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 significant subsidiaries  
EiendomsMegler 1 Midt-Norge  936159419 Trondheim 87.0
SpareBank 1 Regnskapshuset SMN  936285066 Trondheim 95.4
SpareBank 1 Invest  990961867 Trondheim 100.0
SpareBank 1 Finans Midt-Norge  938521549 Trondheim 64.6
SpareBank 1 SMN Kvartalet 990283443 Trondheim 100.0
SpareBank 1 Bygget Steinkjer  934352718 Trondheim 100.0
SpareBank 1 Card Solution 990222991 Trondheim 100.0
St. Olavs Plass  999263380 Trondheim 100.0
SpareBank 1 Bilplan 979945108 Trondheim 100.0
SpareBank 1 Markets  992999101 Oslo 66.7
       
Shares owned by subsidiaries and sub-subsidiaries      
GMA Invest 994469096 Trondheim 100.0
Sentrumsgården  975856828 Leksvik 24.0
Aqua Venture  891165102 Trondheim 37.6
BrainImage 917956146 Trondheim 34.5
Omega-3 Invest  996814262 Namsos 33.6
Tjeldbergodden Utvikling  979615361 Aure 35.3
Grilstad Marina  991340475 Trondheim 35.0
GMN 6  994254707 Trondheim 35.0
GMN 51  996534316 Trondheim 30.0
GMN 52  996534413 Trondheim 30.0
GMN 53  996534502 Trondheim 30.0
BN Bolig  917463069 Oslo 50.0
Brauten Eiendom  917066221 Trondheim 100.0
SpareBank 1 Kapitalforvaltning  980300609 Trondheim 100.0
SpareBank 1 Capital Markets    New York 100.0
Leksvik Regnskapskontor 980491064 Leksvik 50.0
Spjelkavik Regnskap  936731716 Ålesund 100.0
Grongstad Regnskap  971193808 Namsos 100.0
Flatanger Regnskapskontor  983734219 Flatanger 100.0
       
Investment in joint ventures      
SpareBank 1 Gruppen  975966372 Tromsø 19.5
SpareBank 1 Banksamarbeidet  986401598 Oslo 18.0
SpareBank 1 Betaling  919116749 Oslo 19.7
       
Investment in associates      
SpareBank 1 Boligkreditt  988738387 Stavanger 20.7
BN Bank  914864445 Trondheim 33.0
SpareBank 1 Næringskreditt  894111232 Stavanger 33.0
Bjerkeløkkja 998534976 Oppdal 40.7
SpareBank 1 Kredittkort 975966453 Trondheim 17.4
SMB Lab  917143501 Trondheim 20.0
BETR 995756080 Tromsø 20.0
       
Investment in companies held for sale       
Mavi XV  890899552 Trondheim 100.0
Mavi XI  990899568 Trondheim 100.0
Mavi XXIV  999211062 Trondheim 100.0
Mavi XXV  999239242 Trondheim 100.0
Mavi XXVI 999239331 Trondheim 100.0
Mavi XXVII  999239390 Trondheim 100.0
Mavi XXVIII  999239455 Trondheim 100.0
Byscenen Kongensgt 19  992237899 Trondheim 94.0

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. 

2018 (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 Profit or loss NCI of profit or loss *) Book value 31.12
SpareBank 1 Finans Midt-Norge AS 772,590 61,259 10.0 7,723 6,580 1,143 364 337 226 111 39 602
Total investments in credit institutions            602
EiendomsMegler 1 Midt-Norge  66 4,788 10.5 276 91 186 24 496 517 -20 -3 143
SpareBank 1 SMN Kvartalet  99 30,200 0.0 310 10 300 - 30 24 5 - 332
SpareBank 1 Regnskapshuset SMN  18 238 75.0 394 112 282 13 444 390 54 2 201
SpareBank 1 Invest  457 457,280 1.0 793 45 748 - 13 6 7 - 739
SpareBank 1 Bygget Steinkjer  6 100 61.0 49 1 49 - 4 3 1 - 53
SpareBank 1 Card Solution  200 2,000 0.1 5 - 5 - 2 2 -0 - 5
St. Olavs Plass  10 100,000 0.1 78 1 77 - 7 6 1 - 75
SpareBank 1 Bilplan  6 41,206 0.1 5 3 3 - 8 10 -2 - 4
SpareBank 1 Markets  529 3,168,991 0.2 2,258 1,582 676 225 551 535 16 5 456
Total investments in other subsidiaries 2,008
Total investments in Group companies, Parent Bank 2,610
*) Non-controlling interests            
**) Parts of the company's assets are classified as held for sale           
2017 (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 612,590 61,259 10,0 6,724 5,745 979 304 392 295 96 34 499
Total investments in credit institutions            499
EiendomsMegler 1 Midt-Norge  57,803 4,788.0 10,5 278 97 181 28 395 367 27 -8 120
SpareBank 1 SMN Kvartalet **) 326,160 30,200.0 10,8 869 11  857  - 78 64 14 2  994
SpareBank 1 Regnskapshuset SMN  17,850 238.0 75,0 323 110 212 10 377 315 62 - 154
SpareBank 1 Invest  457,280 457,280 1,0 854 49 805 - 48 5 43 - 739
SpareBank 1 Bygget Steinkjer 6,100 100.0 61,0 49 1 49 - 4 3 1 - 53
SpareBank 1 Card Solution  200 2,000.0 0,1 7 1 6 - 5 4 1 - 9
St. Olavs Plass  10,000 100,000.0 0,1 77 1 76 - 6 6 0 - 75
SpareBank 1 Bilplan  5,769 41,206.0 0,1 32 28 5 - 112 112 0 - 9
Jernbanegata 19  1,000 10,000.0 0,1 10 0 10 - - 0 0 - 13
SpareBank 1 Markets 529,221 3,168,991 0,2 2,242 1,573 669 223 452 440 12 4 456
Total investments in other subsidiaries 2,621
Total investments in Group companies, Parent Bank 3,120

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
2017 2018 (NOK million) 2018 2017
3,766 3,940 As at 1 January 5,760 5,638
174 369 Acquisition/sale 344 168
- - Equity capital changes -66 -74
- - Profit share 416 437
- - Dividend paid -355 -410
3,940 4,309 Book value as at 31 December 6,098 5,760

 

Specification of year's change, Group Additions/ disposal Equtiy change
SpareBank 1 Gruppen   - -11
SpareBank 1 Boligkreditt   216 -67
SpareBank 1 Næringskreditt  58 -3
SpareBank 1 Kredittkort   -5 -16
Sparebank 1 Betaling   100 -15
BN Bank   - 90
Other companies  -26 17
Sum   344 -6

Profit share from associates and joint ventures is specified in the table below. Badwill and amortisation effects related to acquisitions are included in the profit share.

Dividends from investments in associates and joint ventures 

(NOK million) 31 Dec 2018 31 Dec 2017
SpareBank 1 Gruppen                    287 228
SpareBank 1 Boligkreditt                      14 22
BN Bank                        - 132
SpareBank 1 Næringskreditt                      17 29
SpareBank 1 Kredittkort                     38 0
Total income from associates and joint ventures                   355                410

 

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. Booked value is the consolidated value in the SMN Group.

2018 (NOK million) Assets Liabilities Total income Total costs Profit share Book value 31.12 No. of shares
SpareBank 1 Gruppen    75,383 67,177 13,719 12,239 289 1,558 381,498
SpareBank 1 Boligkreditt    245,521 233,938 3,578 3,573 -7 2,152 14,879,609
SpareBank 1 Næringskreditt    13,365 11,287 262 211 15 685 5,353,070
SpareBank 1 Kredittkort    5,948 4,867 1,122 991 23 188 502,131
Sparebank 1 Betaling    656 0 - 57 -12 141 1,635
BN Bank    29,021 24,739 658 364 92 1,239 4,658,389
Other companies           17 135  
Total 416 6,098  
                 
                 
                 
2017 (NOK million)   Assets Liabilities Total income Total costs Profit share Book value 31.12 No. of shares
SpareBank 1 Gruppen    70,650 62,385 17,911 15,703 349 1,569 381,498
BN Bank    262,196 250,924 3,529 3,709 -41 2,003 13,039,586
SpareBank 1 Boligkreditt    12,479 10,426 274 213 19 629 4,895,248
SpareBank 1 Næringskreditt    5,972 4,806 1,049 965 15 209 517,253
SpareBank 1 Kredittkort    26,168 22,285 646 363 98 1,147 4,658,389
Other companies           -2 202  
Total 437 5,760  

Companies held for sale
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, and is classified as investment held for sale.

Assets and liabilities related to the property in Søndre Gate 4-10 in Trondheim City Centre (SpareBank 1 Kvartalet) has been  reclassified as held for sale from Q4 2017 based on the approval from management and board of Directors for selling the property, in addition to the  progress made in the sale process  which makes it highly probable that the  sale will be completed in the coming 12 months.

SpareBank 1 SMN accepted a bid at Søndre gate no. 4-10 in Trondheim city centre at November 9, 2017. SpareBank 1 SMN and its subsidiaries will lease back about 70 per cent of the overall area on a 15 year lease with the option of a lease extension. Estimated gross annual rental in 2018 amounts to NOK 36.4 million. The gross property value underlying the bid is NOK 755 million and provided SpareBank 1 SMN with a net gain after an estimated tax rebate and transaction costs of NOK 144 million. The transaction was completed in 2Q 2018. 

2018 (NOK million) Assets Liabilities Total income Total costs Company's result of the year Ownership share
Mavi XV konsern   43 1 5 -1 5 100%
Søndre gate 4-10    - -  144 0  144 -
Total   43 1 148 -1 149  
             
2017 (NOK million) Assets Liabilities Total income Total costs Company's result of the year Ownership share
Mavi XV konsern   49 1 6 -7 -1 100%
Søndre gate 4-10    600 - 6 -6 0 100%
Total   649 1 12 -13 -1  

Financial results

Annual report and notes

Downloads

© SpareBank 1 SMN