Security brokers

1   Security Brokers. Profit and loss account. 31 December 1997-2001. Million kroner1
  1997 1998 1999 2000 2001
Operating income 2 988 2 344 3 516 5 209 3 895
Broker commissions equityinstruments 1 365 1 128 1 012 1 627 1 091
Net trade equityinstruments 86 86  201  150  104
Broker commissions debtinstruments 11 5 2 1 0
Net trade debtinstruments 38 40 42 39 68
Net income marketmaking  157 36  261  113 47
Trade with other financial instruments 12 14 11 74 2
Other broker commissions (gains) 4 7 11 17 6
Income from issues and advisory activity 1 091  672 1 177 1 869 1 313
Management of securities 79  134  431  800  865
Other income from investments 24 19 50  374  335
Capital management 95 49 32 33 5
Other operating income 26  154  286  111 60
           
Operating expenses 1 458 1 628 2 048 3 107 3 287
Personnel costs 1 019 1 039 1 057 1 532 1 606
Deprecations etc. 31 44 76  110  277
Operating expenses premises 9 9 45 13 33
Other broker commissions (losses) 27 47 39 68 34
Loss on claims 12 91 17 41 46
Capital management - 5 2 7 2
Other operating expenses  360  393  812 1 336 1 289
           
Operating profit 1 530  716 1 468 2 102  608
           
Investment income/charges -364 -188 -336 -324 -45
Income from participations and subsidiaries2 3 6 16 82 4
Share dividend .. .. 11 3 1
Interest income3 84  121  162  281  328
Interest charges4 .. .. 77  169  176
Net gains and value adjustments .. .. -11 -2 -20
Net other investment income/charges5 -451 -315 -437 -519 -182
           
Profit/loss on ordinary activities 1 166  528 1 132 1 778  563
           
Extraordinary income - 0 8 11 74
Extraordinary expenses  209  180  165  216  156
           
Tax  186  118  323  494  200
           
Profit/loss  771  230  653 1 079  281
           
Application and transfers  771  230  653 1 080  281
Dividends  222  183  391  616  686
Submitted/received group contributions  348  140  275  316  130
Transfered to/from revaluation reserve - - 6 4 2
Transfered to/from other equity  201 -93 -19  144 -537
1  Numbers as from 1999 are not directly comparable with numbers from before 1999 due to a new law for accounting from 1 January 1999.
2  This item is equal investment income before 1999.
3  Before 1999 the item included dividends from other than participations.
4  Before 1999 the item is equal to investment charges to participations.
5  Before 1999 are interest charges to other than participations and net gains and value adjustments also included in this item.

Explanation of symbols