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

Exhibit VII

NORDIC INVESTMENT BANK

Financial information

January–April 2012

(unaudited)

Nordic Investment Bank Financial information January–April 2012

Table of contents

Key figures	3
Comments	4
Statement of comprehensive income	5
Statement of financial position	6
Changes in equity	7
Cash flow statement	8

15 June 2012

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Nordic Investment Bank Financial information January–April 2012

Key figures

(in EUR million unless otherwise noted)	Apr 2012*		Apr 2011*		Dec 2011
Net interest income		79		76		228
Profit/loss		94		72		194
Loans disbursed		406		478		1,946
Loans agreed		475		813		2,608
Loans outstanding		14,104		13,548		14,153
Guarantee commitments		4		8		4
New debt issues		1,944		1,400		2,887
Debts evidenced by certificates		19,621		16,412		18,433
Total assets		25,046		21,701		23,802
Equity/total assets (%)		10.2		10.8		10.3
Profit/average equity (%)		11.3		9.5		8.2
Number of employees (persons)		179		173		178

*   Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2011 and the notes thereto.

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Nordic Investment Bank Financial information January–April 2012

Comments

NIB’s financial figures January–April 2012

After a year of deepening uncertainty in the global financial markets, early 2012 brought calmer outlooks and more stability. This was to a large extent due to central banks injecting liquidity into the banking system. However, following the first four months, hopes gave way to concerns about European economic growth due to the rising pressure on the euro in the South European members of the EMU.

NIB’s operational results for January–April 2012 in terms of profit amounted to EUR 94 million, which was EUR 22 million higher compared to the same period a year ago. The profit increased on the basis of the stable net interest income and due to positive fair values on financial instruments in the trading portfolios.

During the first four months, NIB saw a good deal flow in the lending pipeline, while loan disbursements took off slowly, reaching EUR 406 million. The level of the disbursements may reflect the reduced appetite for investments due to uncertainties in the economic outlook.

Loans were provided for projects within the sectors of power generation and supply, renewable energy, sustainable transport infrastructure, research and development and in other sectors. Some 75% of disbursements were rated as highly compliant with the mandate to support competitiveness and the environment. The remaining part was disbursed as credit facilities placed with intermediary banks for onlending to subprojects that in due course will be selected on the basis of the NIB mandate criteria.

NIB’s total assets at the end of the period were EUR 25 billion. Loans outstanding totalled EUR 14.1 billion. Loan impairment charges made during the period amounted to EUR 1.7 million.

During the first four months of the year, NIB closed fourteen transactions, totalling EUR 1.9 billion out of the annual target of EUR 3.2 billion. In late January, NIB launched a 5-year global USD 1.25 billion benchmark issue. In April, a 10-year Australian dollar issue for AUD 300 million was launched, taking NIB’s outstanding volume in the Australian market currently to more than AUD 1.7 billion.

It is expected that in the current economic circumstances, investors will continue to seek a safe harbour in the Nordic countries. This will help NIB maintain its strength in securing long-term financing which will continue to be in short supply from other sources due to increased uncertainty and changes expected in the regulatory environment.

Henrik Normann

President and CEO

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Nordic Investment Bank Financial information January–April 2012

Statement of comprehensive income

EUR 1,000

	Jan–Apr 2012*		Jan–Apr 2011*		Jan–Dec 2011
Interest income		173,678		153,125		499,642
Interest expense		-95,159		-76,966		-271,189
Net interest income		78,518		76,160		228,452
Commission income and fees received		2,592		2,835		10,310
Commission expense and fees paid		-1,100		-799		-2,203
Net profit/loss on financial operations		30,795		20,539		7,575
Foreign exchange gains and losses		-783		-1,712		-653
Operating income		110,021		97,022		243,483
Expenses
General administrative expenses		12,761		12,071		32,955
Depreciation		1,170		1,329		4,048
Impairment of loans		1,703		11,129		12,442
Total expenses		15,634		24,529		49,446
PROFIT/LOSS FOR THE PERIOD		94,387		72,494		194,037
Value adjustments on the available-for-sale portfolio		-		779		-
Total comprehensive income		94,387		73,273		194,037

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2011 and the notes thereto.

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Nordic Investment Bank Financial information January–April 2012

Statement of financial position

EUR 1,000		30 Apr 2012*		30 Apr 2011*		31 Dec 2011
ASSETS
Cash and cash equivalents			3,235,577		1,225,172		2,414,954
Financial placements
Placements with credit institutions			3,525		57,665		3,517
Debt securities			4,982,694		4,711,199		4,343,767
Other			27,862		28,576		25,508
			5,014,081		4,797,440		4,372,792
Loans outstanding			14,103,967		13,548,081		14,152,905
Intangible assets			4,564		4,638		4,560
Tangible assets, property and equipment			30,697		31,590		30,806
Other assets
Derivatives			2,304,625		1,763,687		2,420,570
Other assets			34,441		38,208		38,625
			2,339,066		1,801,896		2,459,195
Payments to the Bank’s reserves, receivable			1,320		3,960		2,640
Accrued interest and fees receivable			316,422		288,515		363,687
TOTAL ASSETS			25,045,694		21,701,291		23,801,539
LIABILITIES AND EQUITY
Liabilities
Amounts owed to credit institutions
Short-term amounts owed to credit institutions			1,488,885		877,952		1,495,517
Long-term amounts owed to credit institutions			95,941		142,129		101,666
			1,584,827		1,020,081		1,597,183
Debts evidenced by certificates
Debt securities issued			19,546,368		16,195,172		18,359,521
Other debt			74,824		216,854		73,200
			19,621,192		16,412,025		18,432,721
Other liabilities
Derivatives			1,042,923		1,718,618		1,025,842
Other liabilities			11,227		7,462		9,942
			1,054,149		1,726,080		1,035,785
Accrued interest and fees payable			234,667		208,176		279,378
Total liabilities			22,494,835		19,366,362		21,345,067
Equity
Authorised and subscribed capital	6,141,903
of which callable capital	-5,723,302
Paid-in capital	418,602		418,602		418,602		418,602
Reserve funds
Statutory Reserve	685,005
General Credit Risk Fund	955,626
Special Credit Risk Fund PIL	395,919
	2,036,550		2,036,550		1,841,874		1,841,193
Payments to the Bank’s reserves, receivable			1,320		3,960		2,640
Other value adjustments			-		-2,000		-
Profit/loss for the period			94,387		72,494		194,037
Total equity			2,550,859		2,334,929		2,456,472
TOTAL LIABILITIES AND EQUITY			25,045,694		21,701,291		23,801,539

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2011 and the notes thereto.

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Nordic Investment Bank Financial information January–April 2012

Changes in equity*

EUR 1,000

	Paid-in capital		Statutory Reserve		General Credit Risk Fund		Special Credit Risk Fund PIL		Payments to the Bank’s Statutory Reserve and Credit Risk funds		Appropriation to dividend payment		Other value adjustments**		Profit/loss for the period		Total
Equity at 31 December 2010		418,602		683,046		550,756		395,919		5,280		0		-2,780		210,832		2,261,656
Appropriations between reserve funds						210,832										-210,832		0
Paid-in capital																		0
Called in authorised and subscribed capital																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable				1,320						-1,320								0
Comprehensive income for the period 1/1–30/4/2011														779		72,494		73,273
Equity at 30 April 2011		418,602		684,366		761,589		395,919		3,960		0		-2,000		72,494		2,334,929
Appropriations between reserve funds**				-2,000										2,000				0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable				1,320						-1,320								0
Comprehensive income for the period 1/5–31/12/2011**																121,543		121,543
Equity at 31 December 2011		418,602		683,685		761,589		395,919		2,640		0		0		194,037		2,456,472
Appropriations between reserve funds						194,037										-194,037		0
Paid-in capital																		0
Called in authorised and subscribed capital																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable				1,320						-1,320								0
Comprehensive income for the period 1/1–30/4/2011																94,387		94,387
Equity at 30 April 2012		418,602		685,005		955,626		395,919		1,320		0		0		94,387		2,550,859

* Only the year-end figures are audited, to be read in conjunction with NIB’s audited financial statements for 2011 and the notes thereto

** Other value adjustments have been moved from the available for sale portfolio to the statutory reserve on 1 May 2011 when IFRS 9 was implemented regarding the classification of financial assets.

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Nordic Investment Bank Financial information January–April 2012

Cash flow statement

EUR 1,000

	Jan-Apr 2012*		Jan-Apr 2011*		Jan-Dec 2011
Cash flows from operating activities
Profit/loss from operating activities		94,387		72,494		194,037
Adjustments:
Unrealised gains/losses of financial assets held at fair value		-34,988		-18,010		-11,223
Impairment of bonds held at amortised cost		3,733				11,819
Depreciation and write-down in value of tangible and intangible assets		1,170		1,329		4,048
Change in accrued interest and fees (assets)		47,265		83,417		8,427
Change in accrued interest and fees (liabilities)		-44,711		-86,127		-14,925
Impairment of loans		1,703		11,129		12,442
Adjustment to hedge accounting		3,346		-2,253		1,574
Other adjustments to the period’s profit		-13		-12		-37
Adjustments, total		-22,495		-10,526		12,126
Lending
Disbursements of loans		-406,002		-477,799		-1,946,500
Repayments of loans		439,955		431,592		1,835,279
Capitalisations, redenominations, index adjustments etc.		215		-79		-846
Transfer of loans to claims in other assets		2,854				7,972
Exchange rate adjustments		25,337		240,689		-100,179
Lending, total		62,360		194,403		-204,274
Cash flows from operating activities, total		134,252		256,371		1,889
Cash flows from investing activities
Placements and debt securities
Purchase of debt securities		-1,611,995		-1,114,013		-2,082,224
Sold and matured debt securities		995,017		1,421,353		2,830,234
Placements with credit institutions		-8		72,597		126,745
Other financial placements		-3,054		-1,558		-751
Exchange rate adjustments etc.		11,693		63,781		-2,575
Placements and debt securities, total		-608,346		442,160		871,430
Other items
Acquisition of intangible assets		-596		-227		-1,655
Acquisition of tangible assets		-469		-283		-712
Change in other assets		4,956		-415		-4,979
Other items, total		3,891		-925		-7,346
Cash flows from investing activities, total		-604,455		441,235		864,084
Cash flows from financing activities
Debts evidenced by certificates
Issues of new debt		1,943,697		1,399,728		2,886,621
Redemptions		-650,552		-3,123,020		-4,632,648
Exchange rate adjustments		-143,819		-1,342,163		416,864
Debts evidenced by certificates, total		1,149,326		-3,065,455		-1,329,163
Other items
Long-term placements from credit institutions		-5,725		-2,001		-42,464
Change in swap receivables		153,789		491,457		33,463
Change in swap payables		-2,537		628,278		-209,510
Change in other liabilities		1,284		1,646		4,127
Paid-in capital and reserves		1,320		1,320		2,640
Other items, total		148,133		1,120,700		-211,744
Cash flows from financing activities, total		1,297,459		-1,944,755		-1,540,907
CHANGE IN NET LIQUIDITY		827,255		-1,247,149		-674,934
Opening balance for net liquidity		919,437		1,594,370		1,594,370
Closing balance for net liquidity		1,746,692		347,221		919,437
Additional information to the statement of cash flows						||
Interest income received		220,943		236,681		508,025
Interest expense paid		-139,870		-163,092		-286,114

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

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2011 and the notes thereto.

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Nordic Investment Bank Financial information January–April 2012

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

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