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

Exhibit VII

Financial information

January–April 2015

(unaudited)

Nordic Investment Bank Financial information January–April 2015

Table of contents

Key figures	3
Comments on NIB’s financial figures January–April 2015	4
Statement of comprehensive income	5
Statement of financial position	6
Changes in equity	7
Cash flow statement	8

10 June 2015

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Nordic Investment Bank Financial information January–April 2015

Key figures

(in EUR million unless otherwise specified)	Apr 2015*		Apr 2014*		Dec 2014
Net interest income		80		76		239
Profit/loss		79		79		210
Loans disbursed		405		270		2,274
Loans agreed		447		345		2,389
Loans outstanding		15,301		14,426		15,156
Guarantee commitments		—		—		—
New debt issues		2,196		1,786		3,361
Debts evidenced by certificates		21,957		18,677		19,446
Total assets		28,579		23,472		24,870
Equity/total assets (%)		10.7		12.4		12.0
Profit/average equity (%)		7.8		8.2		7.2
Number of employees (average during the period)		190		186		186

^* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2014 and the notes thereto.

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Nordic Investment Bank Financial information January–April 2015

Comments on NIB’s financial figures January–April 2015

While euro area indicators in recent months suggest the real economy may finally be catching up, a fully sustained recovery is not yet at hand. Interest rates, credit spreads and margins remained under pressure. The economies of the Nordic–Baltic region showed differences in the pace of growth, with Iceland, the Baltic countries and Sweden being at the forefront.

Despite the pressure on interest rates, in the first four months of the year the Bank’s net interest income (EUR 80 million) and profit (EUR 79 million) remained at essentially the same level as in the same period a year ago. The result also reflects positive valuations on the financial instruments and low charges for impairments on loans.

By the end of April, the Bank’s total assets increased to EUR 28.6 billion from EUR 24.9 billion at the end of last year, mainly due to exchange rate effects, especially the stronger US dollar against the euro.

During the period, NIB continued to build up the loan book adding a total of EUR 761 million in loans approved for projects in industrial research and

development, hydropower, waste-to-energy and energy efficiency in buildings. Disbursements totalled EUR 405 million (Jan–Apr 2014: EUR 270 million). Following the normal pattern, higher volumes are expected in the latter half of the year.

NIB’s funding operations raised EUR 2.2 billion in ten transactions, which accounts for more than 60% of this year’s funding needs.

In March, NIB issued a USD 1.25 billion global benchmark transaction with maturity in 2018. A third NIB Environmental Bond in Swedish crowns, totalling SEK 1 billion, was issued in April. It attracted investors focusing on environmental, social and governance considerations as an integral part of their business conduct.

In the months to come, projects improving energy efficiency and the security of energy supply will create demand for long-term loans. Potential investments in industrial research and development as well as public services and infrastructure will further underscore the value of NIB’s financing.

Henrik Normann

President & CEO

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Nordic Investment Bank Financial information January–April 2015

Statement of comprehensive income

EUR 1,000

	Jan–Apr 2015*		Jan–Apr 2014*		Jan–Dec 2014
Interest income		116,638		126,174		382,760
Interest expense		-36,418		-50,105		-143,652
Net interest income		80,221		76,069		239,108
Commission income and fees received		4,388		3,386		9,326
Commission expense and fees paid		-1,331		-1,160		-2,092
Net profit/loss on financial operations		8,869		14,099		25,684
Foreign exchange gains and losses		374		-44		187
Operating income		92,520		92,351		272,211
Expenses
General administrative expenses		14,869		14,775		37,386
Depreciation		1,358		1,097		3,709
Impairment of loans		-2,824		-2,224		20,905
Total expenses		13,403		13,648		62,000
PROFIT/LOSS FOR THE PERIOD		79,118		78,703		210,211
Total comprehensive income		79,118		78,703		210,211

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2014 and the notes thereto.

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Nordic Investment Bank Financial information January–April 2015

Statement of financial position

EUR 1,000

		30 Apr 2015*		30 Apr 2014*		31 Dec 2014
ASSETS
Cash and cash equivalents			3,988,651		1,931,925		1,639,139
Financial placements
Placements with credit institutions			7,171		5,741		6,571
Debt securities			6,005,664		5,390,795		5,489,623
Other			23,316		23,198		22,190
			6,036,151		5,419,733		5,518,384
Loans outstanding			15,301,456		14,426,416		15,156,486
Intangible assets			5,073		5,275		5,217
Tangible assets, property and equipment			28,059		29,247		28,324
Other assets
Derivatives			2,941,999		1,374,339		2,198,003
Other assets			22,712		30,445		19,259
			2,964,711		1,404,784		2,217,262
Accrued interest and fees receivable			255,157		254,700		305,590
TOTAL ASSETS			28,579,259		23,472,080		24,870,400
LIABILITIES AND EQUITY
Liabilities
Amounts owed to credit institutions
Short-term amounts owed to credit institutions			1,980,289		272,019		872,010
Long-term amounts owed to credit institutions			—		—		—
			1,980,289		272,019		872,010
Debts evidenced by certificates
Debt securities issued			21,881,272		18,600,595		19,369,052
Other debt			75,304		76,068		76,597
			21,956,575		18,676,663		19,445,649
Other liabilities
Derivatives			1,391,447		1,428,611		1,329,097
Other liabilities			9,493		10,190		6,760
			1,400,940		1,438,801		1,335,857
Accrued interest and fees payable			176,238		175,007		230,786
Total liabilities			25,514,042		20,562,490		21,884,302
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			686,325		686,325		686,325
General Credit Risk Fund			1,430,252		1,275,041		1,275,041
Special Credit Risk Fund PIL			395,919		395,919		395,919
Appropriation to dividend payment			55,000		55,000		—
Profit/loss for the period			79,118		78,703		210,211
Total equity			3,065,216		2,909,590		2,986,099
TOTAL LIABILITIES AND EQUITY			28,579,259		23,472,080		24,870,400

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2014 and the notes thereto.

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Nordic Investment Bank Financial information January–April 2015

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 2013		418,602		686,325		1,112,831		395,919		0		0		0		217,210		2,830,887
Appropriations between reserve funds						162,210						55,000				-217,210		0
Paid-in capital																		0
Called-in authorised and subscribed capital																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable																		0
Comprehensive income for the period 1/1–30/4/2014																78,703		78,703
Equity at 30 April 2014		418,602		686,325		1,275,041		395,919		0		55,000		0		78,703		2,909,590
Paid-in capital																		0
Called-in authorised and subscribed capital																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable																		0
Dividend payment												-55,000						-55,000
Comprehensive income for the period 1/5–31/12/2014																131,509		131,509
Equity at 31 December 2014		418,602		686,325		1,275,041		395,919		0		0		0		210,211		2,986,099
Appropriations between reserve funds						155,211						55,000				-210,211		0
Paid-in capital																		0
Called-in authorised and subscribed capital																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable																		0
Dividend payment																		0
Comprehensive income for the period 1/1–30/4/2015																79,118		79,118
Equity at 30 April 2015		418,602		686,325		1,430,252		395,919		0		55,000		0		79,118		3,065,216

Only the year-end figures are audited, to be read in conjunction with NIB’s audited financial statements for 2014 and the notes thereto.

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Nordic Investment Bank Financial information January–April 2015

Cash flow statement

EUR 1,000

	Jan-Apr 2015*		Jan-Apr 2014*		Jan-Dec 2014
Cash flows from operating activities
Profit/loss from operating activities		79,118		78,703		210,211
Adjustments:
Unrealised gains/losses of financial assets held at fair value		-5,027		-19,215		-27,631
Depreciation and write-down in value of tangible and intangible assets		1,358		1,097		3,709
Change in accrued interest and fees (assets)		50,432		63,451		12,491
Change in accrued interest and fees (liabilities)		-54,548		-67,848		-12,069
Impairment of loans		-2,824		-2,224		20,905
Adjustment to hedge accounting		123		465		1,019
Other adjustments to the period’s profit		2,498		1,178		-641
Adjustments, total		-7,989		-23,096		-2,217
Lending
Disbursements of loans		-405,433		-269,761		-2,273,619
Repayments of loans		649,909		519,785		2,005,001
Capitalisations, redenominations, index adjustments, etc.		8		-31		-69
Exchange rate adjustments		-377,366		40,274		-84,071
Lending, total		-132,882		290,267		-352,758
Cash flows from operating activities, total		-61,753		345,874		-144,763
Cash flows from investing activities
Placements and debt securities
Purchase of debt securities		-1,117,712		-1,364,357		-2,555,763
Sold and matured debt securities		653,105		1,337,660		2,489,721
Placements with credit institutions		-600		—		-830
Other financial placements		811		621		1,663
Exchange rate adjustments, etc.		-53,995		-68		-36,599
Placements and debt securities, total		-518,391		-26,145		-101,808
Other items
Acquisition of intangible assets		-504		-549		-1,637
Acquisition of tangible assets		-446		-319		-861
Change in other assets		1,682		2,915		16,570
Other items, total		731		2,047		14,072
Cash flows from investing activities, total		-517,660		-24,098		-87,736
Cash flows from financing activities
Debts evidenced by certificates
Issues of new debt		2,195,733		1,786,445		3,360,777
Redemptions		-1,371,963		-1,729,730		-4,031,164
Exchange rate adjustments		1,165,449		158,473		1,272,741
Debts evidenced by certificates, total		1,989,220		215,189		602,354
Other items
Long-term placements from credit institutions		—		—		—
Change in swap receivables		-655,005		-96,192		-653,925
Change in swap payables		37,988		-168,177		-277,680
Change in other liabilities		2,733		2,096		-1,334
Dividend paid		—		—		-55,000
Paid-in capital and reserves		—		—		—
Other items, total		-614,284		-262,273		-987,939
Cash flows from financing activities, total		1,374,936		-47,083		-385,585
CHANGE IN CASH AND CASH EQUIVALENTS, NET		795,523		274,693		-618,084
Opening balance for cash and cash equivalents, net		767,129		1,385,213		1,385,213
Closing balance for cash and cash equivalents, net		1,562,652		1,659,906		767,129
Additional information to the statement of cash flows
Interest income received		167,070		189,626		395,321
Interest expense paid		-90,966		-117,953		-155,722

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 2014 and the notes thereto.

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Nordic Investment Bank Financial information January–April 2015

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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