Note 39 - Investments in owner interests
Accounting Policy
Associated companies
Associates are companies in which the Bank has substantial influence. As a rule, influence is substantial where the Bank has an ownership interest of 20 per cent or more. Associates are accounted for by the equity method in the consolidated accounts. The investment is initially recognised at acquisition cost and subsequently adjusted for the change in the Bank’s share of the associated undertaking’s net assets. The Bank recognises its share of the profit of the associated undertaking in its income statement. Associates are accounted for in the parent bank accounts by the cost method.
Joint arrangements
Under IFRS 11 investments in Joint arrangements shall be classified as Joint operations or joint ventures depending on the right and obligations in the contractual arrangement for each investor. SpareBank 1 SMN has assessed its joint arrangements and concluded that they are joint ventures. Jointly controlled ventures are accounted for using the equity method in the group and the cost method in the parent bank.
When the equity method is used joint ventures are recognised at their original acquisition cost. The carrying amount is thereafter adjusted to recognise the share of the results after the acquisition and the share of comprehensive income. When the group's share of a loss in a joint venture exceeds the capitalized amount (including other long-term investments that are in reality part of the group's net investment in the venture), no further loss is recognized unless liabilities have been assumed or payments have been made on behalf of the joint venture. Unrealized gains on transactions between the group and its joint ventures are eliminated according to the ownership interest in the business. Unrealized losses are also eliminated unless the transaction gives evidence of a fall in value on the transferred asset. Amounts reported from joint ventures are, if necessary, restated to ensure they correspond with the accounting policies of the group.
Non-current assets held for sale and discontinued operations
Assets which the board of directors of the bank has decided to sell are dealt with under IFRS 5 if it is highly likely that the asset will be sold within 12 months. This type of asset comprises for the most part assets taken over in connection with bad loans, and investments in subsidiaries held for sale. In the case of depreciable assets, depreciation ceases when a decision is taken to sell, and the asset is measured at fair value in accordance with IFRS 5. The result of such activity and appurtenant assets and liabilities are presented on a separate line as held for sale.
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 | 92.4 |
| SpareBank 1 Regnskapshuset SMN | 936285066 | Trondheim | 93.3 |
| 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 |
| Shares owned by subsidiaries and sub-subsidiaries | |||
| GMA Invest | 994469096 | Trondheim | 100.0 |
| Sentrumsgården | 975856828 | Leksvik | 35.3 |
| Aqua Venture | 891165102 | Trondheim | 37.6 |
| Omega-3 Invest | 996814262 | Namsos | 33.6 |
| Tjeldbergodden Utvikling | 979615361 | Aure | 23.0 |
| Grilstad Marina | 991340475 | Trondheim | 35.0 |
| GMN 6 | 994254707 | Trondheim | 35.0 |
| 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 |
| Kvidal Regnskap AS | 993787663 | Børsa | 100.0 |
| Brattberg Regnskap AS | 977203058 | Overhalla | 100.0 |
| Askus AS | 965056238 | Lillehammer | 100.0 |
| Askus Nord AS | 931931008 | Hammerfest | 100.0 |
| Askus Nord 2 AS | 932681266 | Lillehammer | 100.0 |
| Regnskapsforum | 964276390 | Trondheim | 50.0 |
| SpareBank 1 Mobilitet Holding | 927249960 | Hamar | 30.7 |
| 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 | 23.9 |
| BN Bank | 914864445 | Trondheim | 35.0 |
| SpareBank 1 Næringskreditt | 894111232 | Stavanger | 14.8 |
| SpareBank 1 Kreditt | 975966453 | Trondheim | 19.2 |
| SpareBank 1 Betaling | 919116749 | Oslo | 21.9 |
| SpareBank 1 Gjeldsinformasjon | 924911719 | Oslo | 18.9 |
| SpareBank 1 Forvaltning | 925239690 | Oslo | 21.5 |
| SpareBank 1 Markets | 992999101 | Oslo | 39.9 |
| Investment in companies held for sale | |||
| Mavi XV | 890899552 | Trondheim | 100.0 |
| Mavi XXIX | 827074462 | 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.
| 2023 (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 | 1,200,000 | 57,015 | 21.0 | 12,636 | 10,987 | 1,648 | 618 | 404 | 380 | 24 | 28 | 792 |
| Total investments in credit institutions | 792 | |||||||||||
| EiendomsMegler 1 Midt-Norge | 105,960 | 4,788 | 22 | 409 | 166 | 32 | 18 | 435 | 403 | 32 | 3 | 201 |
| SpareBank 1 SMN Kvartalet | 30,200 | 30,200 | 1 | 110 | 18 | 10 | - | 25 | 15 | 10 | - | 126 |
| SpareBank 1 Regnskapshuset SMN | 20,349 | 211 | 96 | 708 | 260 | 84 | 30 | 633 | 549 | 84 | 7 | 331 |
| SpareBank 1 Invest | 457,280 | 914,560 | 1 | 811 | 24 | 66 | - | 69 | 3 | 66 | - | 540 |
| SpareBank 1 Bygget Steinkjer | 1,000 | 100 | 10 | 37 | 1 | 1 | - | 0 | - 1 | 1 | - | 40 |
| St. Olavs Plass | 1,000 | 100,000 | 0 | 53 | 2 | 0 | - | 4 | 4 | 0 | - | 50 |
| SpareBank 1 Bilplan | 5,769 | 41,206 | 0 | 8 | 0 | - 0 | - | 0 | 0 | - 0 | - | 9 |
| Total investments in other subsidiaries | 1,298 | |||||||||||
| Total investments in Group companies, Parent Bank | 2,090 | |||||||||||
| *) Non-controlling interests | ||||||||||||
| 2022 (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 | 1,050,000 | 57,015 | 18.4 | 12,198 | 10,728 | 1,470 | 617 | 353 | 212 | 140 | 62 | 671 |
| Total investments in credit institutions | 671 | |||||||||||
| EiendomsMegler 1 Midt-Norge | 105,960 | 4,788 | 22 | 420 | 162 | 258 | 34 | 429 | 382 | 47 | 6 | 189 |
| SpareBank 1 SMN Kvartalet | 30,200 | 30,200 | 1 | 104 | 18 | 86 | - | 18 | 14 | 4 | - | 126 |
| SpareBank 1 Regnskapshuset SMN | 20,349 | 211 | 96 | 635 | 196 | 438 | 50 | 547 | 472 | 75 | 9 | 298 |
| SpareBank 1 Invest | 457,280 | 914,560 | 1 | 750 | 29 | 721 | - | 53 | 2 | 51 | - | 540 |
| SpareBank 1 Bygget Steinkjer | 1,000 | 100 | 10 | 36 | 0 | 36 | - | 0 | - 1 | 1 | - | 40 |
| St. Olavs Plass | 1,000 | 100,000 | 0 | 53 | 1 | 52 | - | 3 | 2 | 1 | - | 50 |
| SpareBank 1 Bilplan | 5,769 | 41,206 | 0 | 8 | 0 | 8 | - | 0 | 0 | - 0 | - | 9 |
| Total investments in other subsidiaries | 1,252 | |||||||||||
| Total investments in Group companies, Parent Bank | 1,924 | |||||||||||
| *) Non-controlling interests | ||||||||||||
Dividends from subsidiaries
| (NOK million) | 2023 | 2022 |
| SpareBank 1 Finans Midt-Norge | 78 | 102 |
| EiendomsMegler 1 Midt-Norge | 40 | 49 |
| SpareBank 1 Markets | 108 | 139 |
| SpareBank 1 Regnskapshuset SMN | 70 | 57 |
| SpareBank 1 SMN Invest | - | - |
| SpareBank 1 SMN Kvartalet | 4 | 3 |
| St. Olavs Plass 1 SMN | 1 | - |
| Sparebank 1 Bygget Steinkjer | 1 | 1 |
| Total dividends | 302 | 350 |
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 | |||
| 2022 | 2023 | (NOK million) | 2023 | 2022 |
| 4,590 | 5,063 | As at 1 January | 8,075 | 7,384 |
| 473 | 916 | Acquisition/sale | 760 | 487 |
| 0 | -20 | Write-down | -23 | 0 |
| - | 312 | Equity capital changes | -22 | 59 |
| - | - | Profit share | 297 | 442 |
| - | - | Dividend paid | -391 | -297 |
| 5,063 | 6,270 | Book value as at 31 December | 8,695 | 8,075 |
| Specification of year's change, Group | Additions/ disposal | Equtiy change |
| SpareBank 1 Gruppen | - | -150 |
| SpareBank 1 Boligkreditt | -28 | 44 |
| SpareBank 1 Næringskreditt | -61 | 30 |
| SpareBank 1 Kreditt | 64 | 19 |
| Sparebank 1 Betaling | - | 53 |
| BN Bank | - | -1 |
| SpareBank 1 Forvaltning | 70 | 11 |
| Sparebank 1 Markets | 707 | - |
| Other companies | 8 | -27 |
| Sum | 760 | -22 |
Dividends from investments in associates and joint ventures
| (NOK million) | 2023 | 2022 |
| SpareBank 1 Gruppen | 287 | 137 |
| SpareBank 1 Boligkreditt | - | 16 |
| BN Bank | 70 | 70 |
| SpareBank 1 Næringskreditt | 3 | 1 |
| SpareBank 1 Forvaltning | 31 | 72 |
| Total dividend from associates and joint ventures | 391 | 297 |
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.
| 2023 (NOK million) | Assets | Liabilities | Total income | Total costs | Profit share | Book value 31.12 | No. of shares |
| SpareBank 1 Gruppen | 132,113 | 119,812 | 17,648 | 17,402 | -34 | 1,737 | 420,498 |
| SpareBank 1 Boligkreditt | 320,465 | 307,788 | 680 | 201 | 98 | 2,809 | 18,595,136 |
| SpareBank 1 Næringskreditt | 10,634 | 8,547 | 111 | 54 | 10 | 309 | 2,402,572 |
| SpareBank 1 Kreditt | 9,746 | 7,903 | 493 | 562 | -13 | 354 | 975,378 |
| Sparebank 1 Betaling | 1,256 | 0 | - | 2 | -37 | 275 | 6,849,205 |
| BN Bank | 47,961 | 41,933 | 1,347 | 583 | 257 | 1,997 | 4,943,072 |
| SpareBank 1 Forvaltning | 1,718 | 570 | 890 | 722 | 35 | 247 | 985,722 |
| Other companies | -18 | 242 | |||||
| Total | 297 | 7,970 | |||||
| 2022 (NOK million) | Assets | Liabilities | Total income |
Total costs |
Profit share |
Book value 31.12 |
No. of shares |
| SpareBank 1 Gruppen | 121,397 | 106,592 | 19,319 | 18,123 | 175 | 2,208 | 420,498 |
| SpareBank 1 Boligkreditt | 287,957 | 275,138 | 107 | 62 | 1 | 2,696 | 17,635,629 |
| SpareBank 1 Næringskreditt | 11,615 | 9,565 | 47 | 27 | 3 | 333 | 2,640,198 |
| SpareBank 1 Kreditt | 7,159 | 5,890 | 351 | 304 | 9 | 283 | 751,377 |
| Sparebank 1 Betaling | 1,251 | 0 | - | 3 | 13 | 260 | 5,711,159 |
| BN Bank | 44,998 | 39,499 | 1,128 | 533 | 203 | 1,812 | 4,943,072 |
| SpareBank 1 Forvaltning | 1,523 | 696 | 709 | 538 | 33 | 162 | 722,575 |
| Other companies | 4 | 322 | |||||
| Total | 442 | 8,075 | |||||
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.
| 2023 (NOK Million) | Assets | Liabilities | Revenue | Expenses | Profit | Ownership |
| Mavi XV Group | 80 | 26 | 15 | 15 | 1 | 100 % |
| Total Held for sale | 80 | 26 | 15 | 15 | 1 | |
| 2022 (NOK Million) | Assets | Liabilities | Revenue | Exspenses | Profit | Ownership |
| Mavi XV Group | 75 | 30 | 12 | 11 | 0 | 100 % |
| SpareBank 1 Markets | 1,844 | 1,063 | 780 | 601 | 179 | 67 % |
| Total Held for sale | 1,919 | 1,093 | 791 | 612 | 179 |
Financial results
Annual report and notes
