Nordic Investment Bank 18-K/A Annual report (foreign governments) (amended)

Exhibit VI

Financial information
January—April 2009

(unaudited)

Nordic Investment Bank Financial information January–April 2009

Table of contents
Key figures	2
Comments	3
Statement of comprehensive income	4
Statement of financial position	5
Changes in equity	6
Cash flow statement	7

23 June 2009

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Nordic Investment Bank Financial information January–April 2009

Key figures

EUR million

	Apr 2009*			Apr 2008*			Dec 2008
Net interest income		69			66			212
Core earnings**		62			57			189
Profit		91			19			-281
Loans disbursed		744			626			2,486
Loan agreements		450			764			2,707
Loans outstanding		13,740			12,408			13,063
Guarantee commitments		17			25			17
New debt issues		2,364			2,313			4,681
Debts evidenced by certificates		19,177			14,975			17,549
Net liquidity		4,127			4,182			3,638
Total assets		23,502			20,142			22,620
Equity/total assets (%)		7.7	%		10.2	%		7.6	%
Number of employees		170			161			170

*	Unaudited figures to be read in conjunction with NIB’s audited financial statements for 2008 and the notes thereto
**	Core earnings consist of the profit before adjustments to hedge accounting, fair value adjustments made to the trading portfolio and impairments of loans and reversals of these.

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Nordic Investment Bank Financial information January–April 2009

Comments

NIB’s financial figures January–April 2009

The financial distress that affected the global economy towards the end of last year, persisted in the first four months of 2009. As a result, the demand for NIB’s loans continued to be strong. The Bank has also maintained its good standing as an issuer in the financial markets.

NIB’s operational results for January–April 2009 in terms of core earnings* amounted to EUR 69 million, up from EUR 57 million during the same period last year. NIB’s profit rose to EUR 91 million. This development, as compared to the previous year, was achieved due to the positive adjustment of fair value in the Bank’s treasury portfolios and hedge accounting.

NIB’s balance sheet total at the end of the period was EUR 23.5 billion, compared to EUR 22.6 billion at year-end 2008. Loans outstanding increased to EUR 13.7 billion, which is 5% higher than at year-end 2008. Loan disbursements amounted to EUR 744 million (January–April 2008: EUR 626 million). Loan impairment charges amounted to EUR 12 million.

In its lending operations, NIB put an increasing emphasis on financing projects complying with the Bank’s mandate. About 70% of the disbursements were in the priority sectors: the environment; energy; transport, logistics and communications; and innovation.

As a strong triple-A-rated multilateral issuer, NIB has been able to raise funds on favourable terms. In April, the Bank issued its first EUR 1 billion benchmark bond for 2009. During the period, the Bank issued EUR 2,364 million in transactions in nine currencies (EUR 2,313 million).

NIB expects its core earnings to remain at a stable level during the rest of the year. Its sustained good credit rating will enable the Bank to borrow at favourable rates to facilitate moderate growth in the lending portfolio.

Johnny Åkerholm
President and CEO

* Core earnings consist of the profit before adjustments to hedge accounting, fair value adjustments made to the trading portfolio and impairments of loans and reversals of these.

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Nordic Investment Bank Financial information January-April 2009

Statement of comprehensive income

EUR 1,000

	Jan-Apr 2009*		Jan-Apr 2008*		Jan-Dec 2008
Interest income		269,506		318,393		979,236
Interest expense		-200,197		-252,519		-766,845
Net interest income		69,309		65,874		212,391
Commission income and fees received		2,754		2,273		9,567
Commission expense and fees paid		-848		-953		-2,310
Net profit / loss on financial operations		44,935		-36,558		-386,923
Foreign exchange gains and losses		-84		-119		-142
Operating income		116,065		30,517		-167,417
Expenses
General administrative expenses		11,050		10,177		30,346
Depreciation		1,630		1,455		4,360
Impairment of loans		12,129				79,150
Total expenses		24,809		11,632		113,856
PROFIT/LOSS FOR THE PERIOD		91,256		18,884		-281,273
Available-for-sale portfolio		-143
Total, comprehensive income		91,113

* Unaudited figures to be read in conjunction with NIB’s audited financial statements for 2008 and the notes thereto

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Nordic Investment Bank Financial information January-April 2009

Statement of financial position

EUR 1,000

		30 Apr 2009*		30 Apr 2008*		31 Dec 2008
ASSETS
Cash and cash equivalents			4,899,201		4,568,508		4,776,821
Financial placements
Placements with credit institutions			101,609		75,060		82,013
Debt securities			2,610,365		1,614,617		2,502,333
Other			14,352		9,273		14,157
			2,726,325		1,698,950		2,598,503
Loans outstanding			13,739,523		12,407,892		13,062,568
Intangible assets			6,701		6,511		6,816
Tangible assets, property and equipment			34,670		36,301		35,107
Other assets
Derivatives			1,705,989		1,043,727		1,734,353
Other assets			16,318		3,557		8,123
			1,722,307		1,047,284		1,742,476
Paid-in capital and payments to the Bank’s reserves, receivable			23,997		36,474		31,556
Accrued interest and fees receivable			349,073		340,491		366,590
TOTAL ASSETS			23,501,796		20,142,412		22,620,436
LIABILITIES AND EQUITY
Liabilities
Amounts owed to credit institutions
Short-term amounts owed to credit institutions			725,847		346,667		1,092,809
Long-term amounts owed to credit institutions			142,419		73,235		79,107
			868,266		419,902		1,171,917
Repurchase agreements			45,900		40,000		45,900
Debts evidenced by certificates
Debt securities issued			18,918,718		14,785,268		17,320,259
Other debt			258,183		189,479		229,122
			19,176,901		14,974,747		17,549,380
Other liabilities
Derivatives			1,298,235		2,349,162		1,785,185
Other liabilities			6,475		6,148		5,204
			1,304,710		2,355,309		1,790,389
Accrued interest and fees payable			284,962		297,811		332,907
Total liabilities			21,680,740		18,087,769		20,890,493
Equity
Authorised and subscribed capital	4,141,903
of which callable capital	-3,723,301
Paid-in capital	418,602		418,602		418,602		418,602
Reserve funds
Statutory Reserve			664,329		651,851		656,770
General Credit Risk Fund			340,857		622,131		622,131
Special Credit Risk Fund PIL			281,919		281,919		281,919
Payments to the Bank’s reserves, receivable			23,997		36,474		31,556
Other value adjustments			96		-217		239
Appropriation to dividend payment					25,000
Profit/loss for the period			91,256		18,884		-281,273
Total equity			1,821,056		2,054,644		1,729,943
TOTAL LIABILITIES AND EQUITY			23,501,796		20,142,412		22,620,436
Guarantee commitments			16,667		25,000		16,667

* Unaudited figures to be read in conjunction with NIB’s audited financial statements for 2008 and the notes thereto

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Nordic Investment Bank Financial information January-April 2009

Changes in equity*
EUR 1,000

									Payments
									to the Bank’s
									Statutory
					General		Special		Reserve and		Appropriation				Profit/loss
	Paid-in		Statutory		Credit		Credit Risk		credit		to dividend		Other value		for the
	capital		Reserve		Risk Fund		Fund PIL		risk funds		payment		adjustments		period		Total
Equity at 31 December 2007		418,602		645,612		622,131		238,200		42,713		0		973		68,719		2,036,950
Appropriations between reserve funds								43,719				25,000				-68,719		0
Paid-in capital																		0
Called in authorised and subscribed capital																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable				6,239						-6,239								0
Comprehensive income for the period 1/1-30/4/2008														-254		48,533		48,279
Equity at 30 April 2008		418,602		651,851		622,131		281,919		36,474		25,000		719		48,533		2,085,229
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable				4,919						-4,919								0
Dividend payment												-25,000						-25,000
Comprehensive income for the period 1/5-31/12/2008														-480		-329,806		-330,286
Equity at 31 December 2008		418,602		656,770		622,131		281,919		31,556		0		239		-281,273		1,729,943
Appropriations between reserve funds						-281,273										281,273		0
Paid-in capital																		0
Called in authorised and subscribed capital																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable				7,559						-7,559								0
Comprehensive income for the period 1/1-30/4/2009														-143		91,256		91,113
Equity at 30 April 2009		418,602		664,329		340,857		281,919		23,997		0		96		91,256		1,821,056

* Only the year-end figures are audited to be read in conjunction with NIB’s audited financial statements for 2008 and the notes thereto

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Nordic Investment Bank Financial information January-April 2009

Cash flow statement
EUR 1,000

	Jan-Apr 2009*		Jan-Apr 2008*			Jan-Dec 2008
Cash flows from operating activities
Profit/loss from operating activities		91,256		18,884			-281,273
Adjustments:
Amortisation of issuing charges				3,600			9,175
Market value adjustment, trading portfolio		-5,116		473			7,402
Impairment on accrued interest and matured financial assets		1,164		—			7,459
Debt securities moved from trading to held-to-maturity portfolio		—		—			46,829
Depreciation and write-down in value of tangible and intangible assets		1,630		1,455			4,360
Change in accrued interest and fees (assets)		16,353		27,931			-554
Change in accrued interest and fees (liabilities)		-47,945		-65,657			-30,561
Impairment of loans		12,129		—			79,150
Adjustment to hedge accounting		-22,112		-14,873			38,809
Other adjustments to the year’s profit		-12		-10			-34
Adjustments, total		-43,910		-47,082			162,035
Lending
Disbursements of loans		-744,316		-625,893			-2,486,401
Repayments of loans		302,971		409,081			1,467,170
Capitalisations, redenominations, index adjustments etc.		-271		-384			-1,838
Exchange rate adjustments		-234,614		108,532			255,290
Lending, total		-676,230		-108,664			-765,779
Cash flows from operating activities, total		-628,884		-136,861			-885,017
Cash flows from investing activities
Placements and debt securities
Purchase of debt securities		-248,779		-319,418			-1,814,602	**
Sold and matured debt securities		145,292		286,597			855,700	**
Placements with credit institutions		-19,702		18,373			11,419
Other financial placements		-337		-1,819			-6,247
Exchange rate adjustments etc.		-6,719		224			752
Placements and debt securities, total		-130,246		-16,044			-952,978
Other items
Acquisition of intangible assets		-713		-425			-2,023
Acquisition of tangible assets		-364		-335			-753
Change in other assets		-8,195		-1,704			-11,633
Other items, total		-9,273		-2,464			-14,408
Cash flows from investing activities, total		-139,518		-18,509			-967,386
Cash flows from financing activities
Debts evidenced by certificates
Issues of new debt		2,370,276		2,312,105	***		4,695,020	***
Redemptions		-1,414,159		-1,627,936			-2,570,663
Exchange rate adjustments		746,604		-674,281			-216,503
Debts evidenced by certificates, total		1,702,721		9,889			1,907,854
Other items
Long-term placements from credit institutions		63,312		-18,439			-12,567
Change in swap receivables		-6,360		-24,234			-357,189
Change in swap payables		-510,758		323,319			-73,234
Change in other liabilities		1,271		1,651			708
Dividend paid		—		—			-25,000
Paid-in capital and reserves		7,559		6,239			11,158
Other items, total		-444,976		288,536			-456,125
Cash flows from financing activities, total		1,257,745		298,424			1,451,729
CHANGE IN NET LIQUIDITY		489,342		143,054			-400,675
Opening balance for net liquidity		3,638,112		4,038,787			4,038,787
Closing balance for net liquidity		4,127,454		4,181,841			3,638,112
Additional information to the statement of cash flows
Interest income received		287,022		290,462			981,068
Interest expense paid		-248,142		-318,176			-797,406

The cash flow statement has been prepared using the indirect method and the items of cash flows cannot be directly concluded from the statement of financial positions.

*	Unaudited figures to be read in conjuction with NIB’s audited financial statements for 2008 and the notes thereto.
**	Reclassification of debt securities from trading portfolio to held-to-maturity is included in these items.
***	Including issuing charges 1 Jan-30 Apr 2008 EUR 510 thousand and 1 Jan-31 Dec 2008 EUR -14,278 thousand.

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Nordic Investment Bank Financial information January-April 2009

Nordic Investment Bank (NIB)
Fabianinkatu 34
P.O. Box 249
FI-00171 Helsinki, Finland

Telephone +358 10 618 001
Fax +358 10 618 0725
Internet www.nib.int
E-mail info@nib.int