Income Statement for Norwegian Microcredit LLC


		2005	2006	2007	2008	2009
Start date		2005-01-01	2006-01-01	2007-01-01	2008-01-01	2009-01-01
As of date		2005-12-31	2006-12-31	2007-12-31	2008-12-31	2009-12-31
Currency		USD	USD	USD	USD	USD
Financial revenue		575,899	730,370	1,871,795	3,953,437	—
Interest and fee income		574,984	720,363	1,838,484	3,924,376	—
Revenue from interest		522,078	649,192	1,655,694	3,546,812	—
+ Interest income on loan portfolio		522,078	649,192	1,655,694	3,546,812	—
+ Products (credit)
Retail loans	—	—	—	—	—	—
Interest income from investments		0	0	—	—	—
Other interest income		—	—	—	—	—
Fee and commission income		52,906	71,171	182,790	377,563	—
+ Fee and commission income on loan portfolio		52,906	71,171	179,286	352,718	—
+ Products (credit)
Retail loans	—	—	—	—	—	—
Income from penalty fees on loan portfolio		—	—	3,503	24,845	—
Fee and commission income from other financial services		—	—	—	—	—
Other fee and commission income		—	—	—	—	—
Other operating income		915	10,007	4,709	5,695	—
Gains (losses) on exchange differences on translation recognised in profit or loss		—	—	28,602	23,366	—
Gains (losses) on disposals of property, plant and equipment		—	—	—	—	—
Gains (losses) on financial assets		—	—	—	—	—
Gains (losses) on financial liabilities at fair value through profit or loss		—	—	—	—	—
Gains (losses) on held-to-maturity investments		—	—	—	—	—
Gains (losses) on loans and receivables		—	—	—	—	—
Gains (losses) on available-for-sale financial assets		—	—	—	—	—
Gains (losses) on financial liabilities at amortised cost		—	—	—	—	—
Gains (losses) on net monetary position		—	—	—	—	—
Financial expense		87,988	83,469	306,153	767,359	—
Interest and fee expense		22,305	34,273	306,153	767,359	—
Interest expense		—	—	306,153	767,359	—
Interest expense on borrowings		—	—	306,153	767,359	—
Interest expense on deposits		—	—	—	—	—
Interest expense on subordinated debt		—	—	—	—	—
Fee expense		—	—	0	0	—
Fee and commission expense on deposits		—	—	—	—	—
Fee and commission expense on borrowings		—	—	—	—	—
Other fee and commission expense		—	—	—	—	—
Other financial expense		65,683	49,196	—	—	—
Net impairment loss, gross loan portfolio		29,196	24,197	90,303	199,349	—
Impairment loss (reversal of impairment loss), gross loan portfolio		29,196	24,197	90,303	199,349	—
Recoveries on loans written off		0	0	—	—	—
Operating expense		296,231	420,703	630,307	1,353,723	—
Personnel expense		196,722	261,660	411,206	866,507	—
Depreciation and amortisation expense		21,662	26,092	33,622	62,490	—
Administrative expense		77,847	132,951	185,479	424,726	—
Net operating income		162,484	202,001	845,031	1,633,006	—
Non operating income		0	0	0	0	—
Net Income before taxes and donations		162,484	202,001	845,031	1,633,006	—
Tax expense		42,408	44,441	185,907	397,970	—
Net Income after taxes and before donations		120,076	157,560	659,124	1,235,037	—
Donations		53,430	17,527	—	—	—
Net income after taxes and donations		173,506	175,087	659,124	1,235,037	—

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