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 Kapitalforvaltning 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 | ||
| Jernbanegata 19 SMN AS | 912514005 | Trondheim | 100.0 | ||
| Shares owned by subsidiaries and sub-subsidiaries | |||||
| Leksvik Regnskapskontor AS | 980491064 | Leksvik | 50.0 | ||
| SpareBank 1 Regnskapshuset Merkantilservice AS | 983622461 | Trondheim | 100.0 | ||
| SpareBank 1 Regnskapshuset Ålesund AS | 966323191 | Ålesund | 100.0 | ||
| SpareBank 1 Regnskapshuset Rørvik AS | 951016071 | Vikna | 100.0 | ||
| GMA Invest AS | 994469096 | Trondheim | 100.0 | ||
| 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 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 | 998480639 | Trondheim | 30.0 | ||
| Hommelvik Sjøside AS | 992469943 | Malvik | 40.0 | ||
| Investment in jont ventures | |||||
| SpareBank 1 Gruppen AS | 975966372 | Tromsø | 19.5 | ||
| SpareBank 1 Banksamarbeidet DA | 986401598 | Oslo | 17.7 | ||
| Investment in associates | |||||
| BN Bank ASA | 914864445 | Trondheim | 33.0 | ||
| SpareBank1 Boligkreditt AS | 988738387 | Stavanger | 17.5 | ||
| SpareBank 1 Næringskreditt AS | 894111232 | Stavanger | 34.1 | ||
| SpareBank 1 Kredittkort AS | 975966453 | Trondheim | 18.1 | ||
| SpareBank 1 Markets AS | 992999101 | Oslo | 23.8 | ||
| 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 XV AS | 890899552 | Trondheim | 100.0 | ||
| Norway Cod AS | 979380127 | Bindal | 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.
| 2014 (NOK million) | Company's share capital (NOK 1000) |
No. Of shares | Nominal value (NOK 1000) | Assets | Liabilities | Total income | Total expenses | Result | Book value 31.12 |
| SpareBank 1 Finans Midt-Norge AS |
271,920 | 27,192 | 10 | 3,625 | 3,188 | 126 | 76 | 50 | 368 |
| Total investments in credit institutions | 368 | ||||||||
| SpareBank 1 SMN Invest AS Group | 457,280 | 457,280 | 1 | 786 | 62 | 42 | 9 | 33 | 720 |
| EiendomsMegler 1 Midt-Norge AS |
57,803 | 5,505 | 11 | 284 | 87 | 359 | 322 | 37 | 120 |
| SpareBank 1 SMN Kvartalet AS | 326,160 | 30,200 | 11 | 760 | 117 | 45 | 72 | -28 | 899 |
| SpareBank 1 Regnskapshuset SMN AS Group | 14,280 | 238 | 60 | 139 | 46 | 182 | 151 | 31 | 64 |
| Allegro Kapitalforvaltning ASA |
6,000 | 6,000 | 1 | 41 | 11 | 36 | 34 | 2 | 11 |
| SpareBank 1 Bygget Steinkjer AS |
6,100 | 100 | 61 | 49 | 0 | 5 | 4 | 1 | 53 |
| SpareBank 1 Bygget Trondheim AS |
94,236 | 100,000 | 1 | 192 | 8 | 31 | 28 | 3 | 75 |
| SpareBank 1 SMN Card Solutions AS | 200 | 2,000 | 0 | 9 | 3 | 22 | 21 | 1 | 9 |
| Brannstasjonen SMN AS | 10,000 | 100,000 | 0 | 82 | 9 | 3 | 3 | 0 | 73 |
| St. Olavs Plass 1 SMN AS | 10,000 | 100,000 | 0 | 75 | 1 | 7 | 7 | 0 | 75 |
| SpareBank 1 Bilplan AS | 5,769 | 41,206 | 0 | 32 | 28 | 133 | 133 | 0 | 9 |
| Jernbanegata 19 SMN AS | 1,000 | 1,000,000 | 1 | 12 | 1 | 2 | 4 | -1 | 13 |
| Total investments in other subsidiaries | 2,122 | ||||||||
| Total investments in Group companies, Parent Bank | 2,490 | ||||||||
| 2013 (NOK million) | Company's share capital (NOK 1000) |
No. Of shares | Nominal value (NOK 1000) | Assets | Liabilities | Total income | Total expenses | Result | Book value 31.12 |
| SpareBank 1 Finans Midt-Norge AS |
271,920 | 27,192 | 10 | 3,264 | 2,889 | 116 | 79 | 36 | 323 |
| Total investments in credit institutions | 323 | ||||||||
| SpareBank 1 SMN Invest AS konsern | 457,280 | 457,280 | 1 | 796 | 74 | 60 | 11 | 48 | 720 |
| EiendomsMegler 1 Midt-Norge AS |
57,803 | 5,505 | 11 | 294 | 90 | 369 | 326 | 43 | 120 |
| SpareBank 1 SMN Kvartalet AS | 326,160 | 30,200 | 11 | 743 | 33 | 52 | 70 | -18 | 899 |
| SpareBank 1 Regnskapshuset SMN AS konsern | 14,280 | 238 | 60 | 105 | 33 | 133 | 123 | 10 | 64 |
| Allegro Kapitalforvaltning ASA | 6,000 | 6,000 | 1 | 47 | 11 | 41 | 34 | 7 | 11 |
| SpareBank 1 Bygget Steinkjer AS |
6,100 | 100 | 61 | 48 | 0 | 4 | 4 | 0 | 53 |
| SpareBank 1 Bygget Trondheim AS |
94,236 | 100,000 | 1 | 188 | 7 | 30 | 28 | 2 | 75 |
| SpareBank 1 SMN Card Solutions AS | 200 | 2,000 | 0 | 28 | 20 | 30 | 28 | 2 | 19 |
| Brannstasjonen SMN AS | 10,000 | 100,000 | 0 | 74 | 1 | 3 | 3 | 0 | 73 |
| St. Olavs Plass 1 SMN AS | 10,000 | 100,000 | 0 | 76 | 0 | 7 | 7 | 1 | 75 |
| SpareBank 1 Bilplan AS | 5,769 | 41,206 | 0 | 35 | 31 | 121 | 122 | -1 | 9 |
| Total investments in other subsidiaries | 2,119 | ||||||||
| Total investments in Group companies, Parent Bank | 2,442 | ||||||||
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 | |||||
| 2013 | 2014 | (NOK million) | 2014 | 2013 | ||
| 3,115 | 3,138 | As at 1 January | 4,624 | 4,573 | ||
| 89 | 223 | Acquisition/sale | 176 | 19 | ||
| -66 | - | Reclassification | 0 | -105 | ||
| - | - | Equity capital changes | -17 | 12 | ||
| - | - | Profit share | 527 | 355 | ||
| - | - | Dividend paid | -182 | -229 | ||
| 3,138 | 3,361 | Book value as at 31 December | 5,129 | 4,624 | ||
| Specification of year's change, Group | Additions/disposal | Equity change | ||||
| SpareBank 1 Gruppen AS | - | -16 | ||||
| BN Bank ASA | - | -0 | ||||
| SpareBank 1 Boligkreditt AS | 68 | -0 | ||||
| SpareBank 1 Næringskreditt AS | 35 | - | ||||
| SpareBank 1 Markets AS | 31 | - | ||||
| SpareBank 1 Kredittkort AS | 107 | - | ||||
| SpareBank 1 Kundesenter AS | -0 | - | ||||
| SpareBank 1 Verdipapirservice AS | -14 | - | ||||
| Companies owned by sparebank Regnskapshuset SMN AS | -19 | - | ||||
| Molde Kunnskapspark AS | -0 | - | ||||
| Development companies owned by SpareBank 1 SMN Invest | -30 | - | ||||
| Total | 176 | -17 | ||||
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 | |||||
| 2013 | 2014 | (NOK million) | 2014 | 2013 | ||
| Profit share from: | ||||||
| - | - | SpareBank 1 Gruppen Group | 360 | 210 | ||
| - | - | Bank 1 Oslo Akershus AS | - | 2 | ||
| - | - | SpareBank1 Boligkreditt AS | 38 | 40 | ||
| - | - | BN Bank ASA | 93 | 91 | ||
| - | - | SpareBank 1 Markets AS | -32 | -1 | ||
| - | - | SpareBank 1 Næringskreditt AS | 41 | 8 | ||
| - | - | SpareBank 1 Verdipapirservice AS | - | -3 | ||
| - | - | SpareBank 1 Kredittkort AS | 2 | -4 | ||
| - | - | Development companies owned by SpareBank 1 SMN Invest | 31 | 14 | ||
| - | - | Other companies | -5 | -1 | ||
| Dividends from: | ||||||
| 134 | 33 | SpareBank 1 Gruppen AS | -33 | -134 | ||
| 26 | 58 | SpareBank 1 Boligkreditt AS | -58 | -26 | ||
| 62 | 79 | BN Bank ASA | -79 | -62 | ||
| 7 | 11 | SpareBank 1 Næringskreditt AS | -11 | -7 | ||
| 0 | - | Other companies | -0 | -0 | ||
| 229 | 182 | Total income from associates and joint ventures | 345 | 126 | ||
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 SpareBank 1 SMN Group’s share. Booked value is the consolidated value in the SpareBank 1 SMN Group.
| 2014 (NOK million) | Assets | Liabilities | Total income | Total costs | Profit share | Book value 31.12 | Ownership share | No. of shares | |
| SpareBank 1 Gruppen konsern | 55,408 | 48,013 | 12,623 | 10,775 | 360 | 1,421 | 19.5 % | 364,728 | |
| SpareBank 1 Boligkreditt AS | 227,594 | 219,117 | 317 | 110 | 38 | 1,498 | 17.7 % | 9,284,830 | |
| BN Bank ASA | 35,787 | 32,146 | 647 | 366 | 93 | 1,201 | 33.0 % | 4,658,389 | |
| SpareBank 1 Markets AS | 566 | 380 | 108 | 221 | -32 | 25 | 27.3 % | 14,333 | |
| SpareBank 1 Næringskreditt AS |
18,161 | 16,217 | 174 | 56 | 41 | 653 | 33.6 % | 4,909,200 | |
| SpareBank 1 Kredittkort AS | 4,772 | 3,992 | 420 | 408 | 2 | 143 | 18.4 % | 125,877 | |
| Other companies | 32 | ||||||||
| Total | 4,974 | ||||||||
Development companies owned by SpareBank 1 SMN Invest (not included in the foregoing table)
Activity levels in 2014 were high at the development companies Grilstad Marina AS, GMN 51 AS, GMN 52 AS, GMN 53 AS , GMN 54 AS, GMN 6 AS and Hommelvik Sjøside AS. Further, in 2014 Hommelvik Sjøside AS completed and handed over the third and fourth construction stage, and Grilstad Marina AS completed and handed over the second construction stage.
The above development companies are booked in the Group accounts at NOK 154.8m as at 31 December 2014.
| 2013 (NOK million) | Assets | Liabilities | Total income | Total costs | Profit share | Book value 31.12 | Ownership share | No. of shares | |
| SpareBank 1 Gruppen konsern | 50,702 | 44,899 | 12,733 | 11,633 | 210 | 1,113 | 19.5 % | 364,728 | |
| SpareBank 1 Boligkreditt AS | 206,166 | 197,884 | 332 | 116 | 40 | 1,451 | 17.7 % | 9,737,324 | |
| 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 | ||||||||
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.
| 2014 (NOK million) | Assets | Liabilities | Total income |
Total costs | Company's result of the year |
Ownership share |
No. of shares |
|
| Mavi XV AS Group | 45 | 0 | 6 | -6 | 0 | 100 % | 60,000 | |
| Norway Cod AS (Skei Marinfisk AS) | 47 | 18 | 3 | 5 | -1 | 100 % | 2,000 | |
| Other minor companies | 6 | 1 | 1 | 1 | -1 | 100 % | ||
| 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 | 0 | 0 | 100 % | 2,000 | |
| Other minor companies | 55 | 20 | 32 | 9 | 24 | 100 % | ||
Financial results
Annual report and notes
