Note 39 - Investments in owner interests
Subsidiaries, associates, joint ventures and companies held for sale.
| Company | Company number | Registered office | Stake in per cent | ||
| Investment in subsidiaries | |||||
| EiendomsMegler 1 Midt-Norge AS | 936159419 | Trondheim | 87.0 | ||
| SpareBank 1 Regnskapshuset SMN AS | 936285066 | Trondheim | 95.4 | ||
| SpareBank 1 Invest AS | 990961867 | Trondheim | 100.0 | ||
| SpareBank 1 Finans Midt-Norge AS | 938521549 | Trondheim | 64.6 | ||
| SpareBank 1 Bygget Steinkjer AS | 934352718 | Trondheim | 100.0 | ||
| SpareBank 1 Card Solution AS | 990222991 | Trondheim | 100.0 | ||
| St. Olavs Plass AS | 999263380 | Trondheim | 100.0 | ||
| SpareBank 1 Bilplan AS | 979945108 | Trondheim | 100.0 | ||
| Jernbanegata 19 AS | 912514005 | Trondheim | 100.0 | ||
| SpareBank 1 Markets AS | 992999101 | Oslo | 66.7 | ||
| Shares owned by subsidiaries and sub-subsidiaries | |||||
| GMA Invest AS | 994469096 | Trondheim | 100.0 | ||
| Sentrumsgården AS | 975856828 | Leksvik | 24.0 | ||
| Aqua Venture AS | 891165102 | Trondheim | 37.6 | ||
| BrainImage AS | 917956146 | Trondheim | 34.5 | ||
| Omega-3 Invest AS | 996814262 | Namsos | 33.6 | ||
| Tjeldbergodden Utvikling AS | 979615361 | Aure | 35.3 | ||
| Grilstad Marina AS | 991340475 | Trondheim | 35.0 | ||
| GMN 6 AS | 994254707 | Trondheim | 35.0 | ||
| GMN 51 AS | 996534316 | Trondheim | 30.0 | ||
| GMN 52 AS | 996534413 | Trondheim | 30.0 | ||
| GMN 53 AS | 996534502 | Trondheim | 30.0 | ||
| BN Bolig AS | 917463069 | Oslo | 50.0 | ||
| Brauten Eiendom AS | 917066221 | Trondheim | 100.0 | ||
| SpareBank 1 Kapitalforvaltning AS | 980300609 | Trondheim | 100.0 | ||
| SpareBank 1 Capital Markets Inc | New York | 100.0 | |||
| Leksvik Regnskapskontor AS | 980491064 | Leksvik | 50.0 | ||
| Investment in joint ventures | |||||
| SpareBank 1 Gruppen AS | 975966372 | Tromsø | 19.5 | ||
| SpareBank 1 Banksamarbeidet DA | 986401598 | Oslo | 18.0 | ||
| SpareBank 1 Betaling AS | 919116749 | Oslo | 19.7 | ||
| Investment in associates | |||||
| SpareBank 1 Boligkreditt AS | 988738387 | Stavanger | 19.9 | ||
| BN Bank AS | 914864445 | Trondheim | 33.0 | ||
| SpareBank 1 Næringskreditt AS | 894111232 | Stavanger | 33.5 | ||
| Bjerkeløkkja AS | 998534976 | Oppdal | 40.7 | ||
| SpareBank 1 Kredittkort AS | 975966453 | Trondheim | 17.9 | ||
| SMB Lab AS | 917143501 | Trondheim | 20.0 | ||
| Proaware AS | 995756080 | Tromsø | 20.0 | ||
| Investment in companies held for sale | |||||
| SpareBank 1 SMN Kvartalet AS | 990283443 | Trondheim | 100.0 | ||
| Mavi XV AS | 890899552 | Trondheim | 100.0 | ||
| Mavi XI AS | 990899568 | Trondheim | 100.0 | ||
| Mavi XXV AS | 999239242 | Trondheim | 100.0 | ||
| Mavi XXVIII AS | 999239455 | Trondheim | 100.0 | ||
| Byscenen Kongengsgt 19 AS | 992237899 | Trondheim | 90.0 | ||
Shares in subsidiaries, Parent Bank
Recorded at acquisition cost in the Parent Bank. Full consolidation in the Group accounts. Total costs include tax charge. The booked value of subsidiaries in the tables below is the Parent Bank’s booked value. Profit or loss show the company's net profit.
| 2017 (NOK million) | Company's share capital (NOK 000's) | No. Of shares | Nominal value (NOK 1000's) | Assets | Liabilities | Equity | NCI of equity *) | Total income | Total expenses | Profit or loss | NCI of profit or loss *) | Book value 31.12 |
| SpareBank 1 Finans Midt-Norge AS | 612,590 | 61,259 | 10.0 | 6,724 | 5,745 | - | 304 | 392 | 295 | 96 | 34 | 499 |
| Total investments in credit institutions | 499 | |||||||||||
| EiendomsMegler 1 Midt-Norge AS | 57,803 | 4,788 | 10.5 | 281 | 91 | 3 | 28 | 395 | 367 | 27 | - 8 | 120 |
| SpareBank 1 SMN Kvartalet AS **) | 326,160 | 30,200 | 10.8 | 869 | - | - | - | 78 | 64 | 14 | - | 994 |
| SpareBank 1 Regnskapshuset SMN AS | 17,850 | 238 | 75.0 | 323 | 110 | 0 | 10 | 377 | 315 | 62 | 2 | 154 |
| SpareBank 1 Invest AS | 457,280 | 457,280 | 1.0 | 854 | 49 | - | - | 48 | 5 | 43 | - | 739 |
| SpareBank 1 Bygget Steinkjer AS | 6,100 | 100 | 61.0 | 49 | 1 | - | - | 4 | 3 | 1 | - | 53 |
| SpareBank 1 Card Solution AS | 200 | 2,000 | 0.1 | 7 | 1 | - | - | 5 | 4 | 1 | - | 9 |
| St. Olavs Plass AS | 10,000 | 100,000 | 0.1 | 77 | 1 | - | - | 6 | 6 | 0 | - | 75 |
| SpareBank 1 Bilplan AS | 5,769 | 41,206 | 0.1 | 32 | 28 | - | - | 112 | 112 | 0 | - | 9 |
| Jernbanegata 19 AS | 1,000 | 10,000 | 0.1 | 10 | 0 | - | - | - | 0 | 0 | - | 13 |
| SpareBank 1 Markets AS | 529,221 | 3,168,991 | 0.2 | 2,242 | 1,573 | - 0 | 223 | 452 | 440 | 12 | 4 | 456 |
| Total investments in other subsidiaries | 2,621 | |||||||||||
| Total investments in Group companies, Parent Bank | 3,120 | |||||||||||
| *) Non-controlling interests | ||||||||||||
| **) Parts of the company's assets are classified as held for sale | ||||||||||||
| 2016 (NOK million) | Company's share capital (NOK 000's) | No. Of shares | Nominal value (NOK 000's) | Assets | Liabilities | Equity | NCI of equity *) | Total income | Total expenses | Result | NCI of profit or loss *) | Book value 31.12 |
| SpareBank 1 Finans Midt-Norge AS | 534,290 | 53,429 | 10.0 | 5,414 | 4,651 | -5 | 270 | 313 | 234 | 78 | 28 | 448 |
| Total investments in credit institutions | 448 | |||||||||||
| SpareBank 1 SMN Invest AS | 457,280 | 457,280 | 1.0 | 869 | 49 | - | - | 77 | 3 | 74 | - | 739 |
| EiendomsMegler 1 Midt-Norge AS | 57,803 | 4,788 | 10.5 | 322 | 112 | 0 | 27 | 426 | 377 | 49 | 6 | 120 |
| SpareBank 1 SMN Kvartalet AS | 326,160 | 30,200 | 10.8 | 765 | 92 | - | - | 44 | 34 | 10 | - | 919 |
| SpareBank 1 Regnskapshuset SMN AS | 17,136 | 238 | 72.0 | 216 | 59 | - | - | 235 | 192 | 43 | - | 121 |
| Allegro Kapitalforvaltning ASA | 6,000 | 6,000 | 1.0 | 50 | 14 | - | 4 | 63 | 54 | 10 | 1 | 11 |
| SpareBank 1 Bygget Steinkjer AS | 6,100 | 100 | 61.0 | 48 | 1 | - | - | 4 | 3 | 1 | - | 53 |
| SpareBank 1 Bygget Trondheim AS | 94,236 | 100,000 | 0.9 | 193 | 8 | - | - | 31 | 27 | 4 | - | 75 |
| SpareBank 1 SMN Card Solutions AS | 200 | 2,000 | 0.1 | 7 | 1 | - | - | 6 | 5 | 1 | - | 9 |
| St. Olavs Plass 1 SMN AS | 10,000 | 100,000 | 0.1 | 77 | 1 | - | - | 7 | 6 | 0 | - | 75 |
| SpareBank 1 Bilplan AS | 5,769 | 41,206 | 0.1 | 32 | 28 | - | - | 123 | 123 | 0 | - | 9 |
| Jernbanegata 19 SMN AS | 1,000 | 10,000 | 0.1 | 10 | 0 | - | - | 2 | 3 | -1 | - | 13 |
| SpareBank 1 Markets AS | 378,347 | 2,265,553 | 167.0 | 1,702 | 1,234 | 0 | 124 | 306 | 282 | 25 | 7 | 363 |
| SMB Lab AS | 5,000 | 50,000 | 0.1 | 51 | 2 | - | - | 1 | 2 | -1 | - | 50 |
| Total investments in other subsidiaries | 2,557 | |||||||||||
| Total investments in Group companies, Parent Bank | 3,005 | |||||||||||
Shares in associates and joint ventures
Associates and joint ventures are recorded at acquisition cost in the Parent Bank. Group figures are presented by the equity method.
| Parent Bank | Group | |||||
| 31 Dec 2016 | 31 Dec 2017 | (NOK million) | 31 Dec 2017 | 31 Dec 2016 | ||
| 3,624 | 3,766 | As at 1 January | 5,638 | 5,522 | ||
| 156 | 104 | Acquisition/sale | 104 | 186 | ||
| -14 | 70 | Reclassification | 64 | -3 | ||
| - | - | Equity capital changes | -74 | 101 | ||
| - | - | Profit share | 437 | 423 | ||
| - | - | Dividend paid | -410 | -591 | ||
| 3,766 | 3,940 | Book value as at 31 December | 5,760 | 5,638 | ||
| Specification of current year's change, Group | Additions/ disposal | Equity change |
| SpareBank 1 Gruppen AS | - | -28 |
| SpareBank 1 Banksamarebeidet AS | 0 | 5 |
| SpareBank 1 Boligkreditt AS | 163 | -1 |
| SpareBank 1 Næringskreditt AS | -54 | -3 |
| SpareBank 1 Kredittkort AS | -3 | -0 |
| BN Bank ASA | - | -6 |
| SMB Lab AS | -5 | 0 |
| Property developement companies owned by SpareBank 1 SMN Invest AS | - | -42 |
| Proaware AS | 3 | - |
| Sum | 104 | -74 |
Property development companies owned by SpareBank 1 SMN Invest
Activity levels in 2017 were high at the property development companies Grilstad Marina AS, Grilstad Energi AS, GMN 51 AS, GMN 52 AS, GMN 53 AS and GMN 6 AS.
Grilstad Energi AS was sold in third quarter 2017.
The above property development companies are booked in the Group accounts with the value of 67.2 NOK million at 31 December 2017.
Dividends from investments in associates and joint ventures:
| Parent Bank | |||||
| Dividends from (NOK million) | 2017 | 2016 | |||
| SpareBank 1 Gruppen AS | 228 | 486 | |||
| SpareBank 1 Boligkreditt AS | 22 | 19 | |||
| BN Bank ASA | 132 | 56 | |||
| SpareBank 1 Næringskreditt AS | 29 | 30 | |||
| Total income from associates and joint ventures | 410 | 591 | |||
Company information on the Group's stakes in associates and joint ventures
The tables below contain company or Group accounting figures on a 100 per cent share basis, except for profit share which is stated as the SMN Group’s share. Badwill and amortisation effects related to acquisitions are included in the profit share. Booked value is the consolidated value in the SMN Group.
| 2017 (NOK million) | Assets | Liabilities | Total income | Total costs | Profit share | Book value 31 Dec | Ownership share | No. of shares |
| SpareBank 1 Gruppen AS | 70,650 | 62,385 | 17,911 | 15,703 | 349 | 1,569 | 19.5 % | 381,498 |
| BN Bank ASA | 26,168 | 22,285 | 646 | 363 | 98 | 1,147 | 33.0 % | 4,658,389 |
| SpareBank 1 Boligkreditt AS | 262,196 | 250,924 | 3,529 | 3,709 | -41 | 2,003 | 19.9 % | 13,039,586 |
| SpareBank 1 Næringskreditt AS | 12,479 | 10,426 | 274 | 213 | 19 | 629 | 33.7 % | 4,895,248 |
| SpareBank 1 Kredittkort AS | 5,972 | 4,806 | 1,049 | 965 | 15 | 209 | 17.9 % | 517,253 |
| Other companies | -2 | 202 | ||||||
| Total | 437 | 5,760 |
| 2016 (NOK million) | Assets | Liabilities | Total income | Total costs | Profit share | Book value 31 Dec | Ownership share | No. of shares |
| SpareBank 1 Gruppen AS | 63,089 | 55,300 | 14,077 | 12,479 | 317 | 1,476 | 19.5 % | 364,728 |
| BN Bank ASA | 27,797 | 24,202 | 591 | 330 | 86 | 1,186 | 33.0 % | 4,658,389 |
| SpareBank 1 Boligkreditt AS | 252,251 | 241,198 | 3,798 | 3,981 | -17 | 1,904 | 19.1 % | 12,081,960 |
| SpareBank 1 Næringskreditt AS | 13,642 | 11,559 | 353 | 269 | 29 | 696 | 36.5 % | 5,325,271 |
| SpareBank 1 Kredittkort AS | 5,401 | 4,323 | 1,020 | 853 | 24 | 197 | 18.3 % | 532,205 |
| Other companies | -16 | 178 | ||||||
| Total | 423 | 5,638 |
Companies held for sale
SpareBank 1 SMN owns 100 per cent of Maxi XV AS due to defaulted loans. SpareBank 1 SMN's strategy is that ownership due to defaulted exposures should at the outset be of brief duration, normally not longer than one year. Investments are recorded at fair value in the Parent Bank's accounts. In the Group accounts one-line consolidation is undertaken.
Assets and liabilities related to the property in Søndre Gate 4-10 in Trondheim City Centre (SpareBank 1 Kvartalet AS) has been reclassified as held for sale from Q4 2017 based on the approval from management and board of Directors for selling the property. SpareBank 1 SMN accepted a bid at Søndre Gate 4-10 at November 9, 2017. The transaction is expected to reach completion in the couse of the first quarter of 2018 in the form of a real property company share disposal.
The tables below contain company or Group accounting figures on a 100 per cent share basis.
| 2017 (NOK million) | Assets | Liabilities | Total income |
Total costs |
Company's result of the year |
Ownership share |
No. of shares | |
| Mavi XV AS Group | -1 | 92 | 6 | -7 | -1 | 100 % | 60,000 | |
| SpareBank 1 Kvartalet AS | 600 | - | 6 | 7 | 0 | 100 % | 30,200 | |
| 2016 (NOK million) | Assets | Liabilities | Total income |
Total costs |
Company's result of the year |
Ownership share |
No. of shares | |
| Mavi XV AS Group | 15 | 249 | 1 | -2 | -1 | 100 % | 60,000 | |
| Brannstasjonen SMN AS | - | - | 1 | -3 | -2 | 100 % | 100,000 | |
Financial results
Annual report and notes
