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

Exhibit VIII

NORDIC INVESTMENT BANK

Financial information

January–August 2012

(unaudited)

Nordic Investment Bank Financial information January–August 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

11 October 2012

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Nordic Investment Bank Financial information January–August 2012

Key figures

(in EUR million unless otherwise noted)	Aug 2012*		Aug 2011*		Dec 2011
Net interest income		165		153		228
Profit/loss		162		124		194
Loans disbursed		1,190		973		1,946
Loans agreed		1,490		1,438		2,608
Loans outstanding		14,817		13,623		14,153
Guarantee commitments		4		8		4
New debt issues		2,831		2,055		2,887
Debts evidenced by certificates		20,998		17,464		18,433
Total assets		27,072		22,865		23,802
Equity/total assets (%)		9.7		10.4		10.3
Profit/average equity (%)		9.5		8.0		8.2
Number of employees (persons)		179		177		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–August 2012

Comments

NIB’s financial figures January–August 2012

The sovereign debt crisis in the euro area continues to be the main concern for the global financial markets. High uncertainty negatively affects current economic and investment activity, and dampens their prospects in the euro area as well as in the Bank’s member area.

As of August 2012, the Bank realigned its lending operations into new sectoral divisions and streamlined its organisation to improve operational efficiency. The origination of loans and management of client relationships is now being handled by five industry groups: Financial Intermediaries & SMEs, Energy & Environment, Infrastructure & Telecom, Heavy Industry & Mechanical Engineering, and Consumer Goods & Services.

These changes are also aimed to further integrate mandate considerations in the Lending department that now includes a unit dealing with rating potential loan-takers’ compliance with the Bank’s mandate.

NIB’s operational results for January–August 2012 in terms of profit amounted to EUR 162 million, which was EUR 38 million higher compared to the same period a year ago. The profit increased on the basis of a higher net interest income and due to positive valuations on financial instruments in the Treasury portfolios.

During the period, NIB’s lending activities continued on a steady path. The total amount of loans outstanding increased to EUR 14.8 billion, compared to EUR 13.6 billion on end-August a year before. The amount of loans disbursed during the period increased to EUR 1.2 billion, (EUR 973 million in January-August 2011). 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. Loan impairment charge for the period amounted to EUR 23.2 million*.

During the first eight months of the year, NIB closed twenty funding transactions, totalling EUR 2.8 billion. In late January, NIB launched a 5-year global USD 1.25 billion benchmark issue. In August, NIB issued its second NIB Environmental Bond, a 20-year security, totalling SEK 500 million. The bond was issued as a private placement addressed towards the Nordic market.

Henrik Normann

President and CEO

* Due to increased uncertainty in the economic environment, NIB has increased its provisions for impairments, even though the Bank has no realised credit losses for the period.

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Nordic Investment Bank Financial information January–August 2012

Statement of comprehensive income

EUR 1,000

	Jan–Aug 2012*		Jan–Aug 2011*		Jan–Dec 2011
Interest income		341,120		322,480		499,642
Interest expense		-176,311		-169,413		-271,189
Net interest income		164,810		153,067		228,452
Commission income and fees received		6,768		5,451		10,310
Commission expense and fees paid		-1,738		-1,603		-2,203
Net profit/loss on financial operations		39,017		10,510		7,575
Foreign exchange gains and losses		1,026		-1,514		-653
Operating income		209,882		165,912		243,483
Expenses
General administrative expenses		22,574		21,907		32,955
Depreciation		2,358		2,748		4,048
Impairment of loans		23,173		17,575		12,442
Total expenses		48,105		42,230		49,446
PROFIT/LOSS FOR THE PERIOD		161,777		123,681		194,037
Total comprehensive income		161,777		123,681		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–August 2012

Statement of financial position

EUR 1,000		31 Aug 2012*		31 Aug 2011*		31 Dec 2011
ASSETS
Cash and cash equivalents			3,756,698		2,119,553		2,414,954
Financial placements
Placements with credit institutions			4,083		17,478		3,517
Debt securities			5,222,354		4,478,704		4,343,767
Other			27,545		29,809		25,508
			5,253,981		4,525,991		4,372,792
Loans outstanding			14,816,936		13,622,932		14,152,905
Intangible assets			4,679		4,617		4,560
Tangible assets, property and equipment			30,300		31,122		30,806
Other assets
Derivatives			2,777,755		2,166,230		2,420,570
Other assets			34,742		32,474		38,625
			2,812,496		2,198,704		2,459,195
Payments to the Bank’s reserves, receivable			1,320		3,960		2,640
Accrued interest and fees receivable			395,673		358,314		363,687
TOTAL ASSETS			27,072,084		22,865,193		23,801,539
LIABILITIES AND EQUITY
Liabilities
Amounts owed to credit institutions
Short-term amounts owed to credit institutions			2,017,935		1,089,154		1,495,517
Long-term amounts owed to credit institutions			66,153		145,977		101,666
			2,084,087		1,235,130		1,597,183
Debts evidenced by certificates
Debt securities issued			20,922,459		17,323,673		18,359,521
Other debt			75,869		140,729		73,200
			20,998,328		17,464,402		18,432,721
Other liabilities
Derivatives			1,056,779		1,495,775		1,025,842
Other liabilities			11,211		12,492		9,942
			1,067,989		1,508,267		1,035,785
Accrued interest and fees payable			303,430		271,278		279,378
Total liabilities			24,453,835		20,479,077		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
	2,036,551		2,036,551		1,839,873		1,841,193
Payments to the Bank’s reserves, receivable			1,320		3,960		2,640
Profit/loss for the period			161,777		123,681		194,037
Total equity			2,618,249		2,386,117		2,456,472
TOTAL LIABILITIES AND EQUITY			27,072,084		22,865,193		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–August 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**				-2,000		210,832								2,000		-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 1/1–31/8/2011**														779		123,681		124,460
Equity at 31 August 2011		418,602		682,365		761,589		395,919		3,960		0		0		123,681		2,386,117
Appropriations between reserve funds																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable				1,320						-1,320								0
Comprehensive income for the period 1/9–31/12/2011																70,356		70,356
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 1/1–31/8/2012																161,777		161,777
Equity at 31 August 2012		418,602		685,005		955,626		395,919		1,320		0		0		161,777		2,618,249

* 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–August 2012

Cash flow statement

EUR 1,000

	Jan-Aug 2012*		Jan-Aug 2011*		Jan-Dec 2011
Cash flows from operating activities
Profit/loss from operating activities		161,777		123,681		194,037
Adjustments:
Unrealised gains/losses of financial assets held at fair value		-48,292		-7,544		-11,223
Impairment of bonds held at amortised cost				3,119		11,819
Depreciation and write-down in value of tangible and intangible assets		2,358		2,748		4,048
Change in accrued interest and fees (assets)		-31,985		13,658		8,427
Change in accrued interest and fees (liabilities)		24,052		-23,024		-14,925
Impairment of loans		23,173		17,575		12,442
Adjustment to hedge accounting		2,397		-1,005		1,574
Other adjustments to the period’s profit		-1,139		-24		-37
Adjustments, total		-29,436		5,503		12,126
Lending
Disbursements of loans		-1,190,142		-972,872		-1,946,500
Repayments of loans		873,988		977,146		1,835,279
Capitalisations, redenominations, index adjustments etc.		309		-770		-846
Transfer of loans to claims in other assets		2,854		7,972		7,972
Exchange rate adjustments		-293,460		207,554		-100,179
Lending, total		-606,451		219,031		-204,274
Cash flows from operating activities, total		-474,110		348,215		1,889
Cash flows from investing activities
Placements and debt securities
Purchase of debt securities		-2,308,220		-1,566,257		-2,082,224
Sold and matured debt securities		1,512,702		2,126,966		2,830,234
Placements with credit institutions		-566		112,784		126,745
Other financial placements		-3,284		-3,189		-751
Exchange rate adjustments etc.		-17,853		48,306		-2,575
Placements and debt securities, total		-817,221		718,611		871,430
Other items
Acquisition of intangible assets		-1,299		-1,027		-1,655
Acquisition of tangible assets		-673		-414		-712
Change in other assets		1,459		-2,902		-4,979
Other items, total		-513		-4,342		-7,346
Cash flows from investing activities, total		-817,734		714,269		864,084
Cash flows from financing activities
Debts evidenced by certificates
Issues of new debt		2,830,543		2,054,650		2,886,621
Redemptions		-1,109,826		-3,537,454		-4,632,648
Exchange rate adjustments		568,383		-870,331		416,864
Debts evidenced by certificates, total		2,289,099		-2,353,135		-1,329,163
Other items
Long-term placements from credit institutions		-35,513		1,847		-42,464
Change in swap receivables		-199,823		354,862		33,463
Change in swap payables		54,820		361,976		-209,510
Change in other liabilities		1,268		6,676		4,127
Paid-in capital and reserves		1,320		1,320		2,640
Other items, total		-177,928		726,680		-211,744
Cash flows from financing activities, total		2,111,171		-1,626,454		-1,540,907
CHANGE IN NET LIQUIDITY		819,327		-563,971		-674,934
Opening balance for net liquidity		919,437		1,594,370		1,594,370
Closing balance for net liquidity		1,738,764		1,030,400		919,437
Additional information to the statement of cash flows
Interest income received		309,135		336,237		508,025
Interest expense paid		-152,259		-192,437		-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–August 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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