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Information regarding the treatment of personal data by Kommuninvest i Sverige AB

There are provisions contained within The Personal Data Act (“personuppgiftslagen” 1998:204) regarding the way in which personal data should be treated. The purpose of this legislation is to protect individuals from having their privacy violated via the processing of their personal data. The term “personal data” in this context refers to any information that can directly or indirectly be attributed to a living human being.

Kommuninvest i Sverige AB (“Kommuninvest”) is responsible for all personal data that is processed within the entire organisation. Below is a brief description of what personal data is processed, the reason why it is processed, and your individual right of access to any and all data that is held about you. Please feel free to get in touch with us if you need any further information about this by using the contact details below.

Personal data that is being managed

Kommuninvest processes personal data for the administration and execution of contracts that are in force, and also in order to be able to fulfil its legal obligations. Kommuninvest processes personal data that is provided voluntarily in connection with visits to the Kommuninvest website, when entering into contracts, or when data is otherwise recorded in connection with the preparation or administration of a contract (for example, in connection with a lending or borrowing agreement). When matters are dealt with on the telephone, personal data is also processed because such telephone calls are recorded. Kommuninvest may also supplement personal data by obtaining further information from public records.

Personal data may be disclosed in certain situations where Kommuninvest is obliged by law to provide information to an agency, for example the Swedish Financial Supervisory Authority, or the Swedish Data Inspection Board.

Transcript from register and the rectification of errors

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Income statement

1 January–31 December

SEK, million	Note	2014	2013
Interest revenues		3,650.8	4,571.2
Interest expenses		-2,735.6	-3,601.7
NET INTEREST INCOME	4	915.2	969.5
Commission expenses	5	-5.1	-5.6
Net result of financial transactions	6	101.9	38.7
Other operating income	7	1.3	0.2
TOTAL OPERATING INCOME		1,013.3	1,002.8
General administration expenses	8	-274.7	-239.3
Depreciation of intangible fixed assets	17	-0.4	–
Depreciation of tangible fixed assets	18	-2.9	-2.4
Other operating expenses	9	-5.9	-3.5
TOTAL EXPENSES		-283.9	-245.2
OPERATING PROFIT		729.4	757.6
Tax expense	10	-161.0	-166.9
NET PROFIT		568.4	590.7

Statement of comprehensive income

1 January–31 December

SEK, million	Note	2014	2013
NET PROFIT		568.4	590.7
OTHER COMPREHENSIVE INCOME
Items that may subsequently be reclassified to the income statement
Available-for-sale financial assets		0.8	-8.3
Available-for-sale financial assets, transferred to the income statement		-6.8	1.0
Tax attributable to items that may subsequently be reclassified to the income statement	10	1.3	1.6
OTHER COMPREHENSIVE INCOME		-4.7	-5.7
TOTAL COMPREHENSIVE INCOME		563.7	585.0

Comments on the income statement

Income

Total operating income rose by 1 percent to SEK 1,013.3 (1,002.8) million. Operating in-come includes net interest income, commission expenses, net result of financial transactions and other operating income.

Net interest income

Net interest income decreased to SEK 915.2 (969.5) million. The decrease is due a reduction of margins in lending operations, due to increased competition.

Net result of financial transactions

The net result of financial transactions amounted to SEK 101.9 (38.7) million. The result was affected by unrealised changes in market value of SEK 65.4 (17.6) million, but also by the buy-back of own bonds and the sale of financial instruments in the amount of SEK 31.5 (15.0) million. For further information, see Note 6.

In connection with sales of financial instruments, the Company has transferred SEK +6.8 (-1.0) million in profits from other comprehensive income to profit/loss for the year. The profit from buybacks of Kommuninvest’s bonds amounted to SEK 0.2 (13.3) million.

Expenses

Costs amounted to SEK 283.9 (245.2) million, including the stability fee of SEK 110.7 (99.0) million. The stability fee is calculated based on the size of the balance sheet. The stability fee accounted for 39 (40) percent of Kommuninvest’s total costs.

Excluding the stability fee, expenses amounted to SEK 173.2 (146.2) million, of which personnel expenses accounted for SEK 96.1 (80.7) million and other expenses for SEK 77.1 (65.5) million. The increase in expenses is explained entirely by the increase in personnel and consulting costs related to the introduction of new regulations from the EBA, the European Banking Authority.

Major changes in the regulatory systems and development of Kommuninvest’s national and international borrowing programmes, place more stringent demands on operations, generally leading to higher costs. In parallel, projects and activities are in place to streamline the operations, contributing to lower costs over time.

Credit losses totalled SEK – (–) million.

Operating profit

Cost distribution

Operating profit

Kommuninvest’s operating profit, that is profit before taxes, amounted to SEK 729.4 (757.6) million. Operating profit includes unrealised changes in market value of SEK 65.4 (17.6) million.

Operating profit excluding the effect of unrealised market value changes was SEK 664.0 (740.0) million. Profit after taxes amounted to SEK 568.4 (590.7) million.

Tax

The tax expense for the year recognised in the income statement amounted to SEK 161.0 (166.9) million. The payment of group contributions reduced taxable earnings, which for 2014 amounted to SEK – (–) million. See also Note 10.

Year	Operating profit (SEK mn)
2010	275.7
2011	396.1
2012	249.1
2013	757.6
2014	729.4

	Payroll expenses, SEK mn	Other admin expenses, SEK mn	Stability fee, SEK mn	Depreciation, SEK mn	Other oper. expenses, SEK mn	\|Admin. expenses excl. stability fee in relation to lending volume, basis points
2010	58.372	60.893	41.23	2.7	6.2	10
2011	66.915	79.49	83.633	2.5	7.6	9
2012	72.833	69.773	101.346	2.7	5	8
2013	80.704	59.596	99.015	3.3	3.5	7
2014	96.078	67.873	110.727	2.4	5.9	8

Disclaimer

Cookies

Google Analytics

How to avoid cookies

Information regarding the treatment of personal data by Kommuninvest i Sverige AB

Personal data that is being managed

Transcript from register and the rectification of errors

Income statement

Statement of comprehensive income

Comments on the income statement

Income

Net interest income

Net result of financial transactions

Expenses

Operating profit

Cost distribution

Operating profit

Tax

Annual Report 2014

Operations

Employees & Sustainability

Financials