Capital structure

Equity

As at 31.12.2011 Norway Post’s equity was MNOK 5517.

Certificate loans

Norway Post is active in the Swedish and the Norwegian certificate markets (the market for short-term security loans). It is important to maintain a certain level of activity in both security markets to ensure that the investors that lend Norway Post money are familiar with the Group. Individual investors must carry out their own independent evaluations of Norway Post’s solidity and activity. So familiarity with Norway Post in the market thus helps to ensure better loan conditions.

Interest rate level

The effective interest rate on Norway Post’s floating interest rate loan was 3.06% as at 31.12.2011. As at 31.12.2011, fixed interest rate agreements had been entered into for loans of MNOK 1,398 at an average interest rate of 4.33%, valid until 2018 - 2020. Liabilities linked to financial leases are reduced by regular payments of loan instalments. The weighted average effective interest rate on these loans was 4.6% for Posten Norge AS and 5.2% for the Group as at 31.12.2011.

Interest rate policy

Historically it has been favourable for Norway Post to primarily finance operations using floating interest rates in Norway. However, Norway Post wishes to avoid major fluctuations in the interest it pays total for outstanding loans. In certain periods it will therefore be favourable to undertake fixed interest rate transactions when the interest rate is low for long interest rate periods.

Interest-bearing loans

In March 2011, Norway Post issued bonds in the Norwegian bond market for MNOK 500, and at the same time repaid bonds loans of MNOK 1,500. In addition, Norway Post entered into a loan agreement in 2011 in the form of a drawing right with five Nordic banks of a total of MEUR 300 and a maturity of 5 years. This drawing right replaces Norway Post’s existing drawing right, which was entered into in 2005 with 12 lenders for a total of MEUR 500 with a maturity of 7 years.