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 | |||
| EiendomsMegler 1 Midt-Norge | 936159419 | Trondheim | 87.0 |
| SpareBank 1 Regnskapshuset SMN | 936285066 | Trondheim | 88.7 |
| SpareBank 1 Invest | 990961867 | Trondheim | 100.0 |
| SpareBank 1 Finans Midt-Norge | 938521549 | Trondheim | 56.5 |
| SpareBank 1 SMN Kvartalet | 990283443 | Trondheim | 100.0 |
| SpareBank 1 Bygget Steinkjer | 934352718 | Trondheim | 100.0 |
| St. Olavs Plass | 999263380 | Trondheim | 100.0 |
| SpareBank 1 Bilplan | 979945108 | Trondheim | 100.0 |
| SpareBank 1 Markets | 992999101 | Oslo | 66.7 |
| Shares owned by subsidiaries and sub-subsidiaries | |||
| GMA Invest | 994469096 | Trondheim | 100.0 |
| Sentrumsgården | 975856828 | Leksvik | 35.3 |
| Aqua Venture | 891165102 | Trondheim | 37.5 |
| Omega-3 Invest | 996814262 | Namsos | 33.6 |
| Tjeldbergodden Utvikling | 979615361 | Aure | 23.0 |
| Grilstad Marina | 991340475 | Trondheim | 35.0 |
| GMN 6 | 994254707 | Trondheim | 30.0 |
| GMN 51 | 996534316 | Trondheim | 30.0 |
| GMN 52 | 996534413 | Trondheim | 30.0 |
| GMN 53 | 996534502 | Trondheim | 30.0 |
| Grilstad N8 AS | 926281070 | Trondheim | 35.0 |
| Brauten Eiendom | 917066221 | Trondheim | 100.0 |
| Mavi XXIX AS | 827074462 | 100.0 | |
| SpareBank 1 Capital Markets | New York | 100.0 | |
| Leksvik Regnskapskontor | 980491064 | Leksvik | 50.0 |
| SpareBank 1 Mobilitet Holding | 927249960 | Hamar | 33.0 |
| Investment in joint ventures | |||
| SpareBank 1 Gruppen | 975966372 | Tromsø | 19.5 |
| SpareBank 1 Utvikling | 986401598 | Oslo | 18.0 |
| Investment in associates | |||
| SpareBank 1 Boligkreditt | 988738387 | Stavanger | 20.9 |
| BN Bank | 914864445 | Trondheim | 35.0 |
| SpareBank 1 Næringskreditt | 894111232 | Stavanger | 12.8 |
| SpareBank 1 Kreditt | 975966453 | Trondheim | 19.2 |
| SpareBank 1 Betaling | 919116749 | Oslo | 21.5 |
| SpareBank 1 Gjeldsinformasjon | 924911719 | Oslo | 16.9 |
| SpareBank 1 Forvaltning | 925239690 | Oslo | 19.9 |
| SpareBank 1 Kundepleie | 927467380 | Trondheim | 26.7 |
| Investment in companies held for sale | |||
| Mavi XV | 890899552 | Trondheim | 100.0 |
| Byscenen Kongensgt 19 | 992237899 | Trondheim | 94.0 |
| Bjerkeløkkja | 998534976 | Oppdal | 95.0 |
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. Profit or loss show the company's net profil.
| 2021 (NOK million) | Company's share capital (NOK 000's) | No. Of shares | Nominal value (NOK 000's) | Assets | Liabilities | Equity | NCI of equity *) | Total income | Total expenses | Profit or loss | NCI of profit or loss *) | Book value 31.12 |
| SpareBank 1 Finans Midt-Norge AS | 1,000,000 | 56,300 | 17.8 | 10,372 | 8,893 | 1,479 | 595 | 364 | 179 | 185 | 81 | 666 |
| Total investments in credit institutions | 666 | |||||||||||
| EiendomsMegler 1 Midt-Norge | 105,960 | 4,788 | 22.1 | 436 | 168 | 267 | 35 | 453 | 396 | 58 | 8 | 189 |
| SpareBank 1 SMN Kvartalet | 30,200 | 30,200 | 1.0 | 101 | 16 | 85 | - | 9 | 6 | 3 | - | 126 |
| SpareBank 1 Regnskapshuset SMN | 20,349 | 211 | 96.4 | 625 | 198 | 428 | 48 | 522 | 456 | 66 | 8 | 298 |
| SpareBank 1 Invest | 457,280 | 914,560 | 0.5 | 717 | 47 | 670 | - | 194 | 6 | 188 | - | 540 |
| SpareBank 1 Bygget Steinkjer | 1,000 | 100 | 10.0 | 36 | 1 | 36 | - | 0 | - 1 | 1 | - | 40 |
| St. Olavs Plass | 1,000 | 100,000 | 0.0 | 51 | 0 | 51 | - | 2 | 3 | 0 | - | 50 |
| SpareBank 1 Bilplan | 5,769 | 41,206 | 0.1 | 8 | 0 | 8 | - | 0 | 0 | 0 | - | 9 |
| SpareBank 1 Markets | 529,221 | 2,113,736 | 0.3 | 2,820 | 1,881 | 994 | 313 | 887 | 679 | 208 | 69 | 456 |
| Total investments in other subsidiaries | 1,708 | |||||||||||
| Total investments in Group companies, Parent Bank | 2,374 | |||||||||||
| *) Non-controlling interests | ||||||||||||
| 2020 (NOK million) | Company's share capital (NOK 000's) | No. Of shares | Nominal value (NOK 000's) | Assets | Liabilities | Equity | NCI of equity *) | Total income | Total expenses | Profit or loss | NCI of profit or loss *) | Book value 31.12 |
| SpareBank 1 Finans Midt-Norge AS | 922,590 | 56,262 | 16.4 | 9,598 | 8,263 | 1,335 | 474 | 349 | 218 | 131 | 60 | 666 |
| Total investments in credit institutions | 666 | |||||||||||
| EiendomsMegler 1 Midt-Norge | 66,611 | 4,788 | 13.9 | 357 | 148 | 210 | 27 | 394 | 354 | 41 | 5 | 155 |
| SpareBank 1 SMN Kvartalet | 30,200 | 30,200 | 1.0 | 117 | 24 | 93 | - | 9 | 5 | 4 | - | 126 |
| SpareBank 1 Regnskapshuset SMN | 19,992 | 211 | 94.7 | 592 | 172 | 420 | 48 | 533 | 446 | 86 | 10 | 276 |
| SpareBank 1 Invest | 457,280 | 914,560 | 0.5 | 538 | 38 | 500 | - | 4 | - 2 | 6 | - | 540 |
| SpareBank 1 Bygget Steinkjer | 1,000 | 100 | 10.0 | 38 | 2 | 36 | - | 4 | 3 | 1 | - | 40 |
| St. Olavs Plass | 1,000 | 100,000 | 0.0 | 56 | 3 | 53 | - | 6 | 5 | 2 | - | 50 |
| SpareBank 1 Bilplan | 5,769 | 41,206 | 0.1 | 9 | 0 | 9 | - | 0 | 1 | 0 | - | 9 |
| SpareBank 1 Markets | 529,221 | 2,113,736 | 0.2 | 3,265 | 2,395 | 870 | 290 | 830 | 676 | 154 | 51 | 456 |
| Total investments in other subsidiaries | 1,652 | |||||||||||
| Total investments in Group companies, Parent Bank | 2,317 | |||||||||||
| *) 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 | |||||
| 31 Dec 2020 | 31 Dec 2021 | (NOK million) | 31 Dec 2021 | 31 Dec 2020 | ||
| 4,525 | 4,933 | As at 1 January | 7,324 | 6,467 | ||
| 423 | -341 | Acquisition/sale | -228 | 430 | ||
| -15 | -2 | Write-down | -30 | -12 | ||
| - | - | Equity capital changes | 25 | 30 | ||
| - | - | Profit share | 711 | 681 | ||
| - | - | Dividend paid | -418 | -272 | ||
| 4,933 | 4,590 | Book value as at 31 December | 7,384 | 7,324 | ||
| Specification of year's change, Group | Additions/ disposal | Equtiy change |
| SpareBank 1 Gruppen | - | -95 |
| SpareBank 1 Boligkreditt | -166 | 15 |
| SpareBank 1 Næringskreditt | -375 | - |
| SpareBank 1 Kredittkort | 17 | 8 |
| Sparebank 1 Betaling | 16 | 0 |
| BN Bank | - | 0 |
| Other companies | 280 | 96 |
| Total income from associates and joint ventures | -228 | 25 |
Dividends from investments in associates and joint ventures
| (NOK million) | 2021 | 2020 |
| SpareBank 1 Gruppen | 366 | 195 |
| SpareBank 1 Boligkreditt | 18 | 19 |
| BN Bank | - | 37 |
| SpareBank 1 Næringskreditt | 20 | 21 |
| SpareBank 1 Kredittkort | 14 | 0 |
| Total dividends from associates and joint ventures | 418 | 272 |
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. Badwill and amortisation effects related to acquisitions are included in the profit share. Booked value is the consolidated value in the SMN Group.
| 2021 (NOK million) | Assets | Liabilities | Total income | Total costs | Profit share | Book value 31.12 | No. of shares |
| SpareBank 1 Gruppen | 124,215 | 109,076 | 38,441 | 35,192 | 471 | 2,175 | 420,498 |
| SpareBank 1 Boligkreditt | 258,239 | 245,820 | 155 | 48 | 16 | 2,412 | 16,325,637 |
| SpareBank 1 Næringskreditt | 11,473 | 9,399 | 69 | 24 | 7 | 265 | 2,074,836 |
| SpareBank 1 Kredittkort | 5,855 | 4,826 | 438 | 371 | 13 | 197 | 553,058 |
| SpareBank 1 Betaling | 778 | 3 | - | 69 | -15 | 167 | 4,298,503 |
| BN Bank | 41,875 | 36,859 | 899 | 421 | 164 | 1,678 | 4,943,072 |
| Other companies | 49 | 491 | |||||
| Total | 705 | 7,384 | |||||
| 2020 (NOK million) | Assets | Liabilities | Total income | Total costs | Profit share | Book value 31.12 | No. of shares |
| SpareBank 1 Gruppen | 108,461 | 93,894 | 24,580 | 23,176 | 534*) | 2,164 | 420,498 |
| SpareBank 1 Boligkreditt | 271,286 | 258,919 | 260 | 92 | 18 | 2,564 | 17,431,133 |
| SpareBank 1 Næringskreditt | 12,000 | 9,911 | 92 | 30 | 18 | 648 | 2,496,504 |
| SpareBank 1 Kredittkort | 5,831 | 4,839 | 438 | 473 | 2 | 173 | 504,277 |
| SpareBank 1 Betaling | 772 | 3 | - | 8,550 | -2 | 165 | 4,012,753 |
| BN Bank | 35,767 | 31,219 | 768 | 441 | 120 | 1,514 | 4,943,072 |
| Other companies | -11 | 96 | |||||
| Total | 680 | 7,324 | |||||
| 1) Incl earnings sale ownership interest to DNB in Fremtind Forsikring NOK 340 million | |||||||
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, and is classified as investment held for sale.
SpareBank 1 Kapitalforvaltning, subsidiary of SpareBank 1 Markets, has been presented as Investment held for sale from second quarter 2021 due to the agreement of sale to SpareBank 1 Forvaltning in third quarter of 2021. The result for the first half of the year is included on the line held for sale. Comparables have been restated.
The company SpareBank 1 Forvaltning is owned by the SpareBank1 banks and include the subsidiaries Odin Forvaltning, SpareBank 1 Kapitalforvaltning and SpareBank 1 Verdipapirservice.
| 2021 (NOK Million) | Assets | Liabilities | Revenue | Exspenses | Profit | Ownership |
| Mavi XV AS Group | 59 | 1 | 10 | 11 | -1 | 100 % |
| SpareBank 1 Kapitalforvaltning | - | - | 36 | 26 | 10 | |
| Total Held for sale | 59 | 1 | 46 | 37 | 10 | |
| 2020 (NOK milion) | Assets | Liabilities | Revenue | Exspenses | Profit | Ownership |
| Mavi XV AS Group | 41 | 1 | 4 | 4 | 1 | 100% |
| SpareBank 1 Kapitalforvaltning | - | - | 67 | 59 | 8 | |
| Total Held for sale | 41 | 1 | 71 | 63 | 9 |
Financial results
Annual report and notes
