Financial results

Consolidated financial statements

  • Consolidated income statement

    All figures in NOK million unless otherwise stated   

    Year ended 31 DecemberNotes20202019
    Interest income from purchased loan portfolios42 7652 713
    Net credit gain/(loss) purchased loan portfolios4-230-400
    Profit from shares in associated parties/joint ventures and participation loans/notes174564
    Interest income from loan receivables7217294
    Net credit gain/(loss) from loan receivables7-79-178
    Income from sale of collateral assets2072
    Other revenues7385381
    Total revenues63 1742 874
    External expenses of services provided8-454-447
    Personnel expenses9-893-888
    Other operating expenses10-411-446
    Cost of collateral assets sold, including impairment20-78
    Depreciation and amortisation15-108-107
    Impairment losses14,15-6-27
    Operating profit/(loss)1 224959
    Financial income5613
    Financial expenses-805-794
    Net exchange gain/(loss)-64-12
    Net financial items11-814-794
    Profit/(loss) before tax411165
    Income tax expense12-102-58
    Profit/(loss) after tax309107

    Profit/(loss) attributable to:
    Parent company shareholders


    309


    107
    Non-controlling interests00

    Earnings per share (in NOK):
    Basic


    13


    0.75


    0.26
    Diluted 130.750.26

  • Consolidated statement of comprehensive income

    All figures in NOK million unless otherwise stated   

    Year ended 31 DecemberNotes20202019
    Profit/(loss) after tax309107

    Other comprehensive income
    Items that may be reclassified subsequently to profit or loss:
    Exchange differences on translation of foreign operations129-23
    Hedging of currency risk in foreign operations452-37
    Tax attributable to items that may be reclassified to profit or loss-119
    Other comprehensive income170-51
    Total comprehensive income47956

    Total comprehensive income attributable to:
    Parent company shareholders47956
    Non-controlling interests00

  • Consolidated statement of financial position

    All figures in NOK million unless otherwise stated   

    As at 31 DecemberNotes20202019
    Deferred tax asset12323189
    Goodwill14824778
    Tangible and intangible assets15,16330363
    Investments in associated companies and joint ventures17349387
    Purchased loan portfolios413 03313 420
    Loan receivables18235345
    Participation loans/notes17522542
    Other non-current financial assets1835
    Total non-current assets15 62016 027
    Other short-term assets19253240
    Collateral assets20873319
    Cash and short-term deposits21423356
    Total current assets1 549914

    Total assets

    17 169

    16 942

    Share capital

    22

    41

    41
    Other paid in capital222 8432 843
    Other capital reserves233924
    Foreign currency translation reserve433263
    Other equity, including net profit for the year1 3621 065
    Equity attributable to parent company's shareholders4 7184 236
    Equity attributable to non-controlling interests11
    Total equity4 1794 237
    Deferred tax liabilities12295171
    Long-term interest bearing loans and borrowings2410 11610 141
    Other non-current liabilities16,25131160
    Total non-current liabilities10 54210 472
    Short-term interest bearing loans and borrowings241 1531 498
    Bank overdraft2422297
    Accounts and other payables26154265
    Income taxes payable123929
    Other current liabilities16,27339345
    Total current liabilities1 9082 233

    Total equity & liabilities

    17 169

    16 942

    Oslo, 21 April 2021
    /sign/
    Harald L. Thorstein
    Chair of the Board
    /sign/
    Adele Bugge Norman Pran
    Board Member
    /sign/
    Niklas Wiberg
    Board Member
    /sign/
    Trygve Lauvdal
    Board Member
    /sign/
    Kari Skeidsvoll Moe
    Board Member
    /sign/
    Grethe Wittenberg Meier
    Board Member
    /sign/
    Trond Kristian Andreassen
    Board Member
    /sign/
    Erik J. Johnsen
    Chief Executive Officer
  • Consolidated statement of changes in equity

    All figures in NOK million unless otherwise stated   

      Attributable to parent company's shareholders       
    NotesShare capitalOther paid-in capitalOther capital reservesForeign currency translation reserveOther equityTotalNon-controlling interestsTotal equity
    At 1 January 2019412 836203141 1434 35514 355
    Profit for the year after tax1071070107
    Other comprehensive income-51-510-51
    Total comprehensive income-5110756056
    Issue of share capital220788
    Share based payments23333
    Dividend paid to parent company's shareholders22-184-184-184
    Dividends to non-controlling interests000
    Acquisition of non-controlling interests50-1-10-1
    Capital contribution from
    non-controlling interests
    000
    At 31 December 2019412 843242631 0654 23614 237
    Profit for the year after tax3093090309
    Other comprehensive income170170170
    Total comprehensive income1703094790479
    Issue of share capital2200
    Share based payments23444
    Other restricted capital11-1100
    Dividend paid to parent company's shareholders2200
    Dividends to non-controlling interests000
    Sale of non-controlling interests000
    At 31 December 2020412 843394331 3624 71814 719

  • Consolidated statement of cash flows

    All figures in NOK million unless otherwise stated   

    Year ended 31 DecemberNotes20202019
    Cash flow from operating activities
    Profit before tax411165

    Adjustment for non-cash items:
    Interest income from purchased loan portfolios-2 765-2 713
    Net credit (gain)/loss purchased loan portfolios4230400
    Depreciation, amortisation and impairment losses15117134
    Interest expenses11796802
    Unrealised foreign exchange differences-209-15
    Share based payment expense2343
    (Profit)/loss on sale of tangible and intangible assets00

    Operating cashflows:
    Gross collection from purchased loan portfolios45 2785 202
    Income tax paid during the year-112-194

    Operating capital adjustments:
    Decrease/(increase) in current assets-568-239
    Decrease/(increase) in other non-current financial assets17385
    Increase/(decrease) in current liabilities-79-101
    Increase/(decrease) in non-current liabilities294
    Other items-30-13
    Net cash flow from operating activities3 2483 609

    Cash flow from investing activities
    Net payment for purchased loan portfolios4-1 756-3 117
    Investment in subsidiary companies and joint ventures564-371
    Payment of contingent consideration5-22-88
    Purchase of tangible and intangible assets15-45-52
    Proceeds from the sale of tangible and intangible assets4
    Net cash flow from investing activities-1 760-3 624

    Cash flow from financing activities
    Proceeds from the issue of new shares228
    Proceeds from new external loans during the year2415 57716 858
    Repayment of external loans during the year24-16 346-15 972
    Repayment of principal amount on lease liabilities16-39-34
    Interest paid-736-737
    Dividend paid to parent company's shareholders22-184
    Dividends paid to non-controlling interest00
    Net cash flow from financing activities-1 544-63

    Net cash flow during the year

    -56

    -77
    Cash and cash equivalents at 1 January259339
    Exchange rate difference on cash and cash equivalents-2-2
    Cash and cash equivalents at 31 December201259
    Cash and cash equivalents comprised of:
    Cash and short-term deposits21423356
    Bank overdraft24-222-97
    201259

  • Notes to the consolidated financial statements (PDF)