Note 24 - Investments in owner interests
Subsidiaries, affiliates, joint ventures and companies held for sale.
| Company | Registered office | Stake in per cent | ||
| Investment in significant subsidiaries | ||||
| Shares owned by Parent Bank | ||||
| SpareBank 1 SMN Finans AS | Trondheim | 100.0 | ||
| SpareBank 1 SMN Invest AS | Trondheim | 100.0 | ||
| EiendomsMegler 1 Midt-Norge AS | Trondheim | 87.0 | ||
| SpareBank 1 SMN Kvartalet AS | Trondheim | 100.0 | ||
| SpareBank 1 SMN Regnskap AS | Trondheim | 100.0 | ||
| Allegro Finans ASA | Trondheim | 90.1 | ||
| SpareBank 1 Bygget Steinkjer AS | Trondheim | 100.0 | ||
| SpareBank 1 Bygget Trondheim AS | Trondheim | 100.0 | ||
| SpareBank 1 SMN Card Solutions AS | Trondheim | 100.0 | ||
| Shares owned by subsidiaries and sub-subsidiaries | ||||
| SpareBank 1 Bilplan AS | Trondheim | 100.0 | ||
| Berg Data AS (owned by SpareBank 1 Bilplan AS) | Trondheim | 80.0 | ||
| GMA Invest AS (owned by SpareBank 1 SMN Invest AS) | Trondheim | 100.0 | ||
| Investment in jont ventures | ||||
| SpareBank 1 Gruppen AS | Tromsø | 19.5 | ||
| BN Bank ASA | Trondheim | 33.0 | ||
| Bank 1 Oslo Akershus AS | Oslo | 19.5 | ||
| Alliansesamarbeidet SpareBank 1 DA | Oslo | 17.7 | ||
| SpareBank1 Boligkreditt AS | Stavanger | 17.8 | ||
| SpareBank 1 Næringskreditt AS | Stavanger | 37.3 | ||
| Investment in associates | ||||
| PAB Consulting AS | Ålesund | 34.0 | ||
| Molde Kunnskapspark AS | Molde | 20.0 | ||
| Sandvika Fjellstue AS | Verdal | 50.0 | ||
| Grilstad Marina AS | Trondheim | 35.0 | ||
| GMN 1 AS | Trondheim | 35.0 | ||
| GMN 4 AS | Trondheim | 35.0 | ||
| GMN 51 AS | Trondheim | 35.0 | ||
| GMN 52 AS | Trondheim | 35.0 | ||
| GMN 53 AS | Trondheim | 35.0 | ||
| GMN 54 AS | Trondheim | 35.0 | ||
| GMN 6 AS | Trondheim | 35.0 | ||
| Hommelvik Sjøside AS | Malvik | 40.0 | ||
| Polaris Media ASA | Trondheim | 23.5 | ||
| Investment in companies held for sale | ||||
| SpareBank 1 Private Equity I AS | Trondheim | 65.6 | ||
| Miljøtek Hasopor AS | Meråker | 100.0 | ||
| Mavi XV AS Group | Trondheim | 100.0 | ||
| Has Holding AS | Trondheim | 100.0 | ||
| Mavi XIV AS | Trondheim | 100.0 | ||
| Havship II AS | Trondheim | 100.0 | ||
| Mavi XVII AS | Trondheim | 100.0 | ||
| 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.
| 2011 | Company's share capital (NOK 000's) | No. of shares | Nominal value (NOK 000's) |
Assets | Liabilities | Total income | Total expenses | Company's result of the year | Book value 31.12 |
| SpareBank 1 SMN Finans AS Group | 245,000 | 24,500 | 10.0 | 2,872 | 2,531 | 93 | 74 | 19 | 323 |
| Total investments in credit institutions | 323 | ||||||||
| SpareBank 1 SMN Invest AS | 307,280 | 307,280 | 1.0 | 377 | 2 | 93 | 5 | 89 | 358 |
| EiendomsMegler 1 Midt-Norge AS | 41,288 | 5,505 | 6.0 | 266 | 106 | 354 | 300 | 54 | 73 |
| SpareBank 1 SMN Kvartalet AS | 196,200 | 30,200 | 6.5 | 751 | 565 | 54 | 70 | -15 | 240 |
| SpareBank 1 SMN Regnskap AS | 7,140 | 140 | 51.0 | 44 | 17 | 83 | 79 | 4 | 34 |
| Allegro Finans ASA | 6,000 | 6,000 | 1.0 | 37 | 6 | 20 | 24 | -4 | 11 |
| SpareBank 1 Bygget Steinkjer AS (prev. Midt-Norge Fonds AS) | 6,000 | 100 | 60.0 | 39 | 34 | 0 | 0 | 0 | 9 |
| SpareBank 1 Bygget Trondheim AS | 54,236 | 100,000 | 0.5 | 187 | 61 | 26 | 29 | -2 | 131 |
| SpareBank 1 SMN Card Solutions AS | 200 | 2,000 | 0.1 | 13 | 4 | 16 | 12 | 3 | 18 |
| Total investments in other subsidiaries | 874 | ||||||||
| Total investments in Group companies, Parent Bank | 1,197 | ||||||||
| 2010 | Company's share capital (NOK 000's) | No. of shares | Nominal value (NOK 000's) |
Assets | Liabilities | Total income | Total expenses | Company's result of the year | Book value 31.12 |
| SpareBank 1 SMN Finans AS Group | 195,000 | 19,500 | 10.0 | 2,881 | 2,640 | 99 | 74 | 25 | 218 |
| Total investments in credit institutions | 218 | ||||||||
| SpareBank 1 SMN Invest AS | 250,000 | 250,000 | 1.0 | 293 | 1 | 3 | 24 | -22 | 301 |
| EiendomsMegler 1 Midt-Norge AS | 33,030 | 5,505 | 6.0 | 192 | 68 | 285 | 248 | 36 | 57 |
| SpareBank 1 SMN Kvartalet AS | 302,000 | 30,200 | 10.0 | 887 | 581 | 10 | 14 | -5 | 345 |
| SpareBank 1 SMN Regnskap AS | 7,000 | 140 | 50.0 | 27 | 13 | 53 | 45 | 8 | 7 |
| Allegro Finans ASA | 6,000 | 6,000 | 1.0 | 47 | 10 | 28 | 27 | 1 | 11 |
| SpareBank 1 Bygget Steinkjer AS (prev. Midt-Norge Fonds AS) | 100 | 100 | 1.0 | 2 | 3 | 0 | 1 | -1 | 3 |
| SpareBank 1 Bygget Trondheim AS | 10,000 | 100,000 | 0.1 | 78 | 53 | 3 | 1 | 2 | 25 |
| Total investments in other subsidiaries | 750 | ||||||||
| Total investments in Group companies, Parent Bank | 968 | ||||||||
| 2009 | Company's share capital (NOK 000's) | No. of shares | Nominal value (NOK 000's) |
Assets | Liabilities | Total income | Total expenses | Company's result of the year | Book value 31.12 |
| SpareBank 1 SMN Finans AS Group | 195,000 | 19,500 | 10.0 | 2,830 | 2,635 | 104 | 75 | 30 | 218 |
| Total investments in credit institutions | 218 | ||||||||
| SpareBank 1 SMN Invest AS | 250,000 | 250,000 | 1.0 | 273 | 24 | 9 | 8 | 1 | 301 |
| EiendomsMegler 1 Midt-Norge AS | 21,015 | 5,505 | 3.8 | 137 | 50 | 238 | 206 | 33 | 21 |
| SpareBank 1 SMN Kvartalet AS | 302,000 | 30,200 | 10.0 | 736 | 426 | 0 | 3 | -2 | 302 |
| SpareBank 1 SMN Regnskap AS | 1,000 | 20 | 50.0 | 28 | 18 | 47 | 45 | 2 | 1 |
| Allegro Finans ASA | 6,000 | 6,000 | 1.0 | 73 | 38 | 53 | 38 | 15 | 11 |
| SpareBank 1 Bygget Steinkjer AS (prev. Midt-Norge Fonds AS) | 100 | 100 | 1.0 | 4 | 0 | 0 | -1 | 1 | 3 |
| Total investments in other subsidiaries | 639 | ||||||||
| Total investments in Group companies, Parent Bank | 857 |
| 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 | |||||||
| 2009 | 2010 | 2011 | (NOK million) | 2011 | 2010 | 2009 | ||
| 1,135 | 1,914 | 2,156 | As at 1 January | 3,526 | 2,921 | 1,937 | ||
| 779 | 242 | 666 | Acquisition/sale | 727 | 398 | 779 | ||
| - | - | - | Equity capital changes | -80 | -29 | 16 | ||
| - | - | - | Profit share | 248 | 279 | 351 | ||
| - | - | - | Dividend paid | -163 | -42 | -161 | ||
| 1,914 | 2,156 | 2,822 | Book value as at 31 December | 4,259 | 3,526 | 2,921 | ||
| Specification of year's change, Group | Additions/ disposal | Equtiy change | |||||
| SpareBank 1 Gruppen AS | 86 | -77 | |||||
| BN Bank ASA | 50 | - | |||||
| Bank 1 Oslo Akershus AS | - | -3 | |||||
| SpareBank 1 Boligkreditt AS | 82 | - | |||||
| SpareBank 1 Næringskreditt AS | 200 | - | |||||
| Polaris Media ASA 1) | 310 | - | |||||
| Sum | 727 | -80 | |||||
1) Additions include a reclassified amount at the subsidiary SpareBank 1 SMN Invest AS upon the takeover of Polaris Media ASA
Profit share from affiliates and joint ventures is specified in the table below. Badwill and amortisation effects related to acquisitions are included in the profit share.
Income from investments in associates and joint ventures
| Parent Bank | Group | |||||||
| 2009 | 2010 | 2011 | (NOK million) | 2011 | 2010 | 2009 | ||
| Profit share from: | ||||||||
| - | - | - | SpareBank 1 Gruppen Group | 96 | 164 | 161 | ||
| - | - | - | Bank 1 Oslo Akershus AS | 15 | 37 | 0 | ||
| - | - | - | SpareBank1 Boligkreditt AS | 16 | 16 | 17 | ||
| - | - | - | BN Bank ASA | 89 | 59 | 171 | ||
| - | - | - | SpareBank 1 Næringskreditt AS | 9 | 2 | - | ||
| - | - | - | Polaris Media ASA | 23 | 0 | - | ||
| - | - | - | Other minor companies | 0 | 0 | 0 | ||
| Dividends from: | ||||||||
| 156 | 23 | 86 | SpareBank 1 Gruppen AS | -86 | -23 | -156 | ||
| 5 | 19 | 16 | SpareBank 1 Boligkreditt AS | -16 | -19 | -5 | ||
| - | - | 50 | BN Bank ASA | -50 | - | - | ||
| - | - | 7 | Bank 1 Oslo Akershus AS | -7 | - | - | ||
| - | - | 3 | SpareBank 1 Næringskreditt AS | -3 | - | - | ||
| - | - | 14 | Polaris Media ASA | - | - | - | ||
| - | -0 | 1 | Other minor companies | -1 | 0 | - | ||
| 161 | 42 | 176 | Total income from associates and joint ventures | 86 | 236 | 188 | ||
| Company information on the Group's stakes in affiliates and joint ventures. | |||||||||
| The tables below contain company or Group accounting figures on a 100 % share basis, except for profit share which is stated as the SpareBank 1 SMN Group’s share. Booked value is the consolidated value in the SpareBank 1 SMN Group. | |||||||||
| (NOK million) | |||||||||
| 2011 | Assets | Liabilities | Total income | Total costs | Profit share | Book value 31.12 | Ownership share | No. of shares | |
| SpareBank 1 Gruppen Group | 41,992 | 37,097 | 8,972 | 8,493 | 96 | 959 | 20 % | 364,728 | |
| Bank 1 Oslo Akershus AS | 28,193 | 26,606 | 793 | 713 | 15 | 285 | 20 % | 665,759 | |
| Alliansesamarbeidet SpareBank 1 DA | 548 | 202 | 577 | 576 | 2 | 20 | 18 % | 2 | |
| SpareBank 1 Boligkreditt AS | 147,660 | 141,918 | 148 | 65 | 16 | 1,026 | 18 % | 6,725,178 | |
| PAB Consulting AS | 2 | 1 | 7 | 6 | 0 | 1 | 34 % | 340 | |
| BN Bank ASA | 40,732 | 37,576 | 488 | 334 | 89 | 1,023 | 33 % | 4,286,149 | |
| Molde Kunnskapspark AS | 11 | 1 | 3 | 3 | 0 | 2 | 20 % | 2,000 | |
| SpareBank 1 Næringskreditt AS | 9,317 | 8,113 | 45 | 21 | 9 | 449 | 33 % | 3,523,200 | |
| Sandvika Fjellstue AS | 9 | 1 | 1 | -1 | -1 | 6 | 50 % | 6,000 | |
| Polaris Media ASA (Numbers per Q3-11) | 1,950 | 1,204 | 1,368 | 1,270 | 23 | 332 | 23 % | 11,464,508 | |
| Total | 250 | 4,104 | |||||||
Investment in associates with limited activity in the accounting year
Activity gradually picked up in 2011 at the development companies Grilstad Marina AS, GMN 1 AS, GMN 4 AS, GMN 51 AS, GMN 52 AS, GMN 53 AS og GMN 54 AS, GMN 6 AS and Hommelvik Sjøside AS. Start-up of the residential area at Hommelvik Sjøside AS went ahead in the second half of 2011 and completion is expected in summer 2013. Construction start of the commercial area at GMN 1 AS is expected in the first quarter of 2012 with completion scheduled for summer 2013.
The Group’s stakes in the Grilstad Marina companies and Hommelvik Sjøside remain 35 per cent and 40 per cent respectively.
The above development companies are booked in the Group accounts at NOK 155.7m as at 31 December 2011.
| 2010 | Assets | Liabilities | Total income | Total costs | Profit share | Book value 31.12 | Ownership share | No. of shares | |
| SpareBank 1 Gruppen Group | 40,561 | 35,762 | 10,240 | 9,418 | 164 | 940 | 20 % | 347,568 | |
| Bank 1 Oslo Akershus AS | 26,931 | 25,403 | 851 | 662 | 37 | 280 | 20 % | 665,759 | |
| Alliansesamarbeidet SpareBank 1 DA | 381 | 277 | 419 | 418 | 0 | 20 | 18 % | 2 | |
| SpareBank 1 Boligkreditt AS | 105,079 | 100,274 | 130 | 54 | 16 | 943 | 20 % | 6,176,629 | |
| PAB Consulting AS | 6 | 3 | 10 | 8 | 0 | 1 | 34 % | 340 | |
| BN Bank ASA | 41,279 | 38,277 | 472 | 330 | 59 | 934 | 33 % | 4,085,509 | |
| Molde Kunnskapspark AS | 10 | 1 | 3 | 3 | 0 | 2 | 20 % | 2,000 | |
| SpareBank 1 Næringskreditt AS | 8,357 | 7,618 | 16 | 8 | 2 | 244 | 33 % | 1,927,200 | |
| Sandvika Fjellstue AS | 12 | 0 | 3 | 3 | 0 | 6 | 50 % | 6,000 | |
| Total | 279 | 3,370 | |||||||
| 2009 | Assets | Liabilities | Total income | Total costs | Profit share | Book value 31.12 | Ownership share | No. of shares | |
| SpareBank 1 Gruppen Group | 61,378 | 56,011 | 10,817 | 9,936 | 161 | 1,026 | 20 % | 347,568 | |
| Alliansesamarbeidet SpareBank 1 DA | 316 | 197 | 506 | 522 | 0 | 20 | 18 % | 2 | |
| SpareBank1 Boligkreditt AS | 84,236 | 80,553 | 137 | 52 | 17 | 743 | 20 % | 4,821,695 | |
| PAB Consulting AS | 3 | 1 | 5 | 5 | 0 | 1 | 34 % | 340 | |
| BN Bank ASA | 47,549 | 44,665 | 507 | 372 | 172 | 882 | 33 % | 4,085,509 | |
| Molde Kunnskapspark AS | 0 | 0 | 0 | 0 | 0 | 2 | 20 % | 2,000 | |
| SpareBank 1 Næringskreditt AS | 8,288 | 7,556 | 7 | 5 | 1 | 241 | 33 % | 1,927,200 | |
| Sandvika Fjellstue AS | 11 | 1 | 2 | 3 | 0 | 6 | 50 % | 6,000 | |
| Total | 351 | 2,921 | |||||||
| Companies held for sale |
SpareBank 1 SMN's strategy is that ownership duse 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. In addition to ownership acquired as a result of default, the Group classifies the stake in SpareBank 1 Private Equity I AS held for sale.
The tables below contain company or Group accounting figures on a 100 per cent share basis.
| 2011 | Assets | Liabilities | Total income | Total costs | Company's result of the year | Ownership share | No. of shares | ||
| SpareBank 1 Private Equity I AS | 326 | 3 | 5 | 3 | 2 | 66 % | 2,034,621 | ||
| Miljøtek Hasopor AS | 23 | 19 | 2 | -9 | 11 | 100 % | 100 | ||
| Mavi XV AS Group | 155 | 148 | 3 | -23 | 26 | 100 % | 9,400 | ||
| Has Holding AS | 7 | 0 | 0 | -7 | 7 | 100 % | 100 | ||
| Mavi XIV AS | 16 | 23 | 0 | -6 | 6 | 100 % | 1,000 | ||
| Havship II AS | 15 | 16 | 0 | -7 | 7 | 100 % | 100,000 | ||
| Mavi XVII AS | 6 | 1 | 0 | -9 | 9 | 100 % | 1,000 | ||
| Other minor companies | 11 | 11 | 1 | 2 | 0 | 100 % | - | ||
| 2010 | Assets | Liabilities | Total income | Total costs | Company's result of the year | Ownership share | No. of shares | ||
| SpareBank 1 Private Equity I AS | 322 | 3 | 6 | 1 | 5 | 76 % | 2,345,732 | ||
| Mavi XV AS Group | 93 | 131 | 9 | 43 | -34 | 100 % | 9,400 | ||
| Has Holding AS | 3 | 5 | 3 | 0 | 2 | 100 % | 100 | ||
| Miljøtek Hasopor AS | 9 | 28 | 6 | 21 | -14 | 100 % | 100 | ||
| Mavi XIV AS konsern | 14 | 28 | 0 | 10 | -10 | 100 % | 1,000 | ||
| Partsrederiet Havship II DA | 243 | 221 | 20 | 37 | -17 | 50 % | - | ||
| Havship II AS konsern | 22 | 30 | 0 | 5 | -5 | 100 % | 100,000 | ||
| Partsrederiet Havship DA | 244 | 210 | 32 | 39 | -7 | 50 % | - | ||
| Mavi XVII AS konsern | 7 | 12 | 0 | 4 | -4 | 100 % | 1,000 | ||
| Partsrederiet Havship III DA | 302 | 275 | 38 | 52 | -14 | 26 % | - | ||
| Other minor companies | 27 | 28 | 0 | 1 | -1 | 100 % | - | ||
| 2009 | Assets | Liabilities | Total income | Total costs | Company's result of the year | Ownership share | No. of shares | ||
| SpareBank 1 Private Equity I AS | 319 | 4 | 0 | 4 | 3 | 90 % | 2,803,152 | ||
| Has Holding AS | 4 | 6 | 0 | 3 | -3 | 100 % | 100 | ||
| Mavi XV AS Group | 83 | 84 | 14 | 15 | -1 | 100 % | 9,400 | ||
| Miljøtek Hasopor AS | 19 | 24 | 25 | 29 | -4 | 100 % | 12,000 | ||
| Mavi XIV AS konsern | 26 | 30 | -6 | 2 | -1 | 100 % | 1,000 | ||
| Partsrederiet Havship II DA | 261 | 222 | 11 | 23 | -11 | 50 % | - | ||
| Havship II AS konsern | 27 | 30 | -4 | 1 | -3 | 100 % | 100,000 | ||
| Partsrederiet Havship DA | 263 | 222 | 28 | 36 | -9 | 50 % | - | ||
| Mavi XVII AS konsern | 0 | -1 | -1 | 0 | -1 | 100 % | 1,000 | ||
| Partsrederiet Havship III DA | 307 | 267 | 1 | 6 | -5 | 26 % | - | ||
Financial results
Annual report and notes
