ANNUAL REPORT 2015 MANAGEMENT COMMENTARY & FINANCIAL STATEMENTS Contacts Jens Lundager, CEO, Managing director Johnny Munk, Managing director Morten Søtofte, CFO Address KommuneKredit Kultorvet 16 DK-1175 Copenhagen K Telephone +45 33 11 15 12
[email protected] www.kommunekredit.dk CVR no. 22 12 86 12 Announcement date: 6 March 2015 The annual report comprises 60 pages CONTENTS CONTENTS KommuneKredit in brief 4 Financial summary for KommuneKredit 5 Management’s review Financial review 6 Municipalities and regions 10 Organisation and management 13 Risk management 16 Financial statements Statement of comprehensive income 20 Statement of financial position 21 Statement of changes in equity 22 Statement of cash flows 23 List of notes 24 Notes 25 Statements 53 Management 56 Managerial posts 57 ANNUAL REPORT 2015 3 KOMMUNEKREDIT IN BRIEF KommuneKredit‘s mission is to meet local government’s need for funding and related services KOMMUNEKREDIT A Board of Directors is responsible for the general management IN BRIEF of KommuneKredit The Board of Directors consists of nine members, six of whom are elected by the municipalities, two by the regions and one by the Board of Directors The member elected by the Board of Directors must be independent of Kom- KommuneKredit is an association whose objective is to provide muneKredit and possess accounting or auditing qualifications funding and leases to Danish municipalities and regions as well Management, consisting of two members, is responsible for the as companies and institutions against full municipal