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The Housing Financing Fund - Annual Results 2006   22.2.2007 16:47:37
Flokkur: Afkomufréttir   Skuldabréfafréttir   Fréttir frá Íbúðalánasjóði      Íslenska  English
 Íbúðalánasjóður 12 2006.pdf
 Housing Financing Fund - Annual Results 2006.pdf
The Housing Financing Fund’s audited statements for the period 01

The Housing Financing Fund’s audited statements for the period 01.01. 2006 to 31.12.2006 were approved and signed by its Board of Directors today on February 22, 2007. The statements were prepared in accordance with the Annual Accounts Act and the Rules on the Financial Statements of Credit Institutions.  They are prepared in accordance with the same accounting principles as for the previous year.

 

Following are the major facts of the statements 2006 and a comparison with previous years:

 

Operations:

2006

ISK million

2005

ISK million

2004

ISK million

2003

ISK million

Net interest earnings 

3.223

1.558

1.856

2.519

Other operating income

640

891

915

880

Other operating expenses

886

902

900

784

Provision for loan losses

498

394

755

937

Profit for the period

2.480

1.154

1.116

1.678

 

Balance Sheet:

31.12.2006

ISK million

31. 12.  2005

ISK million

31. 12.  2004

ISK million

31. 12.  2003

ISK million

Claims on credit institutions

99.030

94.757

47.078

8.863

Outstanding lending

406.115

376.956

431.163

445.280

Market securities

36.411

22.695

19.095

5.367

Other assets

231

180

477

322

Total assets

541.787

494.587

497.813

459.832

 

 

 

 

 

Borrowed funds

525.291

480.384

484.884

448.126

Other liabilities

122

309

188

81

Equity

16.374

13.894

12.741

11.625

Total liabilities and equity

541.787

494.587

497.813

459.832

 

Cash flows:

2006

ISK million

2005

ISK million

2004

ISK million

2003

ISK million

Net cash provided by operating activities

4.016

2.255

2.007

2.120

Net cash used in investing activities

-14.596

8.471

-14.308

-45.045

Net cash provided by financing activities

9.969

-24.137

18.499

45.479

Decrease in cash and cash equivalents

-611

-13.411

6.198

2.554

Cash and cash equivalents at the beginning of the period

1.435

14.845

8.648

6.093

Cash and cash equivalents at the end of the period

824

1.435

14.845

8.647

 

According to the Profit and Loss Account, the Fund’s net profit for the period amounted to ISK 2,480 million compared to ISK 1.154 million for the previous year.  The Fund’s equity amounted to ISK 16,375 million at the end of the period, or 3.00% of the Fund’s total assets.  The capital ratio of the Fund, calculated according to stipulations in the Rules on The Housing Financing Fund no. 544/2004, was 6.3%. The calculation of the ratio is equivalent to the calculation of the capital ratio of financial institutions.  The long-term goal of the Fund is to keep the ratio above 5.0%.  The net interest earnings was ISK 3.223 million compared with 1.558 million for the previous year.

 

The outstanding lending amounted to ISK 406.115 million in the end of the year and increased by ISK 29.159 million from the previous year.  The total borrowning amounted to ISK 525.291 million and increased by ISK 44.907 million during the year. 

 

For further information please phone Guðmundur Bjarnason, Jóhann G. Jóhannsson or Ásta H. Bragadóttir and the number is +354 569 6900.

 

 

 


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