EX-99.VI 2 u09254exv99wvi.htm EXHIBIT VI exv99wvi
Exhibit VI
(NORDIC INVESTMENT BANK LOGO)
NORDIC INVESTMENT BANK
Financial information
January-April 2010
(unaudited)

 

 

Nordic Investment Bank   Financial information January-April 2010
 
Table of contents
         
 
        
Key figures
     3  
Comments
     4  
Statement of comprehensive income
     5  
Statement of financial position
     6  
Changes in equity
     7  
Cash flow statement
     8  
15 June 2010

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Nordic Investment Bank   Financial information January-April 2010
 
Key figures
                         
(in EUR million unless otherwise noted)   Apr 2010*     Apr 2009*     Dec 2009  
Net interest income
     78       69       219  
Core earnings**
     71       62       192  
Profit
     59       91       324  
Loans disbursed
     128       744       1,954  
Loan agreements
     183       450       1,417  
Loans outstanding
     13,886       13,740       13,763  
Guarantee commitments
     12       17       12  
New debt issues
     1,589       2,370       4,137  
Debts evidenced by certificates
     20,532       19,177       17,998  
Total assets
     24,784       23,502       22,423  
Equity/total assets (%)
     8.5       7.7       9.1  
Number of employees (persons)
     176       170       178  
 
*   Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2009 and the notes thereto
 
**   Core earnings consist of the profit before adjustments to hedge accounting, realised and unrealised gains/losses of the trading portfolio, credit losses and reversals thereof.

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Nordic Investment Bank   Financial information January-April 2010
 
Comments
NIB’s financial figures January-April 2010
In the first four months of the year, the global economy has continued to recover, but recent events have revealed that the situation is not back to normal. The large funding needs of governments have rapidly become structural in nature. In such a situation, the role of IFIs such as NIB becomes even more important.
NIB’s operational results for January-April 2010 in terms of core earnings* amounted to EUR 71 million, up from EUR 62 million during the same period last year. NIB’s profit amounted to EUR 59 million. Positive valuations both on financial instruments in NIB’s trading portfolios and in hedge accounting contribute to the profit.
NIB’s balance sheet total at the end of the period was EUR 25 billion. Loans outstanding stood at EUR 14 billion, the same as per year-end 2009. Loan disbursements amounted to EUR 128 million, compared with EUR 744 million in January-April 2009. The main reason for the slow start can be traced back to the end of 2009, when a significant acceleration of disbursements took place. Furthermore, the liquidity among corporate clients has been very good from the beginning of the year and, in combination with cautious investments, the demand for financing has somewhat decreased. Impairments to the loan book amounted to EUR 42 million as per the end of April 2010 (January-April 2009: EUR 12 million).
In its lending operations, NIB has continued to put an increasing emphasis on financing projects complying with the Bank’s mandate. Some 70% of disbursements were in the focus sectors: the environment; energy; transport, logistics and communication; and innovation.
In the current circumstances, investors’ demand for quality benefits NIB with its Nordic assets and ownership and result in relatively lower funding costs for NIB’s customers. In January, the Bank issued a successful three-year USD 1 billion benchmark bond. During January-April 2010, NIB has raised EUR 1.6 billion in seven currencies.
NIB expects the demand for its loans to increase during the rest of the year and that the steady upward trend in its core earnings will continue.
Johnny Åkerholm
President and CEO
 
*   Core earnings consist of the profit before adjustments to hedge accounting, realised and unrealised gains/losses of the trading portfolio, credit losses and reversals thereof.

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Nordic Investment Bank   Financial information January-April 2010
 
Statement of comprehensive income
EUR 1,000
                         
    Jan-Apr 2010*     Jan-Apr 2009*     Jan-Dec 2009  
 
                        
Interest income
     137,569       269,506       603,038  
Interest expense
     -60,052       -200,197       -384,040  
 
Net interest income
     77,517       69,309       218,998  
 
                        
Commission income and fees received
     1,049       2,754       8,909  
Commission expense and fees paid
     -937       -848       -2,843  
Net profit/loss on financial operations
     35,803       44,935       177,754  
Foreign exchange gains and losses
     641       -84       -733  
 
Operating income
     114,073       116,065       402,085  
 
                        
Expenses
                        
General administrative expenses
     11,126       11,050       30,601  
Depreciation
     1,593       1,630       5,074  
Impairment of loans
     42,257       12,129       42,511  
 
Total expenses
     54,977       24,809       78,186  
 
 
                        
PROFIT/LOSS FOR THE PERIOD
     59,096       91,256       323,900  
 
 
                        
Value adjustments on the available-for-sale portfolio
     133       -143       -3,533  
 
Total comprehensive income
     59,229       91,113       320,367  
 
*   Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2009 and the notes thereto

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Nordic Investment Bank   Financial information January-April 2010
 
Statement of financial position
EUR 1,000
                                 
            30 Apr 2010*     30 Apr 2009*     31 Dec 2009  
ASSETS
                                
 
                                
Cash and cash equivalents
             3,017,538       4,899,201       973,837  
 
                                
Financial placements
                                
Placements with credit institutions
             130,709       101,609       84,954  
Debt securities
             5,360,432       2,610,365       5,659,220  
Other
             23,109       14,352       19,999  
 
 
             5,514,250       2,726,325       5,764,173  
Loans outstanding
             13,886,369       13,739,523       13,762,661  
Intangible assets
             6,135       6,701       6,703  
Tangible assets, property and equipment
             32,825       34,670       33,457  
 
                                
Other assets
                                
Derivatives
             1,936,004       1,705,989       1,463,803  
Other assets
             41,627       16,318       28,789  
 
 
             1,977,631       1,722,307       1,492,592  
Payments to the Bank’s reserves, receivable
            11,519       23,997       17,758  
Accrued interest and fees receivable
             338,150       349,073       372,289  
 
TOTAL ASSETS
             24,784,417       23,501,796       22,423,470  
 
 
                                
LIABILITIES AND EQUITY
                                
Liabilities
                                
 
                                
Amounts owed to credit institutions
                                
Short-term amounts owed to credit institutions
             640,813       771,747       452,395  
Long-term amounts owed to credit institutions
             184,093       142,419       201,052  
 
 
             824,906       914,166       653,447  
Debts evidenced by certificates
                                
Debt securities issued
             20,294,703       18,918,718       17,775,437  
Other debt
             237,082       258,183       222,117  
 
 
             20,531,785       19,176,901       17,997,553  
Other liabilities
                                
Derivatives
             1,046,223       1,298,235       1,423,870  
Other liabilities
             7,525       6,475       7,747  
 
 
             1,053,749       1,304,710       1,431,617  
Accrued interest and fees payable
             264,438       284,962       290,544  
 
Total liabilities
             22,674,878       21,680,740       20,373,161  
 
                                
Equity
                                
Authorised and subscribed capital
     4,141,903                          
of which callable capital
     -3,723,302                          
                         
Paid-in capital
     418,602       418,602       418,602       418,602  
Reserve funds
                                
Statutory Reserve
     676,807                          
General Credit Risk Fund
     550,757                          
Special Credit Risk Fund PIL
     395,919                          
                         
 
     1,623,483       1,623,483       1,287,105       1,293,344  
Payments to the Bank’s reserves, receivable
             11,519       23,997       17,758  
Other value adjustments
             -3,161       96       -3,294  
Profit/loss for the period
             59,096       91,256       323,900  
 
Total equity
             2,109,538       1,821,056       2,050,310  
 
                                
 
TOTAL LIABILITIES AND EQUITY
             24,784,417       23,501,796       22,423,470  
 
 
                                
Guarantee commitments
             12,500       16,667       12,500  
 
*   Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2009 and the notes thereto

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Nordic Investment Bank   Financial information January-April 2010
 
Changes in equity*
EUR 1,000
                                                                         
                                    Payments to                            
                                    the Bank’s                            
                                    Statutory                            
                    General     Special     Reserve     Appropriation             Profit/loss        
    Paid-in     Statutory     Credit     Credit Risk     and credit     to dividend     Other value     for the        
    capital     Reserve     Risk Fund     Fund PIL     risk funds     payment     adjustments     period     Total  
 
Equity at 31 December 2008
     418,602       656,770       622,131       281,919       31,556       0       239       -281,273       1,729,943  
 
Appropriations between reserve funds
                     -281,273                                       281,273       0  
Paid-in capital
                                                                     0  
Called in authorised and subscribed capital
                                                                     0  
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable
             7,559                       -7,559                               0  
Comprehensive income for the period 1/1—30/4/2009
                                                     -143       91,256       91,113  
Equity at 30 April 2009
     418,602       664,329       340,857       281,919       23,997       0       96       91,256       1,821,056  
 
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable
             6,239                       -6,239                               0  
Comprehensive income for the period 1/5—31/12/2009
                                                     -3,390       232,644       229,254  
Equity at 31 December 2009
     418,602       670,568       340,857       281,919       17,758       0       -3,294       323,900       2,050,310  
 
Appropriations between reserve funds
                     209,900       114,000                               -323,900       0  
Paid-in capital
                                                                     0  
Called in authorised and subscribed capital
                                                                     0  
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable
             6,239                       -6,239                               0  
Comprehensive income for the period 1/1—30/4/2010
                                                     133       59,096       59,229  
Equity at 30 April 2010
     418,602       676,807       550,757       395,919       11,519       0       -3,161       59,096       2,109,538  
 
 
*   Only the year-end figures are audited, to be read in conjunction with NIB’s audited financial statements for 2009 and the notes thereto

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Nordic Investment Bank   Financial information January-April 2010
 
Cash flow statement
EUR 1,000
                         
    Jan-Apr 2010*     Jan-Apr 2009*     Jan-Dec 2009  
Cash flows from operating activities
                        
Profit/loss from operating activities
     59,096       91,256       323,900  
 
                        
Adjustments:
                        
 
                        
Market value adjustment, trading portfolio
     -26,313       -23,900       -135,915  
Impairment on accrued interest and matured financial assets
             1,164          
Depreciation and write-down in value of tangible and intangible assets
     1,593       1,630       5,074  
Change in accrued interest and fees (assets)
     34,017       16,353       -5,699  
Change in accrued interest and fees (liabilities)
     -26,105       -47,945       -42,364  
Impairment of loans
     42,257       12,129       42,511  
Adjustment to hedge accounting
     -3,060       -22,112       -37,661  
Other adjustments to the period’s profit
     -12       -12       -36  
 
Adjustments, total
     22,377       -62,695       -174,090  
 
                        
Lending
                        
Disbursements of loans
     -128,009       -744,316       -1,953,924  
Repayments of loans
     362,124       302,971       1,326,496  
Realised impairment losses on loans
                     16,630  
Capitalisations, redenominations, index adjustments etc.
     -151       -271       -865  
Transfer of loans to other financial placements
                     8,584  
Transfer of loans to claims in other assets
                     64,423  
Exchange rate adjustments
     -371,426       -234,614       -204,805  
 
Lending, total
     -137,462       -676,230       -743,461  
 
                        
Cash flows from operating activities, total
     -55,989       -647,669       -593,651  
 
                        
Cash flows from investing activities
                        
 
                        
Placements and debt securities
                        
Purchase of debt securities
     -1,243,559       -1,259,278       -2,934,459  
Sold and matured debt securities
     1,623,429       1,143,426       2,292,851  
Placements with credit institutions
     -45,674       -19,702       -3,182  
Other financial placements
     -2,978       -337       -9,369  
Exchange rate adjustments etc.
     -55,930       -6,719       -2,580  
 
Placements and debt securities, total
     275,288       -142,610       -656,739  
 
                        
Other items
                        
Acquisition of intangible assets
     -328       -713       -2,505  
Acquisition of tangible assets
     -65       -364       -807  
Change in other assets
     -2,828       -8,195       -130,076  
 
Other items, total
     -3,220       -9,273       -133,388  
 
                        
Cash flows from investing activities, total
     272,068       -151,883       -790,127  
 
                        
Cash flows from financing activities
                        
 
                        
Debts evidenced by certificates
                        
Issues of new debt
     1,588,798       2,370,276       4,136,814  
Redemptions
     -454,783       -1,414,159       -3,644,632  
Exchange rate adjustments
     1,229,621       746,604       281,597  
 
Debts evidenced by certificates, total
     2,363,636       1,702,721       773,780  
 
                        
Other items
                        
Long-term placements from credit institutions
     -16,959       63,312       121,945  
Change in swap receivables
     -344,061       -6,360       118,636  
Change in swap payables
     -369,429       -510,758       -487,173  
Change in other liabilities
     -222       1,271       2,543  
Paid-in capital and reserves
     6,239       7,559       13,798  
 
Other items, total
     -724,432       -444,976       -230,251  
 
                        
Cash flows from financing activities, total
     1,639,204       1,257,745       543,529  
 
                        
CHANGE IN NET LIQUIDITY
     1,855,283       458,194       -840,249  
 
                        
Opening balance for net liquidity
     521,442       1,361,690       1,361,690  
Closing balance for net liquidity
     2,376,725       1,819,884       521,442  
 
                        
Additional information to the statement of cash flows
                        
Interest income received
     171,708       287,022       597,339  
Interest expense paid
     -86,158       -248,142       -426,403  
The cash flow statement has been prepared using the indirect method and the cash flow items cannot be directly concluded from the statements of financial positions.
 
*   Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2009 and the notes thereto

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Nordic Investment Bank   Financial information January-April 2010
 
Nordic Investment Bank (NIB)
Fabianinkatu 34
P.O. Box 249
FI-00171 Helsinki, Finland
Telephone: +358 10 618 001
Fax: +358 10 618 0725
Internet: www.nib.int
E-mail: info@nib.int

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