Note 32 - Goodwill

Parent Bank   Group
2013 2014 (NOK million) 2014 2013
447 447 Acquisition cost at 1.1 495 482
- - Additions/Disposals 31 14
447 447 Acquisition cost at 31.12 526 495
447 447 Goodwill shown in balance sheet 31.12 526 495

Balance sheet value in the Parent Bank, NOK 447m, refers to added value in connection with the purchase of 100 per cent of Romsdals Fellesbank in 2005. The remaining amount at Group level refers to the Parent Bank’s purchase of Romsdals Fellesbank as described above, the merger and acquisition of estate agencies from EiendomsMegler 1 Midt-Norge, and SpareBank 1 SMN Regnskap’s acquisitions of accounting firms. The year’s increase of NOK 31m at group level relates to further acquisitions undertaken in 2014.

Goodwill is valued annually and written down if impairment tests imply reduction in value. There was no write down of goodwill in 2014.

See note 3 on critical estimates and assessments concerning the use of accounting principlesfor a description of the valuation model for goodwill.

Annual report and notes

© SpareBank 1 SMN