Note 38 - 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 | 90.1 |
| 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 |
| Oppistu AS | Trondheim | 100.0 |
| Brannstasjonen SMN AS | Trondheim | 100.0 |
| TKR Invest AS | Trondheim | 100.0 |
| St. Olavs Plass 1 SMN AS | Trondheim | 100.0 |
| SpareBank 1 Bilplan AS | Trondheim | 100.0 |
| Shares owned by subsidiaries and sub-subsidiaries | ||
| GMA Invest AS (owned by SpareBank 1 SMN Invest AS) | Trondheim | 100.0 |
| Consis AS (owned by SpareBank 1 SMN Regnskap AS) | Hamar | 40.0 |
| Leksvik Regnskapskontor AS (owned by SpareBank 1 SMN Regnskap AS) | Leksvik | 50.0 |
| Calculus AS (owned by SpareBank 1 SMN Regnskap AS) | Røros | 100.0 |
| Røros Regnskap AS (owned by SpareBank 1 SMN Regnskap AS) | Røros | 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 | 15.2 |
| Alliansesamarbeidet SpareBank 1 DA | Oslo | 17.7 |
| SpareBank1 Boligkreditt AS | Stavanger | 18.4 |
| SpareBank 1 Næringskreditt AS | Stavanger | 33.8 |
| SpareBank 1 Kundesenter AS | Stavanger | 18.7 |
| SpareBank 1 Verdipapirservice AS | Oslo | 27.9 |
| SpareBank 1 Kredittkort AS | Trondheim | 19.6 |
| Investment in associates | ||
| PAB Consulting AS | Ålesund | 34.0 |
| Molde Kunnskapspark AS | Molde | 20.0 |
| Grilstad Marina AS | Trondheim | 35.0 |
| GMN 1 AS | Trondheim | 35.0 |
| GMN 4 AS | Trondheim | 35.0 |
| GMN 51 AS | Trondheim | 30.0 |
| GMN 52 AS | Trondheim | 30.0 |
| GMN 53 AS | Trondheim | 30.0 |
| GMN 54 AS | Trondheim | 35.0 |
| GMN 6 AS | Trondheim | 35.0 |
| Grilstad Energi AS | Trondheim | 30.0 |
| Hommelvik Sjøside AS | Malvik | 40.0 |
| Investment in companies held for sale | ||
| Polaris Media ASA | Trondheim | 23.5 |
| Mavi VIII AS | Trondheim | 100.0 |
| Mavi XV AS Group | Trondheim | 100.0 |
| Ranheim Eiendomsutvikling AS | Trondheim | 100.0 |
| Skei Marinfisk AS | Leka | 100.0 |
| Mavi XIII AS | Trondheim | 100.0 |
| Mavi XVI AS | Trondheim | 100.0 |
| Mavi XI AS | Trondheim | 100.0 |
| Mavi XXI AS | Trondheim | 100.0 |
| Mavi XXIII AS | Trondheim | 100.0 |
| Mavi XXIV AS | Trondheim | 100.0 |
| Mavi XXV AS | Trondheim | 100.0 |
| Mavi XXVI AS | Trondheim | 100.0 |
| Mavi XXVII AS | Trondheim | 100.0 |
| Mavi XXVIII 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.
| 2012 | Company's capital (NOK 1000's) | No. of shares | Nominal value(NOK 1000's) | Assets | Liabilities | Total income | Total expenses | Company's result of the year | Book value 31.12 |
| SpareBank 1 SMN Finans AS Group | 271,920 | 27,192 | 10.0 | 3,133 | 2,732 | 127 | 64 | 63 | 323 |
| Total investments in credit institutions | 323 | ||||||||
| SpareBank 1 SMN Invest AS Group | 307,280 | 307,280 | 1.0 | 562 | 156 | -10 | 3 | -13 | 358 |
| EiendomsMegler 1 Midt-Norge AS | 49,545 | 5,505 | 9.0 | 299 | 112 | 380 | 326 | 54 | 96 |
| SpareBank 1 SMN Kvartalet AS | 302,000 | 30,200 | 10.0 | 1,280 | 577 | 51 | 63 | -12 | 874 |
| SpareBank 1 SMN Regnskap AS Group | 12,138 | 238 | 51.0 | 68 | 31 | 105 | 94 | 10 | 34 |
| Allegro Finans ASA | 6,000 | 6,000 | 1.0 | 35 | 6 | 19 | 22 | -3 | 11 |
| SpareBank 1 Bygget Steinkjer AS | 6,000 | 100 | 60.0 | 49 | 45 | 3 | 3 | -1 | 9 |
| SpareBank 1 Bygget Trondheim AS | 94,236 | 100,000 | 0.9 | 185 | 6 | 26 | 23 | 3 | 75 |
| SpareBank 1 SMN Card Solutions AS | 200 | 2,000 | 0.1 | 16 | 9 | 16 | 13 | 2 | 19 |
| Oppistu AS | 3,000 | 30,000 | 0.1 | 20 | 8 | - | 0 | 0 | 12 |
| Brannstasjonen SMN AS | 10,000 | 100,000 | 0.1 | 74 | 0 | 3 | 2 | 1 | 73 |
| TKR Invest AS | 2,031 | 2,030,621 | 0.0 | 213 | 0 | 3 | 2 | 1 | 212 |
| St. Olavs Plass 1 SMN AS | 10,000 | 100,000 | 0.1 | 75 | 0 | - | 0 | 0 | 75 |
| SpareBank 1 Bilplan AS | 5,769 | 41,206 | 0.1 | 40 | 35 | 167 | 168 | -1 | 9 |
| Total investments in other subsidiaries | 1,858 | ||||||||
| Total investments in Group companies, Parent Bank | 2,181 | ||||||||
| 2011 | Company's share capital (NOK 1000's) | No. of shares | Nominal value (NOK 1000'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 (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 |
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 | |||||
| 2011 | 2012 | (NOK million) | 2012 | 2011 | ||
| 2,156 | 2,822 | As at 1 January | 4,259 | 3,526 | ||
| 666 | 292 | Acquisition/sale | 224 | 727 | ||
| - | - | Equity capital changes | -2 | -80 | ||
| - | - | Profit share | 246 | 248 | ||
| - | - | Dividend paid | -154 | -163 | ||
| 2,816 | 3,115 | Book value as at 31 December | 4,573 | 4,259 | ||
| Specification of year's change, Group | Additions/disposal | Equtiy change |
| SpareBank 1 Gruppen AS | 84 | -31 |
| BN Bank ASA | 31 | - |
| Bank 1 Oslo Akershus AS | 14 | 30 |
| SpareBank 1 Boligkreditt AS | 304 | -1 |
| SpareBank 1 Næringskreditt AS | 75 | - |
| Sandvika Fjellstue AS | -6 | - |
| Polaris Media ASA1) | -332 | - |
| GMA Invest AS | -3 | - |
| SpareBank 1 Kredittkort AS | 30 | - |
| SpareBank 1 Verdipapirservice AS | 9 | - |
| SpareBank 1 Kundeservice AS | 0 | - |
| Consis AS | 18 | - |
| Sum | 224 | -2 |
| 1) Reclassified to category held for sale | ||
Income from investments in associates and joint ventures
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.
| Parent Bank | Group | |||
| 2011 | 2012 | (NOK million) | 2012 | 2011 |
| Profit share from: | ||||
| - | - | SpareBank 1 Gruppen Group | 94 | 96 |
| - | - | Bank 1 Oslo Akershus AS | 26 | 15 |
| - | - | SpareBank1 Boligkreditt AS | 44 | 16 |
| - | - | BN Bank ASA | 72 | 89 |
| - | - | Molde Kunnskapspark AS | 0 | - |
| - | - | SpareBank 1 Næringskreditt AS | 8 | 9 |
| - | - | Polaris Media ASA 1) | - | 23 |
| - | - | SpareBank 1 Kredittkort | -0 | - |
| - | - | Other minor companies | 2 | -0 |
| Dividends from: | ||||
| 86 | 85 | SpareBank 1 Gruppen AS | -85 | -86 |
| 16 | 16 | SpareBank 1 Boligkreditt AS | -16 | -16 |
| 50 | 31 | BN Bank ASA | -31 | -50 |
| 7 | 14 | Bank 1 Oslo Akershus AS | -14 | -7 |
| 3 | 9 | SpareBank 1 Næringskreditt AS | -9 | -3 |
| 14 | - | Polaris Media ASA1) | - | - |
| 1 | - | Other minor companies | - | -1 |
| 176 | 154 | Total income from associates and joint ventures | 92 | 86 |
| 1) Reclassified to category held for sale | ||||
Company information on the Group's stakes in affiliates 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.
| 2012 (NOK million) | Assets | Liabilities | Total income | Total costs | Profit share | Book value 31.12 | Ownership share | No. of shares |
| SpareBank 1 Gruppen Group | 46,702 | 41,341 | 11,640 | 11,188 | 96 | 1,022 | 20 % | 364,728 |
| Bank 1 Oslo Akershus AS | 29,201 | 27,436 | 984 | 878 | 26 | 342 | 15 % | 694,484 |
| SpareBank 1 Boligkreditt AS | 186,653 | 178,862 | 376 | 128 | 44 | 1,356 | 18 % | 8,748,411 |
| BN Bank ASA | 41,732 | 38,391 | 634 | 448 | 72 | 1,095 | 33 % | 4,411,549 |
| Molde Kunnskapspark AS | 11 | 1 | 4 | 4 | 0 | 2 | 20 % | 2,000 |
| SpareBank 1 Næringskreditt AS | 12 | 11 | 48 | 26 | 8 | 524 | 34 % | 4,022,610 |
| SpareBank 1 Kundesenter AS | 1 | 0 | 2 | 2 | 0 | 0 | 19 % | 1,866 |
| SpareBank 1 Verdipapirservice AS | 35 | 2 | - | - | - | 9 | 28 % | 18,414 |
| SpareBank 1 Kredittkort AS | 163 | 10 | 0 | 3 | 0 | 30 | 20 % | 98,252 |
| Other minor companies | - | - | - | - | 2 | 40 | - | - |
| Total | 246 | 4,420 |
Investment in associates with limited activity in the accounting year
Activity gradually picked up in 2012 at the development companies Grilstad Marina AS, GMN 1 AS, GMN 4 AS, GMN 51 AS, GMN 52 AS, GMN 53 AS , 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 the first construction stage was handed over in December 2012. The second construction stage is expected to be handed over in the third quarter of 2013. The first part of the residential area at Grilstad Marina AS was started in the second half of 2011 with completion 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 above development companies are booked in the Group accounts at NOK 152.8m (NOK 155.7m) as at 31 December 2012.
| 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 |
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.
The tables below contain company or Group accounting figures on a 100 per cent share basis.
| 2012 | Assets | Liabilities | Total income | Total costs | Company's result of the year | Ownership share | No. of shares |
| Polaris Media ASA (Numbers per Q3-12) | 1,855 | 1,088 | 1,368 | 1,277 | 91 | 24 % | 11,464,508 |
| Mavi XV AS Group | 188 | 72 | 14 | -19 | 33 | 100 % | 9,400 |
| Ranheim Eiendomsutvikling AS | 7 | 0 | 0 | 0 | 0 | 100 % | 100 |
| Skei Marinfisk AS | 52 | 15 | 22 | -19 | 40 | 100 % | 2,000 |
| Other minor companies | 129 | 56 | -8 | -1 | -7 | 100 % | - |
| 2011 | Assets | Liabilities | Total income | Total costs | Company's result of the year | Ownership share | No. of shares |
| SpareBank 1 Midt-Norge Private Equity 1 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 % | - |
Financial results
Annual report and notes
