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Annual Report 2013 Kommunalbanken Norway

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Annual Report 2013 Kommunalbanken Norway Kommunalbanken Norway Annual Report 2013 Key figures (Amounts in NOK 1 000 000) 2013 2012 RESULTS Net interest income 1 634 2 032 Core earnings1 1 131 1 393 Profit before tax 1 496 2 604 Profit for the year 1 083 1 876 Return on equity after tax 2 14.94 % 37.10 % Return on equity after tax (core earnings) 2 15.61 % 27.55 % 2 Return on assets after tax 0.30 % 0.51 % 2 Return on assets after tax (core earnings) 0.31 % 0.38 % LENDING New disbursements 43 717 30 677 Outstanding loans 3 240 863 219 255 LIQUIDITY PORTFOLIO 3 102 358 98 938 BORROWINGS New long-term borrowings 162 539 98 192 Repurchase of own debt 4 910 2 344 Redemptions 148 390 85 848 3 Total borrowings 326 470 312 867 TOTAL ASSETS 361 918 348 953 EQUITY Equity 8 216 7 395 Core capital adequacy ratio 12.39 % 12.27 % Total capital adequacy ratio 14.91 % 14.97 % 1 Profit after tax adjusted for unrealised gains/losses on financial instruments 2 Annualised return on equity and return on assets as percentage of average equity and average assets 3 Principal amounts Table of contents Key figures ...................................................................................................2 CEO’s foreword .........................................................................................4 Tailor-made for local government borrowers ......................................8 Big in Japan ..............................................................................................12 From foreign currency to Norwegian krone .......................................14 An update on the Norwegian economy ..............................................18 The Norwegian local government sector as an investment case ....20 Corporate social responsibility .............................................................22 The Board of Directors’ Annual Report 2013 ...................................25 Financial statements 2013 ....................................................................37 Control Committee’s and Supervisory Board’s statements ...........71 Auditor’s report ........................................................................................72 Articles of Association ............................................................................74 Governing bodies ....................................................................................76 Organisation ..............................................................................................77 Kommunalbanken Norway A balancing act KBN delivered good financial results for 2013. The institution can report a sound capital base, good growth in lending to Norwegian municipalities and a return on equity that exceeds the target return set by our owner. KBN worked over the course of 2013 on developing the insti- owned state instrumentality with a clearly defined public policy tution’s corporate vision and values. Based on the role we want mandate. At the same time, we are subject to the same reg- to play for the local government sector, we identified our cor- ulatory requirements as other financial institutions in Norway. porate vision as “A long-term partner for local welfare.” KBN’s New regulatory requirements mean that KBN must hold twice mandate is to provide financing to the local government sector as much equity for every krone we lend than was the case on reasonable terms offering both large and small borrowers just a few years ago. KBN is closely monitoring developments the same low interest rate. This makes for more robust muni- concerning regulatory requirements. Important decisions con- cipalities enabling them to provide the most welfare for each cerning future requirements are made outside of Norway’s krone available. Building expertise through the years KBN jurisdiction. KBN works closely with similar European institu- proves a valuable partner for the local government sector. tions when in dialogue with European decision makers and As a state-owned institution with a clear mandate KBN has supervisory authorities. access to favourable funding globally. Low borrowing costs combined with low operating expenses enable KBN to main- Increased capital requirements will act as guidelines for KBN’s tain its role as an efficient public sector tool. We believe this is operations. One way to comply with these requirements would a win-win situation for both owner and customer. be to reduce lending sharply. However, given the continuing need for local government investments, this is not an alterna- KBN delivered good results in 2013. Through many years tive available to us. The alternative is to build up more equity we have provided return on equity exceeding our owner’s ex- by earning more money. This expresses our commitment to pectations. The target return set by our owner reflects that ensuring that the way we conduct our activities today must not we shall offer customers cost-effective financing and ensure be at the expense of our ability to meet our customers’ needs the owner a satisfactory return on capital. Annual profit cor- in the future. Regardless of changing regulatory requirements responding to half of the target return is channelled through and the state of the national economy, we must always be in a the government budget to increase local welfare production. position to offer low borrowing costs for the local government Financing of the municipal sector is characterised by strong sector reflecting the sector’s strong credit standing. competition from among others the domestic bond market. KBN offers all municipalities the same interest rate, providing With effect from 2013, there is now a legal requirement for equal access to financing on competitive terms. Funds we lend Norwegian companies to report on corporate social respon- out to the local government sector are raised mainly by issu- sibility. We have responded by taking the time to thoroughly ing securities in the international capital markets accessing analyse our activities and try to identify where and how our op- investors and important capital markets worldwide. Access to erations have the greatest effect on the world around us, and favourable funding results in low interest rates to our custom- how we can improve our contribution to society as a whole. ers. A cost-efficient operation with low operating expenses. We believe that the best contribution we can make is to help Our objective is not simply to maximise profit. KBN is a wholly Norwegian municipalities achieve their climate action targets. 4 Annual Report 2013 Kommunalbanken Norway This is why we offer a ‘green’ lending product with a lower interest rate than our current normal rate that is available for projects that form part of municipal climate and energy action plans. There is growing global demand for socially responsible investments and climate-friendly projects. In 2013, we made our first public issue of green bonds in the market. Climate funds globally invested in KBN bonds. Our ambition is to issue green bonds on a regular basis used to fund lending to municipalities for climate and en- ergy related projects. The new Norwegian government has, quite rightly, an- nounced its intention to reform the local government sec- tor, with the objective of strengthening municipalities. The government wants to ensure that municipalities have the financial and professional resources to deliver high-qual- ity services for their citizens. In addition, municipalities will take on some new areas of responsibility. We believe that the government’s focus on building robust municipalities with wider responsibility is a positive development. KBN is committed to continuing to be the most important provider of financing for the local government sector. This we be- lieve is to be expected from a long-term partner for local welfare. Kristine Falkgård President & CEO Annual Report 2013 5 Kommunalbanken Norway Førde town hall For almost a century Førde municpality has rented town hall facilities. In September 2013 Førde moved into its own town hall. KBN has granted loans totaling NOK 100 million. 6 Annual Report 2013 Kommunalbanken Norway Tailor-made for local government borrowers Financing for investments must meet the borrower’s requirements. KBN has been providing financing to the local government sector for 87 years, and over this time the expectations and demands placed on local government welfare budgets have changed continuously. There are two main reasons for local government borrowers is expected to remain high. The factors driving growth in local to choose to borrow from KBN. Firstly, the institution is able government borrowing include the significant scale of invest- to offer financing that meets borrowers’ requirements, and ment required to provide services in response to demographic secondly all borrowers benefit from the same low interest changes, a backlog of maintenance requirements, the effect rate. KBN can offer loans for periods from three months to of climate change, and new requirements caused by changes 40 years. As one of the largest funding operations in Norway, in policy. In addition, the government intends to reform the KBN is able to provide financing for both small and large pro- public sector and extend its areas of responsibility. jects at short notice. Norwegian municipalities vary consider- ably in size, ranging from under 1 000 residents to large mu- Norway is seeing demographic changes in its population in nicipalities with several hundred thousand residents. However, several respects. The country is experiencing population they all have the same
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