profit and loss account item Insurance related operating expenses. Note 4 Investment property The portfolio of investment properties including investment properties owned via subsidiaries has been valued as at 31 March. Result Value adjustment incl. foreign exchange Foreign exchange effect on hedging Net value adjustment incl. exchange hedging Interim report for the fourth quarter 9
10 Notes to the accounts after the first quarter Note 5 Operating expenses Q Staff costs Depreciation Other operating expenses Insurance related expenses Other operating expenses Total insurance-related operating expenses The item "Insurance-related operating expenses" has been specified in its entirety. Other operating expenses are included in the item "Management costs" and "other costs associated with the corporate portfolio". Note 6 Changes in owners' equity KLP Millioner kroner Paid-up equity Risk equalisation fund Other retained earnings Total equity Owners' equity Change OB 08: Risk equalisation fund converted to equity Change OB 08: Restatement KLP Skade Reallocation of contingency fund to risk equialisation fund Unrealised gains on financial assets corp. capital Reclassified premium fund group life Owners' equity contribution paid in Owners' equity contribution repaid Allocated from the profit for the period Owners' equity Other changes directly against owners' equity Changes surplus fund group life Owners' contribution paid in Owners' equity contribution repaid Allocated from profit for the period Owners' equity Interim report for the first quarter 10
11 Notes to the accounts after the first quarter Note 7 Profit/loss allocation Result before appropriations Appropriated to insurance contracts Result to the company Note 8 Key figures ) Return on capital I (from to ) 0.3 % 1.8 % 1.0 % 1) Return on capital II (from to ) 0.3 % -2.3 % -3.0 % 1) Return on capital III (from to ) 0.3 % -2.0 % -1.7 % Capital adequacy 14.1 % 12.2 % 14.6 % Solvency margin adequacy The rules for return calculation have been changes from and corresponding figures from 2008 are not directly comparable. 1) Return on capital I: Book financial income for the year after transfers for the year to/from securities adjustment fund Return on capital II: Book financial income for the year after transfers for the year to/from securities adjustment fund Return on capital III: As for Return on capital II plus unrealised value changes during the accounting period on long-term bonds Interim report for the fourth quarter 11
12 Consolidated Group accounts after the first quarter Notes Income statement Group Premium income for own account Current return on financial investments Net gain on financial investments Net income from investment properties Net profit from investments in associated companies Other income Total income Claims for own account Change in provisions for the non-life business Change in technical provisions for the life business Net costs subordinated loans and perpetual subordinated loans Operating expenses Other expenses Total expenses Operating profit/loss To/from supplementary reserves, life insurance Assets allocated to life insurance customers Consolidated group profit before tax Interim report for the first quarter 12
13 Consolidated Group accounts after the first quarter Notes Balance sheet Assets Intangible assets Tangible fixed assets Investments in associated companies Investment property Debt instruments held to maturity Debt instruments at fair value in profit/loss account Equity capital instruments at fair value in profit/loss account Financial derivatives Loans and receivables - investment business Other loans and receivables incl. receivables from policyholders Assets in life insurance with investment choice Cash and bank deposits Total assets Owners' equity and liabilities 2 Paid-up equity Retained earnings Total equity Perpetual subordinated loan Subordinated loan capital Technical provisions, life insurance Provisions, unit-linked life insurance Provisions for premiums, claims and contingency fund, non-life insurance Pension obligations Financial derivatives Other current liabilities Total owners' equity and liabilities Off balance sheet items Contingent liabilities Interim report for the fourth quarter 13
14 Consolidated Group accounts after the first quarter Cashflow - Group 2008 Net cashflow from operational activities Net cashflow from investment activities Net cashflow from financing activities Net change in cash and bank deposits Cash and bank deposit holdings at start of period Cash and bank deposits holdings at end of period Interim report for the first quarter 14
15 Notes to the Group accounts after the first quarter Note 1 Accounting principles The accounts in this interim report show the Group accounts for Kommunal Landspensjonskasse (KLP) and its subsidiaries for the period The accounts have not been audited. The Group interim accounts are presented in accordance with internationally EU-approved accounting standards (IAS/ IFRS). This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and follows the same accounting principles as used in the annual accounts. The interim accounts do not contain all the information required of full annual accounts and this interim report ought to be read in conjunction with the annual accounts for These are available on request from KLP's head office at Karl Johans gate 41b, or on Note 2 Owners' equity reconciliation Paid-up equity Revaluation fund Misc. fund provisions Other owners' equity Total owners' equity Total owners' equity Owners' equity, opening balance Net receipt/payment of equity contributions Revaluation of properties used by Group Surplus fund Risk equalisation fund Currency conversions, foreign subsidiaries Profit/loss for the period Non-life reserves Other changes Owners' equity, closing balance Note 3 Information by segment - profit/loss as per IFRS by class of business Life insurance before profit/loss allocation To/from supplementary reserves, life insurance Profits to customers (provisional interim allocations) Profits to owners (provisional interim allocations) Non-life Asset management Other business Total profit/loss will not agree with the consolidated profi/loss as subsidiaries' profit/loss has been booked under the equity method and consequently, is included in the holding company's profit/loss. Interim report for the fourth quarter 15
16 Notes to the Group accounts after the first quarter Note 4 Operating expenses By type: Staff costs Depreciation Other operating expenses Total operating expenses By function: Insurance-related administration costs Other costs/expenses Total operating expenses Note 5 Investment property Profit/loss Q Profit/loss from property Valuation adjustment Foreign exchange differences Other changes and eliminations Net income from investment property Balance sheet Opening balance Value adjustment Other changes and eliminations Closing balance, investment property Interim report for the first quarter 16
17 Kommunal Landspensjonskasse Org.nr P.O. Box 1733 Vika, 0121 Oslo Norway Head Office Karl Johans gate 41 b, Oslo Norway Tel: Fax: Regional Office Vågsallmenningen 16, Bergen Norway Tel: Fax:
Interim report 3/2010. Report from the board of directors - Income statement & Balance sheet - Notes
Interim report 3/2010 Report from the board of directors - Income statement & Balance sheet - Notes Content Report from the board of directors 3 - Key figures 3 4 Group accounts after the third quarter
More informationInterim report 4/2010. Report from the board of directors - Income statement & Balance sheet - Notes
Interim report 4/2010 Report from the board of directors - Income statement & Balance sheet - Notes Content Report from the board of directors 3 - Key figures 4 Group accounts after the fourth quarter
More informationInterim report 1/2012. Report from the board of directors - Income statement & Balance sheet - Notes
Interim report 1/ Report from the board of directors - Income statement & Balance sheet - Notes Contents Report from the Board of directors 3 - Results 4 - Key figures 4 Group accounts after the first
More informationQuarterly Report 4/2006. Quarterly Report Profit and loss account Balance Notes
Quarterly Report 4/2006 Quarterly Report Profit and loss account Balance Notes SOLID PROFITS AND STRENGTHENED MARKET POSITION KLP achieved value-adjusted profits of BNOK 3.7 during the fourth quarter and
More informationInterim report 2/2012. Report from the board of directors - Income statement & Balance sheet - Notes
Interim report 2/ Report from the board of directors - Income statement & Balance sheet - Notes Contents Report from the Board of directors 3 Group accounts after the second quarter - Income statement
More informationInterim report 3/2012. Report from the board of directors - Income statement & Balance sheet - Notes
Interim report 3/ Report from the board of directors - Income statement & Balance sheet - Notes Contents Report from the Board of directors 3 Group accounts after the third quarter - Income statement 9
More informationQuarterly Report 1/2007. Quarterly Report Profit and loss account Balance Notes
Quarterly Report 1/2007 Quarterly Report Profit and loss account Balance Notes QUARTERLY REPORT FIRST QUARTER 2007 The growth in total assets was 13.7 per cent from the first quarter last year and KLP
More informationInterim report Q KLP Banken AS Group
Interim report Q 1 2012 KLP Banken AS Group Contents KLP Banken AS Group Income statement 3 Financial position statement 4 Statement of owners equity 5 Statement of cash flows 6 Notes to the Accounts 7
More informationInterim report Q KLP Banken AS Group
Interim report Q4 2011 KLP Banken AS Group Contents KLP Banken AS Group Income statement 3 Financial position statement 4 Statement of cash flows 5 Statement of owners equity 6 Notes to the accounts 7
More informationInterim report Q KLP Banken AS Group
Interim report Q4 2012 KLP Banken AS Group Contents KLP Banken AS Group Interim financial statement 4/2012 3-4 Income statement 5 Financial position statement 6 Statement of owners equity 7 Statement of
More informationInterim Report. 4th Quarter 2005
Interim Report 4th Quarter 2005 Interim results for the Storebrand group - fourth quarter 2005 MAIN FEATURES Storebrand reports group profit of NOK 418 million for as compared to NOK 371 million for the
More informationOslo, 19th August Financial results first Half 2015 KLP Group
Oslo, 19th August 2015 Financial results first Half 2015 KLP Group Table of contents 1. Main features 2. KLP Group 3. Life and pension 4. KLP Non-Life Insurance 5. Bedriftspensjon 6. Banking and credits
More informationOslo, 12th August Financial results second quarter 2010 KLP Group
Oslo, 12th August 2010 Financial results second quarter 2010 KLP Group 1 Table of contents 1. Main features 2. KLP Group 3. Liv og pensjon 4. KLP solidity and capital issues 5. KLP Non-Life Insurance 6.
More informationOslo, 8th May Financial results first quarter 2013 KLP Group
Oslo, 8th May 2013 Financial results first quarter 2013 KLP Group Table of contents 1. Main features 2. KLP Group 3. Life and pension 4. KLP solidity and capital issues 5. KLP Non-Life Insurance 6. Banking
More informationOslo, 17th August Financial results second quarter 2012 KLP Group
Oslo, 17th August 2011 Financial results second quarter 2012 KLP Group 1 Table of contents 1. Main features 2. KLP Group 3. Life and pension 4. KLP solidity and capital issues 5. KLP Non-Life Insurance
More informationFinancial results Q KLP Group. Oslo, 2nd November 2017
Financial results Q3 217 KLP Group Oslo, 2nd November 217 Table of contents 1. Main features 2. KLP Group 3. Life and pension 4. KLP Non-Life Insurance 5. Bedriftspensjon 6. Banking and credits 7. KLP
More informationNovember 12th, Financial results Q3 2009
November 12th, 2009 Financial results Q3 2009 1 A most satisfactory 3rd quarter for KLP Return Q2: Common portfolio 2.5 per cent booked and 2.8 per cent value adjusted Corporate portfolio 1.6 per cent
More informationInterim report Q1 2011
Interim report Q1 2011 Income statement, financial position statement and notes -760906 KLP KOMMUNEKREDITT AS INTERIM FINANCIAL STATEMENT 1/2011 PURPOSE AND OWNERSHIP The Company's purpose is long-term
More informationOslo, 12th May Financial results Q KLP Group
Oslo, 12th May 216 Financial results Q1 216 KLP Group Table of contents 1. Main features 2. KLP Group 3. Life and pension 4. KLP Non-Life Insurance 5. Bedriftspensjon 6. Banking and credits 7. KLP Asset
More informationFinancial results Q KLP Group. Oslo, 1th November 2018
Financial results Q3 2018 KLP Group Oslo, 1th November 2018 Table of contents 1. Main features 2. KLP Group 3. Life and pension 4. KLP Non-Life Insurance 5. Bedriftspensjon 6. Banking and credits 7. KLP
More informationInterim report Q1 2016
Interim report Q1 2016 INCOME STATEMENT BALANCE SHEET NOTES Contents KLP Kommunekreditt Report from the Board of directors 3 Income Statement 4 Balance Sheet 5 Statement of owners' equity 6 Statement of
More informationOslo, 1th November Financial results third quarter 2013 KLP Group
Oslo, 1th November 2013 Financial results third quarter 2013 KLP Group Table of contents 1. Main features 2. KLP Group 3. Life and pension 4. KLP solidity and capital issues 5. KLP Non-Life Insurance 6.
More informationInterim Report. 2 nd Quarter 2006
Interim Report 2 nd Quarter 2006 Interim results for the Storebrand group - second quarter 2006 MAIN FEATURES Storebrand reports group profit of NOK 811 million for the first six months as compared to
More informationInterim report KLP BANKEN AS GROUP Q4 2017
Interim report KLP BANKEN AS GROUP Q4 2017 Table of contents KLP BANKEN AS GROUP INTERIM FINANCIAL STATEMENTS 3 INCOME STATEMENT 5 BALANCE SHEET 6 STATEMENT OF CHANGES IN EQUITY 7 STATEMENT OF CASH FLOW
More informationInterim report KLP BANKEN
Interim report KLP BANKEN Income statement - Balance sheet - Notes 3rd quarter 2016 Table of contents KLP BANKEN GROUP INTERIM FINANCIAL STATEMENTS 3/2016 3 INCOME STATEMENT 5 BALANCE SHEET 6 STATEMENT
More informationInterim report KLP KOMMUNEKREDITT
Interim report KLP KOMMUNEKREDITT Income statement - Balance sheet - Notes 3rd quarter 2016 Table of contents KLP KOMMUNEKREDITT INTERIM FINANCIAL STATEMENTS 3/2016 3 INCOME STATEMENT 5 BALANCE SHEET 6
More informationInterim report KLP BANKEN AS GROUP Q1 2017
Interim report KLP BANKEN AS GROUP Q1 2017 Table of contents KLP BANKEN GROUP INTERIM FINANCIAL STATEMENTS 1/2017 3 INCOME STATEMENT 5 BALANCE SHEET 6 STATEMENT OF CHANGES IN EQUITY 7 STATEMENT OF CASH
More informationInterim Report. 3rd Quarter 2006
Interim Report 3rd Quarter 2006 Interim results for the Storebrand group - third quarter 2006 MAIN FEATURES Storebrand reports group profit of NOK 315 million for Q3, as compared to NOK 318 million for
More informationThird quarter report
Comment from the President and CEO.. 3 Financial highlights... 4 Highlights. 5 Export lending... 6 Local government lending... 6 Securities. 7 Funding.... 7 Results 7 Balance sheet. 9 Events after the
More informationInterim report Q3 2015
Interim report Q3 2015 INCOME STATEMENT BALANCE SHEET NOTES Contents KLP Banken AS Group Interim financial statements 3/2015 3 Income statement 4 Balance sheet 5 Statement of changes in equity 6 Statement
More informationNet interest income Profit before tax Profit for the period
About KBN Established by an act of Parliament in 1926 as a state administrative body called Norges Kommunalbank, Kommunalbanken AS (KBN) gained its current status and structure through a conversion act
More informationInterim Report 2nd Quarter 2005
Interim Report 2nd Quarter 2005 Interim results for the Storebrand Group - second quarter 2005 MAIN FEATURES Storebrand reports group profit of NOK 392 million for Q2 as compared to NOK 113 million (NOK
More informationStorebrand Bank ASA. Quarterly Report 4th Quarter of 2005
Storebrand Bank ASA Quarterly Report 4th Quarter of 2005 Headquarters: Filipstad Brygge 1, Postboks 1693 Vika, 0120 Oslo Tlf.: 22 31 50 50 Fax: 23 23 51 08 E-mail: bank@storebrand.no Internet: www.storebrand.no
More informationInterim report. Storebrand Group
Interim report Storebrand Group 1 st quarter 2014 Interim report - 1Q 2014: Storebrand Group Contents FINANCIAL PERFORMANCE BUSINESS AREAS Storebrand Group... 3 Savings... 5 Insurance... 6 Guaranteed pension...
More informationInterim report KLP BANKEN AS GROUP Q2 2018
Interim report KLP BANKEN AS GROUP Q2 2018 Table of contents KLP BANKEN GROUP INTERIM FINANCIAL STATEMENTS 3 INCOME STATEMENT 6 BALANCE SHEET 7 STATEMENT OF CHANGES IN EQUITY 8 STATEMENT OF CASH FLOW 9
More informationInterim report KLP BANKEN AS GROUP Q2 2017
Interim report KLP BANKEN AS GROUP Q2 2017 Table of contents KLP BANKEN GROUP INTERIM FINANCIAL STATEMENTS 3 INCOME STATEMENT 6 BALANCE SHEET 7 STATEMENT OF CHANGES IN EQUITY 8 STATEMENT OF CASH FLOW 9
More informationInterim Report. 3rd Quarter 2005
Interim Report 3rd Quarter 2005 Interim results for the Storebrand Group - third quarter 2005 MAIN FEATURES Storebrand reports group profit of NOK 318 million for Q3 as compared to NOK 265 million for
More informationAnnual report KLP Banken AS
Annual report KLP Banken AS 2009 2 ANNUAL REPORT 2009 KLP BANKEN AS R E P O R T O F T H E B OA R D O F DI R E C T O R S 3 Report of the Board of Directors On 29 January Kommunal Landspensjonskasse (KLP)
More informationAnnual Report 2017 KLP KOMMUNEKREDITT AS
Annual Report 2017 KLP KOMMUNEKREDITT AS KLP KOMMUNEKREDITT AS Annual Report 2017 2 KLP Kommunekreditt AS is owned by KLP through its subsidiary KLP Banken AS. Together with KLP, KLP Kommunekreditt AS
More informationInterim report KOMMUNAL LANDSPENSJONSKASSE
Interim report KOMMUNAL LANDSPENSJONSKASSE Income statement - Balance sheet - Notes 3rd quarter 2016 Table of contents KLP GROUP INTERIM REPORT THIRD QUARTER 2016 4 INCOME STATEMENT 9 BALANCE SHEET 10
More informationSecond quarter and first half report 2017
st 1quarter 2017 nd 2quarter 2017 th 4quarter 2017 rd 3quarter 2017 Second quarter and first half report 2017 Storebrand Group Contents FINANCIAL PERFORMANCE BUSINESS AREAS Storebrand Group 3 Savings 6
More informationAnnual Report 2016 KLP
Annual Report 2016 KLP Contents KLP ANNUAL REPORT 2016 RISK MANAGEMENT AND INTERNAL CONTROL NORWEGIAN CODE OF PRACTICE FOR CORPORATE GOVERNANCE (NUES) ANNUAL REPORT OF THE BOARD OF DIRECTORS GROUP ACCOUNTS
More informationPresentation of Financial Results first quarter May 2007
Presentation of Financial Results first quarter 2007 16 May 2007 Main features Robust financial results gives a good start to 2007 Considerable activity in property, executed acquisition of the main Postal
More informationKLP Group SFCR 2017 Solvency and Financial Condition Report
KLP Group SFCR 2017 Solvency and Financial Condition Report Contents Summary... 2 A. Business and performance... 4 A.1 Business... 4 A.2 Underwriting performance... 5 A.3 Investment performance... 6 A.4
More information168th year. Quarterly Report nd quarter
168th year Quarterly Report 2010 2nd quarter Contents Comments to the accounts page 2-7 Profit and Loss Account page 8 Balance Sheet page 8 Changes in equity page 9 Cash Flow Statement page 10 Profit
More informationInterim report Q2 2015
Interim report Q2 2015 INCOME STATEMENT BALANCE SHEET NOTES TO THE ACCOUNTS Contents KLP Banken AS Group Interim financial statements 2/2015 3 Income statement 6 Balance sheet 7 Statement of changes in
More informationForth quarter report
Comment from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet 8 Statement of comprehensive income 9 Balance sheet
More information1st quarter
1st quarter 01.01-31.03 Interim results for the Storebrand Group 1st quarter Main features Group result, which represents the shareholders share of operating profit, showed a loss of NOK 62 million in
More informationBN Boligkreditt AS. INTERIM REPORT 4th QUARTER 2011
BN Boligkreditt AS INTERIM REPORT 4th QUARTER 2011 Content Summary of results for Q4 2011...3 Financial Ratios...4 Directors Report...5 Income Statement...7 Balance Sheet...8 Statement of Changes in Equity...9
More informationInterim report KLP BOLIGKREDITT AS Q2 2018
Interim report KLP BOLIGKREDITT AS Q2 2018 Table of contents INTERIM FINANCIAL STATEMENT 3 INCOME STATEMENT 5 BALANCE SHEET 6 STATEMENT OF CHANGES IN EQUITY 7 STATEMENT OF CASH FLOW 8 STATEMENT PURSUANT
More informationJanuary September 2012
January About KBN Established by an act of Parliament in 1926 as a state administrative body called Norges Kommunalbank, Kommunalbanken AS (KBN) gained its current status and structure through a conversion
More informationannual report 2014 KLP Banken AS
annual report 2014 Coverphoto: Ingrid Eriksen Open In 2014 KLP hosted an internal photo contest where the staff were to visualize one of KLP s values Open, Clear, Responsible and Committed or For the days
More informationQuarterly report. Interim report. First Quarter 2017 NOTES TO THE ACCOUNTS
Quarterly report Interim report First Quarter 2017 1 Content 3 Main figures 4 9 Interim report 10 Income statement 11 Balance sheet 12 Changes in equity capital 14 Cash flow statement 15 Quarterly accounts
More informationHALF-YEAR REPORT 2014
HALF-YEAR REPORT 2014 Contents First half year 2014 3 4 6 7 8 9 10 11 12 22 Main figures Quarterly report Income Statement Balance sheet Changes in equity capital Cash flow statement Results from the quarterly
More informationNotes. Contents. 3rd Quarter 2012
3rd Quarter Notes Contents Note 1 - Accounting principles... 2 Note 2 - Critical estimates and assessment concerning the use of accounting principles... 3 Note 3 - Account by business line... 4 Note 4
More informationunaudited interim report 1 quarter
unaudited interim report 1 quarter 2015 Financial highlights - Group Income statement Q1 2015 Q1 2014 2014 NOK million In percentage NOK million In percentage NOK million In percentage Net interest income
More informationannual report 2014 KLP Banken AS
annual report 2014 Coverphoto: Ingrid Eriksen Open In 2014 KLP hosted an internal photo contest where the staff were to visualize one of KLP s values Open, Clear, Responsible and Committed or For the days
More informationInterim report Q1 2015
Interim report Q1 2015 INCOME STATEMENT BALANCE SHEET NOTES Contents Report from the Board of directors 3 Accounts KLP Group 8 Income statement 8 Balance sheet 9 Changes in Owner s equity 10 Statement
More informationInterim Report 2 nd quarter 2010 Nordea Bank Norge Group
Interim Report 2 nd quarter 200 Nordea Bank Norge Group Nordea Bank Norge is part of the Nordea Group. Nordea s vision is to be a Great European bank, acknowledged for its people, creating superior value
More informationInterim report. Storebrand Bank ASA
Interim report Storebrand Bank ASA 3 rd quarter 2013 Storebrand Bank Group - Quarterly report for the third quarter of 2013 (Profit figures for the corresponding period in 2012 are shown in parentheses.
More informationDNB BOLIGKREDITT AS. a company in the DNB Group. Second quarter and first half report 2014 (Unaudited)
Q2 DNB BOLIGKREDITT AS a company in the DNB Group Second quarter and first half report 2014 (Unaudited) Key figures Statement of comprehensive income 2nd quarter 2nd quarter 1st half 1st half Full year
More informationHighlights of Stadshypotek s Annual Report. January December 2017
Highlights of Stadshypotek s Annual Report January December Highlights of Stadshypotek s Annual Report January December Income totalled SEK 13,373m (12,415). Expenses before loan losses increased by SEK
More informationSpareBank 1 Nord-Norge
SpareBank 1 Nord-Norge Preliminary annual report and accounts 2008 The Group Satisfactory result for the fourth quarter when taking the global financial crisis into consideration. The underlying banking
More informationInterim report 2nd quarter 2017
Interim report 2nd quarter 2017 Successful launch in Finland and increased 2017 target Successful launch of consumer loan business in Finland on 29 th May Continued solid growth in net loans of 284 million
More informationInterim Report 1st quarter Gjensidige Forsikring Group
Interim Report 1st quarter 2018 Gjensidige Forsikring Group Group highlights First quarter 2018 In the following, the figures in brackets indicate the amount or percentage for the corresponding period
More informationInterim Report 1st quarter Gjensidige Insurance Group
Interim Report 1st quarter 2014 Gjensidige Insurance Group Group highlights First quarter 2014 In the following, figures in brackets indicate the amount or percentage for the corresponding period the year
More informationBN Bank ASA INTERIM REPORT 2ND QUARTER 2014
BN Bank ASA INTERIM REPORT 2ND QUARTER 2014 Content Financial Ratios... 3 Report from the Board of Directors... 4 Income Statement... 8 Balance Sheet... 9 Change in Equity...10 Cash Flow Analysis...11
More informationunaudited interim report 2 quarter 2016
unaudited interim report 2 quarter 2016 Financial highlights - Group Income statement Q2 2016 Q2 2015 30.06.2016 30.06.2015 2015 NOK million % NOK million % NOK million % NOK million % NOK million % Net
More informationInterim Report 1 st quarter 2018 Nordea Eiendomskreditt AS
Interim Report 1 st quarter 2018 Nordea Eiendomskreditt AS Nordea Eiendomskreditt AS is part of the Nordea Group. Nordea build strong and close relationships through our engagement with customers and society.
More informationKLP SFCR 2017 Solvency and Financial Condition Report
KLP SFCR 2017 Solvency and Financial Condition Report Contents Summary... 3 A. Business and performance... 5 A.1 Business... 5 A.2 Underwriting performance... 6 A.3 Investment performance... 7 A.4 Performance
More informationInterim Report 2 nd quarter 2018 Nordea Eiendomskreditt AS
Interim Report 2 nd quarter 208 Nordea Eiendomskreditt AS Nordea Eiendomskreditt AS is part of the Nordea Group. Nordea build strong and close relationships through our engagement with customers and society.
More informationCover photo: Laila Johnsen (Galdhøpiggen, Norway)
Financial highlights... 3 Report from the board of directors. 4 Results 4 Balance sheet. 5 Lending... 6 Securities.. 6 Funding.... 6 Liquidity.... 6 Regulatory framework... 7 Events after the balance sheet
More informationInterim Report 2 nd quarter 2011 Nordea Bank Norge Group
Interim Report 2 nd quarter 2011 Nordea Bank Norge Group Nordea Bank Norge is part of the Nordea Group. Nordea s vision is to be a Great European bank, acknowledged for its people, creating superior value
More informationFinancial statements and notes
Financial statements and notes Gjensidige Insurance Group Page Consolidated income statement... 74 Consolidated statement of comprehensive income...75 Consolidated statement of financial position... 76
More information36.7% EBIT margin. SEK million
Q1 January March Gross cash collections on acquired loan portfolios increased by 34 per cent to SEK 1,056m (791). Total revenue increased by 27 per cent to SEK 638m (501). Reported EBIT was SEK 234m (159)
More informationForth quarter report
Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 6 Local government lending 6 Funding 6 Results 6 Balance sheet 8 Statement of comprehensive income 9 Balance sheet
More informationQuarterly Report Fourth quarter 2011
4. quarter 2011 Quarterly Report Fourth quarter 2011 Norwegian and international economy In spite of the weak performance in Europe, global growth is estimated to be around 3 per cent in 2011. There has
More informationInterim Report 1 st quarter 2016 Nordea Eiendomskreditt AS
Interim Report st quarter 206 Nordea Eiendomskreditt AS Nordea Eiendomskreditt AS is part of the Nordea group. Nordea s vision is to be a Great European bank, acknowledged for its people, creating superior
More informationYear-end report 1 January 31 December SBAB Bank AB (publ)
Year-end report 1 January 31 December SBAB Bank AB (publ) SBAB Bank s lending operations displayed stable development in and loan losses remained low. Deposits increased to SEK 8.8 billion at year-end.
More informationIMPORTANT NOTICE. In accessing the attached base prospectus supplement (the "Supplement") you agree to be bound by the following terms and conditions.
IMPORTANT NOTICE In accessing the attached base prospectus supplement (the "Supplement") you agree to be bound by the following terms and conditions. The information contained in the Supplement may be
More informationBN Bank ASA INTERIM REPORT 3TRD QUARTER 2013
BN Bank ASA INTERIM REPORT 3TRD QUARTER 2013 Innhold Financial Ratios... 3 Report of the Directors... 4 GROUP Consolidated Income Statement... 8 Consolidated Balance Sheet... 9 Statement of Changes in
More informationFull year % EBIT margin. Quarter Change, % 31 Dec Change, %
Year-end report October December Gross cash collections on acquired loan portfolios increased 7 per cent to SEK 1,105m (1,032). Total revenue increased 9 per cent to SEK 676m (622). Reported EBIT was SEK
More informationInterim Report 2 nd quarter 2007 Nordea Bank Norge Group
Interim Report 2 nd quarter 2007 Nordea Bank Norge Group Nordea Bank Norge is part of the Nordea Group. Nordea s vision is to be perceived as the leading Nordic bank, acknowledged for its people, creating
More informationAnnual Report ya Holding ASA and Group. ya Holding ASA and Group
Annual Report 2008 ya Holding ASA and Group Key figures Results by company 2008 Figures in NOK 1000 Profit/Loss Group ya Bank ya Personf. ya Holding Metatech Net interest and credit commission income 64
More informationQuarterly report Q4 2013
Quarterly report Q4 Directors Report 2 / 12 Directors Report Fourth Quarter Nature of the business SSB Boligkreditt AS is the funding company of the Sandnes Sparebank Group, for the issue of covered bonds.
More informationContents ADMINISTRATION REPORT 2 FIVE-YEAR OVERVIEW AND KEY FIGURES 4
Annual Report 2016 Contents ADMINISTRATION REPORT 2 FIVE-YEAR OVERVIEW AND KEY FIGURES 4 FINANCIAL REPORTS Income statement 6 Statement of comprehensive income 6 Balance sheet 7 Statement of changes in
More informationHalf Year Report 2009
Half Year Report 2009 SpareBank 1 Nord-Norge Group Board of Directors Report/Operating Report Half year accounts Statement from Board of Directors and Chief Executive Officer Group Information 1/22 SpareBank
More informationFirst quarter 2011 SpareBank 1 SR-Bank konsern
First quarter 2011 SpareBank 1 SR-Bank konsern Page 1 Good quarterly results Q1 2011 Profit before tax: NOK 336 million (NOK 395 million) Return on equity after tax: 11.2% (14.8%) Earnings per equity certificate:
More informationInterim Report 3 rd quarter 2012 Nordea Bank Norge Group
Interim Report 3 rd quarter 2012 Nordea Bank Norge Group Nordea s vision is to be a Great European bank, acknowledged for its people, creating superior value for customers and shareholders. We are making
More informationInterim Report 3 rd quarter 2017 Nordea Eiendomskreditt AS
Interim Report 3 rd quarter 207 Nordea Eiendomskreditt AS Nordea Eiendomskreditt AS is part of the Nordea group. Nordea is among the ten largest universal banks in Europe in terms of total market capitalisation
More informationCover photo: Elise Lindbæk (Fanaråken, Norway)
Financial highlights 03 Report from the board of directors 04 Results 04 Balance sheet 05 Lending 05 Securities 05 Funding 06 Liquidity 06 Events after the balance sheet date 07 Condensed statement of
More informationContents. Auditors report 35. Addresses 36
Annual Report 2013 Contents five-year overview and Key figures 2 Administration report 4 Financial reports Income statement 6 Statement of comprehensive income 6 Balance sheet 7 Statement of changes in
More informationInterim Report 2 nd quarter 2015 Nordea Eiendomskreditt AS
Interim Report 2 nd quarter 205 Nordea Eiendomskreditt AS Nordea Eiendomskreditt AS is part of the Nordea group. Nordea s vision is to be a Great European bank, acknowledged for its people, creating superior
More informationBN Bank ASA INTERIM REPORT Q3 2015
BN Bank ASA INTERIM REPORT Q3 2015 Content Financial Ratios... 3 Report from the Board of Directors... 4 GROUP Income Statement... 8 Balance Sheet... 9 Change in Equity...10 Cash Flow Analysis...11 Notes...12
More informationInterim Report 4th quarter 2004 Nordea Bank Norge Group
Interim Report 4th quarter 2004 Nordea Bank Norge Group Report of the Board of Directors Through out this report the terms Nordea Bank Norge ASA and NBN refer to Nordea Bank Norge ASA and its subsidiaries.
More informationINTERIM REPORT. Q (unaudited)
INTERIM REPORT Q2 2015 (unaudited) CONTENTS 3 Key figures, parent company/consolidated 4 Q2 interim report 30 June 2015 8 Consolidated income statement 9 Consolidated balance sheet 10 Consolidated cash
More informationREPORT FOR THE FIRST HALF OF 2010 Terra BoligKreditt AS
REPORT FOR THE FIRST HALF OF 2010 Terra BoligKreditt AS Key figures Semi-annual Report 2010 Pre-tax operating revenues of NOK 21 million for the first half of 2010, compared with pre-tax operating revenues
More informationPortfolio acquisitions. SEK 1.7 bn
Interim Report January - September Gross cash collections SEK 1.8 bn Portfolio acquisitions SEK 1.7 bn EBIT margin 32% Capital adequacy ratio 12.49% January - September compared to January - September
More informationFirst quarter report 2009 Unaudited. DnB NOR Bank ASA
First quarter report 2009 Unaudited Financial highlights First quarter 2009 Pre-tax operating profits before write-downs were NOK 6.0 billion (1.9) Profit for the period was NOK 3.1 billion (1.4) Return
More informationHandelsbanken Finans
Annual report 2004 Handelsbanken Finans HANDELSBANKEN FINANS ANNUAL REPORT 2004 2 HANDELSBANKEN FINANS ANNUAL REPORT 2004 CONTENTS Contents Key figures/definitions 4 Directors report 5 Income statement
More information