Note 39 - Investments in owner interests
Subsidiaries, affiliates, joint ventures and companies held for sale.
| Company | Company number | Registered office | Stake in per cent | ||
| Investment in significant subsidiaries | |||||
| SpareBank 1 Finans Midt-Norge AS | 938521549 | Trondheim | 90.1 | ||
| SpareBank 1 SMN Invest AS | 990961867 | Trondheim | 100.0 | ||
| EiendomsMegler 1 Midt-Norge AS | 936159419 | Trondheim | 87.0 | ||
| SpareBank 1 SMN Kvartalet AS | 990283443 | Trondheim | 100.0 | ||
| SpareBank 1 Regnskapshuset SMN AS | 936285066 | Trondheim | 100.0 | ||
| Allegro Finans ASA | 980300609 | Trondheim | 90.1 | ||
| SpareBank 1 Bygget Steinkjer AS | 934352718 | Trondheim | 100.0 | ||
| SpareBank 1 Bygget Trondheim AS | 993471232 | Trondheim | 100.0 | ||
| SpareBank 1 SMN Card Solutions AS | 990222991 | Trondheim | 100.0 | ||
| Brannstasjonen SMN AS | 998042577 | Trondheim | 100.0 | ||
| St. Olavs Plass 1 SMN AS | 999263380 | Trondheim | 100.0 | ||
| SpareBank 1 Bilplan AS | 979945108 | Trondheim | 100.0 | ||
| Shares owned by subsidiaries and sub-subsidiaries | |||||
| Leksvik Regnskapskontor AS | 980491064 | Leksvik | 50.0 | ||
| GWG Regnskap og Admin AS | 989664301 | Verdal | 100.0 | ||
| SpareBank 1 Regnskapshuset Østlandet AS | 967661643 | Hamar | 40.0 | ||
| GMA Invest AS | 994469096 | Trondheim | 100.0 | ||
| Moldekvartalet AS | 986754 083 | Molde | 20.0 | ||
| Sentrumsgården AS | 975856828 | Leksvik | 35.3 | ||
| Aqua Venture AS | 891165102 | Trondheim | 37.6 | ||
| Maritech Systems AS | 997929217 | Averøy | 23.1 | ||
| Omega-3 Invest AS | 996814262 | Molde | 33.6 | ||
| Tjeldbergodden Utvikling AS | 979615361 | Aure | 23.0 | ||
| Grilstad Marina AS | 991340475 | Trondheim | 35.0 | ||
| GMN 4 AS | 994254626 | Trondheim | 35.0 | ||
| GMN 51 AS | 996534316 | Trondheim | 30.0 | ||
| GMN 52 AS | 996534413 | Trondheim | 30.0 | ||
| GMN 53 AS | 996534502 | Trondheim | 30.0 | ||
| GMN 54 AS | 996534588 | Trondheim | 30.0 | ||
| GMN 6 AS | 994254707 | Trondheim | 35.0 | ||
| Grilstad Energi AS | 998 480639 | Trondheim | 30.0 | ||
| Hommelvik Sjøside AS | 992469943 | Malvik | 40.0 | ||
| Investment in joint ventures | |||||
| SpareBank 1 Gruppen AS | 975966372 | Tromsø | 19.5 | ||
| BN Bank ASA | 914864445 | Trondheim | 33.0 | ||
| SpareBank1 Boligkreditt AS | 988738387 | Stavanger | 17.5 | ||
| SpareBank 1 Næringskreditt AS | 894111232 | Stavanger | 34.1 | ||
| SpareBank 1 Kundesenter AS | 998830214 | Stavanger | 18.7 | ||
| SpareBank 1 Verdipapirservice AS | 998240603 | Oslo | 27.9 | ||
| SpareBank 1 Kredittkort AS | 975966453 | Trondheim | 18.1 | ||
| SpareBank 1 Markets AS | 992999101 | Oslo | 23.8 | ||
| Investment in associates | |||||
| Alliansesamarbeidet SpareBank 1 DA | 986401598 | Oslo | 17.7 | ||
| PAB Consulting AS | 967171344 | Ålesund | 34.0 | ||
| Molde Kunnskapspark AS | 981036093 | Molde | 20.0 | ||
| Bjerkeløkkja AS | 998534976 | Trondheim | 40.7 | ||
| Investment in companies held for sale | |||||
| Mavi VIII AS | 989350188 | Trondheim | 100.0 | ||
| Brattørgata 10-12 AS | 995470144 | Trondheim | 100.0 | ||
| Jernbanegata 19 SMN AS | 912514005 | Trondheim | 100.0 | ||
| Mavi XV AS | 890899552 | Trondheim | 100.0 | ||
| Ranheim Eiendomsutvikling AS | 990873267 | Trondheim | 100.0 | ||
| Norway Cod AS | 979380127 | Bindal | 100.0 | ||
| Norway Salmon AS | 933555410 | Bindal | 100.0 | ||
| Mavi XIII AS | 990899592 | Trondheim | 100.0 | ||
| Mavi XVI AS | 994344927 | Trondheim | 100.0 | ||
| Mavi XI AS | 990899568 | Trondheim | 100.0 | ||
| Mavi XXIV AS | 999211062 | Trondheim | 100.0 | ||
| Mavi XXV AS | 999239242 | Trondheim | 100.0 | ||
| Mavi XXVI AS | 999239331 | Trondheim | 100.0 | ||
| Mavi XXVII AS | 999239390 | Trondheim | 100.0 | ||
| Mavi XXVIII AS | 999239455 | 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. The respective companys result of the year is shown in the resultcolumn below.
| 2013 (NOK million) | Company's share capital (NOK 000's) | No. Of shares | Nominal value (NOK 000's) | Assets | Liabilities | Total income | Total expenses | Result | Book value 31.12 |
| SpareBank 1 SMN Finans AS | 271,920 | 27,192 | 10.0 | 3,264 | 2,889 | 116 | 79 | 36 | 323 |
| Total investments in credit institutions | 323 | ||||||||
| SpareBank 1 SMN Invest AS Group | 457,280 | 457,280 | 1.0 | 796 | 74 | 60 | 11 | 48 | 720 |
| EiendomsMegler 1 Midt-Norge AS | 57,803 | 5,505 | 10.5 | 294 | 90 | 369 | 326 | 43 | 120 |
| SpareBank 1 SMN Kvartalet AS | 326,160 | 30200 | 10.8 | 743 | 33 | 52 | 70 | -18 | 899 |
| SpareBank 1 Regnskapshuset SMN AS Group | 14,280 | 238 | 60 | 105 | 33 | 133 | 123 | 10 | 64 |
| Allegro Finans ASA | 6,000 | 6,000 | 1.0 | 47 | 11 | 41 | 34 | 7 | 11 |
| SpareBank 1 Bygget Steinkjer AS | 6,100 | 100 | 61.0 | 48 | 0 | 4 | 4 | 0 | 53 |
| SpareBank 1 Bygget Trondheim AS | 94,236 | 100,000 | 0.9 | 188 | 7 | 30 | 28 | 2 | 75 |
| SpareBank 1 SMN Card Solutions AS | 200 | 2,000 | 0.1 | 28 | 20 | 30 | 28 | 2 | 19 |
| Brannstasjonen SMN AS | 10,000 | 100,000 | 0.1 | 74 | 1 | 3 | 3 | 0 | 73 |
| St. Olavs Plass 1 SMN AS | 10,000 | 100,000 | 0.1 | 76 | 0 | 7 | 7 | 1 | 75 |
| SpareBank 1 Bilplan AS | 5,769 | 41,206 | 0.1 | 35 | 31 | 121 | 122 | -1 | 9 |
| Total investments in other subsidiaries | 2,119 | ||||||||
| Total investments in Group companies, Parent Bank | 2,442 | ||||||||
| 2012 (NOK million) | Company's share capital (NOK 000's) | No. Of shares | Nominal value (NOK 000's) | Assets | Liabilities | Total income | Total expenses | Result | Book value 31.12 |
| SpareBank 1 SMN Finans AS | 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 | ||||||||
| 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 | |||||
| 2012 | 2013 | (NOK million) | 2013 | 2012 | ||
| 2,822 | 3,115 | AS at 1 January | 4,573 | 4,259 | ||
| 292 | 89 | Acquisition/sale | 19 | 224 | ||
| - | -66 | Reclassification | -105 | - | ||
| - | - | Equity capital changes | 12 | -2 | ||
| - | - | Profit share | 355 | 246 | ||
| - | - | Dividend paid | -229 | -154 | ||
| 3,115 | 3,138 | Book value as at 31 December | 4,624 | 4,573 | ||
| Specification of year's change, Group | Additions/ disposal |
Equity change | ||||
| SpareBank 1 Gruppen AS | 8 | 7 | ||||
| BN Bank ASA | 62 | 3 | ||||
| Bank 1 Oslo Akershus AS | -235 | 2 | ||||
| SpareBank 1 Boligkreditt AS | 6 | -0 | ||||
| SpareBank 1 Næringskreditt AS | 140 | - | ||||
| SpareBank 1 Markets Oslo AS | 28 | - | ||||
| SpareBank 1 Kredittkort AS | 9 | - | ||||
| SpareBank 1 Verdipapirservice AS | 7 | - | ||||
| SpareBank 1 Regnskapshuset Østlandet AS | 3 | - | ||||
| Development companies owned by SpareBank 1 SMN Invest | -8 | |||||
| Total | 19 | 12 | ||||
| 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 | |||||
| 2012 | 2013 | (NOK million) | 2013 | 2012 | ||
| Profit share from: | ||||||
| - | - | SpareBank 1 Gruppen Group | 210 | 94 | ||
| - | - | Bank 1 Oslo Akershus AS | 2 | 26 | ||
| - | - | SpareBank 1 Boligkreditt AS | 40 | 44 | ||
| - | - | BN Bank ASA | 91 | 72 | ||
| - | - | SpareBank 1 Markets AS | -1 | 0 | ||
| - | - | SpareBank 1 Næringskreditt AS | 8 | 8 | ||
| - | - | SpareBank 1 Verdipapirservice AS | -3 | - | ||
| - | - | SpareBank 1 Kredittkort AS | -4 | 0 | ||
| - | - | Development companies owned by SpareBank 1 SMN Invest | 14 | - | ||
| - | - | Other companies | -1 | 2 | ||
| Dividends from: | ||||||
| 85 | 134 | SpareBank 1 Gruppen AS | -134 | -85 | ||
| 16 | 26 | SpareBank 1 Boligkreditt AS | -26 | -16 | ||
| 31 | 62 | BN Bank ASA | -62 | -31 | ||
| 14 | - | Bank 1 Oslo Akershus AS | 0 | -14 | ||
| 9 | 7 | SpareBank 1 Næringskreditt AS | -7 | -9 | ||
| - | 0 | Other companies | 0 | 0 | ||
| 154 | 229 | Total income from associates and joint ventures | 126 | 92 | ||
| 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.
| 2013 (NOK million) | Assets | Liabilities | Total income | Total costs | Profit share | Book value 31.12 | Ownership share | No. of shares | |
| SpareBank 1 Gruppen Group | 50,702 | 44,899 | 12,733 | 11,633 | 210 | 1,113 | 19.5 % | 36,728 | |
| SpareBank 1 Boligkreditt AS | 206,166 | 197,884 | 332 | 116 | 40 | 1,451 | 17.5 % | 9,284.830 | |
| BN Bank ASA | 37,505 | 33,904 | 693 | 441 | 91 | 1,188 | 33.0 % | 4,658,389 | |
| SpareBank 1 Markets AS | 674 | 495 | 194 | 271 | -1 | 26 | 23.8 % | 14,333 | |
| SpareBank 1 Næringskreditt AS | 15,767 | 14,031 | 54 | 25 | 8 | 590 | 34.1 % | 4,645,000 | |
| SpareBank 1 Verdipapirservice AS | 88 | 38 | 4 | 14 | -3 | 14 | 27.9 % | 332,568 | |
| SpareBank 1 Kredittkort AS | 208 | 18 | 0 | 23 | -4 | 34 | 18.1 % | 125,877 | |
| Other companies | 54 | ||||||||
| Total | 4,470 | ||||||||
Development companies owned by SpareBank 1 SMN Invest (not included in the foregoing table)
Activity picked up in 2013 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 was handed over in the third quarter of 2013. The third construction stage is expected to be handed over in summer 2014. The first part of the residential area at Grilstad Marina AS was started in the second half of 2011 and reached completion in summer 2013. The second part is expected to reach completion in autumn 2014. Construction of the commercial area at GMN 1 AS started in the first quarter of 2012 and reached completion in summer 2013. The Group sold its entire stake (35 per cent) in GMN 1 in December 2013.
The above development companies are booked in the Group accounts at NOK 154.7m (NOK 152.8m) as at 31 December 2013.
| 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 | 94 | 1,022 | 19.5 % | 364,728 | |
| Bank 1 Oslo Akershus AS | 29,201 | 27,436 | 984 | 878 | 26 | 342 | 15.2 % | 694,484 | |
| SpareBank 1 Boligkreditt AS | 186,653 | 178,862 | 376 | 128 | 44 | 1,356 | 18.4 % | 8,748,411 | |
| BN Bank ASA | 41,732 | 38,391 | 634 | 448 | 72 | 1,095 | 33.0 % | 4,411,549 | |
| SpareBank 1 Næringskreditt AS | 12,031 | 10,704 | 48 | 26 | 8 | 524 | 33.8 % | 4,022,610 | |
| SpareBank 1 Kundesenter AS | 1 | 0 | 2 | 2 | 0 | 0 | 18.7 % | 1,866 | |
| SpareBank 1 Verdipapirservice AS | 35 | 2 | - | - | - | 9 | 27.9 % | 18,414 | |
| SpareBank 1 Kredittkort AS | 163 | 10 | 0 | 3 | 0 | 30 | 19.6 % | 98,252 | |
| Other companies | - | - | - | - | 2 | 42 | - | - | |
| Total | 246 | 4,420 | |||||||
| 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.
| 2013 (NOK million) | Assets | Liabilities | Total income | Total costs | Company's result of the year |
Ownership share | No. of shares | |
| Mavi XV AS Group | 100 | 40 | 33 | 9 | 24 | 100 % | 60,000 | |
| Ranheim Eiendomsutvikling AS | 8 | 1 | 0 | 0 | 0 | 100 % | 100 | |
| Norway Cod AS (Skei Marinfisk AS) | 50 | 20 | - | 0 | 100 % | 2,000 | ||
| Other minor companies | 55 | 20 | 32 | 9 | 24 | 100 % | ||
| 2012 (NOK million) | Assets | Liabilities | Total income | Total costs | Company's result of the year |
Ownership share | No. of shares | |
| Polaris Media ASA (Per 3. kvartal 2012) | 1,855 | 1,088 | 1,368 | 1,277 | 91 | 24 % | 2,034,621 | |
| 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 % | ||
Financial results
Annual report and notes
