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Kommunalbanken Annual Report 2005

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Kommunalbanken Annual Report 2005 Kommunalbanken Annual report 2005 INDEX 05 > 2005 – the year in brief 22 > Balance sheet 05 > Summary financial figures 24 > Cash flow statement 06 > This is Kommunalbanken 26 > Accounting principles 06 > How Kommunalbanken operates 28 > Notes to the accounts 07 > President & CEO’s statement 42 > Auditor’s report 09 > Key figures 43 > Audit Committee’s statement 10 > Norwegian economy 43 > Supervisory Committee’s statement 11 > The Norwegian local government sector 44 > Articles of Association of Kommunalbanken AS 12 > Annual Report 2005 48 > Governing bodies 21 > Profit and loss account «Solid as a rock» – a description for something with firm foundations. This is also a characteristic of Kommunalbanken, proven by its Aaa/AAA credit rating from Moody’s and Standard and Poor’s respectively, the most highly regarded stamp of approval an international lender can attain. Solid, you might say, as the Norwegian mountains themselves. Smørstabreen, Jotunheimen Stetind, Tysfjord 2005 – the year in brief Kommunalbanken’s lending portfolio grew by Kommunalbanken issued a USD 1 billion (NOK NOK 10.2 billion to NOK 76.7 billion, an increase 6.769 billion) benchmark transaction in September of 15.3 per cent. 2005, the institution’s largest bond issue ever. In Gross lending to municipalities and counties total, Kommunalbanken raised a total of NOK 33.7 increased by 6.7 per cent to NOK 174.3 billion. billion in the capital markets, through over Kommunalbanken’s market share increased from 400 transactions in 13 different currencies. 37.4 per cent to 40.6 per cent.* A Human Resources development plan was initiated. Kommunalbanken’s owners and Board of Directors The three-month money market interest rate (NIBOR) agreed that the entire profit for 2005 should be rose from close to 2 per cent in January to around transferred to retained earnings in order to 2.5 per cent in December. strengthen the capital base. Both Kommunalbanken’s leadership and press Return on adjusted shareholders’ equity was scholarships were established. higher than government guidelines. * Excluding Kommunalbanken loans to municipal companies Summary financial figures (NOK million) 2005 2004 2003 2002 2001 Net interest and commission income 175.5 178.7 169.1 152.7 130.1 Foreign exchange gains/losses 8.5 2.0 0.6 4.2 2.1 Other operating costs and extraordinary income 0.8 0.5 0.5 0.5 0.4 Staff costs and other operating costs 55.4 51.9 48.9 44.5 37.5 Profit before tax 129.4 129.3 121.2 112.9 95.0 Tax 36.7 36.9 34.1 31.7 26.7 Profit after tax 92.7 92.4 87.1 81.2 68.3 Total lending* 77.0 66.5 52.8 45.8 42.4 Average total assets* 100.0 80.2 66.2 58.2 50.2 Capital adequacy in % 11.48 11.32 11.75 12.14 11.46 Operating costs as a % of total assets 0.050 0.058 0.068 0.073 0.068 * NOK billion Kommunalbanken Annual report 2005 5 This is Kommunalbanken Kommunalbanken is the largest lender to the local – 80 per cent directly by the Kingdom of Norway and government sector in Norway with a market share of 20 per cent by the local government sector, through more than 40 per cent, municipal companies excluded. the National Local Government Pension Fund, KLP. Kommunalbanken is a state instrumentality with the The state’s shares are managed by the Norwegian principal objective of securing local governments Ministry of Local Government and Regional access to loans at favourable terms and at the same Development. time ensuring that the market for local government Kommunalbanken has never suffered a loan loss funding remains competitive. in its 80-year history. Kommunalbanken lends to municipalities, counties, Kommunalbanken has been assigned the highest municipal enterprises and inter-municipal companies. possible credit ratings, Aaa/AAA, by the agencies It may also grant loans to other companies carrying Moody’s Investors Service and Standard & Poor’s out municipal tasks provided the loans carry a muni- respectively. Only the Kingdom of Norway has been cipal guarantee. Lending is limited to the Norwegian granted the equivalent rating. The favourable borro- local government sector. wing terms that this rating ensures are passed on Kommunalbanken was established by an Act of to the local government sector. Parliament in 1926 and reorganised pursuant to a Kommunalbanken, as a state instrumentality, is conversion act in 1999 as a government agency. subject to the general legislation governing financial Kommunalbanken is fully government owned institutions. How Kommunalbanken operates Kommunalbanken gives quotes on loans required Kommunalbanken uses its Aaa/AAA credit rating for local government investments, which are granted to raise funds by issuing bonds in international mainly by competitive tender. The loan is then markets. The security implied by this rating means awarded to Kommunalbanken or another party that international investors accept lower interest offering a lower rate. Regardless of the outcome, rates on their investments in Kommunalbanken’s Kommunalbanken serves its primary objective of debt. Kommunalbanken has built a solid base of keeping lending costs down. The institution also high-quality investors worldwide. advises on alternative financial solutions. Kommunalbanken’s excess liquidity reserves – from Kommunalbanken is not exposed to any exchange any borrowing not immediately distributed to the rate or interest rate risk. All borrowing is hedged municipal sector – are invested in a portfolio of through swap agreements and matched against our highly rated, liquid assets. Related earnings from loan portfolio. these investments also contribute to lowering the cost of borrowing from Kommunalbanken. 6 Kommunalbanken Annual report 2005 A profitable vehicle for local government Last year Kommunalbanken’s lending portfolio increased at a significantly higher rate (15.3 per cent) than annual local government borrowing (6.7 per cent). The institution’s market share in the total local government sector increased to over 30 per cent. As a result, Kommunalbanken’s leading position in the local government loan market was further strengthened in 2005. Kommunalbanken’s prime objective is to secure the best possible borrowing terms for the local government sec- tor. The consequence of having a strong player in the market affects the margins available to all lenders operating within the sector. These margins are the lowest in the Nordic region and are among the lowest in Europe. Norwegian municipalities make considerable savings through the state’s policy of engaging Kommunalbanken as a state instrumentality to secure the availability of favourable borrowing terms for the sector. In addition to having the highest credit rating, Kommunalbanken must also have an on-going dialogue with our customers in order to fulfil our important objective. We need to follow market developments closely and adapt to new demand, while at all times be driven by our goal to be local government sector’s partner of choice. At the same time we also hope to contribute to the development of the sector itself through initiatives of our own. As a result, we are now developing a new plan to expand the skills base among Kommunalbanken employees. Our aim is to supplement our long experience as both borrower and lender with new knowledge and expertise, both within our own field and within public administration management. Expertise from which we hope our customers will benefit. The way selected local government tasks are being restructured will also mean the adoption of new competencies and will be important to Kommunalbanken. Many municipalities are increasingly opting to assign tasks to municipal companies which raise debt without a local government guarantee. In doing so, these companies, in areas such as building management or water and sewage treatment for example, may take on more independent responsibility. Petter Skouen President & CEO Kommunalbanken Annual report 2005 7 «Norway’s local government sector is characterized by very strong credit quality» Standard & Poor’s June 2005 Lyngsalpene, Troms 8 Kommunalbanken Annual report 2005 Key figures (Amounts in NOK 1 000) 2005 2004 2003 2002 2001 Loans in NOK 76 685 609 66 470 193 52 765 568 45 594 250 42 412 893 Loans in land acquisition bonds 0 0 0 0 138 Total lending at year-end 76 685 609 66 470 193 52 765 568 45 594 250 42 413 031 Lending The year's appropriations 15 497 955 20 683 104 15 278 880 16 402 089 10 304 729 Unsettled allocations 1 128 318 3 115 770 2 504 933 1 012 924 654 621 Disbursements during the year 16 788 294 20 103 966 13 652 656 16 021 644 10 743 630 Principal payments on loans 6 614 824 6 341 976 6 533 944 12 856 754 5 117 243 Borrowings Borrowings in foreign currencies 89 277 305 64 128 019 47 174 823 31 184 794 25 403 187 Domestic bond issues 15 082 520 17 613 992 19 637 440 25 230 300 25 957 577 Domestic note issues 0 1 499 956 0 30 000 45 000 Borrowings from the State 0 0 0 0 138 Key figures Average total assets 99 971 876 80 245 373 66 248 760 58 187 432 50 217 157 Return on equity before tax 14.09 % 15.65 % 15.56 % 15.33 % 13.49 % Dividend 0 21 500 40 500 38 500 36 500 Capital adequacy 11.48 % 11.32 % 11.75 % 12.14 % 11.46 % As a percentage of average total assets Interest and commission income 2.87 2.99 4.56 5.66 6.64 – Interest and borrowing costs 2.68 2.74 4.27 5.35 6.32 = Net interest and commission income 0.20 0.25 0.29 0.31 0.32 – Guarantee commission 0.02 0.03 0.04 0.05 0.06 + Net foreign exchange gains/losses 0.01 0.00 0.00 0.01 0.00 + Other operating revenues 0.00 0.00 0.00 0.00 0.00 – Staff costs 0.03 0.04 0.04 0.04 0.04 – Other
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