Note 39 - Investments in owner interests
Subsidiaries, associates, 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 | 64.6 |
| 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 |
| 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 |
| SpareBank 1 Markets AS | 992999101 | Oslo | 73.5 |
| SMB Lab AS | 917143501 | Trondheim | 100.0 |
| Shares owned by subsidiaries and sub-subsidiaries | |||
| Leksvik Regnskapskontor AS | 980491064 | Leksvik | 50.0 |
| 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 | Namsos | 33.6 |
| Tjeldbergodden Utvikling AS | 979615361 | Aure | 23.0 |
| Grilstad Marina AS | 991340475 | Trondheim | 35.0 |
| Grilstad Energi AS | 998480639 | Trondheim | 30.0 |
| 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 6 AS | 994254707 | Trondheim | 35.0 |
| SpareBank 1 Capital Markets | USA | 100.0 | |
| Investment in joint ventures | |||
| SpareBank 1 Gruppen AS | 975966372 | Tromsø | 19.5 |
| SpareBank 1 Banksamarbeidet DA | 986401598 | Oslo | 17.7 |
| Sparebank 1 Mobilbetaling AS | 916389418 | Oslo | 19.7 |
| BN Bolig AS | 917463069 | Oslo | 50.0 |
| Investment in associates | |||
| BN Bank ASA | 914864445 | Trondheim | 33.0 |
| SpareBank1 Boligkreditt AS | 988738387 | Stavanger | 19.1 |
| SpareBank 1 Næringskreditt AS | 894111232 | Stavanger | 36.5 |
| SpareBank 1 Kredittkort AS | 975966453 | Trondheim | 18.3 |
| Bjerkeløkkja AS | 998534976 | Trondheim | 40.7 |
| Investment in companies held for sale | |||
| Mavi XV AS | 890899552 | 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.
| 2016 (NOK million) | Company's share capital (NOK 1000's) | No. Of shares | Nominal value (NOK 1000's) | Assets | Lia-bilities | Equity | NCI* of equity |
Total income | Total expenses | Result | NCI* of profit or loss |
Book value 31.12 |
| SpareBank 1 Finans Midt-Norge AS | 534,290 | 53,429 | 10.0 | 5,414 | 4,651 | -5 | 270 | 313 | 234 | 78 | 0 | 448 |
| Total investments in credit institutions | 448 | |||||||||||
| SpareBank 1 SMN Invest AS | 457,280 | 457,280 | 1.0 | 869 | 49 | - | - | 77 | 3 | 74 | - | 739 |
| EiendomsMegler 1 Midt-Norge AS | 57,803 | 4,788 | 10.5 | 322 | 112 | 0 | 27 | 426 | 377 | 49 | 0 | 120 |
| SpareBank 1 SMN Kvartalet AS | 326,160 | 30,200 | 10.8 | 765 | 92 | - | - | 44 | 34 | 10 | - | 919 |
| SpareBank 1 Regnskapshuset SMN AS | 17,136 | 238 | 72.0 | 216 | 59 | - | - | 235 | 192 | 43 | - | 121 |
| Allegro Kapitalforvaltning ASA | 6,000 | 6,000 | 1.0 | 50 | 14 | - | 4 | 63 | 54 | 10 | - | 11 |
| SpareBank 1 Bygget Steinkjer AS | 6,100 | 100 | 61.0 | 48 | 1 | - | - | 4 | 3 | 1 | - | 53 |
| SpareBank 1 Bygget Trondheim AS | 94,236 | 100,000 | 0.9 | 193 | 8 | - | - | 31 | 27 | 4 | - | 75 |
| SpareBank 1 SMN Card Solutions AS | 200 | 2,000 | 0.1 | 7 | 1 | - | - | 6 | 5 | 1 | - | 9 |
| St. Olavs Plass 1 SMN AS | 10,000 | 100,000 | 0.1 | 77 | 1 | - | - | 7 | 6 | 0 | - | 75 |
| SpareBank 1 Bilplan AS | 5,769 | 41,206 | 0.1 | 32 | 28 | - | - | 123 | 123 | 0 | - | 9 |
| Jernbanegata 19 SMN AS | 1,000 | 10,000 | 0.1 | 10 | 0 | - | - | 2 | 3 | -1 | - | 13 |
| SpareBank1 Markets AS | 378,347 | 2,265,553 | 167.0 | 1,702 | 1,234 | 0 | 124 | 306 | 282 | 25 | 0 | 363 |
| SMB Lab AS | 5,000 | 50,000 | 0.1 | 51 | 2 | - | - | 1 | 2 | -1 | - | 50 |
| Total investments in other subsidiaries | 2,557 | |||||||||||
| Total investments in Group companies, Parent Bank | 3,005 | |||||||||||
| 2015 (NOK million) | Company's share capital (NOK 000's) | No. Of shares | Nominal value (NOK 000's) | Assets | Lia- bilities | Equity | NCI* of equity |
Total income | Total expenses | Result | NCI* of profit or loss |
Book value 31.12 |
| SpareBank 1 Finans Midt-Norge AS | 284,040 | 28,404 | 10.0 | 4,356 | 3,740 | 617 | 172 | 150 | 88 | 62 | 13 | 404 |
| Total investments in credit institutions | 404 | |||||||||||
| SpareBank 1 SMN Invest AS | 457,280 | 457,280 | 1.0 | 834 | 49 | - | - | 43 | 5 | 38 | - | 739 |
| EiendomsMegler 1 Midt-Norge AS | 57,803 | 5,505 | 10.5 | 281 | 87 | 194 | 25 | 360 | 326 | 34 | 4 | 120 |
| SpareBank 1 SMN Kvartalet AS | 326,160 | 30,200 | 10.8 | 772 | 106 | - | - | 43 | 39 | 4 | - | 919 |
| SpareBank 1 Regnskapshuset SMN AS | 14,280 | 238 | 60.0 | 144 | 50 | - | - | 195 | 170 | 26 | - | 64 |
| Allegro Kapitalforvaltning ASA | 6,000 | 6,000 | 1.0 | 38 | 8 | - | 3 | 47 | 46 | 1 | 0 | 11 |
| SpareBank 1 Bygget Steinkjer AS | 6,100 | 100 | 61.0 | 49 | 0 | - | - | 5 | 4 | 1 | - | 53 |
| SpareBank 1 Bygget Trondheim AS | 94,236 | 100,000 | 0.9 | 192 | 8 | - | - | 31 | 27 | 3 | - | 75 |
| SpareBank 1 SMN Card Solutions AS | 200 | 2.000 | 0.1 | 8 | 2 | - | - | 7 | 6 | 1 | - | 9 |
| Brannstasjonen SMN AS | 10,000 | 100,000 | 0.1 | 179 | 108 | - | - | 1 | 4 | -2 | - | 73 |
| St. Olavs Plass 1 SMN AS | 10,000 | 100,000 | 0.1 | 77 | 1 | - | - | 7 | 7 | 0 | - | 75 |
| SpareBank 1 Bilplan AS | 5,769 | 41,206 | 0.1 | 32 | 28 | - | - | 124 | 124 | 0 | - | 9 |
| Jernbanegata 19 SMN AS | 1,000 | 1.000.000,0 | 1.0 | 11 | 0 | - | - | 2 | 3 | -1 | - | 13 |
| SpareBank 1 Markets AS | 378 | 2,265,553 | 167.0 | 1,456 | 1,013 | 444 | 118 | 135 | 222 | -93 | -21 | 363 |
| Total investments in other subsidiaries | 2,523 | |||||||||||
| Total investments in Group companies, Parent Bank | 2,927 | |||||||||||
| * Non-controlling interests | ||||||||||||
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 | |||||
| 2015 | 2016 | (NOK million) | 2016 | 2015 | ||
| 3,361 | 3,624 | As at 1 January | 5,522 | 5,129 | ||
| 263 | 156 | Acquisition/sale | 186 | 191 | ||
| - | -14 | Reclassification | -3 | 0 | ||
| - | - | Equity capital changes | 101 | 106 | ||
| - | - | Profit share | 423 | 448 | ||
| - | - | Dividend paid | -591 | -351 | ||
| 3,624 | 3,766 | Book value as at 31 December | 5,638 | 5,522 | ||
| Specification of year's change, Group | Additions/ disposal | Equtiy change |
| SpareBank 1 Gruppen AS | - | 136 |
| BN Bank ASA | - | -1 |
| SpareBank 1 Boligkreditt AS | 97 | -1 |
| SpareBank 1 Næringskreditt AS | 55 | -0 |
| SpareBank 1 Kredittkort AS | -1 | -8 |
| Sparebank 1 Mobilbetaling AS | 31 | -3 |
| Selskaper eiet av Sparebank 1 Regnskapshuset SMN AS | - | -0 |
| Molde Kunnskapspark AS | -2 | - |
| Utbyggingsselskaper eiet av SpareBank 1 SMN Invest AS | -13 | -22 |
| Bjerkeløkkja | - | 0 |
| BN Bolig AS | 19 | - |
| Sum | 186 | 101 |
Income from investments in associates and joint ventures
Profit share from associates 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 | |||
| 2015 | 2016 | (NOK million) | 2016 | 2015 |
| Profit share from: | ||||
| - | - | SpareBank 1 Gruppen AS | 317 | 251 |
| - | - | SpareBank 1 Boligkreditt AS | -17 | 80 |
| - | - | SpareBank 1 Næringskreditt AS | 29 | 30 |
| - | - | BN Bank ASA | 86 | 41 |
| - | - | SpareBank 1 Markets AS | - | -4 |
| - | - | SpareBank 1 Kredittkort AS | 24 | 21 |
| - | - | SpareBank 1 Mobilbetaling AS | -27 | - |
| - | - | Development companies owned by SpareBank 1 SMN Invest | 15 | - |
| - | - | Other companies | -4 | -0 |
| Dividends from: | ||||
| 189 | 486 | SpareBank 1 Gruppen AS | -486 | -189 |
| 36 | 19 | SpareBank 1 Boligkreditt AS | -19 | -36 |
| 87 | 56 | BN Bank ASA | -56 | -87 |
| 39 | 30 | SpareBank 1 Næringskreditt AS | -30 | -39 |
| 1 | - | Other companies | - | -1 |
| 352 | 591 | Total income from associates and joint ventures | -168 | 67 |
| Company information on the Group's stakes in associates 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. | ||||||||
| (NOK million) | ||||||||
| 2016 (NOK million) | Assets | Liabilities | Total income | Total costs | Profit share | Book value 31.12 | Ownership share | No. of shares |
| SpareBank 1 Gruppen AS | 63,089 | 55,300 | 14,077 | 12,479 | 317 | 1,476 | 19.5 % | 364,728 |
| BN Bank ASA | 27,797 | 24,202 | 591 | 330 | 86 | 1,186 | 33.0 % | 4,658,389 |
| SpareBank 1 Boligkreditt AS | 252,251 | 241,198 | 3,798 | 3,981 | -17 | 1,904 | 19.1 % | 12,081,960 |
| SpareBank 1 Næringskreditt AS | 13,642 | 11,559 | 353 | 269 | 29 | 696 | 36.5 % | 5,325,271 |
| SpareBank 1 Kredittkort AS | 5,401 | 4,323 | 1,020 | 853 | 24 | 197 | 18.3 % | 532,205 |
| Other companies | -16 | 178 | ||||||
| Total | 423 | 5,638 | ||||||
Development companies owned by SpareBank 1 SMN Invest
Activity levels in 2016 were high at the development companies Grilstad Marina AS, GMN 51 AS, GMN 52 AS, GMN 53 AS , GMN 54 AS and GMN 6 AS. GMN 54 AS was sold in third quarter 2016.
The above development companies are booked in the Group accounts with the value of 67.4 NOK million at 31 December 2016.
| 2015 (NOK million) | Assets | Liabilities | Total income | Total costs | Profit share | Book value 31.12 | Ownership share | No. of shares |
| SpareBank 1 Gruppen AS | 58,021 | 50,063 | 12,212 | 10,925 | 251 | 1,509 | 19.5 % | 364,728 |
| BN Bank ASA | 32,642 | 29,135 | 463 | 338 | 41 | 1,157 | 33.0 % | 4,658,389 |
| SpareBank 1 Boligkreditt AS | 269,206 | 259,489 | 654 | 201 | 80 | 1,843 | 17.7 % | 10,090,538 |
| SpareBank 1 Næringskreditt AS | 15,880 | 13,965 | 134 | 44 | 30 | 644 | 33.6 % | 4,909,200 |
| SpareBank 1 Kredittkort AS | 5,248 | 4,256 | 755 | 643 | 21 | 183 | 18.4 % | 530,134 |
| SpareBank 1 Markets AS | 1,456 | 1,013 | 135 | 222 | -4 | 0 | 73.5 % | 1,664,329 |
| Other companies | -0 | 185 | ||||||
| Total | 419 | 5,522 |
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.
Assets and liabilities related to the company Brannstasjon SMN are classified as held for sale as from the first quarter of 2016 based on the Group management's and the board of directors' approval of the sale of the company. The shares of Brannstasjon SMN AS were sold in the fourth quarter of 2016, and the sale brought a gain of NOK 7m.
The tables below contain company or Group accounting figures on a 100 per cent share basis.
| 2016 (NOK million) | Assets | Liabilities | Total income | Total costs | Company's result of the year | Ownership share | No. of shares | |
| Mavi XV AS Group | 15 | 249 | 1 | -2 | -1 | 100 % | 60,000 | |
| Brannstasjonen SMN AS | - | - | 1 | -3 | -2 | - | - | |
| 2015 (NOK million) | Assets | Liabilities | Total income | Total costs | Company's result of the year | Ownership share | No. of shares | |
| Mavi XV AS Group | 16 | 0 | 1 | -2 | -1 | 100 % | 60,000 |
Financial results
Annual report and notes
